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Nothing has a "set price" everything is priced against something else. Even USD and EUR with trading volume in trillions of dollars a day (yup I said trillions a DAY, quadrillions a year) still have 1%+ daily swings in price.
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A 3G mobile hotspot, a Raspberry Pi running as host and a single BFL Jalapeno all operating from the cigarette lighter in an Italian made sportscar.
Now that I think about it the first three components are optional.
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I never said I wanted or think Bitcoin will be legal tender. It likely never will be legal tender, not next year, not next decade. However it doesn't have to be legal tender to be a currency.
Currency =/= legal tender.
Nothing prohibit anyone (at least in the US) from accepting deposits and payment in currency other than legal tender. Period.
In the US the Euro isn't legal tender but banks are free to allow Euro denominated accounts, accept Euro deposits, even allow clients to engage in currency conversion. The fact that the Euro is legal tend in the Eurozone is utterly irreverent to the fact that is IS NOT legal tender in the US and much like Bitcoin probably never will be. Still entities (from Joe Sixpack up to billion dollar corporations) are free to voluntarily write contracts denominated in Euros (or Gold or Bitcoins or bushels of wheat), accept payments according to that contract and hold deposits in the currency of the contract.
Now the federal reserve note being the only legal tender in the US means that in the event of a contract dispute (i.e. you didn't pay me those BTC you owe me) the only legal remedy available to me is to get a judgement for the value of the BTC in legal tender. As an example if I prove in court that you owe me 100 BTC and the value of 1 BTC is $30 then the courts can only issue a judgement against you and for me in the amount of $3,000 USD. I can be compensated for the loss of value but I have no legal remedy to ensure I receive the BTC back instead. Still even if BTC was defined as a digital commodity that wouldn't change either.
Lender tender doesn't mean what you think it does and since you haven't ever explained your flawed understanding of legal tender it is difficult to know what bogus definition you have in your mind.
Simple version:
People are free to engage in whatever currency they want to use.
Creditors must accept repayment in legal tender for debts owed.
If you seek legal action your remedy may be limited to a judgement in legal tender for the value of the loss.
Legal tender means nothing more. The fact that Bitcoin will probably never be legal tender in any country is of little consequence.
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wrt governments, I do not challenge their right to recognise any electronic currency or try to shut down its use - on contrary, what I am saying is that while Bitcoin (or any electronics, non-government issued currency to that effect) is not recognised by any government as a legal tender, all licensed institutions would be breaking the law if they use it as defined. That is pure and utter nonsense. Currency =/= Legal tender and legal tender obviously doesn't mean what you think it does. Also your belief that redefining bitcoin would cause it to escape regulation is dubious. FinCEN for example regulates gold dealers, money orders, and stored value cards (think cellphone airtime). None are legal tender, none are illegal, and none escape regulation simply because they are defined as "non currency". MSB regulations in the US for example use the term "currency substitute". Even if one went through the totally dubious effort to redefine bitcoin as "something else" with the stroke of a single regulator pen they could The law isn't a video game. There are no cheat codes. Generally it works on common sense. If the law is trying to outlaw x then making y which has all the properties of x is going to be outlawed. If the law requires compliance when doing x then coming up with BS reasons why y isn't x doesn't really matter. The legislators and regulators opinion is what matters. Nobody, I mean not even a 9 year old child, is going to be fooled by the redefining. Can I buy stuff with "X", can I sell stuff for "X", does "x" act as a store of value, is "X" as viable medium of exchange? Then "X" is a currency. Period. It doesn't matter if you say it isn't regulators will say it is and if they don't they will use language like in the MSB regulations and say it is a "currency substitute". |
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The wiki is pure FUD and
This is coming from someone who honestly doesn't believe LTC has much of a future, but that is mainly due to the network effect. Being almost a clone of Bitcoin (bugs and all) it has little to differentiate it from BTC. It may be "good" but "good" isn't "good enough" when it comes to marketshare. If you launched a site today which was almost as good as facebook how successful do you think it would be. To beat facebook would require not just an equal competitor but one which is vastly (perceived or real) superior to facebook. The same thing applies to ebay, email, telephones, electrical transmission standards, etc. Any network where the value of the network increases based on the number of participants faces a "natural" barrier from established competing networks.
Imagine you released a "new phone" system, one which was 100% incompatible with existing international telephone network. You couldn't dial "new phone" numbers from existing phones nor dial existing numbers from "new phones". Now it is possible this network could successfully coexist or even replace the current phone system but being "good" or even "slightly better" isn't sufficient. Most people would say "the current phone network is good enough" and not switch. Now if newphone was vastly superior while still having an uphill challenge it at least has the potential to overcome the network effect (and eventually use the same network effect to "defend" against challengers).
While many Litecoin supports will disagree with the power of the network effect the fact remains that wiki page is FUD and does a disservice to both readers and critics of Litecoin.
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To do this right it takes someone who is meticulous. Who both in procedure and practice builds a system which has a 0% error rate.
Thankfully Casascius is that guy. I have seen a half dozen threads like this and they all ended up being typos. It is pretty easy to do since the writing is very small. A good magnifying glass helps. It would be nice if clients and websites stated "this is an invalid private key" as opposed to incorrectly stating the "balance/value is zero". There is a reason for the SHA256 check (ignored by AFAIK every website and client).
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What is the best way to get Dollars/Euros/Yen/Yuan, besides printing them?
Same concept.
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Just a friendly PSA Stickied at the top of currency exchange forum for almost a year now and for good reason Beware of PayPal and other reversible transfer services Money sent through PayPal and any other money transfer service that accepts credit cards can be easily reversed by the sender, even after several weeks. Therefore, you should only accept PayPal in trades with people you trust very highly.
This is why newbies are not likely to sell their PayPal USD for bitcoins successfully.
Some other services that are not totally safe:
- Most gift cards.
- Moneypak
- AlertPay
- Paysafecards
- Dwolla
- Western Union (they reportedly will sue the recipient to recover money in some cases)
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how many people do you think are out there that want to buy $50k of bitcoins?
There are more than you would imagine ... |
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 Sounds painful. At least it didn't end like the bear trap scene from the Walking Dead video game. |
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It's just a ATX PSU? It should be easy replacable no?
Yes it is just a normal ATX PSU and it should be easily replaceable. Personally I wish BitSyncom would consider selling just the modules and controllers. I would gladly supply my own case, fans, and PSU. Save on the cost and shipping. Then again as long as they keep selling out within 24 hours I doubt they have much motivation to change what is working.  |
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The difference is that you can't double spend your credit card, so the promise to pay is as good as money in hand, unless the customer go through the chargeback process with evidence and take on legal liability (the shop can sue the customer in small claims court if the customer is committing fraud).
Dubious distinction. Fraud is fraud that is all that matters to the merchant. I mean it is like saying sky diving in the desert without a parachute is safe because you can't die from drowning. It is trivial to wrongfully charge back a purchase made with a credit card, especially one made online. Still even if so called "friendly fraud" (costs US merchants about $100M annually) was impossible a credit card authorization is no good if genuinely fraudulent. If it isn't Mr. Smith using Mr. Smiths credit card then you are going to get a genuine chargeback. The comparison is correct. unconfirmed bitcoin transaction = credit card authorization. If the customer is legit you have nothing to worry about. If they aren't you could be losing money. No, there's a huge difference. With credit card, the shop can be pretty sure that most of the people isn't going to fraudulently chargeback, the chargeback process takes a lot of time and effort to go through with. Also once you are flagged as a chargeback abuser, you can no longer successfully chargeback. But double spend, is trivial to do, it's simple as sending two transactions, one with a fee, the other without. There's no time or effort involved, also you can do double spends as much as you want, with no one stopping you. Well no none of that is true. All reference nodes will reject double spends so it requires a little more effort than just "sending again with a fee". However for the sake of argument lets say your right it is trivially easy to perform a double spend AND it is virtually impossible to perform a chargeback ($28B would say otherwise), what happens when the credit card is genuinely used fraudulently? Ooops. An authorization is just that. It is a request for funds. A request which can after the fact be denied for a variety of reasons. Nothing is "confirmed" until the tx clears in 180 days. |
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I don't understand what you mean 7 hours is not long.
Is there a way that I can confirm coins have been received within say
the amount of time it takes me to swipe my credit card is a shop.
Am I missing something?
The OP had a bloated, low value transaction and paid no fee. Comparing that to a reversible credit card transaction costing 3% or more isn't exactly accurate would you say. In this case the value of the OP transaction was ~$3.90. At online rates of 2.75% + $0.30 that is something like $0.40 in fee or over 10% of purchase price. If the user included a 10% fee I am sure it would have been included in the next block. If the user even included a 1% fee it is highly likely it would have been included in the next block. |
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The difference is that you can't double spend your credit card, so the promise to pay is as good as money in hand, unless the customer go through the chargeback process with evidence and take on legal liability (the shop can sue the customer in small claims court if the customer is committing fraud).
Dubious distinction. Fraud is fraud that is all that matters to the merchant. I mean it is like saying sky diving in the desert without a parachute is safe because you can't die from drowning. It is trivial to wrongfully charge back a purchase made with a credit card, especially one made online. So called "friendly fraud" costs retailers about $28B annually in fraud losses. http://www.friendlyfraudprevent.com/FriendlyFraud.aspxStill lets pretend friendly fraud was impossible, a credit card authorization is just that an authorization and if not made by an authorized user the authorization is worthless. If it isn't Mr. Smith using Mr. Smiths credit card to buy that Plasma TV then you are going to get a genuine chargeback. The comparison is correct. unconfirmed bitcoin transaction = credit card authorization. If the customer is legit you have nothing to worry about. If they aren't you could be losing money. |
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Jeff said his 3 module unit pulls 620W. Take away the 20W for the fans and controller, and you're looking at 200W for each module, not 166W. That means 6 modules is (6x200 + 20) 1220W. You could run that on a 1250W, but you'd be pushing the limits. You're either looking at a $300-400 PSU, or 2 750W PSUs.
Simple version. AC vs DC. I even included DC vs AC in my calculations. It helps to prevent errors like in your post above. Measured at the wall = AC load. Power supplies are rated on DC load. |
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I would remove the line between user adoption and media. It is very difficult to directly measure user adoption and it certainly isn't something the media is trying to do. The media "ballparks" adoption by indirect methods like the exchange rate (value of money supply), and/or merchant adoption.
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<-- Is hoping for a batch 2 Avalon with 6 module bays.
Where you gonna find a PSU that can power 6 modules? 166W per module + 20W for fans & controller. 6*166W + 20W ~= 1016W DC. Note the AC load will be higher but ATX PSU are rated by the DC wattage they can deliver not the AC load required to produce that DC load. A high end PSU like a SeaSonic X1250 (or possibly even X1050) should be able to drive it just fine. http://www.newegg.com/Product/Product.aspx?Item=N82E16817151109One should be looking for a good high quality brand, single massive 12V rail, and power distribution rating that allows ~100% load on 12V rail. Using some off brand, multi railed junk PSU is a good way to destroy it but SeaSonic 1250s worked fine for me pushing >1000W DC loads (quad 5970s rigs). Someone running a multi-rig setup should really but running off a dedicated 30A 240V circuit. Good datacenter PDU with safe locking connector can be found on ebay (i.e. AP9571) so no reason not to do it right. 30A *80% derate * 240V = 5760W AC 1016W DC / 0.92 = 1116W AC * 5 = 5760W AC. Five 6 module Avalon "could" be powered by a single 30A 240V circuit. 5KW is a lot of heat though so make plans accordingly. |
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So tempted to buy this and get the vanity license plate "PAID BTC". No seriously I hope you sell if CrazyBlane so the next time someone asks me "what can you buy with Bitcoin" I can say ."blah, blah, blah, and a slightly used sportscar". |
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