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2081  Bitcoin / Bitcoin Discussion / Re: Meze Grill not actually an exchange on: August 23, 2011, 03:47:28 AM
Regardless, why are you going to a restaurant to sell Bitcoins anyways? Sounds stupid as hell, just sit down (PAY WITH BITCOINS) and enjoy your meal...

When you go to various shops here in Australia and pay electronically - you often get the option to withdraw a bit of cash at the same time. It's convenient.

It would make sense for a merchant such as Meze grill to have a fairly small limit on the amount of funds you can exchange - and also to require a purchase along with any 'exchange' transaction.


2082  Bitcoin / Bitcoin Discussion / Re: Now Able to Transfer Bitcoin via 15,000 Chase & WF Branches on: August 23, 2011, 02:34:31 AM
How can a news article be so FULL OF IT?

There were not, nor have there ever been, "phoney Bitcoins".  That is the stupidest accusation I've ever heard of.

A hacker would have to have more power than the entire Bitcoin network (13+ Terahashes) to "counterfeit" Bitcoins.  Not gonna happen.

Depends on how you define "phony" bitcoins... one could argue that the article isn't completely incorrect in a way.

It's my understanding the MtGox attacker broke into Jed's account, awarded himself a bunch of Bitcoins that didn't exist and then proceeded to sell them all off. Were there counterfeit Bitcoins on the live Bitcoin network? No. Were "phony" Bitcoins sold to crash the price? Technically, yes.

In an analogous situation on a foreign exchange system - I don't believe it would be reported as "phony" USD being sold for Euros for example.
It's a completely inappropriate use of the term.

2083  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: August 23, 2011, 01:38:37 AM
A brief case study of the recently reported GPU mining malware

Quote
Bitcoin Mining Malware
MONDAY, AUGUST 22, 2011
http://research.zscaler.com/2011/08/bitcoin-mining-malware.html

"Recently, Symantec released a report on "Trojan.Badminer" - discovered 11 days ago, affecting most Windows systems that has the ability of running one of two Bitcoin mining programs depending on the infected host's configuration: Phoenix Miner (uses the system's GPU on graphics card) or RPC Miner -- the mined Bitcoins are then sent back to a location for the attacker to retrieve the generated currency. When you think about it, this type of revenue generation is perfect for a botnet."


"It took me virtually no time at all to find a quick case study of such a malicious Bitcoin miner in our logs from yesterday."
2084  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: August 23, 2011, 12:58:56 AM
Quote
The New Reality of Virtual Currencies..
2011-08-22  Kris Hansen
http://www.corebankingblog.com/2011/08/the-new-reality-of-virtual-currencies/

"With Bitcoin: everyone knows what everyone else is doing — but nobody knows who anyone else is."

"What I am seeing happening is a theme of convergence:  Bitcoin is a combination of technology and currency where technology is filling some of the gaps and voids previously held by clearing houses and dedicated networks."

2085  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: August 22, 2011, 07:06:19 PM
Quote
The Future of BitCoin and Digital Currencies
Paco Ahlgren | Aug 22, 2011 |
http://www.pacoahlgren.com/the-future-of-bitcoin-and-digital-currencies/

"But for now, I see BitCoin as little more than a store-of-value — much like gold; yes, it’s valuable, but what can you do with it?"


2086  Other / Off-topic / Re: Eligius miners aware of prayers in block headers? on: August 22, 2011, 05:23:55 PM
FWIW - I've moved my modest miners off eligius.
I loved the tribute to Len Sassaman in the chain - but in contrast I find it a pretty sad commentary on humanity that superstition persists and rears it's brainless head even in these high tech corners.

What a powerful meme religion is though..  like a rapist wielding rohypnol - it opportunistically and crudely inserts it's seed into any innocent space it can find.. such is it's incessant will to spread.

Not that our blockchain was quite virginal - but how sullied it is now!  

2087  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: August 22, 2011, 04:11:19 PM

Somehow I thought the first conference news hit might come via betabeat!

Quote
Bitcoin Enthusiasts Gather in NYC to Meet IRL and Show Off Bitcoin Start-Ups
Adrianne Jeffries
2011-08-22
http://www.betabeat.com/2011/08/22/bitcoin-enthusiasts-gather-in-nyc-to-meet-irl-and-show-off-bitcoin-start-ups/
2088  Alternate cryptocurrencies / Altcoin Discussion / Re: [1 BTC bounty] Fastcoin on: August 22, 2011, 01:16:42 PM
1. blockchain limited to 100 mb in size - the block chain does not accept coins deep within the block thus the chain after 100 mb can be deleted.
2. 1 block found a minute, difficulty changes similar to solid.
3. All mined coins out within 2 years, thus coins per blocked halved every 3 months. 1,000,000 in existence.
4. Bitcoin gui based.
5. All transaction fees mandatory fixed at 3% truncated to 0.01, 100% go to miners. 
6. Software to determine remaining coins in existence.
7. During a transaction all fastcoins are sent in the wallet, to reset the wallet pointer.  But, only fees on spent coins.
8. The 3% fee will benefit the poor.

Idea is to make a valuable coin.  However, non-used coins go bye bye.

So the result is surely that all wallet software eventually implements an automated system to transfer older coins to another location so as to 'refresh' them.
Will the additional movement of these 'housekeeping' transactions add a significant amount to the chain size?
I'm guessing they might..  100MB sounds awfully small.. I can imagine if it got popular and the limit was approached - there would be a frenzy of housekeeping transactions such that they were a significant proportion of all transactions (?)
Then what..  everyone's wealth gets siphoned off to the miners within a few days/weeks?

Sounds like a fast-track to chain self-destruction!


2089  Bitcoin / Bitcoin Discussion / Re: The mysterious bitcoin flower opens once a day and reveals a free bitcoin on: August 22, 2011, 12:41:35 PM
Today I notice the bitcoinflower sponsor is ibfx  'a provider of online forex trading services'

I'm curious.. did this advertiser specifically choose to advertise on the bitcoinflower.com site, or are you just using some ad system so that this mob just happened to land a spot here?   

2090  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: August 22, 2011, 11:30:53 AM
Quote
Bitcoin’s Deflationary Economy Not A Problem In Itself

http://falkvinge.net/2011/08/21/bitcoins-deflationary-economy-not-a-problem-in-itself/

"When discussing the distributed cryptocurrency Bitcoin, I frequently get the question from reporters and economists if a deflationary currency really can survive."
2091  Economy / Speculation / Re: wtf on: August 22, 2011, 11:17:54 AM
That wall will fall with the first hit.

What do you mean by that?

(I saw about 40BTC nibbled off it earlier)
2092  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: August 22, 2011, 07:56:45 AM
This guy  is definitely enthusiastic:
Quote
BITCOIN Your Way to Wealth and Power
http://bobhurt.blogspot.com/2011/08/tor-silk-road-bitcoin.html

"Bob Hurt's Highest Recommendation

RUN, don't walk, to get invested in and use BITCOINS for your commerce, and encourage others to do so too.  Sure, bitcoins can fail to provide stable value, but for the immediate future they suffer from NO government intrusion, NO banking industry finagling, and NO issue authority mismanagement. 
"

He's also mentioned bitcoin in the lawmen news group:
http://groups.google.com/group/lawmen/browse_thread/thread/a6622e0f63e89a97

and of course received some skeptical feedback:
Quote
http://groups.google.com/group/lawmen/browse_thread/thread/1f8c3b571a3aea3d/128722167e3a4e2d
"Bitcoin cannot take over the complex interactions that the national currency alone can serve.   Like buying gold it is a dead end and a waste of time and creative effort that should go to a system that really fixes the problem of organized crime owning our money.  Bitcom looks at organized crime and says, "if you can't beat them, join them."  I say that is not the way to go -- at least for me. "

2093  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: August 22, 2011, 07:35:16 AM
More on the recently reported Hakin9 Magazine special here:

http://theinterw3bs.com/?p=577

2094  Bitcoin / Bitcoin Discussion / Re: Bitcoin Conference 2011 NYC on: August 22, 2011, 07:30:39 AM
^actually you should have embraced the fact that "waist" and "butt"coin go pretty much hand in hand. Cheesy

Yes.. buttcoin strikes below the waist Smiley

I think the buttcoin and the something awful threads are all good fun.
Healthy skepticism combined with ridicule is a good counterbalance to some of the excesses that can occur around here when people feed off each others enthusiasm a bit much.
I'm very pro-bitcoin myself.. and love a bit of enthusiasm.. just nice to keep a level head about it is all!

I think what should be of more concern is some of the journalists and bloggers who feed off each other's poor reporting and inaccuracies.
Some of the trashy headlines and outright BS they perpetuate is really groan-worthy.
I know the technicalities of bitcoin can be hard to understand, and there are valid reasons to maintain some skepticism about bitcoin's potential - but you'd think more journalists would make a better effort at doing their research.



2095  Other / Archival / Re: delete on: August 22, 2011, 06:34:51 AM
If bitcoin is imitating gold then what is it like trading gold for bitcoins?
ixcoin et al are not different from bitcoin

They are different though.  They're missing a group of open source developers who really understand the protocol.
Show me evidence of one other chain aside from namecoin which has shown any real sign of a serious development team.
solidcoin has it's source available as a dropbox based zip file.  
Any real project will have a proper source code repository (such as at github) and a team of contributors and code reviewers.

You might argue that these shit chains *could* gather such a following of developers - but until they do - their stewardship and future is suspect when compared to bitcoin.
They also need the network effects of a community of users and merchants. No small feat to catch up to bitcoin in that regard!

When attacks occur, or scalability issues need resolving - which project will you trust to have active developers who know how to solve the issues?
2096  Economy / Speculation / Re: Post here when you have no idea which way the market is going to go on: August 22, 2011, 06:24:04 AM
I was thinking there will be another dip after the conference disappointment - but now we can see someone wants to stop the fall down with that bid for 10K bitcoins at 11.14.  I have no idea now what will happend - is that bid for real - or is it only a bluff?  Can it stop the market?

I don't see how it can be a bluff..  the price did just dip down to that level and nibbled a few off the 10K - now 9952.

Sorry about that...  shorted a "few" coins.  Cheesy

Maybe a few have that idea.. you know right now you can sell a 'few' without dropping the price much!
2097  Economy / Speculation / Re: Post here when you have no idea which way the market is going to go on: August 22, 2011, 06:16:46 AM
I was thinking there will be another dip after the conference disappointment - but now we can see someone wants to stop the fall down with that bid for 10K bitcoins at 11.14.  I have no idea now what will happend - is that bid for real - or is it only a bluff?  Can it stop the market?

I don't see how it can be a bluff..  the price did just dip down to that level and nibbled a few off the 10K - now 9952.
2098  Economy / Speculation / Re: Post here when you have no idea which way the market is going to go on: August 22, 2011, 05:37:29 AM

So I decided to sell BTC into this forum mood of a possible price rise due to the conf. I am expecting others to follow suit
shortly and the price, in my opinion, will sink to about 10 bucks in about 24-36 hours.

If I'm reading the mtgox depth correctly - there's over half a million USD in bids from $10 up. That's quite a lot of support to burn through in a day or two surely!?
2099  Bitcoin / Bitcoin Discussion / Re: How to Grow Bitcoin on: August 22, 2011, 05:24:46 AM
Quote
I explain we give people incentive to participate by cutting their grocery bill.

I've read your document - and my understanding is that you're effectively expecting people(or at least merchants - initially) to ignore (or remain unaware of) the existing exchange rates of BTC to local currency , and price their goods independently of this as if their local market were some isolated little trading ecosystem.

I don't have time to fully respond - but I simply don't see why this step will take place.  If the phone apps are in place that allow easy BTC trading (in whatever units) - then surely these same apps will allow easy lookup of exchange rates and people will not trade at the heavily discounted rate you seem to expect.

I think it's completely unrealistic to expect merchants to discount their offerings in this way.

A more general criticism of your writing style is that it's somewhat incoherent and verbose.  I may try to provide a more constructive criticism on that point in a day or so.
2100  Bitcoin / Bitcoin Discussion / Re: UK's first Gold ATM on: August 22, 2011, 04:39:19 AM
Looks like the same gold ATMs may be in place here in Australia too:
http://www.smh.com.au/executive-style/snack-bars-to-gold-bars-vending-machines-dispense-bullion-20110822-1j5w2.html

I think this is a good thing..   I'd love to see the bitcoin ATMs in place beside them Smiley

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