Would be easier if you provided them a library or even a service to do that

We are considering the following domains. Anyone care to comment which one would be preferable?

btcfutur.es
bitfutur.es
btctra.de

So your LTC instawallet is tied to your IP?

What happens when someone tries to access this via a corporate firewall? Will everyone at IBM get the same wallet since their IP would appear identical to you?

Also is guessing the URL the only security feature? In that case, will you at least block an IP if they try to guess too many urls? and again what happens if someone from inside a corporate firewall is trying to guess wallet urls? Do you plan to block the entire company?

The reason bitcoin instawallet http://instawallet.org works is because a new address is generated on each access. I really think this is the only secure model.

Personally, I think instawallets are great but LTC would also need a permawallet (such as http://blockchain.info/wallet for bitcoins)

http://anonymousads.com/howitworks

They claim to only take 0.001 BTC per payment from advertiser to affiliate. If anonymous ads is taking too big a chunk, I suppose they would be discovered pretty quickly and business would move to other competition.

I'm sure other competing services will pop-up very quickly and they will all be good.

... for now.

For a service that has just started a few days ago, thats very very good.

I've been using this service on one of my sites and I'm pleased.

I hope this will destroy google ad-sense. Google ad-sense is a terrible business model that has extremely unfriendly service. I have heard stories where adsense on sites was abruptly disabled when the balance was just under $100. Just a few clicks before they had to cut a check. And the appeals process is basically a dead end. I later heard about hundreds of stories like this. Granted, some of them probably violated one or the other TOS but couldn't be all. Ok, $100 is not much to one blogger but if google is does this to 10,000 of bloggers, they just lined their pockets with $1million.

But all the bitching aside, ad-sense is a 90's technology that depends on the following:

* Trust the advertiser
* Trust the site owner
* Trust google
* Trust ad-sense to give fair rewards

If you look at this objectively, none of the above are trustworthy. Site owners may click their own ads (despite google's absurd threats that they can "detect it" with their "sophisticated" systems.) Google as I said may be cutting off small bloggers just before a check needs to be sent. And no one can verify what ad-sense is doing with their CTR and RPM and all other smoke and mirrors (yes, it appears to be sensible, but frankly there is no way to know verify if one ad deserves $0.25 vs $2.50). The advertiser himself cannot be trusted since some of them click their own ads to make it to the top entry of a google ad banner. This needs something new and revolutionary to kill it and anonymous ads could just be it.

A word to the creator. Do not sell out to google. Sell out to microsoft or some one else if you wish, but I wouldnt advise that either. You really want to go down in history as the one who humbled google.

Note that bitcoin marketcap as of now is about $46 million. You are hoping to be 200x bigger than bitcoin. This may happen, but I have serious doubts about it.

The second thing you have to be aware of is how the already paranoid bitcoin community will perceive this: They will basically think: "This guy is asking us to give him 10 billion dollars in exchange for a hashcode". Even if your intentions are honest and you keep everything in AAA bonds that pay 6% a year, assuming you take 1% fee thats easily 100million/year. Basically, you are trying to be a large bank (and the govt will probably view it this way, which leads to its own set of problems).

On the other hand, if you dont have a fixed number of coins (generate as people want to buy) and focus on providing a tiny fee for transactions, you may make the same kind of money, but people will focus on the 0.1BTC fee instead. The govt may also ignore you.

Great to hear. Since you are not a cryptocoin anymore, you dont need an upper limit on the number of coins. Advise users that you currently plan to issue 10 billion for sale and more may be offered if market conditions warrant it (so that they dont get upset)

But your business plan is a lot more clearer and simpler now. Wish you the best.

Interesting. It wants to be a cheaper, simpler alternative to paypal. Ok, thats a reasonable business model. In which case, you dont really need a fixed number of coins. Let people buy as much as they want and as and when they want. Since its tied to USD, there is no incentive to invest and hoard RLC anyway.

I do like the idea of a crypto bearer bond. Lets call the issuer a cryptobank.

A cryptobank issues coins that are redeemable for cash. It invests the cash in AAA rated investments and gives interest to holders in RLC. This would be great because you dont need to keep account ledgers. You would get dividends based on the number of coins you own. This may not be different from flexcoin but a 'bank' that invests your coins may raise lots of interest (no pun intended)

Yes, but if 1RLC = 1USD, why do you even need RLC? Right now USD is as electronic as it needs to be. Why add another layer? Who would want to buy into and pay in RLC if paying in USD is already more convenient?

If preventing uncle sam from tracking your currency moves is the only benefit, I have no doubt that the US secret service will shut this down before you can say RealCoin.

This idea may be on to something but I think it needs to be fleshed out a bit. Sounds like its just a bank, they take your money and invest it and give you something akin to bearer bonds. I think this project should consider dropping the name realcoin and position itself as a bank. And get the network up and running first, and once it can guarantee security, then start accepting money. That way, you can get rid of the centralization.

Also make version 1 smaller like $1 million. 1 trillion? Come on, seriously? Also who is gonna spend $100 on a coin? Denominate it in 1$. 1$=1RLC. its easier.

Basically, I think we can take something like reddit, which is open source and modify it so that upvotes are awarded something like 0.01LTC. Your karma count is remembered, but you get 1LTC for every 100 karma. Essentially this is the birth of social mining.

What exactly is the boundary of too slow? Even if it can do one share in one hour, that should be plenty for a site like facebook where people have it open all the time and has millions of customers.

Some sites where a low intensity mining can occur:
User generated sites: reddit, stumble upon, forums
Video and porn sites: youtube, *tube
Flash game sites
download sites

Bitcoinica trades BTC like forex. You actually are buying BTC from and selling to them. The quotes are their quotes to you, not price discovery from bid/ask like a real exchange. This is how most forex works. You are not buying from another trader, you are buying from the forex broker. They will take a small slice off your trades. This is great for Bitcoinica and forex traders should be fine with it, but as a futures trader, I would never trade in such a manner.

We plan to be a real exchange where traders take each other's bid and ask. This facilitates price discovery and avoids conflict of interest issues.

What I mean is that most futures traders hold their contracts for a very short time. For example, when I trade the S&P futures, my average holding time is about 15 minutes. Most traders exit and re-enter futures trades many times in the day and most of them flatten all positions before the end of the day.


A trader closes a long contract by selling a contract and a short contract by buying a contract.


95 to 99% of futures contracts are closed by the trader before delivery date. Physical delivery is rare and occurs electronically. i.e. gold in a depository, etc.

Futures are mark to market, i.e. The difference in value is settled at the end of every day.

http://en.wikipedia.org/wiki/Futures_contract

Technically, yes. But in reality, futures are a speculative and hedging instruments. Most futures contracts are closed on the same day as they are opened. Also, there is the concept of a continuous contract that automatically rolls over to the next expiration. That way, you never actually deliver anything, your position is exited at a profit or loss when you wish. Of course, if your position goes against you so much that you violate margin requirements, it may be liquidated but responsible traders who trade with stops never encounter this situation.

All we need to do is to convince Vanderbleek to package the mining part of his game as a javascript library and open it up.

i.e. I should be able to say something like:

var LTCaddress = "LTCaddressForMyGame324yshkkss67";
<script src="http://blah.net/ltcminer.js">

And my web page should generate LTC and feed it to the address above.

Secondly we need an ecommerce library which manages the overall LTC accounts of members, the website, etc.

Basically, RLC is not a cryptocurrency, but a corporate scrip tied to USD. In this respect, its exactly like disney dollars.

http://en.wikipedia.org/wiki/Disney_dollar

Also issuing your own currency is not illegal

http://www.treehugger.com/culture/how-to-print-your-own-money-build-community-not-get-arrested-by-the-feds.html


Now the question about its usefulness is an entirely different issue.

I could basically replace this with an automated calculator and BTC liquidator.

i.e. I buy 2 coffees from starbucks. Price is $6.6. I ask to pay in BTC. They calculate it to BTC 1.02. I pay, they exchange it for dollars right away. The risk of slippage is small and they can mitigate it by simply charging slightly more for BTC.

And oh, a 1 trillion $ play may piss off some governments a lot more than you expect.

That's great. I hope he will add the ability to import vanity and other addresses.

My goals for litecoin development is strategic.

Rather than postion LTC as a me-too, johnny come lately, I want to appeal to a position where LTC is clearly a favorite. Until a few days ago, it was the 2.5m confirmation. My guess is, that will be a moot point once instant confirmations on BTC work.

Think about it this way: If whatever we do can also be done by BTC and say, SolidCoin, I fear it may not develop a critical mass.

I was thinking more in terms of this:

mine LTC on web pages (javascript miner), games, etc where CPU coin is stronger. Then the website/game developer can pay rewards in terms of LTC. Bitcoin wont be able to compete here. Other alt-coins (including custom altcoins by game owners) may indeed enter here, but its unlikely if they can use our LTC miners/ libraries for free.

I'm sure you or others could come up with other solutions but they should appeal to LTC strengths and BTC weakness. (Forget about the rest of the alt coins)

Strengths of LTC:

* cpu vs gpu (wont slow down games)
* comparitively more bountiful to mine
* alternative, easier way to accumulate currency (i.e. by surfing websites and playing games)

So yes, we appeal to the lazy and leisurely folks who are glad to surf the web but cannot be bothered / are motivated enough to setup a mining rig. But they do care about points on their website/game/etc. and how cool would it be if you could actually do something with those points? Exchange it for cash or BTC? Perfect.

Convince facebook to award LTC for every "Like" someone gets (Ok, facebook probably wont care, but other sites may). Just the fact that its easier to award 1LTC rather than 0.003 BTC should be a motivation to pick LTC for such a role.

If we could have an online wallet for LTC just like blockchain's wallet, people wouldnt even need to download anything. They could just play games, spend their LTC on merchandise (or whatever).

I appreciate your concerns and thank you for vetting the system. Its certainly beneficial to others.

We plan to start with the simulated trading and then add instruments as soon as we have a certain minimum number of participants who have tradeable accounts. That way risk of low liquidity can be mitigated.

Our trade API should also allow participants to write automated market makers and arbitrage applications that would add to the overall liquidity of the system. The simulated environment allows them to test their apps before sending orders in larger quantities to the real market.