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Showing 20 of 20 results by kbriggs
They just lowered their prices a few days ago and apparently nobody has updated the wiki yet. 2.99% was the old price.
https://bitcointalk.org/index.php?topic=158113.0
https://bitcointalk.org/index.php?topic=158113.0
Excellent, thanks.
Mt Gox is not a good choice for processing BTC payments into dollar accounts. Use BitPay, Coinbase, or BIPS
Thanks. BitPay looks promising. However, this wiki page at https://en.bitcoin.it/wiki/BitPay says this:
"Merchants can have no currency risk of bitcoins at all. The fee for this service is 2.99% of the value of the sale"
However, the BitPay website at https://bitpay.com/bitcoin-direct-deposit says this:
"BitPay Fee: 0.99%. Conversion and Settlement is offered for no additional charge."
So what is that 2.99%?
I'm considering setting up an account at Mt. Gox to accept bitcoins as payments on my web site. I'm wondering about the actual fees that are required to convert those to dollars and get them into my U.S. bank account. Their merchant page at https://mtgox.com/merchant says this:
"Never be forced to handle a single Bitcoin with our Instant Sell function and cash out into sixteen different currencies"
Say I use this feature and I list a product at $100.00 USD. I'm assuming they will display that along with the equivalent bitcoin amount. The customer pays that. Now is there exactly $100.00 USD in my account or has some fee been deducted? Or did the customer get charged a fee? If not, how does Mt. Gox make money?
Now once dollars are in my account, it appears that I can transfer them to a Dwolla account for only 25 cents per transfer and then from there to my bank account for free, is that correct?
"Never be forced to handle a single Bitcoin with our Instant Sell function and cash out into sixteen different currencies"
Say I use this feature and I list a product at $100.00 USD. I'm assuming they will display that along with the equivalent bitcoin amount. The customer pays that. Now is there exactly $100.00 USD in my account or has some fee been deducted? Or did the customer get charged a fee? If not, how does Mt. Gox make money?
Now once dollars are in my account, it appears that I can transfer them to a Dwolla account for only 25 cents per transfer and then from there to my bank account for free, is that correct?
And what would that magical command line option be, exactly?
I found it (-gen) here: https://en.bitcoin.it/wiki/Running_Bitcoin
if you look in your startup folder (windows) you should find the shortcut to bitcoin client. Add the command line to generate coins to the end of the command and It'll always run and generate.
And what would that magical command line option be, exactly? There's no help file included with the program that documents this. I shouldn't have to do that anyway. Options selected in the program should be persistent between sessions. Or at least have a checkbox option that makes it so.
Re: SMF Question: What does the posting option "Return to this topic" do?
No. It was disabled. Nothing on bitcoin.org ever sends any email.
Well that sucks. I'd like to know when someone posts to a thread I started without having to check back every 5 minutes. When I click the "Profile" item on the top menu, there are options available for this and instructions on how to click a Notify button to subscribe to a thread. Why does that even show up or at least have some kind of "disabled" stamp on it?
I wonder what a bad article from Schneier would do to the exchange rate...
Why would you assume it would be a "bad" article? I read his Applied Cryptography book back in the 90's. It's one of the reasons I got interested in cryptography.
The number comes from the combinations of the initial block reward (50 coins), the target blocks per hour (6) and the halving period (4 years).
Ah, that makes more sense now.
There was some discussion on the cryptography mailing list two years ago (much of it poor quality unfortunately IMO):
I clicked through the thread but didn't see any from Schneier. It would be nice if he would mention it in his monthly newsletter. I'm kind of shocked he hasn't already.
I suspect that Satoshi started with an initial per-block reward of 50 BTC which cuts in half every 4 years (210,000 blocks). The consequence was 21 million coins over time.
210,000 is an equally strange number, other than being exactly 1% of 21 million.
1 BTC ≈ 1 USD now. Has someone any problem with the 0.001 USD now?
Did you mean 0.01 USD? Because many would have a problem if they saw a single item priced at a tenth of a cent. But as FatherMcGruder said, people will likely adapt to a common nomenclature over time. I still think 21 million was an odd choice, though.
Yes, really. We're not normal, we're geeks. Like everyone else reading this.
I swear that everyone in school learned this stuff!
I learned a lot of crap in school and retained it only to the next test. Ask your mother if she knows what scientific notation is.
The average guy on the street has no idea what scientific notation is.
Really? I learn that in schools like...several time!
Yes, really. We're not normal, we're geeks. Like everyone else reading this.
It is just as easy to transport 2000 bitcoins than 0.00002 bitcoins.
When money is immaterial it all boils down to notation conventions.
[/quote]
Transportation isn't the issue. I'm talking about the market dynamic between merchant and customer. Average people who think "fractions are hard". Not the engineers and cryptologists that hang around here.
Also, you don't track units, you track available balances which conceptually allows for indefinite division, there's no such thing as a conceptual atomic bitcoin unit.
But if you're a merchant, you gotta post a price next to your product. I'd rather there were 10 trillion bitcoins in circulation and I could post a price mostly in integers that my customers would understand.
You could use scientific notation or perhaps specific decimal point as default.
The average guy on the street has no idea what scientific notation is.
I just become aware of Bitcoin this week watching "Security Now" at Twit.tv. The main question I have about the system is why was 21 million bitcoins selected as the final cap? Why not something more "round" like 100 million or 1 billion? And why such a relatively small number? I understand about the 8 decimal places giving you essentially 2.1 quadrillion tradeable units. But the general public is not used to dealing with more than 2 decimal places in their currency. If the system took off to even the size of PayPal alone, a single bitcoin is going to be worth some huge number and we're all going to be buying things priced at inconvenient amounts like 0.00023, etc., right?