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5121  Bitcoin / Press / 2012-07-30 Project-Disco.org BITCOIN AND DISRUPTIVE CURRENCIES [Ross Schulman] on: July 31, 2012, 07:27:49 PM
BITCOIN AND DISRUPTIVE CURRENCIES
by Ross Schulman

 - http://www.project-disco.org/competition/bitcoin-and-disruptive-currencies/

Quote
Having the network as a whole manage this process means that a central arbiter is not required.

This simple fact makes Bitcoin potentially incredibly disruptive to a number of financially centered industries. Credit cards, Western Union, and companies like Paypal exist because of the fact that it is hard to transfer money over the Internet cheaply and securely. Bitcoin, to the extent that it is usable, completely changes that regime.
5122  Bitcoin / Press / Re: NEW articles in Press Forum on: July 31, 2012, 07:25:15 PM
2012-07-31 Forbes.com Top 10 Bitcoin Statistics [Jon Matonis]

https://bitcointalk.org/index.php?topic=96952.0
5123  Bitcoin / Press / 2012-07-31 Forbes.com Top 10 Bitcoin Statistics [Jon Matonis] on: July 31, 2012, 07:24:38 PM
Top 10 Bitcoin Statistics
by Jon Matonis

 - http://www.forbes.com/sites/jonmatonis/2012/07/31/top-10-bitcoin-statistics/
5124  Bitcoin / Bitcoin Discussion / Re: Interesting write up on M-Disc - the DVD that lasts forever on: July 31, 2012, 06:54:19 PM
Waiting on a 3-d printer to make hard-copy (quite literally) backups.
5125  Other / Beginners & Help / Re: Hypothetical question on: July 31, 2012, 06:15:20 PM
The other day I came up with an interesting but almost certainly implausible idea about dominating the bitcoin market - crowdfunding style. Say one was to set up a fund that's goal is to collect a very large sum of money, one large enough to purchase a substantial amount of bitcoins. People channeled in their own money, however much they like, to promote this fund and help it grow. The fund then, with this large amount of money, purchases a large amount of bitcoins at a high rate, thus making their individual value rise. Of course then, the donators' bitcoins will rise in value because of this.

So it's: a lot of people donate a little amount of money to a fund that purchases a lot of bitcoins with the collected money to increase the value of the rest of the individual donators' bitcoin supply. Ignoring the obvious trust issues and other problems that would have to be sorted out before something like this could be established, is this even possible? Or am I just crazy? Discuss.


Cartels are not hypothetical.  But they don't always work as expected.

Read up on Prisoner's Dilemma:
 - http://en.wikipedia.org/wiki/Prisoner's_dilemma

Plus, you are talking about donations for this?  Heh, good luck with that.

A more productive endeavor would be to use bitcoins for your purchases whenever possible and prudent and to sell goods and services for bitcoins. Build an economy, demand for bitcoins rises, and profit.
5126  Alternate cryptocurrencies / Altcoin Discussion / Re: New LTC exchange concept on: July 31, 2012, 05:37:51 PM
  encrypted_password VARCHAR(40),          -- encrypted password of the user


Please do not store encrypted passwords. Hash it with a salt and store that.

There are several open source exchange projects that might be a good starting point.
5127  Economy / Economics / Re: A huge test of the majority peoples feeling about deflation on: July 31, 2012, 05:34:00 PM
If most of the people have difficulty to quickly judge the value of BTC, it might stopping them from using this coin as a medium of exchange

You are confusing using the currency as a medium of exchange and holding bitcoins for speculation.

If I convert dollars to bitcoins to make a purchase, I really don't care what the exchange rate is.  $50 worth of bitcoins costs $50 today.  A week from now, it will also take $50 to buy $50 worth of bitcoins.

Additionally, you aren't considering the comparative cost between using bitcoin as a payment method versus credit card.  Some merchants offer cash discounts.  In the U.S. this is seen where there are two prices at the pump, a cash price and another price when paid using credit or debit card.  Bitcoin has this same cost advantage.

Because bitcoin has such dramatically lower payment network merchant fees, it can be used by a merchant for competitive advantage.

So you you buy $100 at NewEgg, and your option is to pay $98 worth of bitcoin or $100 if using your credit card, which method might you use to pay?

For those who are speculating, as long as you can replenish your BTC wallet to allow you to use bitcoins for spending yet maintain a certain level of investment then there's no resistance to using bitcoins for payment.
5128  Other / Beginners & Help / Re: Is windows for dummies? on: July 31, 2012, 05:02:20 PM
Brian Krebs, a security expert, describes how for even online banking the best methods for most windows users is to use a bootable LiveOS:

 - http://krebsonsecurity.com/2012/07/banking-on-a-live-cd
5129  Economy / Currency exchange / Re: My bitcoins your $500 visa or master card gift card by mail on: July 31, 2012, 04:54:18 PM
I want to sell some bitcoins for a $500 visa or mastercard gift card (not greendot nor other reloadable debit).

That's a horrible method to try to buy bitcoins.  Perhaps you got that as a gift or something and are trying to get it exchanged into bitcoins but that's going to be a tough trade.

I do know that Get-Bitcoin accepts gift card where you mail it to them and after it is successfully spent they send you the bitcoins.

 - http://www.Get-Bitcoin.com
5130  Economy / Currency exchange / Re: Intrade M2M funding on: July 31, 2012, 09:29:50 AM
Does anyone have a funded Intrade account, and know how to send that to another member? I recently opened an account and would like to get some US FRN's into it, and I'm willing to part with some of my bit-savings in order to do it faster than a personal check can make a round trip to Ireland and back.

Done!
 - http://www.twitlonger.com/show/igqt0i

It is a tormail address so I was suspicous.  They do accept escrow though (BTCrow and Thrucoin).  The fees aren't cheap, but they are the only game in town.
5131  Economy / Marketplace / Re: Bitcoin Cards - similar to bitbills on: July 31, 2012, 08:36:56 AM
There is also an open card to store an arbitrary amount.

If these are "charged" at the point of sale, I'ld like to see them with a USD denomination.  So when purchased, whatever the exchange rate at the time is what is loaded.  But that way the salesperson doesn't need to deterimine the exchange, a $5 card has $5 worth of bitcoins on it, whatever that amount happens to be.
5132  Economy / Trading Discussion / Re: Interesting conversation with a retailer who formerly accepted Bitcoin on: July 31, 2012, 08:23:51 AM
So back to square one it looks like.

The Bitcoin community is much larger than it was over a year ago when you were first a BItcoin-accepting merchant.  You might find the additional sales volume we could bring to you to be worth your while.  There are a couple vendors of tea, but there is definitely room for more merchants in this category.

Here's a low-risk option.  Sell your gift card through BitMit.net.  It is kind of like an eBay for bitcoin and it has Buy Now, so you can set the price you wish to sell at.  You can even set the price in USDs, and mark a checkbox so that it will adjust the BTC price relative to the exchange rate.

Here's an example of an electronic gift card ecode that can be purchased through BitMit.
 - http://www.bitmit.net/en/trade/i/2846-100-at-t-gophone-prepaid-wireless-refill-card/description

Here's something else you might wish to consider.  This is bleeding edge, but maybe consider it.

From the proceeds of your sales which were paid using bitcoins, you could turn around and sell the bitcoins to your customers.



After you've accumulated enough you print and load a few of these notes, put them in sealed envelopes, and put them in the til.    (Note, however, that project is still under development so a site that prints them similar to http://www.BitAddress.org is not yet functional).

Your only requirement might be that the buyer redeems them to their mobile or tablet before leaving the store so that there is no chance that the coins were redeemed by someone else (since these are bearer codes, once they leave your store you really wouldn't want to guarantee anything)

There are no other sellers yet in your city, so you might find buyers:
 - https://localbitcoins.com/location/nm/albuquerque/

If there is any demand for them, you could have a graphic designer take that SVG and change the design with your own brand.

Or instead of printing your own note, you could resell a physical bitcoin from someone else:
 - http://www.Casascius.com

or one of the several which have been described but haven't yet been produced:

 - http://bitcointalk.org/index.php?topic=87441.0
 - http://bitcointalk.org/index.php?topic=64980.msg810841#msg810841

[Caveat, there may be various legal restrictions on offering these in your jurisdiction without there being an issuer.]

Here's another idea:

Give out a tiny bit of bitcoins with each purchase, say 25 millibits (0.025 BTC, worth just under a U.S. quarter dollar).  These can be printed using the same method as the notes above would be).   Put an expiration date on them so that you can reclaim any funds that aren't redeemed within say a month.   But what might these customers do with 25 millibits?  

They could accumulate them and after they have enough to pay for a tea, they pay for their next purchase using them.  (Just like the buy 10 and get the next one free type of promotion.)   You know they won't be going to any other tea or coffee place using them.   Or ... perhaps your customers like to play video poker?   That amount is good for nearly two dozen hands of blackjack from an iPad tablet.
 - http://www.bitZino.com
5133  Economy / Marketplace / Re: [ANN] Physical Bitcoin Gift Cards available for Pre-Order (USA - Free Shipping) on: July 31, 2012, 07:39:52 AM
So Giftcoin.net appears to be defunct but they were only a distributor, right?

Is this card still in the works?
5134  Economy / Services / Re: CellCoin: Pay for your Prepaid Wireless Refills with bitcoins and save up to 5% on: July 31, 2012, 06:51:02 AM
I see the BitMit prices are way out of whack ... I can buy this $100 gift card for about 5 BTC:
 - http://www.bitmit.net/en/trade/i/2846-100-at-t-gophone-prepaid-wireless-refill-card/description

Obviously, what happened is that Bitmit is using a VWAP (volume weighted average price) but the data is crap because of the BTC-e hacking. 

So ...  just a heads-up on this.
5135  Economy / Currency exchange / Re: Buy Bitcoins Direct @ MtGox last without fees or exchanges on: July 31, 2012, 05:56:25 AM
Raised the minimum to $500 on all methods except cash deposit ($200 minimum).

Including Liberty Reserve?  Still shows:

Liberty Reserve Instructions

Amounts: $100 to $5,000
5136  Economy / Service Discussion / Re: btcex "Maintenance"? on: July 31, 2012, 05:11:36 AM
LOL. I saw someone over there complain that "withdrawals were disabled"...


There has got to be a better way to sell BTC than with hackable web sites...?

Are you referring to BTC-e which just suffered a security incident?

This thread is referring to Btcex:

 - https://btcex.com/
5137  Economy / Exchanges / Re: www.BITSTAMP.net Bitcoin exchange site for USD/BTC on: July 30, 2012, 10:52:15 PM
If I had a Swiss bank account and was sending funds to Bitstamp, I could do a SEPA direct debit but that is in EUR only, right?  And then otherwise, from that Swiss bank account I could instead do an international wire, and then send either EUR or USD.

Am I describing the transfer methods correctly?

Yes, SEPA transfers can be done ONLY in EUR currency.

If you have Swiss bank account with EUR balance you can transfer via SEPA. Your funds will be then converted to USD on our end and then added to your bitstamp balance. But since Switzerland is only member of SEPA but not EU, transfers are charged with standard international wire fee.

You can also send internatonal wire in CHF and we will convert it to USD.

Please let me know if I answered your question.

Yup, that sure does. 

I'm presuming SEPA transfers are less expensive to the accountholder than the cost for an international wire transfer.  So even though Bitstamp charges the same fee, overall including the wire fee on the sending side it is less expensive as SEPA.  And it is probably easier to do a SEPA transfer using online banking whereas an International wire might be a little more hassle.
5138  Economy / Service Announcements / Re: [ANN] bitaddress.org Safe JavaScript Bitcoin address/private key [BOUNTY 0.1BTC] on: July 30, 2012, 10:35:12 PM
So it's JavaScript it means it is client side computing no private key is transmitted over the internet?

That is correct.  Run it offline as a further assurance.

Run it offline, from a liveOS (e.g., boot to an Ubuntu distribution image) for even further assurance.

Brian Krebs gives an example of doing this for online banking here:
 - http://krebsonsecurity.com/2012/07/banking-on-a-live-cd/
5139  Other / Beginners & Help / Re: Looking for MoneyPak to BTC Transaction, No Fees on: July 30, 2012, 08:27:16 PM
Well if anyone with a track history is around, I'll be needing 3-4 $400 MP converted to BTC with no fees every week.

You might want to check this out.  Just be careful, sending MP first is very risky.  If your counterparty won't use an escrow, be wary. I don't know how an escrow would be able to arbitrate though if there is a dispute.  You would have a receipt but there's no way to provide you didn't spend the code already and tried to double spend it with this escrow-backed trade.

Blech ... Moneypack is a horrible method for buying bitcoins.

 - http://bitcointalk.org/index.php?topic=96772.0
5140  Other / Beginners & Help / Re: I have BTC and i would like to trade for MP on: July 30, 2012, 08:26:37 PM
You might check this out:

 - http://bitcointalk.org/index.php?topic=96642.0
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