Why were they developed? Bitcoin's creator, Satoshi, didn't answer this directly but in the paper on Bitcoin written by Satoshi, is the following: While the [existing payments] system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. - http://www.bitcoin.org/bitcoin.pdfSo possibly, the entire reason for Bitcoin was to introduce a payments system of non-repudiable transactions (transactions cannot be revoked once issued and cannot be reversed.) There are many benefits Bitcoin brings, including an issuance level that is pre-determined (i.e., the currency won't be debased by unexpected "printing"). Other reasons Bitcoin might have been created: - http://bitcoinmedia.com/bulleted-advantagesI know they physically exist, from Ebay, but what's the difference with the Bitcoins on Ebay and digital ones? A coin includes a private key and a public address. The physical coins such as what you see from Casascius (which is sometimes also seen sold on eBay) are simply a physical packaging for these two pieces of data -- the public address printed on the back of the coin, and the private key hidden under the tamper-evident hologram. Because of the cost of the physical packaging, manufacturing and order fulfillment, a physical bitcoin costs more to acquire versus the digital version stored in a wallet. If you wish to spend the physical bitcoin online, you peel the hologram and redeem the private key -- which only redeems the value of bitcoin(s) stored on the coin and the leftover physical packaging becomes worth (almost) nothing once the hologram has been tampered with. Here's another bitcoin in "physical" form -- in the form of a paper wallet. - https://www.bitaddress.orgCan someone give me a BRIEF walk through on how I can take my cash dollars and get Bitcoins . . . and where those bitcoins can be stored. You don't mention where you are. If you are in the U.S., the quickest method is to use BitInstant and visit one of their banking partners. You deposit cash, and get a redeemable code for that amount, less a fee (about 5%). That code then is used to buy bitcoins at the exchange you chose. A cheaper method, in the U.S., is to use Dwolla (similar to PayPal), and link it to your bank and transfer funds to an exchange which accepts Dwolla (e.g., Intersango, CampBX or Mt. Gox). Then you pay only $0.25 to get your funds sitting at the exchange ready to buy bitcoins. This option takes around ten or so days though to get set up and get the first payment through. Outside the U.S. your options vary, based on your location. Here's an article that might help: - http://en.bitcoin.it/wiki/Buying_bitcoins. . . and where those bitcoins can be stored. Some people store their bitcoins with the exchange. Some people withdraw their bitcoins so they are stored locally, using a client -- such as the Bitcoin.org client: - http://bitcoin.orgThere are several clients but the Bitcoin.org client is the most widely used one. The bitcoin.org client now supports passphrase encryption which can help protect your wallet from theft should your system end up compromised. Other people use a javascript wallet (e.g., My Wallet from http://BlockChain.info/wallet or StrongCoin). Some use a mobile client such as Bitcoin Spinner for Android. Some keep their funds on a paper wallet (like the one created by BitAddress.org above). |
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Yellow light is on! Shares are reserved.
Here's how the project goes from Yellow Light to Green Light: PMF 'Yellow Lights' a project when reservations have reached close to 100% of a project's funding requirement. When the Yellow Light goes on, owners of projects can no longer make changes to their projects and members cannot cancel reservations, but members may initiate or increase share reservations (per member restrictions).
24 hours later, the project automatically gets a 'Green Light' and no more share reservations are accepted. A 'payment window' is opened, and an email is sent to shareholders telling them how to pay for their shares.
Members have 2 days to pay for their shares. After 2 days the first payment window closes while a second payment window is automatically opened (and a new email is sent out). Any members who did not pay for their shares during the first window have another chance to pay, but their reservation has been moved to the end of the queue and there is a risk that others waiting in the queue ('standby') may obtain shares ahead of them.
This process is repeated 2 days later when a third payment window is opened. After which, if there are still shares unaccounted for, the PMF Fund may step in and buy them.
- http://www.piratemyfilm.com/static/how_it_worksThough this project is now oversubscribed by a dozen shares, it possibly could end up with unsold shares yet. While it is yellow light (a matter of just a few more hours) anyone can still register and reserve shares, or reserve additional shares (up to a maximum of 5 per account). |
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Anyone know of a system that allows to send "mass payments" out to a group of payment address's?
Also, there is a commercial service (0.0005 per recipient): - http://www.btcrelay.comThere is an API for it as well. |
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From what I can tell, it's a central bank for a cryptographic token based digital currency.
Kind of like a patented, closed-source, privately managed version of what anyone else can do using open source nowadays (including with Open Transactions)?: - http://en.bitcoin.it/wiki/Open_Transactions |
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Is there video of this anywhere?
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noob question: how do I create a wallet without a network connection?
The fastest method is to use a copy of the html file from BitAddress.org - http://BitAddress.org That will generate private and public key pairs in your browser, regardless of whether you are online or offline. You can then print that out and have a paper-based wallet. You can then import that private key into an exchange (e.g., Mt. Gox) a javascript wallet (e.g., My Wallet from http://BlockChain.info/wallet ) or with a third-party utility, into the Bitcoin client wallet. to create a new wallet you need to start a bitcoin-qt (or bitcoind?) and let it download the whole block-chain.
The bitcoin-qt client will create a new wallet the first time it is launched, and it will create a pool of addresses which can be used to start receiving bitcoin payments at but you cannot spend those coins until the blockchain has caught up. If you are wanting to create an offline-only wallet (i.e., an "air gap network" wallet) for security reasons, that is a special use-case and is described here: - http://en.bitcoin.it/wiki/How_to_set_up_a_secure_offline_savings_wallettl;dr: Bitcoin is a network-dependent technology. The Bitcoin client is not necessarily functional to end-users without it being connected to the network. |
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The goal is to have a simple process running on the piratebox that will present itself to connected peers as a bitcoin peer, allow bitcoin clients (on android devices, for example) to connect as normal, and relay transactions, blocks and other messages from one connected peer to all others present
I know the Free Network Foundation was considering adding the ability for a FreedomNode to do similar. I don't know if their feature set has solidified yet: - http://freenetworkfoundation.org/?p=658 |
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Guys Max is getting anxious, I just got tihs email from him we need bitcoin people to signup and reserve shares in 'screw'
or, we go with paypal and try again with bitcoin next time... ? Please go to http://www.piratemyfilm.com/projects/304 and reserve shares in this video project. The cost is as little as $5 and you can pay with bitcoin! 88% funded. Just 36 shares remain. Shares are $5 each and for now, you are simply reserving them. Payment (in bitcoins, at market rate I'm assuming) is made after all shares are reserved. - http://www.piratemyfilm.com/projects/304 |
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Ya, the jackpot calculations for bit showed 0 while blockexplorer.com was down...
Everything should work now though.
Still shows 0. BlockExplorer implemented service limits, no more than one query per second or the request's IP gets banned. Is that possibly the problem? - http://bitcointalk.org/index.php?topic=64038.msg751804#msg751804Since the amount of wagers made will never go down, couldn't the site simply use a fallback to last known value when there are issues in calculating the total wagered? |
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what depth of reputation would you say would make people comfortable?
That really depends on the level of trust required, size of the transaction, longevity of the trust history, etc. If you are offering MoneyPak to buy bitcoins, for instance, you probably would find a willing trader even with no history. If on the other hand you are trying to buy a few hundred dollars worth of bitcoins with PayPal you'll need probably a handful of successful, smaller PayPal purchases extending over several weeks or longer before you'll find a trader willing to do that deal. If you are selling, then the use of an escrow nearly eliminates any reputation requirement. Especially if the escrow does dispute arbitration -- like: - http://www.BTCrow.comalso,any ideas how i would go about proving i am the person on the WoT that i claim i am satisfactorily?
Well, I suppose one way would be to meet someone else in the -otc WoT who would verify your identity in-person and then mention that verification in that person's rating for you. Some people on the -otc will not want to link their -otc WoT profile with their real-world identity, so the -otc WoT might not be the best method for what you are describing. There are some commercial services that will help with identity verification, if that's more what you are looking for. |
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Just made a purchase.
Just so that nobody glossing over this thread is confused. You are describing your purchase on cigs.eu, which has its own thread here on this forum: - http://bitcointalk.org/index.php?topic=56981.0;allThere is still no resolution, apparently, to orders placed with BitcoinCigarettes.com (which is what this thread is for). |
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I don't see the BTC/USD going up 6X without the difficulty going up less than 2X.
Though with it being about 10 months until block 210,000 when the block reward will drop to 25 BTC if there were a spike I could see why miners would be hesitant to see if the level sticks before investing in additional capacity. I still would say difficulty first though.
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start the process of becoming verified on mtgox, then will get myself to the "trusted" account status. can this information be shared
When Mt. Gox verifies a customer's identity (e.g., Level 1 - Verified, Level 2 - Trusted) it is for Mt. Gox's own internal AML compliance: - https://support.mtgox.com/entries/20920158-aml-policiesThey do not share this information. You may want to look at the #bitcoin-otc marketplace's Web of Trust (WoT). While it does not involve verification against state issued documents, it does offer verfication that the party you are trading with truly is the party that has acquired the history trust shown: - http://bitcoin-otc.com/trust.php - http://webchat.freenode.net/?channels=#bitcoin-otc-foyer |
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Edit: Maybe the sender is disconnected from the network, I don't see a transaction to 1KpoMx7ZcR45qMo1Uf3iQ8fsurhgtnQfcK in either a block or the list of floating transactions.
That can happen when both the sender and receiver are using the same exchange (e.g., Mt. Gox) and the transaction is settled internally -- never hits the blockchain. |
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Just wondering, has anyone developed some sort of point of sale machine/computer program for businesses to use?
There have been varying levels of progress towards this. Bit-Pay offers mobile checkout: - https://bit-pay.com/aboutMobile.html - https://bitcointalk.org/index.php?topic=62943.msg735667#msg735667Jav, author of InstaWallet.org created this: - https://bitcointalk.org/index.php?topic=38893.0MagicalTux of Mt. Gox had been working on something, supposedly, but there has been no date / specifications released. Weex of ExchB had reportedly been working on something before closing the exchange and (assumingly) abandoning the P.O.S. project as well. Casascius had looked into using Veriphone swipers reprogrammed for bitcoin: - http://en.bitcoin.it/wiki/Casascius_Bitcoin_POS_systemThere had been rumors that a P.O.S. software vendor was considering adding a Bitcoin payment option, but that was some time ago and there have been no recent buzz, as far as I'm aware of. Without any assistance, a merchant can accept bitcoins using Bitcoin Spinner on a mobile for instance. |
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