That is where I am at also, trying to understand the downsides and risks.

All options including restricting the numbers of BTC able to be converted? That seems like a hard sell for miners to run that software if it can diminish the value of the mainchain. Thoughts?

Can a sidechain restrict the number of BTC converted to sidechainCOIN?

If they can be restricted, than value of scCOIN can grow but only be obtained via direct purchase and not btc conversion when the cap is hit. This removes value from the mainchain and will only be converted back to BTC if the scCOIN becomes less valuable than BTC again.

If it can’t be restricted then if the scCOIN value rises so does the value of BTC. Since anyone can use this extra value by converting BTC to it.

This should be true as far as both the mainchain and sidechain are representing value as a number. But what if the sidechain is more like a colored coin where an asset is represented by a token. I don’t know how that would affect the mainchain positively or negatively restricted or unrestricted.

Glad this topic is getting discussed! and thanks for the tip. I appreciate it!

So I ended up losing 0.997 BTC but want to warn others how to avoid my mistake.

Let me start by saying I am a tech geek, and one that I like to do as a tech geek is flash custom ROMs onto my phone. So here is the series of events.

2013-04-12 10:00:00~ : I install Bitcoin Wallet for Android on my phone
2013-04-12 18:11:25   : I send 1 BTC from my main wallet to my phone address
2013-04-13 17:58:38   : I send .001 BTC to friendA for testing
2013-04-14 12:00:00~ : backup my phone via client to google drive.
2013-04-18                : I factory reset and flash my phone then restore my wallet. (everything is good)
2013-04-26 14:41:58   : I send .001 BTC to friendB for more testing
2013-04-28                : again factory reset and flash phone the restore my wallet. (everything is VERY VERY BAD)

Root cause: On 04-18 my Bitcoin Wallet created a second change pool when it started. Then I restored my original change pool to the wallet. When I sent .001 BTC on 04-26, .997 went to the change pool that my wallet created and not the restored pool. The factory reset and flash on 04-28 cause me to wipe the change pool that was not backed up. Send the BTC to the digital abyss.

Suggested solution.

• Backup you wallet right before you flash your phone.
• Have bitcoin wallet give a warning when you import a backup. That you must backup again to have all your pools
• Have the imported backup be the default pool.

I have contacted the author with the link to this thread in case he would like to implement any of these notifications.

https://blockchain.info/address/1AVCRW2JwhCVBB9HRG8TsCKSkJixz4ec4r - phone address
https://blockchain.info/address/13AkCg11iZdXDoAuJPz4xEoBb2Pwj5SCmM - the .997 BTC lost to the digital abyss

donate to my lost bitcoin fund @ 14z4BrwZH3veZ2cVK6ndwxo7VzNnEtuXo2

Id prefer P2P trade without a third party. The bike will sell locally on craigslist, thought it would be cool to sell for BTC after seeing the Porsche sell.

Bump, can anyone cross link this to marketplace for me?

Large Images here https://www.dropbox.com/sh/rj0xxypqidg3hxm/fHLUFNZ5r1

For sale 2006 Suzuki DRZ-400S for BTC . Located in Denver Colorado, willing to ship if the price is right. Looking to get 3,300 USD for it.

Also if you can cross post this to marketplace/goods that would rock.

Dual Sport - Street Legal dirt bike

Garage keep!
Mileage 2,124
~300 miles on Athena 440 Big Bore Kit (kit is ~$550)
added larger gas tank

Vehicle is in perfect mechanical condition.

Extras
Including Battery Tender, keeps battery ready during winter.
Including stock gas tank.

https://dl.dropbox.com/u/12912/RsytubXsVbOT0fJQ7sCA_K7RaAElvInpX4sxuFasSvw%2CiXobuZy1E2VbZRp6mwO8iX0iXKXut8DhZnU1B_LamTg.jpg

Took you suggestion and the price rate updates every 30 minutes, THanks

Since Google Checkout doesn't support digital goods in its Charge Back policy I have to take monetary lose seriously. I am leaving my security in hands of both facebook and google. This systems has already prevent phished checkout accounts from purchasing BTC. If I could come up with a way to make it less intrusive on user information and maintain the security of no chargebacks I would!

I can update it on the fly, is mainly to control the amount of orders I am processing.

I just went live with http://accesscoin.com and wanted to get some feedback via this forum. Could I be authorized to post in General Discussion?