Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[mmitech]

... because you have any clue about the "core protocol"?

yes in fact I do...

[justusranvier]

"...that it may become impossible to seize coins from websites in the future. Such a feature could certainly prevent economic catastrophes like Mt. Gox. It also means the current US Marshals bitcoin auction may be the last one of its kind in history...."

https://www.cryptocoinsnews.com/checklocktimeverify-means-bitcoin-escrow-refunds-fork/

I understand how timelocked refunds can make privacy-destroying tracking wallets like GreenAddress unable to steal deposits, to better convince users to voluntarily submit to the Panopticon.

I don't see any way at all they can be useful for an exchange, nor have I ever heard a satisfactory explanation.

Example:

1. Alices wires $1000 to Mt Gox, and receives credit for this deposit in her account.
2. Bob deposits 1 BTC to a 2-of-2 multisig address negotiated with Mt Gox with a time-locked refund and receives credit for the deposit in his account.
3. Alice places a limit buy order for 1 BTC @ $1000
4. Bob places a market sell order for 1 BTC.
5. Bob's BTC balances is now 0 and his USD balance is $1000
6. Alice's BTC balance is now 1 and her USD balance is $0

What's the state of the time-locked refund transaction?

If it changed at some point in this procedure, where and how did it change?

Did any step 3-6 need to be delayed in order to wait for blockchain confirmations of a new transaction?

Do Alice and Bob have equal protection against BTC loss throughout the entire procedure?

[hd060053]

another round of dumping on stamp.

[justusranvier]

Not sure but I'd imagine the exchange does settlements each block, the orders and matching is internal and the final settlements happen every 10 min or so. That would probably need contracts for the fiat side and should be able to expand to contracts for both sides to allow trading of regular stocks in the same way, the trades are settled with verifiable contracts recorded in the blockchain.

EDIT: Multisig would allow users to withdraw coins only with the exchanges sig (and the exchange to move funds only with the users sig), if the exchange disappears then the timelock function would allow users to access their wallets without needing the exchanges sig after a time value, maybe 30 days for example.

This is too vague to answer the questions, but I'll go with it anyway.

How do you suppose this "every 10 minute settlement" would work?

To illustrate one potential problem, let's add another detail to the example:

3a: Alice immediately goes offline after placing the limit buy order (so she's not available to sign any transactions).

[NotLambchop]

another round of dumping on stamp.

Add up the amount this troll is dumping, that's the value they put on bitcoin's confidence, how much users trust is worth. They're throwing millions into killing confidence and it doesn't change a damn thing. JPMorgan, 75 million accounts hacked. Bitcoin, zero accounts hacked.

Hacking JPMorgan=robbing a bank.

Hacking Bitcoin=robbing your local garbage dump.

[rohnearner]

another round of dumping on stamp.

Seems like we are heading towards new low for the time being.!
BTC-e already below 360$ and bitstamp is below 370$

[Bagatell]

another round of dumping on stamp.

Add up the amount this troll is dumping,

Has anyone done that yet?

[hd060053]

bitcoin withdrawals on major exchanges still working ?

[spooderman]

We have the opposite of gox's pumping bot. It's making 2014 miserable

Dumpidy doodah

[NotLambchop]

another round of dumping on stamp.

Seems like we are heading towards new low for the time being.!

The 60s

[ChartBuddy]

Explanation

[ErisDiscordia]

As we approach 9000 pages I'm wondering of anyone else visualises the other posters on this thread?

When I see a certain name I 'hear' them talk in a particular way.  These are my takes:

Fonzie


Eurotrash


Adam


Aminorex



Risto


JJG


Shroomskit


And before anyone wonders, this of course is me

Adam:


Shroomskit:


falllling:


JayJuanGee:


justusranvier:


mmitech:


empowering:


aminorex:




and of course, me:

[seljo]

Nope.

[spooderman]

Lol funny stuff guise Also, if we hit 200s I'm sending fresh fiat for the first time in 18 months.

[InvestorPerson]

not to worry... bullish trend is coming. because new bitcoin feature will be implementend.

"...that it may become impossible to seize coins from websites in the future. Such a feature could certainly prevent economic catastrophes like Mt. Gox. It also means the current US Marshals bitcoin auction may be the last one of its kind in history...."

https://www.cryptocoinsnews.com/checklocktimeverify-means-bitcoin-escrow-refunds-fork/

did you say good news ? let the dumps start again   .... otherwise this is really huge (especialy escrow and refunds) if they can make it happen.

Edit: after thinking more about it, it seems that they are trying to edit and change the core protocol... at the end Bitcoin wont be any different from Paypal or any other existing electronic payment system, because later they will try to alter the blockchain when it gets really big that the end user cant maintain.

yes yes, this is huge you guys, HUUUUUUUUUUUGE, watch the next 24 hours guys

guys, really now

 

[Chuckee]

Anyone notice that risto has been quiet lately? I guess he's picked up the carpet bag and is on to his next swindle, now that monero also proved to be a pump and dump scheme.

"rpietila Calling the Bottom"
https://bitcointalk.org/index.php?topic=740394.0



Sad that a few people here actually still listen to this guy.

[ejinte]

9000

[derpinheimer]

another round of dumping on stamp.

Add up the amount this troll is dumping,

Has anyone done that yet?

I was tracking it for awhile, but it was in the tens of thousands over a week ago. I stopped when it was no longer obvious it was the same entity dumping.

Could still be the same people? Sure. But they don't act the same as the dumpers from $500.

If you go by quantities sold its probably nearing 100k now, ignoring people who bought back lower. There is nothing conclusive to show Mr 10k dumper ever bought back, but certainly many others have or are trying to.

[njcarlos]

Anyone notice that risto has been quiet lately? I guess he's picked up the carpet bag and is on to his next swindle, now that monero also proved to be a pump and dump scheme.

"rpietila Calling the Bottom"
https://bitcointalk.org/index.php?topic=740394.0

 

Sad that a few people here actually still listen to this guy.

Been a whack job since day 1. Lucky early adopter that's probably losing everything he made one day at a time until he's broke.

[Oblodo]

I guess I am a fool, but I am buying more coins with my fiat. I think we will end up where we all want it to be. Just not as fast as some of you want.