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Isn't the economic benefit to joining the selfish pool easy to extinguish?
The further ahead the selfish pool is, the greater the cost to them if they lose that race. The only economic benefit to the selfish miner comes from the block reward subsidy + fees from future blocks on that chain. But if it becomes known that a selfish pool is operating then an incentive for defecting from the selfish pool/cartel can be offered (in a way so that it is not available to the selfish pool as well). If those incentives cause mining on the selfish pool to be less rewarding then the selfish pool strategy can be defeated.
Wouldn't it be easy to tell if a block seems to be coming from a selfish pool (as each new block will appear to be laggng since it has no recently arrived transactions)? So if this lag can be detected then cannot an incentive to honest pools be offered?
A way to offer this incentive so that it is only available to the honest miners is to periodically send a type of marker transaction. There is a promise to pay an incentive/reward for including the marker transaction within N seconds after it is broadcast. So the selfish pool's previously mined block would not be able to include this marker transaction promptly, but honest miners are including recent transactions and thus would be able to include it. And then when that "included within N seconds" condition is true, those offering the incentive then send the incentive payment to the Bitcoin address for the coinbase transaction for that block.
[Edited]
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Anyone who trusts their silly tokens gets what they deserve.
It's like a broken record in here. Sheesh. I'm not saying buy Ripple XRPs. Personally, I don't care if an XRP is worth $0.000001 each or $2,000 each. I really don't. And that's because I never hold any XRPs (except for the few needed for the fee, so yes -- I guess a higher valued XRP is bad, for me). But I still can use Ripple. What I care about is moving fiat funds from one exchange to another. Ever since exchanges stopped offering "redeemable codes", etc, then Ripple is the last method remaining that offers a way for me to do that. And until there's a better solution, Ripple gets my patronage. |
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I'm probably going to start organizing meet ups in Orange County. We need to get something crackin' here.
Make sure to cross-post to the San Diego meetups (there are two groups, the weekly Talk N' Trade group, and the monthly San Diego Bitcoin meetup group). Each of those have members who take the run south from OC. What might be a way to get something started is simply a BitMob ..., where you agree to meet up for a meal and/or drinks at some place with the aim to help convince them to begin accepting bitcoin. The San Diego group just did this at the Hillcrest farmers market with some success. Another resource available might be BitPay, since their VP Sales is based out of L.A., perhaps she would attend a meetup and perhaps help by getting BitPay to sponsor it. It's worth a try. |
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How does that affect me one iota if I am just using Ripple to move my CNY from BitcoinCN into USD at Bitstamp?
Well don't you need XRP's to do that? So basically what happens is that the currency needed to use Ripple is mainly in the hands of it's developers and everyone else has to pay bigger and bigger amounts for it, eventually making the developers mega-billionares. No thanks. I don't personally need XRPs to do that, but Ripple will cause them to be used when it executes both sides of the transaction. Do I care if some small amount of XRPs used in the transaction causes a tiny increase in value for those holding XRPs? Nope, .... what I care about is the ability and cost for me to move CNY at BitcoinCN into USD at Bitstamp. And until some other solution to this problem arises (i.e., don't expect Dwolla, OKPay or Liberty Reserve to become widely uses), Ripple provides the best solution that is in operation today. |
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-Most of the XRP's being held by the developers
How does that affect me one iota if I am just using Ripple to move my CNY from BitcoinCN into USD at Bitstamp? |
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The idea is: a new currency which is backed by bitcoin. Essentially, a Casascius physical coin is a different currency, backed by a bitcoin denomination. But you need to trust that Casascius didn't keep a copy of the key and that the physical coin has never been compromised (exposed) to an attacker. But if you have a party providing the backing / guarantee, then you become an issuer. And an issuer must follow the laws (e.g., being a licensed money transmitter) otherwise the regulators will come down. The way Bitcoin enables this is by having the issuer / centralized authority be the result of the proof-of-work algorithm. But if your list of requirements includes instant transactions, then you can't have a consensus-based mechanism. So, likley what you are looking to do likely exists with either Open Transactions, or Ripple -- though Ripple isn't "instant" either if your payments need the guarantee of being non-reversible (fast, if you consider a few seconds fast, and you discount the risk that RippleLabs, the operator of the verifiers, will reverse the transaction.) - https://github.com/FellowTraveler/Open-Transactions/wiki/FAQ |
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bitcoin without ripple: ...what the fuck is ripple?
It sure is nice to be able to move funds from one exchange to another using Ripple. This lets me perform arbitrage. For instance, let's say the XBT/CNY market is overpriced. Ripple might have a path where I can move CNYs at one exchange (e.g., RippleCN) into USDs at another exchange (e.g., Bitstamp) without much of a cost. This benefits Bitcoin as it helps to keeps markets efficient. As a result of my transaction, Ripple gave me incentive to bring my bitcoins to the XBT/CNY market where supply was tight, and because of Ripple I could absorb some of the supply at Bitstamp by buying "cheap" bitcoins from their XBT/USD market. I fail to understand why such a useful tool gets so much hate around here. |
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For example, I notice they are loading external Javascript files from Googles servers.. Isn't external Javascript a very very bad thing to do on such a site?
I had been using http://www.changedetection.com to monitor the site and then manually verify and post an OK on the BitAddress forum thread. Sure, that's not foolproof since if the site were compromised and spits out a compromised page let's say for 1 out of 10 requests, the chances are very low I'ld know for some time (i.e., a 10% chance of detecting it, 90% chance the attacker would get away with it -- for at least one day.) Here are the steps I follow: - http://bitcoin.stackexchange.com/a/9115/153 |
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Any update on this project? I'm looking for something like this!
Now BitAddress, as of v2.5.1, has BIP38 Encryption (click Advanced, from Paper Wallet): - http://BitAddress.org |
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Now that BitAddress supports BIP38 encrypted wallets, would you consider adding support for this in the cold storage spend feature?
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Send this to everyone you can in the company, and ask them to forward it:
The employers of tomorrow are those small startups who are today figuring out how to use Bitcoin as a competitive advantage. Maybe that would be a better use of your time? |
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My question is: does ICBIT charge clearing fee every day? How often the clearing occurs?
I sold only 1 contract, so the fee I was charged is only 0.0001.
In case if I sell 100 contracts, will I be charged 0.01 every day?
Clearings happen at 20:00 GMT and 08:00 GMT, - https://icbit.se/futuresSo, X2. .... your 100 contracts cost $0.02 per day (100 contracts X 0.0001 BTC X 2 clearings per day). That is specific to BUX3. Other BTC/USD contracts for durations further out don't have that daily clearing. Also, some larger traders have enough volume to get a discount on that fee (both clearing fee and per-contract trx fee). |
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The list is intended to help the people in question to identify themselves as Bitcoin powercenters,
Incidentally, this will likely get you unwanted attention. I'm nowhere near even being in "Vladimir's club" so won't appear on this list but even I have received extortion threats demanding bitcoins. |
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