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I stand corrected, veribit and verisend are ran from a Windows server which is even more troublesome running Microsoft-IIS/8.0.
Could probably be explained by the fact that one of the devs is a programmer at Microsoft...... Are you saying this like that is a good thing? Because most programmers who know anything would be embarrassed to admit that. You do realise that Microsoft's enterprise solutions are extremely secure and scalable? They do more than just i.e. Please just stop typing, you're making me cringe. I realize microsoft enterprise solutions are not secure, could not provide the claim of anonymity from governments and are not nearly as good as open source alternatives. I know they do more than IE, they fail across many markets with their closed source crap. Hope you are not being paid for writing this crap because I would be pretty annoyed if this is what my money bought. Funny enough to read anyway. |
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I stand corrected, veribit and verisend are ran from a Windows server which is even more troublesome running Microsoft-IIS/8.0.
Could probably be explained by the fact that one of the devs is a programmer at Microsoft...... Are you saying this like that is a good thing? Because most programmers who know anything would be embarrassed to admit that. You do realise that Microsoft's enterprise solutions are extremely secure and scalable? They do more than just i.e. Please just stop typing, you're making me cringe. |
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Your centralized services on vericoin.info are woefully insecure.
The debian 6 server running the site has not been hardened, you can login as root over ssh. There are many many more problems but I don't want to divulge too much as it could hurt a lot of people. The developer can send me a message if they want to talk about this in private.
Yea... ok. VeriBit/VeriSend are hosted on a Windows server. They are not hosted on a windows server, that is not what I said. They are clearly hosted on debian running a legacy version of apache. I would be even more worried if they were actually on a windows server. Edit: I'm not trying to spread FUD here, this is a very serious concern with how much money is being pumped into this economy. I'm worried about the alt-currency community more than the price of any individual coin. You can see that from my post history. This is part of the reason I don't understand quite understand the hype around veribit. People are saying it makes things so much easier, but does it really? And at what cost? The cost of security? As far as I understand, all veribit does is exchange VRC for BTC, like any other altcoin can already do on any exchange. Except, with veribit, we are trusting VRC's dev team to handle security on their centralized servers. I am not saying VRC dev's are untrustworthy at all, but I do question whether they are qualified to keep these services secure. As for me, I would far more trust services like Mintpal to securely hold and exchange my altcoins for BTC to then use and make purchases. The VeriBit servers don't "hold" your coins for more than 5 minutes. After they receive them and get 4 confirms, they send you your BTC. So the user will never lose. If we have a security flaw (which we are getting audited right now), our pot of BTC could be lost. But I don't think that's a concern since the developer running the server works for the cloud computing division of one of the top software companies in the world... and knows his security. Saying he works somewhere and saying he knows his security when this is obviously untrue makes me even more skeptical. There is no reason root login should be enabled on the server, there is no reason password authentication should even be enabled. You should be logging in through keys. I shouldn't have to say this to someone who "knows their security". Dude, you are embarrassing yourself. It's obvious that you have a little bit of knowledge but not much. You're saying the website is hosted on a nix box that isn't secure. He is saying the apps aren't hosted on that box, even if the Linux box isn't secure the services aren't even hosted on that machine. |
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I'm predicting another pump up to about 50k and them a dump back to about 39 in the next 3-7 hours
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Bitcoin has two main value propositions, it is a cheap fast international money transfer protocol and also it is a decentralised store of value. Anyone who does not have vested interests in the current system is going to embrace the money transfer part. The store of value is the controversial part, there lots of people that are semi religious about the decentralised store of value aspect, and unsurprisingly the people who benefit from the current system hate it. There are two very loud mouthed extremes, but to be honest I don't think that there is much mass on either side. Most people simply care about getting stuff in a convenient, fast and safe manner. Whether the money is government controlled or not does not matter to most people(hell, most don't even understand). I think that if the is mass uptake of bitcoin it is not going to be because of the store of value benefits, I think it will be because of the freedom the transfer system offers. The price could drop to $1.00 tomorrow and it wouldn't phase me.
I'm sorry, but if anything I owned dropped that much in value in a week it would phase them. If not could I please have all your stuff? I think freedom is also a part of the store of value function of bitcoin. Now, saving in money is discouraged and made impossible. They want to manage the economy to a larger output than what it will have by its natural pace. But this is not freedom, freedom is when each individual decides for himself how much to work, when to consume, when to save and when to invest. In addition, they will not be able to force the economy this way, the result is misallocation of resources and lower economic output. So they are uninformed and makes thing worse, not counting that they can also enrich themselves. Bitcoin can fix this by allowing people to save in money. I'm not saying your wrong, I'm just saying that most people don't care (or understand) about what you have just written and so in reality it probably has very little to do with whether or not BitCoin will make it mainstream. |
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I have a chunk of fiat sat on btc china and am trying to figure out what to do with it.
There is a pretty decent arbitrage opportunity at the moment but at the same time my guess is that this likely to grow. At the moment there really are only sellers on the China market which is what is pushing the price down. My guess is eventually the coins will become more and more worthless and so cheaper to buy?
Anyone any ideas?
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Bitcoin has two main value propositions, it is a cheap fast international money transfer protocol and also it is a decentralised store of value. Anyone who does not have vested interests in the current system is going to embrace the money transfer part. The store of value is the controversial part, there lots of people that are semi religious about the decentralised store of value aspect, and unsurprisingly the people who benefit from the current system hate it. There are two very loud mouthed extremes, but to be honest I don't think that there is much mass on either side. Most people simply care about getting stuff in a convenient, fast and safe manner. Whether the money is government controlled or not does not matter to most people(hell, most don't even understand). I think that if the is mass uptake of bitcoin it is not going to be because of the store of value benefits, I think it will be because of the freedom the transfer system offers. The price could drop to $1.00 tomorrow and it wouldn't phase me.
I'm sorry, but if anything I owned dropped that much in value in a week it would phase them. If not could I please have all your stuff? |
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Yo, kindergarten kids. It's okay that you don't know shit about China. Maybe you'll learn more about it when you go to school.
But in the meantime, maybe stop making yourself look like complete idiots with your sweeping generalizations about the Chinese government (basically fascists!), the Chinese people (obedient worker ants! only good at copying our stuff!) (not said in this thread, but the wall observer thread) and Chinese media (propaganda! nothing but propaganda!).
To give you a feel for what you guys sometimes sound like when you discuss China, go watch a propaganda flick like "Zeitgeist", and consider how it relates to your mental representation of the United States:
If it kind of matches what you think of the US and the world, in all its glorious, paranoid naivete, then carry on. Your understanding of China is good enough.
If however you cringe about simplistic bullshit like Zeitgeist, be aware that your mental image of China seems to have about the same complexity.
I have lived in China for over 7 years, I speak fluent Chinese and own a business here. I don't know shit? |
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Almost certainly loads of insider trading..it's a pretty normal way of life here.
That being said it is very unlikely that they will pump it again. The Chinese government more than anything want control and public order and bitcoin has the potential to cause huge social problems and economic problems for them and so I can't see them relaxing the rules anytime soon.
How do you manage to get on here? Is Chinese internet not meant to be firewalled out its tits? This site is not blocked and anyway it is a pretty trivial thing for a foreigner to get past the controls. |
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Almost certainly loads of insider trading..it's a pretty normal way of life here.
That being said it is very unlikely that they will pump it again. The Chinese government more than anything want control and public order and bitcoin has the potential to cause huge social problems and economic problems for them and so I can't see them relaxing the rules anytime soon.
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So with all the poeple saying this has been closed down I thought I would try, here are the facts as far as I know: - I just funded 50 Yuan to my BTC China account from Bank of Comms with no issues
- Withdrawals are slow, I think they are done manually and there is probably a huge volume of withdrawals at the moment. A BTC withdrawal took four hours for them to process on Tuesday
- It seems that payment processors have until Chinese New Year (end of Jan) to close down BTC China deposits/withdrawals
- It is not clear whether the internet payment processing systems that most banks offer count as 3rd party payment processors. It may be possible to still deposit straight from a bank, which is just as easy as using a 3rd party processor.
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Unless you are doing international trade you are not allowed to trade in anything except RMB. It is against the law for McDonalds in China to accept payment for or price anything USD.
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I wonder how many corrupted cadres have been using this way to get their money out of the country, not many, I think.
Even there are many, all they need to do is switching their source of BTC from open exchange to a private sources, which I am sure will flourish because it's profitable.
This was one of the main drivers for getting money out of the country. You would not believe how much black cash there is in China.
No difference if that merchant has a sufficiently deep pocket, he's essentially a MSB, you know, like an exchange.
Once you get your btc, the volatility risk is the same, it always take 6 confirmations to transfer and sell your booty.
Bitcoin exchanges made this much easier, it is going to be much harder now, and there is not really much point in having bitcoin in the middle. |
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The main reasons for buying bitcoin were getting money out of the country and speculation.
Some may speculate but as far as getting money out of the country the market is effectively dead. Sure you could buy bitcoins on the black market but how is that any different from giving the merchant RMB and him giving you USD outside, especially when you consider the volatility risk?
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I'm in China and speak Chinese: - The BTC website is still accepting payments from my bank
- I called them and they told me that withdrawals are still happening and I can withdraw FIAT. My guess is that they are cash rich as people putting money in there and withdrawing it overseas.
- Great arbitrage ops at the moment
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The government cannot force anyone to accept a given price for bitcoins. That is the equivalent of the government setting the global price of gold, which is impossible, but even more difficult as bitcoins are anonymous and transactions are even harder to track. This scenario could never happen.
This is exactly what happens in China, the CNY is effectively pegged against the USD. My point is more about the actual immunity to inflation that bitcoin is supposed to have rather than government control. Bitcoin is open source and any alt coin that gets significant traction is going to dilute the digital money pool, thus leading to inflation. The immunity to inflation assumes that there is a fixed supply of currency, but as anyone can make a new currency then surely the theoretical possibility for inflation is actually infinite. TIL Bitcoin was built on the premise that it magically prevents inflation of other currencies. Your missing the point, if there is another currency that has pretty much the same function as bitcoin and has widespread use then a bitcoin becomes less valuable. Bitcoin is not insulated from outside factors. |
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The government cannot force anyone to accept a given price for bitcoins. That is the equivalent of the government setting the global price of gold, which is impossible, but even more difficult as bitcoins are anonymous and transactions are even harder to track. This scenario could never happen.
This is exactly what happens in China, the CNY is effectively pegged against the USD. My point is more about the actual immunity to inflation that bitcoin is supposed to have rather than government control. Bitcoin is open source and any alt coin that gets significant traction is going to dilute the digital money pool, thus leading to inflation. The immunity to inflation assumes that there is a fixed supply of currency, but as anyone can make a new currency then surely the theoretical possibility for inflation is actually infinite. |
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because the government can't force people to accept its own version of bitcoin.
But it can force any registered entity to accept them like shops, banks etc |
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I have read that one of the chief benefits of bitcoin is that due to it's fixed quantity it is immune to inflation as governments cannot "make" more of them.
Is this really true? What is to stop say the American government making a bitdollar, pinning the price against the bitcoin and forcing is acceptance as legal tender? Surely this would effectively deflate the value of a bitcoin?
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