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From the linux foundation's website:
"Since its inception in 1991, Linux has grown to become a force in computing, powering everything from the New York Stock Exchange to mobile phones to supercomputers to consumer devices. The Linux Foundation is the nonprofit consortium dedicated to fostering the growth of Linux. Founded in 2000, the Linux Foundation sponsors the work of Linux creator Linus Torvalds and is supported by leading technology companies and developers from around the world.
The Linux Foundation promotes, protects and advances Linux by marshaling the resources of its members and the open source development community to ensure Linux remains free and technically advanced."
The only difference from bitcoin foundation is the call to standardize the protocol.
Are you saying the Linux foundation is the "central authority" of the Linux platform?
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Vampire,
while the foundation was formed to pay the dev's and take a lead in the further development of the bitcoin protocol, the foundation itself could disappear tomorrow and bitcoin would continue to exist.
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From forbes. http://www.forbes.com/sites/jonmatonis/2013/01/07/largest-bitcoin-payment-processor-raises-510000-angel-round/"Since the November 2012 WordPress deal, BitPay has seen new merchants increase by nearly 50% to over 2,000. The total dollar value of all bitcoin transactions processed by BitPay in 2012 was over $3 million, which represents average quarter-to-quarter growth of 50% over the past four quarters for transaction volume." At that rate it breaks down to: EDIT: Q1 187,500 USD Q2 375,000 USD Q3 750,000 USD Q4 1,500,000 USD 1 Month of Q2 and all of Q3 before BLF missed its shipping deadline could represent at most $2M aprox. $1M USD in BLF pre-sales (plus any buyers who placed orders in Q4). |
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Bitconica
Intersango
Bitmarket.eu
They are not US companies.
I stand corrected. I'm sure you could start you own fraudulent/mismanaged company in your country too.
Good Luck
My country is an oligarchical semi-feudal bureaucratic shithole with complete lack of venture capital. Believe me, it is much easier to start any company in 'Murrica, even a fraudulent one. the_thing You don't need venture capital to start a highly successful, fradulent bitcoin business. Ask Trendon Shaver. You've got to get creative. Create a mysterious persona or somewhat nefarious persona. Come up with a magical way to make money that you can't fully reveal or doesn't really exist. Profit handsomely Get hacked/default/disappear Avoid any prosecution rinse and repeat. |
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It surprises me how much money can be handled by such incompetent managers and/or scammers.
I think I'll start a business in the US.
Bitconica Intersango Bitmarket.eu They are not US companies. I'm sure you could start you own fraudulent/mismanaged company in your country too. Good Luck |
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Good call Phinn and if that number is accurate that includes revenue from 1000+ other clients.
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Mods.
When a thead is so heavily populated with users who have dark orange ignore buttons maybe it's time to lock the thread.
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I stopped by the booth Wednesday afternoon and took some pictures after speaking with the Bitpay guys and Josh from BFL. Josh and I talked briefly about the technology behind the ASIC mining units and showed them to me. While I like many would have liked to see a working unit, I was impressed with the brushed aluminum case and impressive heatsink. It's regular to see non-working prototypes or samples on the floor. Josh stressed the importance of getting it right and delivering a product that meets the much discussed expectations. The Android mining application is pretty cool - I can definitely see its usefulness in conjunction with a repurposed older phone or tablet in a dock. 60 GH/s on your bookshelf is convenient and perhaps even a talking point for visitors, haha. Here are some pictures I took. I had a video crew with me, but this wasn't really relevant to our site's market so we didn't film here. http://imgur.com/a/h8gObI would have liked to spend more time there talking with the Bitpay guys and other folks, but my time was unfortunately limited! It's good to see Bitcoin represented. Edit: I should also note that I came to Vegas with several hundred USD in BTC and sold out twice over via LocalBitcoins. AFAICT, all of the transactions were to new(er) buyers. Thx for the measured post. |
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I'm buying if you are still selling.
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Unfortunately like the three card monty players you see in the summer time in any major metropolitan area, there will always be easy victims.
Not necessarily, people can also learn from other people's mistakes. Of course, but there are always the uninitiated who come along and make the same mistake. That's why the game has persisted for so long. And if you want further proof just idle in #bitcoin-otc and you can watch it happen on a daily basis. |
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This is a great discussion and needs to be continued.
Obviously bitcoin is not a panacea for counter party risk.
Investment schemes and financial fraud are probably as old as (if not older then) prostitution and will certainly continue along with the "bitcoin revolution"
@hazek I do agree that the nanny state is a HUGE apart of the problem. In the US I say it started with the invention of t-ball.
Unfortunately scammers prey on our GREED and our innate TRUST. Most individuals first choice is to trust another person to say what they are going to do and most of the time that actually happens. Once we get scammed or defrauded most individuals learn from that and are on the lookout for it to be repeated. Unfortunately like the three card monty players you see in the summer time in any major metropolitan area, there will always be easy victims.
@mike I would love to read more about the work you are doing on the payment systems. Is there a link?
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jonitas
The problem is FRAUD.
We all grip about the ID and personal info required to use FIAT systems.
Bitcoin is all about anonymity and speed.
The problem is where bitcoin and fiat meet. So much so that bitcoin business are now requiring verification not unlike fiat systems.
However, when we can earn bitcoin, receive our paycheck in bitcoin, pay our rent and bills and taxes in bitcoin and no longer have a need for moving fiat into and out of the system this will all go away.
Unfortunately until that time comes bitcoin remains a scammers paradise and bitcoin businesses will have to work very hard to combat this as the attacks become more sophisticated.
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Great Story but I think this begs a larger question.
This man in the middle (MIM) attack seems to be quite common recently.
An attacker finds an unsuspecting buyer of say iphones or Justin Beiber tickers.
The buyer unknowingly sends their fiat to an unsuspecting bitcoin seller.
The attacker has already created an order for bitcoin with the unsuspecting bitcoin seller.
Once the unsuspecting buyer send the fiat to the bitcoin seller the bitcoins are sent to the attacker
and the buyer and the seller are left to figure out what has happened.
What are bitcoin businesses doing to combat this attack?
Thx.
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Over my head. I hadn't heard that.
No Problem Phinn.
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The first batch will most probably will be repaid as soon as the investement in Bitmarket is complete, which is due very soon. As I said before, it has yet to be decided whether the funds will be distributed evenly among all users, or in some other way. It might be a good idea to pay the "little guys" first, because then the number of creditors would drastically decrease, which means that it could be possible to make specific arrangements with "bigger" creditors. Many people could consider this as unfair though, so don't take my word on it yet, I'm just iterating over possible options.
I am not owed anything by bitmarket, but this is a rather silly proposal. Creditors should be paid back an equal percentage of their receivables, in the same manner that they would if a court of law were to assign payment back in the event of bankruptcy. If any of the big creditors want to make a deal with you prior to such a payback, and said deal does not infringe upon or otherwise affect the payment made to other creditors, then certainly, that is their prerogative, but it is technically illegal for you to selectively decide which creditors to pay and which creditors to default upon in the event of insolvency (which you have openly declared). +1 M4v3R, where are you getting your financial advice?? |
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[1/8/2013 11:28:04 PM] BangkokGuy: Quick update. Just overheard Trendon talking with some drunk at the bar.
[1/8/2013 11:28:05 PM] BangkokGuy: I think he just bought some mining rig company. Assec mining, or something like that.
[1/8/2013 11:28:06 PM] BangkokGuy: Will have more to report as soon as drunkass leaves.
Stop! PG You already have your 10K posts! |
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That means some unknown guy is holding OUR money right now and we dont know Who he is. And in fact some UNKNOWN guy got all our email adress and account information.
At least he should give us his old forum account here. so that we can know who he is.
Well...maybe it's time someone actually made a good version of bitmit. Why don't you do that MPOE-PR. Add it to your Exchange Your betting site and your porn site. That would be a nice diversified portfolio of companies. |
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