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Author Topic: call for time-stamped equivalence and transaction API from Genesis from TF  (Read 1038 times)
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April 09, 2011, 11:02:09 PM


PayPal has a ~200ish page document that sets forth an API for transactions and a verification test system to work against to make sure your implementation works.

Guess what - doing it BY HAND (which I could) makes Bitcoin a huge net LOSE. BIGTIME net lose.

Incidentally, the other things Bitcoin needs (badly!) is a means of time-stamped equivalence to "official" Government Currency. Why? Because I have to pay taxes in DOLLARS. I therefore must have a traceable and documentable means of equating one to the other at the time of transaction so I can defend my declaration of owed taxes and pay them (best would be a means to convert back to the US government currency at the time of the transaction for the amount of the tax, thereby removing exchange rate risk if I wish to do so.)

QE2 - The largest tax ever levied on The entire world - and entirely illegal.
There's no Bondzilla eh? Hmmm.... we'll see about that.
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April 09, 2011, 11:07:26 PM

1) Well, bitcoin already has an API for transactions, and a test system (testnet) to verify that your software works without losing money.

It would be nice if mtgox/mybitcoin had a merchant API on testnet, to verify that works without dealing with real money.

2) Transactions are not timestamped, but blocks are.  IOW, the transaction is timestamped when it is verified by the network, wrapped inside a block.  You may combine that with historical exchange prices.

My CPA advises me to note the BTC/USD exchange rate at the time of a BTC-only transaction, as well as noting all BTC/USD conversions of course.

Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
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