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2401  Economy / Speculation / Re: Will transaction fees alone be enough incentive to keep miners mining? on: April 19, 2012, 06:36:00 AM
iirc Gavin had a pretty good proposal that had max block size set like 110% of the average size of the last X blocks.

That guarantees, of course, a long-run equilibrium of negligible fees and negligible mining activity. But whatever, it is either high fees / secure txns OR low fees / insecure txns, whose to say which is the lessor of the two evils?

No, even with unlimited size blocks there is at least one force, let me describe.

Suppose all miners are negligible (less than .1% or so) and all are shortsighted and include any transaction at any price. Users will pay the minimum fee. Miners will not cover their costs and will start to drop out. Now each miner has a higher % than before. Maybe still not enough, but if not there will be no profit and more will drop out leaving a higher % still for each (in particular for the largest miner). Now this highest % miner has enough so that he individually can increase his own profits by declining some low fee transactions. This is because some users have a preference not just for getting in a block, but for a high probability of getting in the next block. A 1% miner for example can charge people for privilege of a 100% chance at inclusion in the next block, without paying what he demands the user has to settle for a 99% chance at next block inclusion. All miners will profit from the users who pay for certainty. This will start to bring some miners back in until the 'cover' the bigger miners are giving, miners who are thinking only of themselves.

Simple math example:

Everyone paying 1 satoshi. 1% miner rejects 10000 1 satoshi transactions and 1% of people choose to pay the 1000 satoshi min fee that one 1% miner requires. Now that miner makes 1000x100=100000 satoshis per block. Everyone else gets to continue collecting the 1 satoshi fees and the larger ones, the 1% miner doesn't give a damn about them though.

It's even possible a really really small miner could have some effect, like why not pay 10 satoshis if there is even a little chance it will help. So a tiny miner expects at least 10% of people (or clients default settings will be set to) will just say whatever 10 satoshis then.
2402  Economy / Speculation / Re: Will transaction fees alone be enough incentive to keep miners mining? on: April 19, 2012, 06:13:02 AM
One correction there is no limit on block size.  CURRENTLY the protocol enforces a block size limit as a secondary line of defense against spam but that is just arbitrary.

That might not be trivial to change though depending on the attitude and incentives of miners. It would be good to commit to a scheme for increasing that right now before anyone is making their livelihood from artificial transaction scarcity. iirc Gavin had a pretty good proposal that had max block size set like 110% of the average size of the last X blocks. That could allow for really fast growth if needed without allowing crazy outlier spam blocks.  Sorry if I'm mis-attributing and/or wrong about the proposal.
2403  Economy / Gambling / Re: mem's BITCOIN GAMBLING LIST (no 404's, Scams, Pyramid's or Ponzi's) on: April 19, 2012, 06:03:20 AM
For Seals:

Minimum deposit is .01BTC, min withdrawal is .1BTC, min bet is .01BTC, max bet 800BTC for now, well more if two players bought in full at the highest game and were both ahead on the table. Max that actually runs is around 40BTC buy in right now.

sealswithclubs@gmail.com

max bet updated, Im fairly certain your min bet is actually 0.001 not 0.01 as I play nightly on your weenie tables (please confirm).
Contact info added - thanks Smiley

Well.. yes the small blind on the smallest table is .001BTC, but you won't be able to get to a table for less than 10 chips or .01BTC. Which every you feel is the right number to put for consistency is fine. I just didn't want to make it seem like you could actually play with .001BTC.
2404  Economy / Speculation / Re: Will transaction fees alone be enough incentive to keep miners mining? on: April 19, 2012, 04:49:58 AM
The ultimate test of the free market is not one innovation in the market. Bitcoin is just one thing, if the incentives are set up wrong that means bitcoin fails because markets weed out wrong ideas.

But if you all drop out I'll fire up my CPU miner and take all the fees every 10 miuntes.
2405  Bitcoin / Bitcoin Discussion / Re: [ANN] Bypass the exchanges w/ BitInstant Pay-to-Email feature on: April 19, 2012, 12:34:11 AM
This is actually awesome news since it removes the need to ID yourself in order to convert your fiat to BTC.

Two thumbs up from me!  Cool

Yes, but don't forget we monitor fraud and AML 24/7

We have per-day and per-transaction limits in place for that reason, and any attempt to defraud our system will be taken seriously.

Thanks  Grin

What does this mean?

I sell bad powders, get cash, take cash to bank, put in your account, get coins.

Isn't that money laundering? How can you possibly do anything about that?

We are required by US law and FinCEN regulations to not allow 1 person to transfer more then $1,000 per day

Where and when do you ID? Do you just make the assumption that 1 email = 1 user?

We are required by law to make a reasonable effort to be compliant.

For cash deposits, the burden falls on TrustCash, but we monitor IP address, Bank Deposit Branch, Account Deposited, MtGox (or other exchange account), and email address



Thanks that helps.

I guess if my friends and I go together to the same branch and then go back to my place and get online you'll just want to ID us all and we'll still get our money?

I don't understand the question, can you elaborate?

Right now, unless you email us and tell us that you want to transfer over $1000 in cash deposits, we are not ID'ing you.
The system won't let you proceed either, but of course its not fullproof

You say you'll try to figure out if someone is getting by the $1000 limit by looking at bank branches an IPs. If I go to one branch, do 5 transactions of $1000 and go home and access the 5 different emails from the same IP that looks a lot me and my 5 friends buying $1000 each and going to my house and using the same IP.

Essentially all I'm saying is that some people who are doing less than the limit will get bothered (ID'd?) by chance or accident when you have false positives.

Ah, I understand!

The system is not fool proof, so of course people slip thru the cracks and we may annoy some people. We always give people benefit of the doubt and never assume people are guilty until we contact them or hear their side of the story. Of course, we will never lock your funds or hold you hostage.

A+

BitInstant has my confidence.  I especially like that you can bypass the exchanges. Any chance of sending coins straight to an address instead of via email? That would be like the ultimate in safety and convenience.
2406  Bitcoin / Bitcoin Discussion / Re: [ANN] Bypass the exchanges w/ BitInstant Pay-to-Email feature on: April 18, 2012, 11:21:25 PM
This is actually awesome news since it removes the need to ID yourself in order to convert your fiat to BTC.

Two thumbs up from me!  Cool

Yes, but don't forget we monitor fraud and AML 24/7

We have per-day and per-transaction limits in place for that reason, and any attempt to defraud our system will be taken seriously.

Thanks  Grin

What does this mean?

I sell bad powders, get cash, take cash to bank, put in your account, get coins.

Isn't that money laundering? How can you possibly do anything about that?

We are required by US law and FinCEN regulations to not allow 1 person to transfer more then $1,000 per day

Where and when do you ID? Do you just make the assumption that 1 email = 1 user?

We are required by law to make a reasonable effort to be compliant.

For cash deposits, the burden falls on TrustCash, but we monitor IP address, Bank Deposit Branch, Account Deposited, MtGox (or other exchange account), and email address



Thanks that helps.

I guess if my friends and I go together to the same branch and then go back to my place and get online you'll just want to ID us all and we'll still get our money?

I don't understand the question, can you elaborate?

Right now, unless you email us and tell us that you want to transfer over $1000 in cash deposits, we are not ID'ing you.
The system won't let you proceed either, but of course its not fullproof

You say you'll try to figure out if someone is getting by the $1000 limit by looking at bank branches an IPs. If I go to one branch, do 5 transactions of $1000 and go home and access the 5 different emails from the same IP that looks a lot me and my 5 friends buying $1000 each and going to my house and using the same IP.

Essentially all I'm saying is that some people who are doing less than the limit will get bothered (ID'd?) by chance or accident when you have false positives.
2407  Economy / Gambling / Re: SealsWithClubs.eu - Active Bitcoin Poker Site, Open To All Players on: April 18, 2012, 09:48:10 PM
This site has grown! Just noticed that you have 50 players playing at the same time in 6 tables total. That's impressive to say the least. I feel this is just the beginning for Bitcoin poker, as a long time semi-professional poker player I've well understood the potential.

Any chance you'll be offering Omaha anytime soon, at least for cash games? Regular hold'em has seemed quite boring to me for years now.

Not soon exactly, but more games is part of the plan.
2408  Bitcoin / Bitcoin Discussion / Re: [ANN] Bypass the exchanges w/ BitInstant Pay-to-Email feature on: April 18, 2012, 09:07:31 PM
This is actually awesome news since it removes the need to ID yourself in order to convert your fiat to BTC.

Two thumbs up from me!  Cool

Yes, but don't forget we monitor fraud and AML 24/7

We have per-day and per-transaction limits in place for that reason, and any attempt to defraud our system will be taken seriously.

Thanks  Grin

What does this mean?

I sell bad powders, get cash, take cash to bank, put in your account, get coins.

Isn't that money laundering? How can you possibly do anything about that?

We are required by US law and FinCEN regulations to not allow 1 person to transfer more then $1,000 per day

Where and when do you ID? Do you just make the assumption that 1 email = 1 user?

We are required by law to make a reasonable effort to be compliant.

For cash deposits, the burden falls on TrustCash, but we monitor IP address, Bank Deposit Branch, Account Deposited, MtGox (or other exchange account), and email address



Thanks that helps.

I guess if my friends and I go together to the same branch and then go back to my place and get online you'll just want to ID us all and we'll still get our money?
2409  Bitcoin / Bitcoin Discussion / Re: [ANN] Bypass the exchanges w/ BitInstant Pay-to-Email feature on: April 18, 2012, 08:59:11 PM
This is actually awesome news since it removes the need to ID yourself in order to convert your fiat to BTC.

Two thumbs up from me!  Cool

Yes, but don't forget we monitor fraud and AML 24/7

We have per-day and per-transaction limits in place for that reason, and any attempt to defraud our system will be taken seriously.

Thanks  Grin

What does this mean?

I sell bad powders, get cash, take cash to bank, put in your account, get coins.

Isn't that money laundering? How can you possibly do anything about that?

We are required by US law and FinCEN regulations to not allow 1 person to transfer more then $1,000 per day

Where and when do you ID? Do you just make the assumption that 1 email = 1 user?
2410  Other / Politics & Society / Re: The case for an afterlife is very simple. on: April 18, 2012, 08:46:09 PM
There are an infinite amount of natural numbers, but if you count properly you'll never pass a number twice.

Indeed, however, counting is linear while the universe is more likely random. Assuming the universe is indeed infinite and completely random, there ought to be an individual with the exact same configuration of particles (including the brain) which means at some point you would have an individual with the exact same memories, position and thoughts as you at one point in your life.

However, I suppose it depends on your definition of "your consciousness". Does it requires to be continuous to still be yourself (never interrupted) or would you consider the mere replication of a state of your consciousness to be reincarnation?

I would personally say it requires to be continuous consciousness where this consciousness would stay after death and move on to become another "live" being to be called "reincarnation". (Under the more traditional definition of reincarnation where your consciousness returns into a new shell)

Unless there's an unlikely case where, for example:
~~~~~~~~~~~
 The electrons in our brain interfere with something not yet detectable with our technology and it creates interferences into this "fabric like thing" that is vaguely interacting with the known physical universe, interferences which would be what we could call a consciousness (and this "consciousness" would interfere with currents in our brain and could survive the death of a creature and attach to another one being formed.) Effectively emulating surviving consciousness and reincarnation (with loss of memory)
then I guess reincarnation is unlikely with the traditional definition.
~~~~~~~~~~~

So instead of debating things that cannot be verified just like this made up scenario, why not write some science-fiction with similar contents where people discover how to interact with it and find ways to literally blast to bits your consciousness opening a new era of weaponry, politics and conflicts, all for our own entertainment of course?

We are only sure of being conscious for as long as our brain does not die out. Why not enjoy that until those questions about the afterlife answers themselves when the time comes?

I'm not debating the thing. Some posters are saying it is self evident, that infinite ---> everything happens over and over. That's not true.

Even in 'random universe' if the space of possibilities has higher cardinality than the amount of time then the chance you'll see the same random thing twice is 0.
2411  Other / Off-topic / Re: Headline in 30 years: Obama goes after bitcoin speculators on: April 18, 2012, 08:37:37 PM
Lol, bitcoin having a dollar price in 30 years is really optimistic (for the dollar).
2412  Economy / Gambling / Re: mem's BITCOIN GAMBLING LIST (no 404's, Scams, Pyramid's or Ponzi's) on: April 18, 2012, 08:32:27 PM
Todo:

* add minimum withdrawal (important for newbies with a small amount of btc).

* List each games min - max bets, save users time when looking for low/high rolling tables.

* split slots off into its own section.

* add admin contact info for each listing (wip).

* Creation of website to host list (already hitting the limits of forum BB code). Plan to have the site support dynamic lists, filters (game  type, min, max, Countries allowed). Will be using a template engine (my own from WiiCR) that will generate forum BB code as well as html. This should allow myself to keep this list up to date as well as doing some good advertising for the bitcoin gambling community.

Currently looking into cheap web hosts.

For Seals:

Minimum deposit is .01BTC, min withdrawal is .1BTC, min bet is .01BTC, max bet 800BTC for now, well more if two players bought in full at the highest game and were both ahead on the table. Max that actually runs is around 40BTC buy in right now.

sealswithclubs@gmail.com

All countries welcome.

Let me know any ideas you've got about advertising. I'd also see about BitInstant sponsoring, but even if they won't advertising them helps everyone imo.

2413  Bitcoin / Bitcoin Discussion / Re: Contacting game brands / platforms on: April 18, 2012, 08:18:39 PM
Tell them it is used to feed hungry children (mine for instance) and if they don't accept bitcoin you know they hate children and want them to starve. Do they want to be associated with that?
2414  Economy / Speculation / Re: How many bitcoins do you hold? on: April 18, 2012, 06:30:12 AM
18% of voters are the 1%. Seems legit. 

If you ask university professors whether they are in the top 50% of their field, 94% of them say they are.

That might be right, I'd say about 90% of mine we're top 50%.
2415  Economy / Economics / Re: BITCOIN ATM MACHINES on: April 18, 2012, 04:03:22 AM
How awesome would it be to dynamically change the buy/sell spread on individual ATMs to ensure that you never HAD to go get cash from them. At some point if it got out of whack with market rates you would want to do the arb if no one else was of course. But in principle you could drop off a super duty cage somewhere and just let it churn money for you with no maintenance.
2416  Other / Politics & Society / Re: The case for an afterlife is very simple. on: April 18, 2012, 02:14:55 AM
There are an infinite amount of natural numbers, but if you count properly you'll never pass a number twice.
2417  Bitcoin / Bitcoin Discussion / Re: Bitcoin - The Libertarian Introduction (a primer on Bitcoin) on: April 17, 2012, 05:30:23 PM
Maybe it is smarter now and allocates 10K addresses for itself so that you don't need to be backing up all the time.
It does this, only with 100 keys. See wiki: key pool.

Yeah the wallet has 100 addresses ready in its queue - most casual users are not going to use more than this (especially for a crucial savings wallet - it'll probably only have a few addresses used), and I'm quite sure the deterministic wallets will become standard, so the potential problem of which you speak should go away on its own. I was trying to make the article somewhat future-proof (and had to keep it simple), so I didn't delve into nuances like this.

100 transactions ever isn't that unlikely. And probably by the time they are putting serious money in and then retrieving their backup they'll be past that. It is sends (new change address) and newly generated payment addresses (used or not, click that button 100 times and your backup won't work from that point).

Maybe devs could change the default to 1000 if bulk generation can/is done smoothly now. But that's still not foolproof.
2418  Economy / Service Announcements / Re: New, simple online wallet: www.instawallet.org - no signup required on: April 17, 2012, 04:17:45 PM
I knew davout was lazy on bitcoin-central, but I assumed acquiring this meant he was active again. :-(
I resent this comment.

You obviously don't have the slightest clue about the time it takes to :
 - review IW's codebase
 - review every single patch that is applied to bitcoind in order to provide for IW's functionality
 - properly install, configure, armor, firewall, monitor, optimize, replicate and document a brand new military-grade server
 - read, review and fully understand the extended documentation jav provided me

While at the same time :
 - maintain and improve Paytunia, its Android and iOS apps,
 - maintain Bitcoin-Central.net, support its customers, most of them beginning with Bitcoin, for free, as always

And lots of other stuff.

For the record Instawallet is currently running on and AMD Athlon server with 1GB RAM, 100MB/s connection, and 2x160GB hard-drive.
It will be running on a Xeon 8-core with 24GB RAM, 300GB SSD hard-drive and a 1GB connection, heavy optimizations, a host of security measures, and a rock-solid replication and failover scheme.

A really quick glimpse on how seriously I'm taking this server issue :
So let me just tell you that :
 - I'm working on it, fucking hard,
 - You'll be delighted with the result,
 - I won't take this kind of shit, whoever it comes from

And I even forgot to mention all the heavy testing required before migrating a server that serves hundreds of users with minimal downtime...

I really want to take good care of Instawallet because it deserves to be loved, so I will ask you kindly to please bear with us Smiley



ok, I'm sorry. I may be misremembering my experience with bitcoin-central. I realize you're just now getting control of instawallet. Good luck.
2419  Economy / Service Announcements / Re: New, simple online wallet: www.instawallet.org - no signup required on: April 17, 2012, 03:57:11 PM

I knew davout was lazy on bitcoin-central, but I assumed acquiring this meant he was active again. :-(

"lazy" ? That's probably an auto-correction typo, right  Wink
You meant "busy" !
Yes we are all busy as hell trying to deliver as fast as we can.
Server migration is not something you do in a snap when it comes to a service like instawallet, requiring security and performance.

Thanks to davout for this extra effort and thanks to all of you guys for your patience.

Uh, all I know is that like a year ago I really tried to help get bitcoin-central going and support was unreachable and I had to stop recommending and using it. Sorry if he was in a body cast or something, but nothing was happening and withdrawals were unavailable for a suspiciously long time.
2420  Economy / Service Announcements / Re: New, simple online wallet: www.instawallet.org - no signup required on: April 17, 2012, 06:25:02 AM

At the moment I'm still mostly handling all the support requests until the server transfer is complete.


Thanks for helping them Jav and not just letting it die.
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