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1  Bitcoin / Bitcoin Discussion / - on: April 22, 2020, 12:14:53 PM
2  Economy / Trading Discussion / - on: April 09, 2020, 03:22:10 PM

3  Bitcoin / Bitcoin Discussion / Gold quickly becoming more scarce. Which will be worth more, Bitcoin or Gold? on: March 25, 2020, 06:37:56 AM

Gold selling out, private persons are going to have trouble taking delivery:

Refineries in Switzerland melt 70% of all gold, all are shut down:

Limited supplies and great demand can drive prices very high. Which will be worth more in a year, Bitcoin or Gold?

4  Alternate cryptocurrencies / Altcoin Discussion / - on: March 19, 2020, 05:33:08 PM


5  Economy / Trading Discussion / - on: March 18, 2020, 05:06:34 PM
6  Bitcoin / Bitcoin Discussion / Be your own bank: Why Bitcoin is the most valuable cryptocurrency on: June 15, 2017, 11:41:48 AM
Let's look at Bitcoin for what it is: a fundamental human efficiency improvement.

Here's why it's valuable (value != price):
- The software and rules can't be changed easily or quickly. It takes years and a lot of global perspectives. Maybe they can't be changed at all.
- Therefore, it works exactly as expected: 24/7/365
- It's accessible anywhere in the world: 24/7/365
- It's accessible by everyone in the world who has a computer and internet connection

Because of these reasons we can say that XBT is stable and predictable. We already see how on many exchanges, XBT is being used as a base "currency" that all other cryptocurrencies are denominated in.

And because it's stable and predictable, it acts as an *international settlement system*, and therefore can also act as a global reserve currency. Currently, the incumbent settlement system (National central banks acting as clearing systems between commercial banks) is the only way the global economy can function. For some perspective, consider that financial activity consumes about 1/3 of the world's economic productivity (~USD30 trillion).

What about technologies that are Turing complete, more technically advanced, etc.?
- When we consider Bitcoin's primary function to be a global reserve currency and settlement system, these features are at best irrelevant.

But the transaction fees are killing me!
- Many cryptocurrency users recognize the financial and human costs of ledger transparency and mutability in the existing financial system, but didn't realize that the cost of immutability in a cryptocurrency could be the same or higher. Consider that correspondent banking is complex and costly, but those costs are absorbed by everyone who participates in the financial system (mostly taxpayers). At the moment Bitcoin users subsidize the current financial system through their taxes while also incurring the costs of their Bitcoin transactions, so the pain is naturally doubled. Users in different countries will also experience different transaction cost pain points, and some people will leave in search of something else to buy their coffee with. Sorry, there's no such thing as a free lunch, and billionaires that have been paying thousands to keep their transactions private in the existing banking system have no problem outbidding you on your next transfer, and in fact will likely have more trust in Bitcoin as the cost of using it increases. User behavior will update accordingly, and people will really "become their own bank".

Ethereum/Ripple/Dogecoin is overtaking Bitcoin's marketshare!
- XRP, ETH, etc. are tantalizing to banks, governments, and speculators. But they will only ever "experiment" with these things in order to generate PR and appear clever to their stakeholders. They know that these systems are not stable enough for production, and that's why there are no examples of anyone going "live" with the thing they built on their forked Ethereum blockchain. Cryptocurrency "Marketshare" is a buzzword concept created by speculators and marketers, who have no idea what the things they are buying right now are worth.
7  Bitcoin / Bitcoin Discussion / Proposal: create a child board for block size threads on: May 14, 2017, 08:19:04 PM
There seem to be a lot of posters in the "bitcoin community" that have a single issue ("block size") they bring up in every thread, regardless of the original topic posted.

Maybe a child board could be created where these threads can live and the topic discussed ad naseum? It would be nice to again see more creative and varied content in here.
8  Bitcoin / Bitcoin Discussion / Is Bitcoin digital gold or digital cash? on: April 21, 2017, 06:52:13 AM
Answers to this question are constantly posted on this forum and on Reddit by people who are not software engineers/developers, nor product managers. Either that or they are truly terrible at their jobs. Reddit in particular has really turned into a garbage dump, but that's something for another discussion.

Anyway, in a business context you want to build software that meets your customer's expectations, so understanding how a user makes use of your software solution is really important for smooth communication and shared understanding between management, marketing and engineering. Normally you want to write out really detailed user stories/journeys, maybe even draw diagrams or create mock-ups that demonstrate the exact problem you're trying to solve and how your thing will solve it.

Here's a teaser:

Alice is at a farmer's market and wants to buy broccoli from a vendor. How does she pay?

Here are just a few important details that we need to know first:

- What country is Alice in, and what are the economic conditions?
- How much money does she make every year/how well off is she?
- How technologically sophisticated is she/how old is she?  
- What tastes and preferences does Alice have/what prejudices her in certain ways?

We need a lot more information before we start talking about what BIP we can code up in a day. If you think about these questions only from your own perspective and experience, you're discounting the majority of people on this planet that want to use the same technology. Bitcoin's value depends mainly on how many people can safely use it, and if it's not in use by the largest number of people possible, it will not achieve it's full potential/value.

The correct answer to the question in this poll is "it depends". Bitcoin is for humans, and humans have different needs. Most likely every redditor and poster's favorite potential use case, "in-person payments at high volume merchants", will not be satisfied by Bitcoin directly. Use something else for that one narrow use case if Bitcoin isn't doing it for you, and support the engineers who are working to make Bitcoin more secure and stable, goddamnit  Grin
9  Bitcoin / Development & Technical Discussion / Intermittent access issue with RPC client on: March 14, 2017, 08:36:24 AM
I wrote up a script that uses this repo:

I know it's an older repo but I like it. Anyway, it works great most of the time. But sometimes my script just can't connect to my bitcoind -server for some inexplicable reason. Does anyone have a guess as to what that reason might be? I just upgraded to the latest version of core but the seemingly random issue persists.

class BitcoinConnection(object):
    A BitcoinConnection object defines a connection to a bitcoin server.
    It is a thin wrapper around a JSON-RPC API connection.

    Arguments to constructor:

    - *user* -- Authenticate as user.
    - *password* -- Authentication password.
    - *host* -- Bitcoin JSON-RPC host.
    - *port* -- Bitcoin JSON-RPC port.
    def __init__(self, user, password, host='localhost', port=8332,
        Create a new bitcoin server connection.
        url = 'http{s}://{user}:{password}@{host}:{port}/'.format(
            s='s' if use_https else '',
            user=user, password=password, host=host, port=port)
        self.url = url
        self.proxy = AuthServiceProxy(url, exception_wrapper=wrap_exception)

And I am using this method:

    def getrawchangeaddress(self, account=None):
        Returns a new bitcoin raw change address for properly handling change.

        return self.proxy.getrawchangeaddress()

Bitcoind shows this in the log:
2017-03-14 08:33:36 connect() to failed after select(): Connection refused (61)

10  Bitcoin / Development & Technical Discussion / Why was getrawtransaction deprecated in v0.14.0, and what should I use instead? on: March 09, 2017, 07:39:51 AM
I just wrote some code yesterday that uses getrawtransaction, so I'll need to make some changes  Undecided

11  Bitcoin / Development & Technical Discussion / Help with error code -22: Previous output scriptPubKey mismatch on: March 03, 2017, 11:30:48 AM
Hi all,

I'm trying to create a raw transaction using bitcoin-cli. First I look at the transaction:

687_2$ bitcoin-cli listunspent
    "txid": "0d53507afc671e57841e3f72cee5db1324da4fa0c42a50c98872b820d2a2c768",
    "vout": 0,
    "address": "13m5CWgygXuCbwuMo6MFtqNsiZT8uY1o6Q",
    "account": "",
    "scriptPubKey": "76a9141e460f008264743caa92c9d23f944216fd29c7a788ac",
    "amount": 0.00039000,
    "confirmations": 21,
    "spendable": true,
    "solvable": true

Then I create the raw transaction:

bitcoin-cli createrawtransaction '[{"txid":"0d53507afc671e57841e3f72cee5db1324da4fa0c42a50c98872b820d2a2c768","vout":1,"scriptPubKey":"76a9141e460f008264743caa92c9d23f944216fd29c7a788ac"}]' '{"1EhPUwR9BkWWJ1K9rWjxSFbBMGKXKozCim":0.00038,"15sGXSMk99DUzwPMXqCevYB1gmS3c62CQr":0.00007}'

This gives me the hex:


Ok, now I want to sign the transaction. I format the command as prescribed:

687_2$ bitcoin-cli signrawtransaction '010000000168c7a2d220b87288c9502ac4a04fda2413dbe5ce723f1e84571e67fc7a50530d0100000000ffffffff0270940000000000001976a914963d0a59d3b0ccfd0df3c95c972bee98e06ba19688ac581b0000000000001976a914356242ba76e9e8df980ac9d2d5399dee1233e45488ac00000000' '[{"txid":"0d53507afc671e57841e3f72cee5db1324da4fa0c42a50c98872b820d2a2c768","vout":1,"scriptPubKey":"76a9141e460f008264743caa92c9d23f944216fd29c7a788ac"}]'

This results in the error:
error code: -22
error message:
Previous output scriptPubKey mismatch:
OP_DUP OP_HASH160 cbe0394e3f79b2f4f4e87191c638df0e8795bf92 OP_EQUALVERIFY OP_CHECKSIG
OP_DUP OP_HASH160 1e460f008264743caa92c9d23f944216fd29c7a7 OP_EQUALVERIFY OP_CHECKSIG

I've tried a few different ways of breaking this, looked here: which doesn't seem to help, and I tried Greg's example: as well; that one worked but I couldn't send the raw transaction (insufficient fee, or something. It made sense).

This seems like a trivial issue, maybe I've just been looking at my monitor too long. Does anyone see what I'm doing wrong? Is there something I'm missing?

12  Bitcoin / Bitcoin Discussion / Western Union is getting destroyed by Bitcoin in Switzerland on: January 30, 2017, 07:55:10 PM
Every electronic ticket machine in Switzerland sells XBT, and accepts CHF and EUR cash as payment. Apparently people have been using it for remittance purposes instead of Western Union, and WU decided to try to do something about it:

A perfect reason to walk over to the machine and buy Bitcoin  Grin

13  Bitcoin / Bitcoin Discussion / Just bought Bitcoin from a train ticket machine in Switzerland for a trip abroad on: November 11, 2016, 09:38:38 AM
I posted this in /r/bitcoin, but someone removed it immediately?  Huh

Whatever, I still think the experience is worth sharing.

Flying from Zürich to Amsterdam today, and I'm expecting to be able to use XBT when I arrive. I'm also excited to get in on the SBB's new offer. So I'll get rid of some CHF cash so I don't have to deal with two paper currencies. This isn't a comprehensive review, just some highlights.

The machines at my first two train stations were pretty busy and it was stressful trying to figure out what to do for the first time. I ran out of time at both stations, but I tried again at the airport where there were a lot of machines available and I had a lot more time to mess with it. During my train ride I read on the SBB's website how to get through this process, and that helped a lot.

You have to go through a "Prepaid/top up Bitcoin" option, which wasn't really intuitive for me. Then it asks for your QR code, so I showed it mine, and then you get to this screen!

I had CHF 80 in my pocket, so I chose "other".
You are shown the exchange rate/fee, which I don't really care about at this point, so I just move quickly through:

Next it asks for your phone number. This takes the most time, especially if you're not used to a Swiss number (put a 0 in front of your number, don't include the +4X or whatever)

It sends you a 4 digit code via SMS, you enter it and continue. Then it asks for your cash, you put the bills in here:

Success! It spits out a receipt where the paper tickets usually come out:

I put in CHF 80 and received CHF 72.61 worth of XBT, which I think is about the same as if I changed for EUR. The future is awesome!  Grin
14  Bitcoin / Bitcoin Discussion / Bitcoin VISA card - a quick review. on: May 05, 2015, 09:25:20 AM
I transitioned entirely to using XBT recently, so I've been exploring new tools to make life easier.

About two weeks ago, I created an account at Didn't put any XBT or anything in there, just created the account (took maybe 5 minutes with a slow connection) and requested the VISA card. I was doubtful about how things would turn out.

However, I received my card in the mail a few days ago and got pretty excited. To activate the card you can call a number or go to a website, just like any credit/debit card. I chose the website route, and had the card setup in about 2 minutes. This card-setup website I don't plan to use much, unless I need to change a password for some reason. It will always show a balance of $0 so there's no reason to visit it at all.

So I go to and deposit a small amount of XBT. I think they wait a few confirmations before they make the funds available, but I'm not sure since I didn't get to use the card until a day later.

Today I got a chance to try it out - and this is what my first XBT purchase looks like with a VISA card:

On about a $2 purchase (which was smooth as butter and near-instant), the fee to xapo was $0.06. Typical merchant rate, so no problem at all, and I'll probably put more funds in here over time and use this thing on a daily basis.

This has been the most delicious way to use XBT yet  Grin
15  Bitcoin / Bitcoin Discussion / On Bitcoin valuation on: March 21, 2015, 04:52:04 PM
When I purchase a good or service, I always try to use fiat. Fiat has much less value to me than Bitcoin (XBT), so I prefer to spend it over my XBT holdings. Why is this the case?

The short answer is that all fiat is now competing with XBT, and all available tools must be compared objectively. Which protocol (fiat vs. XBT) is more stable? Which protocol has parameters that can be predicted with almost 100% accuracy? Which is easier to use? Which creates less friction (lower cost) for markets? Which allows more market participants?

To me and many others here the answers are entirely obvious. However, because the way we currently value XBT is completely inaccurate (exchange based valuations that are easily manipulated), many people will discover too late just how valuable XBT is - simply because they didn’t observe the fundamental value of the protocol.

Instead most people just glance at the relative fiat “price” (where quantities demanded and quantities supplied meet) of XBT and decide that it is unstable and therefore unusable - because “price” is how most people (incorrectly) determine a thing’s value.

In the past, societies have transitioned from one technology to another over a period of hundreds or thousands of years. For example, gunpoweder was invented in 9th Century China and it took around 400 years for the technology to reach Europe.

Now, technologies spread much faster. SMS texting was insanely popular in Japan some years ago, and if I remember right it took about 5-6 years (and a relatively modest hardware design change) for it to spread to the US. But prior to that hardware design change texting in the US was considered a complete joke. SMS was literally the subject of late night comedy.

Based on this information, my guess is that in 5-6 years the Bitcoin ecosystem will be so well developed that it becomes the de-facto standard method of transferring and storing value. I think it will take 10-20 years before people start decoupling the value of XBT from fiat, and begin thinking (and pricing) goods and services in terms of XBT.
16  Bitcoin / Project Development / C++ / Qt / p2p contract programmers wanted for a new BTC options application on: February 28, 2015, 07:30:59 PM
I'm in the very early stages of planning a p2p options trading platform for BTC. The idea is that users can create and commit to options contracts using a simple desktop/mobile application. All settlement will be done in BTC (puts and calls for USD / EUR only to start) and code will be open source. The UX will be something like a torrent manager.

This is a fairly difficult project and this is a call for skilled/experienced Qt / BTC / C++ programmers that would be interested in joining the project as paid, contract programmers. If you would like to join please PM me with some info about projects you've done before and what part of the project you can help with. The start date of the project is going to be late March/early April, and I'll probably have this up on Lighthouse at some point soon as well for additional funding that can help with polishing the UI.

17  Bitcoin / Development & Technical Discussion / How to create a new public address using Python for an HD wallet? on: December 16, 2014, 01:40:19 AM
I searched but could not find a clear answer. Sorry in advance for terminology errors. This seems useful:

However I'm not sure I understand how to do the following with that library:

1. Create a HD wallet (i.e. create a new Electrum wallet with seed and all that)
2. Create a new public key that is derived from that HD wallet, or from an existing wallet

My goal is to create a public address that can be presented to a customer on a website. The code will live on a remote server; I would like the public keys created to relate back to a private (offline) HD wallet.

18  Economy / Digital goods / [WTS] My small online-only company on: December 11, 2014, 06:21:19 AM

After much thought I've decided to put my company up for sale. I started it in 2011 and it has grown each year; it now generates a small but consistent revenue stream. It's a multi-member LLC based in the USA. We receive monthly POs from our retailers, web orders through our website from the public, and long standing relationships with our suppliers. This is a company that's ready to go out of the box; it can run almost completely on its own and has huge potential for growth. Our products are highly regarded in the marketplace, have little competition, and have great margins. This was the first company I built after finishing my MBA. No tax or other issues at all; we have the same CPA handle our taxes each year so there is no mess or fuss.

We have several products that are custom designed and manufactured under our own brand, all of the highest quality and design. This is a very international company with a lot of room to grow and a very strong following in its market niche (special sports apparel). It does not currently accept Bitcoin, only PayPal.

I spend about 30 minutes each week with customer service/sales emails, etc. but this task could be easily contracted out. I just enjoy interacting with our customers and I am passionate about the products, since I was also the designer.

What you'd be getting is the full package: PayPal account, inventory in the warehouse, database/code, etc. and I would spend some time making sure you understand how the company is run, who our customers are, the overall market, etc. prior to completely leaving you alone with the company. I still want to see this company be successful and I want to see our products in every major retailers everywhere. Although this is a multi-member LLC, you would receive 100% of the shares - our intent to sell is unanimous.

I'm asking $105,000 USD or 300 BTC, paid via wire transfer or preferably in Bitcoin. Serious offers and inquiries only please.
19  Economy / Goods / For Sale: Boreal Hurricane Men's Boots, New (size 10.5 UK, 11.5 USA, 45 1/4 EU) on: November 20, 2014, 12:18:57 AM
I bought my first pair of Hurricane Boots for a few excursions in the Andes/Rockies and they did great for me, but they started leaking after about 8 months. That's not supposed to happen (at any point) so my shop replaced them for free - however I don't need these now and would like to see them go to a good home via a Bitcoin transaction. These are new, shipping in the plastic bags and in a Boreal box. They are great comfortable boots that are 100% waterproof. I found that they breathe reasonably well also, and are a great all-around hiking boot.

Here is the manufacturer's site:


These ship from the USA, asking .3BTC including shipping. Escrow ok, buyer sets it up.


20  Bitcoin / Project Development / I created a simple BTC merchant processing solution on: October 18, 2014, 05:19:26 AM
Live demo:

Feel free to drop some Satoshis in there to see the different images (all SFW), and contribute to the code on Github  Grin



This is a stand alone system for accepting Bitcoin as a merchant. It requires a small amount of PHP/HTML/MySQL knowledge and a server. I built this in response to increasing demands for private information by third party processors, which creates barriers to entry for many merchants who may not even possess such information. It could also help merchants to rapid prototype business ideas at very low cost. Thanks to several members of this forum for code samples, one function I copied verbatim from here.

I plan to deploy this system in a more commercial environment in the near future. Hopefully some people find it useful/interesting for their own purposes - whether it is for education or commerce.
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