I expect that it was someone who got fed up with waiting for their GBP bank withdrawals to be fixed, I was in the same position since last week but fortunately someone took my bid to buy about 400 BTC @ 3.27 yesterday which I was very surprised & happy about, I immediately sent the coins out & now have a zero balance on Intersango & whilst it might be tempting to send them back & put an ask up @ 3.37
Somebody has beat you to it, they have an ask at 3.31 for 1236 BTC |
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My eyes are on the Bitcoin growth in China. Historically, they love to bet speculatively on anything.
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 ^__^ look how happy he is |
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Whats stopping someone from say bringing in a $100k diamond and selling it in Macau for RMB to gamble? And vice-versa to get > $6k out of the country?
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Nice chart. How about adding Operating System to it? Also, how about a row for mobile support too.
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china's secret rocket is going places
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Actually, this thread has me thinking of an idea...
A website to match up Bitcoin idea-makers, programmers, and venture capitalists. An idea-maker might post up that they have an idea, but need a programmer and 1000 BTC. Or, a venture capitalist might post up that they have 20,000 BTC available to invest in good ideas. Then, people looking for ideas to invest in, or programmers to program, or venture capitalists to badger, can browse through the listings and see what's what.
Only problem is, how would you prevent people from stealing ideas once they know about it? A programmer could say they want to work on a project, get the details on the idea, and then just go do it himself without giving any credit to the original guy. You could mitigate some of that with patent protection, but not every idea is patent-able, and not everyone who has an idea has the money to patent it.
Y Combinator does this. I'm not sure how they prevent stealing ideas though. Anyone? |
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I think lending without sufficient collateral should be avoided at all cost.
The moment collateral doesn't suffice, you need to get the government and the legislative to intermediate in a private transaction. Should be a last resort and not a common occurrence.
+1 This is the biggest lesson learned in the housing crisis. Mortgages were given that were more then the value of the homes. Once repossessed, the bank couldn't even sell it to cover their losses as it was worth less than it should have been valued. Over valued house = people being greedy (always wanting their home to be valued more) |
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Somebodys built a new secret rocket?
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Why spend today if I can spend the half of the ammount for the same thing tommorow?
Why buy my groceries today with my $10 when I can buy them next year, with interest I'll have $10.40! Answer? I need to eat today. |
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+1, I have to agree with you on the OP. Learning about the banking industry gave me a great insight into how it can provide a great service if it is managed correctly. The perception of them being evil is in my mind due to a lack of understanding of how the banking system works. I believe if FRB is explained clearly and governed correctly, there is no reason for anyone to worry about the service they offer: - In order for a bank to lend, it has to hold deposits. To get deposits, it will offer its customers interest.
- To make money for its customers, the bank will lend some of the deposits out and charge interest on its loans.
Black and white right? Now let me explain in simple terms how everybody is a winner: - A good bank will guarantee the safety of money that customers have deposited.
- A bank takes on risk when it lends as customers can 'default' and not pay back their loans.
- This is a well understood risk and a banks charge set their interest rates to make profits to cover potential losses.
- If all of the loans are paid back with interest, then the bank will have earned enough to pay its customers who have lent the bank money + more profit for themselves. This is a good thing as they have provided all parties with a good honest service.
And now how greed makes it all goes wrong: - A good bank for safety will keep a set amount of depositors cash for security. This is called a 'Reserve Ratio' (sometimes Cash Reserve Ratio).
- It will not use this reserve to lend to others. The higher the bank's reserve, the safer it is deemed to be.
- Greed - For a depositor to make more money on what they lend, the bank needs to make more money.
- For the bank to make more money, it has to lend more.
- The more a bank lends, the lower the reserve will be.
Fear: - If a negative world event happens, people worry and start withdrawing their savings.
- For immediate withdrawals, they can fulfil most requests using its cash reserves.
- If the fear spreads and everybody wants to withdraw their cash, problems will arise when the cash reserves it holds run out. (and this in the real world is where the GFC starts...)
Banking can be a good honest business as long they are careful. How can they be careful? Well that is also simple. Ensure that you hold a high enough Cash Reserve Ratio and don't get greedy. In the US, banking policy (enforced by the BASEL accords) states that your CRR should be around 10%. This is quite frankly ridiculous and was in my mind the sole root cause of the entire financial system collapsing. Why on earth a bank would lend out $900,000 on $1,000,000 of deposits is stupid. Given that a bank's duty is to understand and manage risk, the risk of somebody defaulting on a payment has always been there and its not new. Historically in the fiat market, the CRR used to be around 30% which created a robust banking system with plenty of monetary flow to ensure a healthy economy. I would be fully behind any bitcoin bank who provides an honest deposit and lending service with a CRR of 50%. This should yield reasonable profit for all parties and will be very safe if managed well. |
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Spend $2k on Mining Hardware (sounds like you wanna play anyway)
Spend $2k on coins
Spend $1k on Bitcoin investments (setting up a site... buying bitcoin related shares etc...)
Diversification. The lowest risk, and the highest potential upside. Mining will return you consistent income on your spending, but will by no means make you rich.
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I'm here! Yes, I'll reply to your PM now daybyter. Thanks for the advice molecular. I've been developing trading scripts for a while, mostly in PHP, however I've got to admit, socket.io just confuses me. It most likely won't be serving client pages. However the script I'd like to write will be based on a server and receiving the mtgox stream, whereby it could then decide on trades itself. If not, I'd probably write an init-script that just runs "java -jar myjar.jar" and do scheduling within the app. To be honest, I might just start it in a screen (gnu screen) session if I'm the only one depending on it  I dont think my current host offers terminal sessions so ideally it'd run in a standard LAMP build environment. ... either that or I'll have to purchase some sort of virtual box. |
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java, node.js, write timer loop yourself in php or use some php scheduling stuff? I don't know. For the kind of stuff we're looking at here, there's good APIs in every language, so it really boils down to personal language preference, I guess. I'd probably use java because I'm most comfortable with it. Unfortunately I cannot recommend my "traidor" code, because the orderbook still gets out of sync.
One remark: I don't know about the stability of the socket.io feed nowadays, but maybe you should implement a fallback to http api?
molecular - I currently use a scheduler to execute a PHP call every minute using the http api, however I'm interested in having a live feed for the best prices as they are added to the orderbook. To my knowledge, PHP isnt brilliant at handling streaming feeds and I'm yet to find a way of doing this server-side. I could stand corrected though, I'm just waiting for a script-kiddy to tell me otherwise. Whats java like at handling streaming data? How would you run a script like that on a server? |
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- Consider making your SocketIO classes more generic and creating an MTGox sub-class which inherits from it, passing in event handlers (on_connect, on_msg, etc). This will make things easier if and when other exchanges add streaming APIs.
Consider this considered. However, when thinking about integrating other exchanges, there is a lot more work on other parts of my code to be done. I've been wanting to do this for a while now but decided if I would do it, I'd reimplement in another language that better suits my experience. What languages do you recommend for best integration with SocketIO and streaming data? I've been looking into scripting pages with PHP but it seems a little tough to integrate as its a language which generates pages on call. Also I'd like to write a server-side script to run at home which will accept a socketio feed and place trades automatically. I currently do this again with the json calls API however because its written in PHP, it requires a cron call every x minutes. I'm looking for a better solution. |
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Guys! We've derailed the thread. We are supposed to be discussing how we can get the Greeks to buy into Bitcoin.
Back to the OP, I posted a suggestion for a Greek sub-forum: https://bitcointalk.org/index.php?topic=82734.0Healthy discussions amongst the Greeks and the right promotional material translated by the forum users will help to promote the cause. I'd appreciate any +1's on the topic to get the forum admins to notice. For the record, theres nothing in it for me as I dont speak Greek. |
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Idea is your first step. You don't have to look far for inspriation. Secondly, implement it, if its a similar idea to an existing one then don't let that stop you. Implement it better which I'm sure wouldn't be hard for many projects.
The more competition we have, the more the bitcoin market will improve. Good luck. The community here is both supportive and brutally honest.
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Place some bets on betsofbitcoin  |
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Encrypted with three random of the most secure algorithms Saying triple hashed w/ three "random" (is that even possible) algorithms doesn't make any sense.
Saying something like. "Your password is never stored in plain text. A secure hash of your password is used for authentication. We can't recover any lost/forgotten passwords. For technical details click here" makes a lot more sense.
I agree with you on this. I will change this at short notice. Yeah, I was getting at the wording as opposed to the technical details behind it. It didn't really make sense. My English is pretty terrible but I'm sure its grammatically incorrect too. |
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2. 1.5% fee for mixing is pretty high. After all it is not rocket science, although many people seem to think it is...
... not if you've just stolen 18k of bitcoin that wasnt yours to start with |
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