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1201  Bitcoin / Bitcoin Technical Support / Re: Weird bug: old BTC transactions suddenly become not confirmed? on: April 15, 2013, 11:35:00 PM
I have a bunch of old BTC transactions between 4/10 and 4/12 that were confirmed long ago.  But somehow today, they all suddenly appeared as not confirmed.  Newer transactions are not affected.

Any ideas what's going on?

A confirmed transaction can drop to unconfirmed if was double spent when a block reorg had a different transaction.   That doesn't happen a whole lot, and the transactions affected during the March 11th hard fork were the only ones since 2010 that a transaction with six confirmations on the longest chain reverted to being unconfirmed.

So if you had a confirmed transaction revert, it would have had just one confirmation most likely,

Check to see if the payments show on
1202  Bitcoin / Meetups / Re: SoCAL BITCOINERS Poll: Where to meet??? on: April 15, 2013, 11:04:07 PM
cool, I just rsvpd for the meetup on monday.

Any report on how that went?

Also, heads-up:

Next week in Southern California (Los Angeles and/or San Diego, I couldn't make it out), the first Bitcoin ATM will be deployed [Edit: demonstrated].
1203  Bitcoin / Press / Re: 2013-04-15: Fox Business: Bitcon Crash Coming? Jeff Berwick Interview on: April 15, 2013, 11:02:06 PM
I'ld like to know more about where this ATM (s) will be in Southern California.

1204  Bitcoin / Alternative clients / Re: Bitcoin wallet for feature phones on: April 15, 2013, 09:35:52 PM
You can access it here:

Very, very nice!

How about a secure (SSL) site?
 -  [Edit: the mobile site itself is secured with SSL.]

Also, the domain is registered with privacy protection.  Who is the operator (i.e., you personally, or a company/LLC)?  

And security of E-Wallet, ... are coins kept in cold storage with a hot wallet?
1205  Economy / Goods / Re: Feeding Bitcoiners across the US on: April 15, 2013, 08:47:51 PM
PM me if you want a referral code.

Oh, cool, affiliate program:
1206  Bitcoin / Bitcoin Discussion / Re: Bitcoin anarchy in need of some rules | NY Post on: April 15, 2013, 12:43:38 PM
Members of the bitcoin community are starting to wonder if anarchy is the best policy,

We don't have anarchy.    Competing exchanges have been regulated out of existance. shut down hours after FinCEN guidance was released saying they would be classified as a money transmitter.  If we had anarchy, BitMe would still be taking cash and selling bitcoins.

If he had anarchy, then the operators of ICBIT exchange would be willing to share info like who they are and where they are located.  Because trading of futures contracts is a regulated activity in most areas they operate anonymously.   When the exchange rate was skyrocketing, over the past weeks there was lots of interest in buying contracts but there wasn't much liquidity.  Part of the reason is counterparty risk - who feels comfortable sending larger amounts of bitcoins to sites operated anonymously?

If we had anarchy, or just free markets even, we wouldn't have had such a spike to $266 because hedging and shorting would have absorbed the upward pressure and then on the way down short covering would have provided support rather than seeing a drop to mid-double digits.

We need LESS regulation, not more.  We need MORE freedom to transact among ourselves without intervention.
1207  Bitcoin / Project Development / Re: Bitcoin via Txt: PhoneACoin! on: April 15, 2013, 11:50:21 AM
...I may have wasted my time, unless people find the services like automatic FX rate conversion and the ability to pull the prevailing exchange rate via SMS useful.  I also intend to add services like FX rate and GoxLag notifications, should interest present itself.

No, you most definitely did not waste your time.

There is one risk though.  What if an evil network engineer for the mobile carrier is sniffing and/or intercepting the SMS traffic.  What risk of loss occurs?
1208  Bitcoin / Press / Re: 2013-04-15 Bitcoin Isn’t the Only Cryptocurrency in Town on: April 15, 2013, 11:42:39 AM
And there was a Tweet:

@jonmatonis @techreview PPCoin is a premined scam coin~King has mined more coins in 1st week than all time since:

by Flibbr Marketplace ‏@flibbr
1209  Bitcoin / Press / Re: 2013-04-15 Bitcoin Isn’t the Only Cryptocurrency in Town on: April 15, 2013, 11:41:12 AM

Currencies designed to fix perceived flaws in Bitcoin could lead to competition that makes the idea of digital “cryptocurrency” stick.

I commented in the article:

Litecoin is a proof-of-work based currency just as Bitcoin is.  That means it is also vulnerable to a 51% attack, just like bitcoin is. 

However, to reach 51% of hashing capacity with Bitcoin you need tens of millions of dollars worth of GPUs and FPGAs (ASICs would work too and cost less even but every one produced is already allocated to buyers and thus delivery is not available).

For Litecoin, that number necessary is much less, a fraction of a million dollars, or much less even due to Litecoin pools not being mature and able to remain up during a DDoS attack.

The steel door of a bank vault needs to be just as thick whether it stores inside just one million dollars of funds or two billion dollars.    The same scenario is at play here.

So Litecoin simply is not simply a less costly sibling that using a different hashing method, it is a completely different animal when you consider the risk profile.
1210  Economy / Service Discussion / Re: Mt Gox - Setting "sell" price in non US currency - how does that work? on: April 15, 2013, 10:53:56 AM
I am wanting to set everything on Mt Gox up in my local currency (Aus) because from what I understand it saves me from various conversion charges. 

But if I put up a sell price in Aus dollars, how will that work with buyers?  Will it limit my potential to sell internationally?  Or will Mt Gox system just automatically adjust it to the currency of the bidders?

Essentially, your sell order will only be taken by buyers paying with the AUD in their wallet.  There is some chance that a bid on another market (e.g., BTC/USD) is so high that Mt. Gox will do the conversion and buy your BTC/AUD offer and they would pay in AUD even though the buyer had a different currency.   Arbitrage is what keeps the various markets relatively equal in price. (after considering the AUD/USD.)
1211  Bitcoin / Mining / Re: What chain of events made bitcoin crash/drop? on: April 15, 2013, 10:39:16 AM
Could it have been all related?

Well, nearly everything that goes parabolic has to stop.  If it had stopped at $80 it would have crashed after that rise too.  It just went way, way much further than most anyone would have imagined.

There are a ton of people who have an opinion one way or another.

More than 1.2 million BTC have traded since we saw $266, an incredibly huge quantity. 

But one thing nobody is discussing is the impact of the discontinuance of the redeemable codes at Mt. Gox.

A lot of over-the-counter trading used these.   A lot of exchange arbitrage occurring used these as well.

That may have contributed to the rise in the exchange rate prior to April 10th.   Those who had USDs and used redeemable codes for withdrawals needed to move the funds out before April 10th and traded at some point.   Every trade has a counterparty so suddenly there was a lot of MTG USDs received by traders that had exchanged cash for them.   It is possible they were the ones buying bitcoins using these newly acquired funds.

So that might explain the buying that was occurring even though the parabolic rise was glaringly obvious.  Simply when that activity stopped (when issuance of new redeemable codes stopped) then the absence of new buying simply let gravity bring down the exchange rate, and that happened swiftly.
1212  Bitcoin / Bitcoin Discussion / Re: The UK Public & Bitcoin on: April 15, 2013, 09:32:16 AM
So are the major banks disabling bank transfers to Bitcoin exchanges or are they using courts and the legal system to do the dirty work?

Well, Max Keiser is building a UK exchange now -- so they must have some bank willing to play along.

But until then, simply bypass GBP by converting it to EUR:

Which exchanges allow me to transfer funds from my TransferWise account?

Or, ... other methods include:

Bitcoin Fridge (re-opened):
1213  Economy / Service Discussion / Re: Does Bitfinex have a competitor? on: April 15, 2013, 08:58:41 AM
I couldn't find where else to place this so if it gets moved I understand.  I'm wondering if Bitfinex has a competitor that also offers the service of margin trading / going short and the lending associated with either of those.



The problem is that these financial products are regulated activities in most jurisdictions.  For that reason, some of these services are operated anonymously or pseudonymously.  That introduces counterparty risk.

Keep an eye on and as well.
1214  Bitcoin / Project Development / Re: Bitcoin via Txt: PhoneACoin! on: April 15, 2013, 08:41:14 AM
Edit: wanted to ask how do we know you won't just run off with the coinz ?

Good question.  Any #bitcoin-otc trust history?
1215  Bitcoin / Press / Re: 2013-4-11 Bitcoin’s big crash: Why you must know about this digital currency on: April 15, 2013, 07:08:51 AM

This was an AP article by Raphael Satter that appeared in a lot of newspapers across the country last week.  Including Techland on Time:


1216  Economy / Services / Re: Bitcoin paychecks on: April 15, 2013, 06:35:56 AM
Wondering what the best way (if any at the moment), would be to get your DD'd checks as Bitcoin payouts?

You don't mention where you are. 

To receive a direct deposit you'ld need your own account number with a financial service.  There are currently no financial services that have a direct path to Bitcoin.

In the U.S., if you have a bank account, you can simply do a Dwolla transfer from that account and from there do a Dwolla account-to-account transfer to Mt. Gox or Camp BX to buy coins.

If you don't have a bank account you can use a prepaid debit card type of account which has direct deposit capability, and do the same thing with a Dwolla transfer.  I believe Western Union's prepaid debit card allows this as does Walmart's MoneyCard.   [I'm not 100% sure that you can set up ACH to pull from your debit card account though.  If neither does, then I think American Express's Bluebird prepaid card does. ]    Coming soon are mobile-only bank accounts like Green Dot's GoBank which will allow Dwolla to pull funds via ACH.

Coinbase also can do an ACH pull from an account however their service has tight limits while it is trying to keep up to market demand.

In the EU, Bitcoin-Central has described how it will have EUR accounts with a financial partner, and that would be a way to receive SEPA payments directly to the accountholder's exchange account.
1217  Economy / Economics / Re: Why Bitcoin Is Going to Succeed: The Reason Nobody Is Talking About on: April 15, 2013, 04:24:43 AM
We already have more "working employees", all incentivized with "stock options", than they EVER will.

Yup, and here's an article by BitPay's Tony G in which he was describing how owning bitcoins is like investing in the whole Bitcoin ecosystem:

The niche bitcoin space is unlike anything in history. It’s not necessary to invest in a Bitcoin startup in order to profit from the space. Many bitcoin companies are self-funded and the capital requirements are low. By simply owning bitcoins, you can profit from the success of every bitcoin company. There’s no need to pick the winners. BTC is the investment that gives you exposure to the currency, to the payment network, and to every business building products and services on top of bitcoin.

How Owning Bitcoin Is Owning An ETF On The Whole Bitcoin Space

You must understand, this is the first project of it's kind in human history. All these petty beginning-stage problems will be overcome - why? Simply because because for the first time we all WANT them to be overcome. You must account for the solutions to problems that we don't understand yet - because they are being attacked by a motivated workforce quality we have never seen before. The problems will eventually be solved, and this is why Bitcoin will make it to the mainstream.

Well, this isn't the first time that mass collaboration around an open protocol has changed the world.  You might have heard of things like Wikipedia, or the world wide web itself -- both great examples of this.  Look up Don Tapscott's work for more on this.

What is unique to Bitcoin is the others all were mostly web-based/online.   There will be a growing amount of collaboration with a local impact.  Patronizing a merchant versus that merchant's competitors specifically because that merchant accepts bitcoin is something that will be recognized at the local level.  Here's an example of someone drawing from the global Bitcoin community to provide local help:


What is also unique to Bitcoin is that with other mass collaborations, the contributor generally receives no compensation or receives less compensation than could be obtained through other means.  The mass of collaborators were mostly participating as a labor of love.  Bitcoin could be the first mass collaboration that is financially rewarding to nearly all participants.  Bitcoin could be so rewarding to where the collaborator can justify allocating greater and greater involvement -- including obtaining all income needs as a result of that collaborative work.

Stepping back and looking at this "mass collaboration", it is simply the re-discovery of the concept of free markets.
1218  Economy / Goods / Re: Feeding Bitcoiners across the US on: April 15, 2013, 03:40:06 AM
Valid at all 12,041 Foodler restaurants!

This is how we win.   Foodler went out on a limb to begin accepting bitcoins.   Now it is up to us to patronize them by ordering from those restaurants through Foodler.  When the decision to accept bitcoin as payment equates to increased revenues, then the trickle of merchants we have now will turn into a steady stream of merchants coming onboard.  Which in turn creates incentive for the supply chain to begin accepting bitcoins as payment from the individual merchants who can save versus converting all of their coins to cash.   Close the loop.

The list of restaurants could fill out a little more but I'm going to go a little out of the way to get to one to be able to try this ... my first food order purchase paid for with bitcoins.
1219  Bitcoin / Press / Re: 2013-04-14 Bitcoin Miners Are Racking Up $150,000 A Day In Power Consumption... on: April 15, 2013, 02:25:46 AM
Assumption: 50% of this will be spent on electricity, and the remaining 50% on paying off mining hardware, profit, etc.

Instead of pulling numbers out of thin air lets use upper and lower bounds.

GPUs are the least efficient.  ASICs are the most efficient.

If all mining was ATI 5970s (a relatively decent GPU), then there would need to be about 81,000 of them to make up today's 61 Thash/s.   Each consumes about 350W, (e.g., you can put three in a box with a 1200W power supply and end up drawing about 1,050W).  So that is 28.35kW, running a full day gives 680,400 kWh.  At $0.15 per kWh, thats about $102,060 per day in electricity.  

So that's the upper bound.  I would guess that in reality less than 1/3rd of hashing today is done on GPUs.   So that's $33K USD today from GPUs, plus a fraction of that for FPGAs and and even smaller fraction for a third of that 61T hashing coming from ASICs.

If instead all mining was done on ASICs, then let's use for the math the Avalon ASIC which does 60 Ghashs and draws 600W.  So if all mining was on those there would be about 1,016 of them needed.  That is 609 kW, running a full day gives 14,630 kWh.  At $0.15 per kWh that's $2,194 per day in electricity.  

And that's the low end.  

So an educated guess would say today that total cost to power all bitcoin mining today should be a number less than $50K, and will probably end up in the range of $15K to $25K per day one ASICs have shot difficulty up to about 500 Thash/s.   (And BFL's ASICs are more efficient on power consumption than Avalons so even at that level the amount for power could be less.)
1220  Bitcoin / Project Development / Re: ICBIT Derivatives Market (USD/BTC futures trading) - LIVE on: April 14, 2013, 11:19:31 PM
Total volume of the contract: $754550

The exact same volume for the last two BTCUSDs?

Total volume for this contract is $754550.

Here's a summary of the settled contracts:

Dec 15, 2012: BTCUSD-12.12 (BUZ2) Total volume: $500,000, Final settlement: $13.4870
Mar 15, 2013: BTCUSD-3.13 (BUH3) Total volume: $754,550, Final settlement: $47.0764
Apr 14, 2013: BTC/USD-4.13 (BUJ3) Total volume: $754,550, Final settlement: $98.94082

Feb 15, 2013: GOLD-02.13 (GDG3) Total volume: 268 contracts, Final settlement: 65.0314 BTC ($1634.30 USD)
Apr 14, 2013: GOLD-04.13 (GDJ3) Total volume: 119 contracts, Final settlement: 15.23 BTC ($1507.0 USD)

Feb 15, 2013: OIL-02.13 (CLG3) Total volume: 1513 contracts, Final settlement: 3.8709 BTC ($97.28 USD).
Apr 14, 2013: OIL-04.13 (CLJ3) Total volume: 187 contracts, Final settlement: 0.9169 BTC ($90.72)

BUZ2 volume obtained from news release:
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