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1  Bitcoin / Bitcoin Discussion / A New Idea For Bitcoin Unit Name on: May 04, 2014, 04:53:46 AM
Most people agree that it would be a good thing shift the decimal six places for the standard Bitcoin unit for psychological reasons, but a consensus on a name for that unit seems to be unreachable. Everyone does seem to agree that the name Satoshi for 0.00000001 BTC is pretty cool. But Satoshi will not be practical to use for a long time, if ever. One sandwich ($4.50) today is one million Satoshis. Even if BTC rises to $450,000 a sandwich would still cost one thousand Satoshis. My proposal is to change the definition of Satoshi to 0.000001 BTC. One sandwich today would be 10,000 Satoshis, at the ultra-maximum potential price of $4.5 million, one sandwich would cost 1 Satoshi. Then we get to use a name we all love and honor the creator of Bitcoin, and we can stop searching for a new name that at least half of the community will oppose and the rest will only half-heartedly support out of necessity.
2  Bitcoin / Bitcoin Discussion / Bitcoin Power Rankings on: April 21, 2014, 06:25:41 AM
Sports websites often have "power rankings" of the top teams which change based on recent results. Magazines have ranking of most influential people. I think it would be fun to have a Bitcoin power ranking of notable people in the community (good or bad) which changes week to week based on news and other factors. I think we can all agree who is number one. Maybe someone who writes for one of the Bitcoin news sites can take up this idea as a weekly feature.

1. Satoshi Nakamoto

People who might belong on the list but I have no idea how to order:

Gavin Andreeson
Mark Andreeson
Jeremy Aliaire
Mike Hearn
Chamath Palihapitiya
Rick Falkvinge
Mark Karpeles
Andreas Antonopolous
Bobby Lee
Leon Li
Nejc Kodrič
Benjamin Lawsky
Tony Galippi
Barry Silbert
Cameron/Tyler Winklevoss
Roger Ver
Eric Vorhees
Adam Back

3  Bitcoin / Bitcoin Discussion / I Love Buying From Bitcoin-Accepting Merchants, But... on: April 17, 2014, 12:45:11 AM
I love buying from Bitcoin-accepting merchants, but I would rather buy from Bitcoin-accepting merchants that pay their suppliers and employees in BTC. I know currently it is impossible for any business to operate totally in Bitcoin, but, for example, I would rather eat at a restaurant that pays each of its employees 50 dollars worth of BTC every month than one that instantly converts 100 percent of its BTC revenue to fiat. is a good way to find businesses that accept BTC, but I would like to see a directory that distinguishes between businesses that convert 100 percent to fiat and those that use BTC to pay some of their costs. Making this information easily available to the Bitcoin community will provide an incentive for businesses to not convert 100 percent in order to attract more customers than their competitors that do.
4  Bitcoin / Legal / Tax Implications Of Bitcoin For U.S. Citizen With Non-Citizen Spouse on: April 14, 2014, 03:28:53 AM
A friend of mine wants to know. What if her non-citizen spouse cashes out the BTC in a territory with no capital gains tax and then buys something like a house on behalf of them both or in his name only? Can the IRS cause any problems in this scenario?
5  Economy / Speculation / How To Test BIP38 Encrypted Private Key Offline on: March 21, 2014, 05:13:11 AM
So I want to generate a BIP38 encrypted private key offline for cold storage, but I want to test that the decryption works properly before I send my funds to that address. But the only ways I know to decrypt BIP38 are Mycelium and, but those are online, and if I decrypt the private key online, that defeats the purpose of generating a private key offline. Multibit and Bitcoin-QT seem to not have this function. I have already googled this question.

*sorry wrong forum*
6  Bitcoin / Bitcoin Discussion / How I Got Some Of My Friends To Invest In Bitcoin on: March 10, 2014, 07:09:55 AM
First I helped them set up a wallet, sync with their phone, and sent them a few millibits. They said "That's cool, but what's the point?" Later when we went out to dinner and drinks, when it came time to pay the bill, I said "Sorry guys, I don't have enough cash. How about you cover me and I will settle with you in bitcoin?" They asked what they can do with bitcoin. I told them to go to and buy something from Amazon. "OK, fine." Two new bitcoin users.
7  Bitcoin / Bitcoin Discussion / Import Wallet Error on: March 09, 2014, 04:26:23 AM
I have been trying to import a Bitcoin-QT wallet.dat file, but I keep getting a "wallet decrypter returned empty response" error message. I have tried it several times will multiple wallet.dat files, some encrypted some not. This is important because I am trying to teach people how to safely store their wallets, but safely storing them is not very useful if there is no practical way to import them. From what I have read, Multibit and Electrum cannot import wallet.dat files either (am I wrong about that?). It is a lot more difficult to convince people to invest in Bitcoin if I have to tell them that they will need to download a 15 GB blockchain when they want to spend or cash out. It is hard to argue that it is more convenient than banks if they have to do that.
8  Bitcoin / Bitcoin Discussion / Has Anyone Using The Official QT Client On Linux Ever Had Their Bitcoin Stolen? on: February 19, 2014, 07:16:11 AM
9  Bitcoin / Bitcoin Discussion / I Am Trying To Start A Bitcoin Club For Chinese High School Students on: February 16, 2014, 03:04:40 AM
I am trying to start a bitcoin club for Chinese high school students, and I would much appreciate your input on how to best advertise and attract interest. In particular, what do you think should be the stated objectives of the club and what do you think should be some activities. I have some ideas, but I am sure some of the more creative and intelligent minds out there can help make it better than me alone. Keep in mind that this is supposed to be an educational extra-curricular activity, so the technological, macro-economic, and entrepreneurial aspects should be emphasized, not the speculative, get-rich-quick aspect. I am trying to do something in my meager capacity to contribute to bitcoin, so any good ideas that you provide will help to promote our common cause.
10  Bitcoin / Bitcoin Discussion / The First Major Professional Athlete To Embrace Bitcoin on: January 22, 2014, 06:28:42 AM
Richard Sherman, the NFL all-star cornerback of the Seattle Seahawks who made the game winning play to send his team to the Super Bowl, now accepts bitcoin on his personal online store.
11  Bitcoin / Bitcoin Discussion / BIPS38 Encrypted Paper Wallet From on: January 21, 2014, 12:55:02 AM
If I make a BIPS38 encrypted paper wallet from on a clean, offline computer with a secure password, is there any realistic possibility of theft? Would it also be safe to upload a .jpg of the wallet to the cloud?
12  Bitcoin / Bitcoin Discussion / U.S.-China Bitcoin Opportunity on: January 10, 2014, 08:19:18 AM
I got into bitcoin about six months ago. This has been the most exciting time of my life, but if only I had got in six months or one year earlier. I will always regret that I was not a super-early adopter, but there are still a lot of great opportunities. Rather than wallowing in misery that I am not already a bitcoin millionaire and watching from the sidelines, I want to do something significant in the bitcoin revolution. I have many ideas floating around in my head, but I do not have the knowledge, skills, resources, or network to make them reality myself. Anyway, I would like to share one of my small, not very unique, but incredibly usefully ideas for taking advantage of bitcoin, in the hope that others will see the potential that I do and work with me to make it happen.


I work in China. Every American working in China who I have met has had the terrible experience of trying to send money back to U.S. bank accounts. Common reasons for needing to do so are to pay student loans, credit card bill, send money to parents or kids, etc. People often spend hours at a time, multiple times per month, sometimes more than 10 hours per month at the bank dealing with money transfer affairs. There are regulations on how much RMB can be converted to dollars per day (I have seen limits as low as 500 dollars per day), how much can be sent, and of course, high fees. So in order to send a significant amount they need to go to the bank multiple times. Also, most Americans do not have adequate Chinese language ability to do this on their own, so they need to waste the time of a Chinese colleague as well. There are tens of thousands of people in China currently dealing with this problem. Whenever I hear people talking about this, I want to tell them about the virtues of bitcoin, and I usually do, but bitcoin still does not offer them a way to do exactly what they need to do - put dollars in U.S. bank accounts.


It is a rather simple currency exchange/remittance scheme that I am proposing. Next time I hear someone expressing their despair at needing to go through the normal money transfer process, I will offer to take their RMB cash and quickly turn it into dollars in the U.S. bank account of their choosing. So how would I work? I take their cash then send the equivalent amount of bitcoin and the designated account information to a a partner in the United States who then transfers dollars to that account. I am not sure what the quickest and cheapest way to transfer dollars from one U.S. account to another is, but I am sure that it is cheaper and faster than transferring from a Chinese account through the archaic transfer system.

The partner/partners that I need is someone who has dollars in the United States and a bitcoin-for-RMB seller in China. I am not interested in decreasing my bitcoin holdings, so when I take RMB from someone, I want to immediately buy back bitcoin at the same rate. Obviously, given the current regulatory situation in China, doing this through an exchange like BTC China is not possible. This needs to be done in a private, unofficial way. I know there are people who want to sell bitcoins in China - the people who currently sell on Taobao (miners, presumably) are not just going to disappear.

I hope I have explained my vision well enough. If anyone reading this would like to work with me to take advantage of this opportunity, please send me a private message. Once we figure out how to make this work in my city, we can branch out and establish decentralized network of "agents" to offer this service in cities throughout China.
13  Bitcoin / Bitcoin Discussion / How Would "Government Coins" Be Different From The Financial System Today? on: December 24, 2013, 03:42:10 AM
Today, most fiat currency is already stored and transacted electronically, so "govcoin" would offer no big change there. Are the people who say that government issued cryptocurrencies will challenge bitcoin suggesting that governments will give up the power to arbitrarily "print" money and instead submit to an algorithmically constrained money supply? Are they suggesting that governments will give up the power to regulate who can send and receive money where and when? Will they give up the power to confiscate money from people they dislike? Will they submit to the transparency and permanence of the blockchain? If the answer to these questions is no, then why would anyone consider govcoin a rival to bitcoin? Would superior attributes would it possess? Why raise this possibility in discussions of bitcoin's future?
14  Economy / Economics / If Illegal Drugs Are More Expensive Because They Are Illegal... on: December 18, 2013, 09:28:45 AM
Then shouldn't the effective prohibition of bitcoin in China exert some kind of upward price pressure as well?
15  Economy / Service Discussion / Using As A Proxy For International Remittance on: December 03, 2013, 01:37:56 AM
A friend of mine wants to send money home. He is planning on using Western Union, but I would like to offer to do the transaction free of charge by taking his local currency and using bitcoin to buy a Amazon gift card to give to the intended receiver of his funds. So if I buy the gift card and the gift card is sent to my email, will I be able to forward the email to the intended receiver for him to spend? Has anyone done this before?
16  Economy / Speculation / I Just Made My First Trade on: November 29, 2013, 12:47:08 AM
I had bought litecoin when it was worth about 2 dollars, so with the recent explosion in price, I decided to secure some profit by selling 450 litecoin for bitcoin at 0.044 btc/ltc. Then I put in an order to buy back 460 litecoin at 0.040 btc/ltc, which got filled last night. So now I am up 10 ltc and 1.7 btc. I feel really good about this, so I feel like I might try something like this again if my intuition tells me there is a good opportunity. However, my rational analysis told me a few months ago that buy and hold is the best strategy, which I followed until yesterday. I know that if I try another trade like that again I could lose. Any thoughts or suggestions?
17  Bitcoin / Bitcoin Discussion / Your Bitcoin Endgame on: November 20, 2013, 12:19:15 PM
I think these are the only three possibilities.
18  Bitcoin / Bitcoin Discussion / Bitcoin And Porn on: November 20, 2013, 10:33:11 AM
Here are a few things I would like to know. What is the annual global revenue of the online adult entertainment industry? How much of that revenue is bitcoin? How many online adult entertainment providers accept bitcoin payments? Clearly the online adult entertainment industry is fertile ground for bitcoin. Most customers would prefer to pay for these services anonymously rather than have their wives see these payments on their credit card statements, for example. It would be interesting to track the growth of bitcoin in this area and compare it to the overall growth of bitcoin.
19  Economy / Trading Discussion / A Sustainable Method Of Selling Bitcoins To New Users While Making A Profit on: November 07, 2013, 12:11:40 AM
I live in a large city with millions of people who have never heard of bitcoin. Now is a golden opportunity to spread the word and help people download wallets and acquire their first bitcoins. However, I do not want to sell my own bitcoins, I want to buy bitcoins on an exchange, sell them in-person for cash, then as soon as possible reinvest the money to buy more bitcoins, and repeat the process. Is there a technique for doing this to ensure that it is profitable? I am concerned that, for example, I sell bitcoins at 265 but buy the time I can repurchase I have to buy at 270. Is anyone trading bitcoins in similar way who would be kind enough to share advice?
20  Bitcoin / Bitcoin Discussion / Is It Really Necessary To Wait For Confirmations? on: November 04, 2013, 12:55:16 AM
I can understand waiting for confirmations for a very large transaction, but for small transactions it just doesn't seem necessary to me. What are the odds that after seeing the initial notification of payment received the transaction turns out to be fraudulent? How could someone commit this kind of fraud? Would it be so easy that small-time losers would spend their time trying to do this kind theft on small transactions?
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