true. it's more of a "proof of concept" than a thought experiment. In the past 24 hours: There have been at least 25,000 nodes participating: - http://smsz.net/btcStats/acceptingThere has been over 10,000 transactions that occurred: - http://bitcoinwatch.comThere have been two new currency exchanges launched (and at least one more coming this week): - http://en.bitcoin.it/wiki/VirtEx - http://en.bitcoin.it/wiki/GetBitcoinThere have been over a dozen additions to the Trade page: - http://en.bitcoin.it/w/index.php?title=Trade&action=historyetc. A proof of concept's purpose is to verify that some concept or theory that has the potential of being used. Bitcoin left that stage months and months ago. This is no longer a proof of concept. Bitcoin is the real deal. As a distributed computing project its computing power is bigger than the combined power of the top 500 supercomputers out there (all 500 combined) If Bitcoin were a "startup" it would be labeled as the fastest growing startup in 2011. There are people working aggressively to improve Bitcoin's core, to build entensions and serve niches. That doesn't happen with a proof of concept, nonetheless with an experiment. |
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I'm starting to get annoyed at the fact that everytime someone asks for "market price"... They mention MtGox only
They don't look at the 5-10 other large markets available. The volume in the past 24 hours was about 90% 85% at Mt. Gox. - http://bitcoincharts.com/marketsThough you can see prices at other markets remain consistently higher than at Mt. Gox, reflecting that the price at Gox is not even reflective of the true market price simply because arbitrage with other markets isn't occuring: - http://nyse-group.de/bitcoin-arbitrageBeing a 3-day weekend in north America probably has something to do with it, ... bank transactions to the other exchanges aren't generally from the U.S. but for U.S. funds it will be Tuesday before bank transactions in the U.S. can occur [which should make us appreciate bitcoin being a 24x7 payment network all that much more]. |
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I'm just trying to understand the mentality. Because they have no idea the amount of bitcoin-related awesomeness being rolled out over the next few weeks? |
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4) What Ben Laurie wrote is very convincing You can't be serious. Care to share any argument he's made against bitcoin that you believe has merit? (other than "geez, folks -- bitcoin sure uses a lot of electricity")? |
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I created an account and am having trouble adding funds. You likely missed their caveat: Mt. Gox API has changed radically in undocumented ways; their site is also unstable right now.
The following won't work until Gox gets totally up and running: Depositing, Exchanging
- https://bitoption.org |
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Check again in MyBitcoin. The balance now shows 0, because there was a send from that address.
Because the address is part of MyBitcoin's wallet, the spend will not necessarily be a spend by the OP. That most likely was a spend by any other MyBitcoin user. - http://en.bitcoin.it/wiki/EWalletThanks. Still nothing (well, besides 0.04BTC, which was there before).
I checked under transaction history, and there are no transactions related to this set of BTCs. Last one that shows on the account was on 6/18.
But you've received at that address ( 1F6GZ4iK5MGS941Gv9f86jFAuBSXW8UbP8 ) previously? If so then MyBitcoin should credit your MyBitcoin account for that -- even if you've requested a new bitcoin address on the site. If you haven't yet, use the Contact form on their site to inquire. Specifically, point out the block number of the block that included your payment to your MyBitcoin account. |
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Earlier today my auto payment from my pool went into effect and sent my BTC to my wallet with MyBitcoin.
My pool account shows my BTC as sent to my MyBitcoin wallet address.
I looked up the address on blockexplorer and it shows a list of my previous transactions, but this one hadn't shown up yet. If it isnt' in http://www.BlockExplorer.com yet, then it definitely won't be in MyBitcoin. If it was just recently sent I would suggest you check to see if it is just queued up: - http://www.bitcoincharts.com/bitcoinbut hours later if it isn't in the queue and not in BlockExplorer then it was likely never sent. |
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Now take the additional man hours it takes to convert these bitcoins into USD There are APIs for all of this now. They could be converted automatically, and immediately. handle refunds You convert the same number of USDs to BTCs using the market rate when the refund is issued. Now if there was a premium associated with accepting bitcoins' at this particular time Your logic seems odd to me. To accept a payment method that costs less, you want to charge more? Maybe your business is booming right now and you aren't hungry. A lot of businesses aren't that fortunate -- they'ld welcome new sales that might occur after accepting bitcoins as payment. Ask Meze Grill, for instance, if they regret the idea of accepting bitcoin as payment: - http://bit.ly/l07wny |
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Wait on second thought. I have a complete Time Machine backup of my computer. \O/ Anyone with a Mac and TM know if I'm able to launch the bitcoin client from my TM backup and wallet.dat to receive the payment or would I have to restore that portion of the data over my current wallet. The wallet.dat does not "receive" bitcoins, it merely contains the private keys necessary to spend any coins received for the addresses held in the wallet. So no, you don't need to run the client at the old location. Just grab the wallet.dat from the TM backup. Now if you haven't used your new wallet yet, you can simply overwrite it with the one from the TM backup and you are good to go: - http://en.bitcoin.it/wiki/Securing_your_wallet#RestoreIf on the other hand you need to keep the new wallet, then your best way to proceed is to: - make a backup of the new wallet - restore the old wallet - send the funds to an eWallet - restore the new wallet - send the funds from the eWallet to an address form your new wallet. |
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They probably will never have a use for bitcoin as long as they wish to deliver things with low prices The price competitive businesses will be among the most enthusiastic about a low cost option to compete against businesses that only offer credit and debit payment card methods. Think of all the fees associated with BTC when the only use you have for it is turning it into money. . 0.65% exchange fee (on Mt. Gox) + $0.25 per-day to sweep the balance to Dwolla. All of that is done on a not as developed infrastructure, unlike credit cards. There are APIs for all of this now. Yes they paid fee's with credit cards, but they also get a whole hell of a lot more protection in that way, since the fees from credit cards help pay towards anti fraud services and insurance. Does bitcoin really have any fraud protection other than people pointing out scams? As long as the merchant waits for the transaction to confirm (and thus become irrevocable) before shipping, there is no fraud risk. Are you instead trying to make an argument why consumers might not want to pay with bitcoins? So in the end, if you were running this business rationally, with consideration of the well-being of your employees and business growth, would you accept bitcoin? Let's see: no payment network fees (to the merchant), no chargeback risk, all payments "settle" (funds available to be spent) within an hour ... hmm ... what's the question again? |
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If I were to place an order of Qty 5, maximum price $16, and send the total of $80 via Dwolla, for example,
and the current market rate was $15.50 (5 X $15.5 = $77.50), what would happen? Thanks for your question. From the FAQ ( https://www.get-bitcoin.com/home/faq): Q). How much will my Bitcoins cost?
A). We buy Bitcoins for you on the open market the day we receive payment. For example, if you mail us $200 on Monday, and it arrives Thursday, how many Bitcoins you get depends on what the market price is on Thursday evening. To ensure you receive Bitcoins at the price you want, you can set a "Maximum Price" when you place your order. If Bitcoins cannot be purchased for less than the price you name, your payment will be refunded in full. I don't think that answers my question. In my example I send $80 and the price ends up being $15.50 so I'll have purchased 5 X $15.50 = $77.50. What about the remaining $2.50? |
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So my guess is that we'll continue to see a steady downward trend in prices as miners continue to cash out their earnings, until you see another large news story hit/eCommerce catch on where people would pump capital into the market to begin driving prices back up. Yes, the supply of 8,300 BTC over the past 24 hours is enough to suppress market prices. At about $15.5/BTC that means that over the same time there was over $125K of hoarding that occurred, or that there was $125K USD worth of fund inflows, or that there was some combination of the two. If there was no hoarding, that means there would be nearly $1 million a week of inflows required to keep the market price from declining. Though I only have anecdotal evidence to support this argument, I believe a lower market rate actually increases supply as well. Miners got used to the higher income that they were earning previously when the market price was higher and at the same time the difficulty was lower. At the same time that those two factors have turned negative for the miner, the electric bills and credit card payments have not dropped whatsoever and have increased. When prices drop, miners are less likely to hoard -- which increases the supply, which causes prices to drop, and on and on. Yes, we enter a negative feedback loop. That will continue until there is some reason(s) for the demand for bitcoins to increase. While many look at bitcoin's market price and see this roller coaster ride of price volatility, others look at bitcoin as this innovation that remains rock solid and continues growing. In the past week there were four new exchanges that opened or added new markets. There were many new merchants that have started to accept bitcoins. There were two new methods introduced for accepting bitcoins when selling goods online. There were some exciting developments in mobile -- including using the new voucher code payment option from Mt. Gox. I could go on. In other words, looking in the rear view mirror won't show you where this ride is headed. |
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but is still in beta, so comments/questions/bug reports much appreciated. If I were to place an order of Qty 5, maximum price $16, and send the total of $80 via Dwolla, for example, and the current market rate was $15.50 (5 X $15.5 = $77.50), what would happen? |
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I can't reconcile this with the general failure of gold backed digital currencies to resist hoarding, and why bitcoin will be immune to the same fate, since it shares a lot of similar properties. Two reasons: Fees and convenience Metals purchases, from GoldMoney, costs from 2.5% (for gold) to 4.0% (for silver) to replenish any spending I might wish to do. Bitcoin costs, from Mt. Gox, 0.65% to replenish (Plus charges for adding funds, which are $0.25 with Dwolla, for example) Cashing out USD funds from GoldMoney costs another 1% (minimum about $0.50, maximum about $5). Cashing out USD funds from Mt. Gox costs $0.25 (the Dwolla per-trx fee). Because GoldMoney's purpose is high dollar investment, their systems are built to be very secure. This also makes it inconvenient to use by the customer for spending, and inconvenient to use by the merchant for use in receiving payment. Because of Bitcoin's P2P nature, convenience can range from easy to hard based on the level of security needed and on other factors (e.g. use of an e-wallet like MyBitcoin on one end to an offline "air gap" wallet on the high-security end.) Bitcoin is an agile currency. GoldMoney is not. Gold and silver such as bullioin or junk silver is not. That doesn't mean Bitcoin should replace gold and silver, but it does mean that Bitcoin doesn't suffer the same propensity for hoarding. |
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