I was going to make a new thread but you made one first. Instead of using an arbitrary "trust" variable which some smartypants could skew, why not just use the concept of bitcoin itself? Let''s call the architecture "Bitchange" because I think it sounds cool.

I was talking with a friend about the Mt.Gox debacle and he had an idea for a new mining opportunity, while increasing market security.
They aren't anybody with economic, programming or common sense experience. This is just a high-ass idea.

Trading would be handled with the Bitchange client program, like Bitcoins.
Trading security and confirmations would be handled by the mining machines.
Trading information security distribution would be handled by tradepools.

My argument to him is the 50btc newblock reward can't be integrated. This looks like a serious detractor.
He said there should be enough transactions to support it using a responsive, floating percentage fee.

exchange fee --> mining roi (a marginal roi, imo)
exchange nodes --> mining pools (who would get paid very little)
exchange market --> bitchange network & executable

+security enhanced
- very ddos resistant; would require all tradepools to be synchronously attacked
- distributed records; hostile entities might be statistically identifiable
-- might discourage nefarious people
- no email or password requirement, personal security=caveat emptor
- no central exchange point
-- no market control through exchange control
- open to audit from blockexplorer equivalent
- transactions guaranteed via math & mining, not trust
- new, risky trading systems are forced to be market independent (derivatives market, etc.)

+extreme redundancy
- exchange history core distributed amongst all traders & miners
--financial scams much easier to prove existing (Madoff, Ponzi, etc.)
- use of legal exchange points using a mining pool distribution concept
- any fiat currency might be exchanged based on liquid availability (is this even legal/possible?)
- world bitchange market + external exchanges (TradeHill, Mt.Gox, etc.)

=unknowns
- considerations for in/exclusion should be made regarding the operation of robotic trading
- market/trade reaction times inherently delayed
-- slower speed may contribute positively to market stability
-what about fiat currency handling? dwolla, libertyreserve?
--If for example Dwolla is used, how would dwolla bucks be transferred & secured?
--If for example Dwolla goes out of business, what options for fiat:btc exchange exist?
-would direct fiat trade be statistically non-anonymous, or even possible at all?


Technical problems for contemplation:
Trading is normal, all systems nominal, then TradepoolX is knocked offline from DictatorZ.
Would the market be effected in any way?
If DictatorY cut out the internet would the blockchain be effected? (Re: English market & Libya)

Would a Mt.Gox attack occur ONLY if every effected trader has been infected/compromised?

Would traders obviously going about hostile business be restricted with a price-band?
An example would be +-20% of current price. A current price of $17 would set minimum sell to ~$14.




Again, this is just a stupid, high-ass idea and probably wouldn't work.

I do get bored like every human, but I am not a spammer.
I would like to contribute to the project development board.
4+ hours, 15+ posts so far.

Please whitelist me, thank you.

you can't, it's just not there.
do the math, or go back to playing l4d or whatever.

wasting time with this will only make you need to buy a new rig because you don't know how to Q.
that is all.

Uh. Your post might as well say the sky is blue. Thanks for the info?
Watching the link now...

edit: wow...saying bitcoin was made to sell drugs...and there goes credibility....ooh a twitter feed! this isn't biased at all lol
uh and uh garzic uh sucks at talking uh worse than uh ted uhm kennedy

Other than staring as a nice lookin asian girl there is nothing in this but a waste of time.
They even put in a broken cell call moment when he mentioned blockexplorer. lol typical.

Just trying to understand the process.

I'm not educated in stocks and economies.

I am however confused as to how the exchanges function. Are there wikipedia links or something similar someone can recommend?

What kind of mechanism is it that gives the exchanges the ability to exchange?

I am not understanding this supply chain very well. It feels sketchy.

Basically, I am confused as to how BTC are converted to liberty reserves, dwolla bucks, etc.

Does Mt.Gox for example have a large sum of dwolla bucks that they manage around?

I'm not running anything near $10k. I just don't want to get bitten for a foolish mistake.

Thank you very much for your help and clarifications.

I use randomly generated keys.

KeePass seems pretty solid.

Is there any specific stuff to pay attention to considering per state that anyone can mention?


I am sure I read somewhere in the economics board that trading BTC for profit is subject to capital gains tax.
This tax to my knowledge is treated differently even between state to state.

not to be harsh, you sound like a idiot.
the "early" in "early-adopters" was two years ago
what the hell is an elid? don't be a troll

btw, I have a word in my brain called "Netflix"

http://forum.bitcoin.org/index.php?action=search;advanced

Isn't the flag -f ## to state what processing ratio pace exists?

Running beyond -f60 seems foolish.

When I was messing around with dual pools on one card I noticed that anything past -f15 drove the hash rate to nearly nothing.

Thank you, sirs.

As someone who has no formal business or trading experience, I appreciate your knowledge and suggestions.

This appears to be a topic not normally considered here.

If I am mining in any one of the the United States, what tax forms should I file?
Am I my own business? Is Sole Proprietorship assumed by the government?
If mining is considered a business, does anyone have instructions for how to arrange one's situation to be properly legal?

If mining is not considered a business, and taxes should be filed, does someone know what to do, or where to find advice?

If I were to take a stab in the dark I would guess that the default answer is pay out the wazoo and ask a lawyer.
I just really don't want to be audited. Never have, and I'm not trying to either.

Thanks for any help provided.

+1

It's creepy.

Hello.

Didn't that guy that invented the telephone invent the word hello?
I guess he thought it would be funny to get all of the very rich, very christian aristocrats saying "hell" every time the introduced themselves to each other.

I think hacking has always existed, in one form or another. Probably how the pyramids were made i bet.
UFOs hacking primitives for kicks....