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6321  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple is Communism. on: March 02, 2013, 06:40:31 AM
They give it out to people in rations, for them to spend on things.

and earns fees from each transaction, returning those xrps back to the mother ship.
I think XRPs are destroyed when spent as fees? Or at least, that's how it worked in the closed beta, so it even got worse?
6322  Economy / Service Discussion / Re: BitBillions New on: March 02, 2013, 06:37:48 AM
This is awesome.  I can't do this but I know two people who would be great at this.  Either one has shown great ability at getting a business started and generating large sales.  Tom in particular has a proven business assembling and marketing PCB designs, while Trendon has run a very successful $15 million Bitcoin investment fund in the past. Give them a call:

Thomas Van Riper
tom@devcoin.org
(315) 514-0269
Prior successful business: https://www.btcfpga.com/

Trendon Shavers
tshavers@buscog.com
(214) 856-4386
Prior successful business: http://btcst.com, http://www.gpumax.com

(Shamelessly stole from sgravina Smiley
6323  Economy / Securities / Re: [BTC-TC] Community Exchange with DRIP, YUBIKEY, GAUTH [HTTPS://BTCT.CO] on: March 02, 2013, 06:33:43 AM
It's back up now.
cron script might have run every on every :30 ?
6324  Alternate cryptocurrencies / Altcoin Discussion / Re: LTC Global - Xcoind Backend failure? on: March 02, 2013, 05:59:48 AM
LOL not BTC-TC is down, same thing. Why do Crypto currency websites seem to drop like flies lately?
I'm sure it'll be back up, just wait.
6325  Alternate cryptocurrencies / Altcoin Discussion / Re: XRP's 200 ripple account requirement is no different than taxation for fiat use. on: March 02, 2013, 05:56:18 AM
By requiring ripple accounts to have at least 200 XRP for it to be functioning, OpenCoin Inc (who I feel is hardly open) is creating an artificial demand for the premined XRP (Ripples). This is akin to tax required in the nation's fiat currency to artificially create use cases for that currency.
Great point - I will add it to my megathread.
6326  Alternate cryptocurrencies / Altcoin Discussion / Re: Report Ripple & ScamCoin Inc to FTC for False Advertising on: March 02, 2013, 05:47:53 AM
...You'll miss out on great deals like this one...

UGH I wish you hadn't shown me that

Bye bye TrollFortress

What do to when the sky is falling around your scam payment system? Quick, divert the topic and call people trolls!
6327  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple Scam: Centralized, Centrally Issued, Bribes exchanges, Closed Source on: March 02, 2013, 05:43:53 AM
That's not how trust works in Ripple. The trust line only exists for the instant the payment is made. Otherwise, each extension of trust is independent of every other one.

If you trust B, presumably it's because you entered into an agreement with B such that they have an obligation to settle their debts with you. What interaction they have or don't have with C is none of your business. Either B makes good or they don't. If they don't, then they are betraying your trust. Nothing C, D, E, or F does has anything to do with it.

That's great in theory, but it's not going to work in practice because nobody is 100% trustable. The blockchain, on the other hand, becomes nearly 100% trustable with a high amount of transactions, and/or checkpointing in the client.

Quote
It's like if I send you a check for $50, you deposit it in your bank, and then your bank goes out of business without paying you. It's not my problem. I only chose to trust *my* bank. Once you take the $50 as payment, how you settle with those you chose to trust is your issue. (When you set trust, you are essentially setting what you are willing to accept as payment.)
Again, this sounds great if you just have a few hops. But once you get to a large amount, people will start realizing they're losing all their money because of covering for scammers, people who died, etc.

It's not going to work in practice, and is just a disaster waiting to happen once a sufficiently trusted person / gateway collapses.
6328  Economy / Securities / Re: Loan me your S.DICE until May 17 2013 on: March 02, 2013, 05:32:59 AM
The block size issue has the possibility of crippling satoshidice.

Unless they start doing things more efficiently the network will act to defend itself one way or the other against the SD "attack" whether through increased fees or blocking SD transactions altogether. SD may have to invest in its own mining equipment if it wants to continue its wasteful ways.
Are you serious?

Bitcoin won't block S.DICE transactions. They are already paying twice the needed fee.

There's no such entity as a "Bitcoin" that can choose whether or not to block or not S.DICE transactions.

Any blocking would be done by individual pools.  It would only take one large pool to actively be hostile to S.DICE to make them unable to allow zero-confirmation bets at all.  If a pool discards S.DICE transactions but intentionally allows competing transactions from same source to process then the pool only needs a few % of network power for anyone to profitably attack S.DICE by trying to double-spend any losing bets - the few % of times the pool includes the double-spend (and cancels the losing bet) then outweigh the house edge on the rest of bets.  You underestimate the extent to which some are opposed to S.DICE (not me - obviously).
When I used the term bitcoin, I meant the 'Satoshi' client / bitcoind. Pools won't be able to shut down SatoshiDICE - only make them require 1 confirm for bets.
6329  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple Scam: Centralized, Centrally Issued, Bribes exchanges, Closed Source on: March 02, 2013, 05:19:07 AM
For the simple reason that $5k in debt isnt actually worth $5k (because of issues collecting and the fact that time = money) ripple will fail.
Great point. I can't wait till an exchange runs away and all the paid by opencoin ripple fanboys watch as their USD balance change from 500 to 0.

No, it's not a great point. If you dislike the motives behind Ripple, I'd understand, but people seem to be upset with a lot of things that aren't really big issues. A promise of being paid one dollar sure is not the same as one dollar in your wallet, but this is just the same in real life. In real life, you "solve" this by dealing with banks. In Ripple, you will probably deal with gateways having a role very similar to banks. It's a bit of stretch imagining Ripple gateways becoming as large and trustworthy as banks (well, if you really consider banks that trustworthy), but the concepts are in essence the same.

The problem is a line of trust does not work in practice. A trusts B. B trusts C. C trusts D. D trusts E. E trusts F. F defaults.

You ask B, and B tries to contact C. After a few days, B finally got in touch with C, and C looks for D who moved to France a few months ago.

6330  Alternate cryptocurrencies / Altcoin Discussion / Re: Report Ripple & ScamCoin Inc to FTC for False Advertising on: March 02, 2013, 04:59:38 AM
To most people "scam" does not mean what you think it means.
Scam as there's zero mention of this deceptive business practice.
6331  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple Scam: Centralized, Centrally Issued, Bribes exchanges, Closed Source on: March 02, 2013, 04:56:19 AM
For the simple reason that $5k in debt isnt actually worth $5k (because of issues collecting and the fact that time = money) ripple will fail.
Great point. I can't wait till an exchange runs away and all the paid by opencoin ripple fanboys watch as their USD balance change from 500 to 0.

Might even start a bounty, "break Ripple's IOU system majorly and get 100 btc"?
6332  Alternate cryptocurrencies / Altcoin Discussion / Re: Report Ripple & ScamCoin Inc to FTC for False Advertising on: March 02, 2013, 04:51:20 AM
- Ripple developers are a group of smart guys who know what they are doing

No doubt, they're well smart in scamming other people who use Ripple.

Quote
- The Ripple software will be released as Open Source very soon: 2 to 3 months according to Jed. Probably longer. This year more than likely.

It is not open source at it's current state. Their excuses are BS (bitcoin was released as open source, day one). They just don't want a fork because they know nobody would use a currency where the founders keep 50% of it

Quote
- The Ripple system with withstand rigorous mathematical scrutiny
So does bitcoin. Your point?

Quote
- Ripple founders gave themselves all 100 billion of the XRP, which functions perfectly as a currency
So what? USD functions perfectly as a currency, Bitcoin functions perfectly as a currency .. yada yada yada.

How much XRP did OpenCoin Inc just send you again for promoting their scam business model?
6333  Economy / Securities / Re: Trade in your shares for BTCINVEST bonds! on: March 02, 2013, 04:46:23 AM
Want some nice BTCINVEST bonds and get great returns with low risk? We accept trading in various shares, in case you don't want to sell them, pay transaction fees on exchanges, etc. Smiley

BTC-BOND: 10 BTC-BOND = 1 BTCINVEST bond
ASICMINER: 10 ASICMINER shares = 45 BTCINVEST bonds
G.SDICE: 17 G.SDICE shares = 1 BTCINVEST bond.

Send me a PM if you're interested!

Of course, you could always just purchase btcinvest on bitfunder too. For more information, please see the asset description or look in our forum thread. Feel free

Since the NAV is higher than .1, won't BTCINVEST be losing money each time you trade?
It's a tiny bit higher than 0.1, if it gets significantly higher then I'll pay it out as dividends to keep it around 0.1. Same thing if it gets lower - I'll redirect the dividends to the asset to increase the NAV to 0.1.

Selling them on BitFunder also incurs us a small fee too, so it's actually better for asset transfers.
6334  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple: Why XRPs are superior to Bitcoins on: March 02, 2013, 04:43:59 AM
LOL @ the thread title.

Nice sarcasm.
6335  Alternate cryptocurrencies / Altcoin Discussion / Report Ripple & ScamCoin Inc to FTC for False Advertising on: March 02, 2013, 04:41:27 AM
From Ripple's website:

The software is open source.
FALSE. The software is closed source.

No one owns it.
FALSE. OpenCoin Inc and their friends owns it. Even through they claim to not own it, they are the only ones with the source code and the ability to update it.\

File a complaint against ScamCoin Inc and Ripple:

https://www.ftccomplaintassistant.gov/FTC_Wizard.aspx?Lang=en

This is false and misleading advertising right on the home page of a payments system. Mention that the market cap of ripple is $450 million (which consists of fake offers from ScamCoin Inc that will be "fixed")
6336  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple: New facts on: March 02, 2013, 04:33:55 AM
This this this.


How OpenCoin will monetize XRP

Vinnie:  ...What's the OpenCoin business model?
Jed:  ...we hold xrp and hopefully they gain value
6337  Economy / Games and rounds / Re: BitTontine - old principles for a modern age on: March 02, 2013, 04:17:22 AM
Suddendly, the forum gets DDoS'd right after someone confirms..
6338  Economy / Scam Accusations / Re: Scammer?? on: March 02, 2013, 04:12:14 AM
Wait what? how did he get the emails?

I think those people all have their email set to be public in their profiles.
Ah, I thought he got it from PMing people. Looks like he went through the effort of scrapping emails..
6339  Economy / Securities / Re: ASICMINER: Entering the Future of ASIC Mining by Inventing It on: March 02, 2013, 04:11:09 AM
BUYING 90 ASICMINER shares for 0.45 BTC each.

If we are announcing here, I'm buying 10 for .47 each.

Nope, this isn't an auction thread. You guys should just buy from Jutarul.

But I'm buying it for 0.45 bitcoins each. Anyway, there is now a unified orderbook so let's keep this thread on asicminer.
6340  Economy / Securities / Re: Loan me your S.DICE until May 17 2013 on: March 02, 2013, 04:10:29 AM
The block size issue has the possibility of crippling satoshidice.

Unless they start doing things more efficiently the network will act to defend itself one way or the other against the SD "attack" whether through increased fees or blocking SD transactions altogether. SD may have to invest in its own mining equipment if it wants to continue its wasteful ways.
Are you serious?

Bitcoin won't block S.DICE transactions. They are already paying twice the needed fee.
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