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5081  Bitcoin / Bitcoin Discussion / Re: Using the blockchain as a ledger for stocks? on: May 13, 2015, 02:17:16 PM
Ok I see colored coins and counterparty working toward this.

Are there any others? I am working on a startup with a team right now and would like to propose to the others a viable solution that uses the Bitcoin blockchain.

About 100,000 shares, $100 each.
5082  Bitcoin / Bitcoin Discussion / Why adoption is the most important thing right now, learn from early PayPal days on: May 13, 2015, 01:00:36 PM
https://youtu.be/4hjLgXA-MZY?t=23m

In this video Peter Thiel is talking about technology and why the Internet has been largely unregulated and he mentions
"My experience at PayPal where we created this new financial service which attracted a great deal of regulatory scrutiny, it happened so quickly that the regulators were too slow to respond. We went public in February 2002, there were some people in the state of Louisiana who wanted to shut us down because maybe we're doing illegal banking. We called up the bank regulators in Louisiana and said there are 100,000 people with PayPal accounts in the state of Louisiana 3,000 small businesses, does Louisiana really want to get the reputation as a state that's technologically backwards and hostile to progress. And the answer was "No we don't" and so we were able to keep going..."  
"I think there is a velocity of it that is very critical..."

We need more people using Bitcoin regularly so we can stay ahead of the regulatory wave. If New York had 1 million people using bitcoins in their daily lives do you really think they would have any support when it comes to regulating it and possibly disrupting those million people's daily routines? They would be worried about the backlash. But by only disrupting a few people and businesses early on they have all of the advantage to do whatever they want with no major backlash.

Start using http://www.bitwage.co, get part of your paycheck converted to Bitcoin (even if it's just 5%). Start using it for most of your online purchases. Use it when you order pizza or takeaway. Use it at Starbucks. Even if it's just a few bucks a week. Become a Bitcoin user. Not just a hodler.
5083  Bitcoin / Bitcoin Discussion / Re: Which do you value most when you choose a BTC exchange? on: May 13, 2015, 12:13:32 PM
First is whether or not they accept a US citizen on a foreign exchange. I found only one in Europe that allowed me to trade and that was after many e-mails back and forth proving that I am legally allowed to do so.
Second is deposit/withdraw. If I can't get my money in or out, it is useless. If it costs money to get money in, that detracts.
Third is the cost per trade.

Liquidity helps but if you have time you can eventually convert your fiat to bitcoins even with low liquidity.

Security is a given. If you lose peoples' coins, your business is likely done unless you have a clean track record and immediately rectify the situation. Even then it is a ding that would warn me to stay away.
5084  Bitcoin / Bitcoin Discussion / Re: Using the blockchain as a ledger for stocks? on: May 13, 2015, 12:07:14 PM
Ok, I've read several mentions of it and listened to some talk of it but I would like to know a bit more about how using the blockchain would work as a public ledger of stocks.

From what I am understanding, in theory, I could take maybe 1 bitcoin and split it into 1 million bits with an address for each one designating it as a "stock". Then take that list and make it publicly available. If you want to buy a share, say for $1 per share the company would send you the bit to your address and thanks to the transparency of the blockchain, since you know the original address, you can track any address it transfers to. You can then sell your share to anyone else by sending that bit to someone else.

Is this how it works?

Does colored coins make this simpler? I am sure there are other things that came out that do this as well that I heard about.

I'm not looking at creating a separate blockchain since Bitcoin has the built in security of petabytes of computing power behind it.

i cant explain it very good but colored coins seems to be a way:

http://www.nasdaq.com/press-release/nasdaq-launches-enterprisewide-blockchain-technology-initiative-20150511-00485


(this news alone is huge but not many people seem to be exited - lol  Grin )

That looks like yet another "We like the blockchan but not Bitcoin".

I don't understand why people would not want to incorporate into the Bitcoin blockchain considering it is the most secure ledger in the world.

In the news: NASDAQ blockchain taken out by a 51% attack
5085  Other / Beginners & Help / Re: Help Me Earn A Job :) on: May 13, 2015, 11:50:59 AM
Or learn a trade. Start a career.
5086  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 13, 2015, 10:52:33 AM
More concrete 21 news. A bit of a mixed bag, but they got a lot of funding.

http://www.coindesk.com/21-intel-bitcoin-mining-strategy/

Hmm, I am a bit skeptical on the 21 Inc thing. That article just screamed of vaporware. A whole lot of ideas of what can be done with Bitcoin just like a bunch of people posting ideas on here.

Great ideas and all...but it sounds like marketing pitches to VCs that could easily just be cashed out and the company closed while the owners take the money and retire.


It would be like me going to a VC saying "Bitcoin can be used for voting, microtransactions, be your own bank, crowdfunding...now give me money and be part of this exciting company of the future! What have I done to make any of this happen? ... The blockchain!".
5087  Other / Beginners & Help / Re: Help Me Earn A Job :) on: May 13, 2015, 08:54:03 AM
Forget online. Sign up for localbitcoins. Buy/Sell bitcoins locally for a profit. Undercut everyone else in your area and instead of driving to deliver pizza, drive to deliver bitcoins.
5088  Bitcoin / Bitcoin Discussion / Re: ONE Minute Blocks! Bitcoin as fast as Dogecoin, faster than Litecoin? VOTE on: May 12, 2015, 11:39:00 AM
We are on the cutting edge of technology. The idea that the most advanced transfer of value system invented by human beings should have to wait 10 minutes is ludicrous. Most people railing against this are afraid of change which is ironic because they are talking about the revolutionary bitcoin.

The transfer of value does not take 10 minutes.


Should we just post this every 5 posts on every confirmation thread on the board?

Bitcoin transactions take seconds. Bitcoin confirmations take 10 minutes.
Credit card transactions take seconds. Credit card confirmations take 180 days.

Confirmations != transactions
5089  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 12, 2015, 11:10:46 AM
I'm observing a wall of 504 btc at 240, in bitstamp.
(It's wall observer thread, isn't it Smiley)

EDIT: it's 500 sharp now.

Report: off topic



Things are going to start happening now...
5090  Bitcoin / Bitcoin Discussion / Re: What real world situation have you had problems due to 10 minute confirmation? on: May 11, 2015, 02:49:50 PM
I did not have to wait. Their software made some "coins falling down" sound, we smiled, I left. I checked the status 30 minutes later and did not see a confirmation. IIRC it had 3 confirmations after ~60 minutes.

Ya, that's why I don't see the confirmation times as that big of a deal. As long as the transaction went through, it will be confirmed eventually. If it's down to a minute and people start requiring that you stick around for that first confirmation because "it's only a minute" and then it actually takes 5 minutes people will be on here bitching about confirmations taking too long.
5091  Bitcoin / Bitcoin Discussion / Re: What real world situation have you had problems due to 10 minute confirmation? on: May 11, 2015, 02:41:28 PM
I recently paid for breakfast and I did not have to wait. The TX actually took >30 minutes to confirm even though I paid the fee suggest by Mycelium.

You did or did not have to wait?

Even if the confirmation takes that long it should show up as a transaction. For breakfast they should not be worried about confirmations.
5092  Bitcoin / Bitcoin Discussion / Re: What real world situation have you had problems due to 10 minute confirmation? on: May 11, 2015, 02:26:28 PM
well, not exactly problem with it..but I was in some newspaper store before couple of weeks, paid by bitcoins and lady ask me to wait until first confirmation, so I spend ~15 minutes here just because..Smiley

Strange, like you're going to attempt a double spend on a few dollars at a newspaper store. Most merchants use some sort of third party service like BitPay that mitigates the risk. Cool that she's old school but she should know she doesn't need to wait all that time.

She doesn't keep people there 180 days while their credit card transaction becomes non-reversible.

How would you even manage to double spend? Don't you need to send the payments at the same time from another device? And wont the creditcard companies also mitigate the risk of a charegback? Wont they take the hit if something goes wrong or am I wrong?

Satoshi said that after a few seconds it becomes very difficult.

You would probably have to initiate a simultaneous spend on the other side of the planet and hope that the miners there find a block before the miners near the transaction find it.
5093  Bitcoin / Bitcoin Discussion / Re: What real world situation have you had problems due to 10 minute confirmation? on: May 11, 2015, 02:18:48 PM
well, not exactly problem with it..but I was in some newspaper store before couple of weeks, paid by bitcoins and lady ask me to wait until first confirmation, so I spend ~15 minutes here just because..Smiley

Strange, like you're going to attempt a double spend on a few dollars at a newspaper store. Most merchants use some sort of third party service like BitPay that mitigates the risk. Cool that she's old school but she should know she doesn't need to wait all that time.

She doesn't keep people there 180 days while their credit card transaction becomes non-reversible.
5094  Bitcoin / Bitcoin Discussion / What real world situation have you had problems due to 10 minute confirmation? on: May 11, 2015, 01:47:43 PM
As someone who lives almost exclusively on Bitcoin I have not once had a problem due to confirmations taking 10 minutes.

Most real world uses of Bitcoin I have been able to send my Bitcoin transaction in seconds.

Transaction time is in seconds, confirmation time is in 10 minute blocks (for those who still have yet to figure this out).

Just like your credit card takes a few seconds for the transaction. But the credit card confirmation time is 180 days.

Some websites require that you wait 3 confirmations, but if you order something online what is the big deal with waiting 30 minutes? Is your order going to be shipped the next day 30 minutes slower? You order it, send the bitcoins and walk away (I usually check blockchain.info to verify that the transaction is on its way).

With localbitcoins I usually send via localbitcoins which is instantaneous. The few times I have had someone want me to send it to his wallet, it took seconds for him to see that the transaction went through. The reputation system discourages me from attempting to reverse the transaction.

The one time I had a guy that wanted to wait for a confirmation it was reasonable. It was a fairly large transaction and we were chilling in McDonalds so it was no big deal, he even bought me some McNuggets for the wait.

So...have you ever had a real world situation where you actually sent your bitcoins with the transaction fee and were inconvenienced by the 10 minute confirmation?
5095  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: May 11, 2015, 01:20:40 PM
Price is up $1.


Da moon?
5096  Bitcoin / Bitcoin Discussion / Re: Do Girls use Bitcoin in strip clubs ? on: May 11, 2015, 01:05:26 PM
This:
http://www.reddit.com/r/Bitcoin/comments/1vlbgt/strip_club_in_portland_accepts_bitcoin/

And
http://cointelegraph.com/news/112825/its-raining-bitcoins-on-strippers-in-tampa


Kasmir Hill on her week living on Bitcoin went to a strip club ( http://www.forbes.com/sites/kashmirhill/2014/05/11/living-on-bitcoin-a-year-later-all-grown-up-and-a-little-naughty/ ):
Quote
So here I am in front of the Deja Vu Centerfolds, rolling deep with my two friends from abroad and two civil liberty lawyer friends we’ve picked up along the way. The outside of the bricked building is pretty tame compared to the flashing signs and fleshy photos we passed up the street; there’s a dim sign and posters with women’s faces. Motorcycle Man meets us out front and ushers us in. I realize later that had we not been with a VIP, I would have had to pay a cover charge, and I would not have been able to do so in Bitcoin. I’ve never been to a strip club before but I’ve seen so many in the backgrounds of shows involving police officers or detectives that it feels oddly familiar. There are many fully clothed men and many skimpily clad women. One on the stage is fully nude and doing a sexier version of ‘The Worm.’ There are two poles; she’s not currently using them. Because it is a fully nude club — rather than just a topless one — there is no alcohol allowed. This seems like an odd rule, but we roll with it, ordering cokes and Sprite-flavored soda waters in a glass walled VIP room that looks over the main half circle in front of the stage. I am oddly comfortable. The ladies are paid to be here, dancing and nude. I’m paid to be here and write about it.

Motorcycle Man introduces me to Rocky, a tall brunette from Hawaii who spends a month at a time at strip clubs in Texas, California, and Las Vegas, places where an exotic dancer can make the most money, she says. She’s wearing black underwear and very little of a white cotton t-shirt, and has incredible pec muscles that make her artificially enlarged breasts dance. She carries around a tiny pink sparkly treasure chest with a handle, that looks like something a little girl would keep lunch in, but hers is full of cash and her iPhone. Rocky is joined by a woman who I think is named Candy. They give me a lesson in this strip club’s economics: the woman pay the club for their time on stage, as well as for the use of the private rooms where they give lap dances. They keep the cash they get. But the club also has something called “Vu Bucks.” Patrons can use their credit cards to buy them, but they pay a 10% fee, so they get $100 for $110. “It’s like Monopoly money,” says Candy. When the women cash the Vu Bucks in at the end of the night, they pay a 10% fee, so $100 becomes $90.

When the payment mechanism is in the control of the strip club, a lot of what the women get paid gets skimmed off. Rocky and Candy want to talk about Bitcoin and about why it would be a good idea to take it. I ask them if they ever get paid in non-U.S. currencies. “Japanese and once, Pakistani,” says Rocky. “It was annoying, because I had to go to the hassle of taking it to an exchange, and it turned out all the Pakistani money was worth like nothing.”

So if they had international clientele — who actually had Bitcoin — it would be better, I say, because it is a universal currency and they would know what it was worth. Or if they and their clients don’t want to be walking around with a bunch of cash. They ask me to explain what Bitcoin is exactly, and when I do — that it’s a virtual money created five years ago which runs on a network of computers around the world, that it can be sent digitally and cashed in for local currency through exchanges — they say it sounds like Vu Bucks. Except there’s not someone taking 20% out of the transaction.

Rocky says she wants to dance for me and be paid in Bitcoin. She pulls up a QR code, but then explains it’s not her QR code but Motorcycle Man’s and that he is going to give her cash. I turn to Motorcycle Man, and complain that he has misled me as this club’s early adoption. “I’m trying to get the club to start accepting it, but I’m starting from the bottom up, with the women. But the first hurdle is they all have iPhones,” he says. Apple does not allow apps in its store that involve the transmission of Bitcoin, due to the convoluted regulatory environment for the stateless currency around the country and the world.

I tell her she should open her own wallet, so she creates one on Blockchain.info, slowly typing in her email address and password thanks to long, obstructing green fingernails. I’m re-impressed at the ease of opening an account. It takes literally 30 seconds for a stripper who only recently learned about Bitcoin to create an address on the block chain and be set to get paid in the currency. It’s pretty easy to use the phone’s Safari browser on Blockchain.info’s website to receive Bitcoin, as it only involves pull up a QR code for her wallet, but trying to use the website to scan someone else’s QR code to send Bitcoin is clunky.

I think I’m the first person to pay a stripper with Bitcoin, but I’m corrected on Twitter. In the summer of 2011, a then 25-year-old electrical engineer went on a road trip from Connecticut to Los Angeles, using only Bitcoin the whole way. He mainly did this by meeting up with people from the Bitcoin community along the way to whom he paid BTC to buy things for him in U.S. dollars. He got over 500 BTC in donations from supporters; that was worth $1,750 then, but is valued at $225,000 today. He tells me by email that he spent some of them in a strip club in New Orleans.

“I met up with a Bitcoiner from the forums, EvanR, and we spent the evening drinking, dancing and telling everyone about Bitcoins. A gentleman guarding the strip club door extolled the charms of his establishment and we decided to check it out,” he says. “I should note that we did NOT tip ‘real Bitcoins’ here! This was before smartphone wallets and it was impractical.”

They had Bitcoin scratch off cards that contained the code needed to unlock a value of 1 BTC — worth about $3.50 at the time — on the block chain. “One of the dancers was remarkably interested in Bitcoin and diligently listened to our explanations and projections,” he says. “I explained that during my road trip I was honor bound to not use cash but would she like some Bitcoin tips? She would, yes; so we spent maybe an hour drinking and talking to her. We tipped somewhere between 6 and 8 of these 1BTC cards.”

That’s an excellent way to give out a digital currency while still managing to cop a feel. I leave way less Bitcoin but far more US dollar equivalent than they did at the strip club. Rocky, like most Bitcoin-accepting merchants, converts it almost immediately to cash, selling hers to Motorcycle Man at the end of the night.

I decide that if I were to start my own striptography club, I could call it Tittycoin. Dancers could wear QR codes on their wrists. I’d advise against tattooed versions of their payment address as it’s a terrible privacy practice to use the same address for every transaction, leaving a very obvious trail in the public ledger that is the Bitcoin blockchain. For tipping a performer on stage, the dancer’s QR code would be projected on a large screen. On another screen would be a data visualization that would show the volume of Bitcoin tips flowing into his or her account. “Making it rain” would make this screen look a lot like a scene from the Matrix. Dancers would not need to sweep up dollars from the stage at the end of their act. And who knows, maybe this model would make more given our tendency to part more easily with digital dollars?

If anyone wants to fund this titillating Bitcoin start-up, you know where to find me.
5097  Bitcoin / Bitcoin Discussion / Re: ONE Minute Blocks! Bitcoin as fast as Dogecoin, faster than Litecoin? VOTE on: May 11, 2015, 12:55:27 PM
The real question is why the developers (or just Gavin) are focusing on changing the block size limit or block generation time instead of this?
From my quick look and basic understanding of what the proposed Network would be, I'm actually quite amazed. Hopefully we see something soon in regards to this.

Gavin has put a date of March 2016 to upgrade the block size to 20Mb.
5098  Economy / Speculation / Re: Predict Bitcoin price in 2020 on: May 11, 2015, 12:21:31 PM
During the year 2020 the price will be over $1500/BTC.
5099  Bitcoin / Bitcoin Discussion / Re: ONE Minute Blocks! Bitcoin as fast as Dogecoin, faster than Litecoin? VOTE on: May 11, 2015, 12:14:17 PM
I think those that are worried about 10 minute confirmations are mostly people that don't use Bitcoin very often. "10 minute confirmations!?! WTFOMG!! I won't wait that long at a fast food restaurant!"

transaction time != confirmation time

Bitcoin is faster than dogecoin and litecoin because of the amount of nodes.
5100  Bitcoin / Bitcoin Discussion / Re: Useful sites for every day Bitcoin spending (links and reviews) on: May 11, 2015, 12:11:52 PM
How comes localbitcoins is banned in Germany?

How is it banned?
The ISP blocks access?

And does that work for them?  Roll Eyes

Looks like an IP block. I can still access it from work on a US system.

I will not advertise how that is working out for them Wink
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