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Sword Smith
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Sirius Money - Sirius about Bitcoin

 May 05, 2013, 09:03:16 PM

Now this is a good read...

I used a cocktail party example today, regarding bitcoin's utility and adoption:

When 1 person in the ball of 1000 (0.1%) uses bitcoin, it means zero utility and 1 evangelist vs. 999 crowd. It takes 999 one-on-one conversations to tell everybody about a thing that is completely useless, so it is very slow.

This must grow by 100% to reach

When 2 people in 1000 (0.2%) use bitcoin, it means 1 utility (utility is defined by number of connections between bitcoin users, expressed as a factorial (k-1)!) and 2/998. It takes 499 conversations to tell about a practically useless thing.

This must grow by 100% to reach

4 people in 1000 (0.4%) -> 6 utility (4-1)!, 4/996. It takes 249 conversations to tell about a thing that is slowly getting useful, and the group pressure begins to form, as the same conversation may have 2 bitcoin users.

This must grow by 100% to reach

8 people in 1000 (0.8%) -> 5040 utility (8-1)!, 8/992. It takes only 124 conversations (8 times faster spread than when bitcoin had 1 user and no utility, and the utility is growing very fast)

This must grow by 100% to reach

16 people in 1000 (1.6%) -> 1.3*10^12 utility (16-1)!, 16/984.

SINGULARITY

When this is reached, the utility tends to infinity.

Notice that it took exactly as much time to reach 2 from 1 as it takes to reach 7 billion from 2.

In this example, we are now half way between 1 and 2 people, and bitcoin is slowly exhibiting any utility whatsoever. If the utility does not correlate with spread, we will reach \$300k anyway, but it will be 3 years from now. If it does correlate, bitcoin adoption can and will happen in 3-6 months.

- The utility will grow factorially (factorial growth >> exponential growth(!))
- The spread rate is inversely correlated with the number of current users
If you consider a connection as being something binary (two persons involved) then the network value only grows as n^2, n*(n-1)/2 to be precise, not (n-1)!. This is Metcalfe's law: the value of a network grows quadratically with the number of users of the network. This also explains why there are many^2 presents christmas evening if many guests are attending - the number of presents grows quadratically with the number of people if all guests give all other guests one present each.

And btw, n*(n-1)/2=sum(x,x=1,x=n-1) (the sum of all natural numbers from 1 to n-1, not the product as (n-1)! indicates)

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rpietila
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 May 06, 2013, 05:11:29 AM

What Sword Smith says above, is true. I will correct it soon. Does not alter the conclusion, though, therefore I am not in a hurry.

Meanwhile in Wall Observer:

It just boggles my mind that someone will play around with 2mil in cash in a market like this.  I wonder how many BTC he has?
Zero. And just learned about Bitcoin, how amazing it is, and wants a long-term holding like Winklevii, Exante and Keiser?
If someone really wanted to get in at 110 with 2 mil, I think they would put a much smaller wall there and then reinforce it as it gets eaten
Unless they don't give a shit because they HAVE 2 million to play with
You don't earn \$2m by screwing around like that.

How exactly do you earn \$2 million then!? Tell me

I was selling yesterday like a baby elephant. Did not want to tell it in the thread (since it was a kind of live training for me and Roni) but it was about 67% my fault that we dropped from 119 to 108. Some of you saw the 1,000BTC wall scaring the shit away from prospective buyers. It was mine. I thought it would drop anyway, and the time was ripe for some playing around.

I could drive the price 10% down without selling more than 1,000BTC. This confirmed to me that it was overextended to the upside, just waiting for pricking. Then I tried to pressure it further down towards my target of 105, since the support in my theory lies below that magic number. I did not think we would revisit 100 again, and if we did, we would just briefly dip to about 95, and leave the territory for good.

That was a mistake. After 12% drop the bowl was tilted and a recoil was in order. If I had been playing with BTC300-500, I would have got out at average 116, enabling a buyback at 108-109. Now I was "too big to succeed" and thought that it would certainly go to 105 just because of my wish. I spent 1,000BTC in trying to cross 107 second time, which was needless waste of ammunition with a gain that would not have been monetary anyway (buying back at 105.14 with a 2,000BTC wall would have been a near wash - I never aim to gain 1-2%, that is way too risky with bitcoin. 10-20% suits me much better).

Then I wrote that I was "done buying". Since the bid was there, and I was sure that there would be a person in the U.S., after waking up Sunday morning, seeing that coin is down, but he can still sell for a profit, would sell the 5,000BTC. So technically I was done buying, although the bid was not fulfilled yet. I also thought I would act as a double-contrarian indicator, profiting from telling about doing contrary to what I do.

Then some bloke I am not affiliated with, decided to buy 2,000BTC with market order and everything went sour.   Now I have set up a very fancy algorithmic buyback schedule, which either allows me to buy back at a profit (possible even 6 more days if the price goes south), a loss (if it doesn't do it in 6 days), or leaves me with \$220k funny money, and my remaining bitcoins valued at \$300k/BTC in October, 2013.

Sometimes you need to spend money to make a point. This time I earnestly hope to be able to buyback (I will divulge the strategy when I am done), but even if not, I can suffer the \$300k bitcoins like a man. After all some people will actually commend me for the prediction and thank me for their fortune, and the haters are not welcome to my conference anyway and ignored in this forum.

Disclaimer: The "me" means me, personally, when referring to the initiator of trades, and Eesti Investeerimishobe OÜ, est. 2009, Tallinn when referring to the owner of the bitcoins traded. In Estonia, bitcoin trade is tax free. The company is 100% owned by my family.

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 May 06, 2013, 06:10:06 AM

I think a wave of digital cash hitting the internet will only spawn more hackers. Surely not all of them have Bitcoins, and will not get paid off during a mass adoption transition. More and more will come out the woodworks. Which I understand, because to be honest, the whole idea sounds like a lot of fun.

The intelligent people in this world are not so many, 95% of them already know about bitcoins, and a great number of them have bitcoins by now. As the rest or the intelligentsia buys into bitcoins sub-\$100k (and they generally have the means to buy a good chunk of them), and price shoots to \$millions, they will be awestruck with the developments, quit their work, thief will steal no more, etc.

Gitmo inmates will be set free this year, because the administration have bought bitcoins and do not care to run a prison any more. Any evil c&c structure becomes paralyzed after the 1% in control of it buy bitcoins.

Soon, for evil to have any presence at all in this world, it is required that possessing bitcoins will need to be made punishable by death. (This will be rather arbitrary in case of multisig, but since when has logic been any detriment of evil..  )

And it will not even help. French revolution outlawed the use of gold as a quote currency in 1792. United States outlawed the use of gold as quote currency in 1933. Outlawing bitcoins is exceedingly more difficult, and it is hard to lead an organization of evil, when your staff quit en masse after having bought bitcoins. But they will try
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 May 06, 2013, 08:45:37 PM

I have updated the conference schedule and announced a public event on Saturday.
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 May 09, 2013, 08:01:38 AM

Is there anyone willing to receive the sourcedata of these 450 trades by email, so that he can analyze them and publish the results.

I was the main contributor behind the crash from 119->108 in May 5, and one of the two wallmakers that drove the price from 111->97.52 in May 7. I net bought 176,000mBTC with no additional cash by this successful swing trade.
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 May 09, 2013, 02:45:23 PM

trust++
rpietila
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 May 10, 2013, 05:24:59 AM

We sent a memo to all summit delegates about how to tip the staff of the hotel with bitcoin-denominated redeemable short-term bearer certificates.

The virtual delegates who want to participate, please skype chat to me at "ristopietila" and we organize the practicalities. Today is the main workgroups day and it is 8:30am here.
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Sirius Money - Sirius about Bitcoin

 May 13, 2013, 10:30:07 AM

I went to the bitcoin summit and I do not regret going.

Regarding all the formal details, the hotel, food, surroundings, transportation etc., there was absolutely nothing to complain about - on the contrary.

As I saw it, one of the main purposes of the summit was to discuss the establishment of a dealer network and other technical solutions to facilitate an improvement of the liquidity in the otc (Over The Counter) market of bitcoin dealers. My personal motivation for going was to discuss bitcoin business ideas and expand my bitcoin network.

Both of these objectives were achieved but the latter to a larger degree than the former. I definitely got a good bang for my buck and we also discussed the technical details of the dealer network but this was mainly with Pietilä's employee and not so much Pietilä himself. There should have been more workshops if you ask me - this would have made it possible for us to reach a conclusion on all the details of this network and maybe also discuss some of the other subjects that have been presented in this thread, i.e., the "real bill" and the "supernode" concept.

I did not really experience any of the drama which some have been hinting at.

I look forward to conducting business with the people I have met at the summit in the future.

If anybody has any questions on the summit, you are welcome to pm me.

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 May 13, 2013, 04:36:33 PM

Translated text from Finnish original added in blue in front of original text (thank you rebuilder):

Translator's notes in [brackets]. I've tried to keep the style to my best ability, to some degree at cost of legibility. Dates in DD.MM.YYYY format, or similar bigendian.

"Hi,

Thank you for the service during our Bitcoin-conference 9.-12.5. Unfortunately, Haikko manor did not entirely conduct the conference as agreed upon (Janne Sainio, e-mail "Confirmation Silverbank" 7.5. at 12:01, and discussions leading to the offer in question, especially the lunch meeting Pietilä-Blomberg-Keinänen-Sainio, for a time Mähönen 2.5. approx. 12-16 o'clock.)

Notable failings (list is exemplary [??] but not complete):

-Materials to be handed out in advance to hotel staff (Order of the day 9. May 2013), which had been promised to be delivered to the staff's attention before the beginning of the conference, had not been dealt out. We are under the impression the material was in accordance with what had been agreed upon with Sainio and that he had seen it before passing it on to the hotel. [The phrasings used here leaves me a bit unclear on whether the actual passing on of informational material is at issue here, or informing hotel staff that such material exists. I assume the former.] During hour 4-hour lunch (2.5) Sainio had time to gain the impression this was to be a so-called summit. [Lit. "top meeting".] Apparently it was for this reason that Mähönen had been asked to introduce himself. We requested, among other things, 24 hour guards at the log sauna, which indicated our view of the central importance of the sauna's security, although no promise was made to deliver guards.

-The staff of the hotel had entered the sauna space on at least 3 separate occasions in the first 24 hours alone, of a sauna reservation of 59 hours length in total, despite prior agreement to the contrary, it being clearly mentioned in the daily order [that the sauna is not to be entered at will, I presume] and repeated reminders of this. Some of the entries happened when we were not guarding the sauna since we had been asked to retire to our rooms by 24:00 at the latest, although the sauna was in our uninterrupted use from thursday 10:00 to saturday 23:00. Already on friday 10.5 between 00 and 12 o'clock personal items belonging to conference participants had gone missing from the sauna. Additionally the sauna had been cleaned, so that our ability to discover the full amount of lost/stolen property immediately as the conference was still ongoing was weakened.

The main host of the conference (Pietilä) ordered an internal preliminary investigation on the matter on fri. 10.5. at approx. 18 hours. He used as personnel mainly himself and acting host ["responsible/trustee host"] Roni Blomberg, a hotel employee by the name of "Butler Charlotta" and a representative of the maintenance company, "Mikke". By approximately 8 o'clock saturday morning, the preliminary investigation led to the understanding at least 1 bitcoin worth of property had been lost (repurchase value of identifiably lost items), but private keys possibly used to store bitcoins had been copied/destroyed to a greater extent. Among other things, Pietilä's Macbook Air computer was at the sauna for the entire night, thursday-friday 9.-10.5

Our estimate of the upper bound of damages is 100000 bitcoins (market value approx. 9,1 million euro, repurchase value with immediate market operation approx. 10,2 million euro). Damages are divided in two parts, copied and lost bitcoin private keys.

For copied private keys the situation can be sorted out by transferring all the bitcoins of all the participants to different addresses, at which point we weill see, whether they have in the meantime been unrightfully spent. Finding this out must happen a soon as possible (if private keys have been saved, no financial loss will be caused, unless they are unrightfully used before the legal owner transfers them to a new, safe address). Due to the extremely strict security requirements of handling private keys required to use large amounts of bitcoins, the operation is however labour-intensive and carrying it out must be done by each participant such, that most of the work can not be delegated. For example an inventory of bitcoins of Pietilä and the companies he owns/leads requires about 16 hors of work to complete. Pietilä's own consulting fees (list price http://hopea.fi/bitcoin-kurssihistoria/) in April have varied between 600-2400 euro. This is one of the most urgent tasks, which will override most other markings in Pietilä's calendar for the week 13.-19.5.

The sum of money lost due to loss of private keys can not be reliably found out, but we believe the participants will notice if the sum rises to the thousands of bitcoins. This will be found out in about a week (a week is also our ETA for finding out the sum total of stolen bitcoins).

With the preliminary investigation having lasted throuhgh the entire night of 1.-11.5, it's traces (among them approx. 50 trash bags removed from a trash compactors, which had, by Pietilä and Mikke, been emptied in the trash area and thoroughly searched in hopes of bitcoin private keys or their parts having been destroyed among the trash, instead of stolen) were no longer possible to keep hidden from hotel management. Mähönen was informed of the matter on saturday morning, and he had a meeting with Pietilä between 10:30-11:30. It is believed both parties recorded the conversation with mobile devices. The conclusion of the meeting was, that Pietilä would not receive the right of direction he had requested over Charlotta and Mikke, and would not be allowed to otherwise continue the preliminary investigation in any overt way. Mähönen however gave permission to carry the conference out to its conclusion by the agreed ending time of 16 hours on 12.5.

The continuous failings in security and the increasingly hostile attitude of the staff led to Pietilä ordering the conference evacuated on 12.5 at 10 o'clock, and the evacuation was concluded by approx. 12 o'clock. Haikko manor was informed of the situation at 13 o'clock, by when all delegates had reached a safe area.

-Pietilä had reserved, for payment of the hotel bill, time on sunday between approx 9:30-10, which the hotel had been informed of (Butler Charlotta approx. 8:30). Payment was unsuccesful, because the bill had been drafted against PM-codes [?? Translator's education insufficient here.] and contained obvious errors. For example the 2400 euro rent of the Romanov hall had been added to the bill, contrary to the confirmation of reservation sent by Sainio. When Pietilä pointed this out to the receptionist called Anna-Lisa, she responded, that the addition was Mähönen's. Pietilä requested to be allowed to inspect the bill and pay the undisputed part. This was denied.

****

We want, from Vuoristo-yhtiöt OY, a bill fit for bookkeeping, itemized by the agreed PM-codes, with copies of receipts for room service and such services procured attached, so we can inspect the bill and pay the undisputed part.

We want, from Vuoristo-yhtiöt OY, the personal items left in rooms 26 and 30 during the evacuation, which we can pick up while we pay the undisputed part.

We hope Vuoristo-yhtiöt OY will appoint a contact with decision-making powers, who can discuss with Pietilä. If the company's attitude remains the same as during phone discussions had on monday 13.5 (e.g. Pietilä-Mähönen), our contact person will be an attorney's office.

Risto Pietilä can be reached at the number 050-3235950. He keeps a public diary in English at the address:
https://bitcointalk.org/index.php?topic=174620
and a copy of this e-mail has been sent there as clarification of events, which have caused concern in the Bitcoin community.

Risto Pietilä.

Hei,

Kiitos palvelusta Bitcoin-konferenssimme 9.-12.5. aikana. Valitettavasti konferenssia ei Haikon kartanon puolelta kaikilta osin toimitettu sovitun (Janne Sainio, email "Vahvistus Silverbank" 7.5. klo 12:01, sekä ko. tarjoukseen johtaneet keskustelut eritoten lounaspalaveri Pietilä-Blomberg-Keinänen-Sainio, osan aikaa Mähönen 2.5. n. klo 12-16) mukaisesti.

Merkittäviä puutteita (lista on esimerkinomainen mutta ei täydellinen):

- Hotellin henkilökunnalle etukäteen jaettua materiaalia (Order of the Day 9. May 2013), joka oli luvattu ennen konferenssin alkua saattaa henkilökunnalle tiedoksi, ei ollut jaettu. Olemme käsityksessä, että materiaali oli Sainion kanssa sovitun mukainen ja että hän on nähnyt sen ennen sen antamista tiedoksi hotellille. Sainio ehti 4 tunnin mittaisen lounaan (2.5.) aikana saada käsityksen, että kyseessä on nk. huippukokous. ilmeisesti Mähönen oli sen vuoksi pyydetty esittäytymään. Pyysimme mm. 24h vartiota hirsisaunalle, mikä viittasi käsitykseemme saunan turvallisuuden keskeisyydestä, vaikka vartiota ei luvattukaan toimittaa.

- Hotellin henkilökunta oli käynyt saunatilassa vähintään 3 erillistä kertaa pelkästään ensimmäisen 24 tunnin aikana yhteensä 59 tunnin mittaisesta saunavarauksesta, huolimatta siitä, että asiasta oli etukäteen toisin sovittu, siitä mainittiin selväsanaisesti päiväkäskyssä ja siitä huomautettiin toistuvasti. Osa käynneistä tapahtui silloin, kun me emme vartioineet saunaa koska meitä oli pyydetty siirtymään huoneisiimme viimeistään kello 24:00, vaikka sauna oli keskeytyksettä käytössämme to 10:00-la 23:00. Jo perjantain 10.5. 00-12 välisenä aikana saunasta oli kadonnut konferenssin osallistujille kuuluvia henkilökohtaisia tavaroita. Lisäksi sauna oli siivottu, siten, että mahdollisuutemme selvittää kadonneen/varastetun omaisuuden kokonaismäärä välittömästi konferenssin yhä kestäessä heikkenivät.

Konferenssin pääisäntä (Pietilä) määräsi asiasta sisäisen esitutkinnan pe 10.5. noin kello 18. Hän käytti henkilöstönä pääosin itseään sekä vastuuisäntä Roni Blombergia, hotellin työntekijää nimeltä "Butler Charlotta" sekä huoltoyhtiön edustajaa "Mikke". Esitutkinta johti lauantaiaamuun noin klo 8 mennessä siihen käsitykseen, että omaisuutta oli kadonnut vähintään 1 bitcoinin arvosta (tunnistettavasti kadonneiden esineiden jälleenhankinta-arvo), mutta mahdollisesti bitcoinien käyttöön vaadittavia yksityisavaimia on joutunut tallennetuksi/hävitetyksi enemmänkin. Mm. Pietilän Macbook Air -merkkinen tietokone oli saunalla koko yön to-pe 9.-10.5.

Arviomme vahingon maksimimäärästä on 100000 bitcoinia (markkina-arvo n. 9,1 miljoonaa euroa, jälleenhankinta-arvo välittömällä markkinaoperaatiolla noin 10,2 miljoonaa euroa). Vahinko jakautuu kahteen osaan, tallennettuihin ja kadotettuihin bitcoinien yksityisavaimiin.

Tallennettujen yksityisavaimien osalta voimme selvittää tilanteen siirtämällä kaikki kaikkien osallistujien bitcoinit eri osoitteisiin, jolloin käy ilmi, onko niitä sillä välin oikeudettomasti käytetty. Tämän selville saaminen tulee tapahtua mahdollisimman pian (mikäli yksityisavaimia on tallennettu, asiasta ei aiheudu rahallista tappiota, ellei niitä oikeudettomasti käytetä ennen kuin laillinen omistaja siirtää ne uuteen, turvalliseen osoitteeseen). Suurten bitcoin-määrien käyttöön vaadittavien yksityisavaimien säilytyksessä noudatettavien äärimmäisen tiukkojen turvallisuusvaatimusten johdosta operaatio on kuitenkin työläs ja sen suorittaminen on kunkin osallistujan tehtävä siten, että suurinta osaa työstä ei ole mahdollista delegoida. Esimerkiksi Pietilän ja hänen omistamiensa/johtamiensa yhtiöiden bitcoinien inventaari vaatii noin 16 tunnin työn. Pietilän oma konsultointilaskutus (listahinta http://hopea.fi/bitcoin-kurssihistoria/) huhtikuussa on vaihdellut 600-2400 euron välillä. Tämä on yksi kiireellisimpiä tehtäviä, joka tulee ohittamaan useimmat muut Pietilän kalenterissa viikolla 13.-19.5. olleet merkinnät.

Kadotettujen yksityisavaimien johdosta hävityn rahan kokonaismäärää ei ole mahdollista luotettavasti selvittää, mutta uskomme osallistujien huomaavan, mikäli summa nousee useisiin tuhansiin bitcoineihin. Tämä saadaan selville noin viikossa (viikko on arviomme myös varastettujen bitcoinien kokonaismäärän selville saamiseksi).

Kun esitutkinta oli kestänyt koko yön 10.-11.5., sen jäljet (mm. roskapuristimesta irrotetut n. 50 jätesäkkiä, jotka oli Pietilän ja Miken toimesta tyhjennetty roska-aitaukseen ja tongittu läpi perinpohjaisesti siinä toivossa, että bitcoinien yksityisavaimia tai niiden osia olisi hävitetty roskien joukossa, eikä varastettu) eivät enää olleet peitettävissä hotellin johdolta. Asia tehtiin lauantaiaamuna tiettäväksi Mähöselle, joka tapasi Pietilän palaverissa n. 10:30-11:30 välisenä aikana. Tiettävästi molemmat osapuolet lisäksi nauhoittivat keskustelun mobiililaitteella. Palaverin lopputuloksena oli, että Pietilä ei saa pyytämäänsä direktio-oikeutta Charlottaan ja Mikkeen, eikä saa jatkaa esitutkintaa muutenkaan näkyvällä tavalla. Mähönen kuitenkin antoi luvan saattaa konferenssin loppuun sovittuun päättymisaikaan 12.5. klo 16 mennessä.

Jatkuvat puutteet turvallisuudessa sekä henkilökunnan yhä vihamielisemmäksi käyvä suhtautuminen johtivat siihen, että Pietilä määräsi konferenssin evakuoitavaksi 12.5. kello 10, ja evakuointi saatettiin päätökseen noin kello 12 mennessä. Haikon kartanolle ilmoitettiin tilanteesta noin kello 13, jolloin kaikki delegaatit olivat päässeet turvalliselle alueelle.

- Pietilä oli varannut hotellilaskun maksamista varten aikaa sunnuntaina noin kello 9:30-10 välisen ajan, mikä oli annettu tiedoksi hotellille (Butler Charlotta n. 8:30). Maksaminen ei onnistunut, koska lasku oli laadittu vastoin sovittuja PM-koodeja ja sisälsi ilmeisiä virheitä. Esimerkiksi Romanov-salin tilavuokra 2400 euroa oli lisätty laskuun vastoin Sainion lähettämää varausvahvistusta. Kun Pietilä huomautti asiasta Anna-Lisa nimiselle vastaanottovirkailijalle, tämä vastasi, että lisäys oli Mähösen. Pietilä pyysi voida tarkastaa laskun ja maksaa riidattoman osuuden. Tämä evättiin.

****

Haluamme Vuoristo-yhtiöt Oy:ltä kirjanpitokelpoisen laskun, joka on eritelty sovittujen PM-koodien mukaisesti, liitteenä kopiot huonepalvelusta tms. hankittujen palveluiden kuiteista, jotta voimme tarkastaa laskun ja maksaa riidattoman osuuden.

Haluamme Vuoristo-yhtiöt Oy:ltä huoneisiin 26 ja 30 evakuoinnin yhteydessä jääneet henkilökohtaiset tavarat, jotka voimme hakea samalla kun maksamme riidattoman osuuden.

Toivomme, että Vuoristo-yhtiöt Oy nimittää asian hoitoa varten päätösvaltaisen yhteyshenkilön, joka voi keskustella Pietilän kanssa. Jos yhtiön suhtautuminen jatkuu maanantaina 13.5. käytyjen puhelinkeskustelujen (mm. Pietilä-Mähönen) kaltaisella tavalla, yhteyshenkilönämme toimii asianajotoimisto.

Risto Pietilän tavoittaa numerosta 050-3235950. Hän pitää julkista päiväkirjaa englanniksi osoitteessa:
https://bitcointalk.org/index.php?topic=174620
ja tämän sähköpostiviestin kopio on lähetetty sinne selvityksenä tapahtumista, jotka ovat herättäneet huolta Bitcoin-yhteisössä.

Risto Pietilä
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 May 13, 2013, 04:56:05 PM

This is a copy of the conference material, given to all delegates, hosts, guests, staff and families of the summit delegations, and supposedly given to all members of the hotel staff in Hotel Haikko Manor, owned by Vuoristo-yhtiöt Oy. It is partly censored for names of delegates, although dozens of physical copies featuring the names of the delegates were available during the summit. The names of virtual delegates have not been intentionally disclosed although some of them may have been compromised during the summit.

Quote
O R D E R   O F   T H E   D A Y   9 .   M A Y   2 0 1 3

Welcome to I Bitcoin Supernode Summit! I have selected Haikko Manor as the summit venue from among all the hotels I have visited, mainly due to my long affiliation with the hotel as a customer, and the impeccable customer service that I have grown to expect during my 10+ year experience, with many of the same members of staff from the hotel side. Now finally I have staff of my own, and I am eager to let them (+ the guests and delegates) experience the best Finland - and in my opinion, the world - can offer.

We will be 15 full-term summit participants, as follows:

Risto Pietilä, Host Donator. I am the Convenor of the Summit, and will lead most of the workshops. My room is Suite #30 in the Manor House, it will also act as the Summit Office. My family will live in Suite #26.

N.N., Senior Delegate. N. is freeman, also Partner and member of Supervisory Board in Silverbank, among others. Lives in Manor House #42, PM code 9102.

Roni Blomberg, Senior Host, Host-in-charge. Roni is a full time Bitcoin broker in my organization and lives in Manor House #51, PM code 9105. His partner is N.N.

N.N., Delegate. PM code 9101.

Lauri Keinänen, Delegate. Room #330, PM code 9106.

N.N., Delegate. Room #329, PM code 9103.

N.N., Delegate. Room #329, PM code 9104.

N.N., Guest. Room #328, PM code 9108.

N.N., Guest. Room #328, PM code 9109.

Frank Johansson, Host. Frank acts as our driver. He is also Senior Partner in Silverbank. Lives in Room #330, PM code 9107.

N.N. and N.N. are my staff, and act as Summit Secretariat. They live in Manor House #41. PM codes 9110, and 9111, respectively.

The schedule of the Summit is under construction.

The Log Sauna is only for Hosts, Guests and Delegates of the summit, and will be used for workshops. No other people may enter the area or the building. Hotel staff will call first.

Financial matters:

The PM codes are virtual room numbers, by which the delegates can order services not included in their summit invitation package. Breakfast is included. Room is included. All except N.N. and N.N. receive free dinner every day. Lunch, snacks, and all alcoholic drinks are not included for anyone. The Summit PM code is 9010 and you can use that to order items that are included + upon agreement.

Tips are given in Bitcointip. The bills are in denominations from 5 to 1,000 minicoins (mBTC = 0.001 BTC). Delegates are given bills, plus it is possible to buy them with bitcoins. The hotel staff is generally very courteous, and for small services a tip of 10-25 minicoins is in order. For more important assignments, 50-100 minicoins. It is advisable to give only one note as a tip, please have the right denomination with you. Do not tip the staff more than 200 minicoins, and even this should be reserved as a special honor.

The owners, board members, and hotel directors should not be tipped without reason. If there is a legit reason, do not tip less than 200 minicoins. For senior management, minimum tip is 100 minicoins if at all. For anyone with 20 or more years of service, 50 minicoins minimum. There is a bill of 5 minicoins, which is currently not very valuable. Please only give this as a tip, if you think the service was bad and you should have been apologized already. It is an insult to offer frowny service and we pay insult with insult.

The ladies do not give tips.

Bitcointip can be redeemed in Summit Office (Manor House Suite #30) on Sunday, at 10-11 am for bitcoins, or exchanged for euros at the going rate (currently 1 mBTC = 0.085 EUR). Bitcointip notes are only redeemable until June 30, 2013.

In Haikko,

Risto Pietilä
President etc. of Silverbank, EIH, Hopea.fi
1.5 class Bitcoin Supernode
Jaques
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 May 13, 2013, 05:51:58 PM

I really hope you real life is not in danger, but honestly i don't get WTF is going on here.

It is safer to fear for your life when there is no danger, than it is to not fear when there is.

TRUE! I went trough both ...
rpietila
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 May 13, 2013, 07:15:25 PM

I really hope you real life is not in danger, but honestly i don't get WTF is going on here.

It is safer to fear for your life when there is no danger, than it is to not fear when there is.
Which category does keeping us all in suspense fall under?!  If i don't find out something soon I'll pee my pants!!!!

I spent 8 days before the summit in Haikko preparing for it. Then during the 24 hours after it started (opening ceremony was Thursday 14:00, Finland time is used if no otherwise mention), something went seriously wrong so many times that I felt the probability of it having been a coincidence had increased to well above zero.

When I ordered an investigation on the events, I did not have the opportunity of taking adequate care of my summit, my family, my sleeping, my water or my food. After about 40 hours of rather intense events, after which I was fully content to die, since there is nothing in this life that I can think of, I would seriously have missed (and believe me I can think of things that most of you can not), I had also exhausted my available energy. I did not feel I would have been able to keep my posture for any more time. So I ordered a general evacuation of the summit and went fully offline for the time between Sunday 13:00 and roughly now. Since I don't have too much stress now, I think I can work approximately 16-18 hours per day indefinitely, provided that I take about 1 day off every 5 days.

Now I try hard to minimize the risk to the well-being of anyone, and to raise the stakes in the game described as follows: if someone actually copied the private keys there (I had access to over 6000 bitcoins unencrypted, open in my computer browser windows during the time it was compromised), he will have to suffer the fact becoming public in its entirety + all the details, if he spends the bitcoins before I have the time to spend them myself. Due to extensive precautions involved, it will take me approximately a week of calendar time + several thousand dollars, to fully ensure that the bitcoins are safe, by sending them to uncompromised addresses. I plan to concentrate on that during this week.
Sword Smith
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Sirius Money - Sirius about Bitcoin

 May 13, 2013, 08:38:39 PM

All this drama bothers me as a participant at the summit. None of the participants have had any security compromised, it is only the host(s) which may have had security related issues.

I see no reason for Pietilä to reimburse me. I had hoped for more serious work at the summit but some workshops were held and I did gain value from these workshops. Definitely.

Whether the network that I feel I have gained will become valuable for me is to early to tell. I feel that it will.

We participants were not involved in any of the drama but Pietilä hinted at some drama, the nature of which he did not want to fully disclose during the summit. There is no bad blood between me or any of the participants or the host but I feel that all this speculation and drama may reflect poorly on me. Therefore this clarification.

rpietila
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 May 13, 2013, 09:29:49 PM

Well said, I like your friend's story, and that's why unfair early adopter advantage is a myth.

To give you some perspectives, there was a top calling thread on this subforum started in January, many people, maybe in hundreds, posted their guesses on the top, not even one in January had expected the price to go over \$100, not even some fanatic permabulls.

That very friend of mine called the bitcoin bubble already last autumn. He said it will go to 0.300 and drop to 0.120. It felt preposterous back then as we were not even near the old ATH of 0.032. I adopted his thinking in January and publicized it here in the forum. From the hindsight he was quite correct while shepherding his sheep. All the exchanges peaked at around 0.266-0.318. The period of stability, if we will see it, will likely be very close to 0.120.

johnblaze
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 May 13, 2013, 11:38:48 PM

while i disagree with your overly bullish sentiment for the BTC->USD exchange rate, i am definitely unhappy to hear about your troubles at the event.

people like you are essential for the growth of bitcoins, not only to get the word out, but also to develop your crazy supernode ideas to help the stability of the network in general. next time, you may want to take casacius' advice and not be so extravagant in your preparations to prevent future problems like this.

i wish you all the best and hope that you recover anything that was stolen.
rpietila
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 May 16, 2013, 10:26:35 AM

I unlocked the thread to tell you that I am fine, and this is happening in accordance with orders (as understood by me).

I am currently detained in a psychiatric institution in Helsinki, because I need rest. My physical well-being is taken care of.

For an extended period, I am unable to work. I have a sick leave. I will inform you when it ends. The following people have the authorization from me to act as my representatives in their specific fields, respectively:

Erki Selling. Estonian operations.

Matti Valtonen, attorney-at-law. Claims directed towards Melkisedek Oy or Hopeapankki Holding Oy (incorp. in Finland), including the aftermath of Haikko summit.

My wife. Matters concerning our only child, Hilla, 10mo.

Roni Blomberg (rontus). Ambassador-at-Large of rpietila supernode in San Jose.

Lauri Keinänen. Operations manager in Finland, contact person in all matters related to my person.

You may PM me if you want but I will likely not answer.
rpietila
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 May 16, 2013, 07:51:24 PM

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Roni Blomberg (rontus). Ambassador-at-Large of rpietila supernode in San Jose.
If however he [rontus] comes with Annina, who is a tall and beautiful lady, and they both tell stories about the Haikko Summit - -
Shit, if a tall and beautiful woman shows up at a Bitcoin conference we're all doomed anyway.

You should have seen the original masterplan to arrive with a 8-ppl delegation, half and half, with silver engraved with our name (etc.etc.).

We are flexing our supernode muscle: I decided to project considerable force (including my presence) to another continent with approximately 60-hour lead time (from the idea to the operative capability in the target city). It took too great a toll from me and I ended up minding my own business here. I sent only a 2-ppl detachment to the Bay area, but they are my Ambassadors and have full authority to spend as many bitcoins as deemed necessary to subdue all, as well as I myself am subdued under the authority of Finnish government right now. Authority is a key if you want to do something cool (anything, really..)

First Class Bitcoin Supernode

- Sovereign ability to run, manage and develop the Bitcoin network in absence of any other entities.
- 24/7 monitoring, technical, and trading ability, connections with most relevant Bitcoin power centers, accounts in all relevant exchanges
- Global operation, capacity to set up activities in most jurisdictions with minimum lead times, access to all specialists (bankers, lawyers, tech) globally
- Able to generate its own funding indefinitely regardless of bitcoin exchange value, or backed by an entity wealthy enough to support the operations indefinitely in absence of cash flow from operations
- Minimum full-time staff in command&control structure: 5-10

Ok, I post it here, but remember that I am on a sick leave, and there is no one else to moderate the thread except me, and I have strict orders to sleep all night etc. This thread is now unlocked, but the well-known kids, socks and trolls can still spoil the fun for everyone.

Please, if I have ever told you not to post here, don't reply. Quality discussion about relevant topics welcome.
rontus
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 May 16, 2013, 11:08:14 PM

Checking in from San Jose. Got the tall beautiful lady with me as well.

Where are the best suites in this city?

BTW. We will not bother with the GigaOm Bitcoin Meetup, but PM me (or 415 825 2510) if you have something cool enough planned.
rpietila
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 May 17, 2013, 11:33:01 AM

Ah, more drama - if you prefer to think that way. The meeting with the doctor ended in a mutual agreement that I am too manic to continue posting on this forum. As is obvious, harsh measures are needed to prevent me from doing it. For some reason they did not want to just prohibit it. I think it is a part of the care, though. The degrees of freedom must indeed be reduced, to achieve the calm submission to the realities of the outside world. Amen. I submit.

They promised that I can continue wearing my own clothes, and will be able to sleep. The other basic necessities of my life, fresh air, spring water and my diet, were expressly denied to me in the form that I am accustomed of consuming them. However I will still be able to breathe inside the house, plus drink and eat reasonably well. So my lifestyle, which was originally fit for a king, is still fit for a travelling salesman.

I will have to eat medication, though. But all the time during my rise from a failed businessman in 2003 to what I am now in 2013, I did take my pills regularly. It did not prevent me from becoming what I am. As long as I do eat them, I will probably not be able to see the revelation of Bitcoin going to \$300 per mBTC. But who cares, since my absence cannot in any way prevent it from doing just that, and I already had a difficult time with seeing so many truths where not many of the others saw them!

A small minus is that I still was not given the opportunity to sort out my bitcoins. So the owners of Haikko cannot know conclusively, how much I will ask from them in damages. It will probably be no more than 100,000 euros, since it does not seem that any intentional theft of bitcoins occurred. They will have the time to draft an explanation why my security was not delivered as promised. Then I will accept it and we will be friends. I will be honored to pay for every bottle of champagne that we uncorked, plus all the goose liver that we ate. The facility bill will probably have to adjusted; we did accept their tender for a summit with security, but that was not delivered.

So from 15:00 I will be denied communication, and the prevention is to take away my communication equipment. So you can continue sending me PM, skype, sms, and email. But I will not read them but perhaps earliest on Monday. I got the impression that I will be able to sort out my communication requests then if I behave reasonably well in the meantime.

The thread is locked, because it is too difficult to organize anyone to moderate it. I will establish different forums of communication anyway later on, the diary will not continue in its current form for several months, after all it is only 5 weeks old now.

If you want to visit me, you will have to reserve from the unit, +358-9-31063734. They will tell about the exact address. It is in the urban area of Helsinki. I am not allowed to talk over the phone, even fixed line.

I have given orders to all of my organization that I may be underground for up to 168 hours without any communication. After that I will have to activate as agreed. The total length of this communication blockade is anything between 3 and 30 days. I continue to be fine, and mind my own business with even greater determination now.
rpietila
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 May 17, 2013, 11:56:49 AM

Bitcoin 2013: The Future of Payments May 17-19, 2013

San Jose, CA

O R D E R   O F   T H E   D A Y   1 7 .   M A Y   2 0 1 3

I want to thank my organization for the Haikko summit. Despite all the difficulties we had, the summit was an undeniable success in most counts. Bitcoins were compromised big time, but it was never all of the bitcoins. (With bitcoins, you can do almost the same with 1 million as you can do with 10 million.) My personal function was compromised due to my quest for security. I still do not know why it was not delivered according to the orders. Perhaps I will understand some day. Meanwhile we have other businesses to mind.

The delegation to the San Jose consists of two delegates, plus their local staff:

Roni Blomberg, Ambassador-at-Large. Roni is a full time Bitcoin broker in my organization and lives in a hotel of his choice (too busy to find out sorry). He is travelling single.

Annina Rusila, Personal Secretary. Annina is helping Roni to achieve the mission. She is travelling single. For the reason that she is in close cooperation with Roni, though, she is not allowed to smoke during the conference (except if/when Roni sends her to solitary mission).

They do not have a schedule, and will generally not do much if anything at all during the stay. If you want to be honored by their presence, book them via +1 415 825 2510. They also organize things. As a rule, they will contact and invite whomever they please, according to the orders given by me. I will not be reachable at all so their authority extends quite far, as you will see.

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First Class Bitcoin Supernode

- Sovereign ability to run, manage and develop the Bitcoin network in absence of any other entities.
- 24/7 monitoring, technical, and trading ability, connections with most relevant Bitcoin power centers, accounts in all relevant exchanges
- Global operation, capacity to set up activities in most jurisdictions with minimum lead times, access to all specialists (bankers, lawyers, tech) globally
- Able to generate its own funding indefinitely regardless of bitcoin exchange value, or backed by an entity wealthy enough to support the operations indefinitely in absence of cash flow from operations
- Minimum full-time staff in command&control structure: 5-10

Their mission is to do the bolded part. Everything else I have proved already, and slim chance that I would be required to run the Bitcoin network alone ever, even though I could.

There is no limit to the spending they may authorise to succeed in the mission.

Roni will keep you posted in a separate thread.

In Helsinki,

Risto Pietilä
President etc. of Silverbank, EIH, Hopea.fi
1.5 class Bitcoin Supernode, pending 1.0
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