Please stop attacking Bitcoin. I don't really want to have to implement an address blacklist.
Seriously? Did you blacklist satoshidice and other lottery systems? Yes, I've blacklisted other known attacks. (Edit: the blacklist is on the transaction relay/inclusion policy for the Eligius mining pool, #bitcoin-watch, and any other miners who have merged my patch, and not currently easily expanded to new addresses) I don't think that's the proper way to handle this technical issue. It's the only way that can be done overnight. Continuing to attack the network, and building up more attacks is certainly not the way to handle it. Are you a bitcoin developer? In fact, I'm the only developer so far (AFAIK) who has even tried to take a stab at fixing the problem you are exploiting (though I found it to be too complicated to fix than I have time for at the moment). But that's not really all that important: what matters is that this disrupts the network for everyone and has could trivially be done in a way that doesn't. Help me out here, please. Are you telling me to stop all what I plan to do? Will you stop everyone trying to include bitcoin in their business? I'm not a threat I believe. At least not yet. I'm not even sure if this micro project will even take off. This is an exploratory experiment. It's exciting but no guarantees. May I know which programs/services you blacklisted? And how do you plan to stop those doing a custom receiving address and custom payout address per transaction? I can also do that. |
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Please stop attacking Bitcoin. I don't really want to have to implement an address blacklist.
Seriously? Did you blacklist satoshidice and other lottery systems? Yes, I've blacklisted other known attacks. (Edit: the blacklist is on the transaction relay/inclusion policy for the Eligius mining pool, #bitcoin-watch, and any other miners who have merged my patch, and not currently easily expanded to new addresses) I don't think that's the proper way to handle this technical issue. It's the only way that can be done overnight. Continuing to attack the network, and building up more attacks is certainly not the way to handle it. Are you a bitcoin developer? In fact, I'm the only developer so far (AFAIK) who has even tried to take a stab at fixing the problem you are exploiting (though I found it to be too complicated to fix than I have time for at the moment). But that's not really all that important: what matters is that this disrupts the network for everyone and has could trivially be done in a way that doesn't. Help me out here, please. Are you telling me to stop all what I plan to do? Will you stop everyone trying to include bitcoin in their business? I'm not a threat I believe. At least not yet. I'm not even sure if this micro project will even take off. This is an exploratory experiment. It's exciting but no guarantees. May I know which programs/service you blacklisted? |
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Why not make it support either 0.25, or 1, 2 or 5 or something, with same %'s?
This is the plan. Different receiving addresses for different amounts/confirmations. Currently finishing up the programs and we will be offering 3 different products: HungerCoins Lottery HungerCoins Invest HungerCoins Lending It will be individually rolled out as soon as each is ready. This specific beta test will be used for HC Lottery and HC Invest. For HC Invest, the interests will just start on the conservative side (low interest payments per 24hours or 144 confirmations) then gradually increase it (effective interest) as the market becomes competitive. |
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Please stop attacking Bitcoin. I don't really want to have to implement an address blacklist.
Seriously? Did you blacklist satoshidice and other lottery systems? I'm currently preparing HungerCoins Lottery, HungerCoins Invest, and HungerCoins Lending programs based on this beta test since I want it rolled out and announced this weekend and I have to stop to answer you and ask you if you are seriously asking me that? And what would stop me from using custom receiving address and custom payout address for each bettor or for each transaction? I don't think that's the proper way to handle this technical issue. Are you a bitcoin developer? Let us hear from Gavin since I thought I heard him he does not have a problem with the technical side of it. I know he is worried with the intentions of HungerCoins and that is understandable. As I said it will take time. |
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You recently raise the waiting time to be 7 confirmations.
So, the waiting time will be longer and longer.
I'd imagine later people will have to wait until 500 - 1000 confirmations before they receive their money back.
It will be increased until 144 or less in a gradual way. Maybe an additional 1 to 4 confirmations per day. 144 confirmations is about 24 hours. Also, soon a new receiving address will be announced where the confirmations will be fixed to 2. Details will be announced in a new thread. It is a new lottery system slightly different than this. |
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I hope my explanation is clear and simple enough. Thanks.
No, I don't understand. To whom are you lending the bitcoins you receive? To those willing to borrow it. A lot of them in lending subforum. Besides, playing satoshi dice is an equivalent of borrowing at 1% interest or more every 10 seconds or less. And they just hit 1 million bets recently. That just means there is no problem on the lending side. There is no short supply of people who are willing to borrow. Visa and Mastercard proves that. |
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Unless you can clearly explain, in small words that even I can understand, HOW you are getting the bitcoins to pay interest I'm going to assume that this is Yet Another Ponzi Scheme.
I understand how SatoshiDice makes money, and I have no issues with them generating lots of transactions.
If you were CHARGING interest then I would understand, and would have no issues with your service.
So: how will HungerCoins make money? And don't answer "I can't tell you or everybody else will do it," that is the Ponzi-operator's standard answer.
Hi Gavin, Thanks a lot for taking your time to reply. And it's really a relief to know that you have no issues against SD type services. The mission statement is to become the biggest and most trustworthy borrower and lender in the bitcoin world. It's really a matter of simple math. This is also what the lending subforum has been doing. Let's say I borrow A amount and pay I interest after T time, then I lend A amount for I+M interest after T time. If we can sustain it, then we profit M less overhead expenses/costs. In a nutshell that's how we plan to do it (among others). The problem we have is we can't really lend A amount since we need to have a buffer. What we are currently doing is to estimate the buffer we need based on the behavior of the lenders. And since we can only lend an amount less than A, we need to increase the interest we charge for lending to make it sustainable for us and at the same time make a profit. Aside from that, there are also risks in lending, we also need to consider that. Now, we need to do this experiment and run some kind of monte carlo simulation to establish the best buffer level and prevent some kind of bank run. And at the same time make a reputation for ourselves to achieve our mission statement. Also, we will be launching some kind of bitcoin lottery where the odds are in our favor but in a simplified way. Something like a single sending address fixed cost lottery with big payouts. We will also need to run some simulations to address big variances normally inherent in small bet / big payout gaming systems. And we will also need buffers to handle those variances. Also, we plan to run bitcoin/fiat exchanges in the real world since we also believe this is the future of online currency. There are so many possibilities on what we can do after this beta test. This is only a very small part of our plans. This is only to test the automated capturing of payments/sending of payments portion and at the same time try to get the feel of the bitcoin investors willing to invest in us. The way it was presented was a marketing decision to make it look like a lottery but it's actually some kind of investment on their part. We are spending for that. That's what businesses do to explore new opportunities. Initially spend. We wanted to sound attractive and catchy that's the only way we get noticed. It's a free market, if somebody else will do it, then we just need to improve our services and reliability and trustworthiness. It will take time. I hope my explanation is clear and simple enough. Thanks. |
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actually this is a pretty cool lending prospect, especially when it seems that the receiving/payout mechanisms are automated.
That's the plan with a lottery twist. And remember it's harder to find investors than borrowers so the borrower side is not a problem. The problem is trying to establish your reputation without being branded a scam. Imagine if that 1200 loans i paid the last 24 hours if I did it manually, my reputation would have shot up to the ceiling.  And our core features would be: predictable (know when and how much to get paid), cheap (invest with small amounts), fast (automated micro loans). The only thing that needs to be determined is the interest rate that can be sustained. Then from there, a lot of sending addresses can be set up for different kinds of interests and time. Then it becomes a time deposit account with fixed rate and terms. |
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FYI,
This application started about 24 hours ago and have successfully recieved and paid almost 1,200 bets. Right now, bets that will be processed are those with 6 confirmations. We will gradually increase it and observe the patterns of betting and try to find the best value where we can stop. It should be somewhere from 6 hour to 24 hours. Thanks to everyone and let us know any suggestions you may have on how we can improve this. Hopefully before the year ends, a sustainable setup can be established.
The original post will be updated regularly to reflect the confirmation times. Check it regularly before sending coins to know when to expect the payment.
Also, regarding the bitcoin scalability, it seems that was not the problem others wanted to raise. So I will leave that hanging for now.
Thank you.
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I didn't know if I was the one who accidentally locked it.
You were. I'm sorry for the trouble theymos. I know it's hard to make a reputation around here. I know it will take a lot of hardwork. Let me know if I violated anything so far aside from seeming to be scammy. |
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A quote by me from the other thread
"If I offer people 0.5% interest on a loan after 1 hour, the elders of this forum will shout I am a scam. That is an attractive offer but I can't sustain that for a long time.
If I offer people 0.5% interest on a loan after 1 month, the elders of this forum will not do anything about it. It's not that attractive anyway and no one will loan me.
Therefore somewhere in between 1hour and 1month, a 0.5% interest rate will both be sustainable and profitable for me and my lenders. Let me find that sweet spot. I started hunger coins beta because of that. I had a budget to find that. Why stop me? Did I violate anything?
The lottery part of hunger coins was to make it more attractive and appealing.
Do the math, it's not hard to make things sustainable around bitcoin."
As I said, the confirmation times will be gradually increased to find the sweet spot for this to be profitable both ways.
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Thank you freemoney for the information.
I'm really sorry.
And yes I'm aware I seem scammy. I have explained what my plans for this project. And I don't want to lose my job over this.
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Wow I just unlocked this thread.  I'm sorry everyone if I was the one who accidentally locked it. Moving on..... |
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fwiw it looks scammy but that's never been reason for a lock before. You are sure you didn't lock it by mistake?
Meta would probably be the place to post about the closure.
Wow I was able to unlock it. Lol. I didn't know if I was the one who accidentally locked it. I'm sorry for everything if i got mad. Let's see what happens from here. |
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I believe what they did to me was a bit too unfair. What happened to the open source spirit. How can I move forward and support my system if the close down my thread. And what if people will suddenly surge using bitcoin after all the publicity? I'm a programmer too and that's not how you handle technical problems. And they didn't answer my questions. It's really not fair.
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I was planning to explain some things and the thread was locked. Why?
Probably because either (1) it causes blockchain bloat like Satoshi Dice or (2) it looks like a scam, like BS&T But neither Satoshi Dice nor BS&T threads have been locked (except in BS&T's case by their owner) so I don't know. Maybe you're special. Then they should just stop bitcoin development or make transaction fees like 50% of the amount sent. And they should close all "ask for a loan" threads!  dooglus, did I violate anything with my posts? If I did, should I get any warning? |
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It's not fair! I will continue it anyway as long as I can while I figure out how to address this. And now no other reply from the "elders" of this forum.  |
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I appeal to reopen my thread "Hunger Coins"
If I offer people 0.5% interest on a loan after 1 hour, the elders of this forum will shout I am a scam. That is an attractive offer but I can't sustain that for a long time.
If I offer people 0.5% interest on a loan after 1 month, the elders of this forum will not do anything about it. It's not that attractive anyway and no one will loan me.
Therefore somewhere in between 1hour and 1month, a 0.5% interest rate will both be sustainable and profitable for me and my lenders. Let me find that sweet spot. I started hunger coins beta because of that. I had a budget to find that. Why stop me? Did I violate anything?
The lottery part of hunger coins was to make it more attractive and appealing.
Do the math, it's not hard to make things sustainable around bitcoin.
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