Bitcoin Forum
July 31, 2015, 11:23:07 AM *
News: New! Latest stable version of Bitcoin Core: 0.11.0 [Torrent]
 
  Home Help Search Donate Login Register  
  Show Posts
Pages: « 1 2 3 4 5 6 [7] 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 ... 455 »
121  Economy / Service Discussion / Re: Warning and Advisory about BetsofBitcoin on: February 20, 2014, 12:11:15 AM
Just wanted to warn and advise that the site BetsOfBitcoin http://betsofbitco.in/ is not closing betting statements, the effect being that your BTC is essentially locked-up, in limbo, and not available to be withdrawn. This is a shame, because the concept of BetsOfBitcoin is a good one.

Heeding to your warning, I went there and got this:

Your request can not be completed at this time. We are working hard to fix it. Please, try again later.
Your Bitcoins and data are safe and backed up regularly.


Good news.  I was able to get a withdrawal to work eventually after many, many failed attempts.
The trick was to manually paste the withdraw URL and if the form appeared attempt to withdraw.  I think I had over a dozen tries and I'm not sure which one was the successful one.  Also, I tried withdrawing a whole number (e.g., 1) for amount and that worked.  I'm now trying to withdraw the fraction but haven't yet gotten that successfully withdrawn.
 - https://betsofbitco.in/withdraw
122  Other / Beginners & Help / Re: Betsofbitco.in on: February 19, 2014, 11:59:50 PM
For other newbies, I've been having fun over on Betsofbitco.in

As a footnote to this thread, Bets of Bitcoin is not updating bets, and there are reports that the site is not functioning when requesting withdrawals.

 - http://bitcointalk.org/index.php?topic=458556.0
 - http://bitcointalk.org/index.php?topic=37069.msg5080293#msg5080293
123  Bitcoin / Bitcoin Discussion / Re: How to use fiat currencies for Bitcoin offline transactions? on: February 19, 2014, 11:48:33 PM
Has this idea progressed at all?

The idea I floated definitely has.

In Kenya, the largest note issued by their central bank is the 1,000 shilling (KES) note.  That's worth about $12.  Cash is still used widely for making purchases such as appliances, used cars, etc.  Imagine going shopping for a new large screen TV and having to carry a 3" thick stack of bills.

Then imagine being the merchant, having to carry a satchel to transport the previous day's cash sales to the bank.

This idea has potential.
124  Economy / Service Discussion / Re: Official CaVirtex.com Thread on: February 19, 2014, 10:23:58 PM
In case you haven't seen it yet, here is our official press release on Litecoin:

VirtEx launches Litecoin trading

I have a concern about having my bitcoins sit at an exchange (while waiting for an opportunity to sell, such as a potential to profit from arbitrage) but am afraid that with an exchange that also deals with alt-coins that I am at risk should the exchange suffer losses due to a successful 51% attack against an alt-coin.

This concern exists even if I don't touch any alt-coins because in most jurisdictions, once I deposit my bitcoins with the exchange, I have a liability from the exchange that is no different from anyone else's liability.   Specifically, if the exchange suffers losses from a hack attack, 51% attack or any other reason, I would not be guaranteed I could get my bitcoins back.  I shared this concern in a blog post:
 - http://bitcoinmoney.com/post/53207712103

When Mt. Gox announced that they were coming out with Litecoin trading, I asked some questions:
 - http://bitbin.it/raw.php?id=R2Fko5Iq

But never got an answer other than a response that my "concerns will be considered".

When Kraken announced tat they were supporting alt-currencies, I asked a similar set of questions and got straight answers:
 - http://bitcointalk.org/index.php?topic=290799.msg3126507#msg3126507

So I would like to describe four specific scenarios that I would like to know what CAVirtEx's policy is should they occur:

A.) My CAVirtEx exchange account holds only fiat and bitcoins, and I've never traded for altcoins.  Would I be exposed to any risk of loss to those funds should there be a successful 51% attack against an altcoin that CAVirtEx supports?

B.) I have a balance of an altcoin and fiat, but had none of those altcoins deposited to CAVirtEx in any block that was ultimately orphaned as the result of the 51% attack.  Would I be exposed to any risk of loss to those funds should there be a successful 51% attack against that altcoin?

C.) I had bitcoins at CAVirtEx and I traded them for an altcoin.  Following this trade the attacker released blocks that resulted in a double spend such that the that altcoins I received were from the attacker's account (i.e., an altcoin deposited with a transaction that no longer confirms or was double spent).  Following the successful 51% attack against the altcoin, do I still have my altcoins that I purchased that I can withdraw (or trade back into Bitcoins)?

D.) In my CAVirtEx account I had deposited an altcoin from a block that utimately was orphaned as the result of a successful 51% attack against the altcoin.   Before the attack I was able to trade those altcoins for bitcoins which remain in my account.    After the successful 51% attack against the altcoin, do I still have the ability to withdraw those bitcoins?
125  Bitcoin / Legal / Re: List of court cases, complaints, regulatory actions, etc. on: February 19, 2014, 05:53:12 PM
This thread is no longer being updated all that much. As Bitcoin further permeates the world, most every nation (or state, etc.) will have content specific to that jurisdiction's involvement with Bitcoin.   Feel free to continue posting as you wish, but this thread will no longer be even close to being a comprehensive list as it had been for a period of time.

Other resources:

 - http://bitlegal.net
 - http://www.cryptocoinlaw.net
 - http://twitter.com/virtuallylaw
 - http://BitcoinFoundation.org
 - http://coindesk.com
 - http://datauthority.org (info: http://coindesk.com/bitcoin-industry-leaders-launch-data-a-self-regulatory-body)
 - http://bitcoinfinancialassociation.org
 - http://en.bitcoin.it/wiki/Compilation_of_legal_and_regulatory_information

I've updated the first post with this update.
126  Economy / Gambling / Re: Mem presents: LIST OF NEWBIE FRIENDLY GAMBLING SITES on: February 19, 2014, 09:44:26 AM
Sadly, nearly two years later -- my suggestions went three for three in which eventually those who had funds remaining with the service saw a complete loss.  Bets of Bitcoin is no longer functional for withdrawals and bets are no longer being updated.

Drop me a link with any good sites I have missed and I will try them and add to the list.

 - http://www.BitLotto.com  (Monthly draw, 99% payout verified using the blockchain)
 - http://betsofbitco.in (Predictions market, Binary events)

and
 - http://Bitcoinica  Smiley

127  Bitcoin / Project Development / Re: ICBIT Derivatives Market (USD/BTC futures trading) - LIVE on: February 19, 2014, 04:18:11 AM
Site appears broken (i.e., no orderbook data, time & sales blank,  trollbox blank, etc.)

So, ... bump on this request:

If there is a maintenance outage, there should be some message displayed on the site.  And there should be some communication of status out-of-band, ... perhaps here on this thread, or/and on the @ICBIT_se Twitter account maybe?

128  Bitcoin / Meetups / Re: Los Angeles - Satoshi Square - 2/18/14 on: February 19, 2014, 12:18:43 AM
Tuesday, February 18th 2014
6:30pm
Downtown Los Angeles @ Grand Park
Hill St (between 1st & Temple)

Can't attend myself, but it would be really cool if someone picked up a NEFT vodka -- the one with the Bitcoin logo on the side of the bottle ("barrel") and offered to trade that for Bitcoin (Agorism, FTW).




Dozens of places not far away from Downtown L.A. where NEFT can be purchased.
 - http://bitcointalk.org/index.php?topic=106290.msg4321896#msg4321896
129  Bitcoin / Meetups / Re: Los Angeles (SoCal) Bitcoiners Meetup? on: February 19, 2014, 12:13:55 AM
This Is Bitcoin (Series)

First of Four:

Thursday, February 20, 2014
5:30 PM to 9:00 PM
General Assembly LA
1520 2nd Street, Santa Monica, CA

Moderated by technology journalist, Amanda Coolong.

Featured panelists include Brock Pierce of Bitropolis and BitAngels, GoCoin's Steve Beauregard, Joseph Hsieh of ExpressCoin, Ryan Singer of CryptoCorp, and Travis Skweres of CoinMKT.

http://www.meetup.com/Los-Angeles-Bitcoin/events/166897272/

Early bird tickets $10, otherwise $20.   10% discount if paying with Bitcoin.
130  Economy / Service Discussion / Re: *Unofficial* ICBIT (BTC Futures Trading) - Help & FAQ's on: February 19, 2014, 12:08:42 AM
The option contracts are only quarterly now?  How about monthly or weekly?

There are XBT/USD contracts for each of the following months:

Feb, 2014 (Settlement Feb 21st)
Mar, 2014 (Settlement March 14th)
Apr, 2014 (Settlement Apr 18th)
Sep, 2014 (Settlement Sep 19th)

There will likely be additional contracts added for one or more month(s) between now and September.

Nearer term contracts don't usually see much volume.
131  Bitcoin / Project Development / Re: Settlement Price on: February 15, 2014, 02:12:01 PM
Has the Settlement Price changed because of the divergence of MtGox?

Each of the contracts has different terms.   

BUG4 (BTC/USD-2.14) settles Feb 21st, and gets price based on the volume weighted average price (VWAP) across the three operating exchanges with the most volume in BTC-USD over the previous 30 days.

So eyeballing the BitcoinCharts data, looks like Mt. Gox will definitely be one of the top three over the past 30 days (in terms of BTC/USD volume).

Now what impact Mt. Gox will have on settlement day will be determined by the (24 hour) VWAP at Mt. Gox at the settlment time (20:00 UTC) on that day.   So if the top three (volume of BTC/USD) are Mt. Gox, BTC-E and Bitstamp and the (24 hour) VWAP at each is 600 (Mt. Gox), 750 (BTC-e) and 750 (Bitstamp) then the average of those three is 700 (2,100 / 3) and that becomes the final settlement price.

Now BUH4 (BTC/USD-3.14), which settles March 14th, uses the 24 hour VWAP from the exchange that had the most volume (in terms of BTC/USD) over the past 30 days.  So this time, eyeballing the data, it looks like Bitstamp would be the exchange with the most volume.  And thus, no -- MT. Gox divergence would not impact the settlement price.

And BUJ4 (BTC/USD-4.14) specifies the exchange (Bitstamp) so there too Mt. Gox divergence would not impact the settlement price.
132  Local / Marketplace (India) / Re: WTB: Milaap.org gift certificate (INR) on: January 29, 2014, 10:59:28 AM
I'm looking to add 3,000 Rs again (29-Jan-2014).

How this works is,
1.) You and I agree on the rate (in BTC) for your 3,000 Rs.  [e.g., ~0.067 BTC if using today's BTC/USD of $730 on BitStamp]
2.) I provide to you my e-mail address.
3.) You buy a 3,000 Rs gift e-card from Milaap, paying with your Netbanking or with an Indian credit card.  Entering my e-mail as the gift recipient.

 - http://milaap.org/do-more-gift-card  <-- PM me for my Milaap "lender name and e-mail".

4.) You send to me your Bitcoin address for my payment
5.) I receive the e-mail, redeem the gift e-card, and send to you the bitcoins.

PM me if interested
133  Other / Beginners & Help / Re: Do you think another 51% attack will happen? on: January 26, 2014, 01:43:08 PM
I worry that a 51% attack on Bitcoin is inevitable. It is frightening to think that an organization could buy up enough mining equipment to fork the blockchain.

Right now let's say that KNCMiner had ample supply of their KNC Neptunes -- one of the best rigs as far as cost/hash.  This is a hypothetical because KNC has sold out on what they accepted so far for pre-orders for future shipments.  But let's say you could place a large order and get it shipped overnight (or at least, before difficulty jumps again where you need to order more).

Total network capacity (currently, using BitcoinWatch.com): 16,116 Th/s (SHA-256).
KNC Neptune performance: 3 Th/s.
KNC Neptune cost; $10K

So you would need 5,372 of those bad boys to get 51%.  That's a $54 million investment in hardware.

Now let's say you had that capacity online today -- mining secretly on your private fork of the blockchain.

What capabilities do you have?

You can send bitcoins to an exchange(s), and then on your private fork of the blockchain you can spend those same bitcoins elsewhere (to another address you control, for instance).   But to gain any value you need to take delivery of something of value in a non-reversible manner so that after you broadcast blocks from your private fork the exchange(s) you cheated have no recourse.

How are you going to get $54 million worth of value from an exchange(s)?   Withdraw Bitcoins?  Most exchanges emply hot wallets with a limited balance (with the remaining coins held in cold storage) -- there's no way tens of millions of dollars worth of non-reversible funds will be available for withdrawal immediately.  Even if there was, they wouldn't be available for withdrawal anonymously.

So there's really no economic incentive for performing a 51% attack for the purpose of double-spending against Bitcoin.

That doesn't mean it won't or can't happen, it just means the likelihood of it occurring is pretty small.

Now take a Dogecoin.  
Total network capacity (currently, using BitInfoCharts http://bitinfocharts.com/dogecoin ): 84 Mh/s (Scrypt).
"beefy" GPU performance: 0.75 Kh/s.
"beefy" GPU cost: $450 + $75 (1/3rd of a rig, assuming 3 GPUs per mobo+power/supply rig)

So you would need 112,000 of those bad boys to get 51%.  That's a $59 million investment in hardware.    

But ..., here we have some very immature pools (in terms of infrastructure spending and experience) with a good chunk of the hashing capacity (scroll to bottom to see pie chart):
 - http://www.doktorrf.com/dogecoin/pools.html

So you DDoS DogeHouse, Multipool and Fast-Pool, and now you only need maybe 40 Mh/s to be able to make your private Dogecoin blockchain fork to be the longest.  I don't know if there still are many cheap GPUs available yet but at one time you could have bought or leased a ton of GPUs -- meaning acquiring 50,000 of them was possible.

But even this approach, with a $20M investment in hardware is not going to be a profitable attack, as you aren't going to extract $20M of value from Dogecoin through exchanges.  

So today, Dogecoin (and Litecoin) appear to have a sufficient level of mining capacity as long as no attacker has invented and produced a Scrypt-based ASIC miner.

But let's say someone put in $4M of capital and has today 40 Mh/s of hashing capacity from the first week or two of production of the scrypt-based ASIC that party has produced.   Can that party extract $4M of value from alt exchanges that support Dogecoin?  Are there enough of these exchanges allowing anonymous accounts (or did poor enough KYC where a number of fake accounts exist?).   If so, then it is entirely plausible that a 51% attack against Dogecoin (or Litecoin even) could be performed successfully, and done so at a profit.

Worse, depending on the jurisdiction that those exchanges operate, the pain could be felt even by those who didn't touch a Doegecoin or Litecoin even.  

This is because in many jurisdictions, funds sent for deposit at a crypto-currency exchange are treated as liabilities owed by the exchange.   It doesn't matter if the attack was against Dogecoin, if the exchange goes bankrupt (unable to honor all withdrawal requests) all accountholders are in the same boat.   Your bitcoins at a Cryptsy are no safer than your Litecoins ... if Litecoin is successfully attacked.

So Bitcoiners who use alt-coin exchanges should be cautious with their funds left there.     Kraken is the only exchange that has published their policy plans on what would happen should an altcoin be attacked successfully with a 51% attack (or other failure that results in losses of customer's funds):
 - http://bitcointalk.org/index.php?topic=290799.msg3126507#msg3126507
134  Alternate cryptocurrencies / Altcoin Discussion / Re: Exchange with USD to 7 Alt Coins on: January 26, 2014, 09:34:06 AM
Travis,

What is the reason behind the 30 days waiting period before I can withdraw my bitcoin?  That is a long time to wait.  I might as well sell it and withdraw the cash.  


-tb-


Edit:  How come I didn't have to wait for LTC withdrawal?

Is this restriction still in place?   If so, that would make me more comfortable using CoinMkt for my trading.

I have a concern about having my bitcoins sit at an exchange (while waiting for an opportunity to sell, such as a potential to profit from arbitrage) but am afraid that with an exchange that also deals with alt-coins that I am at risk should the exchange suffer losses due to a successful 51% attack against an alt-coin.  This concern exists even if I don't touch any alt-coins because in most jurisdictions, once I deposit my bitcoins with the exchange, I have a liability from the exchange that is no different from anyone else's liability.   Specifically, if the exchange suffers losses from a hack attack, 51% attack or any other reason, I would not be guaranteed I could get my bitcoins back.  I shared this concern in a blog post:
 - http://bitcoinmoney.com/post/53207712103

When Mt. Gox announced that they were coming out with Litecoin trading, I asked some questions:
 - http://bitbin.it/raw.php?id=R2Fko5Iq

But never got an answer other than a response that my "concerns will be considered".

When Kraken announced tat they were supporting alt-currencies, I asked a similar set of questions and got straight answers:
 - http://bitcointalk.org/index.php?topic=290799.msg3126507#msg3126507

So I would like to describe four specific scenarios that I would like to know what CoinMkt's policy is should they occur:

A.) My CoinMkt exchange account holds only fiat and bitcoins, and I've never traded for altcoins.  Would I be exposed to any risk of loss to those funds should there be a successful 51% attack against an altcoin that CoinMkt supports?

B.) I have a balance of an altcoin and fiat, but had none of those altcoins deposited to CoinMkt in any block that was ultimately orphaned as the result of the 51% attack.  Would I be exposed to any risk of loss to those funds should there be a successful 51% attack against that altcoin?

C.) I had bitcoins at CoinMkt and I traded them for an altcoin.  Following this trade the attacker released blocks that resulted in a double spend such that the that altcoins I received were from the attacker's account (i.e., an altcoin deposited with a transaction that no longer confirms or was double spent).  Following the successful 51% attack against the altcoin, do I still have my altcoins that I purchased that I can withdraw (or trade back into Bitcoins)?

D.) In my CoinMkt account I had deposited an altcoin from a block that utimately was orphaned as the result of a successful 51% attack against the altcoin.   Before the attack I was able to trade those altcoins for bitcoins which remain in my account.    After the successful 51% attack against the altcoin, do I still have the ability to withdraw those bitcoins?

135  Bitcoin / Bitcoin Discussion / Re: Bitcoin-themed banner to be waved during Super Bowl XLVIII in MetLife Stadium. on: January 23, 2014, 11:39:01 PM
  • Watch and record the Super Bowl to see the banner in motion.

Would have changed the odds on this:

Bet: Bitcoin will be mentioned or pictured during the 2014 SuperBowl
 - http://betsofbitco.in/item?id=1197

136  Economy / Services / Re: Looking for inexpensive colocation in Los Angeles on: January 22, 2014, 12:20:34 PM
Looking forward to serving you.

And the big remaining question is ...     Bitcoin accepted?
137  Bitcoin / Project Development / Re: ICBIT Derivatives Market (USD/BTC futures trading) - LIVE on: January 09, 2014, 07:11:32 AM
There was a problem with DNS information, so that API server was resolving to wrong IP address in some cases. This was fixed shortly, sorry for inconvenience.

Some issue is occurring again.  If there is a maintenance outage, there should be some message displayed on the site.  And there should be some communication of status out-of-band, ... perhaps here on this thread, or/and on the @ICBIT_se Twitter account maybe?
138  Economy / Marketplace / Re: NEFT Vodka and Bitcoin on: January 06, 2014, 05:49:45 AM
Any online distributors in the US yet? I want a barrel!

Since it is now sold within the U.S., it should be easy to find someone from L.A. or Vegas who would be able to buy one and ship it f to you.  You could probably even post the gig on http://bitgigs.com or TaskRabbit or something like that.    Maybe even on http://Coinality.com
139  Bitcoin / Bitcoin Discussion / Re: Reggie Middleton builds Zero Trust Digital Currency Contracts on Blockchain on: January 06, 2014, 05:43:20 AM
given his track record of publishing financial info early and sometimes against the crowd (FB, Ireland, Apple, Google etc) this deserves a chance.

Yes -- Reggie does his homework.  I'm thrilled to see him see Bitcoin's potential, and possibly take Bitcoin further in ways other's haven't yet done.
140  Bitcoin / Meetups / Re: Los Angeles (SoCal) Bitcoiners Meetup? on: January 05, 2014, 10:11:08 AM
While this entry here is unrelated to any meetup, it is related to Bitcoiners in Los Angeles / SoCal:

NEFT Vodka (the brand with the Bitcoin logo on the "bottle") is now available in the U.S. -- but only in Los Angeles (for now, ... later available in Las Vegas as well):



Here's a post describing locations in L.A. where it is available for sale:
 - http://bitcointalk.org/index.php?topic=106290.msg4321896#msg4321896
Pages: « 1 2 3 4 5 6 [7] 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 ... 455 »
Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!