Gah c'mon already are we ever going to break 13K again? We're back below 12 yet again, which I wouldn't mind if I had any money to buy any more coins, but I already have plenty invested. BTW is the "transporter" anon-tech in BTCD actually implemented yet or is it still basically what root is, i.e. just another altcoin with promised features? If I wanted to make an anon transaction today what options would I have besides pouring my bitcoins through a mixer? DRK presumably but anything else? Would buying DRK with my bitcoins, and then transferring them to another wallet and selling them back for bitcoins via another account on an exchange created with an anon email account and via a proxy / TOR, before then transferring them out into another bitcoin wallet, be enough to completely obfuscate the origin and ownership of the bitcoins?
And presumably doing the same thing with root, once BitKey is released?
BTW Bitsta, I don't know if this was in your original plan or not, but once rootEX is launched, an option built into the rootcoin wallet to send an anonymous payment to anyone in virtually any coin using your rootcoin balance would be really useful. So it will use a BitKey transaction to exchange the coins at the best possible rate on rootEX, and then deposit them in a newly created wallet in the cloud (or via some sort of p2p network), with no link back to your IP address, before then sending them onto the final destination (and any change into another wallet which can then be retrieved - perhaps adding a slight randomised fee so that someone can't try and do the math to trace to origin) all automatically / transparently. So that I can pay people in bitcoin (because lets face it, the chance of widespread acceptance of rootcoin, at least in the near future is fairly low) but keep my balance in root, earning my nice 3%.
In fact exchange-neutral would be even better, obviously rootEX FTW but it'd be nice if it was capable of supporting multiple exchanges to find the best possible price for the given volume and how long you're willing to wait (i.e. if you need to send the bitcoin now then you obviously have to exchange at whatever price someone has offered to pay for root at the volume you're exchanging, rather than if it's not urgent you can set a sell price based on the best recent price, or even extrapolate a price based on the current trend.)
It's probably a big coding job but it would make the wallet really something very special, the ability to transparently pay in bitcoin and it be completely secure and anonymous would be incredibly useful, and I think very popular. I think BTCD does something similar, or is supposed to, I'm not sure if it's implemented or just promised, I haven't downloaded the wallet to see what's possible, but obviously mobile and/or on line versions are necessary for everyday transactions.
Assuming rootcoin is a success BTCD is going to be your primary competition I would imagine, something is going to knock litecoin off its second place spot.
I often get annoyed at how difficult it is to follow best practice, I am incredibly lazy and almost always forgo best practice for convenience. I know I should use PGP email but it's a pain in the ass, and no body else bloody uses it. It doesn't matter that I'm not talking about anything that particularly needs to be kept secret, it still ought to be private unless I expressly chose for something to be public but you can't send people encrypted email because all they get is a jumble of non-sense and refuse to install the software / learn how to decrypt it. So I end up sending everything plaintext because it's convenient/ necessary.
And the same goes for spending, I hardly ever use cash, I put everything on plastic, because it's incredibly convenient, not only that I don't have to anticipate how much money I'll need and then carry it around with me where it can be easily stolen, but also because I don't have to remember / write stuff down to audit my finances. I just log into online banking and I know that £30 was spent at the supermarket, and that £7.99 was spent at Netflix etc. But I really don't like the idea that every government agency in the world and who knows what private companies also know exactly how much I spend when and where, especially when they having information like whether it was a customer present transaction or not, I realise it's useful for fraud prevention, but the fact that swiping my credit card somewhere means that the government knows exactly where I am at that exact moment is just downright creepy. So best practice would be money that spends even more anonymously than cash (there's no CCTV of you physically handing cash to someone) but that has an encrypted "my eyes only" transaction log that is as good/informative as my credit card statement.
It is my hope that widespread adoption of cryptocurrencies will make that a reality.
Incidentally is anyone else expecting a rise in the price of bitcoin after the announcement from Apple yesterday about allowing the blockchain app back onto the app store. I know it's been back a while, but the fact that it was mentioned in the context of NFC being included on the iPhone 6 and the iWatch and support not just for secure mobile payments but for a cross platform standard. This to me spells big things for bitcoin, if a player like Apple puts the infrastructure in place for widespread acceptance of bitcoin transactions via NFC (possibly via some kind of throwaway virtual credit card number) then it could suddenly lead to bitcoin becoming very commonplace. Of course the news that would blow bitcoin through the roof (like back over the $1000 mark) would be paypal announcing they're launching / integrating their own bitcoin exchange. That's the news i'm waiting for, I think it'll happen, I think they'll charge a processing fee of enough to be able to insure transactions as they do now, without the possibility of being able to issue credit card chargebacks, but the ability to pay in bitcoin to anyone who accepts paypal would be huge, I think people would happily pay a 3% fee, which is what visa / mastercard charge anyway and paypal would get to totally bypass them. The government would love it too since they'd be able to get the transaction data from paypal for regulation / tax purposes. The only way they'll ever be able to regulate cryptos is at the point where you exchange them for fiat, and this would be a single, huge, easily subpoenable entity that would get a massive slice of the pie all in one go.
Okay so I've gone waaaay off topic, but it's more interesting than people just whining at the dev / asking for updates isn't it?
hey geekeh,
bitkey v2 (augmented mixing service), which is also in our actual roadmap, is going to be an exchange-mixingservice.
The algo is pretty simple and ensures that generated outputs always have a different input than the origin transaction.
We re going to fully implement it inside the exchange. I have also worked a lot on adaptions of bitkey v1 using different transport-layer
and technologies (for transferring the encrypted priv-key)...
at the moment i am working on a c++ port of bitkey which is going to be fully opensource. so even
the connection and communication classes are going to be pushed to my github repo. We also decided to release
bitkey v1 as an alpha version. Maybe even on a experimental-base and finalising the beta-v together with the ROOT and ICG-community.
btw - i will update the roadmap with the new ETAs during this weekend. (as most of the bugs will be elicited by then)
as i am actually just working on the bitkey-release i nearly had no time to do experimental work.
but i have a lot of plans for the future and will announce them once we reach the final goal(bitkey v2) of the actual roadmap.
think that will be somewhere between january and february 2015.
and afaik btcd is still implementing their teleport-technology.
imo bitcoin is still in it s "early days" and will become more known and used in the next 12-36 months. We will see prices higher
than 1k USD and maybe even higher than 10k USD. Cause once the loads of scam- and shitcoins find an end new investors
and users can join the community without getting burned by one of those "altcoins" (and ending up hating cryptos) the number
of users and merchants/services will explode. In fact, and to be honest,
i think bitcoin could be very known and better integrated if all the altcoin users would
put the effort into bitcoin which they put into their coins. Image what we could reach. I am thinking about thousands of people spreading
the word for bitcoin. And keep this in mind: What if 10 million people around the world
want to own just 1 BTC. image where the price will be..
okay now i am getting offtopic, but you already said it:
Okay so I've gone waaaay off topic, but it's more interesting than people just whining at the dev / asking for updates isn't it?
+1. it is.
thanks for the great and interesting post btw.
cheers!
bitsta
