I was wondering the same thing. I bet they found some loophole when it is a "gift card." Only thing I can think of is that a gift card typically is bought with after-tax dollars, whereas a reloadable card could be easily reloaded with before-tax dollars.
Can you find a coherent definition of before and after tax dollars? Sorry, bad habit from business school  . What I mean was that anyone who is paid by their employer via W-2 would be buying the walmart gift card after taxes have been withheld. The government already has it's share earmarked so it doesn't really care what you do with the rest of the money. On the other hand if you are paid as an independent contractor, there will not be any withholding, so you could theoretically buy more of the cards, and disguise some of the purchase/reloading as a business expense. Either way, the KYC laws really tick me off! lol. Okay, gotcha. The idea that some money has already been taxed, and that some hasn't irritates me. It's all taxed over and over and over and there is no realistic way to ever tell how many times. Not to mention it's fungible shit. If I ever get into breaking and entering, I'm going to swap the "after tax dollars" in their underwear drawer for my "before tax dollars". Ha! They'll never even know! |
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Yeah, a million recommendations is worth nothing if no one you trust trusts anyone in their group.
I think a thing that would need to be learned is that while you may trust someone enough to do business or more with them you can't necessarily trust their judgement.
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I was wondering the same thing. I bet they found some loophole when it is a "gift card." Only thing I can think of is that a gift card typically is bought with after-tax dollars, whereas a reloadable card could be easily reloaded with before-tax dollars.
Can you find a coherent definition of before and after tax dollars? |
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Ehm, I believe it is a concept which is going to be filled with real data once it becomes operational Cool, I'm done being a jackass. |
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Okay, I'm not worried anymore.
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Maybe if there is no 1st place winner, the 1st place win pool goes into the 2nd place win pool. If no 2nd place winner, down to 3rd place, etc. This might get more people in invest in the lottery in the early stages, rather than just wait until there are thousands of btc up for grabs, and not such a losing proposition.
That's a pretty good idea, I think I prefer it to the rollover. But what about in the long run? You don't want to see very large jackpots there? You are the ones in charge though, if you prefer blend down to rollover I'll just do it... but read my previous post, might be a good middleground. I guess we do lose that building excitement factor. Now I don't know what I like. I'll think a while. That last thing you suggested is a bit complicated, I'll read it again, but you don't want to put people off with overly intricate rules. (Maybe I'm just slow too, I'll reread) |
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Maybe if there is no 1st place winner, the 1st place win pool goes into the 2nd place win pool. If no 2nd place winner, down to 3rd place, etc. This might get more people in invest in the lottery in the early stages, rather than just wait until there are thousands of btc up for grabs, and not such a losing proposition.
That's a pretty good idea, I think I prefer it to the rollover. |
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I've discussed this with my team of lawyers. They conclude the US gov will have to stop issuing paper FRNs in order to comply with KYC.
Laws don't stop the behaviors they make illegal, they give legitimacy to powerful people to hurt others. They stop Bitcoin like they can stop weed. They can't.
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Cool. Still not interested in buying electronics from the dummy writing site. Is it supposed to be functional or is it just a click farm? It is fairly attractive I guess. |
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from the link: LOREM IPSUM DOLOR SIT AMET Excepteur sint occaecat cupidatat non proident Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum |
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I don't know how much various actions hit your server. Maybe before going to 4^16 bet space you could do 2-5BTC tickets, that would keep the number of tickets in your database low, while still being affordable for pretty much anyone to buy a few.
I think 2-5% to charity is good, and I prefer cycling through the best ones as opposed to choosing less and less worth ones over time (like someones blog).
I like a draw every 1000. You could make it longer when there is no rollover. Tickets are a better deal when there is more in the pot, so it will attract bets faster when there is seed money. It might make sense to let it grow for longer whenever it starts from zero.
It could be synced up next time to go at block 78000 then every 1000 from there, but go 2000 if the pot was emptied out after last draw.
I'm a bit confused. Why do you say it isn't secured properly? Isn't that kind of an important thing to fix?
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Okay, I understand and agree that that's how most people think. I predict that people who refuse to think about currency are going to get bit hard this decade, but that's for a different thread.
Concerning technical details. Do people take fees for block generation? Do you run some nodes? With bitcoin the people who could potentially double spend have the option of being honest and getting paid a crapton of BTC. How will you prevent someone from building a longer chain?
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It's looking so good!
I'm getting excited for the first draw. 600 blocks to go if we average 9/hr from here out that's only 3 days!
The faucet is a good idea. I think we should do MtGox on a big one, or for several or something. A tight market is pretty much the most important thing for bitcoin right now. And we're only getting it because he wrote good code and takes PayPal risk for no profit right now.
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My doubt is: Why would someone choose this currency over bitcoins? It seems to me that it has the same advantages and problems that bitcoin has, except that it has one more problem that bitcoins do not have, it is tied to the dollar value and will depreciate with it. Why would anyone choose them over bitcoin?
So first let me point out that his particular post is not a philosophical statement, or an attempt to change the world. This post is about marketing and business profits. As distasteful as it may seem. So I noticed an issue during the 10x value jump. One of the merchants I was interested in had not changed their BTC prices and was inadvertently asking a price 10x higher in USD than they were originally asking. Many people are not used to checking exchange rates and repricing their products daily. I personally hate the idea. I even find it annoying when traveling. I just let American express handle it. There seems to be a very common use case that goes: 1) I give X $10 for 200 BTC 2) I send the 200 BTC to Y for a anonymous service. 3) Y gives XX 200 BTC for ~$10 4) Y buys some tacos from a guy who doesn't care how tenuous USD is because he's just going to spend them too. So the immediate goal is to sent $10 to someone anonymously. Now if I convert $10 to BTC, send it, and Y converts it to $11 he's happy and I don't care. But if he converts it to $9.50 he's going to be a little annoyed. I don't want that to happen because this is not a dual, it's mutual cooperation. Believe it or not there are lots of people who think like me. Now, me being me. I don't want to take risk for the cash, so I'd rather create a front end to existing markets and let them take the money changing risk. I just hold virtual BTC and sell virtual BTB. I stay one level removed. (which may or may not be far enough removed.) Do you feel badly when ever the exchange rate moves against a trading partner? You buy a french hen from a french firm who prices in EUR, you have USD, they take dollars at an agreed on exchange rate, before they convert the rate moves. Do you feel badly? If the rate moves in their favor do you think they should feel badly? It's a currency, people will agree on rates, those rates will change, no one should feel badly for fulfilling an agreement. I guess you win because the question is what people will think and if you think it, then you are right, some people think it. |
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I mean if I trusted that the Fed would maintain the value of the dollar then I'd still have to trust you. I don't even trust that the dollar you are going to peg it to is going to hold value.
Regardless, I think it would be interesting to watch.
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Oh, what a bold title.
Auction closed.
Or maybe just reposting with a lower minimum?
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@fresno
I totally agree with your argument re liability. There are many statements on this forum that stick it to TPTB. If the community were to take your suggested route, it'd be best to nuke this forum, and start one that's heavily moderated to eliminate inappropriate comments.
As I've written here ad nauseam, I'm not interested in Bitcoin as a better PayPal that would be acceptable to TPTB. I'm interested in Bitcoin as part of net-based monetary systems that could replace government-backed and -controlled fiat currencies. It could serve as "cryptogold", supplementing physical gold etc. In order to play such a role, Bitcoin will need to survive attacks by governments and others with massive resources. It will need allies in the tradecraft communities.
It would be best to do that now before it grows much more.I havent heard satoshi's opinion yet either. An option to flag/report certain posts or threads and send them to the legal team (if there is such a thing) might be a better option.Just having moderators could lead to political issues.Perhaps those well versed in legal issues could volunteer for the legal team.All items removed should still be available for viewing somewhere to ensure openness. Everyone here is aware of the implications so it would only be prudent to put something in place.Then if something does happen in future it can be pointed to as evidence that something was done about the issue.Better that than knowing it and doing nothing.Google recently won the youtube case against content owners because they had a process in place for reviewing infringing material.Now that it has been brought up there is no protection to claim ignorance. Come on, this is like taking the vowels out of the names of G_D. It is what it is regardless of what people say. You're going to censor the board of references to bitcoin as money? So that later you can point to the fact that you tried to cover up the fact that it's a money? If it isn't a money, then just demonstrate that when you get hauled off. If you can't then showing where you tried to get everyone to hide the fact is not going to mean thing. If anything, you'll get conspiracy charges added. Good grief. |
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I didn't read all answers, so sorry if I'm being repetitive, but... So the question is this: if BitBox existed, would the market value of BitCoins literally drop to zero? I tend to argue yes.
I tend to argue no. I find bitcoins better than gold, even if gold could be made "digital". That's because one day bitcoin inflation rate will be lower than gold. I read somewhere that gold inflation rate is around 2% a year. I don't know when bitcoin inflation will decrease to such rate, but one day it will. Something better than bitcoins, however, could come out, yes. Then people would slowly migrate, I suppose. I think bitcoin once widely adopted would be the absolute best currency ever. And if someone invents a way to transmit physical gold through the internet I will sell all bitcoins immediately. Gold would then be such an insanely good currency, it just blows my mind. |
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the time delay that will cause for the transactions to show up in the blockchain would limit your abilities.
If you send .0000001 bitcoins with each transaction, then starting with a balance of 1000.0 bitcoins would allow you to do quite a few transactions while you are waiting on the others to mature. So is there simply nothing currently in place to stop a bit-flood? We all charge a fee of .01 for transfers less than .01 right now. Not that that changes the issue fundamentally, just stating it. |
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