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1  Economy / Speculation / Just looks at how calm these people are.. on: July 04, 2013, 09:21:29 AM
When you are feeling down from the speculative losses recently, maybe these links will help to calm you down.

2  Economy / Scam Accusations / Charity Scam Warning: lixiaolai on: June 01, 2013, 06:16:06 PM
The person started the fund raising on 20th April (Original Thread here) https://bitcointalk.org/index.php?topic=181336.0

Fund receiving address: 15EhGBC8JBBVDKQ9yp1AqCb1xnzQLk6QHX

Blockchain http://blockchain.info/fb/15ehgb

His last update in the thread were:

Quote
The 2nd phase was ended.

Due to several legal issues, I decided not to start an auction of 3D printed Bitcoins.

The amount of Bitcoin is exchanged to RMB by myself, with the highest rate during the donation period ($167), and adding up some changes, equivalent to ¥33,000。(31.54615348 *167 * 6.14 = 32346.7948)

Since then, there has been no update from him on how he intend to hand over the fund to help the victims in that disaster.

While the donated amount wasn't big, there is no reason for him to take his own sweet time and sit on the charity fund for so long.

According to Chinese media, this person self-proclaimed to have over 100K bitcoins in his possession, as much as the Winklevoss twins.

Why would a person of such wealth status, sits on a small donation sum all this while? And why is he, a Chinese nationality, not making his own significant contribution to help the victims of the disaster?

If he isn't really going to use the money to help the victim, he should refund them back to the donors.

Using charity as an excuse to take advantage of other people's generosity is just the lowest form of scumbag.
3  Economy / Trading Discussion / Not-For-Profit Bitcoin Raffle on: May 27, 2013, 09:09:51 AM
There have been many implementations of Bitcoin Raffle, such as:

https://bitcointalk.org/index.php?topic=207177.0
https://bitcointalk.org/index.php?topic=182712.0

and many more when search under "bitcoin raffle" on Google.  Most of these raffle are profit driven and perhaps even scammish in nature.

However, I felt that a fair and automated Raffle system (perhaps built by someone with sufficient reputation) can be useful for the Bitcoin community as we could consolidate all the scattered satoshis back into bigger and more useful chunk.

Many of the new bitcoiners have picked up a few satoshis here and there from free bitcoin giveway sites, reddit tipbot etc. The amount are so small that they can't really do anything useful with it.    And if they lost interest with bitcoin later,  they may just delete the client/data and buried these satoshis together with them.  Such raffle can provide a way for them to properly "dump" their satoshis.

My idea of such Raffle system:

*  0.005 BTC per Raffle ticket (which most newbie can acquire quite quickly from clicking a few online ads / completing surveys)
*  Raffle roll automatically whenever 100 tickets were sold.
*  The system can use a pre-announced random number generator, or sync with a public data source, such as Satoshidice roll results. For example, in the case of Satoshidice, we can take the immediate 3 dice results using the timestamp of the 100th ticket sold, and use the equation ( (dice1 + dice2 + dice3) mod 100 ) + 1 to generate a number between 1 to 100 to determine the Raffle winner.

As the raffle stake is small,  the operator will likely need to run the service on non-profit basis, and perhaps makes its profit from higher stake raffle should he/she is able to convince other bitcoiners to participate in higher stake game.

What do you guys think about this?  Would it be viable? And any taker to implement it?
4  Bitcoin / Bitcoin Discussion / Can Bitcoin survive a real fork? on: April 30, 2013, 11:26:16 AM
As open source project evolves, it will attract more contributors into the project development. They can help to improve the code to make it more efficient and perhaps adding new features along the way.  However, with more contributors, conflicts will also arise because human beings can't always agree with each other -- especially when the group gets larger.

In other open source projects, groups can resolve disagreement with new project fork and carry on with the development in separate ways.  However, in the case of Bitcoin, such fork may be fatal to the survival of the Bitcoin ecosystem.  

Let me illustrate my point with a hypothetical scenario: "A group of developer wants to change the rule of Bitcoin network to allow old coins that have not been transacted/circulated for x number of years to be recycled as mining reward in future blocks.  A vote is conducted and 40% of the active Bitcoin users is in favor of this idea. A fork is done, with 60% of the miner staying with the original Bitcoin project, and 40% of the miners move on to the new fork".

Unlike project forks that restart the blockchain, such as Litecoin and Bytecoin, the fork that resulted from this hypothetical scenario will likely continue with the current blockchain.  In the short term, many of the users with bitcoins in their wallet might not even reject such fork, as their wealth have seemingly doubled with their coins appearing in both the blockchain.  However, in reality, the network security for both the branches have been severely weaken, making them more vulnerable to 51% attack, which may then result in downward spiral for bitcoiners to lose confident in the system.
 
Applying Prisoner's Dilemma,  these two groups might not cooperate, even if it is in their best interests to do so (i.e. not to fork). The 0.7/0.8 fork issue was resolved quickly because majority of the people agreed to cooperate.  But there will likely be more decisions to be made in the future, and we can't be sure how groups of people will react the next time.

The possibility of a future project fork, is like knowing that there is a bomb in the system but you have no ability to disarm.  

If democracy is what made Bitcoin successful today, it will also be the same democracy that kills Bitcoin in the future.
5  Economy / Service Discussion / It's silly to bash MTGOX on: April 13, 2013, 03:59:07 PM
MTGOX got to where it is today because the community trust them with the money.

It's long over due in the market for more trustworthy exchanges.

It is not MTGOX fault that their competitors failed to build up the necessary reputation for the international community to trust them, and hence, trade through them.

You can have the best trade engine, and best UI, and even the best decentralized orderbook in the world.  But if you can't convince people that you won't pull off another Zhou-Tonged, no one will move large bitcoin/fiat money to your exchange for the transaction.
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