now, a more important question, i think, is how do investors know they can trust you not to just walk away with the cash?
Good question. I have good reputation, both here and outside. Banking, commercial references, you may visit and know me in person. Most important, I think, is that mining operation is already up and successful. Lot of work was done, scammers don't like to work so hard.  so i guess you would be ok with any potential investors querying you for this information? |
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good point. I'm not sure how to prove to you that he is not my account, if you have any ideas, I wouldn't mind doing so  since i have no trust established with him, it is irrelevant whether he's real or not. as your interconnectedness in the wot grows, being connected to real people who are also interconnected, is what will get things done. |
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now, a more important question, i think, is how do investors know they can trust you not to just walk away with the cash?
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Well, at the end of the day, different people estimate others' trustworthiness based on different criteria. Taking a short term loan, with the stated purpose of "just no get a trust rating" is in my book not that great of a trust increaser. That said, all else equal, if a person /i/ trust has conducted this transaction with nster, and got repaid, I suppose i'd trust nster more than if he had not done this. So maybe it works a bit, after all. Notice i said "a person i trust". if two guys neither of whom i know claim to trust each other, this does not increase my trust, since both those identities could be owned by the same person. See more details about relying on ratings here: http://wiki.bitcoin-otc.com/wiki/OTC_Rating_System#Relying_on_the_rating |
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What you are proposing is essentially a one year business bond. The problem is that it's unsecured and includes currency risks. 3% isn't enough interest.
<snip>
he said 3% per month, not per year. that comes out to about 42.5% per year |
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Maybe you are soliciting offers, but I don't see an offer from you. What are you offering?
MtGox only has 50k BTC for sale up to $1.3/BTC. So let's start: who is interested to sell Bitcoins at $2/BTC? And how many? I could sell you a few thousand at $2 per btc. I'd want bank wire or similar non-reversible payment for them of course. though as others have said, unless you're in a huge huge hurry, you'd do better to accumulate them slowly on mtgox over a period of a few months. |
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I'm following #bitcoin-market, good for overall market view, but I'll prefer tcatm's solution for automatic processing like trading bots. Currently thinking about some, it's a pitty to have such nice market stream and don't use it for anything . indeed, if you're doing autotrading, using the direct feed from bitcoincharts is more convenient. though since that only reports trades, while for a trading bot you'd also want the order book depth... it's probably not really useful by itself for a trading bot. you'd want to pull the book depth data for each individual market your bot trades in. |
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BitDNS is a different matter.. with DNS there is something that can be delivered electronically where the thing itself is stored in the blockchain. This would work.. but you don't really need the whole proof of work thing. If all you want is a first-come-first-served name grabbing model that is basically just a simple distributed database where the p2p swarm stores the zonefile and accepts updates from keyholders and allows new registrations where the name doesn't already exist. I don't see a role for proof-of-works here. Double spending doesn't really exist.. I guess the analogy would be if you tried to transfer (sign away to a new controlling private key) the same domain name to two different new owners.. how much of a problem would that be? Is it really worth doing proofs of work to stop it? Maybe.. but I'm not really convinced. With coins you can doublespend them to anyone.. with a domain name you'd have to find two people who wanted to buy the exact same domain from you at the same time. The motivation for fraud is significantly lower.
in bitdns land, a 'double spend' would be someone trying to register a domain that has already been registered. the bitcoin chain is not just a distributed database, but also distributed timestamping service. if there's no block chain... how do you know that person1 registered the domain before person2? in bitcoinland, the sequence of blocks is the 'timeline'. |
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and by the way - freenode channel #bitcoin-market outputs the streaming quotes from the bitcoincharts feed, in a pretty format.
so if you have a habit of hanging out on irc - join in and watch the bitcoin market activity scroll by!
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I don't currently see any benefit in having stocks in a bitcoin like system. It's probably better to just have companies subcontract out their shareholder registry management to a company specialized in doing that sort of thing (exactly how they do now infact). Ultimately the investors are required to trust the company they invest in - if they don't there are a million ways things will go wrong and having the shareholder registry in a block chain won't stop that. With bitcoin as a currency there is now no single point of failure, with company stocks there is always a singe point of failure - the company. Having the company manage it's shareholder registry (or more likely subcontract it out to a register management firm) doesn't make any difference. If people want to invest in totally black companies that aren't registered with any government the same thing applies - the black company can still manage the shareholder registry with no additional risk. You're just trusting the management.. but you have no other option.
Quite the opposite. Satoshi's key invention is that bitcoin is really a distributed notary service. Securely transferring stock from person A to person B is a perfect application for this invention. As is securely transferring a DNS domain, or another digital entity. yes, but having each company start their own chain to trade its units of stock is not feasible, since securing a chain from attack (by throwing a bunch of gpus at it) is much more expensive for your average company than it would be to just pay someone to run a regular centralized database of shareholders. decentralized databases are great for some things. but in case where ultimately you are trusting $entity to not screw you (such as in investing in a company's stock)... you might as well trust the same entity to maintain a centralized database. just thinking out loud here. |
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+1 to macrohard on all counts.
Except for his appalling inability to quote properly... haha yea. i almost missed his replies. |
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+1 to macrohard on all counts.
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looks good! |
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another feature request: ability to send funds, btc or usd, between users.
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I sent 5 BTC to my new account at B2C 26 minutes ago, and it has 2 confirms, yet doesn't show in my balance on the site. How many confirms do you require?
i have the same question EDIT: seems to have shown up after 3 conf. |
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is there a way to view the outstanding order book? Not currently but it will be added soon. cool. i think that's pretty important. Trades are currently executed every 5 minutes. If more people prefer it another way, I'm open to suggestions.
well, ideally they'd be executed immediately upon entry of a matching order (a la mtgox). one other comment: from the home page, it seems there's no way to go to the account page. even if i have logged in, i just see 'home' 'about' and 'faq', there's no 'account' link. in order to get to the account page, i have to manually go to the account.php page. |
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some questions:
is there a way to view the outstanding order book?
are orders filled instantly and automatically (like they are on mtgox), or is there a periodic cron job?
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got the usd and the btc - thanks |
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escrowing BTC for the purpose of getting a loan denominated in BTC doesn't really make much sense. if you have the btc to escrow, you wouldn't need the loan. escrowing other currencies or goods as collateral may work though. |
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