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1  Economy / Collectibles / Deleted on: May 10, 2017, 10:06:26 AM
Auction closed.
2  Other / Politics & Society / A step in the dark: unconventional monetary policy after the crisis on: July 17, 2013, 08:15:26 AM
http://www.bis.org/events/agm2013/sp130623.pdf

Thought someone here might enjoy it.
3  Bitcoin / Bitcoin Discussion / Study: How IMF could control Bitcoin: kill it or join it? (link to paper) on: June 10, 2013, 08:57:03 AM
http://thebitcoinnews.co.uk/2013/06/09/regulating-digital-currencies-bringing-bitcoin-within-the-reach-of-the-imf-pdf/

The paper:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2248419

Quote
What is Bitcoin?
Conceptually, Bitcoin is two things at once. First, it is a digital currency, meaning that the unit of account it employs has no physical counterpart with legal tender status. Second, Bitcoin is what Friedrich A. Hayek described as a “private currency”: a currency provided by private enterprise aimed at combatting government monopolies on the supply of money.

Quote
V. HOW TO COUNTER THE BITCOIN THREAT VIA THE IMF
Finding a way to regulate Bitcoin is critical in light of its potential destabilizing effects on the foreign currency exchange. Although there might be a number of ways to mitigate Bitcoin’s impact via domestic legislation, those solutions are beyond the scope of this Comment. Instead, I discuss ways in which the IMF can be used to counter the threat posed by Bitcoin.

The IMF is particularly well-situated to solve this problem for two reasons. First, the IMF is an institution specifically designed to help stabilize the global economic system via the foreign currency exchange, as explained in Section III. Second, regulating Bitcoin falls squarely within the IMF’s goals, as outlined by Article 1 of the Articles of Agreement.147 In both of these respects, the IMF is able to coordinate a global response to the threat posed by Bitcoin in a way no other institution can.

There are, however, challenges that must be overcome. The most obvious obstacle to regulating the impact of Bitcoins on the foreign currency exchange via the IMF is one of enforcement. Article VII of the Articles of Agreement allows the IMF to replenish its holding of a member’s nation currency.148 It also allows the IMF to restrict the flow of a currency it deems to be scarce and to apportion its allocation accordingly.149 Both are vital tools for countering a speculative attack. The first allows the IMF to overcome any currency shortages, ensuring that it has a sufficient amount of currency to lend in an effort to offset a speculative attack. The second gives the IMF the flexibility it needs to respond in the event of an emergency shortage, and allows the member nation whose currency is in short supply to limit the domestic exchange of its scarce currency.

Quote
BTC The first option is to grant the IMF indirect control over Bitcoin by expanding the interpretation of an already existing provision of the IMF. This approach requires the least amount of change and leaves the overall IMF framework mostly intact. The second option is to grant the IMF more direct control over Bitcoin by granting it and other digital currencies quasi-membership status. This more radical approach would require and amendment of the Articles of Agreement and would fundamentally alter the existing framework’s conception of a non-state actor’s role in the IMF.

So either fight it or join it.. I Wonder what they'll end up doing.

There's lots of more details in the paper
4  Bitcoin / Press / 2013-06-09 Regulating CCs: Bringing Bitcoin within the reach of the IMF on: June 10, 2013, 08:46:51 AM
http://thebitcoinnews.co.uk/2013/06/09/regulating-digital-currencies-bringing-bitcoin-within-the-reach-of-the-imf-pdf/

The paper:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2248419

Quote
What is Bitcoin?
Conceptually, Bitcoin is two things at once. First, it is a digital currency, meaning that the unit of account it employs has no physical counterpart with legal tender status. Second, Bitcoin is what Friedrich A. Hayek described as a “private currency”: a currency provided by private enterprise aimed at combatting government monopolies on the supply of money.

Quote
V. HOW TO COUNTER THE BITCOIN THREAT VIA THE IMF
Finding a way to regulate Bitcoin is critical in light of its potential destabilizing effects on the foreign currency exchange. Although there might be a number of ways to mitigate Bitcoin’s impact via domestic legislation, those solutions are beyond the scope of this Comment. Instead, I discuss ways in which the IMF can be used to counter the threat posed by Bitcoin.

The IMF is particularly well-situated to solve this problem for two reasons. First, the IMF is an institution specifically designed to help stabilize the global economic system via the foreign currency exchange, as explained in Section III. Second, regulating Bitcoin falls squarely within the IMF’s goals, as outlined by Article 1 of the Articles of Agreement.147 In both of these respects, the IMF is able to coordinate a global response to the threat posed by Bitcoin in a way no other institution can.

There are, however, challenges that must be overcome. The most obvious obstacle to regulating the impact of Bitcoins on the foreign currency exchange via the IMF is one of enforcement. Article VII of the Articles of Agreement allows the IMF to replenish its holding of a member’s nation currency.148 It also allows the IMF to restrict the flow of a currency it deems to be scarce and to apportion its allocation accordingly.149 Both are vital tools for countering a speculative attack. The first allows the IMF to overcome any currency shortages, ensuring that it has a sufficient amount of currency to lend in an effort to offset a speculative attack. The second gives the IMF the flexibility it needs to respond in the event of an emergency shortage, and allows the member nation whose currency is in short supply to limit the domestic exchange of its scarce currency.
5  Economy / Service Discussion / Bitpurse client transactions take upto 20 hours to complete on: May 30, 2013, 11:02:30 AM
I tested a Maemo Bitcoin wallet called BitPurse. Seemed to work fine, expect when I tried to send out the Bitcoins. The UI is showing balances as it should, but the transaction is still "unconfirmed" after 8 hours. I added a .0005 to the transaction so it should have been picked up fairly quickly.

Now the deposit address still has the Bitcoins in it:
http://blockexplorer.com/address/12JXh476iY7K5Q4fqQtZE5D56Ma8vX5jwh

But Blockchain.info is listing the transaction I made with the client:
https://blockchain.info/address/12JXh476iY7K5Q4fqQtZE5D56Ma8vX5jwh

Also Blockchain.info still says that the said transaction is unconfirmed. Blockexplorer.com is not aware of the transaction id at all. Notice how the transaction is broadcasted by Blockchain.info around Africa. Also the private key the client exports out fails to import at least in electrum client.

I hope I'm wrong, but it seems to me that someone might be holding my BTC hostage. What is unclear to me however is how blockchain.info listing the transaction come into play? Was the the transaction sent only to blockchain.info bitcoind and thus wasn't accepted? Why wouldn't it be accepted, is there something wrong with the transaction? Or is blockchain.info hacked or colluding with scammers?

</tinfoilhat>

Does anyone have any other tools to search to for above address and see if you see the TX that's visible on blockchain.info?


The transaction took almost 24h hours, even with the transaction fee. BitPurse was adding some crap to the TX. Blockchain was working fine.
6  Economy / Service Discussion / Newbie claims to know who stole 25k from BitFloor on: May 25, 2013, 12:12:31 AM
https://bitcointalk.org/index.php?topic=215501.0

I never user BitFloor and thus lost no BTC, so I don't have the time and energy to look into this. Just thought I'd bring it up here if someone is interested.

Edit:

If this is 100% old news with no new twists, let me know and I'll delete the post. I didn't follow the original threads back in the day.
7  Bitcoin / Bitcoin Discussion / Project Meshnet: Hardware for cjdns to enable new, censorship free Internet on: May 23, 2013, 10:57:58 PM
With the newsrumors of China starting to censor Bitcoin traffic, I find this very important. And they accept Bitcoins for donations (I just donated 1.79 BTC).

Frequently Asked Questions
What is Project Meshnet, cjdns, Hyperboria and the Seattle Meshnet Project?
Project Meshnet is a colation of meshnet groups that works to promote the development of local meshnets. Cjdns is a networking suite that is commonly used to set up local meshnets, and Hyperboria is what we call the networkof cjdns nodes that weave in and out of both local meshnets and the internet. And on a closing note, the Seattle Meshnet Project is a local meshnet group based out of Seattle that has organized this crowdfunding project.

Why is wireless router support so important, and what does it mean for meshnets?
Once cjdns runs on routers (which means it will run atop the OpenWRT platform), it will be possible to easily and affordably bring Hyperboria in to the average home. Right now it requires somewhat advanced computer knowledge in order to join the meshnet and connect to Hyperboria, but once OpenWRT integration is complete, it will be as simple as plugging in your new router. Our network has grown quickly as it is, but to really bring the mesh to most homes setup needs to be simpler.

How do I know this will even work?
The Seattle Meshnet Project has ran previous group buys and sucessfully paid our current cjdns developer to fix bugs in cjdns. We intend to parlay this experience with paid bugfixing and group buys of hardware into this crowdfunded bugfix, and as with our previous group buy, we'll be distributing hardware and signed posters too.

https://fund.meshwith.me/
http://www.reddit.com/r/Bitcoin/comments/1ewxzw/rdarknetplan_accepting_bitcoin_for_crowdfunding/

Mods: feel free to move the thread to a better sub-forum. I think this is related to Bitcoin due to the China censorship rumors.
8  Bitcoin / Press / 2013-05-23 RT Prime Interest: Next Generation Bitcoins with Ripple on: May 23, 2013, 09:31:42 AM
Live on RT right now: http://rt.com/on-air/
Now on youtube: https://www.youtube.com/watch?v=vf4xdjy_e_I

EDIT:

The title was updated to match the youtube title.. damn ripple Wink
9  Bitcoin / Bitcoin Discussion / A very good and thorough Microsoft Research talk about Bitcoin and Zerocoin on: May 23, 2013, 01:11:24 AM
http://research.microsoft.com/apps/video/dl.aspx?id=192058

The site has slides and transcription too. I'm only 1/4 in, but so far it has been very, very good. If you still have some questions about how Bitcoin works, I highly recommend this video.

Taken from Press sub-forum: https://bitcointalk.org/index.php?topic=213685.0
10  Bitcoin / Legal / Legality of Polimedia/MPOE/MPEX/BitBet on: May 20, 2013, 09:33:18 PM
It is very likely that Polimedia SRL (Romanian limited liability) is breaking at bare minimum the Romanian law in three ways, there might be more and some international ones too. First there's gambling without a license (bitbet.us):

Quote
Gambling License Romania
The authorization/organization of the activity of gambling in Romania is governed by State monopoly.

The State can grant the right of setting up the activity of games of chance according to the law, on the basis of a license, for the organization of each type of games of chance. The games of chance are classified as follows:

• Games of chance whose winning conditions are dependent upon random elements, with the use of gambling machines which are operated manually, mechanically, electrically, electronically, video automatically or in other similar ways. In order to play and win these games, they require the player’s ability or dexterity, light hand and also the chance, the hazard (the type of Atlantic pusher, Niagara);
• Casino games of chance
• Bingo, Keno type of games of chance, which take place in special game rooms;
• Sports Bets, Lotteries and Raffles , along with television Bingo and Keno;
• Contest-Games, with any type of wins, organized through telephone lines or any other means of telecommunication.

http://www.rolegal.com/romania-gambling-license.html

Secondly there's stocks/options/futures trading without a license (mpex.co):

Quote
All securities trading in Romania is carried out by brokerage companies called Financial Investment Services Companies (FISC) licensed by the NSC and established according to law 297/2004.

The law itself AFAIK is only available in Romanian.

Thirdly they are not following the limitations imposed on limited liability companies in Romania (polimedia/mpex.co):

Quote
Limited Liability Companies are not permitted to:

 - Undertake banking or insurance activities or any other activity that might suggest an association with same, without a licence.
 - Undertake investment business other than the investment of the company's own assets without a licence.
 - Neither solicits funds from the public nor offer their shares or membership to the public without a licence.

http://www.ocra.com/jurisdictions/romanian-limited-liability.asp

Could someone more educated in the subject weight in please?
11  Economy / Service Discussion / bitbet.us scammers ignore delivered BFL products on: May 01, 2013, 12:46:56 AM
http://bitbet.us/bet/337/bfl-will-deliver-asic-devices-before-may-1st/

BFL has delivered many pre-orders already and they are within the +-10% range of the advertised 5GH/s (+-10% running variance).

Don't deal with them, they don't listen to reason and just do what they please.

EDIT:

1. 28-03-2013 BFL announced that the at least the first rounds of products they are about to deliver will use more power than previously thought: https://forums.butterflylabs.com/announcements/692-bfl-asic-status-2.html#post20942
2. 30-03-2013 The BitBet was created: http://bitbet.us/bet/337/bfl-will-deliver-asic-devices-before-may-1st/
3. 27-04-2013 The first reports of delivered products hit the internets, including https://forums.butterflylabs.com/jalapeno-single-sc-support/2088-guess-who%92s-got-two-thumbs-jalapeno%85%85-guy%85.html

There's my proof.

Quote
Butterfly Labs aka BFL will deliver ASIC Bitcoin mining devices to their customers before 1st of May 2013. Devices must be in scope of at least +-10% of advertised performance in order to be accepted as valid.

Let's break this apart a bit shall we?

Quote
Butterfly Labs aka BFL will deliver ASIC Bitcoin mining devices

  • can be established to true/false
  • turned out to be: true

Quote
to their customers

  • can be established to true/false
  • no percentage or quantity defined, thus any quantity will result in true
  • turned out to be: true

Quote
before 1st of May 2013

  • can be established to true/false
  • turned out to be: true

Quote
Devices must be in scope of at least +-10% of advertised

  • cannot be univocally established to true/false (BadBet)
  • "advertised" can be interpreted in many ways ie. what mediums are considered to be official advertisement
  • Sources supporting "Yes" answer
    • Official BFL FAQ says that the company will not give out any info relating to power consumption
    • Official BFL product pages only advertised GH/s performance
    • BFL Forum post from 28-03-2013 by BFL_JOSH says announces that at least first products will use more power than needed, customers can opt to wait longer (first devices will still use more power) or to get a refund
  • Sources supporting "No" answer
    • BFL Forum post from 2012-09-29 (later superceded by 28-03-2013 anncouncement)
  • true is supported by more sources, referenced "No" source was negated

Quote
performance in order to be accepted as valid.

  • cannot be univocally established to true/false (BadBet)
  • "performance" can be interpreted in many ways ie. Performance per Joule (GH/J), Gigahashes per secons (GH/s)
  • Sources supporting "Yes" answer
    • Official BFL FAQ says that the company will not give out any info relating to power consumption, thus Performance per Joule should be out of the picture
    • Official BFL product pages only advertised GH/s performance, thus Performance per Joule should be out of the picture
    • BFL Forum post from 28-03-2013 by BFL_JOSH says announces that at least first products will use more power than thought before, customers can opt to wait longer (first devices will still use more power) or to get a refund
  • Sources supporting "No" answer
    • BFL Forum post from 2012-09-29 (later superceded by 28-03-2013 anncouncement)
  • true is supported by more sources, referenced "No" source was negated

The bet should not have been allowed in the first place as per BitBets FAQ/EULA. After it was accepted, when it became clear that bettors couldn't agree what advertised performance was (see the comments about in the bet, people even here can't agree) the bet should have been cancelled.

Now if BitBet doesn't stick to their own policies and still wants to resolve the bet, "Yes" is a clear winner because it is supported by more sources and the only "No" source was negated when 28-03-2013 announcement stated that the devices will consume more power than previously advertised.

Let me know if you still think that the 28-03-2013 announcement doesn't say that the first products will perform worse in terms of GH/J and I will help you out.
12  Economy / Speculation / Operation April Foolscoin on: April 11, 2013, 12:01:24 AM
http://pastebin.com/h7iGK49T

Buy and hold, don't feed the trolls.
13  Economy / Service Discussion / bitcointools.appspot.com stealing private keys it generates? on: April 10, 2013, 09:26:30 AM
http://www.reddit.com/r/Bitcoin/comments/1c13ld/i_invested_all_of_my_bitcoin_to_a_brain_wallet/
14  Bitcoin / Press / 2013-04-04 RT: Breaking the Set episode [138] on: April 05, 2013, 10:22:30 AM
http://www.youtube.com/watch?v=thPpJSkNvPo

Bitcoin rally mentioned as a reaction to cyprus and the fact that people are losing trust in the banking system. Bitcoin bits around 9:55.
15  Bitcoin / Bitcoin Discussion / mode +m set on #bitcoin, < 10 people can speak on: March 30, 2013, 01:34:52 AM
The channel just got silenced by the ops. Reason given: we want to talk about bitcoin.

Discuss.
16  Bitcoin / Press / 2013-03-25 Reddit: Doing interview on BBC radio tomorrow about Bitcoin on: March 26, 2013, 11:28:31 AM
http://www.reddit.com/r/Bitcoin/comments/1azl1g/doing_interview_on_bbc_radio_tomorrow_about/

Doing interview tomorrow. Obviously familiar with why reddit chose to accept, but curious about compelling reasons for more traditional businesses especially. Don't know yet when it will actually air, but will update once I know. Thanks for your help!

edit: Great responses. Really appreciate the help making sure I am accurate with the big points. Still don't know when it will air on BBC Radio 4, but will update this post when I learn. Thanks!

edit 2: Interview went well (I think). The story is currently scheduled to air Monday on BBC Radio 4, but I don't know the time yet. Will update when I do. thanks again!
17  Economy / Economics / BRICS countries looking to replace IMF. Western currencies will be hit? on: March 26, 2013, 12:37:55 AM
http://www.bloomberg.com/news/2013-03-25/brics-nations-plan-new-bank-to-bypass-world-bank-imf.html
18  Bitcoin / Press / 2013-03-18 US Treasure guidance on Virtual Currencies on: March 19, 2013, 02:29:54 AM
http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

Still reading it, but they are taking notice!
19  Economy / Speculation / A lot of asks vanished on: August 15, 2011, 01:51:27 AM
Unless it's a trap, the price should go up. No?
20  Other / Off-topic / Anyone want a spotify invitation? on: July 27, 2011, 10:13:44 AM
Spotify is now available in the US, I hear. I've still got some 30 invites left. Just reply/PM me with an email address and I'll send you one.
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