Lots of bets without quotes.. Anyway, mine is: $1.75
Then why quote me instead of them?... Anyway, here's some more... 2.28 USD/BTC
I guess ฿3.45678
(Although technically it would be better for me to wait ~4 days. But meh.)
I guess ฿1 Haha, I guess $2.521943 I think that's all of them. |
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If we will enter the big third wave III since start of bitccoin trading, then the "recovery" will be VERY FAST and VERY SHARP
What price confirms this? |
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I'll punch a ticket for myself of monthly average being $2.18 USD : BTC
Self quoted to lock it in. 2.34
1.91820936
1.69
Quote quote |
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Here's another thought I have. Ideally, I'd like to tie the transaction fees with current price of Litecoin so that the cost of spamming stays the same in terms of fiat cost. (We are still living in a fiat world whether we like it or not.) But that's impossible to do in code. The next best thing is to tie it to the difficulty. The idea is that difficulty is loosely coupled with price. If ltc price goes up, difficulty will follow as more miners jump in. And as ltc price goes down, mining becomes unprofitable, miners leave, and difficulty goes down.
[...]
Thoughts?
I'm not sure difficulty is that much linked to coin value. For instance, the BTC diff is now about what it was in early June or something, but its value is like 10 times lower. I'm not sure either if a fluctuating fee (or to put it in other words, a somewhat unpredictable fee) is a good thing psychologically. Manual adjustment from time to time, depending on the economic situation, sounds good enough to me. So you want centralized fee policy? To me this proposal is the right incentive structure. Fees go up as the network becomes more secure. |
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The blockchain should have checkpoints every X blocks to limit the time the attacker has to act. Then if you wait 2x blocks you should be pretty safe. Blocks 1 to x are checkpointed by block x+1, which itself will be checkpointed by block 2x+1.
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Here's another thought I have. Ideally, I'd like to tie the transaction fees with current price of Litecoin so that the cost of spamming stays the same in terms of fiat cost. (We are still living in a fiat world whether we like it or not.) But that's impossible to do in code. The next best thing is to tie it to the difficulty. The idea is that difficulty is loosely coupled with price. If ltc price goes up, difficulty will follow as more miners jump in. And as ltc price goes down, mining becomes unprofitable, miners leave, and difficulty goes down.
So we want an inverse relationship between the base fee and the difficulty. When Litecoin becomes popular and more people start to mine it and ltc price goes up, we want the fees to go down. And we should also cap the max fee at 1 LTC. Something like this.
BaseFee = 0.1 / difficulty (round to 2 significant digits)
With the current difficulty at 0.63769, the base fee will be 0.15 LTC.
If the network doubles and difficulty doubles, the base fee will be reduced to 0.075 LTC.
And if we ever go back down to difficulty of less than 0.1, the base fee will be at most 1 LTC.
Thoughts?
I like it personally. |
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Litecoin is using the exact same solution as Bitcoin, AFAIK, the only difference being the coin values have been increased to match real-world values.
Then why are we wasting time talking about how to fix it? Maybe I jumped in the middle of something without realizing what was really being discussed. |
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Not sure I like verifying or reconciling. These mean things that have absolutely nothing to do with what miners do.
Verifying means checking to see if something is valid. It is sort of like asking a question and seeking either "valid" or "invalid" as an answer. For example, nodes verify digital signatures before deciding whether to relay transactions. On the other hand, miners are competing to create a record, not competing to see if something is valid or true. Verifying in Bitcoin is a quick process, miners are doing work towards confirming, recording, logging transactions that were already valid the moment they were created.
Reconciling is a misuse of an established accounting term. The established meaning has nothing to do with what miners are doing. Reconciling is like checking to see if two sums balance and, if not, explaining why. Miners don't do this.
But the record they are competing to create is a record of valid transactions. Any invalid transactions are ignored, so they are performing verification. |
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Though there is one solution I can think of. Which is to require a transaction fee on all coins sent that are not a day old. So if you try to send coins that are not a day old (i.e. don't have 576 confirmations), you need to pay 0.1 ltc fee. What do people think about that?
It's a cat and mouse game. Would not the spammer just use coins that are two days old in that case? He would have to wait 2 days to be able to spam again after he exhausted his funds. We don't know how many coins he has. He could spam for two days using 5% of his coins, and then start recycling the spammed ones for all we know. Meh. Bitcoin has solved the problem with a combination of time and value based fee requirements. Why reinvent the wheel here? |
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Though there is one solution I can think of. Which is to require a transaction fee on all coins sent that are not a day old. So if you try to send coins that are not a day old (i.e. don't have 576 confirmations), you need to pay 0.1 ltc fee. What do people think about that?
It's a cat and mouse game. Would not the spammer just use coins that are two days old in that case? He would have to wait 2 days to be able to spam again after he exhausted his funds. |
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Oh wow you are the second third person calling me a troll this month, I really should pay less attention to this sub-forum.  Somebody care to explain which part of my posts constitutes of trolling?  Yes once people are using bitcoins for commerce and exchange like you did molecular that could result in more stability. You spread your ideas as facts without supporting evidence or clarifying you are stating opinion. |
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The irony about it is: The daily non-speculative demand for bitcoins is probably below (!) 7200 coins a day (right now)
So the answer to the problems caused by excessive hoarding is more hoarding?
Are you guys going to stand on mainstreet handing out bitcoin flyers to create demand? What else you gonna do? 'Oh btw, you want this, I have some but I'm not gonna give it to you..'
I would feel very much trolled...
Of course I would give people my bitcoin. I traded a lot for cash locally already and I will do it again, even at this low price. I'll just buy them again, what's the problem? Are you the last troll left on these forums? Maybe it's time to jump ship? Maybe not last, but certainly one of the loudest. |
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I guess ฿3.45678
(Although technically it would be better for me to wait ~4 days. But meh.)
I guess ฿1 |
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Here's the rub.
I'm not doing business with any Bitcoin related enterprise that requires me to provide them a copy of my driver's license, let alone a copy of my utility bill. The last thing I want is some kid pissed off at me and finding out that I own a lumber yard in Sandwich, Illinois. Note to self: Increase insurance coverage on the lumber warehouse, Monday.
Why, for heaven's sake, does an exchange that deals with an quasi-anonymous pseudo-currency need more information than's required?
Because some kid from Japan might spend $1000 USD on an airline ticket to steal lumber he can't even take home? Presumably the exchanges want to comply with the law so they don't get shut down, and the law requires knowing their customer. That does make sense. (the second sentence--not the first, though LOL)MtGox is already having trouble keeping European bank accounts open.... They are trying to prevent the same from happening in other areas by playing along with regulations that "may" apply. |
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Alright, by inspiration from a dear friend of mine, I will be attempting to change my sleep schedule once again. Instead of sleeping an entire 8 hours or more at night, I will be taking 20 minute naps every 4 hours exclusively at 2 PM, 6 PM, 10 PM, 2 AM, 6 AM, and 10 AM. This is formally called polyphasic sleep and has other forms ( http://en.wikipedia.org/wiki/Polyphasic_sleep). I had a roomate once doing exactly that, after a few days he looked _really_ bad. It may be a fun thing to try but I'm sure everybody having actually done it wouldn't recommend it (same goes for most doctors I guess). I am hoping my meditation can get me through this... Relying on meditation to help you though self-induced torture is an abuse of meditation. |
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I did the deposit via Bitinstant as well, and also transferred my BTC from my mining pool. Both of those were done last night and the BTC still hasn't shown up at MtGox almost 10 hours later. What gives? Usually it only takes an hour or less. Anyone else having problems depositing BTC at MtGox right now?
My first transfer took 20 confirmations to arrive - I'm still waiting for the second (in the next block). edit - second arrived in the next confirmation. I'm now $15 dollars richer - 2 pints of Guinness here in Shanghai. This is what I was referring too.... Bitcoin deposits into MtGox were down during the uptrend and the trend reversed when they started to clear and people had bitcoin available to sell. |
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Since today i have a new theory (and i think there was a topic started about this recently).
There is an attempt to create an arbitrage opportunity.
I see ask walls on tradehill and bid walls on mtgox.
I was thinking the exact same thing! TH was trading down at 2.03 while MtGox was trading at almost 2.30. Our manipulator is developing new tactics!! That uptrend last night happened while Bitcoin deposits to MtGox weren't going through. When they finally got processed, the trend reversed. |
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At the time of writing the price on MtGox is $2.40 - on Tradehill its $2.18 .
Since you can move money to tradehill instantly using BitInstant (which I just did and bought at $2.17), why isn't everyone doing this?
Really my question is, why is there often such a gaping price difference between exchanges when the whole point of bitcoin is that you can move them around so easily?
For the last week or so the price on Intersango was at least 10% more than on Mt.Gox - it's trivial to buy coins on mt.gox, and sell them on Intersango in GBP - wait for price parity, buy them and move them back to USD on Mt.gox.
Why aren't people taking advantage of the mobility of Bitcoins?
Send the bitcoins back to MtGox to repeat the trade and you'll have your answer. |
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