Thanks for your comments. But I see that you (and I included) are considering Bitcoin not as a medium of exchange, but as the goal itself. "It people needs Bitcoin", "Merchants will starting accepting Bitcoin", etc. But the question is: What are the advantages of Bitcoin compared to traditional banking? One of the first results of googling "Bitcoin advantages" is this list, from http://www-cs-faculty.stanford.edu, and my comment in parenthesis. 1) No Third-Party Seizure (How many times in average Joe's life has his money been seized?) 2) No Taxes (that's not a feature, hidden cash can do it. Besides, that's not legal and definitely not desirable to be related to Bitcoin) 3) No Tracking (again, why would average Joe want his money not to be tracked in case of investigation? Of course if he's not out of the law) 4) No Transaction Costs (most consumers would consider a 3% fee is not too much, specially if they have advantages as chragebacks). And if escrow services are used with with Bitcoin, then there would be transaction costs. 5) No Risk of “Charge-backs” (what's the advantage for a consumer? That's only useful for some specific merchants... and scammers). 6) Bitcoins Cannot be Stolen (yes the can! if your keys are stolen. In addition, they are not recoverable, unlike traditional banking). I'm going to assume you're serious. 1. If Joe plays poker, it's likely. It's happened to many players twice. NetTeller and FTP (complicated by Ponziness, but related to government for sure) 2. Six billion people live too far from me for me to hand them cash. Mail is not so good. Plus I don't likely have the brand of cash they want. 3. Millions if not billions of people break laws because laws are terrible around the world. 4. Obviously 3% doesn't stop much trade, but 3% is worth 3%. 5. Merchants and their consumers are on the same team. If merchants get hit with fraud they either pass it on to the legit consumers or they go out of business. 6. Of course they can be stolen. |
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Occams razor says the pirate is silk road's mixer.
That would be an insane price to pay for clean coins. |
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hmm, i got disconnected. and all my orders were set to "pending" and i couldn't cancel them. is there any way to trade on mtgox exchange without using their website?
classic.mtgox.com always seems to work better for me when the main site starts to lag. Also the android app as a last resort. Ha, didn't know that was there. Memory lane. |
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Right, but why so many at a time? Also it cannot be the same coins two times, because they would have to sit for another year before scoring again in the chart.
If you have an address that has 1000 coins, the default client never just moves one of them and leaves the rest where they were. Normally, it moves all of them, sending one where you want it to go, and the other 999 to a new address. So this doesn't mean that many coins are being spent, necessarily - just that they're being spent from a heavy purse. It's not just the default client. The protocol requires a complete input to be spent. |
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I thought we determined that this was the silk road escrow wallet
where? link? What I mean to say is that I sent btc to silk road and then I tracked the funds. They immediately went to that address. That is Silk Road's main storage. Nearly two million USD is tied up in the Silk Road Marketplace.
This account will now be thrown away.
I dont see any proof for either the pirate nor the SR theory in the thread linked to your quote. But it the whole address was seemingly immediately drained once this thread was created, linking it with pirate. What puzzles me though is that blockexplorer.com and blockchain.info both show a still available balance of 447835.01317523 BTC for this address. But her: https://blockchain.info/charts/balance?address=1DkyBEKt5S2GDtv7aQw6rQepAvnsRyHoYM it appears to be empty. Error? Way more likely for the graph to be in error than explorer and .info. |
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A lot of people need cash for various reasons. If they can get cash for bitcoin easily they'll hold more coin and be more likely to be willing to work or sell for it.
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The big Sunday game is coming up! 6pm ET, that's like 2 hour and 15 minutes.
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You beat me to it, I just checked the addresses, it's not bad yet, but I think it's a sign of things to come. Be really carefully who you send to.
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Yes, I'm beginning to think that the "Futures without expiration" or "ETF w/ delivery" idea may be the way to go. It seems like people may use this more to speculate on the price of silver rather than as a way to purchase bullion (which I thought would be the other way around). The great thing about GLBSE is that the listing rates are very reasonable so I could try a few different variations of these contracts and see what works the best.
Yes, I think you'll miss both markets doing it the way you originally proposed. People who want to buy silver don't want to buy it at a specific time far away from now and people who want to speculate don't want to be forced to take delivery or risk having to sell below market to convince someone else to. Continual with redemption is best imo. I think making shipping fees separate as TT suggested is fine as long as you commit to a fee schedule and a period of notice for changing that. |
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In the first place I don't understand why the supply would increase?
It will as I know decrease double in 34 months.
The rate of increase will decrease (in about 4 months) but it will still be an increase. |
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You can edit the post if you want. And even delete the separate post.
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Lets suppose the speculation is true, and the Pirate has in fact been selling large amounts of coin. Ostensibly this is to stop bubbles, but another possibility is he's gradually converting a large amount of his bitcoin holdings into fiat. One he's done that he then has the incentive to crash the bitcoin market as his Bitcoin Savings and Trust obligations are denominated in Bitcoins. For instance, suppose he's a FinCEN insider and known's that repressive anti-bitcoin measures are about to be introduced. After the crash he simply has to buy back the coins at much-reduced rates, and he gets to keep the fiat left over as his profits.
tl;dr - The Pirate has a big incentive to destroy Bitcoin itself.
Why would he have that incentive? It seems that he does have an incentive to liquidate before getting the hell out of Dodge, because popping the confidence of his army of believers will probably drive the price down short term. But the incentive to cash out =! incentive to "destroy Bitcoin itself." There is obviously some incentive to hurt bitcoin when you owe hundreds of thousands of them. Any real hurt certainly will lower the value of what you owe. But if he had some inside info or ability why wait to freaking long? I don't think he has any intention like that whether he is legit or not. |
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Intel managed to break Moore's Law. 4 years and price of microprocessors stays the same. Who would imagine that?
Kurzweil must be pissed.
He obviously meant computations/btc |
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You need to allow for people to ship you silver to get shares. A good way for people with silver to get bitcoins.
Just a thought, change the terms a bit so you can offer generic .999, which these buffalos are. Maybe include a specific premium for eagles, and a discount for junk silver. For delivery, buyers get what you send and must pay the agreeded premium or take the discount.
Beyond quality issues it seems like the sender would also have to include the outgoing postage, insurance, and handling fee in order to keep the "1oz delivery included" definition. Also this could get to be a lot of managing work. It might be good to have 'registered' silver shippers working with the issuer/organizer. |
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many users + poor scalability = bullish
many users + no multi-sig = bearish
(imo)
You are saying you think scalability the less important? I think it's more important when I consider worst case scenarios, but mostly I think we have plenty of time until it becomes a real problem and a nice GUI for multi-sig would be awesome. |
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You are doing 8 worth 5oz each right? Is the reason for not doing 1oz the shipping and handling hassle? It might be fine to just require 5 or more to get delivery.
Have you considered letting it run continually (delivery any time)?
Yes, there are 8 contracts at 5 oz each. Part of the reason for the 5oz size is the hassle, but also the fact that the shipping and insurance would make up a disproportional amount of the contract price if the contracts were 1 ounce each. I like the idea however of making the contract 1 ounce and requiring at least 5 contracts to take delivery, this would probably improve liquidity and allow those that want to speculate in the SLV/BTC price to participate without needing much capital nor needing to take delivery if they didn't want to. As far as running the contracts continually, from what I had read on GLBSE, the futures contracts needed to have an expiration date, but after filling out the New Asset form on the website, there wasn't anywhere to enter an expiration, so in theory these could potentially run continually Hmm, I'm pretty sure it would be fine, it just wouldn't be exactly a future.. it would be... I don't know what to call it but it seems natural. You'd just be buying the right to an ounce (or 5) any time. Ask Nefario I guess. I don't think I'd ever want to take delivery (unless the price persisted in being 'wrong' on the low side) but I'd definitely like to participate in trying to profit by helping get the price 'right'. So I'm pretty interested. I've taken a casual glance at other threads mentioning things like this, but I don't think they had delivery on reasonable terms like you intend. |
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You are doing 8 worth 5oz each right? Is the reason for not doing 1oz the shipping and handling hassle? It might be fine to just require 5 or more to get delivery.
Have you considered letting it run continually (delivery any time)?
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Scalability definitely. Mostly because multi-sig should wait, for strategic reasons.
Tell us more. |
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