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1081  Bitcoin / Press / 2012-04-29 - The Elephant in the Payments Room on: April 29, 2013, 06:09:45 PM
The Elephant in the Payments Room
by Jon Matonis

We are witnessing something unique in money and payments.  For those that do invest and successfully navigate the potential traps, the reward is a first-mover advantage for a new international monetary unit.
Here's the important part. Disruption in the unit of account is the way to disrupt the payments space.
With a nonpolitical monetary unit, many new possibilities become apparent structurally that would not have been contemplated before, such as: peer-to-peer mobile applications that don't require permission from legacy transaction carriers; global remittances that don't require high-fee currency conversion; merchant categories that are no longer disallowed due to fraud and chargeback risk; and merchant reach into countries that are not even on the map for Visa, MasterCard or PayPal.
Disruptive technology disrupts. That is its mission. It annihilates any substandard process or product in its path and it originates outside of the established paradigm. You don't see it coming.
A payments startup that ignores Bitcoin in its strategic plan is like a publisher ignoring the Web in 1999. Certainly, innovators can design routes around Bitcoin and established players can dismiss it as insignificant, but that won't make the elephant go away.


1082  Economy / Service Discussion / Re: Bctip! on: April 29, 2013, 07:03:39 AM

BCTIP - Printable Bitcoin Tips
1083  Economy / Service Announcements / Re: BCTIP - Printable Bitcoin Tips on: April 29, 2013, 07:00:38 AM
Each paper URL contain amount of Bitcoins equal to $1 to $10 dollars (according to the current exchange rate) and short description of what Bitcoin is. You can give the peace of paper to anyone and he/she will master the funds.

This is fantastic!

One question though regarding the currency.  If I make a $5 BTCTip, that means that the BTCTip URL holds an amount of bitcoins that were worth $5 at the time that I generated the URL?   (Versus holding $5 USD and converted to BTCs at the time of redemption?)
1084  Bitcoin / Bitcoin Discussion / Re: Time for a renewed push to get EFF to accept Bitcoins? on: April 29, 2013, 04:10:21 AM
Sorry for necrothread, not sure if there is a more recent one of the topic.

Anyway, today this happened:

Anyone know of retail businesses in the Bay Area that accept bitcoin payments?

@marciahofmann is a senior staff attorney @EFF.
1085  Economy / Trading Discussion / Re: 2 Accounts at Mtgox on: April 28, 2013, 06:23:30 PM
Apologies if this has already been asked...

Can I set up two accounts at mtgox?

I already have one in GBP (i'm from UK) which I have some longish term investments in..

I now want one to day trade in USD...

Can i have two accounts linked, or will I have to set up an entire new fresh one (and can i have two accounts under my name?)

A single account can have a wallet in each currency.  Simply click the icon for which currency wallet to use.

To transfer funds from GBP to USD or vice-versa is as easy as buying bitcoins with one and selling in the second currency.

Mt. Gox terms prohibit multiple login accounts, and since they can ask for AML verification at any time, it is not recommended that you chance it just because they allow small value accounts without verification.
1086  Bitcoin / Development & Technical Discussion / Re: How does the initial sync is done? on: April 28, 2013, 06:17:43 PM
Thanks for the info. But it is still not clear to me. When I started with a genesis block and how does the system know there is no other existing bloackchain in the network that it needs to sync?

There are two methods, if I remember correctly.  Firstly, the client learns what peers believe is the block number at the tip of the longest chain.  So immediately the client knows it has at least N blocks to go.  

Secondly, there is a targeted rate of one block every ten minutes.  If the highest block a client knows about is N, and some period of time goes by (e.g., an hour) and the highest block is still N then it can be suspected that somehow the client isn't getting updated blocks (and the out of sync message displayed)

I'm not positive on either of these, hopefully someone knowledgeable of the details can confirm or correct me.
1087  Bitcoin / Bitcoin Technical Support / Re: BitcoinD with an alternate database on: April 28, 2013, 05:47:24 AM
Is there a way to use an external database , for example redis - to
hold all my users private_key, and bitcoin addresses..

Maybe Bits of Proof is more suitable for you?

1088  Bitcoin / Armory / Re: Force/resend a transaction on: April 28, 2013, 05:42:47 AM
I sent an amount to various addresses but Armory (Mac OSX 10.8  Armory v. .88-1) shows that the transaction is not in the blockchain, this was confirmed at The transaction in the Armory client is dimmed. It seems like the sending got interrupted or stuck and never got transmitted, but the coins were subtracted from my total amount available in the client. It's been a couple hours.

In addition the qt client is fully synced as is armory (same number of blocks)

Thanks for any help.

Did you pay a fee?

If not, then are there any outputs below 0.01 BTC?   If there's no fee and there is one or more outputs below 0.01 BTC then peers following the default will not relay the transaction.

What you can try doing is have an explicit outgoing connectioin to a node that will relay regardless of whether a fee is paid or not:

Also, make sure to leave your Bitcoin-Qt/bitcoind node running so that it will re-broadcast periodically.

1089  Economy / Trading Discussion / Re: Best way to get real $$ for Bitcoins? on: April 27, 2013, 10:35:08 PM
Unfortunately only a few people are using or their FIAT.CAD instrument on

 -  <--  Accepts Interex
1090  Local / Alt Coins (India) / Re: Indian Version of Bitcoin on: April 27, 2013, 06:41:15 PM
Because Bitcoins are so limited

The rate of currency inflation is limited (currently just under 11% per year on an annual basis).  That is what allows a bitcoin to hold its value.

and 90% of Indian will not have access to real bitcoins

A digital cryptocurrency does require computing hardware and connectivity, but either $40 android devices or dedicated hardware wallets will extend bitcoin to even the poorest regions of the world.   Additionally, there will be innovations such as inexpensive scratch-off prepaid cards allowing bitcoin value to be stored and carried by even those with no technology.

so we need a desi version which can be converted to bitcoin

Bitcoin is a proof-of-work based cryptocurrency.   It is vulnerable to a 51% attack, however the prerequisite to such an attack is accumulation of tens of millions of dollars of hardware.  (though if just ASIC, that amount is still under $10 million today but ASIC hardware is not available in quantity yet, so it will be tens of millions of investment by the time excess ASIC capacity is available).  

But alternative proof-of-work based cryptocurrencies (like Litecoin, and especially a new one like you suggested with a desi version) are more vulnerable to a 51% attack.   The thickness of the walls of a bank vault need to be the same whether inside is just $1 million or $2 billion.   The same issue exists with proof-of-work based cryptocurrencies.  

Now Ripple might be something to look at.    With Ripple, one might extend an INR loan to another person through Ripple -- a family member perhaps, or even a member of the local community with repayment of the INR loan informally backed by some gold jewelry.

Or Open-Transactions might be the enabler.   With open transactions, contracts for any type of asset can be issued and traded.   A specific Open Transaction node could even be tailored to a specific community (versus a larger region or nation even).
1091  Bitcoin / Electrum / Re: Electrum sending unconfirmed bitcoins on: April 27, 2013, 06:13:28 PM
Can anyone explain what is the deal with the missing/hiding transaction #2?

Peers won't relay certain transactions, including ones in which the amount is below 0.01 BTC and no fee is paid, or ones which are invalid because the "parent" transaction assignment hasn't been seen before.

Is this possibly what happened?
1092  Bitcoin / Meetups / Re: SoCAL BITCOINERS Poll: Where to meet??? on: April 27, 2013, 05:49:44 PM

Bitcoin in San Diego (CA) April 30 at 7 PM
1093  Economy / Trading Discussion / Re: Best way to get real $$ for Bitcoins? on: April 27, 2013, 07:53:03 AM
Made an account at Mtgox, having trouble figuring out the best way to sell my Bitcoins for CDN dollars without getting completely ripped by fees.


You sometimes can even get better than spot price, paid in cash.
1094  Bitcoin / Bitcoin Discussion / Re: Let's brainstorm remittances on: April 27, 2013, 06:27:04 AM
So, do people have any ideas? How can we make it easy for people to receive BTC in, say, the Philippines, and then somehow get that into Pesos for their living needs? Or Africa, India, South America?

Hawala is about the same as Western Union, except that it is an informal value transfer system.   This means nobody is filing currency transaction reports (CTRs) for transactions greater than $3K USd or $10K or whatever.   And nobody is asking questions.     It exists today, ... someone in one country hands over some amount of cash to a hawalder and in another country that person's family member visits the hawalder partner there and receives the cash, less a 10% or 20% fee.

A hawalder is a network ... requiring presence in both countries ... the sender's country and the recipient's country.

Bitcoin breaks this down into there being two domestic transactions.   The person sending the money goes to 7-eleven, or does a domestic bank transaction or whatever to buy coins.   On the recipient's side, that too is simiply another domestic transaction -- the recipient redeems bitcoins in exchange for cash of the local currency.

So simply educating the hawalders about bitcoin, and how they can become independent bitcoin exchange agents to serve the remittance market, is one way to cause bitcoin to become more widely used for remittance payments.

Since there already is a pretty developed method for the person in the western world to obtain bitcoins, the challenge comes in ensuring that the remittance recipient can cash out securely, without losing a ton during the exchange.

Here's the problem that I see, however.   The independent local exchangers don't have much capital.   The "round trip" between selling bitcoins and using those cash proceeds to restock can take many days, and the fees to do so may be relatively prohibitive.    

So what is needed is a mid-level wholesale buyer who has an inventory of coins who can sell to the local exchangers in exchange for their cash.  This lets the local exchanger negotiate a trade with the confidence that cash proceeds from the sale can be converted back into bitcoins within a short amount of time (same day even) and thus exposure to exchange rate risk is lower and the capital requirements for operating the exchange business are lower.

The mid-level wholesale buyer would sell the coins purchased to local buyers or would convert the proceeds on an exchange.  This mid-level buyer would need to be well capitalized to accommodate the short term demand for cash as well as have banking connections sufficient to ensure that bitcoins sold at the exchange (generally in USDs, or EURs) can be converted back in to the local currency for use in making further purchases.

This is a function that can develop organically (as a better funded local trader with an entrepreneurial mind can rise to become a mid-level trader), however someone purposely filling this role can help cause this service to be available to the small time traders sooner.

So that's what is needed to bump Bitcoin's share of the remittance market up a notch or two.
1095  Economy / Marketplace / Re: Stocks and options trading on: April 26, 2013, 11:23:14 PM
I am a skilled stocks and options trader.


More are coming as well,,,, Coinlab, and more promise methods to short and/or leveraged trading.
1096  Bitcoin / Mining / Re: So what the hell are we supposed to buy? on: April 26, 2013, 02:03:32 PM
So what the hell are we supposed to buy?

Bitcoin, I guess.

Seriously.  Ask the people who plunked down 150+ BTC in June 2012 for a BFL single if they today had the option would they take back the 150 BTC or would they still want deliver of their ASIC single.

Mining has very rarely returned more than 1 BTC per BTC invested.
1097  Bitcoin / Press / Re: 2013-04-26 The Guardian: The Berlin streets where you can shop with vir on: April 26, 2013, 01:53:29 PM
I am endlessly amazed at the energy Joerg has put in to building the Bitcoin Kiez in Berlin,

Every metro area needs a Joerg, to serve as a local "Mayor of Bitcoin".
1098  Bitcoin / Bitcoin Technical Support / Re: Transaction sent 12 hours ago still nothing on on: April 26, 2013, 12:07:01 PM
Is that something different that in the version 0.7.2 ?

No, that hasn't changed.

If you are claiming that v0.7.x broadcast a transaction without being in sync, I'm not sure why that would be.

But this is really a moot point.  Let the client sync and then your problem is resolved (or at least if there is still a problem, such as no connectivity, this can be properly diagnosed).
1099  Bitcoin / Project Development / Re: Operation Zimbabwe on: April 26, 2013, 12:02:14 PM
As a test I successfully sent him bitcoins; now the question is...what can someone in Zimbabwe currently do with a bunch a bitcoins? Are there any products that he could purchase online with bitcoins that might prove useful?

Well, offering them for sale is one way to establish a local trading network.  Knowing who will buy and/or sell bitcoins locally is often something that opens doors in the future. There currently aren't any sellers listed.
Though this could be offered through Craigslist as well.

There may be even international trades.  For instance, maybe a person in Zimbabwe has a relative in Kenya and wishes to send money (where a trader in Kenya will distribute schillings in exchange for bitcoins received).  Bitcoins can be used to enable that transaction.  Here's a site to help make the introductions:

Additionally, there might be people that would like to earn bitcoins.  So those coins could be used as the compensation method for performing tasks.  Because of the difficulty in obtaining bitcoins, sometimes you can find very qualified people willing to provide work at below market rates simply because bitcoins are the form of compensation earned.
1100  Economy / Marketplace / Re: BTCbase: The fastest growing database of merchants who accept bitcoin. on: April 26, 2013, 10:41:07 AM
BTCbase has dedicated members who continually add to the database and encourage others to add as well.
Something bitcoin needs right now is strength and stability in the actual marketplace.
So come on by and contribute to the database of merchants who support this grand experiment of freedom known as crypto-currency.

There's a bunch of merchants that started accepting bitcoins prior to when BTCBase existed.  A list including some of them is here:

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