The service had already ended earlier in the year, the banks put them out of business by refusing to let them have an account any more for dealing in bitcoin! I kind of sympathise with them to some extent, but they should of returned the BTC on unfulfilled orders. Also have to wonder how Mr Hussain came into possession of 3000 BTC and why he was exchanging it to gold! smells of money laundering to me. |
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It's a serious threat to the bit coin ecosystem if Russia or China decide to switch off their servers.
Give us a break, Russia is of zero positive significance to the bitcoin community or the currency. |
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TBH, I'm amazed the US doesn't do chip and pin yet.
Is it effective or good? It's of no benefit at all to consumer, it just reduces fraud caused by people cloning your card from it's magnetic stripe. For online sales it operates the same. It's been used on European continent for decades now. USA switches to Chip and Pin twenty years late and just in time for Europe to switch to bitcoin  |
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I use their website so often I'd feel compelled to give, if it wasn't run by a bunch of spiteful high-functioning autists.
+1 The marketing value for bitcoin on wikipedia is priceless. |
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It's not an either/or, I happen to think that hoarding bitcoin AND gold is a great hedge against the insanity that passes for fiscal and monetary policy these days. Mind you I would also have a bunker and two years food stockpiled if I could! |
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When China bans bitcoin, it goes into freefall, when Russia bans it I suspect most people will just shrug their shoulders and say "so what?" Why should the bitcoin community give a toss about a country with half the GDP of Italy and a criminal as it's leader?
That being said, I could also see a positive effect for bitcoin, in that half of the dodgiest BTC sites out there are being run by anonymous Russians (such as btc-e.com), we will be well rid of them.
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Oh, one more thing, the ever growing blockchain means it takes a few days to synch the blockchain to use the base client.
The blockchain size issue was effectively solved with the release of multibit wallet, it now synchronises in seconds and only downloads a fraction of the blockchain. See Mike Hearns recent post in discussion. No. Well, it is solved for the end user, okay. But the blockchain itself has still the same size. And it may be prudent to have incremental versions of the blockchain. With certain time slices or -states so to say! Agreed, the blockchain as currently implemented is not scaleable enough, some mechanism to agree the current balance of every address at a given point in time and disregard old block chain needs to be thought about/incorporated, since we only need to know current balances not past balances to transact. |
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Oh, one more thing, the ever growing blockchain means it takes a few days to synch the blockchain to use the base client.
The blockchain size issue was effectively solved with the release of multibit wallet, it now synchronises in seconds and only downloads a fraction of the blockchain. See Mike Hearns recent post in discussion. |
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I actually think to some extent it is losing popularity, the reason being is that the takeup of Merchants is doing asymetrically well compared to new consumers starting to use bitcoin, this fact alone is depressing prices (since merchants convert straight back to fiat).
Having said that, if you lift your head to the horizon, the massive influx of venture capital is bound to pay big dividends in usability and usage a year or more down the road.
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The best thing you can do to scammers is steal their time, you did an excellent job, well done.
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What if blocks included, along with the list of new transactions, the hash of the unspent transactions database? (the state that the blockchain was in during the previous block)
This way, light clients could request the unspend transactions database from full clients.
eg.
Block A has hash ABC
balances at this block:
Bob: 1, Alice: 2, Charlie: 3
Block B has hash DEF
included in the block (as an optional parameter):
Block A's UTXO hash: B1A2C3
then, if a light client needs to spin up, it can just request the UTXO db from a few fat clients if they have it, validate it against the blockchain, and process the transactions from there.
I have to wonder if at some point in the future we are going to start running short of FAT clients to send requests to as their numbers diminish and consequently the load on them increases, itself causing people to switch. Perhaps the mining methodology needs to be extended to encourage people to serve the whole blockchain where possible. |
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Where are you getting the info on the Whales? Is this reflected somewhere in the blockchain? Then I have missed it somewhere for sure.
Please provide evidence of this whale dump. Thanks.
The blockchain doesn't know anything about bitcoin's 'price'. You can see these things when you see the trades on bitcoin exchanges. If they coincide with some news being released, it's pretty obvious what caused a rise or fall of the price. It's might not be obvious, but we have proof that someone dumped a ton of btc.  1. Around 4k-5k BTC dumped, pushes price to $591.49. 2. Around 2k-3k BTC dumped, pushes price to $575.80. 3. Arond 2k-2.5k BTC dumped, pushed price to $568.05. There were more dumps on various exchanges, but i'm too lazy to look at that. Yeah i've been following that too. BTC is being manipulated downwards at regular weekly intervals, often going for the quiet gap between US going to bed and China waking up when market is least liquid. Probably someone playing contracts for difference or other bitcoin derivative. An unregulated market is bound to be subject to this kind of manipulation, and what a great way to launder stolen bitcoins by dumping them on market to depress price, whilst simultaneously taking profit out of put type derivatives!! There is also an argument that they are trying to trigger collapse by invoking margin calls. Either way, best way to protect yourself against these crooks is don't overleverage, and don't sell no matter how low it drops! |
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To add insult to injury minersource have admitted they are took posession of an X3 over a week ago, but claim it's a sample!! So they have not allocated it to any of the orders and it's hashing for Minersource!
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So we are still no nearer actually knowing when we will be hashing. Could be next week could be never. thomas_s could you please post a copy of the order and receipt for the GB's x3's sent to BA, I would like to see some evidence they have been paid. This is normal practise in GB's I just don't recall seeing it for this one.
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This is kind of typical of the absolute shiiite communication from everyone involved in this, minersource received one x3 a week ago, we have absolutely no idea if it's been allocated to any shares, has anyone received dividend? when the next ones will arrive? have dividend addresses been checked? WHAT THE FUCK IS HAPPENING???
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The creators and author somehow don't see how the two statements are at odds with one another:
"Add mistrust of centralized authority" and "Independence Coin, the first gold-backed crypto-money". If it is "gold-backed" there must be a "centralized authority" that is holding the backings for these coins. This centralized authority is ripe for attack by criminals or governments around the world.
In short, if you "mistrust [a] centralized authority" why would you trust this unknown company when you don't need to with bitcoin?
Seems like either a pump-and-dump or that someone decided they wanted to get in on the bitcoin hype and so created this hybrid which takes the worst of gold and the worst of bitcoin and makes something that is the worst of two worlds.
I applaud innovation, but this doesn't seem to be it.
So I think the answer to the Jeopardy statement "It’s what you get when you combine bitcoin [with gold]" is: what is the worst of two worlds?
Totally agree, trying to blend centralised and decentralised authority and calling it a good thing just shows they really don't get what the blockchain is. I toyed with this idea when I first heard of bitcoin, but dismissed it once i'd seen my first Antonopolous video. |
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They are starting from a very low knowlege base if they are going to ask questions like "should the exchange rate be fixed?"
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I think when bitcoin adoption becomes more universal, merchants like this that try to add on the old credit card fee's so they can pocket them will become the Monsanto's of the future, pariahs, shunned by everyone.
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