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1  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple questions on: October 09, 2015, 04:36:19 AM
Can somebody who knows Ripple explain how this actually works?  Links to thread discussions and whitepaper would be nice too.

Whitepaper:
https://interledger.org/interledger.pdf

Discussion:
https://bitcointalk.org/index.php?topic=1202163.0

Basically the idea is to make payment networks interoperable. If it gets adopted it would considerably flatten the world of payments. Think of VISA's slogan "Everywhere you want to be". Their whole sales pitch (or rather the reason you're stuck with them) is that they have the biggest reach. By connecting networks together we even the playing field. It wouldn't matter if you're using PayPal, Bitcoin or FedoraCoin - they are all accepted everywhere.

If that all sounds too good to be true, consider that I'm writing this on my Webpass connection - an internet provider that I absolutely love. Yet Bitcointalk is hosted with a totally different Internet provider. Why doesn't it work like that for payments?
2  Bitcoin / Bitcoin Discussion / Re: Interledger - a W3C payment protocol proposal on: October 07, 2015, 05:09:08 PM
Wasn't Codius abandoned this last summer? What use to Ripple is a neutral protocol for payments on the Web if its smart contract system has been abandoned?

Creating a world where there are free and open payments is our mission statement. It's the reason we do anything. Smiley - It was also the reason I got into Bitcoin in the first place.

A neutral protocol for payments might work, but the W3C moves incredibly slowly when it makes or updates a standard. The crypto ecosystem evolves too quickly to wait for the W3C. A month in crypto is like a year in real time.

Yeah, that's why we got the process started early. But I agree that adoption has to happen in parallel.
3  Bitcoin / Bitcoin Discussion / Re: Interledger - a W3C payment protocol proposal on: October 07, 2015, 01:30:49 PM
Interledger came out of our work on Codius - basically we wanted a way that you could pay smart contract hosts. But we thought that different hosts would want to accept different currencies, so we didn't just want to integrate with one cryptocurrency or another. We wanted a solution where the host (i.e. merchant) could accept whatever they wanted and the user could pay with whatever they wanted.

Interledger is a protocol that does that. The merchant and the user have to agree on a cryptographic primitive (e.g. SHA256) and their ledgers have to support escrow based on that primitive (Bitcoin does) and then they can transact safely via connectors that anyone can run and that are completely untrusted.
4  Economy / Service Announcements / [ANN] Huobi Passes Proof of Solvency Audit on: August 29, 2014, 04:57:52 AM
Just finished an audit of the Huobi Chinese Bitcoin exchange. Please see the report below.

As always, an audit does not constitute an endorsement and it does not address any risks outside of present insolvency. It's also not infallible, exchanges can borrow money or ask others to sign their audit message. Finally, until we can implement fully zero-knowledge, cryptographically provable audits, you have to trust the auditor, i.e. me, to have done my job correctly.

Also same as always, I did not receive any compensation for the audit and I did it in my free time. I requested the exchange donate any fees they would have paid me to a charity of my choice: Ludvig von Mises Institute For Austrian Economics Inc. in Auburn, Alabama

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA512


AUDITOR: Stefan Thomas
AUDITED ENTITY: Huobi Technology Co., Ltd., https://www.huobi.com
ROOT HASH: c4d8c294ee91c8d61fc12f55750346eb4106f37effacdbc296320310bab1daf1
BLOCK HEIGHT: 317899
RESULT: >100% reserves


August 28, 2014
San Francisco

This post is to report on an audit I performed for the Huobi Bitcoin exchange on August 28th, 2014 from the Ripple Labs office here in San Francisco. (Note that I have performed this audit privately in my spare time and not as an employee at Ripple Labs Inc.) I've not received any payment for this audit - my personal goal with this is to help improve the stability of and confidence in the math-based currency industry overall.


Statement
=========

The audit process is designed to allow the auditor - in this case me, Stefan Thomas - to verify that the total amount of bitcoins held by Huobi matches the amount required to cover an anonymized set of customer balances. I am attesting to the root hash of a merkle tree containing all balances that were considered in the audit. If you are a customer of Huobi, you'll be able to verify using open-source tools that your balance at the time of the audit is part of this root hash. If it is and if you believe that I am trustworthy, then you can be confident that your balance was matched by an equivalent or greater amount of bitcoins in the block chain at the time of the audit.

The most difficult part of an audit is normally to verify that the exchange is not under-reporting the number and balances of account holders. With this approach each account holder can verify that they were considered in the audit. At the same time it maintains absolute privacy for customers, the auditor only sees anonymized balances and the general public only sees the overall level of reserves.

Note that there are limitations to this type of audit. It does not verify an exchange's fiat assets and liabilities or other aspects of their balance sheet. It is also difficult to prove definitively that the bitcoins in question are actually owned by the exchange versus being on loan for instance.

In order to reduce reliance on the auditor, the audit should be repeated using different auditors at different times.


Claims
======

Claim 1: Huobi controls a certain amount of Bitcoins.

Proof: Huobi provided a JSON file with a list of their Bitcoin addresses and balances. I used the `cryptoshi audit` command in libcoin to verify the JSON file against a copy of the block chain.

The version of libcoin used was commit 5424505e2fb5866be96e9af35874cf9c289e3ccd.

Here is the audit code used:

https://github.com/libcoin/libcoin/blob/5424505e2fb5866be96e9af35874cf9c289e3ccd/applications/cryptoshi/cryptoshi.cpp#L638-690


Claim 2: The amount from claim 1 is greater than the amount contained in the root hash of balances.

Proof: Huobi provided a JSON file containing a set of anonymized user balances. I used my own tool "easy-audit" to calculate the reserve ratio and root hash.

The version of easy-audit used was commit 663c38be6767175764d13d249a6c18905ebae76f

Available at: https://github.com/justmoon/easy-audit

Here is the audit code used:

https://github.com/justmoon/easy-audit/blob/663c38be6767175764d13d249a6c18905ebae76f/lib/audit_reporter.js#L10-31

The tool's output was:

ASSET OWNER: huobi.com
BLOCK HEIGHT: 317899
ROOT HASH: c4d8c294ee91c8d61fc12f55750346eb4106f37effacdbc296320310bab1daf1
RESERVE RATIO: 103.52%

The actual holdings were 3.52% higher than the required holdings, meaning Huobi had greater than 100% reserves at the audit block height.

// Stefan Thomas

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5  Economy / Service Announcements / [ANN] OKCoin Passes Proof of Solvency Audit on: August 23, 2014, 01:12:04 AM
Here is the final audit report for the OKCoin audit.

As always, an audit does not constitute an endorsement and it does not address any risks outside of present insolvency. It's also not infallible, exchanges can borrow money or ask others to sign their audit message. Finally, until we can implement fully zero-knowledge, cryptographically provable audits, you have to trust the auditor, i.e. me, to have done my job correctly.

Also same as always, I did not receive any compensation for the audit and I did it in my free time. I requested the exchange donate any fees they would have paid me to a charity of my choice: Ludvig von Mises Institute For Austrian Economics Inc. in Auburn, Alabama

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA512


AUDITOR: Stefan Thomas
AUDITED ENTITY: OKCoin Inc., https://www.okcoin.cn
ROOT HASH: dbb26444331293a04b289ba632b8f942b550d6873fed1afd6c53fca52825d1c7
BLOCK HEIGHT: 316837
RESULT: >100% reserves


August 21, 2014
San Francisco

This post is to report on an audit I performed for the OKCoin Bitcoin exchange on August 21st, 2014 from my home office here in San Francisco. I've not received any payment for this audit - my personal goal with this is to help improve the stability of and confidence in the math-based currency industry overall.


Statement
=========

The audit process is designed to allow the auditor - in this case me, Stefan Thomas - to verify that the total amount of bitcoins held by OKCoin matches the amount required to cover an anonymized set of customer balances. I am attesting to the root hash of a merkle tree containing all balances that were considered in the audit. If you are a customer of OKCoin, you'll be able to verify using open-source tools that your balance at the time of the audit is part of this root hash. If it is and if you believe that I am trustworthy, then you can be confident that your balance was matched by an equivalent or greater amount of bitcoins in the block chain at the time of the audit.

The most difficult part of an audit is normally to verify that the exchange is not under-reporting the number and balances of account holders. With this approach each account holder can verify that they were considered in the audit. At the same time it maintains absolute privacy for customers, the auditor only sees anonymized balances and the general public only sees the overall level of reserves.

Note that there are limitations to this type of audit. It does not verify an exchange's fiat assets and liabilities or other aspects of their balance sheet. It is also difficult to prove definitively that the bitcoins in question are actually owned by the exchange versus being on loan for instance.

In order to reduce reliance on the auditor, the audit should be repeated using different auditors at different times.


Claims
======

Claim 1: OKCoin controls a certain amount of Bitcoins.

Proof: OKCoin provided a JSON file with a list of their Bitcoin addresses and balances. I used the `cryptoshi audit` command in libcoin to verify the JSON file against a copy of the block chain.

The version of libcoin used was commit 5424505e2fb5866be96e9af35874cf9c289e3ccd.

Here is the audit code used:

https://github.com/libcoin/libcoin/blob/5424505e2fb5866be96e9af35874cf9c289e3ccd/applications/cryptoshi/cryptoshi.cpp#L638-690


Claim 2: The amount from claim 1 is greater than the amount contained in the root hash of balances.

Proof: OKCoin provided a JSON file containing a set of anonymized user balances. I used my own tool "easy-audit" to calculate the reserve ratio and root hash.

The version of easy-audit used was commit 663c38be6767175764d13d249a6c18905ebae76f

Available at: https://github.com/justmoon/easy-audit

Here is the audit code used:

https://github.com/justmoon/easy-audit/blob/663c38be6767175764d13d249a6c18905ebae76f/lib/audit_reporter.js#L10-31

The tool's output was:

ASSET OWNER: okcoin.cn
BLOCK HEIGHT: 316837
ROOT HASH: dbb26444331293a04b289ba632b8f942b550d6873fed1afd6c53fca52825d1c7
RESERVE RATIO: 104.86%

The actual holdings were 4.86% higher than the required holdings, meaning OKCoin had greater than 100% reserves at the audit block height.

// Stefan Thomas

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6  Economy / Service Announcements / [ANN] Bitfinex Passes Proof of Solvency Audit on: April 07, 2014, 03:26:12 PM
Happy to publish today the results of an audit I performed for the Bitfinex exchange. This is similar to the Kraken audit, we simply took some of the feedback on board (hash email address into leaf nodes), improved the security in a few places (balances were anonymized even to me) and streamlined the process some more (presenting easy-audit.)

As always, an audit does not constitute an endorsement and it does not address any risks outside of present insolvency. It's also not infallible, exchanges can borrow money or ask others to sign their audit message. Finally, until we can implement fully zero-knowledge, cryptographically provable audits, you have to trust the auditor, i.e. me, to have done my job correctly.

Also same as last time, I did not receive any compensation for the audit and I did it in my free time.

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

=====BEGIN AUDIT REPORT=====

AUDITOR: Stefan Thomas
AUDITED ENTITY: iFinex, Inc., https://www.bitfinex.com
ROOT HASH: 37c49d606c61aab140726265099992c3dd0fba30e1ce1a8a04f0e56cec6dc19f
BLOCK HEIGHT: 294378
RESULT: >100% reserves


April 6, 2014
San Francisco

This post is to report on an audit I performed for the Bitfinex Bitcoin exchange on April 5th and 6th, 2014 from my home office here in San Francisco. I've not received any payment for this audit - my personal goal with this is to help improve the stability of and confidence in the math-based currency industry overall.


Statement
=========

The audit process is designed to allow the auditor - in this case me, Stefan Thomas - to verify that the total amount of bitcoins held by Bitfinex matches the amount required to cover an anonymized set of customer balances. I am attesting to is the root hash of a merkle tree containing all balances that were considered in the audit. If you are a customer of Bitfinex, you'll be able to verify using open-source tools that your balance at the time of the audit is part of this root hash. If it is and if you believe that I am trustworthy, then you can be confident that your balance was covered by 100% reserves at the time of the audit.

Compared to audits performed by other exchanges, this approach is very strict while still maintaining absolute privacy for customers. The most difficult part of an audit is normally to verify that the exchange is not under-reporting the number and balances of account holders. With this approach each account holder can verify that they were considered in the audit.

Trust in this type of audit still requires trust in the auditor. For now, this will rest on my shoulders, but Bitfinex have expressed interest in doing regular audits with different auditors each time. This serves to renew the audit and also to increase the confidence in the audit process and the validity of the result.


Claims
======

Claim 1: Bitfinex controls a certain amount of Bitcoins.

Proof: Bitfinex provided a JSON file with a list of their Bitcoin addresses and balances. I used the `cryptoshi audit` command in libcoin to verify the JSON file against a copy of the block chain.

The version of libcoin used was commit e913a46fd481236f573001abbc879d89595d5fef.

Here is the audit code used:

https://github.com/libcoin/libcoin/blob/e913a46fd481236f573001abbc879d89595d5fef/applications/cryptoshi/cryptoshi.cpp#L638-692


Claim 2: The amount from claim 1 is greater than the amount contained in the root hash of balances.

Proof: Bitfinex provided a JSON file containing a set of anonymized user balances. I used my own tool "easy-audit" to calculate the reserve ratio and root hash.

The version of easy-audit used was commit 8dc5882c1d40f5ab9bbea14778cd1abadce6e459

Available at: https://github.com/justmoon/easy-audit

Here is the audit code used:

https://github.com/justmoon/easy-audit/blob/8dc5882c1d40f5ab9bbea14778cd1abadce6e459/proof.js#L21-45

The tool's output was:

ASSET OWNER: bitfinex.com
BLOCK HEIGHT: 294378
ROOT HASH: 37c49d606c61aab140726265099992c3dd0fba30e1ce1a8a04f0e56cec6dc19f
RESERVE RATIO: 102.82%

The actual holdings were slightly (< 3%) above the required holdings, meaning Bitfinex had greater than 100% reserves at the audit block height.

// Stefan Thomas

=====END AUDIT REPORT=====

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7  Economy / Service Announcements / Re: [ANN] Kraken Passes Cryptographically Verifiable Proof of Reserves Audit on: March 26, 2014, 11:09:08 AM
They've openly made a choice to include accounts with negative balances.

Thanks for bringing up negative balances, that's something I should have covered in my audit report. Their tool prints a warning if any negative balances are included and I would have refused the audit at that point.

I think the way forward will definitely be the standards-based approach that you yourself and others are advocating. Just based on the conversation I've had with different exchanges on the subject of audits, I don't think they like publishing their total holdings for a variety of reasons, so it would be nice if the standard specified the best possible procedure under that constraint.
8  Economy / Service Announcements / Re: [ANN] Kraken Passes Cryptographically Verifiable Proof of Reserves Audit on: March 25, 2014, 01:28:37 AM
Thought I'd chime in! Sorry for not posting earlier, I'm currently in Paris for the W3C Web Payments Workshop, which has meant a pretty busy day yesterday.

I'd settle for a multi party audit, with him being involved. Say him plus two others would suffice.

Totally understood, please think of this audit as a first step in the right direction.

When I agreed to do the audit, a big factor was Kraken's assurance that they'd be building on it, meaning they'd repeat it with other auditors and further improvements to the audit process. I imagine eventually that will involve professional accountancy firms, audits of fiat accounts and audits covering a span of time as opposed to just a snapshot.

There are already a couple good suggestions for tweaks/improvements for next time in this thread, so I think that you'll see more audits and continuous improvement of the process as we move towards an industry standard.

Please be aware that this is absolutely no different than a centralized audit. There are no cryptographic assurances at work here...

The point of the cryptography is to make the audit easier for the auditor. It would normally be very hard for me to determine that Kraken gave me a complete list of their user accounts. Using the merkle tree structure I don't verify that point at all, I can sign a message saying which list of accounts I audited and users themselves can verify that they were part of that list. (Speaking of which, please help to get as many people as possible to do that! Being a JavaScript nerd, I'd especially love to see a browser-based tool as well.)
9  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple Giveaway! on: October 07, 2013, 11:08:02 AM

The people who hacked the forum potentially compromised a large number of forum accounts. Until we know more, it doesn't seem smart to give away free money based on forum accounts.
10  Alternate cryptocurrencies / Altcoin Discussion / Re: Ripple Giveaway! on: October 07, 2013, 09:03:37 AM
The giveaway has been suspended for the time being.
11  Alternate cryptocurrencies / Announcements (Altcoins) / [ANN] Ripple is officially open-source! w/link on: September 26, 2013, 01:06:21 AM
Hey all!

It's my great pleasure to announce the release of the rippled p2p node source-code, the code that implements the Ripple protocol and powers the Ripple payment network. In conjunction with the open-sourcing we're also announcing that OpenCoin Inc. will change its name to Ripple Labs Inc. That latter part is mostly because the old name was confusing and required explanation. We hope the new name is a bit more self-explanatory - we're the place that Ripple came out of and we'll continue to experiment with and develop Ripple technology.

For those of you who are less technical, the significance of our announcement is that Ripple is not another altcoin. All the protocols and data formats have evolved independently of Bitcoin. Our consensus process uses peering (kinda like the Internet itself) instead of mining. The ledger is a data structure that describes the current state of the network as a merkle tree (this has the same effect as the merkle tree of unspent outputs proposals that have come up within the Bitcoin community.) The time between ledgers is adaptive rather than fixed. The current implementation supports holding deposit contracts - balances representating currencies other than the native currency. And we support the trading of these currencies in the network - as one atomic transaction, even across multiple conversions. The Ripple ledger is a general purpose data store and we plan to enable you to program the network freely via contracts.

It feels weird that it falls upon me to announce the open-sourcing of this code, since aside from a tiny fix here or there I wrote none of it. But I have worked closely with the people who did and they have completely changed my perspective on what's possible. I remember promoting Bitcoin to blank stares three years ago and now talking to bitcoiners about Ripple I often feel the same way. I hope that over the next year, starting from today, we can change that - and you'll be able to see Ripple as we do.

I want to address a few questions that I know will come up:

1. Forks

People will fork the network pretty much instantly (as soon as they can figure out our config files Cheesy), so does that worry me re: job security? Of course. But that's the whole point of open-sourcing: It's one thing we can do to help keep us honest. I believe as long as we continue to live up to our promises, work hard and provide value to users, they will continue to use our network. And in doing so they're supporting our effort to build out the software and extend the network through any and all means available until all XRP are sold or given away.

I don't believe in closed-source, I don't believe in copyright, but I do believe in supporting the artists, the developers and entrepreneurs who make things happen. We have a growing team of people with big ideas and ambitious plans. So please consider using the original network so we can continue to develop amazing features and integrate every payment system on the face of the planet.

One final request for those planning to fork: If you do fork, please come up with a unique name for your network and a different currency code than XRP. A little search and replace won't kill you and you'll make life a lot easier and less confusing for both our users and your own.


2. Decentralization

Whether the code is open-source or not has nothing to do with whether Ripple is decentralized or not. As far as the original network is concerned we will continue to recommend our own validators for the time being. Running the core group of validators lets us close security holes much more quickly, which is very important at least until major feature development is completed. The last of these major features left is contracts.

So to recap, the general plan is to focus on contracts next and once their API is reasonably stable focus on building out the tools and testing needed to move to a fully distributed network topology.

That said, we do encourage interested parties to start running validators immediately - this is your chance to build a history and reputation as a reliable validator so people will later be more likely to add you to their UNLs.


3. Bugs

There will be bugs. If they are security-critical, please consider responsible disclosure through bugs@ripple.com. We also have a bounty program for critical bugs.



Alright, that leaves only one thing.

https://github.com/ripple/rippled/

Go nuts.



Cheers,

Stefan Thomas
CTO, Ripple Labs Inc.

www.ripple.com

PS: Cross-posting this on the Ripple forum as well.
12  Alternate cryptocurrencies / Altcoin Discussion / [ANN] Ripple Developer Conference 2013 - Las Vegas, October 10th 2013 on: September 12, 2013, 07:14:07 PM
Hey folks,

Ripple has been trucking along quietly behind the scenes - a good part of what we do at the moment is infrastructure for larger companies who want to use Bitcoin or remit money internationally. That said, we're nearing a new phase in our development and there are a number of big announcements coming.

If you're interested in Ripple, consider joining us at the Ripple Developer Conference 2013 in Las Vegas, Nevada. We're part of Money2020, one of the most important fintech conventions in the year with more than 4000 attendees from 1500 companies.

When: October 10th, 2013
Where: ARIA, Resort and Casino; Las Vegas, NV
Price? FREE (seats limited; see registration instructions below)


If you missed the early part of the Bitcointalk giveaway, attending is your chance to make up for it: We'll be giving 50000 XRP each to registered attendees at the event so you have plenty of funds to play with the system.

In order to register, please tweet @ripple and tell us why you want to develop for Ripple. Alternatively, you can also email us at money2020@ripple.com. Available invitations are sent out on a first come, first serve basis.

You can find more information on our blog: Win Free Tickets to the Exclusive Money2020 Ripple Developer Conference 2013 and 50,000 XRP
13  Bitcoin / Development & Technical Discussion / Re: Discovery of nodes that support custom services on: August 01, 2013, 03:49:00 PM
I wrote a BIP on discovery to go along with BIP 36, just never submitted it: https://en.bitcoin.it/wiki/User:Justmoon/BIP_Draft:_Custom_Service_Discovery

Since I'm busy with other projects, if anyone wants to take up and/or finish either of these, please do!
14  Economy / Securities / Re: [Investment fund] Gamma Bitcoin Fund [Closing] on: May 27, 2013, 09:00:22 PM
10557.516 BTC has been paid out in total.

Received my payout. Including all previous payouts, I received ~334 BTC. Based on my single 250 BTC, April 2012 investment, I made a ~34% profit (in BTC) or ~3280% (in USD). Not bad for just over a year, not bad at all. Smiley

Big props to DeaDTerra for being reliable and trustworthy despite a very difficult environment.
15  Economy / Service Discussion / Re: weusecoins.com down? on: April 09, 2013, 06:48:37 AM
Just to let you guys know - site was down due to a server misconfiguration afaict. Hopefully should be fixed now.
16  Economy / Economics / I was asked: Where does all the money go? on: April 04, 2013, 07:01:10 PM
Today somebody asked WeUseCoins support where all the money goes that people invest into Bitcoin. It's actually kind of an interesting question with a lot of facets, so I ended up spending way too much time writing a reply. I thought I'd share it in case anyone is interested.

Quote
Bitcoins are issued via the process of "mining". Mining refers to a competitive, open-access activity which serves two main functions:

1. Create agreement about the ordering of transactions. (This is the main problem that a distributed payment system has to solve.)

2. Distribute newly created Bitcoins.

The actual mining work is just to run a specific algorithm. The important property of this algorithm is that it is easy to look at the result the miner presents and determine how much work has gone into it. The network considers how much mining each miner has done and uses that information to solve the two problems above:

Solving 1.: The majority of miners (weighted by hashing power) decides the ordering of transactions.

Solving 2.: Each miner gets a share of the new Bitcoins proportional to the amount of mining work he did.

The total amount of Bitcoins is predetermined (~21 million) and the rate at which the coins are minted is also (approximately) predetermined.

So to answer your question:

> where the money paid by punters for Bitcoins actually goes?

Most of the money just goes to people who previously bought the bitcoins.

But of course you're right that ultimately every Bitcoin had to have been created at some point, so I suppose it would be fair to say that in the first instance it's the Bitcoin miners who would profit.

However, keep in mind that on MtGox alone, more than 100000 BTC change hands every day, whereas only about 3600 BTC are newly minted in the same amount of time. Many if not most miners immediately sell their bitcoins in order to cover their mining expenses and the price has risen only recently, so lots of miners will have sold at much lower prices.

Also consider that a miner's income isn't pure profit, a miner has costs. He has to pay for the hardware and for the electricity. Also mining is competitive, if mining were extremely profitable, more people would do it, meaning the newly minted coins would be divided up amongst more people and profits would drop until they reached a point where it is no longer financially attractive to become a Bitcoin miner.

Because of mining costs a good chunk of Bitcoin seignorage profit would have gone to electricity companies and hardware/chip manufacturers. Those companies of course also have costs, so another good chunk would have gone to the energy and high-tech sectors more generally.

Hope that helps.

I glossed over some technical nuances here, before you judge me, keep in mind that this is intended for a novice and that it's an reply to an economic question, not a technical one. Smiley
17  Bitcoin / Bitcoin Discussion / Re: "Online wallet services" are an invitation to fraud and theft on: April 03, 2013, 01:52:40 AM
There has been quite some progress in this area since this thread was originally discussed.

Here is a quick write-up regarding what I consider to be best-in-class security for web-based clients:

https://ripple.com/wiki/User:Justmoon/Secure_Bookmarklet

Note that the document above deals only with the code delivery problem (i.e. the server can send you a version of the client that steals your keys). This seems to be the key issue that web wallets need to solve.

Note also that a web client like this actually provides better security in this particular area than a downloadable wallet like bitcoin-qt, because it makes independently verifying the client much quicker and much more user-friendly and it is therefore significantly more likely that any given user will actually bother to do it.
18  Economy / Economics / Marco Polo writing on paper money on: February 21, 2013, 08:53:12 PM
Just came across this and I thought some people here might enjoy it.  Smiley

"How the Great Kaan Causeth the Bark of Trees, Made Into Something Like Paper, to Pass for Money All Over his Country"
http://en.wikisource.org/wiki/The_Travels_of_Marco_Polo/Book_2/Chapter_24

It's Marco Polo trying to explain paper money to contemporary Europeans. Cheesy

Here are some of my favorite excerpts:

Quote
The Emperor's Mint then is in this same City of Cambaluc, and the way it is wrought is such that you might say he hath the Secret of Alchemy in perfection, and you would be right!

Fiat money is "alchemy in perfection"!

Quote
And the Kaan causes every year to be made such a vast quantity of this money, which costs him nothing, that it must equal in amount all the treasure in the world.

And the Great Ben causes every year to be made such a vast quantity of this money ...

Quote
And all the while they are so light that ten bezants' worth does not weigh one golden bezant.

How convenient!

Quote
Now you have heard the ways and means whereby the Great Kaan may have, and in fact has, more treasure than all the Kings in the World; and you know all about it and the reason why.

And the idea caught on!
19  Bitcoin / Bitcoin Discussion / Re: bitcoin.org and weusecoins.com in other languages on: February 13, 2013, 08:00:57 AM
Hey Sa´vann,

Looks fantastic, amazing work! Ok, let's start integrating this.

Here is a quick checklist on what we need to take care of:

- We need to make sure we set up redirects for all old URLs so we don't break any existing links.
- I set up a Github org at github.com/weusecoins and added you as an owner. The repo is now at https://github.com/weusecoins/weusecoins
- I'll set you up with FTP access.
- How do we keep the translated versions up-to-date?

Any other input and thoughts would very welcome! If you're reading this, give us your opinion!

Cheers,

Stefan

20  Bitcoin / Development & Technical Discussion / Re: [ANNOUNCE] Webcoin Alpha Sneak Preview on: December 10, 2012, 06:27:51 PM
Necroposting = not cool.

I'll allow it - I do owe people an update. Wink

Just after the London conference I finally found a job with a Bitcoin-related employer who actually pays my invoices. Ripple. I'm very excited about what we're building here and for the moment I'm focusing all my work and free time on it. Webcoin is and always was open source on Github, so if anyone wants to make it a reality, go for it.

I've also heard rumors that at Ripple we're thinking about adding a Bitcoin client to our Ripple client as a plugin. Cheesy That opens some awesome possibilities and might be something I'd work on once some of the more basic features are up and running.
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