So I'm thinking that the customer interface will need to generate a pending order; we'll hang onto this till we have received sufficient confirmations of the payment, then execute it. A few questions. - Does this sound about right? Are there any other / better ways to do it?
You could use an external service with an API. Bit-Pay, Mt. Gox and Paysius are three, among many. - http://en.bitcoin.it/wiki/Category:Shopping_Cart_Interfaces - http://en.bitcoin.it/wiki/Bit-pay - http://en.bitcoin.it/wiki/MtGox#E-Commerce- How many confirmations is enough? The number 6 is buried in the folk memory, but that comes from the assumption that an attacker might achieve 10% of the processing power of the honest chain, which seems vanishingly unlikely in this day and age. I'm inclined to plump for 2, which still gives only a 5% chance of fraud under that assumption, and about 0.05% chance of fraud if the attacker achieves 1% processing power.
Six is recommended. Some merchants accept after 3. It's unlikely you'll see a loss after accepting on just 1 confirmation even (presuming you aren't configured to accept incoming transactions). Essentially, the rule of thumb is don't accept anything of high value below 6 confirmation unless you have recourse (e.g., can cancel the domain, or have customer's credit card on file, and can collect that way, etc.). Their "delivered" item is a payment that includes the payment of the wager. If the payment from the wager never confirms then the payout (winnings or losing) will never confirm as well. They are at risk of a party double spending just the losing wagers and leaving intact the winning wagers. Not sure how they accommodate that risk. |
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Dwolla isn't going to work if you're in Australia. With ~$10,000 AUD, your best bet would be a wire transfer to one of the exchanges.
For that volume, yes -- international wire to a USD wallet on Mt. Gox is going to be the most sane option: - http://en.bitcoin.it/wiki/Buying_bitcoins |
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Judge.me got a little publicity in the past week. I didn't see anything here on BitcoinTalk, even though it should be a topic of great interest here. So here are some links that provide some good reading: - http://entrepreneur-stories.com/dont-judge-me-for-wanting-to-fix-the-legal-system-peter-jans-celis/ - http://news.ycombinator.com/item?id=4015142 - http://www.reddit.com/r/Anarcho_Capitalism/comments/t7eil/i_am_the_ancap_founder_of_judgeme_ask_me_anything/Judge.me is by Peter-Jan Celis (forum user BitFlow): - http://bitcointalk.org/index.php?action=profile;u=37156Let me tell you a secret: I first applied with a Bitcoin related idea to Startup Chile, putting my judge.me idea to the background because Bitcoin was exploding at the time. We wanted to create a futures market for next gen mining technology, virtual options that materialized into physical mining when the next tech became available. This would stabilize Bitcoin we reasoned. Than Bitcoin crashed, I had a fallout with my co-founder and I came to Startup Chile alone (I was the recipient of the grant) and switched back to the judge.me idea.
So yeah, I would certainly be willing to integrate with Bitcoin. The new escrow aspect can potentially be very useful for judge.me to track payments by losing parties to prevailing parties. My goal for the next 6 months is turning judge.me in a platform rather than a service, so this escrow connection could tell me which user profiles to flag as not trustable (because they did not honor the arbitration award).
Please feel free to send me email via the "Contact Support" button on judge.me or by mailing the email address "pj with than an @ and than judge.me". - http://www.reddit.com/r/Anarcho_Capitalism/comments/t7eil/i_am_the_ancap_founder_of_judgeme_ask_me_anything/c4k82jl1. Yes I am an anarcho-capitalist and this is the reason I started the company.
2. Judge Judy is indeed arbitration, where parties waive their right for privacy in return for a free arbitration.
3. Ancapistan would fundamentally be a Kritarchy (rule of judges), so arbitrator reputation is crucial and case law can develop from that. Also, even "ex aequo et bono" arbitration simply means applying contract law in practice. - http://news.ycombinator.com/item?id=4017784I believe that people will increasingly care about their reputation on the internet, and as a result enforcement of arbitration awards could start happening by ostracism, i.e. warning the community not to do business with people who fail to make the prevailing party whole again. - http://entrepreneur-stories.com/dont-judge-me-for-wanting-to-fix-the-legal-system-peter-jans-celis/Transnational Arbitration - Arbitration not controlled by national law: - http://www.youtube.com/watch?v=B4-WByzfiEQ |
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Paypal has an Iphone app, and they don't pay Apple a royalty.
I don't see why Bitcoin apps wouldn't be allowed when Paypal is.
Well, that was kind of a joke. The last I saw from piuk was Apple had referred him to their legal dept. to learn something to the effect of how the app needs to be legal in all areas it was being offered. I wouldn't be suprised if Apple saw how an attack to get bitcoins exposed holes in Linode, maybe Apple is trying to avoid iOS from being a similar type of target (i.e., new vulnerabitities exposed after hackers looking for bitcoins become highly motivated). I'ld like to see some bitcoin app become so popular where hundreds of thousands of iPhone users go to jailbreak because the app isn't allowed on the App Store. Apple might rethink their strategy then. Maybe SatoshiDICE or something like that ends up being the driver to cause that to happen. There's always the FTC AntiTrust laws -- maybe Apple is doing this to keep competition for their payments system at bay. |
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I would like to ask if the garage will have any bad effects on the cards.
Make sure your electrical will handle the rigs without popping breakers when the garage door opens, for instance. Also, physical security is generally lax in a garage. Particularly if you show it off to the neighbor, who then tells a neighbor and the next thing you know its gone. |
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Are you in the U.S., Canada or Australia? If so, depositing cash at a bank is probably the fastest and cheapest versus buying a gift card and trying to sell it. For instance, if there is a Chase, Apple Bank or Capital One near you then it costs just $1 per cash deposit to transfer funds to BitFloor: - https://bitfloor.com/user/depositI'm in the U.S and under 18, so I don't have the method of depositing $ That matters? Really, they'll not let you deposit cash into an account if you are under 18? Well, now there is BitInstant through 7-11, walmart, CVS, etc., Certainly one of those won't have a problem with minors giving them cash. |
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News flash to Keynesians:
There is no guarantee that Bitcoins will be worth more in the future, but even if they are worth more, people prefer to have stuff they want NOW rather than LATER.
Then consider this as well: Let's say you pay a $100 monthly Pay As You Go refill charge to T-Mobile. Will you pay $100 to T-Mobile using your credit card or will you pay $97.50 worth of bitcoins? - http://bitmit.net/en/trade/i/2793-100-t-mobile-usa-prepaid-wireless-airtime-refill/descriptionOne reason T-Mobile charges $100 for that is they are losing $2.75 to the merchant fees (Visa/MC/AmEx). So they charge you $100 but they only get $97.25. They do offer a discount to wholesale resellers, but those resellers too pay merchant payment card fees so they don't offer for sale below $100 either. Especially after considering the extent of the problem they have with chargeback fraud. But there remains the BTC equivalent of $97.50 for buyiing from Tangible Cryptography (through BitMit) So even if Bitcoins might appreciate in value in the future, a rational person is going to take advantage of the $2.50 discount today rather than hope to gain more than that $2.50 in the future from speculating. (Or, more likely, will replenish for the bitcoins from the stash that was used to buy the mobile refill card.) |
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I have been in contact with some people in Phoenix who would like to set up a local currency in Phoenix, AZ and create a fork of Bitcoin to support it.
What should we do on how the currency is set up... 21m coins, block time, reward per block and all that goes into it.
Geting it started- editing the code, and launch?
Getting more supports?
Local Business Suport?
The benefit of using Bitcoin itself is that the entire ecosystem already exists. There is a variety of clients including lite clients, there are exchanges and a large marketplace of goods and services where bitcoins are accepted, etc. If the reason you want a local currency is to encourage businesses and consumers to buy local, then there are a number of ways Bitcoin can work for that. One way I'ld like to see tried is to use a bunch of Casascius physical coins or Bitcoin Giftcards: - https://www.giftcoin.net/cardMerchants can offer their 5% discount or whatever for payments using these, just if it were a local-only currency where there is a discount offered. The problem is, these weren't meant to circulate as coin or similar offline trading like this. In using them in this manner, that may introduce a security vulnerability -- like maybe some special xray scan of the coin yields the private key printed on the label under the hologram? If there were tens of thousands of dollars worth of coins circulating, this type of incident becomes not entirely unlikely. Instead, what about simply taking advantage of the blockchain. Forget about physical coins and use the normal Bitcoin.org client and mobile apps. Coins purchased from the community money system's cashier would have the opposite of taint -- they would be special bitcoins. So if the exchange rate were $5 for instance, $5 buy the consumer one bitcoin issued from the cashier's known bitcoin address. When used to purchase locally, the merchant accepts the coin at a premium, say 5% over spot because it can be proven the coins came from the cashier. So the consumer gets $5.25 worth of goods when purchasing using the bitcoins bought from the community money cashier. If the merchant uses those coins to purchase outside the community or uses an exchange for the coins (e.g., at Mt. Gox), then that's possible but the merchant gets just spot value (e.g., $5) worth for the bitcoin. If instead the merchant spends the coins locally with other merchants, the coin has a pedigree back to the community money cashier and thus still are worth 5% over spot, and thus giving the first customer that 5% premium didn't cost the merchant anything when using the proceeds for local purchases as well. The problem with all that is that Bitcoins are useful outside of the community so the coins will become impure. As transactions mix bitcoins originating from those that didn't descend from the community money cashier, how might that be handled? I suppose the premium offered could be proportional (e.g.., if only 60% of funds on the coin descended from the original cashier, the a 60% X 5% premium = only a 3% premium for the bitcoin payment). That would probably confuse and frustrate the locals more than anything though, so I don't know -- maybe this approach wouldn't work whatsoever. Really, though, this is forcing bitcoin technology to solve a problem that has already been solved: - http://project.cyclos.org/mobile-banking - http://sourceforge.net/projects/cyclos/files/Cyclos3/3.6.1/ |
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Is there really a big risk in seeing the transaction with 0 confirms and acting on it ? I've read the high level info on unconfirmed, confirmed transactions, but I don't think I fully understand the risk. Could someone provide a real example of a transaction 'showing up', but never getting a confirmation ?
Here's a scenario: Let's say you run BitFare and are going to sell pre-loaded transit cards for bitcoins from a cart near the subway entrance. One of the products you offer is a card pre-loaded with $100 worth of transit credit, and you price the card at 20 BTC: - http://bitfare.orgEvil solo miner plans to defraud you so always includes a special 20 BTC transaction when hashing. This transaction is a 20 BTC payment sent to another address in evil miner's own wallet but evil miner purposely does not broadcast the transaction to the Bitcoin network. Immediately upon solving a block evil miner contacts his buddy who is near the cart and is standing by. The buddy then uses the Blockchain mobile app to purchase the $100 transit card. The mobile app's wallet was configured with the same private key as the one solo miner used in creating the original 20 BTC transaction. A spend transaction using that private key has not yet been seen previously on the network, so it is seen as a valid transaction and is relayed by all nodes. You as the merchant see the payment arrive and hand over the fare card to the buddy who then heads for the subway tunnel. The buddy notifies evil miner that the transaction is complete and evil miner publishes the block that was previously solved and includes the original spend of the 20 BTC. Your client gets this new block but the transaction from the buddy still shows 0/unconfirmed. That transaction will never confirm because it is now invalid. It uses an input that now shows as having already been spent thanks to evil miner. This is called the Finney attack. There is an even easier attack known as the race attack but in the example of your subway transit card business there are protections to effectively eliminate the race attack from being successful. There is little that can be done to prevent a Finney attack though other than to make it so that there is no profit for the attacker. For instance, with the Finney attack, each second the solved block is held costs the miner about $0.40 (on average, when the BTC/USD is $5) as some attempts will fail when other miners solve the block before evil miner's plan could be concluded. To counter this threat the merchant simplly holds onto the goods for 60 seconds (and monitors for double spends) after payment is received. This will make it so that any fraudulent purchase of $24 or less using cannot be done at a profit (on average) to the fraudster. The subway transit card cart store example (which sells a high-dollar, low-margin product in a fast transaction to a complete stranger among a sea of people) is among the worst case scenarios and selling on 0/unconfirmed would be a bad idea for that merchant. A vending machine that sells prepaid debit cards would be another example where 0/unconfirmed sales are not recommended. An ecommerce site that sells print-at-home tickets is another where accepting payment on 0/unconfirmed would not be a good idea. For most typical point of sale scenarios though, a proper configuration (with double spend detection) will nearly eliminate the risk of getting defrauded. ZipConf is a commercial service that claims to solve this problem so that its merchant customers can accept payment on 0/unconfirmed without incurring the loss if a double spend were to occur. |
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BlockChain.info can be configured to do text (via e-mail) notifications, but are you describing where the app in the background sends an Android notification if a payment is received?
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Any information on what it will take to get this app back in the official app store?
A "fixed" version that gives Apple 20% in fees. |
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You do know it is stupid to say that something has a limit ? They way you say it as if you decided you willl make 1000 eur / month. But will not take higher salary.
 You lost me there. Are you saying that you believe the issuance rate in the Bitcoin protocol will be altered in some way (e.g.,. made to go higher?) |
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Planned capabilities:
* limits on tx size and volume
Not sure if this would by added as part of the business rule, or if included in the architecture but there will likely be transactions to a cold storage address which would need to bypass the restriction on tx size and volume. Also, what would the connection for programming the unit be? e.g., USB? |
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I see a potential problem with the new UI for BitLotto: - http://www.BitLotto.comThe space "above the fold" should only have one address, in my opinion -- the address for the current draw. Being a repeat visitor I had visually scanned the page, and within a couple of seconds had highlighted and copied the address that I thought was the current draw's address. Ends up after doing a sanity check (and reading the text before and after the address), I realized that was the address for the previous month's winner. So that other impatient people such as myself don't inadvertently send payments to the previous month's winner, you might wish to change that somehow. Perhaps remove the address and link the word winner to the page with the details somehow or otherwise make it so that my mistake isn't so easily repeatable. |
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I think an additional row needs to be for Clients that require another program to run to function, i.e. how Armory for example requires the actual bitcoin-qt to be open and loaded to access the blockchain.
Yup, if there is a dependency, then that would be useful on the chart. For instance, Electrum's dependency is on the Electrum servers so connectivity becomes the dependency. Nice chart, by the way. |
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rpcuser=
rpcpassword=
you can use whatever value you want, just that the remote needs to use the same value as exists in the bitcoin.conf
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