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In the future, people will carry out transactions primarily via Paypal / Google checkout style services (eg Blockchain.info). The value of bitcoin also is expected to increase, and this will result in transactions becoming smaller. Fees would also be a problem.
There needs to be a platform for trade between the services. For example, someone using Myblock wants to play SatoshiDice for 0.00001 BTC (where in the future that amount is someone's hourly wage), and SatoshiDICE uses the merchant services provided by Crappywallet. Myblock needs to trade with Crappywallet without using the bitcoin network. A platform (basically some APIs) could help with this -
Myblock deposits a bitcoin into the platform. Myblock now has 1 BTC in it.
Myblock uses the API to send 0.00001 BTC to Crappywallet. Crappywallet's balance gets increased.
In the future, trades will probably go back on and forth - the blockchain will be pretty massive, and it'll generally be used for large orders (like buying a car), or platform trades.
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Say, in the future people pay 0.004 BTC for a iPhone and 0.00000299 BTC for a pizza.
Can the bitcoin network handle a lot of very small transactions?
How will fees impact the use of bitcoin?
Would lower fee policies or percentage-based fees make it easier to carry out a DDoS attack on the Bitcoin network?
Will third party services take up the gap and send coins between accounts on networks directly to minimize impact and leave the blockchain with large transactions between the services?
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1.8%
Will try it out once I get a satoshi from free BTC sites  |
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What if you wake up one morning, checked bitcointalk, and found that some anonymous entity (like banks or governments) spent a ten million dollars performing a 51% attack? Or maybe the DEA thought that it's chump change to do it to shut down the silk road? Your bitcoins, worth hundreds or thousands of dollars are now worth essentially nothing.
Bitcoin value coupons promises buyback of bitcoins at an agreed rate, and they last for a period of time. They're insurance for bitcoin value.
> Prices and time periods are subject to change depending on the estimated risk. Purchase today to lock in the rates.
Coupons that last for one month:
$1/BTC coupon: 0.002 BTC each
$3/BTC coupon: 0.007 BTC each
$5/BTC coupon: 0.014 BTC each
Coupons that last for three months:
$1/BTC coupon: 0.0066 BTC each
$3/BTC coupon: 0.0231 BTC each
$5/BTC coupon: 0.0462 BTC each
Coupons that last for one year:
$1/BTC coupon: 0.029 BTC each
$3/BTC coupon: 0.1016 BTC each
How we operate:
We will maintain an amount in fiat that is exceeding our current active coupon commitment. When mtgoxUSD drops below the value of your coupon for a period of longer than 48 hours, we will buy back 1 BTC per coupon and pay the agreed price via Paypal, Liberty Reserve, Dwolla. More payment methods may be available - please contact us.
But what if you run away??
The bitcoin economy is filled with scammers and other less-moral persons. The price of coupons are determined based on historical trends of Bitcoin crashes as well as predicted trends and world events, and in the event of such a scenario, we will still come out ahead due to the profits made from when bitcoin didn't crash. The price of coupons will be adjusted when our assessment of the risk changes. Government issued IDs, proof of savings accounts with the stored collateral and additional verification are available on request for large orders.
Can I buy more coupons than the amount of bitcoins I have?
Absolutely. If you think bitcoins will drop below that value, you can buy as much coupons as you'd like and in the event of a collapse, you can go to a btc exchange and buy bitcoins for cents while we buy them from you for the value of the coupon.
Awesome, I'm interested.
PM me!
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so should I preorder now or what?
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Always set a betting limit of how much you're willing to lose.
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I'll play satoshi dice for you for FREE! (I like gambling).
I also think I have "good luck", I've broke even across the 5
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Interesting! What's the house edge?
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you have to make your website tiny 16 by 16 pixels , operate it from the favicon maybe try.. qr codes. |
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Why the HELL would people use this?
Case A: You get more coins than what you pay for.
Miners are getting screwed.
Case B: You get less coins than what you pay for.
Buyers are getting screwed.
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Bitcoin Credit Ratings
This thread has received a B- rating.
OP provides good explanations, and probably won't run away with your coins. Good business plan.
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Bitcoin Credit Ratings
This thread has received a D rating.
OP may or may not pay you back. Exercise caution.
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Bitcoin Credit Ratings
This thread has received a F- rating.
DO NOT TRADE.
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Bitcoin Credit Ratings
This thread has received a F- rating.
DO NOT TRADE
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I bet that if you email BFL with "Hi, I'm having trouble buying the $20k supercomputer with bitcoins, could you help me?" you'll get a response in 3 days.
Also, this is mostly speculation :/
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Haven't had this problem, but it serves you right for thinking MtGox support actually supports customers.
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Cool, but in AUstralia you'd be paying more from carbon tax than from mining profits  |
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you build connections with people you trust
like if you know them in real life or traded frequently
you get the rating of someone based on following through the connections
example:
you trust bob trusts mike trusts alice who rated Crock -100 for scamming 100 BTC
you trust steve who rated Crock -50 for scamming 50 BTC
the value of those ratings decrease per hop
alice's rating is only worth 0.7^3 = 34.3% = -34
but steve's rating is worth 0.7^1 = 70% = -35
you also give positive ratings for trade -- 10 btc trade is worth one positive point
this means scamming will quickly reduce your positive points, and your PositiveToNegative ratio will be suspicious
but what about people who leave false ratings?
you don't trust them.
Extort charges people a bitcoin otherwise he'll leave a -100 rating.
you have to have a connection to exort in your chain of trust.
and people can communicate peer to peer, say a new thread on bitcointalk
if any person you trust is trusting Exort, you stop trusting them and remove the connection.
and if you have a guy 30 jumps away following a loooong circle of trust.. that -100 isn't even worth half a negative one.
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Seems like you're having fun with this and it's pretty nifty, even if useless.
I'd like to suggest one thing though. I think you're doing it backwards. You gen keys and check against blockchain.info and are limited by how fast you can check them.
Instead why don't you make a database of actually used addresses that contains balances, and update it with each block that is created with the blockchain.info getblock api. This means you only get new addresses/balances approx. once every 10 minutes, so minimal ongoing network load. And a small seed db could be shipped with the program.
Then gen your keys max speed and check each on in the local "significant address" db. This db could be an address tree in memory for max speed so you could feasibly run at max GPU speed and check addresses at that speed. And it would work without network access almost as well, as long as you connect and update now and then.
If you want 50btc balances and there is 10 million btc in use then you would only have max 200,000 addresses in your db. You could set a threshold of target balance to raise/lower this. Another thought - make the address search space dependent on some system unique value, perhaps mac address, so that every user is very searching a different region.
Technically it would still be useless but probably a few orders of magnitude less useless.
I don't think it's worth the effort to make something from nearly totally useless to slightly more useful but still nearlly totally useless... |
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