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3741
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Economy / Economics / Re: Will the unprofitable mining actually hurt Bitcoin price?
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on: June 29, 2011, 08:48:35 AM
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I don't think it was miners paying $30 per bitcoin. Someone else is interested.
sadly i dont think it was people wanting to buy bread and gas with BTC either. Figure out what they do want to spend them on and profit??? Why don't you think people would want to buy gas with coins? If I had a car I would. I would certainly buy bread. |
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3742
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Bitcoin / Bitcoin Discussion / Re: New block chain owned by the banksters?
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on: June 29, 2011, 08:40:36 AM
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A new restricted chain is not as good as an old open chain. It's just a bunch of bits, it gets it's value from people wanting to have it.
If the bankers all agreed to use it as their reserve currency, *they'd* want to have it. All the banks would set up big mining rigs in their basements.  If you want to restrict access just pick someone to hold the database. What you describe has the expense of hashing and not the benefit of being decentralized.
It would be decentralized to a limited extent, among the banks. It would not necessarily be any smaller than today's network. Suppose today there are 60,000 nodes (number of Mt. Gox accounts). There are probably at least that many banks in the world. Why would a bank want to hold these things? They can't loan them out to people, they can't buy stuff from people. It's just a database to them and it may as well not be in a block chain. |
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3743
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Bitcoin / Bitcoin Discussion / Re: FirstBits.com - remember and share Bitcoin addresses
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on: June 29, 2011, 08:18:07 AM
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That is a good idea. Do you think it is important to verify that someone actually owns the address to tag it?
Besides this, I don't know much about namecoins but registering an address to a name may fit namecoin's purpose quite nicely. I understand namecoin is no more than a set of "A --> B" relationships. I think namecoin is no good because whoever gets there first is the 'legit' naming. This is okay for web pages because you get a name first and then publish to it. But it's not good for marking firstbits because you usually already have one that's known and you have to beat everyone else to tagging it. |
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3744
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Bitcoin / Bitcoin Discussion / Re: FirstBits.com - remember and share Bitcoin addresses
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on: June 29, 2011, 07:53:37 AM
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I think it is a flaw in the bitcoin client that we can not easily (1) extract keys from our wallets and/or (2) send from specific addresses. It's supposed to be an 'anonymous' currency but all these simultaneous splitting/merging transactions blows any cover or even just managing 'accounts'. I have a dozen wallets for these types of manipulation... but I digress.
It's not really a flaw, it's just something that hasn't been written yet, but will. |
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3745
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Bitcoin / Bitcoin Discussion / Re: Curiosity versus currency
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on: June 29, 2011, 07:50:56 AM
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Buying low and selling high helps smooth out the price, people get paid for that. Buying high and selling low exaggerates swings, people have to pay to do that.
Day trading is not the point of bitcoin at all and if it were the value would already be zero. It only looks like the exchanges are influencing the price, they are actually discovering it.
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3747
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Bitcoin / Bitcoin Discussion / Re: New block chain owned by the banksters?
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on: June 29, 2011, 06:53:59 AM
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A new restricted chain is not as good as an old open chain. It's just a bunch of bits, it gets it's value from people wanting to have it.
If you want to restrict access just pick someone to hold the database. What you describe has the expense of hashing and not the benefit of being decentralized.
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3748
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Bitcoin / Bitcoin Discussion / Re: FirstBits.com - remember and share Bitcoin addresses
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on: June 29, 2011, 06:39:32 AM
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As TTBit mentions, I think someone could claim an address with a short message "Netrin lives here" and you can easily and anonymously verify ownership upon receipt of a precise payment from that same address within 24 hours.
It can be hard for people to get a payment to come from a particular address if they have a wallet with lots of addresses in it. And people will usually want a particular address to be labeled. Haha, could do this. Take a large fee and return it to the address in question. If you want to mislabel an address it'll cost you 8BTC. That's obviously not optimal, I'm joking. |
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3749
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Bitcoin / Bitcoin Discussion / Re: FirstBits.com - remember and share Bitcoin addresses
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on: June 29, 2011, 06:35:18 AM
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Great work. A+
Suggestion is to pay to register a name with an address that shows up on your site.
I 'own' "187g". when someone asks for my address to pay, I would say "Bob's lemonade stand at '187g' ", and it is confirmed on your site with the full address: 187G5EpRm7rYs6M7X5QDEZpqvw5iVQvXtF and "Bob's Lemonade Stand".
"1mtbk" would show up as "Meze Grill", etc
That is a good idea. Do you think it is important to verify that someone actually owns the address to tag it? I see confusion being the worst 'attack' from buying someone's spot and putting something weird. Anyone who wants to build stuff like this is more than welcome and I'll help make sure you get the algorithm exactly the same. Some ideas: Take a long list of addresses, return the firstbits in order of length or alphabetic or whatever. Make a firefox or chrome extension that watches what you type and 'auto completes' a firstbits to a full address. You will need to type a terminal character for this to work. Ex: type "1hu56." and 1hu56Skwi99qmgnwRrQdd4TnMmwz8 shows up for you. Web wallet like instawallet with built in firstbits conversion. |
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3751
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Bitcoin / Bitcoin Discussion / Re: FirstBits.com - remember and share Bitcoin addresses
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on: June 29, 2011, 06:19:32 AM
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It is not always 4 'bits', it depends on what other similar addresses have entered into the blockchain prior to that one. to find out how many your particular address needs, just type it in the box and it will tell you. As for it being dangerous to the naive user, thats the case with most things in life and is simply unavoidable.
yeponlyone, I'm glad you are neither the developer nor the OP. Otherwise, I'd ask what UX or software company you work for so I can short it. I happened to have a 1+7 (Base58) sub-string and I trust that FirstBits.com came up with the correct address, but at 1+4 (Base58 - 1B2oH) it was incorrect and does not indicate that it may be incorrect/collision. This is a serious user experience flaw and in my opinion unreliable and thus unusable for money until that is fixed. At some point in the future 1+7 might not be likely unique. Who knows? Certainly FirstBits.com is not warning me! As for 'bits' in quotes or otherwise, since this is the topic, let's be accurate. 4 base58 characters are roughly 24 'bits'. And as of today, I wouldn't trust FirstBits until well after 40 'bits'. Maybe I need to add some explanation to the front page. I thought it was obvious that you can't just guess how much to put in. You need to put the full address in to find out what your firstbits address is. You have a guarantee that the string returned will identify your Bitcoin address. I would not even assume 1+8 is safe, you need to check. |
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3752
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Bitcoin / Bitcoin Discussion / Re: What would it take for you to pour entire life savings into Bitcoins?
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on: June 29, 2011, 05:37:28 AM
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1. It would have to solve the double-spending problem in a decentralized way (so that it has no single point of failure).
2. It would have to have desirable economic properties, like having a constant number of monetary units, and solving the problem of distributing the initial coins in a reasonably fair way.
2. It would have to show significant evidence of a dedicated and growing developer base (both for the core client and the endless applications).
4. It would have to be undervalued compared to its potential.
...and I actually have invested all of my savings into bitcoin.
A+ |
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3753
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Economy / Marketplace / Re: Moonco.in - Bitcoin (soon namecoin) online Poker
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on: June 29, 2011, 05:35:35 AM
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Competition that's using our codebase is always nice. I think copying the whole web layout is BS. Do you have a problem with open source development in general? You think it would somehow be better if I just moved around the layout a bit? I focused on changing what I thought was most important on a poker site (what you see the most), the table. Maybe I was a little harsh, I don't think it's wrong or anything. I'm sure you've got more improvements/additions coming too. I don't think you should move things around for no reason, but time spent building or improving something is an indication that you plan to stick around which is important with something like this. |
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3756
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Bitcoin / Bitcoin Discussion / Re: Best way to pay with BTC in person
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on: June 29, 2011, 04:53:03 AM
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I swear I seen FirstBits mentioned before, but I think this was my first time using the site. Well done.
Also, back to the thread, I think a text messaging format could be worked out to make things as 'automated' as possible.
Thanks, glad you like it. What we really need is an online wallet with firstbits integration. Right now the best way would be to put some money in an instawallet, get the merchant's firstbits, go to firstbits, copy the address,paste in instawallet and pay. But if installawet could translate on it's own then it would simply be: go to instawallet, start typing the address, it gets completed for you and you pay. FirstBits.com is intended to show that it works and it is useful, but the real magic will happen when it's incorporated in all the appropriate places. |
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3759
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Bitcoin / Bitcoin Discussion / Re: Bitcoin.de+bitcoins.de sold for 29,750 EUR!
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on: June 28, 2011, 07:06:27 AM
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I wonder what bitcoin.me is worth  I was thinking about that "Should we buy bitcoin.com" thread and how much less likely it seems that forum members can raise a bounty for it. I think a few people contacted the guy who owns it but he wont sell. I imagine now it wont go for less than 50 - $100 000 If I were him I would hold on to it for a while yet, but go short bitcoins as a hedge against it getting worthless. That is, if he doesn't understand bitcoin it would be silly to not cash in when these geeks are still in the fad. |
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