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Author Topic: rpietila public diary  (Read 85673 times)
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April 27, 2013, 11:23:02 AM
 #81



Stop taking pictures with your webcam, noob. Only camwhores do.

My Credentials  | THE BTC Stock Exchange | I have my very own anthology! | Use bitcointa.lk, it's like this one but better.
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rpietila
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April 27, 2013, 12:09:15 PM
 #82

y'all expect to be deeeleeeeted.

"de·leet, 'de-leet'. /v. to erase all non-leet content from the thread"; ah thank you cypher. This made my day.

All I need is a moderator. Is there any way to appoint someone to clear your self-moderated thread? Did smoothie already document the non-leet part so that it can be deleeted? As usual, the level of discourse only starts to rise after I have been silent for 4 hours.. The good part is that after going to sleep thinking you're the hairiest troll out there, every morning presents new opportunities to show off.

And since it is public knowledge that I cannot even make a photo from my iPhone to appear here, won't someone who was there, please post a pic to counter the sad forever alone mpoe troll. The marble bathtub throne was nice, pixelated version of course.
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April 27, 2013, 03:44:03 PM
 #83

Anyway, I'm looking forward to hearing more about your daily business, Mr. Pietila. This and the Wall Observer are about the only two threads I read anymore. I for one don't care if you like to throw money around for fun. I'd probably do the same if I had as much as you or Goat or BitcoinBillionaire.
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April 27, 2013, 06:47:35 PM
 #84

HOLY CAMOLY RPTELIA JUST SENT ME 13 BITCOINS !

Quoted for the future generations, since it seems that the address was in Easywallet (which I also use for petty cash), and there is no blockchain transaction associated with it. Jeremias (Easywallet's operator etc.), was here whole evening with me yesterday. Justin Bieber lives next door, but he unfortunately has to work, which I also do for 4 more hours.

Dude, you need to go and knock on Biebers door today, give him a handful of free Casascius coins.

Or hand them out to his entourage. If no one opens the door, you shove them under the door. Do it!

Wish granted:

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April 27, 2013, 07:36:25 PM
 #85

rpietila,
You seem to be quite the established businessman from what I have seen while perusing your thread. It would seem that you are doing a lot for BTC and for that I respect you. Unfortunately, I am a business school student at the moment and am much too low on funds to throw anything significant into bit coin, however I do toss in whatever I can. I do hope your predictions come to fruition and we're all swimming in gold in the future. If the media catches wind of the stunt you pulled with JB I anticipate the popularity this would evoke upon BTC would definitely push us much closer to this goal. Although I cannot participate in your conference I will continue to look forward to entries within your diary as I have found these to be much more insightful than anything else I've read on the forum.

Regards,
hubba

"To know your Enemy, you must become your Enemy." -Sun Tzu
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April 27, 2013, 07:52:45 PM
 #86

My personal opinion is people are free to do what they like as long as they aren't harming anyone, "live and let live" like they say the golden words of freedom and liberty. If rpietila wishes to talk about or display his good fortune, it's absolutely fine i don't really agree about criticizing him.

Infact i found positive insightful information by reading this thread/diary. There is so much potential in Bitcoin and I do hope the dreamers are rewarded.


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April 27, 2013, 09:18:23 PM
 #87


The summit venue, Haikko Manor house as seen from the south, the direction of the sea, in June.


I Bitcoin Supernode Summit Finland 9.-12. May 2013


Bitcoin meetup for the ones most deeply interested in it.

The Bitcoin Supernode Summit will be organized first time in May, 2013. It is based on the understanding that Bitcoin is a revolutionary technology as pervasive as the Internet. What tells them apart, is the fact that adopting Bitcoin among the first 100 million people in the world, not only gives you the edge when doing anything related to economy in the future, but also increases the value of your share of the monetary stock (bitcoins) in existence, by 1-6 orders of magnitude, depending how early you got in. The ones holding the largest stashes of bitcoins - and the means to use them for the public benefit - now, are quickly emerging as new socioeconomic power centers, Bitcoin Supernodes. The Summit develops these concepts in an atmosphere of pristine natural beauty combined with impeccable luxury.


Venue

Haikko Manor, near Porvoo, Finland. Porvoo is about 30 minutes from Helsinki and the Helsinki-Vantaa Airport. Haikko Manor is established 1362. The current Manor House, was designed in 1911 to be able to accommodate the most prestigious occasion that was imaginable that time - King of England visiting by sea. The Manor House was such a large project that it was only finished and inaugurated in the 1960s. Since that time, there has been no King in England. The pretender of Russia has visited it though. Haikko boasts of a 35 acre park and shoreline to the Gulf of Finland.


Hosts

The Summit is organized by rpietila, who currently runs an approximately 1.5 class Bitcoin Supernode based in Helsinki, Finland. Members from his organization will act as hosts. Currently the named hosts are Risto Pietilä (rpietila) and Roni Blomberg (rontus).
 

Staff

There will be enough staff available for the typical needs of the delegates, and the number of staff assigned to serve you, increases exponentially with your ticket class. If you want to bring your own staff, family members, or the like, do organize their stay yourself. Non-participating spouses of Senior Delegates or higher, can stay in the same room at no extra cost. Currently there are available rooms in the hotel compound, also the hotels in Helsinki are only 30 minutes away.


Speakers

There will be no paid speakers. Whole group sessions will be avoided. The workgroups will be based on considerations of the previous work of the delegates, and the interests they currently have. We are likely already aware of your contributions to the Bitcoin economy; if your knowledge is world class, you will be appointed as a workgroup facilitator upon your request. Most of the time during the summit is intentionally left available for self-organized work. Details will be based upon the wishes of the delegates, and updated below.


Schedule


Wednesday, May 8th

19:00 CXV (115th) Club Evening in Silverclub, Helsinki (upon separate invitation only)

Thursday, May 9th

10:00 Conference backend operational. Shuttle service between the Airport, Helsinki, Haikko and Porvoo starts. If you arrive earlier, please reserve for yourself a room in airport hotel and have a good sleep and breakfast; we will pick the early birds up at 10, and transfer to Haikko.

Friday, May 10th

18:00 Opening Gala in Haikko

Saturday, May 11th


Sunday, May 12th

16:00 Conference backend closes operations. Shuttle service between the Airport, Helsinki, Haikko and Porvoo ends. If your flight is later, we will be able to book your airport transfer.


Workshops

DEALER NETWORK
BITCOIN SUPERNODE
REAL BILLS AND CLEARINGHOUSE

(will be expanded soon, also the 7 non-rpietila delegates can start posting their ideas to the thread, no need to ask my permission, you can be sure we do exactly what we want in the summit, so if your idea is good, we will develop it and the converse).

NEW: Please somebody set up a private forum for just the participants, unless this forum grants us a private section before 1st May noon UTC.


Admissions & Fees

Maximum 50 admissions available worldwide, of which currently 7 are taken.

Admission Fee is 50,000mBTC, payable to 15X968JjsbT9LBKK9kFsAeAnKwi5G6LoUp.

All (delegate&up) admission fees will be sent to this address, regardless of the method that was used in purchasing the ticket (the tickets are for sale outside of bitcointalk also). This is to preserve the order of registrations for the 98%...2% early adopter discount. This means that the admission fee for the first entrant is 1,000mBTC, for the second 2,000mBTC, and so on, until the registration window ends on Sunday, May 5th, 23:59 UTC, or the maximum limit of 50 participants is reached. You may reserve a ticket only by prepayment, and the order of payments after 20 confirmations is the final arbiter of the discount. In cases where two legitimate payments of equal amount are included in the same block, both will get discounted the same amount, resulting in a 500mBTC additional payment due from both. Send PM with your details after sending your admission fee.

You may transfer your title to an admission to another. Send PM indicating the details, and pay 500mBTC transfer fee to 18BGLrjetpWjmP4PjQfTpeLXn1gSQx2Erv.

NEW: In case of no show, we will not be able to refund your ticket, unless you convert it to "virtual delegate" latest Sunday 5th. If you do this, we will be able to refund you 5,000mBTC (regardless of how much you paid for it).


Ticket Classes

2.5th class ticket = Delegate

(no additional cost)
- 2pax room, full board, and shuttle rides from and to the airport or city centre

2.0nd class ticket = Senior Delegate

(an additional 3,000mBTC)
- Single Room

1.5th class ticket = Donator

(an additional 10,000mBTC)
- Butler service

1.0st class ticket = VIP

(an additional 50,000mBTC)
- You may post a reasonable wishlist of maximum 3 sheets, and it will be granted upon availability

Details of what the higher classes get, will be added later.
A higher class gets first choice of suites, transportation, workgroups, etc. limited resources.
A higher class accumulates all benefits of the lower classes. (The costs are not accumulated though.)
Do not pay these to the Admission Fee address. We will charge them separately.

NEW_APR_29: All technical means will be available to attend to the summit virtually. If a delegate plans to do this, (s)he is expected to contact me, and start preparations from his/her part. This will entitle to a 5,000mBTC refund.

In addition there will be:
Hosts (participating staff of the rpietila supernode)
Staff (non-participating from rpietila and hotel)
Guests (paid speakers who are not bitcoiners yet)
Visitors (short term tickets issued to mainly local non-bitcoiners for specific events during the summit)


Pledges

If certain threshold numbers of admissions are reached, there will be some improvements in our living conditions, plus the overall feel of the summit:

- At least 10 admissions
Airport/city transfer upgraded to black German cars (E/5/6 class or larger).

- At least 20 admissions
Everything inside the compound will be free of charge, including spa treatments.

- At least 30 admissions
A Summit Secretariat will be organized, who will provide 24h backend services for the delegates, including snacks and drinks, taxis/limo, excursions to sights and clubs etc., completely according to your request, completely for free, for the duration of the summit. This will operate from two permanent bases, both in Haikko Manor and Hotel Kämp, Helsinki.

- At least 40 admissions
An opening gala dinner in the Romanov suite of the Manor House, with real silver tableware, engraved with the name of the delegate and the occasion, and gifted to the delegate. Afterparty in Helsinki, transfer in white limos (subject to availability).

- Sold out! (50 admissions)
We will employ the total of 30 girls to dole out free bitcoins to bystanders in 10 selected European cities for the duration of the summit. I will pledge 500,000mB of my private funds towards this free distribution.

Welcome to I Bitcoin Supernode Summit 2013!

[All info is subject to be updated.]
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April 27, 2013, 09:54:01 PM
 #88

Justin Bieber lives next door, but he unfortunately has to work, which I also do for 4 more hours.

Dude, you need to go and knock on Biebers door today, give him a handful of free Casascius coins.

Or hand them out to his entourage. If no one opens the door, you shove them under the door. Do it!

Wish granted


Epic! Low-cost! Guerilla marketing! Went under the door, I take it? Grin

A single tweet from Bieber is worth a hundred Winklevii.

Someone reputable should get on twitter, ask @justinbieber if he got the Bitcoin.

Good idea https://twitter.com/Cam4BTC/status/328265148722712576

Doubt I'll get a reply though Smiley

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April 27, 2013, 09:56:46 PM
 #89

I am sure you will but if not just wanted to say, please do keep us informed of the number of admissions; I am looking forward to the sold out pledge. Wink
P.S This is by a long way the most fascinating/interesting/entertaining topic on the whole forum, in more than a BTC sense.
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April 27, 2013, 10:14:39 PM
 #90

So finally we got to the official invitation phase! I am excited. The summit was conceived in one of our regular Finnish bitcoin scene meetings, and 3 tickets were sold outright. Since I have not posted any binding info before today, there has not been an opportunity to reserve admissions.

Many things have happened meanwhile, though. We tried our organizing ability by blitz-reserving the premier hotel suite in Finland for two nights, with all the associated activities. The decision was based on our new theories about the rise of bitcoin's exchange value, and how this trend can be used to gauge the operative potential of the supernodes.

The fresh result from my excel-wizardry, the relation between hourly creep of USD/BTC, and the hourly burn rate of your organization, was published.

This lead to the unpremeditated leet donation, since a newbie mistakenly believed that my intention was to publicize my wealth of 2,400,000mBTC. No, the idea was still in the process of being expressed in a conscise fashion. That if bitcoin's value rises on average, by a certain hourly rate, which is very modest (0.08% per hour since Jan 1), this will lead to very great price appreciation if it continues ($19/mBTC by Dec 31, my long-term target of $300/mBTC by May 2014).

The appreciation is so rapid, you can cash out prematurely by calculating your hourly average gain by the exchange rate, and deciding your spending based on this figure. I was operating at a peak $200k per month burnrate at that moment, so just out of curiosity I calculated, how large a stash of bitcoins would be needed, to keep up such a spending permanently. The answer turned out to be 2.4MmBTC, which I published. Most of the people I actively interact with, do have such a stash. My intention was to kindly prod them to this direction, encouraging them to spend, since it is not at all excessive to spend up to the amount that you make - which can be estimated from the secular exponential trend multiplied by the number of bitcoins. Provided that you derive benefit or pleasure from spending, of course.
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April 27, 2013, 10:33:24 PM
 #91

I am sure you will but if not just wanted to say, please do keep us informed of the number of admissions; I am looking forward to the sold out pledge. Wink
P.S This is by a long way the most fascinating/interesting/entertaining topic on the whole forum, in more than a BTC sense.

Click the link of admission fee address. It is still 3 paid admissions, and these were sold at the instant we developed the concept.

Can you prove it;s not you paying yourself?

It is blatantly obvious I paid the transactions myself after generating the address, that is not even the question here. Three tickets were sold to the team who deviced the idea and are going to pay me. The money is put there to make it easy to see if anyone is actually coming. (I am very fine with having another meeting with the same team that has met every two weeks many times now...)

So that the thread will not suffer the fate of the Finnish original (pages upon pages of rant from people who are not interested in coming anyway), let me remind you that I want comments mainly from the people who actually belong to the top 400 of bitcoiners, the Vladimir Club, and as such would be warmly welcomed to the summit, to make it a worthwhile experience for everyone attending. Trolls will be deleted as usual.

The pricing model serves the following purposes:
- Gently limiting the number of entrants, since it is a stressful experience to organize a large conference in the timespan of 1.5 weeks, but also don't want to select people, which is elitism
- (Hopefully) Ensuring that people who are interested, do sign up quickly, even if bitcoin goes up, the tickets also can only go up
- Enable lower average ticket price for all, if the summit turns out to be small. It is an incentive for me to give out more info, since at the current level of interest I am making a loss. The tickets issued so far don't cover even the variable cost per head.
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April 27, 2013, 10:55:02 PM
 #92

I would like to ask you to post here only once per day, howabout?

1. I'm not better than anyone and any meeting in which the tone is set for that by limiting entrants and making only for the "wealthy" is an elitist form of mockery of the poor.

Even if you actually pay 50,000mBTC, it is only one block reward from 2010! Or about $100 of money invested 1.5 years ago. As should be obvious, this is not for the newbies, who are only now accumulating their coins. A certain experience is required, to have a chance to benefit the summit by participating.

Quote
2. Having a public agenda for a bitcoin meeting or conference makes sense. Then people can decide if the topics to be discussed or events/activities are suitable for their interests/needs/wants. Going blindly is stupid.

The "Bitcoin consciousness" is expanding so quickly, it is utterly pointless to try to divine an agenda beforehand for anything that is claimed to represent the top research on the subject. If you want to hear from others, please continue reading this thread for free, or go to other conferences. If you want to contribute, while enjoying some quality time, come to Finland!

Quote
3. Based on reptilia's recent actions with his 13 BTC does not give me any more confidence that his running a meetup or conference might not net more fails.

"Is your eye evil, because I am good?" I try to rake in more money every week, than I spend. The rake does not even include USDBTC exchange rate appreciation. My ignore button is not glowing red, since I actually think before posting, and try to sometimes post intelligent new research.

Quote
4. 50 BTC is more productive being given to businesses for products or development, not fancy hotel accommodations.

The 50,000mBTC is given to me, so, yes  Grin

You are free to allocate your limited bitcoins however you want; I can live in hotels and develop my businesses simultaneously, since I make more every week. The summit is for those who have the means, and just want to learn, how to do it.
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April 28, 2013, 01:54:25 AM
 #93

In this thread, I see

1) Someone organizing a ritzy conference so that people with large amounts of bitcoin can talk about how best to use that stash of bitcoins to (1) better their own lives, and (2) better the bitcoin community and economy/infrastructure via economic development.

2) Smoothie complaining about how ritzy the conference is.

 Roll Eyes

Rich people gonna be rich, don't hate. Sure, a set of silver dining utensils with your name engraved as a gift is a little ridiculous for a conference, along with butler service and white limos. On the other hand, your 1995 geo metro and your iPhone can also be compared to "starving kids in Africa" with the result of questioning how much is really necessary.
If there's anything we need more of, it's the bitcoin economy getting serious, developing projects, developing serious infrastructure so bitcoin will be well underway to defeating Fiat, which is the goal of nearly all of us (except for those ideologues hanging onto socialism and fiat debt/tax slavery for dear life). Complaining about a conference because of its butler service is missing the forest for the trees. What we have here is people with lots of bitcoins talking about what to do with them. It could be worse... they could be sitting around on MtGox figuring out the right moment to dump in order to tank the price and buy lower... that's what SOME people with lots of coins like to do.

If Reptilia wants to organize a ritzy conference with his coins rather than DDoSing Gox and initiating panic sells via huge sell-offs, more power to him, and I'm not going to complain. IMO it's a better use of his time anyways  Grin
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April 28, 2013, 07:47:52 AM
 #94

We are talking about the delegates of the I Supernode Summit. The link is the "OP" of the summit, and will be updated soon with more and more details and links.

zeroday
oakpacific
molecular
lebing
John

theymos
sirius
MoonShadow
cypherdoc
Vladimir

casascius
AnonyMint
Goat
MP
satoshi

DeathAndTaxes
MagicalTux
tysat

vescudero
DeaDTerra
unclescrooge

loaded
myrkul
JoelKatz
Technomage
kangasbros

evoorhees
Gavin Andresen
jgarzik
Sergio_Demian_Lerner
gmaxwell

Hal
psy
Timo Y
Qoheleth

(List was randomized, since I did not know how to auto-arrange alphabetically.)

Some of the above will probably visit pseudonymously if they do. If you belong to this level, you know it without my mention and are welcome, this is not a Bitcoin Top38 list, LOL. Everybody is welcome actually, but I would be delighted to have at least 3 of the abovementioned guys/gals (or people with similar status) around to help with the organizing and lead the workgroups. I purposely omitted people not in this forum from the list.

There is no need to pay anyone to speak in the summit. The cool guys want to speak, when they realize that the audience is able and willing to listen. (This will be the best bitcoin audience ever, by a wide margin.) I will not pay any oldtimer (2012 or before) any bitcoins so that he can come and speak. Because he has many, he can as well pay me. It is funny money anyway after you have enough.

Non-bitcoiner and newb (2013) speakers, if any, may be compensated. They will not be "delegates" but "guests". Delegates may propose who they want to have around, let's see what I(we) can do.
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April 28, 2013, 08:19:23 AM
 #95

... gala dinner in the Romanov suite of the Manor House, with real silver tableware, engraved ...

I wasn't going to make comment, but I feel I must say: None of this reminds me of Bitcoin, nor do I hope that it ever shall.  It is almost as if you describe, but with intended satirical device, the trappings by which one may seek to identify those who may harbour an ideology antithetical to community design.

The coolness of the summit does not depend on the pledges.

The reason there are pledges, which cost more and more when the # of participants is increasing, is that otherwise I would benefit too much from the tickets. The ticket income increases quadratically with the number of admissions, the costs go up perhaps in the 1.5th power. This leaves me excess money that I don't need or want. Original intention was to refund it equally to all the participants. Then I realized that was uncool. So better spend it on vanities, since at least there will be a major ripple effect. Nobody is forced to drive in the limos, we have used cars available too.

You can easily buy money with coolness. You can hardly buy coolness with money. So the cool guys (in Bitcoin economy at least), have no shortage of money (bitcoins). The only thing they need to take care of, is that they stay cool.
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April 28, 2013, 12:48:09 PM
 #96

what's with the tupperware full of cash?

Connect the dots:

...it crashes through rpietila's support line of $0.115, goes all the way to $0.095, enabling rpietila to invest the proceeds of last week's OTC trades (about 700 grams of gold, 22 kg of silver, EUR 28k cash, 60k bank money) with 30% better exchange rate that he would otherwise get, and bounces back to barely above $0.11, closing the month with a +15% green candle.

We had the study of the hotel room dedicated to our dealing desk, which included precision scales, and storage containers for all kinds of valuables. EUR 50 (and below) notes will be weighted as well as the gold and silver, 100-500 notes are counted.

The trading desk with computers and monitors was in the main bedroom, which was in rontus' command. I don't remember if we traded any, though. We hedged the bitcoin sales of Friday, by buying back at Gox when it dipped to $0.12. (Pls somebody sell us more Goxmoney, we are out, we can pay intl wire in 2 days, spot-3%!!)

Reception room (see my pic with the stiff upper lip) was my favorite.

Conference room acted as a venue for hourly command meetings, and later as a restaurant etc.

Sauna was also nice.

I mean - really, even I never thought prior to last month that I could make so much money just by staying in expensive hotels  Shocked
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April 28, 2013, 08:53:36 PM
 #97

Quote from: rpietila
They can play with physical gold, but as they do it, the dimwit margin traders in COMEX think, that silver should also crash as it's also a pm. So they sell paper silver short, causing the very crash they anticipated.


Perhaps this is the same reason that USD/LTC tanked the same day that BTC did? It doesn't seem like rational behavior to me (sell every member of an asset class simply because one member of the asset class is tanking) but then again, a lot of dimwits on the markets. I was surprised to see Litecoin lose 50-75% of its value for no other reason than because BTC also did.

I have been playing with DVC/BTC on Vircurex, and found simple tunnel-vision sets in. Basically I do not care what dollars happen to be worth or not worth, I only care that both my BTC holdings and my DVC holdings are increasing.

If LTC/BTC traders feel the same way, then as long as they are getting more bitcoin for their litecoins and more litecoins for their bitcoins as they trade it would require some third party arbitrageur to bother to notice whether dollars are going up or down relative to the LTC or the BTC or both.

This might well not be at all similar to the silver/gold markets because, well are there even any actual XAG/XAU markets at all or are there only XAG/fiat and XAU/fiat markets?

By XAG/XAU markets I mean markets where people are trading gold for silver and silver for gold and basically need not pay attention at all to whether all fiat or any fiat goes up or down since either way they are getting themselves more silver and more gold and those are afterall the things they are interested in. I have not noticed any major markets structured in such a way but maybe that is because I do not hang out in the back rooms of coin-and-bullion dealers?

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April 28, 2013, 11:25:31 PM
 #98

I am writing in here to inform the community that I plan to attend the rpietila's Supernode meeting in Porvoo outside Helsinki this May.

I plan to use the meeting to establish more connections in the bitcoin community. I first heard about bitcoins in the summer of 2011 and I have owned bitcoins since March 2012. I have been doing business in bitcoins for only a couple of months. It was originally macro economics that attracted me to bitcoins, i.e. the belief that an ultra-loose monetary policy is one of the biggest problems facing the Western world and is the reason for the continued financial crisis - inflation is taxation without representation and it reduces savings to an unsustainable level. To me bitcoin is not (only) a get rich quick scheme but one of the biggest inventions in all of humanity's history and certainly the biggest invention so far in this century imo. I have several business plans which I would like to discuss with the community and I would also like to hear tips from the larger players in the community.

When I view many of the sectors in the world economy, I often get the feeling that they somehow are at an equilibrium, that the current technology is being utilized fully. I get the exact opposite feeling when I look at the bitcoin economy and consider what kind of technological solutions that are possible here. What kind of government regulation and power of the banking sector that could be rendered irrelevant by this technology. I feel very lucky to be part of this technology. Whether it ends up being bitcoins or some other cryptographic currency that prevails is to me an open question and I therefore believe that "bitcoin" businesses should expose themselves to cryptocurrencies in general and not only the current market leader, bitcoins.

This is my payment for the summit:
https://blockchain.info/tx/73aefd99cb5e9734c4ecfc94426313822278fbe9ce7a8fa538a17d411d618c4e

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April 29, 2013, 07:31:25 PM
 #99

Workshop: DEALER NETWORK

This workshop will be held in I Bitcoin Supernode Summit Finland 9.-12. May 2013.

MISSION STATEMENT:

We believe that setting up a decentralized, enormously liquid way of determining the USD/BTC rate, is beneficial for the continued increase of the rate. We believe that it is possible to gather together the owners of 3,000,000,000mBTC (about 30% of all the bitcoins aboveground) to regularly post their willingness to sell a part of their stash to the rising prices. The ultimate counterparty would be a new bitcoin user who buys these coins. The intermediary would be a Bitcoin Supernode dealership. We believe that this operation can be set up in 3 months, and it will be the ultimate stabilizer of the price, even though we expect that the actual number of coins traded by this mechanism would likely not exceed the aggregate turnover of the exchanges, even after the 3 months.

TECHNICAL:

1. We set up a Bitcoin Dealers' Association, which will accept members upon very strict scrutiny. The number of members will be limited to about 200, and it is not mandatory to have more than 10 for it to work properly.

2. We set up an order matching software, which will process the net dealer orderbooks of the BDA members, every 8 hours. I propose this happens at 00:00UTC, 08:00UTC and 16:00UTC, continually, every day. There will not be continuous trading at all in the first stage; it can be added later if found beneficial. I don't think it will add anything, since we already have the exchanges for play.

3. Net dealer orderbooks will be sent encrypted to the software, it will find the market clearing price, and send the details to the counterparties of the actual trades. The software cannot (ie. it is mathematically impossible to) cheat. If all of the participants see their net position fulfilled at the fixing price, the software has worked properly.

4. It does not cost anything for a member to send their orderbook, also there is no fee for the trades matched. The fees are a fixed membership fee and a one-time registration fee. In addition, members can buy the stock of the association (stockholders decide the directors etc.) and they will have to post a significant bail, which will cover the maximum of outstanding trades by the member, and is held in a 3-out-of-5 escrow perpetually during their membership.

5. The trades are settled T+4, which means that the trade contracted will have to clear in the other end in 96 hours from the fixing. Eg. fixing on Monday at 00:00, will have to be paid and cleared in the receiving end by Friday at 00:00.

6. If there is a delay in settlement, a penalty will be imposed + all the expenses of the counterparty will need to be covered. If this is due to negligence, a warning is issued. If there is further negligence or an outright default of the payment, the bail will be used to cover the damages and the member is expelled. If (which can not happen unless the scamming party can also hack the blackbox software to give him a larger outstanding orders limit than his bail covers) the damages exceed the bail, all other members pay prorated, and the scammer is expelled and criminally prosecuted.

7. The software will publish the fixing price automatically and immediately to the public. The volumes and counterparties of the trades will not be published.

8. Later on, the settlement can be extended to futures contracts, and options on futures can be written.
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April 29, 2013, 07:54:33 PM
 #100

There are now 6 paid admissions to the summit, and all of them are for a physical stay. I am sorry to not have got back to you, I would be delighted if most of you would post something here, and would ask the general questions in public, so that me or a member of our staff can answer. I have been busy with a certain unforeseen deal today, but intend to not work at all during the rest of the week, except for this, which will receive my undivided attention.

The next ticket will go for 7,000mBTC. There is a new opportunity of a virtual admission, which entitles to everything except the actual coming to the summit, for a discount of 5,000mBTC. This means that you will still have to pay the 7,000 (or more) to the address, but will get 5,000 back at the instant that I am available to send it.

If you require practical assistance with getting a visa or anything, I want to help you by PM.

I encourage both the big potatoes and the disciples to sign up. The current balance is a bit of both, and we can easily accommodate more of either. I am sorry that I do not currently have the permission to disclose the identities, I hope I will do it for most of the delegates soon, or you can speak up for yourselves!

If you want to register, please read and understand the invitation.
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