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3461
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Bitcoin / Bitcoin Discussion / Re: what to charge for cold storage?
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on: August 26, 2011, 09:08:53 PM
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My bank charges about $40/year for a small (5x1.5x24) safe-deposit box. It is my responsiblity to move the coins in and out securely. I think charging a percentage rather than a flat rate may be problematic.
It's not right to do anything else... 1 bitcoin to store 1 bitcoin is too expensive 1 bitcoin to store 10,000 bitcoins is too cheap trying a sliding scale still penalizes the guy on one end of the scale as compared to another... trust me I did the math... percentage is the only fair gambit... My thinking is that the guy that has only 2 bitcoins isn't going to use the service... It doesn't penalize anyone, they just do something cheaper and less secure because it's only one coin. If you charge a percent for something that has a roughly fixed cost then someone else will come and offer it at a fixed cost and take all of your high amount high fee customers. It costs the same amount to move 10000BTC as 1BTC and everyone knows it. |
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3463
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Other / Meta / Re: Allowing alt chains to leverage forum readership @ bitcointalk?
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on: August 26, 2011, 08:51:44 PM
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There is no such size as sufficient size. a ten foot tall barbed wire fence is not necessary if a four foot tall mesh fence keeps out all the threats. there is only so much that a miner overtaking the chain can do, so an attack for economic reasons is not feasible today. bitcoin mining's network is probably an order of magnitude larger than needed to protect the amount and size of transactions that are processed each day. Nobody knows how tall of a fence we need. The taller it is the more people will feel comfortable and join in as merchants, customers, and savers. Nevertheless, I think letting the new chains have a subforum is fine. They will be canaries in the mine. We'll be able to see how double spends affect people who are actually trying to use a currency and how much power and in what exact ways attackers come. The equilibrium is one chain imo and there is nothing compelling enough to make it not be the oldest, longest and strongest chain. |
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3464
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Bitcoin / Bitcoin Discussion / Re: Public opinion of Bitcoin
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on: August 26, 2011, 07:24:16 PM
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if i mention bitcoins to people, they immediately think i am crazy tinfoil hat or whatever. i dont even bother anymore. 33% of the time, they think its a ponzi scheme, 33% of the time people assume i lost a ton of money in bitcoins (Which is ironic being ive only made pure profit), and the other 33% of the time they're just like "LOLXDWTFBBQM8RLLY?"
So you're saying 1% are interested?! Win. |
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3470
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Bitcoin / Bitcoin Discussion / Re: what to charge for cold storage?
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on: August 25, 2011, 08:39:32 PM
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Maybe start with whatever the fee is for a trade on the exchanges. Possibly that's too low for the manual effort you're describing though.
well that's the problem, currently our fee is set for a fraction of what the exchanges charge.. but this requires manual effort.. it cannot be automated.. it's designed on purpose not to be automated. It's only manual to get them back right? Sending into cold storage should be as automatic as a withdraw, right? There is a delay in getting the coins out right? So it's manual, but you can do it in batches, right? Not that much labor to do it 2 or 4 times a day. correct.... now remember you still collect discount payments while in cold storage. Charge the exact amount of the payments? Really though I don't get why and how you are paying people and doing the work of holding their coins. Maybe it makes sense, I just haven't investigated your model yet. |
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3471
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Bitcoin / Bitcoin Discussion / Re: what to charge for cold storage?
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on: August 25, 2011, 08:09:18 PM
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Maybe start with whatever the fee is for a trade on the exchanges. Possibly that's too low for the manual effort you're describing though.
well that's the problem, currently our fee is set for a fraction of what the exchanges charge.. but this requires manual effort.. it cannot be automated.. it's designed on purpose not to be automated. It's only manual to get them back right? Sending into cold storage should be as automatic as a withdraw, right? There is a delay in getting the coins out right? So it's manual, but you can do it in batches, right? Not that much labor to do it 2 or 4 times a day. |
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3474
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Other / Beginners & Help / Re: Bit by Bit - Giving new users free BTC
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on: August 25, 2011, 06:25:29 AM
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Hello, I'm a computer engineering major at Texas A&M university and as a part of my studies I have started a website which will give new users some free BTC to get going. My site is very similar to the Bitcoin Faucet website established some time ago, but there are several key differences. - Bit by Bit can be used to receive .001 BTC for free
- Bit by Bit can be used daily, meaning you can get up to .007 free BTC a week
- Bit by Bit also features a Lottery Drawing once a week which offers the chance to win .25 to 1 BTC. The more people supporting the site the higher the Prize is.
I am currently attempting to stress test the site, so please tell anyone and everyone you can to try it out. For more information please check out the site Bit by BitLooks very nice. Not so important for this, but for more serious stuff it isn't good to ask people to claim a payment/donation after it's sent as anyone could watch the chain via blockexplorer or similar and make a bogus claim. |
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3475
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Bitcoin / Bitcoin Discussion / Re: Bitcoin's value in a nutshell.
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on: August 25, 2011, 12:48:31 AM
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The value of Bitcoin is equal to the amount you would loose doing the transaction by other means.
Not quite though. Suppose there is task X that is worth 100 units to you. Without Bitcoin it would cost you 200 units to accomplish, so you don't do it. With Bitcoin it only costs you 60 units so you do it and profit by 40 units, not 100 or 200. Bitcoin makes you 40 units better off and likely makes your partner better off by some amount as well. |
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3477
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Bitcoin / Bitcoin Discussion / Re: Bypassing the blockchain
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on: August 24, 2011, 07:00:38 PM
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why do you have to be 100% untraceable anyway?? are you planning doing the next big hack?  There are lots of reasons someone would prefer not to share their transaction history with the public. There are some violent folks out there with strange triggers. |
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3479
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Bitcoin / Bitcoin Discussion / Re: Bypassing the blockchain
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on: August 24, 2011, 05:38:12 PM
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Like the topic says. How can I make a transaction which will not appear in the blockchain? I'm not caring about the security of the P2P validation, because I want to send my Bitcoins to another one of my addresses; even in the same wallet. The reason for this is simple: I don't want others to know who sent me my coins. Everybody suggests to use a new address for each transaction to make it a bit more anonymous. Now let's assume I got 100 incoming transactions from different people, 0.01Btc each. When I now send 1Btc to another user, all those 100 addresses are linked together in the blockchain, effectively telling everybody that all of those belong to the same user. And if one of those addresses is linked with an account name or email, everybody knows that user is me. I already asked here: https://bitcointalk.org/index.php?topic=38529 but the Newbie forum doesn't get much attention it seems. Dirty coins ---> You? [yes you but no one knows] ----> You? [maybe, maybe not] -----> You? [could be, or no] ----> You ----> Others Others: Hey where did you get this coin. You: Um, dunno Others: Go check You: wtf, leave me alone Others: No really, go figure it out You: Okay, it was one of those damn pyramids |
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3480
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Bitcoin / Development & Technical Discussion / Re: Firstnames | Combining people's names with Firstbits for short bitcoin addresses
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on: August 24, 2011, 05:31:42 PM
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With case insensitive alphanumeric, you have a keyspace of only a few dozen million. I don't think this will scale, particularly because the entropy on real names is low. If I am not mistaken, there can only be a thousand Johns, Mikes, Jim, Mar, Ali, Moh, or any other firstname.
Yeah, it seems like just a way to rewrite a small fraction of the possible firstbits. I guess you can't make the length of the name and suffix parts variable because then you can't convert both ways. So you have to pick the same length for everyone, meh. |
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