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441
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Economy / Trading Discussion / Re: Cryptsy could be working on fractional reserve.
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on: June 12, 2014, 12:43:14 AM
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I've noticed that withdrawing a large amount of coins from the exchange takes AGES compared to withdrawing a small amount. Sometimes, it even takes more than a day for a withdrawal request to be registered in the blockchain. And while the withdrawal is Pending to be Processed, the coins are nowhere to be found. No coins in your account, no transaction in the blockchain. So during the time your withdrawal order is still pending (this could take hours for large amounts) the exchange could be doing anything with your coins. If they weren't using fractional reserve, then there's absolutely no excuse to delay orders that much. We've yet to see a proof by cryptsy that they're not running of fractional reserve. Because if they do, they could go bankrupt at any time with all this intense trading in their exchange. Could cryptsy be the MtGox of altcoins?
I think this points more to a thorough checking process for transactions over a certian, in this case larger than average, transaction request. Wether it be awaiting human approvals or access to a cold storage wallet, I feel it hints at a more robust checking system. Cryptsy could always re-inforce their image by explaining why it takes that length of time... |
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443
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Bitcoin / Project Development / Re: Name our new product!
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on: June 11, 2014, 11:57:35 PM
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Know why you should never do this? Cause squaters will squat your domain names and sell them to you for a premium.
Bought any domains lately? On a serious note, it is a fair concern though... |
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448
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Bitcoin / Development & Technical Discussion / Re: 53 double spends today?
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on: June 11, 2014, 06:13:19 AM
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Will the double spends be found and correct in a time frame to impact physical sales? e.g. a double spend is initiated at 2 real world shops. If the shop has a 24 shipping policy, having received BTC and they start the shipping process, will the double spend be identified in time to stop the goods from being posted?
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449
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Bitcoin / Mining speculation / Re: Never make a ROI
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on: June 11, 2014, 05:44:00 AM
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ROI depends on how big you see your system. If it is limited to a crypto hardware and supporting CPU then your system input constraints (such as elec prices) will smash your ROI into the floor. On the other hand, expand your vision to include the energy source and derive a method to control it, such as adding a solar panel / wind turbine to power your hardware, then your system might take longer to break even but the ROI is ongoing. Yes the ROI is diminishing however it does allow you to continue using older generation miners and updating them through profits. This is the approach I have used and although I am not packing a 10THs facility, I do own my 1.5kW solar array plus the Jally plus the R-box plus the 3 * 6770s plus the 2 * AMD 6 cores that were ALL paid for out of an initail $500 investment. Yes, this is less profit than having bought just BTC however I am more comfortable working with and understanding hardware/ software than I am with world economics... P.S the 1.5kW array is more than enough to power sufficient ASICs to make it worth my while as each gen improves more hash for less watts. As the current 3rd gen stabilises, I will grab a few more to my collection.  Overall, work out a business plan that works for you and stick to it! |
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453
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Economy / Economics / Re: eBay to allow settlements in crypto
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on: June 11, 2014, 01:48:38 AM
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Ebay won't be allowing purchases with Cryptocurrencies anytime soon. They are fully into the protect the customer and the the buyer from each other in a "nanny state" paradigm. Eventually PayPal will figure out that crypto is here to stay and accept it, but it won't be this year in my opinion. And there will still be high fees to cover the refunds to cheated customers and sellers.
Paylpal CEO stated last week that 'cryptocurrency adoption, such as BTC, is inevitable'. Does the crypto community need any stronger an indication and aside from implementation is there any other stronger statement that could be made? |
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454
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Other / Beginners & Help / Auto-sell @ cryptsy?
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on: June 10, 2014, 02:15:44 AM
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Is there a guide or 'how-to' for auto selling at Crytpsy?
I mine alt-coins through multipool and want to auto trade from alt to btc or ltc. Process something like;
1. mine alt coin
2. auto move alt coin to cryptsy
3. auto sell alt coin for btc or ltc @ market rate
4. auto move btc/ltc to my personal wallet (off cryptsy to pvt address).
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455
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Economy / Speculation / Re: If Bitcoin became the world currency
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on: June 10, 2014, 02:07:17 AM
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Still need a few years to go. Not easy to become the world currency! When the price is down to a low level, I will buy more to save for the future.
I fear the recent slump to ~$400 will be the last of the 3 digit regions. If you cant buy a chunk, do what I am, purchase using dollar averaging over the next few months. |
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456
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Bitcoin / Mining support / Re: Error trying to wake notifier...
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on: June 10, 2014, 01:20:19 AM
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My experimental Jally has run solid for at least 6 months, turned it on today using my standard setup and bfgminer spat out 'Error trying to wake notifier'. BFG reports mining is in progress @ ~11GHs but not finding shares.
Is my Jally dead?
Ideas?
Reboot computer, try different USB port, check latest version of BFG. Report back Rebooted a few times...same error for connection to 'multipool' (my regular pool), this bumps difficulty to ~9k when it should be 256 for my Jally. I did mine a 13.9k share however no further finds for another hour. I can connect to a reserve pool (deepbit) or solo mine, for both the difficulty is as espected and the notifier error no longer occurs. This data points to the multipool server being a problem...thoughts? |
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457
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Bitcoin / Mining software (miners) / Re: Error trying to wake notifier...
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on: June 10, 2014, 01:17:10 AM
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I normally use multipool...it connects with the 'error notifier' issue and bumps my difficulty to a whopping ~9k when it should be down around 256 for my poor little Jally.
It continues to mine but the difficulty is ridiculous....I did find a 13.9k / 8.6k share then another hour of nothing
Does this point to a server issue? Any admins care to comment or help
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459
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Economy / Economics / Re: So whatever happened with Mt. Gox?
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on: June 09, 2014, 09:40:50 AM
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The last rumor I had read is that Karpeles believes the bitcoins were stolen during the summer of 2013, but there's nothing official.
OTOH he could have stolen them himself and just pretends someone else is to blame. We'll probably know the truth in a couple of years.
If he doesn't get bumped off in the mean time... |
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460
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Economy / Speculation / Re: Will Europe's negative interest rates affect Bitcoin prices?
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on: June 09, 2014, 07:46:16 AM
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It should massively! Negative interest are extraordinary thing. It tells you something about the state of FIAT money. This is the first occurrence I consider the possibility of cryptos to replace FIAT...of course it is highly uncertain but still... if you give 1% chance that BTC will be 1000000 USD, how much would you pay for it?  Bring it on...even my 0.2 BTC will pay a large chunk of my house if this comes to be |
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