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1041  Bitcoin / Press / 2013-04-07 - Four Reasons Bitcoin Is Worth Studying on: April 08, 2013, 10:44:38 AM
Timothy B. Lee writes Four Reasons Bitcoin Is Worth Studying

Even if you think the current value of of more than $140 is a bubble, it’s clear that Bitcoin has some genuine applications. The number of daily Bitcoin transactions has soared from around 1000 at the beginning of 2011 to about 50,000 today. Figuring out the “fundamentals” that drive the currency’s long-term value seems like an interesting theoretical puzzle.
A core part of Bitcoin’s appeal is that it’s not under anyone’s control. Supposedly, nobody has the authority to change the Bitcoin money supply, cancel or reverse transactions, or otherwise change the attributes of the protocol. But in practice that’s not really true. In the wake of last month’s fork, the elites in the Bitcoin community effectively changed the rules in a matter of hours. In principle, there’s no reason those same elites couldn’t make other changes to the Bitcoin protocol.
In principle, these two pools might be able to join forces and execute a 51 percent (or 53 percent) attack on the rest of the network. But doing so might prove foolish in the long run, since that kind of power grab might undermine public confidence in the currency’s long-term viability, since a mining cartel might have the power to change the rules of the Bitcoin protocol in ways that benefit themselves at the expense of ordinary users.


There had been some discussion already in the thread below, using a sensationalist thread title, however that thread has since been locked.
Forbes : the Biggest threat to Bitcoin is Gavin

1042  Bitcoin / Bitcoin Discussion / Re: Criticize my tamper-proof paper wallet design... and steal 0.1 BTC if you can. on: April 08, 2013, 09:26:45 AM
When I’ve got enough feedback and a final design, I’ll publish a web page that will generate these wallets with just a couple of clicks.

Will you also be providing a method for redeeming them?   e.g., a page that takes two fields:  Withdraw  (for scanning the private key) and the Send To (for the Bitcoin address to pay).   That way I can simply do two scans, first the private key from the paper wallet, and the second I show my QR code for my mobile wallet.

Also, will this work with only a black and white printer?
1043  Economy / Service Discussion / Re: Bitparking, Auth'ed with Gmail, What's my UN? on: April 08, 2013, 09:07:53 AM
How do I contact the site?

I don't see any contact info whatsoever:

Post in the thread, or contact forum user from thread:
1044  Economy / Service Discussion / Re: Wiring money onto MTgox before verification? on: April 08, 2013, 08:11:07 AM
I realize my withdrawls will be restricted, but as long as I can buy bitcoins fast, this is fine.

If they initiated the status that you are required to verify, then your account is like being locked until you verify.   If you send funds via bank wire but have a pending verification (or send the funds prior to beginning the verification step), you should be able to buy bitcoins with those funds. There's no guarantee as Mt. Gox can freeze the account for AML verification at any time but if you just send the funds and are not using Tor, you should be able to buy coins with them.
1045  Bitcoin / Bitcoin Discussion / Re: Is a real wiki ? on: April 08, 2013, 06:01:17 AM
About the fee being too high... well, some months ago 0.01 was "nothing". Now the standard for "nothing" is more like 0.0005, or even lower. That the fees are high is a more adequate subject for discussion, in my opinion.

EDIT: seeing that, as described on , the proceedings from the payments are used to keep with wiki online, and since probably not that many people are signing up, maybe the fee is not that high.

The fees really don't need to be sufficient to cover the admin costs of the wiki, and with the increase in the exchange rate they might already be more than covered.  Primarily the reason this existed was due to the spambots and other attempts to gain search engine / pagerank benefits.  A simple threshold of a few dimes worth of bitcoins would probably be more than sufficient to keep that activity away for the most part.

I'll take a look into seeing what is needed to get that price in BTCs lowered.  Nobody who wishes to contribute should be denied because of the cost of getting past the anti-spam protection.
1046  Economy / Speculation / Re: Another possible reason for the price run-up that we haven't thought of? on: April 08, 2013, 05:31:17 AM
Remember it hit $0.001 when mtgox was hacked?

Please don't continue that mistaken assertion.   Bitcoin was never trading for 0.001 at Mt. Gox.      There was never a seller willing (or needing) to sell below about $11 following that security breach.     That $0.001 number comes from when stolen coins were being sold.  Of course, since those were not real sales the transactions were cancelled.    Thus the value of bitcoin never dropped to a penny, or into the single digits even for trading following that June 20, 2011 incident.

Some people and the media love to latch onto that false assertion though.  It makes for a great story, even though the facts are that it never happened.   Or if it did, then the spike to $1.4 million USD per bitcoin at Mt. Gox a few weeks later must have happened too:
1047  Economy / Service Discussion / Re: on: April 08, 2013, 12:43:17 AM
Can you please take 10 seconds to send a request to asking them to accept Bitcoins as payment?

Better yet, instead of a hotel book your next stay somewhere through 9Flats and send to AirBNB a copy of your 9Flats receipt (which is processed through BitPay).  Mention how you might have considered booking it through AirBNB but how you now use 9Flats because of the Bitcoin payment method.

Nothing gets the message across like seeing profitable business lost to a competitor.
1048  Other / Politics & Society / Re: Offensive anti-Bitcoiner Bill Still just lost a fan on: April 07, 2013, 12:08:40 PM
If I had to choose between government and bankers or just government to deal with, I would choose just government.

You would, if given the choice, prefer to have the person show up at your door be the person with a gun who feels authorized to enter your premsises possibly with not even knocking (or knocking first, but entering either way, regardless of your instruction?)
1049  Economy / Goods / Re: [FOR SALE] Series 1, 1 BTC Casascius Bitcoins on: April 07, 2013, 03:30:37 AM
Um ..   this is nuts.

Upon seeing this I contacted someone who has three (2 of the 15....., and 1 of the 14.....), series 1 funded in October 2011, and is willing to sell (auction with a 7 BTC or $1K reserve, whichever is less).

Questions asked, maybe more.

- What kind of condition are these in?
- Did you ever touch them with your bare hands?
- Where/how have they been stored?
- Are you the original owner?
- Do they have any visible tarnish on the backside?

I asked to get digital photos so that these can be reviewed prior to bidding.  
1050  Economy / Economics / Re: Bitcoin Central Bank on: April 06, 2013, 12:21:58 AM
I hope its clear enough,

Its clear.  You are describing Mt. Gox.

Account-to-account transfers (bitcoin payments from one account to a merchant or other account who also uses Mt. Gox) are instantaneous.  

Other "banks" who don't even have accounts at Mt. Gox might accept payments from Mt. Gox account holders instantly using "green address" (because they trust Mt. Gox won't do a double spend). 

But to store your bitcoins with someone else means you are trusting that they are competent enough to hold your coins securely, and that they are not dishonest in which they run off with the funds.
1051  Economy / Service Discussion / Re: Is there any places you can book plane flights with bitcoin yet? on: April 05, 2013, 11:29:18 PM
Roll Eyes or is that silly

Not at all.  

In the U.S. you can use Dwolla USDs to buy American Airline prepaid gift cards or pay for a trip booked online with Jet Blue Vacations.

This is offered through Lyoness.  So the process is to first get a Lyoness account created by an existing member:

Then sell your coins at an exchange that uses Dwolla, (Camp BX, or Mt. Gox  ... though Mt. Gox requires that you verify with them before you can withdraw Dwolla).

Withdraw the USDs to Dwolla.  (e.g., to buy a $500 gift card, withdraw $500.25 so you can pay the Dwolla per-transaction fee).

Then transfer the USDs to your "purchase account" at Lyoness. The funds will be credited the next business at the latest (at least that has been my experience).  Then order the gift card.  It will be sent FedEx.  There is a $5 fee per-order if the total order amount is under $300.  Anything $300 or more is sent at no charge.  (i.e., you send $500 Dwolla USD, you get a $500 American Airlines gift card.)

You can do this for gas (Chevron, Exxon, BP, etc), Walmart, Lowes, Home Depot, and a dozen other national brands.

Lyoness is a merchant loyalty / cash back reward provider.  You get 1% cash back (or 2% for some merchants even) on gift card purchases, so you'ld get $5 back on the $500 gift card purchase.
1052  Bitcoin / Technical Support / Re: What the hell happened to my coins? [Double transaction, confirmed one is wrong] on: April 05, 2013, 09:36:03 PM
Your coins got sent to the address the client says they got sent to.

And they were sent on April 1st:

So if you today sent them using the Bitcoin-Qt client that hadn't been yet synced, it wouldn't know that the funds were no longer able to be sent and would today send the transaction but, of course, that transaction will never confirm because the funds were already spent.
1053  Bitcoin / Technical Support / Re: What the hell happened to my coins? [Double transaction, confirmed one is wrong] on: April 05, 2013, 09:33:13 PM
Where did my coins get sent to?

Your coins got sent to the address the client says they got sent to.

There were two transactions created at the same time.

About the only time I've seen that happen is when someone is purposely attempting a double spend themselves.

Did you use the Bitcoin-Qt client to send the one?

At this point, you might want to treat your system as "status: potentially compromised" and power down your system.  If your wallet still has funds, you might want to copy the wallet.dat and from another system send those funds to safety.

1054  Economy / Currency exchange / Re: Where to get Coins? on: April 05, 2013, 08:43:55 PM
I am gunna need about 2700.00 usd worth bitcoin  and am sick of doing the bitinstant Walmart transactions. Can anyone point a guy to a good exchange that doesnt rape on the rates? ive been trying Ziggap but page keeps sayin be back soon Embarrassed Undecided

That's an amount where sending a bank wire to an exchange is probably your best option.  BITSTAMP, Mt. Gox, and others take bank wire:

If you do this frequently, consider a bulk seller like BitcoinsDirect (occasionally they'll invite more buyers)
1055  Other / Alternate cryptocurrencies / Re: Why Litecoin? on: April 05, 2013, 11:49:31 AM

A bank vault's door needs to be just as thick to protect $10M worth of currency inside as it does to protect $1.5 Billion.

Litecoin is extremely vulnerable to a 51% attack due to the vulnerability of its pools to being DDoS'd, and due to there being significantly less mining capacity needed to reach 51%.
1056  Economy / Service Discussion / Re: Github Brainwallet is not the same as on: April 05, 2013, 11:13:02 AM
The core of the code shouldn't change with time should it

The .html, .css and .js may see updates.  Several were just made:

I believe there are no changes that are not backward compatible. (i.e., the new page will work with your old keys.)

[the current github files generate the same codes as the website!]

Correct.  What is in the Github project repo and what is served on are currently in sync.

How can I include here the zip of the Github files I download back then?

Well, unfortunately the project isn't getting tagged with version numbers that align with the source, so it could be hard for you to know what was the last commit that matches what you currently have.

If your .zip includes the .git project directory, you can see the hash for it:
 $ git rev-list --max-count=1 HEAD

That will let you see where in the list of commits your version is at and from that you can see what has been done since.
1057  Economy / Marketplace / Re: Online supermarket shopping with Bitcoin. on: April 05, 2013, 09:50:28 AM
It wouldn't exactly be a "bitcoin supermarket," but it would be close. Would you use it?

Well, I'm in the U.S.   Where will you be offering this service?

Though I suspect you'll go through the technical efforts necessary to get this running and then a few weeks or months later you shut it down because you are operating as a money transmitter, according to FinCEN.

But there are multiple grocery options available today and I don't use them.  The most recent service I looked at wouldn't work because I couldn't be sure I would be around during the delivery window.   If they were to drop off and leave, I wouldn't want to order anything refrigerated.     Another service I was going to order from,, would ship the items to me, but again but again -- the logistics of the delivery getting dropped off (and possibly disappearing thanks to not having a halfway secure method for accepting delivery (e.g., a porch), that just isn't something I'm that anxious to use.

But I see the delivery trucks out and about, so there are others that do use these services.  And the order sizes are enough to where there's almost always a few dollars per order going to VISA/MC.
1058  Bitcoin / Bitcoin Discussion / Re: Adjusting your way of spending money on: April 05, 2013, 07:26:39 AM
This just further highlights the fact that people will want to pay for things later with bitcoins.

And with a deflationary currency, the value over time will trend upwards.

Now all of this may become less of a factor when everyone is using bitcoins and they only gain value of 2% or so per year. But we are not there yet.

I'm perplexed.  Why would I be more or less likely to pay with bitcoins just because you happen to decide not to use bitcoins for spending?

In other words, you hoarding your coins doesn't change the total dollar valuation (TDV) of spending using bitcoins that happens.  

So go ahead and save up your coins if you want.  

How that does benefit Bitcoin is gives an increase in the purchasing power (from the higher exchange rate) to those who will spend them now (like I did, in my example).

1059  Bitcoin / Bitcoin Discussion / Re: Adjusting your way of spending money on: April 05, 2013, 06:30:21 AM
So the best strategy there is to pay it at the last possible moment.

It all depends if you expect the exchange rate to go up or down.   During about the middle of this runup so far, I made a larger purchase from a Bitcoin merchant sooner than I had been planning on purposely to lock in the exchange rate such that if the rate dropped I got at least what I thought was a fantastic exchange rate.   Ends up I had done that way too soon, but I'm not complaining.

But also what is available to use are derivatives such as PUT options at MPEX and BTC/USD futures contracts at ICBIT.

Now this adds a little more effort to a purchase decision but there's a good reason to consider it.  Specifically, right now if I can wait until April 14th to spend my coins, I might get a small discount on a purchase then by instead today selling BUJ3 futures contracts on ICBIT at $150.    

So let's say I am planning on spending 1 BTC, worth right now about $137.    

There are buyers paying $150 for BUJ3 contracts.   Each BUJ3 represents $10 worth of BTC/USD.    

So by depositing 1 BTC into my account, I would then sell about 15 of the BUJ3 contracts at $150 (quantity 15 was chosen since that is the closest quantity to the current sell price, for $10 contracts).   Then it doesn't matter if the exchange rate goes up or down, I will have about $150 worth of bitcoins on April 14th.

If BTC/USD settlement price on April 14th is $100, then you would end up with 1.410 BTC (after fees), worth about $141.  Gain $4 versus making your purchase today.
If BTC/USD settlement price on April 14th is $170, then you would end up with 0.792 BTC (after fees), worth about $135.60, Loss $1.40 versus purchasing today.

Now this is just for holding off until settlement 10 days from now but in the scenario where the price drops I earned about a 3% discount for letting my bitcoin be tied up for ten days.   Extend this out a few months where, for example, the BUU3 contract settles September 15th, 2013, then you have a higher price that you can sell at (currently $168, so you sell 17 BUU3s) and you get significant gains by committing your 1.0 BTC now:

If BTC/USD settlement price on Sept. 15th is $100, then you would end up with 1.671 BTC (after fees), worth about $167.  Gain $30 versus making your purchase today.  (or about a 22% discount for tying up your money for a period of less than 6 months).
If BTC/USD settlement price on Sept. 15th is $200, then you would end up with 0.867 BTC (after fees), worth about $173, Gain $36 versus purchasing today. (or about a 26% discount for tying up your money for a period of less than 6 months).
1060  Economy / Trading Discussion / Re: Selling coins... on: April 05, 2013, 05:55:03 AM
I'm also looking for other companies/services that are already established to buy bitcoin from me. What do you guys suggest other then the two listed above?

The factors that matter for any cash-out decision are:

 - Where are you located (country)? [You mention Coinbase, so presumably you are referring to U.S.]
 - How much are you looking to trade?
 - What type of cash are you looking to receive?
 - How soon do you need access to the proceeds?
 - Is privacy important?

A fairly comprehensive list exists at:
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