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1  Economy / Economics / Comparing Bitcoin to the Euro and other fiat currencies on: November 03, 2016, 05:11:52 PM

I recently held a presentation for the European Movement in Finland comparing the qualities of Bitcoin to the Euro and other fiat currencies. As many of you know there are six to seven characteristics (depending on whom you ask) that a succesful currency must have. I discuss that and also take about how Bitcoin can return the political system that we had in Western Europe in the beginning of the 20th century.

Let me hear what you think Smiley

The video:
2  Local / Skandinavisk / Jeg køber bitoins for kontanter i DK // Buying bitcoins for cash, Scandinavia on: July 18, 2014, 07:20:49 PM

Jeg er interesseret i at købe bitcoins for kontanter. Detaljer kan vi aftale per PM. Jeg er kun interesseret i handler over 1 bitcoin. Jeg befinder mig i København, men kan godt rejse efter en handel.



I would like to buy bitcoins for cash. Details can be arranged through PM. I am only interested in trades over 1 bitcoin. I am located in Copenhagen but I am willing to travel for trades.

I speak Danish, Norwegian, Swedish, and English.

3  Bitcoin / Bitcoin Technical Support / I need advice on Bitcoin command line client on: July 17, 2014, 02:06:22 PM
I have been playing around with bitcoind and it seems fairly straight forward but it lacks a functionality that I would like to have.

I would like to have the functionality of managing cold wallets through a command line interface which I could control via an API. So basically, what I am looking for is an overview of the different command line implementations for running a full bitcoin node. Preferably one that can handle cold wallets. I am interested in integrating this with PHP scripts, Python scripts, and perhaps also C++.
4  Bitcoin / Bitcoin Discussion / Is 311023 the biggest block ever found? on: July 16, 2014, 04:04:13 PM
In terms of the number of transactions, I mean. Perhaps also in the size:

Number Of Transactions   2474
Size   895.244140625 KB

I googled "biggest bitcoin block", but did not find anything conclusive. Only a reddit reference to a smaller block which was by some thought to be the largest at the time:
5  Bitcoin / Mining support / Why can't I solo mine? on: July 11, 2014, 05:30:39 PM
I am trying to solo mine with my CPU on my laptop. I only have the bitcoind daemon running in the terminal. I run the following command and get this answer. Can anybody explain to me why hashespersec is zero and why my System Monitor is showing that bitcoind is not using any CPU power?

./bitcoind getmininginfo
    "blocks" : 310250,
    "currentblocksize" : 0,
    "currentblocktx" : 0,
    "difficulty" : 16818461371.16111183,
    "errors" : "",
    "genproclimit" : -1,
    "networkhashps" : 132819031238684912,
    "pooledtx" : 474,
    "testnet" : false,
    "generate" : true,
    "hashespersec" : 0

Yes, I do know that I will not find any blocks. I am just playing around with bitcoin daemon.
6  Bitcoin / Bitcoin Technical Support / Weird data on multisig address in bitcoind. A bug? on: July 10, 2014, 05:42:05 PM
When I use the command "listsinceblock" in bitcoind I get some weird looking data for a multisig address. Can anybody explain this to me? Lookng at the txid, we can see that the two listed transactions represent the same transaction. Is this a bug in Bitcoin Core? The list for single signature addresses look correct.

The multisig address should only have one incoming transaction and no outgoing transactions as can be seen on

sirius@sirius-ThinkPad-Edge-E540 ~/Documents/bitcoin- $ ./bitcoind listsinceblock
    "transactions" : [
            "account" : "",
            "address" : "34N5MSC3brnr183yRBBQYFRYNVmGf1ymhw",
            "category" : "send",
            "amount" : -0.00990000,
            "fee" : -0.00010000,
            "confirmations" : 13,
            "blockhash" : "0000000000000000064594fd44816f8ab656d2f2627848990c47f791e4276ad4",
            "blockindex" : 131,
            "blocktime" : 1405007016,
            "txid" : "7850528d3b57e3993d56b4f7cd90198fe3a329a4045bb240737758c6fb554b94",
            "walletconflicts" : [
            "time" : 1405006463,
            "timereceived" : 1405006463
            "account" : "",
            "address" : "34N5MSC3brnr183yRBBQYFRYNVmGf1ymhw",
            "category" : "receive",
            "amount" : 0.00990000,
            "confirmations" : 13,
            "blockhash" : "0000000000000000064594fd44816f8ab656d2f2627848990c47f791e4276ad4",
            "blockindex" : 131,
            "blocktime" : 1405007016,
            "txid" : "7850528d3b57e3993d56b4f7cd90198fe3a329a4045bb240737758c6fb554b94",
            "walletconflicts" : [
            "time" : 1405006463,
            "timereceived" : 1405006463

7  Bitcoin / Bitcoin Technical Support / Which program should I use to scan the blockchain? on: July 07, 2014, 10:39:16 PM
I would like to develop some bitcoin functionalities such that a server could scan extract information from the blockchain and also make and publish transactions and so on. I expect to write the program in PHP or maybe in Python. Should I use the API for the Bitcoin QT client, should I use something for Armory or should I use something else?

I know this question has been asked before but things may have changed since then.
8  Local / Skandinavisk / Skandinaviens første offentligt tilgængelige bitcoin-ATM er her! on: June 03, 2014, 02:51:28 PM
Mit selskab Sirius Money er glade og stolte over at kunne præsentere Danmarks og Skandinaviens første bitcoin-automat.

Automaten er af typen Lamassu, og den tager imod danske sedler og sender bitcoins til kundens adresse.

Automaten tager 4.9 % over Bitpay's pris, og den er placeret meget centralt nær Storkesrpingvandet på Strøget i københavn. Automaten er placeret på The Dubliner, der har åbent fra 10-24 på hverdage og natåbent i weekenden.

Adm. direktør for Sirius Money Thorkil Værge (undertegnede) ved siden af automaten.

Kunder prøver automaten.

Den kan allerede nu ses på Coindesk's kort over bitcoin-ATM'er. Hvis der er flere lignende kort, hvor den endnu ikke er angivet, skal I være velkomne til at tilføje den der.

Coindesk nævner automaten i følgende artikel
Poland Gets First Bitcoin ATM with 30 More Planned
9  Economy / Economics / How and When Fiat Will End on: May 30, 2014, 12:19:41 PM
Reasonable economists like Peter Schiff and many others have for a long time foreseen a currency collapse in the USD and other currencies but they have not been succesful at predicting a timing for this possible future event. I now believe that I know how and when this will materialize and I wish to present my case in this thread. There are some formulas in this thread. If you are not comfortable with them, just skip them. The main point that they make is that bitcoin rises in price when more goods are being traded in bitcoins.

Monetary Theory
The classical velocity equation for money states that the value of a currency is given by

PQ = MV, where P is inversely proportional to the value of a currency -- the price level. Q is the value of goods being traded in that currency within a given amount of time, M is the number of currency units. V is the average velocity for the currency, i.e., how many times it changes hands within the same time interval that defines Q.

In another thread here I show that the value of any currency can be expressed as val=Q/(M*V). This means that the market cap of a currency is val*M = Q/V.

Hyperinflation of USD and State Currencies
The long-term trend of a rising bitcoin value is due to an increased amount of goods and services being traded in bitcoins. But this also have an inverse impact on the dollar. When goods are traded in bitcoins, they are no longer traded in dollars and this reduces the demand for dollars which lowers the price. This effect has not yet been felt for the dollar since bitcoin is still such a small currency (market caps is thousands of times less than USD). But if, and I am quite certain it will, bitcoin continues to experience more good and services being traded then this is just a matter of time.

This leads me to my first conclusion: Bitcoin will be the catalyst for the collapse of the USD. I should add that the world will be better for it although it will be a heavy storm which will destroy the savings of many and might have adverse political consequences. See this thread for more on that: Bitcoin's Dystopian Future, by dacoinminster

When will this occur?
The second question is timing: When will bitcoin hyperinflate the world's fiat currencies?

My thesis is that this will occur when bitcoin's market cap becomes so large that people will start to see the dollar fall because of it and the debasement of the dollar exceeds that of regular price level rises which is around 2 % (some claim that it is higher, though). But since Bitcoins rise in value is exponential, the exact ratio at which this will happen is less important. Here, I simply assume that fiat will hyperinflate when bitcoin reaches a market cap of between 1 and 10 % of all the world's fiat currencies. I use the Forum user rpietila's economic analysis presented here to support the claim of exponential rise and to calculate future values of bitcoin.

It is easier to know M in bitcoin than it is in USD but I will use the M2 supplied by the Federal Reserve which is 11215bn USD or 11.2tr USD. If someone has a better measure, I am happy to fix this later. The US share of world GDP is 22.3 according to the UN (source).

So assuming that the rest of the world has a monetary system comparable to that of the US, I estimate that the world M2 converted into USD is 11.2tr USD/0.223 = 50.20tr USD. Remember that it is mainly the order of magnitude that I am trying to calculate here. The exact numbers are interesting but irrelevant for the core of my argument.

So I predict that my scenario will happen when (or if) bitcoin reaches a market cap of between 500bn USD and 5'000 USD which is approximately 67 to 667 times the current value. According to the forum user rpietila's calculations, the Bitcoin price ten doubles every 325 days (see the formula in the top link in his thread that I linked to above. This means that Bitcoin will increase in value by a factor of 67 within 518 days which is Friday, 30 October 2015. Bitcoin will increase by a factor of 667 times within 844 days which is Tuesday, 20 September 2016.

I therefore predict
(1): Bitcoin will catalyse the collapse of world fiat currencies.
(2): Fiat currencies will hyperinflate when Bitcoin reaches a market cap of between 500bn USD and 5'000bn USD. This means a price between 30'000 USD and 300'000 USD per bitcoin.
(3): This will probably occur at some point between October 2015 and September 2016.

I think (1) and (2) are fairly certain but of course many unexpected things can happen. (3) is entirely dependent on the rate of the exponential rise and whether bitcoins rise in value i exponential at all. I believe it is but the timing might be adjusted as the exponential rates change.
10  Bitcoin / Bitcoin Discussion / First ever transaction from Antarctica! Pizza bought on: December 14, 2013, 06:04:51 AM
Faysal Hanneche who was on a mission to the South Pole has made a bitcoin transaction from the Novolazarevskaya Station on Antarctica. This must be the only continent from which a bitcoin transaction had not yet been made  Grin Grin

This is the transaction which was sent to me:

It was sent to me and I now have to find a way to get him a pizza in Cape Town, South Africa where he is at the moment.

More about Faysal's mission which was unfortunately unsuccessful due to a knee injury:

Faysal also took these pictures of a Bitcoin flag that was designed:

11  Economy / Trading Discussion / Best merchant solution for a bar on: November 01, 2013, 01:36:11 AM

I was hoping for some input on what you thought was the best merchant solution for a bar. Is it tablets with Mycellium installed, would it be better to use an online wallet like blockchain or are there other options where the bartender/employees can see that transactions are on their way to the wallet owned by the bar?

Should the bar use one or multiple addresses?

Sword Smith
12  Local / Skandinavisk / Jeg trenger hjelp fra en person i Oslo - betaling i bitcoins on: October 31, 2013, 09:27:56 PM

Jeg er dansk og bor i Danmark, og jeg trenger hjelp fra en person i Oslo i morgon. Det handler om at hente noen klistremerker hos Allkopi på Grenseveien og levere dem på togstationen. Jeg betaler den som hjelper mig i bitcoins.

Kontakt mig på +45 27294729 eller på sales [at]

Venlig hilsen
Thorkil Værge AKA Sword Smith

Edit: Dette er en hastesak og du kan ringe når som helst.
13  Economy / Services / Win 3 x 100 mBTC from Sirius Money on: October 24, 2013, 09:23:48 PM
Win 100 mBTC

The European bitcoin broker Sirius Money is giving out three beautiful paper wallets with 100 mBTC on each wallet.

All you have to do is to go to Facebook and like Sirius Money's Facebook page and share the picture of the paper wallets. Your share has to be public for me to see it (if I am not your Facebook friend).

You can of course also buy the paper wallets here. Only European citizens or residents at the moment, though.

14  Bitcoin / Project Development / Bitcoins to the South Pole! on: October 24, 2013, 01:07:56 PM
Polar Expedition - Bitcoin Fundraising
Support Faysal Hanneche's mission to the South Pole

Update: Due to a knee injury, Faysal had to cancel his expedition. He did manage to take some pictures of the Bitcoin flag on Antarctica and a bitcoin transaction was made from Antarctica! The first one ever perhaps?

Bitcoin transaction made from the Antarctica:

Faysal Hanneche is a French adventurer and a personal friend who completed a solo expedition to the North Pole this April and is going on a solo expedition to the South Pole this November. On his South Pole expedition, he will seek to promote Bitcoin in these three following ways:

  • 1. Carry Bitcoin sticker on sled.
  • 2. Purchase Pizza when on the South Pole.
  • 3. Plant Bitcoin flag on South Pole.

1) The sticker has been designed and printed and is now in Faysal's possession. My company Sirius Money has donated 6.8 BTC (EUR 1000) to Faysal's mission.

Design is by Mel Warn (whitetoo on this forum).

2) Faysal has 300 mBTC on a Bitcoin wallet on an Android device which has an internet connection via satelite. His goal is to transfer 300 mBTC to me and then I will make the arrangement such that a pizza and a large coke is delivered to him at his hotel in Chile when he has returned to civilization.

3) I need help on this one if it is to succeed. Faysal is in Cape Town, South Africa at the moment and someone down there needs to get him a flag. If 15 BTC is collected, he has agreed to plant a flag on the South Pole. Faysal leaves from Cape Town on November 4th so someone needs to be very quick! He is staying on the Radisson Waterfront in Cape Town and the flag can be delivered there. But it has to be there by the afternoon on Monday November 4th. It can be delivered in the reception. Flag is now in Faysal's hands and 15 BTC have been collected. Great job and thanks for all the support! Donations are still accepted since this is a very expensive expedition for Faysal.

Update: Faysal is now on Antarctica and he has begun skiing towards his goal: The South Pole. He is currently expected to arrive there at the end of December.
See the latest posts on his website:

On donations there is no refund if any or all the stated goals fail. This mission costs EUR 60'000 and much of that has been raised through other sponsors and these conditions apply to all the sponsors.

Donate to Faysal Hanneche on:

(Signed message below)

15 BTC collected and moved to cold storage (pun intended) whilst Faysal is in Antarctica. Donations still graciously accepted. Upon Faysal's request some of these money will be used to pay back people Faysal has borrowed money from to finance the expedition. Thorkil Værge AKA Sword Smith administrates this. For any enquiries on this, please PM me.

Latest Time Schedule
  • Departure from South Africa to Antarctica: November 8-10.
  • Arrival at the South Pole, bitcoin transaction and picture of flag: end of December - if all goes well pictures will be uploaded here.
  • Return to civilization (Chile): End of January/start of February.
Remember that these are only estimates.

Background Information:
Coindesk article:

The mission to the north Pole was about 400 km of walking with nothing but his skies to move him forward. The mission to the South Pole will be 3500 km and he will use kites and sails while on skies to carry him forward when the wind allows it. This is not possible on the North Pole since there are cracks and icy hills in the way all the time.

If Faysal manages to go solo to the South Pole, he will become the first to visit both poles in one year on a solo mission.

This is how you cross Antarctica: - Insanely cool footage of Faysal
(was made in 2011 where he unfortunately did not manage to get enough support for his expedition)

Video from North Pole expedition:

Evening news of the biggest channel in France, TF1:

Other French feature. Also some cool footage

Short article: (English)

Camp settlement during training:

Portrait in French:

Feature and portrait in French:

Signed Messages

Hash: SHA1

Donate to Faycal Hanneche on:
Version: GnuPG v2.0.21 (MingW32)


Hash: SHA1

15 BTC moved to cold storage
Version: GnuPG v2.0.21 (MingW32)


South Pole transaction details (to be revealed):

1PLoYDmRWExWMr1uBgE5dcpJVRHMv1La9L 300 mBTC to 114aEAENMDwNzcaqsw6jmPpbBV1qPCkjbC salt:6fjn93251lf9vbdfaupwlfjg31097djancFHS
15  Economy / Economics / Investment companies and bitcoins on: September 23, 2013, 01:13:51 PM
We have all heard about the Winklevoss' plans to start an ETF but do you know about any other investment companies/capital management companies that have invested in or plan to invest in bitcoins?
16  Bitcoin / Development & Technical Discussion / How computationally expensive is an ECDSA and signature calculation? on: September 21, 2013, 08:06:00 PM
I do not know how much a bitcoin credit card has been discussed on this forum. By a bitcoin credit card I mean a credit card containing the private key (encrypted of course) capable of making and signing bitcoin transactions to the network such that the chip itself calculates the writes the transaction and signature and the transmits it to a credit card terminal (POS) into which the credit card has been inserted. A search on this did not reveal anything.

A transaction needs to be signed in order to be valid. The signature is calculated from the private key and some kind of hash(?) of the transaction using the ECDSA (Elliptic Curve Digital Signature Algorithm). My question is: How computationally expensive is it to sign a transaction and specifically, do you think that a chip on a credit card would be able to perform this calculation? I am thinking about normal credit card chips which follow the ISO standard 7816 and a standard called EMV. I believe that this is the chip being used in most credit cards:
As far as I understand, these chips already perform other kinds of encryption calculations like triple DES and RSA:

More information on the interface can be found here:

tl;dr: Can a DS5002 Secure Microprocessor Chip calculate 256 bit ECDSA?
17  Bitcoin / Bitcoin Discussion / What do you think about these security recommendations? on: September 20, 2013, 02:28:18 PM

I have written some security recommendations on the use of bitcoins. It is a very basic introduction to Bitcoin security but I would like your feedback on it. The security recommendations can be found on Sirius Money's webpage here:
18  Local / Skandinavisk / [ANN] Køb bitcoins hos Sirius Money - også med kontanter! on: August 06, 2013, 07:12:01 PM
Kære forum

Sirius Money er en nystartet bitcoin-forhandler, og vi tilbyder nu køb og salg af bitcoins til det danske og hele det europæiske marked! Vi tager imod nationale danske bankoverførsler samt europæiske (SEPA) overførsler, så nordmændene, svenskerne og finnerne også kan være med.

Vi accepterer også kontanthandler, og vi har pt. mulighed for at foretage kontanthandler i København og i Aarhus. Vi håber dog på at udvide dette netværk for fremtiden, så hold øjnene åbne.

Kontaktoplysninger kan findes inde på, hvor det også er muligt at afgive ordrer. Her kan man både købe bitcoins vha. elektroniske overførsler samt såkaldte paper wallets, hvor alle og enhver kan komme i besiddelse af bitcoins uden at skulle oprette en bitcoin-konto - man modtager blot en konvolut med posten. Perfekt, hvis du vil købe bitcoins til dine familiemedlemmer, som måske ikke er så teknisk kyndige.
19  Economy / Marketplace / Buy and sell bitcoins in Europe - New bitcoin trader on: August 02, 2013, 03:23:17 PM
Dear Bitcoin community!

Sirius Money has recently launched a website on where you can buy and sell bitcoins. We are currently only servicing European citizens and residents. We accept bank transfers from all over Europe as payment  and we accept cash if you are able to come to Copenhagen Denmark where our headquarters are located. We plan to add more cities in which we will accept cash trades in the future, so keep your eyes open!

Take a look at our web page and let us hear what you think. We are currently in the start-up phase but everything should work as intended and we are open for trade.

Thorkil Værge AKA Sword Smith co-CEO of Sirius Money
20  Economy / Service Announcements / New bitcoin trader- Buy bitcoins (Europe) on: August 02, 2013, 03:16:36 PM
Moved to Marketplace:
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