Thank you. This is a great milestone for us.
+1 Gavin, great work. In the interest of transparency, you might want to add in your OP that one of the uses of donations is to pay for your full time salary as a bitcoin developer. That in itself deserves credit and goes to show the dedication of the board members so far. +1 to Mark for the first platinum membership too. |
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well, 1/2 of the equation can't get very far with your money as you know where they live... right next door!
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I threw 1 BTC into a loan to test. I'll be watching closely for more investment opportunities  ! Question: Will I get feedback ratings for lending BTC? |
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Excellent site and great idea.
Tell us as much as you can about your security measures please. Are the transfers handled through your site?
Also are all of the current listings on the site real? Thank you! Our servers are hosted on amazon AWS. The database and bitcoin daemon files are persisted on a RAID-10 disk array over the already fault tolerant architecture All the communication between the site and the client is ciphered (apart from the little listing purpose icons, we will transfer then to the same server later..), the app is configured to encrypt even the cookies on your machine We know the concept of mutexes, multi-threaded environments and transactions (to prevent problems like these http://bitcoinmedia.com/bitcoinica-vulnerability-discovered/) Backups: Hourly partial, daily full, monthly full Log of transactions on different database On a personal note I’ve worked previously at a large bank in charge of the X.400 data exchange and cipher software, also I've built systems for credit card companies to handle huge transaction loads on the past. All the transfers are handled by our system, when the lender makes a payment, for example, the system automatically calculates and splits it to pay the multiple borrowers. Apart from the Tor flagged one (its there basically to show off the functionality), all the listings are real, the first listing is mine, although I'm not really needing one and I'm not realy sure if i will buy the ASIC  , i will surely repay the loan (i made it to keep the system running it was the first "hot", production environment listing) Thanks, very reassuring. How about hot wallet / cold storage for when the business grows? Do you have a process in place to manage this? |
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Ironic that this thread would pop up from over a year ago.
I just sold all of my Bitcoin last week for $2k. I initially invested $10k.
I got in at $16 with about 625 BTC. With some decent trading I got it up to about 750 as it fell and fell...I was close to 800 at around $5 and decided to try to salvage anything I could by jumping in with Bitcoinica.
I got Zhoutghouned several times to the point that I was down to around 200 BTC. After seeing a manipulative trend on Bitcoinica I moved almost all of my BTC out of Bitcoinica about a month before it died.
I just bought a pool house last week as an investment for $52k, cashed out my BTC to help with the down-payment.
As for Costa Rica...it got too expensive to buy there.
Elwar, can you give me your predictions for the next month? I'll go trade against your advice . Much appreciated. Alternatively, have you ever thought about being a bear trader? As in, trading on prices going down? You might do quite well! |
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21 pages for a post discussing an article vaguely announcing that there will be an announcement.
Imagine how long this thread would be if some real information was given!
With nothing to imagine or speculate, it would be seven posts long. Okay it is here. That was the MAJOR ANNOUNCEMENT. Wanna bet?  Loool. No thx. |
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Excellent site and great idea.
Tell us as much as you can about your security measures please. Are the transfers handled through your site?
Also are all of the current listings on the site real?
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But i dont understand your fear kjj of "stealing". How can it be stealing when bitcoins lay 99 years at an address? Do you await to have bitcoins 99 years at the same address from now? That cant happen in my opinion. So stealing cant happen too. If bitcoins are lying at an address that long its a pretty sure sign that they are abandoned.
And its not about taking them away... they vanish for the net. Its not someone who takes them out. The net says they are vanished because they are too old and they can be mined from a random miner then.
Stealing would imply a owner. Where should this owner be?
The owner that they would be stolen from is either my estate, or my heir. Or, if medical technology makes a decent leap forward in the next couple of decades, me. You don't have to agree with me on any part of this. I'm just telling you that there have been many proposals to do exactly this, and (approximately) no one here is interested. I too don't understand your fear. My suggestion was merely to keep all coins in circulation and is more based upon wishful thinking as opposed to actual implementation. I stand by the concept though, like a house, if you are still living in it after 99 years(!!!) surely you would have renewed its lease. The analogy is relevant to bitcoin... that is, if coins have not been sent in 99 years, then the likelyhood of them still belonging to somebody alive are near zero. If you are not dead and you've not moved the coins in that long, then you have either forgotten about or lost them. To keep the coins circulating, I don't see how redistribution would be unfair. |
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Hey dooglus, have you decided an approach or timescale for repayments to begin?
Have many more creditors contacted you?
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Interesting point, I see where you're coming from... that its a shame that so many bitcoins will never be realized as they're just forgotten about.
Just a thought... if an expiry system was introduced, similar to land leases, 99 years would be a good benchmark for expiry... and the miners could once again mine the coin. Not sure if this would be technically possible though.
That way the reintroduction will be very slow and not affect the economy a huge amount, however it would ensure 100% circulation of all 21million bitcoins each 100 years.
If in the future you have old coins that are > 90 years old, I'm sure it wouldn't be too much trouble to send them to a new address or re-create that new offline wallet.
Why not 80? 40? If you could make changes like that it would break trust, can't so won't so we're fine. Historically I'm using an age old concept as a suggestion of how the policy could work: http://en.wikipedia.org/wiki/99-year_leaseUnder the traditional American common law doctrine, the 99-year term was not literal, but merely an arbitrary time span beyond the life expectancy of any possible lessee or lessor. Who's trust would it break given that the owner of the coins would have died meaning the coins will be out of circulation anyway? Redistribution of expired coins can be done once again through mining such as how coins are currently distributed. |
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Interesting point, I see where you're coming from... that its a shame that so many bitcoins will never be realized as they're just forgotten about.
Just a thought... if an expiry system was introduced, similar to land leases, 99 years would be a good benchmark for expiry... and the miners could once again mine the coin. Not sure if this would be technically possible though.
That way the reintroduction will be very slow and not affect the economy a huge amount, however it would ensure 100% circulation of all 21million bitcoins each 100 years.
If in the future you have old coins that are > 90 years old, I'm sure it wouldn't be too much trouble to send them to a new address or re-create that new offline wallet.
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Bitcoin prices are almost certainly predictable
...truth value of my conclusions
... which quickly is cast into doubt when you use words like "almost certainly" and tell us you have zero experience. Conclusions require premises and premises require facts. If you have no experience, how can you have facts and thus meaningful logic or conclusions? Because I know a priori the logic of efficient and inefficient markets. I agree with your tread title but not much else pretendo. I'm sorry but you're not backing up your argument with anything tangible. Conclusions require premises and premises require facts.
If you have no experience, how can you have facts and thus meaningful logic or conclusions?
Certain elements of the market may be more predictable yes. But given that they can EASILY be controlled and manipulated with less than $5mill by a single person, your argument is flawed. This is unless you can predict the actions of this person. This has been demonstrated many times, most recently by pirate. Remember the market cap of bitcoin is just over $100mill... |
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The CAD will do just fine. CAD is a commodity currency as the previous poster said and Canada has a LOT of natural resources to sell - especially oil and natural gas (more than USA) so I think if the USD tanks CAD will be fine but it will hurt our exports massively if the CAD does not also fall in value or remains strong relative to the dollar. I would think that the Bank of Canada will be very tempted to devalue the CAD just to protect the export sector which is VERY much dependent on the US. The other option (a more viable one) is for Canada to develop trade agreements and export more to other parts of the world. We are far too dependent on the US for our economic success.
yep and replace CAD = AUD Canada = Australia and USA = China and the same is true for my country This is causing our politicians some distress - long military and trading ties with the USA but huge economic ties to China now +1, Australia is rich in natural resource but is very tied to the economic performance of China due to its trading ties. China is Australia's largest customer of coal and natural resource. I'd really like to see bitcoin traded on other currencies more. At the moment, USD-BTC trade exceeds any other currency by a significant amount. We will start to see more stability then. |
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Bitcoin prices are almost certainly predictable
I have not tried my hand at trading yet.
A bit of a contradiction there? Not many are going to believe you unless you have a trading history to back that statement up. The markets are inefficient and there are a lot of opportunities. |
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Updated to reflect latest versions of all clients.
Good work. Have you spoken to the weusecoins people? Get them to link to you. Good idea! I will check with them (as soon as I have some free time, the next few days are going to be hectic). Yeah they already have a page with some suggested clients on it but its nowhere near as neat and concise as your table. |
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