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2161  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: August 10, 2011, 04:32:49 AM
According to this.. we're all just being manipulated by islamic radicals.. 

Quote
Pat Dollard’s “Night Watch” Ep. 1 Jihadis, Bitcoin, and Anonymous/Lulzsec

Anarchy, Islam & Bitcoin: The New World Order Of Terror

http://ameristroika.wordpress.com/2011/08/09/pat-dollards-night-watch-ep-1-jihadis-bitcoin-and-anonymouslulzsec/


tl;dr 

taliban

herp
derp

bitcoin  -  new world order of terror

herp
derp.

2162  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: August 10, 2011, 03:46:38 AM
Quote
Bit What? Bitcoins!

Posted: August 9th, 2011 | Author: Michael Courtenay
http://www.highpants.com/technoid/?p=4021


" While we’re not as pesimistic as Mr Lee, we do wonder where this is all going to end up. "


This is a well written and comprehensive article.



2163  Bitcoin / Bitcoin Discussion / Re: OFFICIALLY I GOT BACK 49% OF BTC FROM MYBITCOIN on: August 10, 2011, 03:05:44 AM
I remembered a post here that calculated that MyBitcoin may have as much as a million and a half in bitcoins

All I hear is someone (you) wildly speculating that MyBitcoin had 10 times more than the published figure. 
If you're going to keep bandying about the 8million USD figure etc  - please post a reference.


2164  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: August 10, 2011, 01:41:27 AM
Quote
The New York Observer

Downgraded, In More Ways Than One
http://www.observer.com/2011/08/downgraded-in-more-ways-than-one/

And really, we’re staying calm because we know there are hedging options. Maybe not bitcoin, which the Atlantic declared dead on Monday.

2165  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: August 10, 2011, 12:21:39 AM
Quote
Bitcoin: Tech vets explore potential of digital currency, try to avoid pitfalls
August 9, 2011 at 2:18 pm by Todd Bishop

http://www.geekwire.com/2011/rewind-risks-aside-seattle-startup-vets-see-potential-in-bitcoin

Seattle tech startup entrepreneurs Mike Koss and Peter Vessenes joined us on the latest GeekWire radio show and podcast to talk about Bitcoin, the digital currency that has been getting lots of attention lately, good and bad.



Mike Koss is the one who was intending to lease Dr Nefario some office space payable in Bitcoin before the customs problem.


2166  Economy / Economics / Re: *** Pledge to spend 10 Bitcoins *** on: August 09, 2011, 08:54:49 AM
Quote
at least 10 Bitcoins per month

What.. forever.. or over some more specific timeframe?  Seems like a bold pledge to make given nobody has any idea how much value 10 BTC might represent in future.

2167  Bitcoin / Bitcoin Discussion / Re: Bitcoin bounty website on: August 09, 2011, 08:46:06 AM
That sounds like it would be http://bitpoll.dyndns.org/    - but it seems to be down at the moment.
2168  Bitcoin / Bitcoin Discussion / Re: MYBITCOIN.COM MOVES 50213.22337BTC IN PUBLIC AS A SHOW OF GOOD FAITH on: August 08, 2011, 11:55:06 PM
MrTiggr,

Please don't lose sight of the fact that even if Tom Williams did not steal anything - a theft has occurred - and unless Tom Williams supplies ALL available evidence to law enforcement - he's effectively stonewalling a proper investigation and protecting the thief.

2169  Bitcoin / Bitcoin Discussion / Re: Bounty for the MyBitcoin.com hacker (~25BTC) on: August 08, 2011, 02:38:25 AM
Quote
On the topic of our SSL certificate, we find it hard to believe that a community as skeptical as Bitcoin holds much faith in the security theater that is the modern Public Key Infrastructure.

While control of the PKI system is in the hands of too few..  I still appreciate the traceability that an EV certificate would give.

We know any old certificate will do the encryption job just fine - what is needed is something that gives a bit more than just 'domain control' as far as verifying *who* the party on the other end of the cert is.

I'd also like to see more contact information and info about the company and principals on the bitbills site.

As it is - I've chosen to trust bitbills for a small amount.  
In the wake of the mybitcoins fiasco however, I'm not so comfortable recommending bitbills to friends/family.

I already have the argument that keeping a copy of the private key would put at risk a legitimate profitable business model... the extra argument I need to nudge me across the line to being comfortable recommending bitbills - is obvious traceability to a registered business.
(even if it's just a sole trader - that's fine.)

Being coy about who you are is not a great idea when trust is such an important part of your business model.
Your website's lack of transparency in that regard is not confidence inspiring.


2170  Bitcoin / Development & Technical Discussion / Re: Instant TX for established business relationships (need replacements/nLockTime) on: August 07, 2011, 11:43:12 PM
If I understand this correctly, then for the duration of this 'Business Relationship Session' (I'll call it BRS for want of a better term), the merchant will be delivering micro-services because they know they will ultimately be paid - but are unable to access the money for these intermediate spends until settlement of this BRS.

This means that if the exchange rate is volatile - as it is today, the merchant won't know how much value in his relevant fiat currency each spend is worth. 
Presumably, especially if the exchange rate is tumbling, a merchant would want to settle the balance of the BRS very quickly, and immediately establish a new BRS.
Wouldn't this mean that the duration of these things is more likely to be minutes than even hours or days?

Also - if the merchant is a reseller or service aggregator of some sort, they may need to onpay the intermediate spends as they go. Would they need to hold a balance equivalent to all their active BRSs, or could they somehow spend parts of another unsettled BRS? 

These factors suggest to me that a very short settlement time would be the norm. Would all this setup/teardown cause delays, or would the parties be setting up a replacement BRS in advance of settling the previous so that it's seamless? 

Maybe as a merchant who wants to establish long-running BRSs with clients - I would have to establish a separate BRS with some financial provider who allows me to show evidence of BRSs in progress and lock in current exchange rates?

Sorry - these questions are perhaps a bit premature when you're discussing more low level mechanics.. but then understanding the higher level ramifications is surely part of getting the design right.
2171  Bitcoin / Bitcoin Discussion / Re: Physical Bit Dollars (BETA) on: August 07, 2011, 01:44:03 PM
what is the advantage of this over having real keys on paper.
It's the same idea as BitBills just with paper.

Is it really?
If you and your computer system disappeared into a crack in the ground during an earthquake - would the bit dollars still be usable?

With bitbills - the company could disappear and it wouldn't matter.
I can always open up the bitbill and use the private key to load the face value of the card into a normal bitcoin wallet.



I wouldn't store them on my regular wallet  Smiley

Which implies you will be storing the private keys somewhere.
If this is the case - please
a) Stop claiming the system is 'like bitbills'.   (bitbills store *nothing* - everything is on the card.)
b) explain exactly how your system works... and what would happen to the BTC for a particular piece of paper you issued if you and your entire IT infrastructure disappeared.





nothing is going to disappear..

Worst answer ever. Especially in the wake of the mybitcoin fiasco.

If you are unwilling to explain the system - nobody in their right mind will use it.

I was willing to give you a chance - You just blew it.







2172  Bitcoin / Bitcoin Discussion / Re: Physical Bit Dollars (BETA) on: August 07, 2011, 01:37:01 PM
what is the advantage of this over having real keys on paper.
It's the same idea as BitBills just with paper.

Is it really?
If you and your computer system disappeared into a crack in the ground during an earthquake - would the bit dollars still be usable?

With bitbills - the company could disappear and it wouldn't matter.
I can always open up the bitbill and use the private key to load the face value of the card into a normal bitcoin wallet.



I wouldn't store them on my regular wallet  Smiley

Which implies you will be storing the private keys somewhere.
If this is the case - please
a) Stop claiming the system is 'like bitbills'.   (bitbills store *nothing* - everything is on the card.)
b) explain exactly how your system works... and what would happen to the BTC for a particular piece of paper you issued if you and your entire IT infrastructure disappeared.




2173  Economy / Speculation / Re: Hold your horses. on: August 07, 2011, 07:38:26 AM
This sort of crash might make some people who might otherwise only have mined - realize that it's worth having a few dollars in an exchange to take advantage of such dips.
2174  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: August 07, 2011, 07:29:06 AM
Quote
The Bitcoin Crash
Timothy B. Lee
Aug. 7 2011 - 12:43 am
http://blogs.forbes.com/timothylee/2011/08/07/the-bitcoin-crash/

Quote
But as the hoped-for rally has failed to materialize, more have gotten discouraged or bored and cash out, pushing the price down further.
This process has been going on for a couple of months, and now it appears to be accelerating. I suspect it’s terminal.

This is Timothy B Lee enjoying his 'I told you so moment' after earlier writing about 'The Bitcoin Bubble'.
That bitcoin is volatile and risky is hardly a surprise though when it currently has such a relatively small adoption rate.

None of the previous volatility or predictions one way or another leave us any  wiser as to how bitcoin would behave if it it had a signifcant market share.
*That* is what is interesting.  All the fretting about volatility when the project is only 2 years old just seems like pissing in the wind. 

It's I guess an interesting question whether early volatility might impede,stall,(or even promote via speculation) widespread adoption..  but without anything truly comparable to bitcoin in history - it's still anyone's guess where bitcoin will go.








2175  Bitcoin / Bitcoin Discussion / Re: Physical Bit Dollars (BETA) on: August 07, 2011, 04:52:22 AM
what is the advantage of this over having real keys on paper.
It's the same idea as BitBills just with paper.

Is it really?
If you and your computer system disappeared into a crack in the ground during an earthquake - would the bit dollars still be usable?

With bitbills - the company could disappear and it wouldn't matter.
I can always open up the bitbill and use the private key to load the face value of the card into a normal bitcoin wallet.


2176  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: August 06, 2011, 11:13:18 AM
Quote
Bitcoin: The future of global commerce or ideal drug money?

Updated: Aug 06, 2011 9:00 AM GST
By Tom Ensey
By Kimberly Schupp
http://www.wtol.com/story/15209359/bitcoin-future-of-global-commerce-or-internet-fad


Obviously going for the sensationalism re silkroad and drugs..   but does give some balance
e.g
Quote
"Less than 1/2 of 1 percent of Bitcoin users have ever used the 'Silk Road' website," Boyd said via email. "The vast majority of Bitcoin vendors like myself pay our taxes and use Bitcoins to buy everyday, legal items."


2177  Bitcoin / Bitcoin Discussion / Re: Mybitcoin.com Press Release #2 ? on: August 06, 2011, 02:21:39 AM
Well since they are bankrupting people will get what they get.  Hopefully for them they kept most of their money in cold storage.  If I were in their shoes I'd try to keep going under partial reserve untill they can recoup the BTC.  Then again their image may be so damaged at this point it's not possible.

Yes - the sad thing is.. If he'd come out with a more immediate statement, and been willing to compromise his identity (at least perhaps to certain community members if not completely publicly) - he might have been able to sell it as a going concern even with the existing liability of missing coins.

Even if the losses are huge - This could have been handled so much better.  I strongly believe there would have been investment funds available only a week or two back because the mybitcoin brand was so big.   The week's silence was devastating.
2178  Bitcoin / Bitcoin Discussion / Re: Mybitcoin.com Press Release #2 ? on: August 06, 2011, 02:11:13 AM
Seems like pretty good news to me!

I haven't lost anything.. so easy for me to say I guess.


Kudos for the public domain software release.  Great idea.

2179  Bitcoin / Bitcoin Discussion / Re: Question about Bitbills and Wallet Security on: August 06, 2011, 01:28:26 AM
If I understand this correctly, Bitbills has a great system, but they only hold the Private Key, and not the whole Wallet.dat file?
If by 'they' - you mean the card, not the company - then yeah.. seems right so far.
Each bitbill holds the private key only (hidden so that revealing it wrecks the card).   There is no longer any corresponding 'wallet'.
The corresponding address is printed openly on the card so you can verify in the blockchain that the card is worth it's face value.

If I understand correctly, this means all wallets are actually held by bitbills, correct?
I don't think it makes sense to say this.
When buying bitbills you're trusting that they keep no copy of the private key.


If this is correct so far, then how come someone doesn't just place the whole wallet file on a data storage card, then the whole bitcoin will be contained right there, essentially?
Then, when you trade cards, you actually trade the bitcoin.
Am I way off the mark? Would this not work?
That'd work.  But there's no need for a whole wallet.


This is the same for their bank card, correct? You can load and reload the card, but the wallet.dat file is still kept on their servers. So, this is ultimately unsafe, correct?
As above - no wallet or private key is kept for the bitbills or their bank cards... assuming we trust bitbills to have a secure process of generating the private key and ensuring nobody takes a photo of it etc.

Lose the card - any money loaded on it is lost forever.

I think it's a good bet that bitbills is trustworthy in this regard - in that even one proven violation would potentially ruin their business.
I would like to see more contact and business information on their website though.

EDIT:  In short - the bitbills company could go out of business - and your bitbills cards would still hold the bitcoins just fine.
2180  Bitcoin / Press / Re: Bitcoin press hits, notable sources on: August 05, 2011, 03:28:25 PM
JupiterBroadcasting TechSNAP 17
http://blip.tv/jupiterbroadcasting/google-s-server-secrets-techsnap-17-5442517

(covers a little about the bitomat incident, mybitcoin and wallet safety at the end of the show)

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