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2281  Other / Beginners & Help / Re: Instawallet Problems - Was told Jav could help on: January 21, 2013, 02:31:36 AM
I had heard that Jav can assist people who experienced errors in the site retrieve their coins, provided they're legitimate.

If you weren't aware, nearly a year ago Paymium acquired or took over Instawallet from Jav.

I am happy that Instawallet has found a new home and that I can entrust it into the hands of such a capable team.
2282  Other / Beginners & Help / Re: Same question asked several times in a month - is this unusual? on: January 21, 2013, 02:23:48 AM
Someone with the knowledge (and desire) to compute the probability could say how often that occurs.  It isn't that rare, ...  maybe occurring once a week (wild-assed guess).
Maybe someone could have already said... (or someone could search before starting a thread.):

LOL, sorry   Nice update to the title.   Smiley

Fantastic info, thanks!
2283  Economy / Gambling / Re: || New project of a Bitcoin Game on: January 21, 2013, 02:17:58 AM
2. Seriously? Yet another dice game?  btcdice/royalbitcoins/nakabot/I lost count. Please do something original.

Well, to  be fair, with this one to win you must roll a 1.  No other number rolled will win.

And by original, I mean something like [...]

Oh, more than just changing the method that the "random" number determines the outcome of the game...   yup, people aren't saying Dice games are great, they just like the low house advantage and instant payout.  There are so many possibilities that would be more entertaining and still result in the appropriate dopamine releases that come from winning.
2284  Economy / Economics / Re: What is bitcoin backed by? My favorite answers on: January 21, 2013, 12:07:15 AM
Aristotle's prerequisites:

Even back in Aristotle's time theft and confiscation of assets were risks anyone holding money was exposed to.  The more durable and portable the money the easier it is to hide (from all manner of thieves, including the tax collectors).

Bitcoin excels not just as a form of money whose value, once acquired, can be kept hidden well, but it also excels because it can be used during the process of creating wealth as well.  The blockchain doesn't reveal how much in revenues a particular merchant sees.

Anonymity is a property that nearly all money in Aristotle's time had but with today's ubiquitous electronic transaction (and reporting to the state), Bitcoin's user-definable anonymity is something that is relatively unique to Bitcoin.
2285  Bitcoin / Bitcoin Discussion / Re: Should the exchanges close on the weekends? on: January 20, 2013, 11:07:31 PM
An efficient capital market is a market that reflects all available news and information. An efficient market is also quick to absorb new information and adjust stock prices relative to that information. This is known as an informationally efficient market. Generally, efficient markets are expected to reflect all available information. If that is not the case, investors with the information may benefit leading to abnormal returns.


There aren't many (or any ?) methods for a retail investor to do forex trading over the weekend.   There was one, OANDA, but they claimed the low volume was too challenging for them where they would be taking on too much risk having to take the other side of the trades:

Of course, there is a lot of forex trading over the weekend -- just not by you or I.  Central banks, corporate and institutional (government) bankers, multinational corporations and more are all trading 24x7.

So the market is efficient for them.  The rest of us stuck with a losing forex position thanks to news that occurs over the weekend are stuck with that increasingly deteriorating position until the markets open on Monday (or Tuesday, when Monday is a banking holiday like what happened this 3-day weekend.)  

That's not the definition of an efficient market.  Market-changing information occurs over the weekend as well (with announcements oftentimes timed specifically for release over the weekend.)  Bitcoin markets don't have this restriction.    That still doesn't mean bitcoin exchanges can be considered "efficient" though.  For instance, there was a pattern called the "weekend dip" in which buyers interested in buying had insufficient cash at the ready at the exchanges in order to buy and as a result there was little buying to counter a weekend selloff until new cash arrived at the exchanges when funds sent through the banking system were credited.   Lately, however, the weekend dip opportunity seems to have abated.

At some point a financial company will start using Bitcoin as the method for moving value in and out of other assets, including offering the ability for that to continue throughout the weekend as the way to differentiate that investment offering from the competition.
2286  Other / Beginners & Help / Re: 1 hour delay in the blockchain - is this unusual? on: January 19, 2013, 10:56:10 AM
Let's see if someone with knowledge of the source code has a better answer.

Someone with the knowledge (and desire) to compute the probability could say how often that occurs.  It isn't that rare, ...  maybe occurring once a week (wild-assed guess).
2287  Other / Beginners & Help / Re: Instawallet down ?!?! on: January 19, 2013, 10:51:39 AM
I cant go to website, anyone else?

If there was a problem, it doesn't persist.

It's just you. is up.

2288  Other / Beginners & Help / Re: Official Newbie BitInstant Support Thread (Active Customer Support) on: January 19, 2013, 10:47:51 AM
When a person chooses the Pay To: Bitcoin Address, there is no response later (before the cash transaction at the retail location) that presents that Bitcoin address back to that person placing the order.

I would have expected to see the Bitcoin Address in the "Quote for Cash transaction", where it shows "Destination exchange   Bitcoin Address" for instance.

Let's say I had some malware where whenever I copy a bitcoin address to the clipboard the malware substitutes that with the malware author (attacker)'s address. So if that were the case, I would have pasted an address but wouldn't know it wasn't the one I had copied just seconds earlier.   I wouldn't be able to know that it wasn't BitInstant that had just swapped out the address for some other address.   At least if the Bitcoin address were on that Quote printout, I would know that it was something fishy on my end.
2289  Other / Beginners & Help / Re: Instawallet Problems - Was told Jav could help on: January 19, 2013, 10:25:09 AM
I'm new to bitcoins and a few other things so I'll try to keep this brief.  I purchased coins through BitInstant and sent them to my Instawallet URL.

You mean you had the coins sent to the Bitcoin address tied to an Instawallet URL?   BitInstant doesn't have any provisioin to send to an "Instawallet URL".

I had initially saved my URL and btc address (as advised),

So you are saying that today you do not know the Instawallet URL which has that Bitcoin address associated with it?

I noticed that the btc address that BitInstant provided me did not match what I had saved when I created my Instawallet.

BitInstant does not provide to you a BTC address.  You provide to BitInstant a BTC address.  

My concern is that somehow (possibly through my own fault, I'm not sure) that a new Instawallet was created and that ended up being where my bitcoins were sent.

Sounds more like you sent them to an old Instawallet and now you are looking at the new one, which never has had bitcoins sent.

I have all of the information including the amount of bitcoins purchased, USD amount, and order information for BitInstant, ZipZap, and of course the btc address the funds were sent to as well as my original wallet I was trying to send them to.

There is a 1:1 relationship between the bitcoin address and the Instawallet URL.  

If you have an Instawallet URL with a Bitcoin Address and then another Bitcoin Address, and you only use Instawallet, then you likely got that other address from another Instawallet.

I'm pretty much at the end of my rope here trying to get my bitcoins out of Insatwallet and could use any help anyone could provide.

Instawallet is essentially a "bearer code".  Knowledge of the code is what gives access to spend the funds.  Therefore, the only method that allows this system to work is to never reveal the URL to anyone, no matter the circumstances.  If they made exceptions, there would be exploits of those exceptions that would ultimately result in innocent people losing their  coins.

Instawallet makes it pretty clear to not lose the URL:

Properly backup your Instawallet address or key before receiving coins.

Please consider yourself warned: If you lose wallet's key or URL, your Bitcoins are lost, no matter the circumstances.
2290  Economy / Trading Discussion / Re: Buying Bitcoins in the UK on: January 19, 2013, 07:45:41 AM
1) getting hold of bitcoins anonymously is indeed like something out of the bourne supremecy and takes major hassle and headaches in the UK at least....buying ukash codes, then trying to convert to USD to use on cashu to finally get to mtgox....or using other online guys taking a whopping 20% !! for using paypal or CC....forget it !!!

If you are in London, you needn't pay more than 5% for anonymous, cash purchases:

the everyday online customers will not use or go near bitcoin until it is majorly simplified and user friendly....

In the U.S., Coinbase has an approach that seems to work well.  The cost is relatively trivial (1% above spot when buying bitcoins, 1% below when selling bitcoins).   Of course, this is not anonymous.  There's no such thing as using the bank system for its convenience and not putting up with the hassles that AML/KYC require.

3) pricing......another trickty area as any payment systems needs to be linked or some poor sod merchent will be forever having to change his/her prices to reflect the unstable nature of bitcoin values

With most e-commerce / shopping cart software solutions, including payment processing like is offered from BitPay allows the merchant to set the price in USDs (or some other other currency) and the price shown to the customer is computed dynamically based on the current exchange rate.

3) Also there does need to be some movement towards buyer protection too. Everyone sparks on about the benefit to sellers as no chargebacks etc are possible....yet we forget, you will never make this payment successful without offering buyer protection.

Cash also is non-reversible and doesn't enable chargebacks.  Not sure how customers still patronize these cash-only businesses  :-)
2291  Economy / Trading Discussion / Re: Tips for local transactions on: January 19, 2013, 07:02:24 AM
The intention of this topic is to help new buyers and sellers in the BitCoin community who are looking to meet up and trade locally. I've done a lot of local trades and sales over the years, so I'm hoping that my experiences can help beginners by giving them ideas on how to trade safely.

Fantastic info, thank you for providing this.

Personal safety does need to be top of mind, as is also emphasized on ShadowLife's post:

Once you received the money, you have to make sure that you donít leave the protected public places with the money to avoid getting robbed after the deal

I haven't completed all that many in-person trades myself but more than once now I have been asked to sell for cash an amount of bitcoins larger than any amount I would be selling by myself.  But had I previously gotten in contact with other traders in my area a larger trade amount probably could have been arranged since that would allow me to have to trade only up to my personal max level and then also there would be two or more of us present when the cash traded hands.

As far as buying bitcoins from an untrusted stranger, the risk of double spending (due to either a Race attack or a Finney attack) is significant enough to require at least one confirmation (or a Green address transfer or a service such as a LocalBitcoins "Transaction" where the funds released to the buyer would always be already-confirmed funds).

One challenge with in-person trading is with communications and coordinating the meet.  Unless you are already planning on spending a couple hours at a coffee shop or wherever, make sure to specify in advance your expectations otherwise you'll often be stuck waiting for your trading partner to show, oftentimes in vain.

For a recent trade the buyer arrived on time but he needed to get cash from an ATM.  It was only then that he learned that his bank account has a low maximum daily withdrawal amount, leaving me holding more bitcoins (and less cash) than I had planned.  Had I confirmed that the buyer had cash in-hand before even setting a meeting time and location is something that would have saved me time, money and the resulting headache.
2292  Economy / Gambling / Re: || New project of a Bitcoin Game on: January 19, 2013, 04:37:12 AM
  • Payouts are made in one single transaction to avoid creating unnecessary traffic.

So the party that sends a wager using a transaction that will never confirm (ultimately because it gets double-spent) can cause a disruption to the payouts for everyone else who had the misfortune of sending a wager that will be processed in the same payout batch?
2293  Economy / Service Announcements / Re: Bets of Bitcoin - Bitcoin betting on real world events on: January 19, 2013, 02:13:10 AM
Would it be possible to have an archive of closed bets on the site, for "historical" purposes? It might be interesting to look back at the bets of our past.

These are available through the site's UI already:

All closed bets, sorted by bet totals:

Click on the other selections to change the sort method.

To see only your closed bets:

Then scroll down to
 Your Bets
then click on
 Your closed bets
2294  Economy / Gambling / Re: What wallets work with satoshi dice? on: January 19, 2013, 01:38:34 AM
see subject

No hosted (shared) EWallets (e.g., Coinbase, Instawallet, Mt. Gox, etc.) will work with SatoshiDICE.

BitLotto shows a list of compatible clients:

 - Bitcoin  [Bitcoin-Qt, and bitcoind clients from]
 - Electrum
 - Armory
 - BitcoinJ
 - MultiBit
 -  [Hybrid EWallet]
 - Strongcoin
 - Blockchain (Android)
 - BitcoinSpinner (Android)
 - Bitcoin Wallet (Android)
 - Blockchain (iOS)
2295  Economy / Currency exchange / Re: I want to buy some bitcoins with my pay pal on: January 18, 2013, 01:40:24 PM
id like to buy some btc somehow using my paypal btcexchange isn't taking paypal rght now and that all I got. I have $50-$100 USD that I want to buy btc with.

VirWoX is about your only option.  How that works is that you use PayPal to buy Second Life Lindens (SLLs).  Then you convert those SLLs for BTCs.

Otherwise, cash methods work pretty well for buying bitcoins.  There may even be a trader local to you:
2296  Economy / Securities / Re: funding startups (I myself might want to do this with android apps) on: January 18, 2013, 01:24:34 PM
what would be the best plan of action to offer this to potentially anonymous share holders?

BitFunder, I believe.

2297  Bitcoin / Bitcoin Discussion / Re: 2013 on: January 18, 2013, 01:05:07 PM
2013 has arrived, and we're off to a clean start thus far.

Well, that hadn't lasted long.

We sadly need to announce that our wallet has been compromised thus DO NOT send any further funds to any of the coin wallets, BTC, DVC, LTC, etc.

Though losses were absorbed by the exchange:

Before the wild speculations beginn, the service will be recovered and we pay the losses out of our own pockets.

But the severity hasn't yet been disclosed:

We'll post all the infos after we have done our investigation, the TRX IDs, IPs, Bitcoin address, etc. May it be of help to the other service providers out there.

2298  Other / Beginners & Help / Re: Scammed by TORWallet! on: January 18, 2013, 12:51:21 PM
And TorWallet is still up and accepting new deposits.

Doing a whois on the domain now shows SUSPENDED on this:

   Note: This Domain Name is Suspended.

And as a result, there is no longer DNS resolving occurring (and thus the service is effectively now offline).
2299  Economy / Trading Discussion / Re: Why is there a penny bot? on: January 18, 2013, 02:35:01 AM
There is a robot that executes very small trades apparently to astroturf the mtgox last trade price.  My question is why would someone spend perfectly good money to do that?

A lot of merchants set their exchange rate based on the current best bid at Mt. Gox bid, or on Mt. Gox last.  So if you are buying something of a larger value from a merchant that uses best bid as the rate, then it usually is worth the money to narrow the spread a little.  You can trade a few pennies on Mt. Gox and as a result maybe save a few dollars (or a lot more) by getting a better price quote from the merchant.

Coinbase is one such bitcoin seller that uses best bid.

I was thinking there would be a service by now that one could pay and it would attempt to raise the best bid.   Maybe someone has done this and that's what you are seeing.
2300  Economy / Economics / Re: [CHART] Bitcoin Actual Transaction Volume? (using "change is never last" bug) on: January 14, 2013, 04:25:47 AM
or we are really moving a shitload of money nowadays (maybe both).

Eyeballing this, it roughly correlates to an increased number of transactions as well. 

I would be curious to know if the average for output #1 is increasing much though.
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