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381  Bitcoin / Bitcoin Discussion / Re: How would a Bitcoin future be better? on: September 25, 2013, 09:41:56 PM
How would this be better than our current financial system?

Look at your nearest larger metro area.

What buildings are the tallest?   If that is like most every other larger metro area, then you answered "a large bank or financial institution".

The financial industry is currently nearly 20% of the U.S. economy [Edit: 20% of all corporate income in the U.S.] .... and much larger even in some regions (e.g., NYC).

Where do their incomes comes from?   Of course, from you ..., from me, etc.

Did you or anyone you know pay an overdraft?   That's a fee that does not exist with bitcoin.  

How about a monthly account maintenance fee?   Again, ... unless a third party E-Wallet is assessing a fee, such charges don't exist in Bitcoinland.

So Bitcoin makes it possible that entire parts of the banking and financial industry are no longer needed or are dramatically simplified such that the banks can no longer suck rent from us as they currently do thanks to their regulated monopoly / cartel.

382  Bitcoin / Bitcoin Discussion / Re: Europe Rising on: September 25, 2013, 04:30:35 PM
note the shift of hashing dominance to Europe.

the US is being deprecated:

And with exchanges as well.

Kraken, based out of California, does not do any USD trading [Update: They just launched XBT/USD trading], and instead operates an XBT/EUR market.

Bitcoin-Central.net (France) just re-opened, they had been a major exchange before and likely will see a high volume of XBT/EUR trading activity now that they are back.

BiTSTAMP (Slovenia), rivals Mt. Gox and exceeds them on some days.

BTC-E, accepts SEPA transfers, I believe.

383  Economy / Goods / Re: Amtrak tickets with bitcoin? on: September 25, 2013, 03:23:37 PM
Is there any site where I can buy amtrak tickets using bitcoin? I have a trip coming up that will cost about $200 on Amtrak and I'd rather pay directly with bitcoin than having to convert to fiat.

Odd that a company out of Bulgaria might be the best method for you to buy a train ticket for travel in the U.S., but it just may be:
 - https://www.simplytravelonline.com
 - http://www.coindesk.com/life-bitcoin-couple-pays-hotel-flights-bitcoin

There is a Bitcoin-specific site for airfare, but Amtrak (rail) is not a travel method they serve (yet):
 - https://btctrip.com

[Edit: Oops, forgot about BTCVacations, which offers Amtrak:

 - http://btcvacations.com
 - http://bitcointalk.org/index.php?topic=292402.0 ]
384  Economy / Trading Discussion / Re: Easiest way to get btc? on: September 25, 2013, 02:57:31 AM
I like to stay away from transferring through my bank,

Then check out:
 - http://Bitcoin-Brokers.org

Otherwise, a fairly comprehensive list:
 - http://en.bitcoin.it/wiki/Buying_bitcoins
385  Bitcoin / Project Development / Re: [BOUNTY - 25 BTC] Audio/Modem-based communication library on: September 25, 2013, 02:14:16 AM
Any person wishing to collect the bounty must also be willing to assign me all rights to use it in the Armory project, free of charge, etc.

Chirp doesn't have an API yet, but it might be the technology you are looking for.  Clients are available for Android and iOS, but it isn't open source:



 - http://vimeo.com/45838932
 - http://Chirp.io
 - http://www.standard.co.uk/news/techandgadgets/reasons-to-be-chirpful-8836200.html
386  Economy / Collectibles / Re: New Bitcoin COLD HARD CASH by the makers of New Liberty Dollar on: September 24, 2013, 07:03:47 PM
the ability to find folks local to you who buy in quantity and can make these available to you locally worldwide.

What I'ld like to see is these traded at the local Bitcoin meetups and Satoshi Square-type trading events.

One problem, though, is that the party willing to sell these may not be the same person willing to speculate on the exchange rate for silver bullion -- so that person might not be willing to invest in any significant inventory of the pieces.

After seeing the Ripple DYM issue (in which the issuer holds a silver dime for each 1.0 DYM voucher unit out there) I'm thinking there is a solution to this.  Essentially this lets this trader acquire a larger inventory of the pieces by selling the vouchers to buyers on Ripple.  But then as each piece is sold that seller buys back one of the voucher units issued through Ripple.

I guess it is no different from a consignment store concept.

The advantage to doing it through Ripple is that the person who bought the voucher unit issue on Ripple is that that voucher can be sold, so the funds aren't locked in until the trader (issuer) holding the physical piece backing the voucher sells it.

Open Transactions could be used for this as well, but this has already been done through Ripple (in DYM).
387  Economy / Speculation / Re: creating demand for bitcoin on: September 24, 2013, 06:14:49 PM
Demand arises from businesses accepting bitcoin, not from one time investments.

Well short-term demand can come from speculators / one-time investment but if that's all Bitcoins are used for then that demand eventually becomes excess supply and it becomes a race to sell as nobody knows where the bottom is.

Eventually at some price new money from buyers will appear, such as perhaps a person who will need bitcoins to repay a loan at some point in the future, or a poker player who is willing to stock up on coins that suddenly seem cheap.   So these are a couple sources of demand for Bitcoin.

So how is this demand created?

One phenomenal example are Beccy and Austin ... the lifeonbitcoin.com couple:

Quote
To get small businesses to accept bitcoin, its not enough to invite them. We need to pave the road for them, with smooth asphalt and clear signage, and convince them they want to go there. If we want merchants and users to accept bitcoin, we need to think of it like we do web design on a web startup. Were getting people to sign up for bitcoin like they signed up for their first email account, or the first time they used PayPal, or switching to a new OS. Were selling them on it. And it needs to be absolutely painless.
- http://lifeonbitcoin.com/what-will-drive-adoption/
388  Bitcoin / Legal / Re: Opinions on Impact to Bitcoin Securities on: September 24, 2013, 08:12:32 AM
Others might be in legal limbo for a while

The "equity crowdfunding" that has been going on with BitFunder, BTCT.co, and others (and previously GLBSE) will never be allowed in the U.S., at least not as they exist today.  Firstly, these exchanges/brokerages don't require the investor's identity, and thus they can't (and don't) send out 1099-DIV's on dividends and the exchanges at which the shares trade don't report any trading activity.

There are other specifics coming in Title III (regarding the crowdfunding ammendment), which also put a huge wedge between what we've already seen with Bitcoin-based the cyber equity exchanges and what the SEC's rules will allow.

For instance, the expectation is that equity crowdfunding in the U.S. will be open for those in the U.S. only.   Additionally, the expectations are that no shares can trade on a secondary market for the first year after the IPO.  So anyone that invested is stuck for that first year.

There are other restrictions expected as well.

When equity crowdfunding starts to become more widely understood, it will be interesting what role Bitcoin will play.   There's not much the SEC can do if some online e-commerce LLC in Nevis accepts bitcoins for investment and pays dividends in bitcoins -- regardless of whether the investor is from the U.S. or anywhere.
389  Bitcoin / Meetups / Re: Omaha, Nebraska First Meetup on: September 24, 2013, 03:35:36 AM
Trying to get this meetup going tonight!

Related event:

Midwest LibertyFest
Saturday, September 28, 2013
 - https://www.facebook.com/events/552431888148824/
390  Economy / Speculation / Re: Ripples a threat to bitcoin? on: September 23, 2013, 08:50:23 PM
Have to say I'm slightly alarmed by the number of people who think ripple will help the bitcoin economy!!!! (At the time of posting 32%) Does fiat money help gold and siver? no. exactly.

You confuse the Bitcoin economy (use of Bitcoin's payment network) with the value of a bitcoin (use of bitcoins as a currency).

Certainly Bitcoin has value due to its unique properties, so if some competitor has similar properties and takes "market share" away from Bitcoin that will decrease the demand for bitcoins and thus a lower exchange rate.

But my interest in seeing Bitcoin succeed has more to do with seeing an alternative to fiat become widely used, not to maximize the Bitcoin exchange rate.

Ripple makes up for the weaknesses in the payment network surrounding Bitcoin, etc.

Bingo.  Anything that adds to Bitcoin's utility should be welcomed.  I just was at an event in which silver was one of the payment methods accepted.  Let's say I only had bitcoins.   I could have used Ripple to convert my bitcoins to DYM (voucher), and the merchant would then receive silver:

Introducing Ripple Currency: DYM
 - http://bitcointalk.org/index.php?topic=149533.msg3219655#msg3219655

Both of us would have been happy.   Neither of us would have touched fiat.  That, ... would have been a win.
391  Alternate cryptocurrencies / Altcoin Discussion / Re: Introducing Ripple Currency: DYM on: September 23, 2013, 07:49:45 PM
I was at an event in which silver was one of the forms of money accepted.  I had some silver dimes with me and used them to pay for dinner and later drinks.  That as the first time I had ever used junk silver in trade (rather than simply buying or selling a precious metal for investment purposes).

What was interesting was that even these little silver dimes were not of fine enough granularity.   

For instance, in paying for a beer.   One silver dime was too little.  Two silver dimes was a little high.

If the merchant accepted DYM (a silver dime-backed voucher issued through Ripple), I could have paid with the precise amount (e.g. 1.6419 DYM).   

I think that Ripple (and DYM) is something with great potential.
392  Bitcoin / Meetups / Re: Twin Cities, Minnesota, USA on: September 23, 2013, 07:48:34 PM
I attended http://AgoraFest.com this past weekend (near Red Wing, MN) and Bitcoin was well represented (two sessions on Bitcoin, as well as Bitcoin coming up at least once in a most every other session or conversation).

Silver was being accepted as well.  I had some silver dimes with me and used them to pay for dinner and later drinks.  That as the first time I had ever used junk silver in trade (rather than simply buying or selling a precious metal for investment purposes).

What was interesting was that even these little silver dimes were not of fine enough granularity.   

For instance, in paying for a beer.   One silver dime was too little.  Two silver dimes was a little high.

If the merchant accepted DYM (a silver dime-backed voucher issued through Ripple), I could have paid with the precise amount (e.g. 1.6419 DYM).   

I think that Ripple (and DYM) is something with great potential.

Anyways, I'll still be in the Twin Cities this week Wednesday so will be at the meetup at Club Jager.
393  Economy / Economics / Re: New Project; Need Input (What do you buy with BTC?) on: September 23, 2013, 07:20:55 PM
The first step is to determine what goods should be included in the basket.

Isn't the price (in bitcoins) those vendors show nearly always just derived from a price in fiat then converted to bitcoins?

As such, I'd like to start tracking the value of BTC in terms of Purchasing Power (PP) by calculating and maintaining a specialized Consumer Price Index (CPI) that contains a basket of goods that are commonly purchased with BTC.

Or are you trying to show the affordability to goods in various regions, simply using Bitcoin instead of fiat?  This would be similar to the Big Mac index:
 - http://www.economist.com/content/big-mac-index
394  Bitcoin / Bitcoin Discussion / Re: This video needs to be updated on: September 23, 2013, 06:47:06 PM
http://www.youtube.com/watch?v=Um63OQz3bjo#t=89

"No fees" is obviously false as a transaction with no fees (a.k.a. no tips) don't get processed/confirmed at a reasonable time frame.

The sender pays a fee.   A merchant doesn't pay a fee.
395  Bitcoin / Bitcoin Discussion / Re: PoS system in a few easy steps - no phone required on: September 20, 2013, 06:32:40 AM
The bar then has a terminal with the software running (check the subdir called 'wallet'). You scan your private QR code, enter your password and are presented with a menu:


So this requires trust that the terminal is not capturing the password, which would be used to perform a replay attack?


396  Bitcoin / Legal / Re: List of court cases, complaints, regulatory actions, etc. on: September 19, 2013, 07:26:58 PM
SEC v. Trendon T. Shavers, et al  CASE NO. 4:13-CV-416
July 23, 2013
Location: Sherman, TX, USA

Another update on this:

Certified letter from U.S. District Court to Trendon T. Shavers - returned to sender / unclaimed.

 - http://archive.org/download/gov.uscourts.txed.146063/gov.uscourts.txed.146063.29.0.pdf
 - http://bit.ly/1aWG7SD (Browser-friendly PDF viewer)
397  Bitcoin / Meetups / Re: room sharing for Amsterdam Bitcoin conference 25-28 Sept 2013 on: September 19, 2013, 08:25:12 AM
Besides kitchen I need nothing fancy, sleeping on the floor is OK.

If it helps ... 9Flats takes Bitcoin:
 - http://www.9flats.com
398  Other / Beginners & Help / Re: How to clone Bitcoin to create your own virtual currency or crypto shares on: September 18, 2013, 05:29:49 AM
anybody will be a central banker but backed with the goods that produce!!

The tools are here now  ... Open Transactions and Ripple.

Now whether or not there's a market for currency where you promise future production, but there is a market for your current production.  Here's a perfect example.

Chase bank acts like a pawn shop here, giving cash to farmers for up to 65% of the value of maize that they have warehouse receipts for.

Chase Bank targets maize farmers with low-interest loans
 - http://bit.ly/16ciIEe

Chase is giving cash for only 65% of the value of the maize.    Of course, if the farmer repays the cash loan the maize is still owned by the farmer so that's a good thing, but the farmer doesn't have access to 35% of the purchasing power of his maize.  If he could trade those warehouse receipts for cash closer to full value the farmer would benefit. 

When you are I can bid for ownership of those warehouse receipts (rather than the farmer being forced to go groveling to the Chase pawn shop) the financial system extracts less rent from the economy.   I look forward to the day this is common practice!
399  Bitcoin / Bitcoin Discussion / Re: Super Bowl Commercial for bitcoin? on: September 18, 2013, 04:52:15 AM
An ad during SuperBowl would cause this bet to end True":

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

400  Bitcoin / Development & Technical Discussion / Re: Are Transaction IDs unpredictable? on: September 17, 2013, 07:48:41 PM
I want to use this for a provably fair betting system.

SatoshiDICE uses the transaction ID to determine the lucky number but the reason it doesn't matter if it is random is because the transaction ID is just part of the input used to get the results, with the remainder kept secret at the time the bet is placed.

Another "provably fair" service, BitLotto (whose operator has since cut and run with the last month's worth of winnings) used the results of an external event (a state-run lottery) that occurred after the betting deadline as its apporach to offering provably fair.

But as others mentioned, the Trx ID is the result of the contents of a transaction, and thus can be manipulated.
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