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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1348495 times)
yourstruly
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June 30, 2014, 10:20:58 PM
 #5821

One question about VeriBit:

If the markets starts to crash, and ppl will liquidate vrc to btc through the veribit, will the btc buffer take market depth into account or can i get a better price of my VRC via veribit in a fast declining market? That would make the buffer bleed.

Edit:
Thinking of this some more. If we have a crashing market, veribit makes it even easier for users to dump VRC directly from wallet and you will probably get a better price than transferring to exchange, waiting for confirmation and trading.
This would accelerate the crash and bleed out the veribit buffer.


Anyone?

To add to this:
If i think price is falling, i can open up a veribit address for my mintpal btc deposit address and wait. If price drops, i can sell my vrc for the price 15 minutes ago and buy back lower. If it doesn't, i can just cancel the transaction.

Or have I misunderstood? Looks like bear market trading without risk. Of course it will consume the btc buffer in veribit

My friend just mentioned this to me, and yes you can do this over and over risk free. You could even create a bot to do this and grab money on every drop. Open multiple instances at a time to maximize profits.

The moment this happens, the buffer goes up from 2 VRC to make it unprofitable until a solution is found. You all really don't troll well.


As with everything new, its being done on a small scale to weed out shitheads like you who take advantage of a good thing.

Actually, actions of you and people like you help strengthen and motivate teams like VeriCoin to progress and make them more secure.



So troll away, an issue of today, is a solution of tomorrow.  Roll Eyes

You are getting mad because the designers didn't think far enough ahead to prevent obvious problems, this isn't an issue of trolls its an issue of bad design. If the price is raised to 2 VRC you just modify the bot to look for larger margins. If the solution is to continue to raise the fee then to what end, the feature becomes pointless because its unsustainable?

This is hacking not trolling, looking at how systems work and seeing how they can break. If they can't stand up to scrutinity then the system isn't good. This is why most good code is written in the open, unlike much of vericoins features which are closed source rush jobs.

Excoin - Innovative Cryptocurrency Exchange - https://exco.in
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keshuker
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June 30, 2014, 10:21:22 PM
 #5822



Actually, actions of you and your friend help strengthen and motivate teams like VeriCoin to progress and make them more secure.



That was the point i was trying to convey
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June 30, 2014, 10:23:29 PM
 #5823

Vericoin is officially #10 in Marketcap, right behind Blackcoin

#3 in 24hr Volume 1 Week Straight!
onsightit
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June 30, 2014, 10:24:19 PM
 #5824

Does anyone know if the wallet encryption key can be backed up?  Is it backed up with the wallet backup?

I'm asking because I'd like to know if an encrypted wallet backup can be restored on another computer.  I just don't have time to dig in the code right now...

im not sure if i understand your question.

If you want to know if you can restore an encrypted wallet, then the answer is yes (if you have your passphrase of course).

If you want to know if you can restore the Passphrase of your encrypted wallet, then no.

Thanks, the first answer is what I was asking about.  I'm going to test this out in a few minutes with a small wallet on an old computer.

1. Install wallet.
2. Encrypt wallet.
3. Send 1 VRC to it.
4. Stake wallet.
5. Backup wallet.
6. Copy wallet backup to another computer and import the wallet.
7. Just for fun, I'm wondering what will happen if the wallet is open on two computers...


Wallet installs take a while, even with the bootstrap.  Here's were I am, stuck at step 6.  Thinking I would save some time, I installed the wallet on computer#2, and declined the "import wallet" step during installation. Now that it is installed, I have no option to import a wallet.  I tried uninstalling vericoin and reinstalling, but I was not offered an import step.  How can you import a wallet after you have installed vericoin?

VRC: VMTMcvFjZHAshmVNLY5KYVHCTqcfEnH6Bd  SLR: 8W7D6D7rortYp51BK9MSrfripSoZWyVPVr  BTC: 1LbgAsTDtyWEGjiSaguJhJbaHBPgcMnHfP  BCC: 1Ta39PK67VXTD2xnmPNo5J9KJyBVHdYmy
buy4crypto
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June 30, 2014, 10:24:36 PM
 #5825

One question about VeriBit:

If the markets starts to crash, and ppl will liquidate vrc to btc through the veribit, will the btc buffer take market depth into account or can i get a better price of my VRC via veribit in a fast declining market? That would make the buffer bleed.

Edit:
Thinking of this some more. If we have a crashing market, veribit makes it even easier for users to dump VRC directly from wallet and you will probably get a better price than transferring to exchange, waiting for confirmation and trading.
This would accelerate the crash and bleed out the veribit buffer.


Anyone?

To add to this:
If i think price is falling, i can open up a veribit address for my mintpal btc deposit address and wait. If price drops, i can sell my vrc for the price 15 minutes ago and buy back lower. If it doesn't, i can just cancel the transaction.

Or have I misunderstood? Looks like bear market trading without risk. Of course it will consume the btc buffer in veribit

My friend just mentioned this to me, and yes you can do this over and over risk free. You could even create a bot to do this and grab money on every drop. Open multiple instances at a time to maximize profits.

The moment this happens, the buffer goes up from 2 VRC to make it unprofitable until a solution is found. You all really don't troll well.


As with everything new, its being done on a small scale to weed out shitheads like you who take advantage of a good thing.

Actually, actions of you and people like you help strengthen and motivate teams like VeriCoin to progress and make them more secure.



So troll away, an issue of today, is a solution of tomorrow.  Roll Eyes

You are getting mad because the designers didn't think far enough ahead to prevent obvious problems, this isn't an issue of trolls its an issue of bad design. If the price is raised to 2 VRC you just modify the bot to look for larger margins. If the solution is to continue to raise the fee then to what end, the feature becomes pointless because its unsustainable?

This is hacking not trolling, looking at how systems work and seeing how they can break. If they can't stand up to scrutinity then the system isn't good. This is why most good code is written in the open, unlike much of vericoins features which are closed source rush jobs.


Okay, so. To make this work, you need to BUY the VeriCoin, to make it drop in price?

Your logic in this is awesome. I am sure more brilliant minds like you are jumping in to Buy VeriCoin, to sell it in hopes of making a few % when they get it to crash?

Am I missing something? How is this intelligent in your eyes?

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
████ - freecrypto.top - btcinfo.top - DIGITAL CURRENCY DIRECTORIES - freeMonero.comfunbtc.xyz  ████
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
patronis
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June 30, 2014, 10:26:09 PM
 #5826

Quote
The moment this happens, the buffer goes up from 2 VRC to make it unprofitable until a solution is found. You all really don't troll well.


As with everything new, its being done on a small scale to weed out shitheads like you who take advantage of a good thing.

Actually, actions of you and your friend help strengthen and motivate teams like VeriCoin to progress and make them more secure.

obv the devs are aware and cers to the mnorons who puts this to public instead of making small amounts of profit - real smart hope you are proud of yourself
buy4crypto
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June 30, 2014, 10:31:23 PM
 #5827

Quote
The moment this happens, the buffer goes up from 2 VRC to make it unprofitable until a solution is found. You all really don't troll well.


As with everything new, its being done on a small scale to weed out shitheads like you who take advantage of a good thing.

Actually, actions of you and your friend help strengthen and motivate teams like VeriCoin to progress and make them more secure.

obv the devs are aware and cers to the mnorons who puts this to public instead of making small amounts of profit - real smart hope you are proud of yourself

A quick solution is make it a 1-2 minute window, that way you would have to get extremely lucky to create such an issue. I see why you would want 15 minutes for convenience. But I am sure they could shorten that up and mitigate any issue.

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
████ - freecrypto.top - btcinfo.top - DIGITAL CURRENCY DIRECTORIES - freeMonero.comfunbtc.xyz  ████
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
onsightit
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June 30, 2014, 10:33:43 PM
 #5828

What will be the demise of litecoin: ASICs or AltCoins?  The charts in this article are telling...

http://techcrunch.com/2014/06/30/litecoin-slumps-as-bitcoin-recovers-some-of-its-former-luster/

And is this a foreshadowing of BitCoin? Can an altcoin like VeriCoin supplant BitCoin?

VRC: VMTMcvFjZHAshmVNLY5KYVHCTqcfEnH6Bd  SLR: 8W7D6D7rortYp51BK9MSrfripSoZWyVPVr  BTC: 1LbgAsTDtyWEGjiSaguJhJbaHBPgcMnHfP  BCC: 1Ta39PK67VXTD2xnmPNo5J9KJyBVHdYmy
criptix
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June 30, 2014, 10:35:17 PM
 #5829

Does anyone know if the wallet encryption key can be backed up?  Is it backed up with the wallet backup?

I'm asking because I'd like to know if an encrypted wallet backup can be restored on another computer.  I just don't have time to dig in the code right now...

im not sure if i understand your question.

If you want to know if you can restore an encrypted wallet, then the answer is yes (if you have your passphrase of course).

If you want to know if you can restore the Passphrase of your encrypted wallet, then no.

Thanks, the first answer is what I was asking about.  I'm going to test this out in a few minutes with a small wallet on an old computer.

1. Install wallet.
2. Encrypt wallet.
3. Send 1 VRC to it.
4. Stake wallet.
5. Backup wallet.
6. Copy wallet backup to another computer and import the wallet.
7. Just for fun, I'm wondering what will happen if the wallet is open on two computers...


Wallet installs take a while, even with the bootstrap.  Here's were I am, stuck at step 6.  Thinking I would save some time, I installed the wallet on computer#2, and declined the "import wallet" step during installation. Now that it is installed, I have no option to import a wallet.  I tried uninstalling vericoin and reinstalling, but I was not offered an import step.  How can you import a wallet after you have installed vericoin?


no problem, just install the vericoin wallet and then move your wallet.dat (the backup of your wallet) to C:\Users\Username\AppData\Roaming\VeriCoin
if your backup is not called wallet.dat, you need to rename it.

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patronis
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June 30, 2014, 10:41:29 PM
 #5830

look guys what happens when the pumpers take a break.......mintpal VRC trading dies im observing that for 10min now.
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June 30, 2014, 10:45:49 PM
 #5831

Will Vericoin pay taxes and will that be public record?

i think as long as bitcoin does it, vericoin is good to go  Wink

My concern is whoever controls VeriFund has to pay taxes. Everytime someone uses VeriSend, Veribit, or in the future pay with credit card is a taxable event. I'm not 100% sure how Verisend works, but changing Vericoins to BTC is technically a taxable event. Buying VRC with credit cards in the future definitely will be.

Are you a tax professional?

Or are you assuming this? What is your background in this field?

I'll say it again, here are tax laws im assuming you feel are being violated.



State and local revenue (income) taxes

Again, there's no general rule that applies in every state and city. Sometimes all nonprofit income is exempt. Sometimes it matters how the income was earned, or what it's for. Sometimes the state or local rules parallel the federal tax statutes; sometimes they are completely different.


So where is the specific issue?

I'm not a tax expert, but it looks like Capital gains to me. Or VeriFund looks like a business and needs the proper licensing and records. VeriFund operates like Bittrex right now basically a US non-fiat exchange.

https://twitter.com/virtualfaqs
Looking for altcoin pump advice? Then follow me.
yourstruly
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thrasher.


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June 30, 2014, 10:46:35 PM
 #5832

One question about VeriBit:

If the markets starts to crash, and ppl will liquidate vrc to btc through the veribit, will the btc buffer take market depth into account or can i get a better price of my VRC via veribit in a fast declining market? That would make the buffer bleed.

Edit:
Thinking of this some more. If we have a crashing market, veribit makes it even easier for users to dump VRC directly from wallet and you will probably get a better price than transferring to exchange, waiting for confirmation and trading.
This would accelerate the crash and bleed out the veribit buffer.


Anyone?

To add to this:
If i think price is falling, i can open up a veribit address for my mintpal btc deposit address and wait. If price drops, i can sell my vrc for the price 15 minutes ago and buy back lower. If it doesn't, i can just cancel the transaction.

Or have I misunderstood? Looks like bear market trading without risk. Of course it will consume the btc buffer in veribit

My friend just mentioned this to me, and yes you can do this over and over risk free. You could even create a bot to do this and grab money on every drop. Open multiple instances at a time to maximize profits.

The moment this happens, the buffer goes up from 2 VRC to make it unprofitable until a solution is found. You all really don't troll well.


As with everything new, its being done on a small scale to weed out shitheads like you who take advantage of a good thing.

Actually, actions of you and people like you help strengthen and motivate teams like VeriCoin to progress and make them more secure.



So troll away, an issue of today, is a solution of tomorrow.  Roll Eyes

You are getting mad because the designers didn't think far enough ahead to prevent obvious problems, this isn't an issue of trolls its an issue of bad design. If the price is raised to 2 VRC you just modify the bot to look for larger margins. If the solution is to continue to raise the fee then to what end, the feature becomes pointless because its unsustainable?

This is hacking not trolling, looking at how systems work and seeing how they can break. If they can't stand up to scrutinity then the system isn't good. This is why most good code is written in the open, unlike much of vericoins features which are closed source rush jobs.


Okay, so. To make this work, you need to BUY the VeriCoin, to make it drop in price?

Your logic in this is awesome. I am sure more brilliant minds like you are jumping in to Buy VeriCoin, to sell it in hopes of making a few % when they get it to crash?

Am I missing something? How is this intelligent in your eyes?

The intention is not the make the price drop, the intention is to have risk free arbitrage.

For example:

You could constantly initiate say 5 1 BTC veribit trades. Save the prices of each trade and set a timer on them.

-- Initiates 5 trades where the value is 2200 per bitcoin

Over 14 minutes, check the prices on the markets using their API and compare the price differences.

IF -- Price drops significantly, so the new value is 3200 per bitcoin.

If the price fluctuates downward within the timeframe, we send the VRC we hold to veribit. Collect our 5 BTC, making a total of 5000 VRC.

ELSE IF -- Price doesn't drop

We let the trades lapse.



Doing this enough times could equate to a large amount of money with zero risk. If they raise the cost of the conversions, you just adjust the range which you would buy the bitcoins. You could even thread this process so you are doing it constantly. If it goes up you win, if it goes down you win. You are basically forcing the developers who didn't think enough about this feature to eat your losses.

I can write a simple golang script that does this about an hour, I could make a really refined one in a night.

Excoin - Innovative Cryptocurrency Exchange - https://exco.in
onsightit
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June 30, 2014, 10:48:25 PM
 #5833

Does anyone know if the wallet encryption key can be backed up?  Is it backed up with the wallet backup?

I'm asking because I'd like to know if an encrypted wallet backup can be restored on another computer.  I just don't have time to dig in the code right now...

im not sure if i understand your question.

If you want to know if you can restore an encrypted wallet, then the answer is yes (if you have your passphrase of course).

If you want to know if you can restore the Passphrase of your encrypted wallet, then no.

Thanks, the first answer is what I was asking about.  I'm going to test this out in a few minutes with a small wallet on an old computer.

1. Install wallet.
2. Encrypt wallet.
3. Send 1 VRC to it.
4. Stake wallet.
5. Backup wallet.
6. Copy wallet backup to another computer and import the wallet.
7. Just for fun, I'm wondering what will happen if the wallet is open on two computers...


Wallet installs take a while, even with the bootstrap.  Here's were I am, stuck at step 6.  Thinking I would save some time, I installed the wallet on computer#2, and declined the "import wallet" step during installation. Now that it is installed, I have no option to import a wallet.  I tried uninstalling vericoin and reinstalling, but I was not offered an import step.  How can you import a wallet after you have installed vericoin?


no problem, just install the vericoin wallet and then move your wallet.dat (the backup of your wallet) to C:\Users\Username\AppData\Roaming\VeriCoin
if your backup is not called wallet.dat, you need to rename it.

Thanks, that worked.  Perhaps this could be a user friendly feature for the next version of the wallet.

So the live wallet is stored in AppData even though I installed VeriCoin to an encrypted folder, which defeats the purpose of installing VeriCoin to an encrypted drive or folder.  I know the wallet is encrypted after I manually tell it to encrypt it, but some wallets are not (by default).  If you thought you were encrypting it by installing to an encrypted folder, you are wrong.  Food for thought...

EDIT: Step 7 was fun.

VRC: VMTMcvFjZHAshmVNLY5KYVHCTqcfEnH6Bd  SLR: 8W7D6D7rortYp51BK9MSrfripSoZWyVPVr  BTC: 1LbgAsTDtyWEGjiSaguJhJbaHBPgcMnHfP  BCC: 1Ta39PK67VXTD2xnmPNo5J9KJyBVHdYmy
MAD945
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June 30, 2014, 10:53:00 PM
 #5834

look guys what happens when the pumpers take a break.......mintpal VRC trading dies im observing that for 10min now.

Sure we still have half of the volume on MINT...and a lot of holders! Whats your point?
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June 30, 2014, 10:58:59 PM
 #5835

One question about VeriBit:

If the markets starts to crash, and ppl will liquidate vrc to btc through the veribit, will the btc buffer take market depth into account or can i get a better price of my VRC via veribit in a fast declining market? That would make the buffer bleed.

Edit:
Thinking of this some more. If we have a crashing market, veribit makes it even easier for users to dump VRC directly from wallet and you will probably get a better price than transferring to exchange, waiting for confirmation and trading.
This would accelerate the crash and bleed out the veribit buffer.


Anyone?

To add to this:
If i think price is falling, i can open up a veribit address for my mintpal btc deposit address and wait. If price drops, i can sell my vrc for the price 15 minutes ago and buy back lower. If it doesn't, i can just cancel the transaction.

Or have I misunderstood? Looks like bear market trading without risk. Of course it will consume the btc buffer in veribit

My friend just mentioned this to me, and yes you can do this over and over risk free. You could even create a bot to do this and grab money on every drop. Open multiple instances at a time to maximize profits.

The moment this happens, the buffer goes up from 2 VRC to make it unprofitable until a solution is found. You all really don't troll well.


As with everything new, its being done on a small scale to weed out shitheads like you who take advantage of a good thing.

Actually, actions of you and people like you help strengthen and motivate teams like VeriCoin to progress and make them more secure.



So troll away, an issue of today, is a solution of tomorrow.  Roll Eyes

You are getting mad because the designers didn't think far enough ahead to prevent obvious problems, this isn't an issue of trolls its an issue of bad design. If the price is raised to 2 VRC you just modify the bot to look for larger margins. If the solution is to continue to raise the fee then to what end, the feature becomes pointless because its unsustainable?

This is hacking not trolling, looking at how systems work and seeing how they can break. If they can't stand up to scrutinity then the system isn't good. This is why most good code is written in the open, unlike much of vericoins features which are closed source rush jobs.


Okay, so. To make this work, you need to BUY the VeriCoin, to make it drop in price?

Your logic in this is awesome. I am sure more brilliant minds like you are jumping in to Buy VeriCoin, to sell it in hopes of making a few % when they get it to crash?

Am I missing something? How is this intelligent in your eyes?

The intention is not the make the price drop, the intention is to have risk free arbitrage.

For example:

You could constantly initiate say 5 1 BTC veribit trades. Save the prices of each trade and set a timer on them.

-- Initiates 5 trades where the value is 2200 per bitcoin

Over 14 minutes, check the prices on the markets using their API and compare the price differences.

IF -- Price drops significantly, so the new value is 3200 per bitcoin.

If the price fluctuates downward within the timeframe, we send the VRC we hold to veribit. Collect our 5 BTC, making a total of 5000 VRC.

ELSE IF -- Price doesn't drop

We let the trades lapse.



Doing this enough times could equate to a large amount of money with zero risk. If they raise the cost of the conversions, you just adjust the range which you would buy the bitcoins. You could even thread this process so you are doing it constantly. If it goes up you win, if it goes down you win. You are basically forcing the developers who didn't think enough about this feature to eat your losses.

I can write a simple golang script that does this about an hour, I could make a really refined one in a night.

 LOL!!!!!!! #Verifud

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June 30, 2014, 11:02:01 PM
 #5836

Does anyone know if the wallet encryption key can be backed up?  Is it backed up with the wallet backup?

I'm asking because I'd like to know if an encrypted wallet backup can be restored on another computer.  I just don't have time to dig in the code right now...

im not sure if i understand your question.

If you want to know if you can restore an encrypted wallet, then the answer is yes (if you have your passphrase of course).

If you want to know if you can restore the Passphrase of your encrypted wallet, then no.

Thanks, the first answer is what I was asking about.  I'm going to test this out in a few minutes with a small wallet on an old computer.

1. Install wallet.
2. Encrypt wallet.
3. Send 1 VRC to it.
4. Stake wallet.
5. Backup wallet.
6. Copy wallet backup to another computer and import the wallet.
7. Just for fun, I'm wondering what will happen if the wallet is open on two computers...


Wallet installs take a while, even with the bootstrap.  Here's were I am, stuck at step 6.  Thinking I would save some time, I installed the wallet on computer#2, and declined the "import wallet" step during installation. Now that it is installed, I have no option to import a wallet.  I tried uninstalling vericoin and reinstalling, but I was not offered an import step.  How can you import a wallet after you have installed vericoin?


no problem, just install the vericoin wallet and then move your wallet.dat (the backup of your wallet) to C:\Users\Username\AppData\Roaming\VeriCoin
if your backup is not called wallet.dat, you need to rename it.

Thanks, that worked.  Perhaps this could be a user friendly feature for the next version of the wallet.

So the live wallet is stored in AppData even though I installed VeriCoin to an encrypted folder, which defeats the purpose of installing VeriCoin to an encrypted drive or folder.  I know the wallet is encrypted after I manually tell it to encrypt it, but some wallets are not (by default).  If you thought you were encrypting it by installing to an encrypted folder, you are wrong.  Food for thought...

EDIT: Step 7 was fun.


you can move that folder into a encrypted drive, thats no problem, just need to tell the exe where you moved the folder to:

 -datadir="location_of_vericoin_folder"

/edit

aslong as your wallet.dat is encrypted (just use the encrypt option of the wallet) everything is good.
its not feaseable to bruteforce :8

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virtualfaqs
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June 30, 2014, 11:06:33 PM
 #5837

Will Vericoin pay taxes and will that be public record?

i think as long as bitcoin does it, vericoin is good to go  Wink

My concern is whoever controls VeriFund has to pay taxes. Everytime someone uses VeriSend, Veribit, or in the future pay with credit card is a taxable event. I'm not 100% sure how Verisend works, but changing Vericoins to BTC is technically a taxable event. Buying VRC with credit cards in the future definitely will be.

Are you a tax professional?

Or are you assuming this? What is your background in this field?

I'll say it again, here are tax laws im assuming you feel are being violated.



State and local revenue (income) taxes

Again, there's no general rule that applies in every state and city. Sometimes all nonprofit income is exempt. Sometimes it matters how the income was earned, or what it's for. Sometimes the state or local rules parallel the federal tax statutes; sometimes they are completely different.


So where is the specific issue?

I'm not a tax expert, but it looks like Capital gains to me. Or VeriFund looks like a business and needs the proper licensing and records. VeriFund operates like Bittrex right now basically a US non-fiat exchange.

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June 30, 2014, 11:09:37 PM
 #5838

One question about VeriBit:

If the markets starts to crash, and ppl will liquidate vrc to btc through the veribit, will the btc buffer take market depth into account or can i get a better price of my VRC via veribit in a fast declining market? That would make the buffer bleed.

Edit:
Thinking of this some more. If we have a crashing market, veribit makes it even easier for users to dump VRC directly from wallet and you will probably get a better price than transferring to exchange, waiting for confirmation and trading.
This would accelerate the crash and bleed out the veribit buffer.


Anyone?

To add to this:
If i think price is falling, i can open up a veribit address for my mintpal btc deposit address and wait. If price drops, i can sell my vrc for the price 15 minutes ago and buy back lower. If it doesn't, i can just cancel the transaction.

Or have I misunderstood? Looks like bear market trading without risk. Of course it will consume the btc buffer in veribit

My friend just mentioned this to me, and yes you can do this over and over risk free. You could even create a bot to do this and grab money on every drop. Open multiple instances at a time to maximize profits.

The moment this happens, the buffer goes up from 2 VRC to make it unprofitable until a solution is found. You all really don't troll well.


As with everything new, its being done on a small scale to weed out shitheads like you who take advantage of a good thing.

Actually, actions of you and people like you help strengthen and motivate teams like VeriCoin to progress and make them more secure.



So troll away, an issue of today, is a solution of tomorrow.  Roll Eyes

You are getting mad because the designers didn't think far enough ahead to prevent obvious problems, this isn't an issue of trolls its an issue of bad design. If the price is raised to 2 VRC you just modify the bot to look for larger margins. If the solution is to continue to raise the fee then to what end, the feature becomes pointless because its unsustainable?

This is hacking not trolling, looking at how systems work and seeing how they can break. If they can't stand up to scrutinity then the system isn't good. This is why most good code is written in the open, unlike much of vericoins features which are closed source rush jobs.


Okay, so. To make this work, you need to BUY the VeriCoin, to make it drop in price?

Your logic in this is awesome. I am sure more brilliant minds like you are jumping in to Buy VeriCoin, to sell it in hopes of making a few % when they get it to crash?

Am I missing something? How is this intelligent in your eyes?

The intention is not the make the price drop, the intention is to have risk free arbitrage.

For example:

You could constantly initiate say 5 1 BTC veribit trades. Save the prices of each trade and set a timer on them.

-- Initiates 5 trades where the value is 2200 per bitcoin

Over 14 minutes, check the prices on the markets using their API and compare the price differences.

IF -- Price drops significantly, so the new value is 3200 per bitcoin.

If the price fluctuates downward within the timeframe, we send the VRC we hold to veribit. Collect our 5 BTC, making a total of 5000 VRC.

ELSE IF -- Price doesn't drop

We let the trades lapse.



Doing this enough times could equate to a large amount of money with zero risk. If they raise the cost of the conversions, you just adjust the range which you would buy the bitcoins. You could even thread this process so you are doing it constantly. If it goes up you win, if it goes down you win. You are basically forcing the developers who didn't think enough about this feature to eat your losses.

I can write a simple golang script that does this about an hour, I could make a really refined one in a night.

Thanks for pointing this out. Our algorithm that defines pricing takes this into consideration and considers market trend in the quoted value. It's attackable, but it won't be gainful as each VeriBit quote affects our realtime quote engine by "pretending" to trade and reducing the value of VRC while a pending trade is within the time window.

Will Vericoin pay taxes and will that be public record?

i think as long as bitcoin does it, vericoin is good to go  Wink

My concern is whoever controls VeriFund has to pay taxes. Everytime someone uses VeriSend, Veribit, or in the future pay with credit card is a taxable event. I'm not 100% sure how Verisend works, but changing Vericoins to BTC is technically a taxable event. Buying VRC with credit cards in the future definitely will be.

Are you a tax professional?

Or are you assuming this? What is your background in this field?

I'll say it again, here are tax laws im assuming you feel are being violated.



State and local revenue (income) taxes

Again, there's no general rule that applies in every state and city. Sometimes all nonprofit income is exempt. Sometimes it matters how the income was earned, or what it's for. Sometimes the state or local rules parallel the federal tax statutes; sometimes they are completely different.


So where is the specific issue?

I'm not a tax expert, but it looks like Capital gains to me. Or VeriFund looks like a business and needs the proper licensing and records. VeriFund operates like Bittrex right now basically a US non-fiat exchange.

VeriFund is simply a fund that swings back and forth from VRC to BTC. It does not fall under US tax code as there is never any conversion to FIAT and thus is just one property trading for another.

Support the VeriFund Endowment.
VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx
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June 30, 2014, 11:15:54 PM
 #5839

One question about VeriBit:

If the markets starts to crash, and ppl will liquidate vrc to btc through the veribit, will the btc buffer take market depth into account or can i get a better price of my VRC via veribit in a fast declining market? That would make the buffer bleed.

Edit:
Thinking of this some more. If we have a crashing market, veribit makes it even easier for users to dump VRC directly from wallet and you will probably get a better price than transferring to exchange, waiting for confirmation and trading.
This would accelerate the crash and bleed out the veribit buffer.


Anyone?

To add to this:
If i think price is falling, i can open up a veribit address for my mintpal btc deposit address and wait. If price drops, i can sell my vrc for the price 15 minutes ago and buy back lower. If it doesn't, i can just cancel the transaction.

Or have I misunderstood? Looks like bear market trading without risk. Of course it will consume the btc buffer in veribit

My friend just mentioned this to me, and yes you can do this over and over risk free. You could even create a bot to do this and grab money on every drop. Open multiple instances at a time to maximize profits.

The moment this happens, the buffer goes up from 2 VRC to make it unprofitable until a solution is found. You all really don't troll well.


As with everything new, its being done on a small scale to weed out shitheads like you who take advantage of a good thing.

Actually, actions of you and people like you help strengthen and motivate teams like VeriCoin to progress and make them more secure.



So troll away, an issue of today, is a solution of tomorrow.  Roll Eyes

You are getting mad because the designers didn't think far enough ahead to prevent obvious problems, this isn't an issue of trolls its an issue of bad design. If the price is raised to 2 VRC you just modify the bot to look for larger margins. If the solution is to continue to raise the fee then to what end, the feature becomes pointless because its unsustainable?

This is hacking not trolling, looking at how systems work and seeing how they can break. If they can't stand up to scrutinity then the system isn't good. This is why most good code is written in the open, unlike much of vericoins features which are closed source rush jobs.


Okay, so. To make this work, you need to BUY the VeriCoin, to make it drop in price?

Your logic in this is awesome. I am sure more brilliant minds like you are jumping in to Buy VeriCoin, to sell it in hopes of making a few % when they get it to crash?

Am I missing something? How is this intelligent in your eyes?

The intention is not the make the price drop, the intention is to have risk free arbitrage.

For example:

You could constantly initiate say 5 1 BTC veribit trades. Save the prices of each trade and set a timer on them.

-- Initiates 5 trades where the value is 2200 per bitcoin

Over 14 minutes, check the prices on the markets using their API and compare the price differences.

IF -- Price drops significantly, so the new value is 3200 per bitcoin.

If the price fluctuates downward within the timeframe, we send the VRC we hold to veribit. Collect our 5 BTC, making a total of 5000 VRC.

ELSE IF -- Price doesn't drop

We let the trades lapse.



Doing this enough times could equate to a large amount of money with zero risk. If they raise the cost of the conversions, you just adjust the range which you would buy the bitcoins. You could even thread this process so you are doing it constantly. If it goes up you win, if it goes down you win. You are basically forcing the developers who didn't think enough about this feature to eat your losses.

I can write a simple golang script that does this about an hour, I could make a really refined one in a night.

Darkcoin holders are D E S P E R A TE !!!!!   How is your insta-mine broken ass scamcoin going??? LOL!!!!!!! #Verifud

While, I'm giving real legit critique, you are acting like an immature moron.

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pnosker
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June 30, 2014, 11:16:35 PM
 #5840

Thanks to the possible partial-exploit, web-based VeriBit now requires sends to be within 2 minutes of generating the address. We will be removing web-based VeriBit and VeriSend support in the near future due to wallet integration.

Support the VeriFund Endowment.
VRC: VFEndownxxnHea9mv59kZx8c7TysGbndYx
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