Hey folks,

what is all the hype about? I don't get the whole "Nxt-thing". Can we clarify a few points please?

1. I heard its closed source, is that true? If so, why should one trust it?
2. Why is it better and why is it worse compared to other PoS-Coins like e.g. peercoin?
3. Do the claimed features work? Is there already a client? Have they been tested by public?
4. I heard they are being DDosed right now: Why is that possible to Nxt but not possible to BTC? What does that mean for Nxt
5. How does it compare to Mastercoin? Both try to implement similar features (p2p exchange, colored coins, etc.)

thanks for any comments and cheers

Hi folks,

well I read about Mastercoin but there are a few things I just don't get.

Maybe we can have a compact clarifying thread

I understand the idea of timestamping information within the Bitcoin blockchain to build services like escrow and CFDs but why do we need a coin for that? From my understanding theres no need. So the second thing I dont understand is, how Mastercoin exactly comes into the game and how the value of mastercoin is derived. So you would say its suppy and demand, so here is my question 3 and 4: where do those coins come from? they are not mined are they? they are issued for every 0.01 BTC that was invested?. And (demand side) you need them to use the mastercoin features? How are the prices for the features derived? By the bytes needed (as documented in the detailed readme)?

cheers

I would go for the following coins in this order:

Peercoin
Primecoin
Anoncoin
Quark
Tagcoin
YAcoin
Diamond

Criteria are:

- Innovative
(e.g. Peercoin/Tagcoin/Yacoin/Diamond have Proof of Stake, Primecoin serves science what gets it decent marketing, Anoncoin has the "anonymous feature", Quark might be the most interesting CPU coin)

- No Premine

- Active development team

Hey folks,

I always missed a few features when using the well known mining calculation tools like e.g.:
http://www.coinish.com/calc/
http://www.bitcoinx.com/profit/

To decide whether a new rig is worth the investment, what is important is to have a difficulty forecast and one additional parameter for the shipping delay

I built a little app using R Shiny
http://www.rstudio.com/shiny/
http://www.r-project.org/

However I don't have a suitable place to host the app. It looks like this and you can play with all the parameters:

http://s18.postimg.org/yt97b7vug/bitcoin_mining_profit_calculator.jpg

If anybody wants to host the app I am willing to share and further the code. Its totally alpha (did it in the last 3 hours).

cheers

just start to actually USE bitcoin.
pay with it, accept it.

+1

https://dl.dropboxusercontent.com/u/2329063/beschluss_durchsuchung_geschwaerzt.pdf


was this yet translated? in short it says his private and business rooms were searched for evidence regarding fraud.

i guess (dont know though) this means, hardware is confiscated. i hope the bitcoins are backuped elsewhere. else they will stay in some police-basement forever.

german police + IT -> our bitcoins in some police-basement FOREVER

i've got A LOT locked in there. i wouldn't sue. not thought a second about that.
if there is a good date to wait for its (minimum) the one mentioned in the polish document (July 8th). if i am not mistaken, the polish bank can't freeze the account for a longer time.

in short: the cold wallet stores most of the bitcoins that were deposited. it is not accessible by the trading platform, so if anything goes wrong (like the trading engine incident few days ago), those coins can not be withdrawn from people who profited from corrupted trades. also if someone were able to hack the system, he cold not access the cold wallet. so the biggest part of coins is safe form incidents like that. the hot wallet is the wallet from which btc can be withdrawn. if its empty, it gets refilled by btc24 with money from the cold wallet. he usually did that every hour.
so the maximum that can be lost is the hot wallet content (usually some hundret btc). the minium that can be lost is 0 btc.

the other thing is, that there seem to be legal problems with the account being block etc.

check this thread, because this is where the main discussion is taking place:

https://bitcointalk.org/index.php?topic=174600.0

i checked my deposit adress.

my last desposit 04/11 evening is still there. earlier deposits where moved to 1AnixjBYxpTzAmfSa8kRdBiUaSGV2e9d26
this is the cold wallet right?

i think the whole trade engine mess ist not the big problem. maybe simon did not loose any cent because the hot wallet is empty most of the time and i guess he noticed the mess before he refunded it.
i am more worried about the blocked account. it might take a long time if there was need that lawyers are involved. and i start to think about how to actually withdraw fiat money (never did that before). as i read in this thread started by simon, there were several incidents in the past with closed accounts. also they state, some customer accounts where closed by their banks after ther withdrew money from some exchange...

https://bitcointalk.org/index.php?topic=98434.0
(german)

anyone here ever had problems with their bank after a fiat money withdrawal?

this can't be all. I myself had a list longer than that.
i remember at least orders with 62.2 (those where split-executed, so this should have been 8 or 12). 51.1 and 52.2 with split orders, so another 8-16 lines of orders. and there where more but i dont remeber the exact price.

  i imagine the police to confiscate the hardware... this would mean the police stores the stuff in some basement forever because they dont know how to handle anything related to IT.

yes, i guess they will roll back and just the btc from the hot wallet will be lost...
i hope this won't take too long

hm. true, 30min is too optimistic.

but the fees still should be lower...even much lower than western union, no?

sorry some users are so nooby, it is good to assume the worst
i dont know abcpool but from other pools i had the experience that it sometimes takes a while until the worker activity is refreshed. if the miner didnt say anything bad about your login, i would wait an hour and see if it shows up...
or you could test another pool to check whether this is not a pool problem

thx

did you replace username.x with the name of the worker you created and "password" with the password you specified?

derivative?

seems tricky.. and i dont think there's a need for that... we saw a huge lemming-wave like 06/2011 ...rest of the time btc is stable enough for a lot of usages. e.g. transfering money internationally with very low fees... for this you just need 30min of stability...

best is to not use mtgox

what just happened on btc24?

anyone wants to come up with a theory?