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901  Economy / Service Discussion / Re: Blockchain.info is offline, what's wrong? on: April 18, 2013, 07:38:46 PM
Quote
Everything should be back online now. Again apologies for the downtime.
- https://twitter.com/blockchain/status/324963187957063681
902  Bitcoin / Bitcoin Discussion / Re: Bitcoin circle image on: April 18, 2013, 10:47:30 AM
What do you think? Does it look too much like a cult because of the darker background?

Heh, the first thing I thought of:



The Carousel scene from Logan's Run (1976).  Renew!
903  Economy / Trading Discussion / Re: What do you want from a better crypto exchange? on: April 18, 2013, 09:04:15 AM
  • Supports multiple cryptocurrencies (our initial goal is BTC/LTC/NMC/TRC)

You'll want to make sure you understand the risk of 51% with proof-of-work based currencies like Bitcoin and Litecoin.  The confirmation threshold for a merchant selling server hosting is one thing, the threshold for withdrawing bitcoins paid for using litecoins might be another.

I personally will not leave bitcoins with an exchange that has exposure to a Litecoin 51% attack.    I do not know if the exchanges that do trading between bitcoin and alts are taking additional precautions but an exchange wanting to grow market share (and revenue from fees) is more inclined to throw caution to the wind since it is primarily the customer's funds at risk to a 51% attack.   Preventative measures could be taken such as imposing a minimum delay before bitcoins purchased with Litecoin can be withdrawn, or daily limits such that if there is a Litecoin 51% attack, any losses are born from the exchange's reserves.
904  Economy / Service Discussion / Re: Blockchain.info is offline, what's wrong? on: April 18, 2013, 08:40:32 AM
Quote
Should not be long now until were back. Still investigating how the attacker was able to discover our real none-cloudflare IPs.
- http://twitter.com/blockchain/status/324803593217638401
905  Bitcoin / Press / Re: NEW articles in Press Forum on: April 18, 2013, 07:28:53 AM
2013-04-17 TheNextWeb.com - Bitcoin exchange Bitfloor is no more

https://bitcointalk.org/index.php?topic=179510.0
906  Bitcoin / Press / 2013-04-17 TheNextWeb.com - Bitcoin exchange Bitfloor is no more on: April 18, 2013, 07:27:53 AM
Bitcoin exchange Bitfloor is no more, has halted trading and promises to return user funds
Alex Wilhelm

Quote
If you are a Bitcoin advocate, fan, or users, this isn’t good news: bitfloor is shutting down. During the Great MtGox downtime and trading halt, smaller exchanges, such as bitfloor, provided valuable market liquidity. No more, for bitfloor.

Operations are kaput, and the company will “return all funds.” Users will undoubtedly be worried about their sums until the return safely to their normal accounts.

Bitfloor asks that its users “be patient” as it processes their cashing out.

 - http://thenextweb.com/insider/2013/04/18/bitcoin-exchange-bitfloor-is-no-more-it-has-halted-trading-promises-to-return-funds-to-users



Another article on it as well:

Bitcoin exchange BitFloor halts operations, shuts down
 - http://news.cnet.com/8301-1023_3-57580163-93
907  Bitcoin / Press / Re: 2012-09-04 cnet.com - Bitcoin exchange BitFloor shuttered after virtual heist on: April 18, 2013, 07:19:55 AM
Stop considering BitFloor!!

Related threads:

bitfloor issues?
 - http://bitcointalk.org/index.php?topic=179135.0

bitfloor needs your help!
 - http://bitcointalk.org/index.php?topic=105818.msg1868333#msg1868333

Bitfloor Shutting Down?
 - http://bitcointalk.org/index.php?topic=179152.0

Bitflloor: " Trading will be suspended at 6 PM EST on 2013.04.17."
 - http://bitcointalk.org/index.php?topic=179168.0

Bitfloor trading suspended
 - http://bitcointalk.org/index.php?topic=179198.0

Bitfloor ceases operation reasons rumor/speculation
 - http://bitcointalk.org/index.php?topic=179457.0
908  Economy / Trading Discussion / Re: Bitfloor ceases operation reasons rumor/speculation on: April 18, 2013, 07:14:43 AM
I'm just curious to hear people's thinking.

Related threads:

bitfloor issues?
 - http://bitcointalk.org/index.php?topic=179135.0

bitfloor needs your help!
 - http://bitcointalk.org/index.php?topic=105818.msg1868333#msg1868333

Bitfloor Shutting Down?
 - http://bitcointalk.org/index.php?topic=179152.0

Bitflloor: " Trading will be suspended at 6 PM EST on 2013.04.17."
 - http://bitcointalk.org/index.php?topic=179168.0

Bitfloor trading suspended
 - http://bitcointalk.org/index.php?topic=179198.0
909  Economy / Economics / Re: Quantitative analysis of total number of users of Bitcoin as a time series on: April 18, 2013, 04:02:53 AM
Therefore, I wonder if the community has come with some approach to analyze the number of actual users that own or make transactions in Bitcoins. This information would be very valuable to explain the validity of the cryptocurrency as a means of payment in the global economy.

A digital currency with user-defined anonymity will cause any estimates to simply be guesstimates.    Trends up and down, and to what degree up or down might be easier determined, especially from sampling, but coming up with an estimate of aggregate total number of users (defined as people holding bitcoins ?) is simply not possible.    There are other areas where studies have attempted to quantify a population and simply concluded there is no reliable way to come up with the number so rather than provide misinformation there simply is no estimate made.

The upper bounds can be known but the likelihood of the real number of users being anywhere near those bounds is extremely low.   For instance, there were several million Instawallets created.  However one is created for each HTTP request which didn't already specify a wallet -- so spiders and random visits got a new wallet without there actually being an intent that it is funded.  Even wallets that had been funded are spent and abandoned so even a metric for "wallets ever funded", if that metric were provided, would be much too high.

I've seen the "half million" estimate for total users put out there.  I've got a feeling that is too optomistic yet but then again every reddit user that gets a microtip has a bitcoin E-wallet, every person that has received a fraction of a bitcoin from those free bitcoin websites has either an E-wallet account or a local client, etc.  So I guess if there is no threshold as far as minimum purchasing power to be considered a user, maybe the half million is way to low even.      If the metric is to include anyone that has ever sent or received a bitcoin transaction of any size, if that isn't a half million yet I'ld bet it will be very soon.
910  Economy / Service Discussion / Re: Blockchain.info is offline, what's wrong? on: April 18, 2013, 03:51:24 AM
Blockchain.info is currently offline, what's wrong? Is it a grave problem, or else only a minor one?

Not sure.

If you need access to your funds and have the encrypted backups (e.g., sent via e-mail if you've configured it for that), then you can either import the wallet.json.aes into Multibit, or you can manually decrypt the private keys and import them into Bitcoin-Qt.

import of blockchain.info AES encrypted key to 0.8
 - http://bitcointalk.org/index.php?topic=150699.0

 - http://multibit.org/help_importingPrivateKeys.html
 - https://gist.github.com/fcicq/3368495
911  Economy / Economics / Re: Creating the Bitcoin floor @ 1/2 the current price on: April 18, 2013, 12:37:30 AM
Right now nefarious entities can drive the price down by selling a large amount of coins and then buy up again at the lower amount.

I stopped reading right there.

None of my coins were sold at the lower amount.

Markets work the way markets work.  Attempts to manipulate them can be gamed.  I prefer to not try to tell the market what it should do, and instead react to what the market is telling me.
912  Bitcoin / Project Development / Re: Need Merchant Service with Subscription Support on: April 18, 2013, 12:10:29 AM
My site is looking for a quick easy way to accept bitcoin payments for a subscription service. I have yet to find a service that be easily integrated that accomplishes this goal. Any ideas?


That's because bitcoin is a "push" based payments service and not a "pull" based one.  

An E-Wallet service with scheduled payments might be able to do this.

Apparently WalletBit supports this:

walletbit supports basic bitcoin subscriptions

I suspect that requires me to make sure I as a consumer have funds in my WalletBit account prior to the payment date.  

An E-Wallet can only bridge its service providers to those subscribers who also hold an account with that E-Wallet provider.  That E-Wallet cannot pull funds from external accounts.
913  Economy / Economics / Re: Question for everyone. on: April 18, 2013, 12:03:06 AM
Just speaking hypothetically. If some billionaire decided to buy every bitcoin he could get his hands on and there were only 1 million in that could be traded, do you think bitcoin would survive or would another currency be adopted?

Ok it "only" took a few hundred million USD (at most) of buying to blast the exchange rate from $13.53 on January first to $266 one hundred days later.

So the exchange rate would rise so fast that the billionaire, even Carlos Slim, would run out of money long before the market would give up millions of bitcoins.

But I think your point is, if 90% of bitcoins were held by speculators who could dump them in an instant versus maybe 50% of bitcoins being used as a trading currency, would bitcoin still be able to survive?

I think we are already above 90% of that, except it is not a single billionaire that holds them, it is hundreds of thousands of individuals -- not all of whom would be willing to dump them at the same time.  So yes, it is bad for bitcoins to be concentrated in fewer hands than in many hands.

[p.s., Please update the title with something related to your question.   "Question for everyone" is a pretty generic title.]
914  Economy / Speculation / Re: The Weekend Dip Myth on: April 17, 2013, 11:41:46 PM
Ok, GREEN LIGHT!  We have the most pronounced Weekend Dip opportunity since the weekend following the Pirate mess in August 2012.


 - http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2013-04-3zeg2013-04-18ztgCzm1g10zm2g25

The current 7 day high is dramatically below the previous 7-day high a week ago today.   We are, in the short term, in a downtrend.

The Weekend Dip Strategy, when there is a green light, has had a track record of producing profits more often than not. 

The strategy is to sell at this point in time, Wednesday evening (western timezones) / Thursday morning (eastern timezones) with the intention of buying back at a lower level at some point over the weekend. 

This pattern originated long ago when there was essentially no funds moving to the exchanges during the weekend, however selling would continue unabated. During a downtrend, this selling would, pretty consistently, be stronger than the buying.   As a result frequently there would be gains of a few percent, or really large gains like 30%.   Now with Bitcoin volatility that level of rise or drop is something that frequently occurs, but with a green light the pattern seems to very rarely incur a loss, and then other weekends had gains ranging from moderate (couple percent) to really decent levels. 

The right time to buy back is after a selloff seems to be reversing, pulling back up about half from the bottom of the selloff from when the starting mark occurred.  Right now at this moment the "starting mark" is $93 on Mt. Gox. 

Remember, this is just a post about a pattern that has repeated in the past, and is not a suggestion that the pattern will continue this particular weekend.  There have been a few times where there never was a dip and instead the exchange rate rallied throughout the weekend.
915  Economy / Service Announcements / Re: bitfloor needs your help! on: April 17, 2013, 10:35:02 PM
From http://BitFloor.com:

Quote
All trading is currently suspended.

I am sorry to announce that due to circumstances outside of our control BitFloor must cease all trading operations indefinitely. Unfortunately, our US bank account is scheduled to be closed and we can no longer provide the same level of USD deposits and withdrawals as we have in the past. As such, I have made the decision to halt operations and return all funds.

Over the next days we will be working with all clients to ensure that everyone receives their funds. Please be patient as we process your request.

- Roman
founder - bitfloor.com


Related threads:

Bitfloor trading suspended
 - http://bitcointalk.org/index.php?topic=179198.

Bitfloor Shutting Down?
 - http://bitcointalk.org/index.php?topic=179152.0

Bitflloor: " Trading will be suspended at 6 PM EST on 2013.04.17."
 - http://bitcointalk.org/index.php?topic=179168.0

bitfloor issues?
 - http://bitcointalk.org/index.php?topic=179135.0
916  Economy / Service Discussion / Re: Bitfloor Shutting Down? on: April 17, 2013, 10:32:23 PM
Related threads:

bitfloor issues?
 - http://bitcointalk.org/index.php?topic=179135.0

bitfloor needs your help!
 - http://bitcointalk.org/index.php?topic=105818.msg1868333#msg1868333

Bitflloor: " Trading will be suspended at 6 PM EST on 2013.04.17."
 - http://bitcointalk.org/index.php?topic=179168.0

Permanently, apparently:
   
Bitfloor trading suspended
 - http://bitcointalk.org/index.php?topic=179198.0
917  Economy / Service Discussion / Re: bitfloor issues? on: April 17, 2013, 10:30:06 PM
It's dead, Jim.

Related threads:

bitfloor needs your help!
 - http://bitcointalk.org/index.php?topic=105818.msg1868333#msg1868333

Bitfloor Shutting Down?
 - http://bitcointalk.org/index.php?topic=179152.0

Bitflloor: " Trading will be suspended at 6 PM EST on 2013.04.17."
 - http://bitcointalk.org/index.php?topic=179168.0

Bitfloor trading suspended
 - http://bitcointalk.org/index.php?topic=179198.0
918  Economy / Trading Discussion / Re: Bitfloor trading suspended on: April 17, 2013, 10:27:57 PM
Related threads:

bitfloor issues?
 - http://bitcointalk.org/index.php?topic=179135.0

bitfloor needs your help!
 - http://bitcointalk.org/index.php?topic=105818.msg1868333#msg1868333

Bitfloor Shutting Down?
 - http://bitcointalk.org/index.php?topic=179152.0

Bitflloor: " Trading will be suspended at 6 PM EST on 2013.04.17."
 - http://bitcointalk.org/index.php?topic=179168.0
919  Economy / Service Discussion / Re: Bitflloor: " Trading will be suspended at 6 PM EST on 2013.04.17." on: April 17, 2013, 10:27:05 PM

Permanently, apparently:

   
Bitfloor trading suspended
 - http://bitcointalk.org/index.php?topic=179198.0
920  Economy / Trading Discussion / Re: Help... Mt Gox has lost my money? on: April 17, 2013, 10:19:50 PM
The funds must've come back to gox. I sent more funds using that option, and it came from the same address.

Am I wrong? Am I missing something?

It's possible, but seems to me the help desk staff might be new, and are the ones who don't understand the system

They went back to an address that Mt. Gox controls.  A normal withdrawal from an E-Wallet account is different from a withdrawal that comes from a local wallet.  So normally a person withdrawing from Mt. Gox to SatoshiDICE will lose any payout because that payout goes to some other Mt. Gox customer's account.  In this case, the address 1LNWw6yCxkUmkhArb2Nf2MPw6vG7u5WG7q is for Mt. Gox's own account and not that of one of its customers.  Therefore, you are correct -- Mt. Gox has full control of that money.

But whose money is it?

Well, this is a recurring topic.  There has been before a scammer tag given to when funds were sent to the wrong person (verifiable externally) and then that person that received the funds wouldn't send them back.      I don't see how an exchange refusing to return funds it received by accident is any different.

Another exchange, Bitcoin-Central, has a simple check for withdrawals and will not allow withdrawals from their E-Wallet to any SatoshiDICE address.  

Mt. Gox has been asked to implement a similar filter but it appears there is still no restriction on withdrawing to SatoshiDICE addresses nor any other consumer protection.

Now had you not clicked Green Address, then you would have been stuck because there's no way for you to know who received the funds, and Mt. Gox is not responsible if the person who did receive the funds then withdrew them.  But a Green Address is a different animal.  You have a valid claim, in my opinion.
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