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Author Topic: Bitcoin Cash Exchange at WWDC  (Read 2373 times)
MrJoshua
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June 05, 2011, 07:05:43 PM
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My fist grand social experiment.  I'm attending WWDC, and I will be acting as a bitcoin exchange.  A human bitcoin ATM so to speak.  I will tweet availability times and locations throughout the week, and I will buy or sell bitcoins for cash in $100 increments.  If you need cash you can send me bitcoins and I will give you cash, if you want bitcoins I will sell them to you for cash.  I will do this every day until supplies run out each day.  I will charge a 5% commission on the bitcoin side of the transaction, and all rates will be based on up to the minute Mt GOX market rate.

Here's how it works:

You can do this after you've found me or before.  I will tell you if I'm leaving the location soon.

To Get Cash:
1) Tweet, or post here your name, or nickname.
2) Confirm rate, and availability of cash with me first.
(See Mt. Gox, or http://oneminuteslow.com/bitcoin/180-240.png, for current rate)
3) Send $105 worth of bitcoins to my address (below)
4) Come to me once the transaction has been confirmed on the network (6 confirmations)
5) Tell me your name and confirm your bitcoin address.
6) I will give you $100.

To Get Bitcoins:
1) Tweet, or post here you name, or nickname, AND your Bitcoin address.
2) Find me and give me $100, and confirm your address.
3) I will transfer $95 worth of bitcoins to your address.
(You are welcome to wait and chat while the transaction is confirmed).

Rules:
$100 (1 transaction) per person per hour transaction limit, so that one person doesn't just buy me out.
You do not have to be attending WWDC to participate, just in downtown SF.
I will not travel to you.
I will not do exchanges while in a WWDC session (I'm hear to learn).
Suplies of bitcoins and cash are limited, sorry if I run out, I may have more the next day.
I may stop for any reason at any time (I will complete or refund any pending transactions).
The Rules are subject to change.

Why am I doing this you ask?

First and foremost to meet cool new people, and learn more about bitcoins.

Secondly, as an experimental response to the argument that currency exchanges are a week point in the decentralization goal of bitcoin.  Centralized exchanges such as Mt Gox are as easy a target for take down as a centralized currency (if not easier), but with bitcoin anyone can act as an exchange.  So I will be a human bitcoin ATM for the duration of WWDC to see how well it works.  Naturally I'm not influencing the market. How to set the market in a massively distributed exchange environment is an open question.

Thirdly, I want to see if this will make any money at all.  Is it financially worth it?

My twitter handle for updates is @mister_joshua.

Even if you don't want to exchange, please feel free to stop by a chat.  I'm looking forward to meeting you.

To kick it off I am now ready to exchange for the next few hours at the appropriately named Epicenter Cafe.  (http://epicentercafe.com/Epicenter_Cafe/Home.html)

-EDIT-
Back on line and inline for the WWDC keynote!

MrJoshua
Address: 1BhgGjXvhgPpUW6YQtDuBs5B2hSUi2yibJ

The value of bitcoins is not a theory, predictions of it's failure are what is theoretical.
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Even in the event that an attacker gains more than 50% of the network's computational power, only transactions sent by the attacker could be reversed or double-spent. The network would not be destroyed.
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dobitment
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June 06, 2011, 04:48:16 AM
 #2

Hi,

I'm in SF and would like to buy $100 worth of bitcoins. My address is

1Gq8mGog9BX3dma9TP2Ggnw3z4msUpamyH

I have to work during the day but can transact after 7pm.
FreeMoney
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June 06, 2011, 05:04:35 AM
 #3

Neat, I'll probably sell you a few.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
MrJoshua
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June 06, 2011, 12:52:48 PM
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I'm back on line.  The human bitcoin ATM is back online and inline for the WWDC keynote.  Stop by to get some bitcoins or cash or just to chat.

I'm around the Moscone Center so ping me on twitter if you need to exchange. @mister_joshua

MrJoshua

The value of bitcoins is not a theory, predictions of it's failure are what is theoretical.
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June 08, 2011, 01:09:25 AM
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mistake post

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
interfect
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June 08, 2011, 01:26:31 AM
 #6

There's a slight flaw with your exchange procedure.

Anyone can see Bitcoin transactions that get sent to the address you posted. As soon as I see one get 6 confirmations, I could run up to you before the real sender and claim that it was mine. I can even pull out the address it was sent from and tell you that as confirmation. What will you do if two people show up to claim the same transaction?

If you want to do it "properly", you need to generate an address for each incoming payment (or at least each customer). You could also just make sure to get peoples' contacts (and sending addresses?) *before* they pay, if we assume transactions propagate more or less instantly.
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June 08, 2011, 07:23:37 AM
 #7

Is WWCD dislexic for What Would Chesus Do?

BTW, don't get beat up by bitcoin bullies.

Brad Mills
Former miner - Former Bitcoin Business Owner - Victim of the Great Bitcoin Crashes of 2011 and 2012
MrJoshua
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June 11, 2011, 06:24:26 AM
 #8

Thank you to everyone for a gret experience in SF. I met some really interesting people, did a few exchanges and had a great experience over all. I met Buzz Aldrin, learned that pools are the root of all evil, bitcoins feed babies and that personal exchanges are truly a possible answer to the centralizing effect of online exchanges. 

I live in LA and may continue doing bitcoin exchanges there, contact me if your are interested. Meanwhile hats off to the bitcoin community, you are all inspiring.

THANKS!

J

The value of bitcoins is not a theory, predictions of it's failure are what is theoretical.
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