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IMO: There are too many choices for the average user. Have a featured set of options each month with free trading for traders to see the potential it could add to their bitcoin portfolio.
Example: Offer the Aug 31 $8 call option on 1 BTC for free. Have writers put up 1 BTC as collateral and collect a small premium.
Is there an API for market makers?
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Buy something with bitcoins that you can easily sell (such as a GPU) and then sell it for fiat.
or gold from coinabul. Any coin or pawn shop will take them at spot. |
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You need to allow for people to ship you silver to get shares. A good way for people with silver to get bitcoins.
Just a thought, change the terms a bit so you can offer generic .999, which these buffalos are. Maybe include a specific premium for eagles, and a discount for junk silver. For delivery, buyers get what you send and must pay the agreeded premium or take the discount.
Beyond quality issues it seems like the sender would also have to include the outgoing postage, insurance, and handling fee in order to keep the "1oz delivery included" definition. Also this could get to be a lot of managing work. It might be good to have 'registered' silver shippers working with the issuer/organizer. It would be a lot of managing work. I considered doing this a while ago, but thought it would be a lot of work for no money and a lot of risk. Overall suggestions: * Shares should trade at silver price, not with shipping. If you ship to warehouse, it is on you. If you xfer shares for silver, you must pay for shipping. Otherwise, you lose the economies of scale for transporting large amounts. * Don't have a expiration date. More like an ETF with delivery. * 1 share = 1/20 oz. Redeem/Issue in 20 share lots per oz. * 1 oz bullion rounds and bars only. * Need to have recent updates on silver proof of inventory * Need a slush account to handle redemption and issues. |
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You need to allow for people to ship you silver to get shares. A good way for people with silver to get bitcoins.
Just a thought, change the terms a bit so you can offer generic .999, which these buffalos are. Maybe include a specific premium for eagles, and a discount for junk silver. For delivery, buyers get what you send and must pay the agreeded premium or take the discount.
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DCA is effectively scam pushed by brokerage firms to pay more commissions (for stocks, N/A to bitcoins). EVERY TIME they will defend their position by giving the example where you start buying at Price A, then price moves down to Price A/2, you accumulate 2x as much stock, then the stock takes off and you have more stock. What if the volatility is to the upside, and not the downside?
Take this example:
A)
You buy $5,000 bitcoins at $8 (625 coins)
-or-
B)
You buy $1,000 bitcons at $8 (125 coins)
You buy $1,000 bitcoins at $10 (100 coins)
You buy $1,000 bitcoins at $15 (66.67 coins)
You buy $1,000 bitcoins at $25 (40 coins)
You buy your last $1,000 bitcoins at $50 (20 bitcoins)
Would you rather have $31,250 worth of coins in scenario A, or ~$17,500 in scenario B)?
If you believe in an asset, invest what you are willing to lose when you have the funds. Turning $31k trades into $17k trades is for losers.
Dont get me wrong, if you are working with an income stream - putting int $1,000 per month - then you will be DCA by default, but its not a 'strategy' that is +ev. I would argue if coins are going to $1000/btc, you are better off buying now no matter what the volatility may bring.
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Designs for the reverse? I'd like to buy blank notes and fill in myself.
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We're back to where we were..... 3 days ago
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after printing one out..
I think a bit bill should be the size of a folded bill..
And have it so that folded one specific way in half.. should hide the private key..
Like so.. think of this as each side of the bill
----------------
| X X |
| | - Front
----------------
----------------
| X O |
| | - Back
----------------
X's being the public addy, O being the private key..
Printing it like this, with a fold in the right direction can serve to hide the key until needed.. or even seal the bill shut with any tamper evident seal if made small enough you couldnt just look inside the folded bill..
Have it like a Mad Magazine fold in, but front to back. 1/2 the private key is on the reverse, 1/2 on the obverse. Someone would need to copy both sides of the bill to steal. Could also rip in half. |
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When finished, I would like to buy finished blank color notes on decent paper and load them with a template.
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But what if "trusted" person sends to fake person #1 then to fake person#2 then fake person #3. How do you link back to the real scammer? You will be going after 3 people who dont exist.
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I will try to throw out a few bids on some call options, size 100. With the price here at 6.80 on 7/9, I'll pay $15.05 for the right to buy 100 bitcoins from you on 7/27 for $700. Sell the option to me, and you will be credited $15.05. Price stays under $7.1505 and you are better off. After that, you'll need to credit my account the difference.
I think I threw out a good price, but feel free to outbid.
Suggestion: Open up a december 28 2012 option, I would put a bid on a few 100 calls.
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Be VERY careful when using private keys that are derived directly from a passphrase. The Bitcoin network does over 2^42 SHA256 operations per second, which is the equivalent to the number of all 8-character alphanumeric passwords every 17 seconds. Any decent miner on the Bitcoin network has enough power to bruteforce any short or easy passphrase-based private key (although deriving the address from a private key is slower than generating it in the first place).
If you want a safe(r) way for deriving keys from text, use repeated hashing using a standard such as PBKDF2 (which is repeated HMAC-SHA1) or Scrypt.
I threw a few not-so difficult pass phrases into the block chain a while back, only '1LdgTMX2MEqdfT3VcDpX4GyD1mqCP8LkYe' has lost coins. |
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Keep in mind you could/should be able to get a premium to spot when selling well recognized gold coins.
Example: APMEX.com is posting a buy price of 1oz US eagles (random year) for $1631.10 and a sell price of 1665.09 with spot at $1595.10. In this case, its only a 2.1% premium if buying at $1,665.09.
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Potential stupid question: Would it be safer to sell a PDF with a private key on it, rather than "sending" coins? Is digital delivered content harder for a chargeback?
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Why back all 21 million coins? Collect 100k coins at an address and get a company to back it with 100 oz gold. These 100k coins would be traded at a premium, since you can always turn in 1000 coins for 1 oz of gold.
Is it possible to differentiate between coins using only one block chain? If so, could facebook collect 100k coins and deem them "facebook coins" and use them for facebook transactions, while mooching off the one 'main' blockchain.
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"Hyperinflation" is a bad term. It implies that it is the extension of "normal inflation". As more people realize that they have to get out of bed and work for 8 hours a day for the same pieces of paper that a select group of people only have to print or borrow (w/o repayment), this will lead to hyperinflation. What chump would work in this scenario?
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It is backed by currencies weaker than bitcoin.
The old joke with the punchline "I don't have to outrun the bear, I just have to outrun you" applies. I'm a huge bitcoin supporter, but if major countries decided to return to a gold standard, I would be selling my coins. But while the world plays pretend with fiat, bitcoin is superior.
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