Let's assume that one has 2-factor set up for Bitstamp.  At the time it was set up, the QR code used to authenticate was saved and printed out.

Suppose I just throw my phone into a fire, switch carriers, phone numbers, etc..., and download a new Google Authenticator to my new phone.

Now, will my previously saved QR printout work?  Or is there something unique about each Google Authenticator app that should be backed up as well.

Dollars to donuts he sells a portion to repay in USD for a lesser charge.  Then he keeps the difference.

Bitcoin is complicated enough as it is.  Why not merely say that on may buy 100 million Satoshis for 100 dollars?  1 dollar = 1 million Satoshis.  Later, 1 dollar = 100,000 Satoshis.  And so one until 1 dollar = 1 Satoshi.

I won't value pennies until I can easily have 1 whole dollar.  That's what this debate boils down to.  Let's just get it over with and convert to the Satoshi.  How much is the combo #4?  8.85 million Satoshis.

subbing

I think I found a bug in the system.

If you attempt to trust someone with a new currency, it appears to be needing to be in a particular format.  For example, suppose A wants to trust B for 100 BIC pens.

A logs in, hits advanced, and then the green plus button.  He then trusts B for an amount of 100 "BIC".

However, if he trusts be for 100 "BIC - BIC Pens", then the trust will fail with this error...

"Trust granting failed to clear, reason: Missing/inapplicable prior transaction."

If A attempts to grant another trust, even in an established currency like USD, it will fail with the same error.

I cannot register my nym on either your demo server or digitalis servers.  Is this a problem with me... or your servers?

Bump to 5oz of silver shipped to you for this project or an agreed upon Bitcoin amount.

Right up to the point that users refuse to pay such fees.

A couple of reasons.  1 - As far as I can tell, Ripple isn't even open source, so having anyone audit the code is basically impossible.  2 - I like the idea of a blockchain with miners setting the transaction fees.

I just think you're being more than a little dishonest in your assessment of Martian Botcoins and the like with respect to whether or not they're so valuable that merged mining with Bitcoin is too risky for the users.

I think you've just jumped the shark.

But this basically occurred in a fictional game, no?

Can you really trust the issuers of all these currencies to make good on their obligations?  If I go to the issuer of UKB with 10 million UKB's, at any point, could I leave his home with a suitcase full of 10 million pounds?

When I google "martian botcoin" I find that it is basically a currency for a strange sci-fi/fantasy game.  OK, fair enough.  I'm a little curious about how widely this game is played.

I simply have a difficult time believing that the issuers and users of BitNickels or Martian Botcoins are treating or thinking of their stashes of loot as anything like money.  It would be like me issuing a currency MMCOIN on Open Transactions and having a close friend buy .00000001 MMCOIN's for 1 dollar.  Then I issue 100 MMCOIN's to myself.

I'm a billionaire now?  MMCOIN's are so valuable that I cannot afford to have them secured by a blockchain?  Yeah right.

It could well be that Open Transactions would work well for what I'm doing, but that isn't what I'm advertising, is it?

And you didn't read my reply, obviously.  You're saying, "See how people aren't merge mining IOCoin?  That's proof that people won't merge mine Goldcoin."

There's no demand for IOCoin.  There is demand for physical gold.

See the difference?

This is because most of the coins being merged mined are basically worthless.  I'll spell it out for you.

There is an enormous waiting list at MtGox, people waiting to get their dollars in and out of the exchange.  Let us suppose that SRC exists.

Mr. Silver trader visits me and trades me a 100oz silver bar for 100SRC, with which he may do what he likes.  What he likes to do is sell his SRC's to the general public for dollars.  So now Bitcoin-noob comes into his little shop and pays $25 per SRC.  He buys 4 of them.  Mr. Silver now has $100, with which he may buy more silver (just a little over 4 ounces at the current rate) and he's ready to make another deposit with me.  Now I'm holding 104.1oz of silver and Mr. Silver holds 100.1SRC.  Bitcoin-noob now goes to an exchange and trades his SRC for BTC.  When he's ready to cash out, he trades his BTC back to SRC and visits either me or Mr. Silver to get back to dollars.

It sounds convoluted, but it can be done basically anonymously in a matter of hours.

See how everyone is making out like bandits, especially when compared to what we do now?

Multiply this for large amounts of gold and silver and with trades happening all the time.  The transaction fees start to add up.

Even with half of transaction fees going to me for administrative costs, it should be clear that miners have every incentive to mine, especially as my reserve ramps up.

The idea is that they can be merge mined with Bitcoin.  Because transaction fees are backed by gold and silver and thus highly tradeable, it is in the interest of people to mine GDC and SRC.

If something like this were to take off, I'd have more gold and silver than I care to be responsible for.  No need to include other metals.

Thank you.  No hard feelings.   

A - If you sent me a 1kg gold bar I would give you the equivalent GDC.  Why wouldn't I?  What are you not understanding?

B - In what world is a 1oz gold bar going to have 5 grams of chemicals attached to it?  What is it, an 18 karat gold bar?  It's like you keep asking me nonsensical questions, and despite my attempts to give you sensible answers, still you persist.

"OK, here's a tough one for you...  Say I give you a 1oz gold coin.  But then you test it and it turns out... there's only .5oz of gold in it.  The rest is lead!  Will you give me 1GDC?"

What do you think?  Why would I?

Why would I give you 1GDC for .5oz of gold?  This would quickly put me in hot water, as everyone would rush to redeem their GDC's and I'd not have enough gold to cover their requests.  Perhaps people don't like my mint, because they prefer traditional looking bars over my bars... which look like gold plated golf balls.  Or they don't like my bars because I've stamped a picture of my face on them.  Who knows?  This would bring the GDC to USD rate down perhaps... but the GDC to physical weight in gold rate would remain the same, at least insofar as it is me doing the trade.  Trade your GDC's for whatever the guy down the road is selling and perhaps he might be able to accommodate your uncirculated, mirror finish PAMP fetish.