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Interesting article about fractional reserves and audits in the wake of the Mt Gox demise:
http://www.coindesk.com/prove-exchanges-really-money/
Firstly, I was surprised to learn that not all exchange transactions are blockchain transparent.
Secondly, as I read it, and particularly at the bit about decentralized audits, I couldn't help thinking about Ethereum as a potential solution.
Thoughts?
http://www.coindesk.com/prove-exchanges-really-money/
Firstly, I was surprised to learn that not all exchange transactions are blockchain transparent.
Secondly, as I read it, and particularly at the bit about decentralized audits, I couldn't help thinking about Ethereum as a potential solution.
Thoughts?
Two things:
1) Exchanges, decentralized or not, should be fully transparent - including accounting no matter what. Do they really hold the funds they say they do? One solution is Open Transactions, another one is independent audits.
2) Full decentralization is in my view inevitable. The second a decentralized exchange goes online, it will become the gold standard - no need to 'trust' the issuer, and users retain full control over their funds.
Once the cat is out of the bag, it's game over for centralized marketplaces, exchanges, cloud file systems, etc.
How you gonna make sure they hold enough cash?
Got an email from them saying they disabled the withdrawals due to potential phishing treats.
It's possible to lift the ban writing to security@bitstamp.net
It's possible to lift the ban writing to security@bitstamp.net
For many people BTC withdrawals are not working on Bitstamp.
When I try to withdraw I get the same message as in this discussion
http://www.reddit.com/r/Bitcoin/comments/1yfq19/can_not_withdraw_from_bitstamp/
No word from support.
When I try to withdraw I get the same message as in this discussion
http://www.reddit.com/r/Bitcoin/comments/1yfq19/can_not_withdraw_from_bitstamp/
No word from support.
Re: [ANN][KARM] Karmacoin Launched Feb 4 - 5 GHs - 4 Exchanges - 50-70BTC Daily
The website needs to be re-done, I think. There's only focus on mining.
How about if someone wants to invest in Karmacoin? How do they buy it? How does it work?
We should make a clean and easy-to-understand website about Karmacoin.
How about if someone wants to invest in Karmacoin? How do they buy it? How does it work?
We should make a clean and easy-to-understand website about Karmacoin.
Unobtanium has a very professional website, capable of making anyone to invest http://unobtanium.io/
Any exchanges setup yet for Phicoin?
Any idea the value per coin?
Any idea the value per coin?
maybe mintpal.com ?
they are new and had to start with something, so they added PenguinCoin and KarmaCoin by now
i thought all the ASIC miners were low wattage devices
1W for 1GH as per OP is the lowest IMO
It's a simple demand/supply quiz. If electricity usage goes up, so does the price.
Then miners will have the incentives to find cheaper sources, like solar power.
That will boost the development in the southern countries.
Everyone wins!
Then miners will have the incentives to find cheaper sources, like solar power.
That will boost the development in the southern countries.
Everyone wins!
Solar power isn't cheap.
You need the space and the materials to build it.
Okay, so we determine we only need the entire Nevada desert to supply the mining requirements with solar power..
but what about the month after? We will need twice the room
And the month after that, we'll need 4 times the room..
See what I'm saying? It's the doubling that fucks us
eventually the entire sun will not be able to keep up with the mining growthWe've got Africa, Central America and Asia, so for the near future we're covered.
When BTC price hits 1mln then space stations will be built to better utilize the lights of other galaxies.
It's a simple demand/supply quiz. If electricity usage goes up, so does the price.
Then miners will have the incentives to find cheaper sources, like solar power.
That will boost the development in the southern countries.
Everyone wins!
Then miners will have the incentives to find cheaper sources, like solar power.
That will boost the development in the southern countries.
Everyone wins!
Re: BTC-E.com Биржа по торговле Bitcoin, Namecoin, Litecoin <-> USD(комиссия 0.2%)
Пропал SEPA перевод, сделанный 2 недели назад - в аккаунте ничего не отображается.
Это первый перевод Евро и может банк заблокировал, но нет никаких сообщений.
Тикет открыт, но нет ответа. Как действовать?
Это первый перевод Евро и может банк заблокировал, но нет никаких сообщений.
Тикет открыт, но нет ответа. Как действовать?
Если это депозит то пришлите в тикете платежку найдем его.
Депозит зачислили, спасибо. Теперь бы блокировку снять - тикет я создал, документы загрузил
[#WPK-229-56455]
Re: BTC-E.com Биржа по торговле Bitcoin, Namecoin, Litecoin <-> USD(комиссия 0.2%)
Пропал SEPA перевод, сделанный 2 недели назад - в аккаунте ничего не отображается.
Это первый перевод Евро и может банк заблокировал, но нет никаких сообщений.
Тикет открыт, но нет ответа. Как действовать?
Это первый перевод Евро и может банк заблокировал, но нет никаких сообщений.
Тикет открыт, но нет ответа. Как действовать?
Если это депозит то пришлите в тикете платежку найдем его.
в тикете [#BGA-486-95274] все есть, 5 дней висит
Re: BTC-E.com Биржа по торговле Bitcoin, Namecoin, Litecoin <-> USD(комиссия 0.2%)
Пропал SEPA перевод, сделанный 2 недели назад - в аккаунте ничего не отображается.
Это первый перевод Евро и может банк заблокировал, но нет никаких сообщений.
Тикет открыт, но нет ответа. Как действовать?
Это первый перевод Евро и может банк заблокировал, но нет никаких сообщений.
Тикет открыт, но нет ответа. Как действовать?
...
Input = 1A1out and 1A2out (=1+1 =2 BTC).
...
Input = 1A1out and 1A2out (=1+1 =2 BTC).
...
If the CoinJoin functionality gets implemented within the wallet, shouldn't the the wallet prohibit using 1A1out and 1A2out in the same transaction?
Re: [ANN][DGC] DigitalCoin.Co | Instant \ Stable \ Reliable | International
I believe that within a year BTC will get in trouble due to centralization of future ASICs. Even now and more so month after month people cannot buy ASIC individually. The scenario which seems the only possible going forward is this:
* all future ASICs will be deployed by large companies working on a thin margin
* some of the old ASICs will continue to operate until the profit runs off and only very few will operate after this point on free electricity
* it is much cheaper to look after large amounts of hardware in a dedicated setup, hence data-centers will be the place to run ASICs, thus concentration of processing power in several places
* ASIC companies will become regulated as a special sort of business crucial to the economy
* end of freedom
that's why we need to hold into scrypt alts (or something similar, really p2p) and be ready to pick up the fallen flag of freedom
* all future ASICs will be deployed by large companies working on a thin margin
* some of the old ASICs will continue to operate until the profit runs off and only very few will operate after this point on free electricity
* it is much cheaper to look after large amounts of hardware in a dedicated setup, hence data-centers will be the place to run ASICs, thus concentration of processing power in several places
* ASIC companies will become regulated as a special sort of business crucial to the economy
* end of freedom
that's why we need to hold into scrypt alts (or something similar, really p2p) and be ready to pick up the fallen flag of freedom
The following design is possible:
1) miner ONE (human) makes a captcha and the client app submits it to a pool server
2) miner TWO (human) gets a random captcha from a pool server and submits back the answer
3) random p2p clients (human) get both the original captcha and the answer and verify that the answer is correct
4) if the answer is correct a block is created and miners ONE and TWO get a reward
5) p2p clients also get a small reward but for just verifying (kinda transaction processing), regardless of whether the answer was correct and their intention is to keep the blockchain healthy as only then their earnings make sense
1) miner ONE (human) makes a captcha and the client app submits it to a pool server
2) miner TWO (human) gets a random captcha from a pool server and submits back the answer
3) random p2p clients (human) get both the original captcha and the answer and verify that the answer is correct
4) if the answer is correct a block is created and miners ONE and TWO get a reward
5) p2p clients also get a small reward but for just verifying (kinda transaction processing), regardless of whether the answer was correct and their intention is to keep the blockchain healthy as only then their earnings make sense
1) Botpool 1 generates a huge number of captchas and submits them to the pool server
1a) It also passes all of the generated images and solutions to botpool 2
2) Botpool 2 repeatedly requests captchas from the pool server. If the image matches one it already has from botpool 1, it submits the correct answer, otherwise it just burns it and requests the next.
3) Some poor sods have the job of verifying all this bot generated work for almost no reward
Computers could generate and match these images so fast that no human actors could possibly compete.
This can be avoided easily:
1) to submit and answer captchas you need to register and the submission rate is limited
2) coins could vest and if malicious activity is found out then all non-vested coins get confiscated
3) when miner 2 gives a wrong answer the verifiers mark him as untrusted
The following design is possible:
1) miner ONE (human) makes a captcha and the client app submits it to a pool server
2) miner TWO (human) gets a random captcha from a pool server and submits back the answer
3) random p2p clients (human) get both the original captcha and the answer and verify that the answer is correct
4) if the answer is correct a block is created and miners ONE and TWO get a reward
5) p2p clients also get a small reward but for just verifying (kinda transaction processing), regardless of whether the answer was correct and their intention is to keep the blockchain healthy as only then their earnings make sense
* depending on how many p2p clients verify the answer the number of confirmations limits thecoin supply processing speed and security
* pool server is a p2p node in the network
* a captcha can be anything, no software will understand it
the coin should be called HumanCoin
1) miner ONE (human) makes a captcha and the client app submits it to a pool server
2) miner TWO (human) gets a random captcha from a pool server and submits back the answer
3) random p2p clients (human) get both the original captcha and the answer and verify that the answer is correct
4) if the answer is correct a block is created and miners ONE and TWO get a reward
5) p2p clients also get a small reward but for just verifying (kinda transaction processing), regardless of whether the answer was correct and their intention is to keep the blockchain healthy as only then their earnings make sense
* depending on how many p2p clients verify the answer the number of confirmations limits the
* pool server is a p2p node in the network
* a captcha can be anything, no software will understand it
the coin should be called HumanCoin
but if miner ONE posts the captcha he just made to a forum, so miner TWO can find it and solve it effortlessly, then modified clients could do this broadcasting of solutions and later submission of answers in an automated way. Notice that these bots do not solve the captcha, they don't need to know how to solve it, just publish and resubmit the solutions. Miner ONE and TWO are the same person, or miner ONE gives the answer to miner TWO for a small % of the $.
One of the strengths of the bitcoin protocol is that an 'evil' modified client (node) has no way to cheat.
miner ONE submits to the network, he doesn't know who gets this catpcha later.
miner TWO is randomly selected and the protocol doesn't allow it to be the same miner who created the captcha.
The captcha for solving is also randomly selected from a long queue of previously submitted captchas. That means that not every miner who creates a captcha gets a reward, if his captcha will not ever be selected. Its like currently not every miner solves the block. Basically, the more captchas you create the bigger chances you get for your captcha to be selected.
if miner ONE systematically broadcasts his answers he makes the coin worthless, its like currently the pools avoid getting too big, coz they want the coin to be strong. Also, some monitoring can be done by people and if they find malicious activity they get all of the malicious user rewards.
and if only few coins are created with cheating that doesn't stop the system from functioning as the transactions get signed by other p2p nodes, its like in real life some fake money do not mean much
The following design is possible:
1) miner ONE (human) makes a captcha and the client app submits it to a pool server
2) miner TWO (human) gets a random captcha from a pool server and submits back the answer
3) random p2p clients (human) get both the original captcha and the answer and verify that the answer is correct
4) if the answer is correct a block is created and miners ONE and TWO get a reward
5) p2p clients also get a small reward but for just verifying (kinda transaction processing), regardless of whether the answer was correct and their intention is to keep the blockchain healthy as only then their earnings make sense
* depending on how many p2p clients verify the answer the number of confirmations limits thecoin supply processing speed and security
* pool server is a p2p node in the network
* a captcha can be anything, no software will understand it
the coin should be called HumanCoin
1) miner ONE (human) makes a captcha and the client app submits it to a pool server
2) miner TWO (human) gets a random captcha from a pool server and submits back the answer
3) random p2p clients (human) get both the original captcha and the answer and verify that the answer is correct
4) if the answer is correct a block is created and miners ONE and TWO get a reward
5) p2p clients also get a small reward but for just verifying (kinda transaction processing), regardless of whether the answer was correct and their intention is to keep the blockchain healthy as only then their earnings make sense
* depending on how many p2p clients verify the answer the number of confirmations limits the
* pool server is a p2p node in the network
* a captcha can be anything, no software will understand it
the coin should be called HumanCoin
Re: [ANN] CryptoAve | A Revolution in Crypto Exchange | USD/BTC/DGC/LTC/ARG/SRC
The servers being in Panama is for anonymity (check their laws). The important thing is they are not US hosted. MtGox and others used US based payment processors, such as Dwolla; had servers based in the US; or were directly involved in bank/wire transfers. All of which this exchange won't do.
This is only an example, but say https://perfectmoney.com and http://payza.com are two of the processors. They take care of the deposit through wire transfer, western union, or any other method available. You'd use that to fund your CryptoAve USD balance. So a middle man always performs the actual financial transactions through the banking system.
This is only an example, but say https://perfectmoney.com and http://payza.com are two of the processors. They take care of the deposit through wire transfer, western union, or any other method available. You'd use that to fund your CryptoAve USD balance. So a middle man always performs the actual financial transactions through the banking system.
Located in Panama sounds good to me.
"Overall opening a corporation in Panama is a good idea because of the flexibility and privacy it offers. People in Panama are happy to keep your information secret and even stay out of your information."
http://www.offshorelegal.org/offshore-corporations/panama-offshore-corporations-incorporation/staying-anonymous-in-panama.html
Oh yeah and to top it off a damn good rock tune written about it too
https://www.youtube.com/watch?v=w-NshzYK9y0
I never understood what guarantees someone has that his assets will be secured by
opening a corporation (company) in Panama or similar country.
I mean if I would like to open a company there who do I have to trust?
Do I need to go there to do I it personally or how is this done?
Internet if full of companies that offers offshore company setups packages
so how can I know that this are not scams.
Maybe they can even open a company with a bank account there but when the money
starts accumulating on the account what is the guarantee that it won't suddenly disappear?
Funny thing is - your pension pot can disappear just as easy, nothing is guaranteed in our world anymore