Then how about just a backup-insurance service? You use TrueCrypt, a publicly distributed open source encryption program, to encrypt your wallet with Serpent-TwoFish-AES, then you transmit it over HTTPS to the service where it is backed up in 3 physical locations same day.
I highly doubt there will be a trust issue. Then by all means start the service and see how much business you get following the series of bad-press events occurring around bitcoin. See how many people trust you. |
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Your logic needs work. One could fail without the other failing. Merged mining does not change this logical relationship. Looks like your logic needs work in that you can't see the future of the bitcoin network based purely on logic or anything for that matter. You are just speculating. Time will tell. I don't need time to tell me that you are speculating. If you don't think namecoins will work then dont buy any. But keep in mind that competition is what gives thriving technologies their edge. This would explain why the fiat money system is so centralized and corrupt, there is no competition. With namecoin being alternative to bitcoin and having a unique purpose in addition to all the functions that bitcoin does I'd say namecoin has a good chance to being at least as successful as bitcoin. But I too am just speculating. |
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I find it odd that it is now Tuesday and there hasn't been a single Bitcoin Show when since Monday now there should have been three shows total.
I just checked their live feed and there is a message saying "Up Next: The Bitcoin Show 2pm" and that was at 215pm Eastern Standard Time.
Usually Bruce and Manny would be all over this MyBitcoin.com story just like the Mt. Gox Hack and other breaking stories.
Any thoughts?
Bruce's manfriend/financier Ed probably got upset about the loss of their bitcoins on top of all the money he's invested into this show and pulled the plug on the whole operation. Bruce has been quite open about his general association with mybitcoin.com and the amount of bitcoins they may be out of. I would not speculate anything until you hear from them. I posted this to see if anyone got word of exactly why the show is not currently airing. |
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Your logic needs work. One could fail without the other failing. Merged mining does not change this logical relationship. Looks like your logic needs work in that you can't see the future of the bitcoin network based purely on logic or anything for that matter. You are just speculating. |
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Another way to boost Namecoin is buying Namecoins. This will force the price up and attract people to start mining again.
Maybe a nice investment?
With current prices, that's actually the ONLY useful way to boost namecoin mining. As long as prices are below the difficulty ration on http://dot-bit.org/tools/nextDifficulty.php, it is not wise to mine NMC directly, but to mine BTC and buy NMC with that money instead. This increases NMC prices and incentivizes more people to mine NMC (especially once you hit that "equilibrium" point!). This method you speak of is only unprofitable if you are having to immediately convert your namecoins to bitcoins and then to the currency of your choice. I suspect namecoins will gain in value in the next 6 months or the project will die. |
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Why should anyone mining namecoins with the current difficult/price ratio instead of mining bitcoins ?
Same reason people mined Bitcoins a year ago when it was unprofitable. Not the same situation at all. That days you couldnt mine another XXCoin with less difficult/price ratio to buy BTC with. Keep in mind that there are much less namecoins in existence than bitcoins and that will stay that way for some time plus namecoins have another usage that bitcoins currently do not. They can register domain names in a decentralized way. You own the domain and no one can take it away from you. |
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BTW Gold and silver is money and nothing else.
Agreed. So all that gold and silver Jewelery isn't really gold and silver? Gold and silver is money and nothing else is money every thing else is credit. Platinum isn't credit though. |
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He tried to warn you.
www......mybitcoin.com
they're his bitcoins, now
lol double LOL |
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It's a distributed key value database, currently used for domain names. Its currency is a mechanism to discourage early adopters from squatting names. Over time registration will become free, and thus removing the link between the coins and the purpose of the system, which is claimed by NMC traders to be its big selling point over BTC.
I wouldn't say "free" given that when a domain registration costs 0.01 NMC the cost to mine a single namecoin could be $100. Currently you can mine about 11 NMC at the current difficulty of 94035. The cost in NMC will approach ZERO and thus may look like the domains are free. The people who are holding NMC now could be doing it for the same reason that early adopters of BTC held their large amounts of BTC. |
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If bitcoin continues in a Bull market you will ultimately lose as an insurance company for bitcoin.
Then how about just a backup-insurance service? You use TrueCrypt, a publicly distributed open source encryption program, to encrypt your wallet with Serpent-TwoFish-AES, then you transmit it over HTTPS to the service where it is backed up in 3 physical locations same day. Charges for this service could be based on updates. Whenever you want to update your wallet, you need to pay a fee, otherwise, maybe a fee that equals your portion of all the fees incurred by the service provider to store the USB drive(s) inside of physical bank vaults and drive to the banks daily to physically update them with a laptop. Did I just basically give a million dollar idea away?  Once again there is the trust issue involved. A user has to trust the service provider. Bitcoin was designed so you don't need to trust anyone but yourself by keeping your own bitcoins safe and in YOUR possession. What happens if your service you have described crashes in the worst possible case? Who will insure you? The idea still does not seem practical from any angle that I can see. |
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*bump*
I'd just like to point out that MyBitcoin's disappearance was foreseeable, and foreseen. Anyone who kept a significant amount of money there, didn't do their due diligence.
Agreed. With this thread being up for close to a month now I would say that anyone who lost bitcoins at mybitcoin.com is at fault for their own losses. There were too many warning signs of fraud. Plus it seems contradictory to keep one's wallet/coins on a third party server. The whole idea of bitcoin is to be and decentralized and storing your coins on a central server defeats one of the main beauties of the design of bitcoin. What a shame.... |
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Threads with these types of titles should bring more to the table. By saying they are not thieves, it implies you have some sort of evidence that suggest they are legit. Clearly you don't. Why not just post this in one of the many other threads on this subject?
Perhaps in the speculation threads. |
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Question to Flexcoin: do you have insurance in case you lose everyone's accounts in a hack attack or similar?
We initially thought that we could pay the exchanges to insure us, until Mt. Gox was hacked themselves leaving us to question ... Our next thought was to turn to Deepbit and perhaps insure it via a mining company. Any ideas? I wonder if we should start providing insurance through the UABB as well. I'm new to insurance for information products/data. What kind of terms/fees are typical? Also, considering the ease of backing up Bitcoins to multiple locations, what would be the negatives of keeping the encrypted wallets in the cloud? I'm not sure insurance is a feasible idea for bitcoin just like loans in bitcoin are likely not to work given the nature of bitcoin. Ultimately insurance is somewhat a ponzi scheme (a legal one at best) in which customers (investors) pay their premiums to be "insured" while you pay older investors that collect on their insurance policy. How do you insure something that is of limited supply and that could have a vast price movement in short periods of time? If bitcoin continues in a Bull market you will ultimately lose as an insurance company for bitcoin. |
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[insert reason you want people to believe bitcoins are down today here]
Based on the technicals I would not be surprised to see a bottom in the market in the next 7 days before moving higher and higher. |
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Maybe not put up information which you can't prove then?
I'm not enamored with trying to prove something in a thread about an online tv show to you. Then that would explain why you are still posting to this thread? Move on buddy. |
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I'd imagine it's pretty hard to want to do a show when you realize you lost 25K bitcoins this week
Does anyone know what that's like?
Where is the source of this information you are speaking of? look around for an NPR podcast, the reporter saw that someone in the onetv studio left this wallet up. Bruce might have confirmed it was his. Okay so you are just speculating if there is no source you are citing. |
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I'd imagine it's pretty hard to want to do a show when you realize you lost 25K bitcoins this week
Does anyone know what that's like?
Where is the source of this information you are speaking of? |
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I think they are just running behind & haven't quite hammered out how to deal w/the mybitcoin situation.
Perhaps. In the past they have been pretty quick to respond to these types of news even if they did not have all of the facts. Plus I thought they had a line of guests that they had scheduled for these shows. I hope everything is alright with them. |
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