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301  Bitcoin / Bitcoin Discussion / Re: Hardware device and protocol for seeding and verifying Provably Fair gaming on: October 08, 2013, 06:56:59 PM
In a very brief chat with someone familiar with casino operations I inquired about the potential that some day a player-owned device would be used to participate in "provably fair" gaming on physical gaming systems (e.g., video slots, video poker machines, etc.)    I was told that the use of mobile phones and other electronics were not permitted in certain areas of a casino.   The purpose of that was to prevent player cheating at table games and for restrictions related to the casino's sportsbook.

The most interesting part of the conversation was the assertion that players should not be worried about the casino cheating.  "Just trust us".  Heh, we've heard that before.
302  Bitcoin / Legal / Re: List of court cases, complaints, regulatory actions, etc. on: October 08, 2013, 03:06:16 PM
I don't know at which point to stop posting about new cases where the only part where Bitcoin is relevant is that it was used as the type of currency.  Here is one of those, but it is probably significant enough:

United States of America v. STEVEN LLOYD SADLER and JENNA M. WHITE
October 2, 2013
Location: Seattle, WA, USA

Abstract: Selling through the Silk Road, vendor "Nod" (Sadler and White) were charged with conspiracy to distribute drugs, including over 2 kilos of cocaine, illegally.   

The only reference to Bitcoin was this:

22. As a further measure to protect the anonymity of its users, the Silk Road requires all transaction to be conducted in Bitcoin.  Bitcoin is an electronic, cryptographically based currency that had no association with banks or a government.  Bitcoin is used because it is difficult to track and easy to move online.

 - (browser-friendly PDF viewer)

There was a separate bust of Silk Road sellers, this time in the UK, but Bitcoin was not specifically mentioned:

Four UK men arrested over Silk Road links
303  Alternate cryptocurrencies / Altcoin Discussion / Re: Limit mining a new alt-coin to a specific country. on: October 07, 2013, 09:35:21 PM
Pick the right Alt Coin with PoW/PoS.. like PPC or YAC...
Fork it, make it Spanish... and launch, baby, launch.

I'll agree with that.   A straight PoW-based alt will get clobbered by a 51% attack if it starts getting used in commerce (and thus growing to have sufficient value to make it worth performing the attack) prior to having sufficient hashing capacity to reduce any economic benefit to performing the attack.
304  Economy / Service Announcements / Re: BCTIP - Printable Bitcoin Tips on: October 07, 2013, 08:51:56 PM
It is recommended to give BCTip in addition to the regular tips

At the Crypto Currency Conference this past weekend there was an event on Friday at BitPay's offices and they had a tablet set up so tips in Bitcoin to the bartenders could be accepted:

However, ... the bartenders were serving customers faster than tippers were tipping -- (and who wants to stand there sending a tip after you finally got booze in your hands anyways), so having some BCTips with me really would have been useful.    I wish I had thought to print some up ahead of time.  

And then the cocktail hour on Saturday evening had only a regular tip jar, so there was no bitcoin tipping (though the bartender said she had plenty of people ask to give bitcoin tips).   There too these BCTips would have come in handy!   i did have a paper wallet funded with some tip-sized amount and offered to give that as a tip but the process to redeem it (i.e., installing an app, sweeping the funds, etc.)  was beyond what the bartender wanted to hear.

There's definitely a place for these!
305  Alternate cryptocurrencies / Altcoin Discussion / Re: Limit mining a new alt-coin to a specific country. on: October 07, 2013, 07:44:34 PM
Now let me ask you, would you sell your BTCs for bolivares?

If I had plans to make purchases with bolivares, and I could get them at a 20% discount simply by making a trade, exchanging my Bitcoins locally for bolivares, then yes I would sell my BTCs.  This is presuming, of course, that I could buy or earn more bitcoins to replenish my Bitcoin position ... without having to pay such a premium.

So not every person needs to be able to convert bolivares to bitcoins.  There are some who have cash outside of Venezula but spend domestically -- so they would be wise then to buy bitcoins with those funds and trade those coins locally for bolivares.   Or take the example of the graphic designer who essentially has a service that can be exported.  The designer can ask the employer to pay using Bitcoin and offer a 10% discount even, and still come out ahead (in terms of the number of bolivares earned) if those coins can then be sold to a buyer who will pay a 20% premium.
306  Bitcoin / Bitcoin Discussion / Re: Money2020, October 6-10, 2013 - Speakers list filled with Bitcoin and Ripple on: October 07, 2013, 03:01:34 PM
Bitcoin sets the agenda on day one of Money2020 conference
307  Alternate cryptocurrencies / Altcoin Discussion / Re: Limit mining a new alt-coin to a specific country. on: October 02, 2013, 11:08:38 PM
Bitcoin gets more centralized every day and Ripple WTF?

Ripple isn't the issuer.  The issuer is the neighbor that you trust to really be holding the 500 silver dimes that she claims to be holding (which the 25 DYM digital vouchers you bought from her are backed by).  You know this is true because you stop over unannounced and ask her to show them to you and she can (or she can't and now you know who not to trust).

So yes ... Ripple is a decentralized method to get an asset-backed digital currency up and running.   If this region-specific currency gets traction and you want something with less central control, you can then run your own validators (possible now that Ripple is open source), or you go with Open Transactions then.
308  Alternate cryptocurrencies / Altcoin Discussion / Re: Limit mining a new alt-coin to a specific country. on: October 02, 2013, 11:02:39 PM
I really don't know why it is so hard to understand our situation.

We understand your situation, just that Bitcoin IS the best answer.

Somehow you believe that this VenzuelanCoin will be cheapter to acquire and then use than Bitcoin.   You'll probably need to get hit over the head a few times before you figure out that it hurts. but VenzuelanCoin, if it is mined using proof-of-work will cost the exact same to mine as Bitcoin and Litecoin, etc.   i.e., mining capacity will rise until there is little or no profit from mining.

More importantly, you are dismissing the vulnerability to a 51% attack.

Bitcoins do cross the border into Venezuela when there are buyers paying a premium.   If that bitcoin buyer is paying VEF, then some smart cookie will do arbitrage by selling BTCs for VEFs at a premium and then using those VEFs to pay for goods and services locally in Venezuela, essentially getting those at a discount.   Trust me, ... if you are willing to pay $12K worth of bolivar (VEFs) in exchange for about $10K of BTCs, then someone with access to BTCs will certainly emerge to sell to you.  This is because that person can then turn around and maybe buy a vehicle worth $12K with your $12K worth of VEFs.

Sure, that lets the person with access to BTCs buy a $12K vehicle with just $10K worth of BTCs, but that's the cost for getting liquidity into your market.     Merchants then would be advised to give a 20% discount for paying with Bitcoin so that the bitcoins get traded locally then.

I doubt 20% is even needed, ... maybe 10% is sufficient -- especially over time.  Trust the market.  It works.  I do understand it sucks for you to have to pay $12K worth of bolivar to get $10K of BTC.  But if those $12K worth of bolivar are being devalued, they'll only be worth $10K in a few months anyways so you might as well make the bid offer now so that down the road you have the BTCs and not the VEFs.
309  Bitcoin / Legal / Re: List of court cases, complaints, regulatory actions, etc. on: October 02, 2013, 04:32:33 PM
United States of America v. ROSS WILLIAM ULBRICHT a/k/a Dread Pirate Roberts a/k/a Silk Road
September 27, 2013
Location: Southern District of New York

Abstract: FBI files complaint against founder and operator of Silk Road market with narcotics trafficking conspiracy, computer hacking conspiracy, and money laundering conspiracy.

Silk Road had 957,079 registered users who did 1.2 million transactions between February of 2011 and July of 2013, the FBI says.

Note, the source of the complaint is from security researcher Brian K Rebs' website, so this URL is tentative:

 - (Primary discussion thread on this is the Press board)
310  Alternate cryptocurrencies / Altcoin Discussion / Re: Limit mining a new alt-coin to a specific country. on: October 02, 2013, 01:39:44 AM
So, slowly we change our shitty bolivares for XVEs and in a matter of years we may be able to start an exchange to trade XBTs for XVEs, you know, like in a real world monetary system (without govt intervention of course).

Venezuela might be a good place where something like Ripple becomes incredibly useful.  If your goal is simply to trade without being forced to use VEFs, what could emerge are local issuers of commodity-backed digital vouchers on Ripple.

Take a look at the DYM issue on Ripple as an example:

That uses pre-1965 U.S. silver dimes ("junk silver") as the commodity.   But it could be anything that the issuer would store and then issue the vouchers that can be redeemed for the underlying commodity.   The commodities could include items easily purchased with VEFs today yet are not that difficult to warehouse.  This would include bottles of liquor, cartons of cigarettes, boxes of diapers, postage stamps, even rolls of toilet paper if nothing else.   So you'ld have a single currency issue for each of these commodity items but there would be multiple issuers for the same commodity.

Of course, other commodities sourced locally like coffee beans would be fantastic but you don't want to use something perishable.
311  Alternate cryptocurrencies / Altcoin Discussion / Re: Limit mining a new alt-coin to a specific country. on: October 02, 2013, 01:12:31 AM
limiting the mining and trading to a specific country, in this case Venezuela.

Is that a good idea or even possible?

No and no.

Technically, there's no way to know from where (geographically) a valid hash originated.

So you'ld be open to the world -- and vulnerable to a 51% attack.

No, we can not buy BTCs (the main purpose of a world currency like BTC) because we have no access to dollars, euros, yens or whatever strong currencies and nobody takes our bolivares.

What you have is friction, but not a brick wall.    When there is profit potential, suppliers of bitcoins (who accept VEF) will emerge.  This means if a buyer is willing to pay a premium to buy BTCs with VEF, some other party with bitcoins to sell will emerge to take those VEFs and use those VEF locally to pay for consumption.   The larger the premium the greater the incentive for these sellers to emerge.   For instance, a business in Venezuela that exports goods or services (e.g., a graphics designer with customers abroad) may ask for Bitcoin as payment (or offer a discount if payment is made in bitcoins) to obtain a supply of coins.  Those can then be sold locally at a premium which more than offsets the discount the merchant might have had to offer to incent some of their customers to pay with Bitcoin.

If Bitcoin buyers in Venezuela are only willing to pay a little premium then there won't be much supply.  But a larger premium will be the incentive that results in an adequate supply arriving.

Now, having said this, ... understand that there's nothing stopping anyone from attempting some regional crypto currency.   There are several that have already been tried with others being attempted now.  Here's one:

But know one thing, the risk of loss due to a 51% attack (if it is a proof-of-work based cryptocurrency) and volatility are higher with this regional alt currency than with Bitcoin.  Do you really want to expose your neighbors to these risks of significant financial loss?  
312  Local / Press & News from India / RBI spokesperson misunderstands what "legal tender" refers to? on: October 01, 2013, 07:26:07 PM
The recent article by Ankit Ajmera had this:

The Reserve Bank of India, for instance, has not yet formulated regulations to govern trading or profits generated from Bitcoins. An RBI spokesperson told Mirror over email that the RBI doesn't consider Bitcoin legal tender and, therefore "trading in Bitcoin is not legal. Obviously, there cannot be regulations from RBI for an illegal activity. People who use it, do so at their own risk and responsibility."


In the U.S., legal tender refers to what forms of money cannot be refused by a creditor for extinguishing a debt.  Legal tender does not dictate what can be used as money or currency.

Is the use of this term different in India?

This was in quotes, so presumably this is what Mr. Ajmera received in the e-mail from the RBI.

I can't believe a person would be spokesperson for RBI and have misunderstood what the term "legal tender" refers to, but it is possible.

Has anyone inquired (or if not, would anyone inquire) with the reporter and/or the RBI spokesperson to get clarification on this?
313  Bitcoin / Development & Technical Discussion / Re: Rogue bitcoin nodes. on: October 01, 2013, 06:16:40 PM
The government can own 99.999% of all the nodes, but because no real commerce will be done with those nodes it does not matter.

From a related thread:

Short summary: An attacker could run tens of thousands of Bitcoin clients to isolate certain nodes from the network and then double-spend his coins.

That's actually a very hard attack to successfully pull off; I file it under "theoretically worrisome, but practically not a high priority."

It is hard because: [...]
314  Bitcoin / Mining / Re: - Introducing new Bitcoin mining forecast and ROI calculator on: October 01, 2013, 05:32:57 PM
Don't hesitate to ask questions. Your suggestions are very welcomed!
Hope it can help you to save on ASIC pre-orders.

If those default numbers are anywhere what will happen, then that is possibly the most depressing chart for anyone who already owns or has on order any mining hardware whatsoever!
315  Other / Meta / Re: "Satoshi Square" local in-person bitcoin exchanges "Currency Exchange" subcats? on: September 30, 2013, 11:27:17 PM
Marketplace>Currency Exchange is perfect to make sub-forums for major cities.

The list is growing:

There is the weekly (Monday) Satoshi Square meetup in NYC (yesterday's was hosted at EVR).
 -  <-- For info on location

Here's the Project Buttonwood trading site for NYC:

The next L.A. Satoshi Square meetup is this Thursday (July 25th, 2013) downtown (Grand Park):

The Buttonwood San Francisco occurs weekly.  The next event is Thursday, July 25th, 2013:

The first Buttonwood-style event in Berlin will be July 29th:

The first Miami Satoshi Square will be today (July 23rd, 2013):

The first Toronto Satoshi Square will be next Monday, July 29th, 2013:

There is a weekly trading event, "Talk 'N Trade" in San Diego (Tuesdays):

[Update: And now also Singapore:

Singapore's 1st Buttonwood - meetup event Aug 1

 - ]

[Update 2: And Panama: ]

316  Economy / Goods / Re: NEFT Vodka and Bitcoin on: September 30, 2013, 09:13:08 PM
Was there any NEFT flowing at the European bitcoin conference?   I wasn't thinking, I probably could have asked someone from the U.S. that was attending to pick up a couple barrels and bring them back to the states.   The Bitcoin logo and message on the side of the barrel are a great endorsement.
317  Bitcoin / Development & Technical Discussion / Re: The Bitcoin Will (you know, for dead peeps) on: September 30, 2013, 06:45:11 PM
I believe one of the solutions was to tell your family members half of the private key and then leave the other half in your will.

BIP 038
Password protected wallets.

Send the encrypted paper wallet(s) to family members. Use DeadMansSwitch to have the decryption key sent to your loved ones if you pass.    And also give they key to a trustee.

318  Economy / Speculation / Re: Will The Bitcoin Investment Trust affect the price? on: September 30, 2013, 04:14:08 PM
So let's speculate, will price be affected? by how much? and why?

There is demand for leverage such that today someone wanting to buy a bitcoin using leverage has to pay a price that is 10% over the current spot price and still has to wait nearly 90 days to get delivery.  See the BUZ3 (December 16, 2013 settlement) futures contract on ICBIT as an example:

The only thing needed to profit from this is a supply of bitcoins that you can "lock up" for 90 days.  Oh, look .... the fine print for BIT says your funds might get locked up on you:

An investment in the BIT will be illiquid and there may be significant restrictions on transferring interests in the BIT.

So Bitcoin is just like any other commodity or security in that there are derivative products and profit exists.    Seeing more funds emerge will help Bitcoin because it will help the commodity be used to solve problems more efficiently or used in new ways.    While it would seem this increased usage of bitcoins would only put upward pressure on the exchange rate, don't forget that providing liquidity for that wanting to go short on Bitcoin is likely one of the possibilities a fund like BIT brings as well.
319  Economy / Trading Discussion / Re: Tips for local transactions on: September 30, 2013, 06:38:44 AM
Getting stuck with counterfeit money is a real (and growing) risk:

Buyer passed me 25 x fake $20 bills at , defrauded me for $500. Seller beware too, quality counterfeit $20s traded

320  Bitcoin / Technical Support / Re: Bitcoin copying wallet.dat allows sending coins twice on: September 30, 2013, 06:17:57 AM
How can this be fixed?

Well, you now have two wallet.dat files which are out of sync.  Bitcoin-Qt/bitcoind wasn't designed to work this way (running two copies of the Client with the same wallet.dat).  As a result, the two wallet.dat files are now out of sync.

In short, don't do this.   It doesn't affect the blockchain, but it will give you grief and multiple copies of a wallet getting out of sync can potentially cause you to end up with financial loss.

To resolve this ... you will have one Client in which the transaction confirms.  In the other instance you will have a transaction that won't confirm (presuming both are attempting to spend the same funds).  

So, if the balance on the one with the confirmation is correct, then simply discontinue use of the other instance -- the one with the transaction that will never confirm.
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