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1181  Bitcoin / Press / Re: 2013-04-18 FoxBusiness - Bitcoin Buzz Draws Western Union, MoneyGram on: April 18, 2013, 09:54:31 PM
Quote
Remittances go to pay for housing and for food and for maintaining your family," he said. "If you're sending to a rural part of Mexico, my guess is that the merchant is not going to be accepting bitcoins. They want pesos."
- Read more: http://www.foxbusiness.com/news/2013/04/18/bitcoin-buzz-draws-western-union-moneygram/#ixzz2QqtZN0Rb

Yup.  But instead of having to go down to the Western Union agent location to pick some pesos up, you send a text to your friend's sister who buys bitcoins and pays pesos in exchange.   That person makes a little from each transaction.  Western Union gets about $8 + a vig on the exchange rate, so for a remittance transfer valued  at $100 the remittance recipient might get just $88.      With the person providing independently money exchange, that same transaction might deliver $94 worth and the person providing the exchange makes at least $5.  Sure that's not a lot of money but six of those a day and that person would be making more with this side job than from other employment options.

1182  Bitcoin / Bitcoin Technical Support / Re: Getting my head round it. on: April 18, 2013, 08:47:51 PM
I had 5000 coins, I put them into a cold wallet. If some how the cold wallet's address was the same as a wallet already online on someone's PC if they decide to make that wallet come online would all the coins on the cold wallet get transferred to the online wallet.

The way it works is confusing because the plumbing underneath is actually different from how it is presented.

Coins don't actually get held in a wallet.   The blockchain is a transaction ledger, and every full node with a blockchain has a copy of it.  The only thing in the wallet on your client essentially is the private keys that allow you to spend the funds for certain addresses.

Because people are familiar with the term wallet, since there is one in most back pockets and purses, that's what the clients try to emulate.   So the Bitcoin clients use the same concept of receiving and sending money as you have with a physical wallet for cash, but that's simply not what happens.

When you send a payment, you are simply broadcasting your permission for value to be transferred from previously received transactions to new bitcoin addresses.

When you receive a payment, that is simply the client showing a filtered view of the blockchain ledger for a specific address.


So yes, if someone has a private key from a cold wallet and that key is already elsewhere in an online wallet, either of those has the ability to spend the funds.  The network only cares which one spends them first.   The second attempt will be rejected as the funds have already been spent.
1183  Bitcoin / Bitcoin Discussion / Re: DDOS Payback on: April 18, 2013, 08:30:44 PM
Is this a real attack or just exponential traffic growth?

Related:


 - http://news.netcraft.com/archives/2013/04/11/mt-gox-victim-of-own-success-as-bitcoins-fall-in-value.html
1184  Bitcoin / Development & Technical Discussion / Re: Forked block chain on: April 18, 2013, 08:04:09 PM
Your fork will have coins pre-distributed so you don't have the problems with early adaptors.

You might be overlooking the obvious. 

The spend transactions from the "pre-distributed"  coins would be valid on both sides of the fork.  Thus if bitcoin is trading at $90, let's say, and you are asking me to pay 10,000 ?TC for a pizza then I'm certainly not going to be using my pre-distributed coins and instead would only be using ones whose coinbase occurred post-fork.

And even putting that aside, you've got a fork that is extremely vulnerable to 51% attack.
1185  Economy / Service Discussion / Re: Blockchain.info is offline, what's wrong? on: April 18, 2013, 07:38:46 PM
Quote
Everything should be back online now. Again apologies for the downtime.
- https://twitter.com/blockchain/status/324963187957063681
1186  Bitcoin / Bitcoin Discussion / Re: Bitcoin circle image on: April 18, 2013, 10:47:30 AM
What do you think? Does it look too much like a cult because of the darker background?

Heh, the first thing I thought of:



The Carousel scene from Logan's Run (1976).  Renew!
1187  Economy / Trading Discussion / Re: What do you want from a better crypto exchange? on: April 18, 2013, 09:04:15 AM
  • Supports multiple cryptocurrencies (our initial goal is BTC/LTC/NMC/TRC)

You'll want to make sure you understand the risk of 51% with proof-of-work based currencies like Bitcoin and Litecoin.  The confirmation threshold for a merchant selling server hosting is one thing, the threshold for withdrawing bitcoins paid for using litecoins might be another.

I personally will not leave bitcoins with an exchange that has exposure to a Litecoin 51% attack.    I do not know if the exchanges that do trading between bitcoin and alts are taking additional precautions but an exchange wanting to grow market share (and revenue from fees) is more inclined to throw caution to the wind since it is primarily the customer's funds at risk to a 51% attack.   Preventative measures could be taken such as imposing a minimum delay before bitcoins purchased with Litecoin can be withdrawn, or daily limits such that if there is a Litecoin 51% attack, any losses are born from the exchange's reserves.
1188  Economy / Service Discussion / Re: Blockchain.info is offline, what's wrong? on: April 18, 2013, 08:40:32 AM
Quote
Should not be long now until were back. Still investigating how the attacker was able to discover our real none-cloudflare IPs.
- http://twitter.com/blockchain/status/324803593217638401
1189  Bitcoin / Press / Re: NEW articles in Press Forum on: April 18, 2013, 07:28:53 AM
2013-04-17 TheNextWeb.com - Bitcoin exchange Bitfloor is no more

https://bitcointalk.org/index.php?topic=179510.0
1190  Bitcoin / Press / 2013-04-17 TheNextWeb.com - Bitcoin exchange Bitfloor is no more on: April 18, 2013, 07:27:53 AM
Bitcoin exchange Bitfloor is no more, has halted trading and promises to return user funds
Alex Wilhelm

Quote
If you are a Bitcoin advocate, fan, or users, this isn’t good news: bitfloor is shutting down. During the Great MtGox downtime and trading halt, smaller exchanges, such as bitfloor, provided valuable market liquidity. No more, for bitfloor.

Operations are kaput, and the company will “return all funds.” Users will undoubtedly be worried about their sums until the return safely to their normal accounts.

Bitfloor asks that its users “be patient” as it processes their cashing out.

 - http://thenextweb.com/insider/2013/04/18/bitcoin-exchange-bitfloor-is-no-more-it-has-halted-trading-promises-to-return-funds-to-users



Another article on it as well:

Bitcoin exchange BitFloor halts operations, shuts down
 - http://news.cnet.com/8301-1023_3-57580163-93
1191  Bitcoin / Press / Re: 2012-09-04 cnet.com - Bitcoin exchange BitFloor shuttered after virtual heist on: April 18, 2013, 07:19:55 AM
Stop considering BitFloor!!

Related threads:

bitfloor issues?
 - http://bitcointalk.org/index.php?topic=179135.0

bitfloor needs your help!
 - http://bitcointalk.org/index.php?topic=105818.msg1868333#msg1868333

Bitfloor Shutting Down?
 - http://bitcointalk.org/index.php?topic=179152.0

Bitflloor: " Trading will be suspended at 6 PM EST on 2013.04.17."
 - http://bitcointalk.org/index.php?topic=179168.0

Bitfloor trading suspended
 - http://bitcointalk.org/index.php?topic=179198.0

Bitfloor ceases operation reasons rumor/speculation
 - http://bitcointalk.org/index.php?topic=179457.0
1192  Economy / Trading Discussion / Re: Bitfloor ceases operation reasons rumor/speculation on: April 18, 2013, 07:14:43 AM
I'm just curious to hear people's thinking.

Related threads:

bitfloor issues?
 - http://bitcointalk.org/index.php?topic=179135.0

bitfloor needs your help!
 - http://bitcointalk.org/index.php?topic=105818.msg1868333#msg1868333

Bitfloor Shutting Down?
 - http://bitcointalk.org/index.php?topic=179152.0

Bitflloor: " Trading will be suspended at 6 PM EST on 2013.04.17."
 - http://bitcointalk.org/index.php?topic=179168.0

Bitfloor trading suspended
 - http://bitcointalk.org/index.php?topic=179198.0
1193  Economy / Economics / Re: Quantitative analysis of total number of users of Bitcoin as a time series on: April 18, 2013, 04:02:53 AM
Therefore, I wonder if the community has come with some approach to analyze the number of actual users that own or make transactions in Bitcoins. This information would be very valuable to explain the validity of the cryptocurrency as a means of payment in the global economy.

A digital currency with user-defined anonymity will cause any estimates to simply be guesstimates.    Trends up and down, and to what degree up or down might be easier determined, especially from sampling, but coming up with an estimate of aggregate total number of users (defined as people holding bitcoins ?) is simply not possible.    There are other areas where studies have attempted to quantify a population and simply concluded there is no reliable way to come up with the number so rather than provide misinformation there simply is no estimate made.

The upper bounds can be known but the likelihood of the real number of users being anywhere near those bounds is extremely low.   For instance, there were several million Instawallets created.  However one is created for each HTTP request which didn't already specify a wallet -- so spiders and random visits got a new wallet without there actually being an intent that it is funded.  Even wallets that had been funded are spent and abandoned so even a metric for "wallets ever funded", if that metric were provided, would be much too high.

I've seen the "half million" estimate for total users put out there.  I've got a feeling that is too optomistic yet but then again every reddit user that gets a microtip has a bitcoin E-wallet, every person that has received a fraction of a bitcoin from those free bitcoin websites has either an E-wallet account or a local client, etc.  So I guess if there is no threshold as far as minimum purchasing power to be considered a user, maybe the half million is way to low even.      If the metric is to include anyone that has ever sent or received a bitcoin transaction of any size, if that isn't a half million yet I'ld bet it will be very soon.
1194  Economy / Service Discussion / Re: Blockchain.info is offline, what's wrong? on: April 18, 2013, 03:51:24 AM
Blockchain.info is currently offline, what's wrong? Is it a grave problem, or else only a minor one?

Not sure.

If you need access to your funds and have the encrypted backups (e.g., sent via e-mail if you've configured it for that), then you can either import the wallet.json.aes into Multibit, or you can manually decrypt the private keys and import them into Bitcoin-Qt.

import of blockchain.info AES encrypted key to 0.8
 - http://bitcointalk.org/index.php?topic=150699.0

 - http://multibit.org/help_importingPrivateKeys.html
 - https://gist.github.com/fcicq/3368495
1195  Economy / Economics / Re: Creating the Bitcoin floor @ 1/2 the current price on: April 18, 2013, 12:37:30 AM
Right now nefarious entities can drive the price down by selling a large amount of coins and then buy up again at the lower amount.

I stopped reading right there.

None of my coins were sold at the lower amount.

Markets work the way markets work.  Attempts to manipulate them can be gamed.  I prefer to not try to tell the market what it should do, and instead react to what the market is telling me.
1196  Bitcoin / Project Development / Re: Need Merchant Service with Subscription Support on: April 18, 2013, 12:10:29 AM
My site is looking for a quick easy way to accept bitcoin payments for a subscription service. I have yet to find a service that be easily integrated that accomplishes this goal. Any ideas?


That's because bitcoin is a "push" based payments service and not a "pull" based one.  

An E-Wallet service with scheduled payments might be able to do this.

Apparently WalletBit supports this:

walletbit supports basic bitcoin subscriptions

I suspect that requires me to make sure I as a consumer have funds in my WalletBit account prior to the payment date.  

An E-Wallet can only bridge its service providers to those subscribers who also hold an account with that E-Wallet provider.  That E-Wallet cannot pull funds from external accounts.
1197  Economy / Economics / Re: Question for everyone. on: April 18, 2013, 12:03:06 AM
Just speaking hypothetically. If some billionaire decided to buy every bitcoin he could get his hands on and there were only 1 million in that could be traded, do you think bitcoin would survive or would another currency be adopted?

Ok it "only" took a few hundred million USD (at most) of buying to blast the exchange rate from $13.53 on January first to $266 one hundred days later.

So the exchange rate would rise so fast that the billionaire, even Carlos Slim, would run out of money long before the market would give up millions of bitcoins.

But I think your point is, if 90% of bitcoins were held by speculators who could dump them in an instant versus maybe 50% of bitcoins being used as a trading currency, would bitcoin still be able to survive?

I think we are already above 90% of that, except it is not a single billionaire that holds them, it is hundreds of thousands of individuals -- not all of whom would be willing to dump them at the same time.  So yes, it is bad for bitcoins to be concentrated in fewer hands than in many hands.

[p.s., Please update the title with something related to your question.   "Question for everyone" is a pretty generic title.]
1198  Economy / Speculation / Re: The Weekend Dip Myth on: April 17, 2013, 11:41:46 PM
Ok, GREEN LIGHT!  We have the most pronounced Weekend Dip opportunity since the weekend following the Pirate mess in August 2012.


 - http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2013-04-3zeg2013-04-18ztgCzm1g10zm2g25

The current 7 day high is dramatically below the previous 7-day high a week ago today.   We are, in the short term, in a downtrend.

The Weekend Dip Strategy, when there is a green light, has had a track record of producing profits more often than not. 

The strategy is to sell at this point in time, Wednesday evening (western timezones) / Thursday morning (eastern timezones) with the intention of buying back at a lower level at some point over the weekend. 

This pattern originated long ago when there was essentially no funds moving to the exchanges during the weekend, however selling would continue unabated. During a downtrend, this selling would, pretty consistently, be stronger than the buying.   As a result frequently there would be gains of a few percent, or really large gains like 30%.   Now with Bitcoin volatility that level of rise or drop is something that frequently occurs, but with a green light the pattern seems to very rarely incur a loss, and then other weekends had gains ranging from moderate (couple percent) to really decent levels. 

The right time to buy back is after a selloff seems to be reversing, pulling back up about half from the bottom of the selloff from when the starting mark occurred.  Right now at this moment the "starting mark" is $93 on Mt. Gox. 

Remember, this is just a post about a pattern that has repeated in the past, and is not a suggestion that the pattern will continue this particular weekend.  There have been a few times where there never was a dip and instead the exchange rate rallied throughout the weekend.
1199  Economy / Service Announcements / Re: bitfloor needs your help! on: April 17, 2013, 10:35:02 PM
From http://BitFloor.com:

Quote
All trading is currently suspended.

I am sorry to announce that due to circumstances outside of our control BitFloor must cease all trading operations indefinitely. Unfortunately, our US bank account is scheduled to be closed and we can no longer provide the same level of USD deposits and withdrawals as we have in the past. As such, I have made the decision to halt operations and return all funds.

Over the next days we will be working with all clients to ensure that everyone receives their funds. Please be patient as we process your request.

- Roman
founder - bitfloor.com


Related threads:

Bitfloor trading suspended
 - http://bitcointalk.org/index.php?topic=179198.

Bitfloor Shutting Down?
 - http://bitcointalk.org/index.php?topic=179152.0

Bitflloor: " Trading will be suspended at 6 PM EST on 2013.04.17."
 - http://bitcointalk.org/index.php?topic=179168.0

bitfloor issues?
 - http://bitcointalk.org/index.php?topic=179135.0
1200  Economy / Service Discussion / Re: Bitfloor Shutting Down? on: April 17, 2013, 10:32:23 PM
Related threads:

bitfloor issues?
 - http://bitcointalk.org/index.php?topic=179135.0

bitfloor needs your help!
 - http://bitcointalk.org/index.php?topic=105818.msg1868333#msg1868333

Bitflloor: " Trading will be suspended at 6 PM EST on 2013.04.17."
 - http://bitcointalk.org/index.php?topic=179168.0

Permanently, apparently:
   
Bitfloor trading suspended
 - http://bitcointalk.org/index.php?topic=179198.0
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