mardi 15 avril 2014
lundi 14 avril 2014
Bitcoin sur D8
Pierre Noizat était l'invité de l'émission Le Grand 8 sur D8 ce vendredi 11 avril. Sur le plateau : Laurence Ferrari, Audrey Pulvar, Roselyne Bachelot, Elisabeth Bost & Hapsatou Sy. [Voir la vidéo]... Lire Bitcoin sur D8
from Bitcoin http://ift.tt/1qAGSVL
via Gagner des Bitcoins
Let me introduce myself.
I´m a Spaniard that first knew about Bitcoin by chance on a forum (http://ift.tt/1gwODIV) in 2012, when looking for some information about the causes and consequences of this global financial crisis and how to protect savings from it. Unfortunately I haven´t been taught even the most basic concepts about economics (inflation, debt, QE,...) and my poor knowledge comes from a single subject in College.
I fell in love with Bitcoin immediately. I became very passionate about both, this new and disruptive technology (though I´m not an expert in Computer Science) and its huge potential to change the world for the better. I´ve yet to see this second wish come true, but as far as I´m concerned it´s time to try something new and the great idea of decentralization might bring us all more freedom and democracy. I know it sounds pretty naïve, but my purpose in life has never been to be rich but to do something good and valuable for society, and I really do believe Bitcoin can be a useful tool for that goal, specially in countries like Spain, where you take a look around and see so much political corruption and social injustice.
I started reading about this stuff every day and I´ve been supporting Bitcoin all along, spreading the word like a priest inside and outside the Internet (I´ve never been good enough at making friends due to my shyness and you bet this task hasn´t helped at all :-) ) and investing my small savings. I´ve even invested in the first company to place a Bitcoin ATM in Spain, although I have no news from them since that day and I wonder if the company is in trouble or if it was just another scam.
I´ll never forget when I first installed the client and after several hours my old laptop mined a tiny fraction of a bitcoin, and the excitement I felt the first time I bought bitcoins at an exchange when a single one was worth $12.35 and you didn´t have to prove your identity.
I´ve learned a lot about many things in the last 2 years, although there´s so much left to see and learn. I´ve made good decisions that I´m proud of (learning as much as I can about safe storage, avoiding scams or risky sites like Bitcoinera.net or MtGox,...) as well as bad choices that turned out to be very important lessons for the future (day trading instead of long term holding,...).
I´m very grateful for this awesome community you are and all I´ve learned with your priceless help. However, I feel I´m missing the boat and I think the time has come for me to move onto a new stage, as Bitcoin will only succeed as long as we grow and it becomes a medium of exchange for goods and services everywhere. I´ve been thinking of setting up a business for a long time and I´ve got several ideas, but I need your help and feedback. I´ve spent too much time thinking and not enough doing and I regret not being more courageous and having started a business before.
Besides, I´d like to help others by starting some kind of NGO or just by sharing advice or anthing you might need, so we can show the world the beauty of this digital currency.
Thank you all and sorry for my English.
submitted by banksterfighter
[link] [4 commentaires]
from Bitcoin http://ift.tt/1m3zhzk
Why the cult-ish-ness of bitcoiners is good news.
Cults get stuff done. Cults increase their membership. The other cults like jehovahs witness's and mormons are growing faster than "non-cult" religions. Eventually cults evolve into massive long lasting institutions like the catholic church. Go forth my creepy bitcoin people's spread the word, lest satoshi unleash ten plagues of computer viruses.....everyone who isnt an uptight prick with no sense of humor post a reason why bitcoin cult is good news.....may you see many moons and few potatoes
submitted by MakeTotalDestr0i
[link] [17 commentaires]
from Bitcoin http://ift.tt/1eGrmAh
George from Honey here. Introducing HoneyCoin, the bitcoin payment product we promised to build
A few months ago we proposed a frictionless bitcoin payment idea on /r/bitcoin and promised to build it if the community wanted it. The community wanted it, so we built it.
The project turned out to be a lot harder than expected, especially the business side of purchasing exact value gift cards in real-time. To make sure HoneyCoin is scalable and sustainable, we are going through the process of getting official approval from the merchants. The approval process is slow, but we’re encouraged to see that most merchants already have bitcoin on their radar. The biggest thing holding back many of them is the risk and cost of adding a new payment method to the checkout for an unknown gain in sales. HoneyCoin is a risk-free way for them to test the water before jumping in.
The good news is that we can support far more stores than just Amazon. We have approval on 8 stores and another 30 stores, including Amazon, are in the approval pipeline. Instead of waiting any longer, we want to get the product out into your hands so we can get your feedback and begin improving the product.
Approved stores:
- Papa John’s
- AMC Theatres
- Bass Pro Shop
- FTD
- Brookstone
- Hyatt Hotels and Resorts
- Omaha Steaks
- Burlington Coat Factory
Some stores in the approval pipeline:
- Amazon
- GAP/Oldnavy/Bananarepublic/Piperlime/Athleta
- Dominos Pizza
- Groupon
- Kohl’s
- Best Buy
- Barnes and Noble
- Sears
- Gamestop
- Dell
- Carnival Cruise Lines
- Adidas
- American Eagle
- and many more
As promised, we will create a public dashboard to publish the real-time sales data for each store.
We’ll be opening up HoneyCoin for private beta later this week. You can sign up for a beta invite here.
Some caveats:
- You will need a user account to use HoneyCoin. We're selling you a gift card and we will need your email address to send a backup.
- There will be a global daily spending limit because we have limited funds to pre-pay for the gift cards.
- It will be Chrome only for now but FF support is on the way. We want to iron out all the major issues first.
- HoneyCoin will be a separate extension from Honey. Google recently updated their Chrome store policy to limit extensions to "single use".
If you have any feedback or feature request, please post them here in this thread. We can’t build everything but we will give each request serious consideration.
TL:DR
OP delivers!
HoneyCoin is a real-time btc to gift card exchange that gives you a frictionless bitcoin payment experience on some really popular sites.
Sign up for HoneyCoin beta here.
submitted by gemusan
[link] [2 commentaires]
from Bitcoin http://ift.tt/1kTEfze
Gyft no longer able to offer Walmart gift cards.
Contact help@walmart.com to protest. I received lame response that it was due "many issues out customers had with this payment option" without further details.
submitted by latetot
[link] [6 commentaires]
from Bitcoin http://ift.tt/1gxp9eF
How about we stop begging corporations to accept bitcoin?
The value of this technology is not in making it even easier for Americans and other first-worlders to do their shopping. That is already incredibly easy.
The value of this technology is many-fold. Examples:
- International online shopping for people who have no access to credit cards
- Reduction to near zero of merchant fees for small, local business
- Holding savings without any fear of confiscation or censorship
- Drastic reduction in remittance fees
- Business to business and person to person international transfers with no significant wait times and little or no fees
- Almost free tipping of artists and charity causes online, and other microtransaction types such as pay per article, currently not possible with Paypal or credit cards due to fees.
- Undermining the bankers' power to print away our money.
This bundle of functions can all be had with Bitcoin itself, let alone altcoins or sidechains.
And yet day after day when I come and read this sub I see endless desperate wishing, hoping and begging that people like Amazon will let you use Bitcoin.I'm not saying that wouldn't be nice, but it would be no more than that - nice. And then people get all upset when the naysayers come onto the sub and start laughing at you for suggesting that this is such an amazing goal. They're right, it is not an amazing goal at all - and if all Bitcoin was was yet another way to pay online, just as we do now, I wouldn't be even slightly interested in it.
There is so much more to Bitcoin than this. /rant
submitted by waxwing
[link] [5 commentaires]
from Bitcoin http://ift.tt/1t1qek0
Piper Wallet FAIL
My Piper offline wallet failed about a month ago. The SD card was corrupted. I contacted support (Chris Cassano). Nothing. I've bought two Pipers from him as gifts for other people. NO response. Nothing. Dead silence. I just need the SD card disk image for the Raspberry Pi.
Chris!!!!!! WAKE UP. I've given you upwards of $400. Provide the smallest amount of service. Say something. Anything.
submitted by DogePlan
[link] [1 commentaire]
from Bitcoin http://ift.tt/1t1j9Qs
Just paid for domain renewal at Namecheap with Bitcoins and it was AWESOME.
I left Godaddy and went to Namecheap after the SOPA fiasco. One of my domains was expiring and I needed to update my credit card information.
Instead, I noticed they accepted Bitcoin via Bitpay. It was quick and easy and now my domain is good for another 3 years.
submitted by Zamicol
[link] [2 commentaires]
from Bitcoin http://ift.tt/1jF1XLG
Amazon Says no to Bitcoin. Says Customers don't want it. Let's change that! WE want it!
The article says that "we’re not hearing from customers that it’s right for them and don’t have any plans within Amazon to engage bitcoin.”
Can you launch a campaign to change this? Let's do something!
submitted by bitcoinfans
[link] [17 commentaires]
from Bitcoin http://ift.tt/1kSzJkp
![[Google], Facebook targets financial services - all indicators lead to integrating Bitcoin. If this happens, expect to see many moons.](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_tYUwTYHqFKqpv59G3CR6Tp0ldLFm11I55KJ9RundzP8N41_IRLmn_wB8W3lNdyvStefZKBxt7vyQ=s0-d "[Google], Facebook targets financial services - all indicators lead to integrating Bitcoin. If this happens, expect to see many moons.")
bitstamp api - Incapsula incidents
Anyone else having issues with the bitstamp api requests, i'm getting denied by Incapsula (Bitstamp's anti-DDoS) with error "Request unsuccessful. Incapsula incident ID:"
reCaptcha is powered by Incapsula -- If i got to Bitstamp.net I have to fill in a reCaptcha image every time I get this error; I think they might also accidentally require bots to use reCaptcha which is obviously not possible.
submitted by thylittletony
[link] [4 commentaires]
from Bitcoin http://ift.tt/1sZCim1
Can China just shut the f**k up? I just read that they've come with new ATM's. Now we have to wait for China to ban those ATM's, a new crash, more negative news, more investors pulling out, etc.
Can China just shut the fuck up? I just read that they've come with new ATM's. Now we have to wait for China to ban those ATM's, a new crash, more negative news, more investors pulling out, etc.
Until China is part of the cryptocurrency market/trading, Bitcoin will never stabilize and will be seen as a dangerous 'currency' by governments, etc.
submitted by HelpASadDoge
[link] [80 commentaires]
from Bitcoin http://ift.tt/1m0aqKs
dimanche 13 avril 2014
Moronic Monday, April 14th, 2014: Ask all your bitcoin questions!
Ask (and answer!) away! Here are the general rules:
- If you'd like to learn something, ask.
- If you'd like to share knowledge, answer.
- Any question about bitcoins is fair game.
Ask (and answer) away! And don't forget to check out /r/BitcoinBeginners!
submitted by BashCo
[link] [1 commentaire]
from Bitcoin http://ift.tt/1gu8E2S
Questions for Andreas Antonopoulos
In light of the extremely quick collapse of Neo & Bee, I think it's worth pursuing the fact that a major figure in Bitcoin was serving as an advisor to the board of an enterprise with a now-fugitive CEO whose whereabouts are currently unknown.
Andreas has been extremely quiet on this subject since the collapse. I think that is a disservice to his own credibility. Many investors in Neo & Bee were persuaded to give their money due to Andreas' association. I think the following questions would clear this up:
Your title with LMB Holdings was "Technical Advisor." Were you compensated for this position? If so, how were you compensated?
Did you, at any point, sell or attempt to sell Neo & Bee shares prior to the day CEO Danny Brewster left Cyprus?
Were you, at any point, privy to financial information that was not available to either the general public or those who chose to invest bitcoins during the IPO?
Some commentators have suggested you promoted Neo & Bee aggressively. Were you present at any Neo & Bee promotional events? Did you use your platform on Twitter, your radio show, or any other public event in order to promote purchasing shares in Neo & Bee or using their services? Could any of your activities regarding Neo & Bee be described as "marketing?"
At any point in time, did you either explicitly or implicitly give authorization to CEO Danny Brewster or any other person affiliated with LMB Holdings to use your name in marketing materials aimed at investors?
Prior to Mr. Brewster's departure from Cyprus, was there any point in which your affiliation with Neo & Bee made you uncomfortable? 6b. If so, did you express doubts about the company to any other person? Who?
Can you describe your activities as a Technical Advisor? How often did you consult with Danny Brewster or other members of the team? What was the nature of the advice you gave? What technical information were you privy to?
Neo & Bee's promoted their Bee platform as fully functional and able to process Bitcoin transactions. The University of Nicosia have stated that they attempted to use this platform, but found that it was hopelessly broken. Were you aware that the University decided to use competitor BitPay over your company's software? As both Technical Advisor and a teaching fellow at the University, would you agree it would represent a failure on your part to fail to recognize the loss of such a customer?
You have stated that your role with the organization was one of merely giving occasional advice on technical matters. However, the December 13 announcement regarding your membership on the Advisory Board stated:
"Andreas Antonopoulos is providing advisory services to Neo & Bee across multiple areas of the business."
What areas of business did you advise beyond ones purely involving technology? Did Neo & Bee mislead investors as to the extent of your involvement in the company? If so, why didn't you ask for a correction?
- What research, if any, did you carry out on LMB Holdings or its CEO prior to choosing to affiliate yourself with them? What warning signs were missed?
I know there are a number of questions here, but I think it would be fair for Andreas to take a little bit of time to clear the air. I think these are fair inquiries to make, given the very sudden catastrophic collapse. I hope we hear from him soon.
submitted by WelpSigh
[link] [2 commentaires]
from Bitcoin http://ift.tt/1hDRKR8
chinese bitcoin exchange OKCoin publishes bitcoin ATM
After china bitcoin publishes bitcoin ATM first, OKCoin publishes bitcoin ATM also. 昨天晚上OKCoin宣布OKCoin与比特海洋共同研发推出了国内第一台具有自主知识产权的比特币自动贩售机，实现了关键技术的创新与突破，网友可以到5月10日的比特币国际峰会OKCoin展位观看。
OKCoin是第二家宣布推出比特币ATM机的比特币交易平台，4月12日比特币中国宣布将于4月15日举行比特币ATM新品发布会。虽然名称是比特币ATM机，实际上还是称为比特币自动贩售机比较合适，因为这个机器的主要功能是完成交易，而非提取资金。 比特币中国推出比特币ATM机已经出乎意料，OKCoin也推出比特币ATM机更加让人难以揣测比特币交易平台的意图。比特币ATM机生产周期比较长，研发成本高昂，市场需求到目前仍然比较少，而且相对于交易平台，还有更为专业的比特币ATM机厂商，所以比特币交易平台进军比特币ATM机市场的意愿应该不会太高。 因为比特币ATM机的主要功能是完成交易，比特币ATM机可以看成是比特币交易平台对自身线上业务的延伸；4.15事件已经影响到整个比特币的生态系统，所以比特币交易平台也也可以看成是对4.15风波所采取的一种应对措施；而比特币ATM机自身的轰动效应，可以为厂商带来一个良好的宣传机会。上述都有可能是比特币交易平台推出ATM机的原因。但比特币的受众群体太少，而且分布分散，即使部分地区比较集中，对比特币ATM机的需求量总体而言仍是非常小的，而比特币线上交易的便利性又远远大于线下交易，所以ATM机的推出的象征意义应该远远大于实际意义。
评论：风声如此之紧，推出ATM，是要指明比特币未来发展趋势吗？
本文固定链接: 三个硬币 | http://ift.tt/1sYHuqe
submitted by freepublic
[link] [5 commentaires]
from Bitcoin http://ift.tt/1sYM482
Enough with the outpouring of blind, good faith. Bitcoin related companies are no better than anybody else.
I'm reading about yet the latest, apparent bitcoin related scam and thinking about how so many of these companies not only benefit from but actually depend on the blind faith of bitcoin enthusiasts to give them the air of legitimacy.
People, there have always been scam artists and there will always be. And the first thing a scam artist does is gain your trust, make you somehow identify with them. So what's happening? Every scammer out there is trying to figure out how to grab everybody's bitcoins by appealing to their pride and enthusiasm for bitcoin. And we have to take some responsibility.
We've got to stop get over excited or even giddy every time somebody announces their new bitcoin business. We have to stop proclaiming how delirious we are because we will be able to do whatever is being promised by whatever company, just because they promised. We have to hold every single bitcoin related company to the same level of expectations as we would any company. Every single company must be held to normal standards.
Don't pre-order. Don't send your bitcoins to unproven entities. Don't give companies free publicity. Demand companies prove the legitimacy of their services or products before you even think about spending bitcoin or money with them.
Stop the madness!
submitted by lizardflix
[link] [1 commentaire]
from Bitcoin http://ift.tt/1iLEAOC
Instead of sounding Anti-Government, we should sound Pro-Privacy.
Most decentralized projects I follow tend to be openly anti-government snooping. Dark wallets, decentralized storage, and other blockchain-based concepts all tout similar manifestos.
If you're protected against government snooping, you're most likely protected from hackers and other shady groups. Cryptographic privacy isn't just protection from government, but from organizations that would use the same loopholes.
One uphill battle I always come across in explaining this technology to people is the ol' "Why do you feel like you need to hide from the government?" Can't we just bypass this all together and say its more protection all around? We're not just safer from government, but from hackers, from disgruntled Dropbox employees, from anyone snooping at our lives.
There are a lot of people who trust government, and they should know that these new technologies can protect them too.
submitted by mxisaac
[link] [1 commentaire]
from Bitcoin http://ift.tt/1kOPNDN
How I feel about the Bitcoin Expo after the last day
Overall, the convention was great. A lot of great speakers showed up and most of the talks were rather interesting.
What was the takeaway from the last day:
- Reiteration on the points of Crypto 2.0 currencies - application-specific currencies are right around the corner
- Industry standards for securing people's funds are coming
- The pace new ideas and concepts are being developed in the Bitcoin space is really fast. People are churning out more and more applications unheard of before all the time
- Global Bitcoin Alliance is a good development in the Bitcoin space in answer to the Bitcoin Foundation
- Bitcoin Alliance of Canada increased its number of directors and there are now representants in it from most of the provinces
submitted by ThePiachu
[link] [commenter]
from Bitcoin http://ift.tt/1quTkWR
I just signed up with coinkite, and I have to say I am impressed!
I especially like the debit card and terminal system. I'd definitely recommend it.
submitted by MONEYMAN1298
[link] [2 commentaires]
from Bitcoin http://ift.tt/1hDcSan
![We just uploaded a new Follow The Coin video! [Bitcoin Below $400, Massive Security Breach, 4,000 Merchants, and Congress]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_vQiFeIchXkkpZwZ_jxWhv7F3fEQCkiQJHd28LQXmJN1D7SGEjC3LWDW73RGwUoy8gilLEhp8EhuA=s0-d "We just uploaded a new Follow The Coin video! [Bitcoin Below $400, Massive Security Breach, 4,000 Merchants, and Congress]")
Bitcoin tax question - LIFO to FIFO
I did trades last year assuming I could do LIFO - I accumulated coins untul I reached my cold storage goal - and then I bought a few more and traded with those for a couple.of.months -- but I could have Easily churned through a huge amount of buys/sells! !
Easily dwarfing the initial value!
I think if I go FIFO I would have to sell a vast amount of.my assets to cover the tax.
But if I go LIFO its probably not a problem!
Okay to do LIFO?
And if the IRS gets mean in the future .. can I convert LIFO to FIFO or am I stuck for life?
Sorry about typos Im editting this using a potato
submitted by walloon5
[link] [4 commentaires]
from Bitcoin http://ift.tt/1hDcSaf
If you're certain Bitcoin will crash to $0, but you're not shorting it, then I don't need to hear your investing advice.
There are many posters in /r/Bitcoin who hold strong beliefs that Bitcoin will be worthless in the future.
They use that as justification to stay out of the Bitcoin market, thinking they're making a wise decision. And they spend meaningful amounts of their time writing about it here, thinking they're providing a public service (or just being dicks).
But the fact is: If you're certain Bitcoin will fall in value to $0, then you're missing the greatest investing opportunity of your life by not short selling it.
So put up or shut up.
Either short sell Bitcoin and tell us all about how much money you're making, or find something else to occupy your time. Life is too short to spend it trolling web forums.
[And if you're the one person reading this who feels that, for any reason, what I've written doesn't apply to you, then it doesn't apply to you. So relax.]
submitted by goodnews_everybody
[link] [36 commentaires]
from Bitcoin http://ift.tt/1eygoCH
Yesterday we had the lowest transaction volume since early November
Just had a personal experience at the bank that I hope BItcoin can help to avoid in the future.
I went to the bank earlier to get cashier checks to send off with my taxes this week. After the teller withdrew the total amount from my account (~$14k), her computer froze during the check printing process leaving my funds in limbo.
Fortunately the supervisor was able to fix it after a half hour wait, but it was terrifying enough to see why Bitcoin and having control over my own money is so important.
I really hope we get to a future where simple transactions like this are in the hands of the people who own the funds and not a third-party. Even better, if I could just pay my taxes with BTC :)
submitted by marlon_brando_diet
[link] [3 commentaires]
from Bitcoin http://ift.tt/1gqm0cV
[ANN] Cryptoauction - A Multisignature Bitcoin Auction Site
Announcing Cryptoauction
Hello All,
I am writing to announce the startup of Cryptoauction, a Bitcoin auction site with a difference. We use multisignature escrow accounts. What does this mean for you. Well it means that for an escrow account you have a private key which we don't store and we have a system private key for the item and both are required to finalise the payment. So when you place your funds in escrow with us for an item there is no single point of failure as there would be with a "hot wallet" system.
Cryptoauction is the only auction site that offers this facility so far and we feel that multisignature escrow accounts are more efficient than cold storage.
Come have a look and try out the user friendly platform.
We offer
• Free listing • 2.9% Sales commission capped at a maximum commission of Eur 100 • Multisignature Item Escrow Accounts • Fully automatic payment processing • Seller review and dispute resolution system
Give us you feedback. Enjoy!
Thank you,
The Cryptoauction Team
submitted by Cryptoauction
[link] [commenter]
from Bitcoin http://ift.tt/1sWLCHb
My wife is complaining that the house is cold.... because we sold our bitcoin miners...
And before she was complaining that the house was too noisy... because we had bitcoin miners...
can't win.
submitted by lukerayes08
[link] [6 commentaires]
from Bitcoin http://ift.tt/1kMsNVR
I will be in NYC today for work, where are the tastiest places I treat my co-workers for lunch/dinner with BTC?
We will be in the Times Square/MSG area today, working at the Knicks game tonight.
I want to show them how easy and powerful Bitcoin can be, by taking them out to eat/drink. We aren't picky eaters/drinkers; doesn't have to be flashy.
I know I can look at the map of businesses, but I figured I'd get some good recs from /r/Bitcoin.
submitted by tr4velman
[link] [6 commentaires]
from Bitcoin http://ift.tt/1sWdP0T
There, BTC-e tweeted. Can you please stop the fear mongering now?
People using Bitstamp, how are things goiing?
Is Bitstamp working well? Is it without bugs or lags? Withdrawals and Deposits working fine and fast? Also, remembered to not leave your Bitcoins there if you are not a daytrader?
submitted by SrPeixinho
[link] [3 commentaires]
from Bitcoin http://ift.tt/1eA7a3a
my attempt at a sidechain explanation
disclaimer: I am not involved with the project at all and am also just wrapping my head around it like everyone else. prepare for text wall
Ok, so basically you would have the bitcoin network, and then an alternate network. Very similar to what we have already with the alt-coins. Each one with its own blockchain, token, set of rules etc.. However, instead of the primary difference being the different mining algorithms (SHA vs scrypt, or proof of stake, etc.), the main difference would be that the alt-chain mining process would not generate new coins, only collect transaction fees (which would probably be higher).
In order for a coin to be created on the side-chain, BTC would have to be suspended/frozen using a "transfer" protocol, which would provide cryptographic proof to the alternate network (which must follow the same rules for what counts as proof) that the coin was unspendable on main-net, and thus unlocking the equivalent token in the side-chain network. Same process would work vice versa for unlocking that same BTC (which might not be done by the same person). Coin moving out of a side-chain and back into main-net would have to reference the BTC that moved in.
This actually has quite a few implications. For one, it opens up a massive amount of possibilities to extend the BTC network. For another it helps to limit the overall money supply of cryptos (normal alts will probably always be around though), which may or may not be controversial to you. It basically eliminates the entire initial mining & speculative race during the early days (or most/all) of the alt-coins lifetime. It also eliminates the need for using an exchange to get that coin onto that alternate network. You can just go straight from BTC -> Alt wallet. The ultimate decentralized exchange. All thats needed is for the alternate network to follow the same transfer protocol
Any coin moved into a side-chain can still be at risk. Just like right now if you invest (usually only way is with BTC anyways) or move into an alt-coin, if the exchange you are keeping your coin on or the alt-coin ends up failing for whatever reason, you will lose your money. You still have to have some level of trust in the network you are moving money in to. The main difference being that you don't need to use an exchange, and you know as long as you have access to the coin on the alt-chain, you can transfer back into BTC.
The merged mining aspect seems to be getting a lot of attention. From what I understand though it's just a method of bootstrapping the side-chain to take advantage of the massive hashing power. I dont think this would be required though, because mining doesnt have anything to do really with the transfer protocol that would be used. There is no reason that you couldnt have a scrypt based mining system instead, or another algorithm. Transaction fees would be gathered in whatever the bitcoin-pegged alternate token is, then miners could convert it to regular BTC if they want.
The bitcoin - side-chain peg doesnt even have to be 1:1 either, it just has to be fixed. You could have it 1:100 or 1:1000 if you want. I think probably as long as 1 side-chain unit doesn't convert into less than 1 satoshi it should be good.
You can actually get around the whole money supply issue also. There is the possibility of having "secondary tokens". Since the side-chain network could have its own set of rules, own blockchain etc., why couldnt it support 2 types of tokens? One being the bitcoin pegged token, and the other being a network specific token, incompatible with the main bitcoin network, and could even be awarded just like normal alts as part of the mining process, or have other functions.
An example of a use case for secondary tokens in a side chain... Counterparty implemented into side-chain. Right now, Counterparty is built on top of the bitcoin network. It operates with bitcoin, but also has its own limited currency called XCP. The system works and is live and running now (http://counterwallet.co - web wallet), but a major problem it has is that in order to do anything or even see anything happen, you need to wait for confirmations to occur. Amount of data that can be recorded in each transaction is very limited, and it costs multiple transaction fees to do stuff. Also if you have pending exchange orders in escrow, any other transactions you send won't confirm until the orders expires or is completed, due to the spending of unspent outputs.
So if Counterparty was implemented on a sidechain... you could have the bitcoin-pegged side-chain token called.... bitcoin (BTC). Anyone who wanted to use counterparty could transfer their bitcoin into or out of the counterparty network. It would then have a secondary token (XCP). Since all XCP was already created during the "burn" period back in january, any XCP in the new side-chain network would have to come from XCP on the main bitcoin network being "burned" (one way) into the new network using a similar process. The whole counterparty protocol would then work just like it is now, except they could store much more data in each transaction (instead of being limited to 40 byes), easily push out new features and could enjoy very short block times to allow for quick and painless decentralized asset trading
Thats all I got right now. What do you guys think?
Sorry, no tl;dr on this one
submitted by cryptonaut420
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[POSSIBLE WARNING] Is 50BTC.com a scammer?
Hi,
today I woke up to the fact that ALL my bitcoins at 50BTC.COM went missing:
This is impossible since I've NEVER withdrawn any BTC!
Is this a scam?
This is why all pools should lower their payouts!! 0.01 is very high!
Edit: I turned off my miners and now this is what shows up in my balance: http://ift.tt/1sVTZ5Y
submitted by nemewsys
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Accepting Bitcoin as a Canadian Charity
What's the process for accepting bitcoin by a recognized Canadian Charity for donors to use? We use Canada helps for our on-line tool, but wondered where I might find a link to create a separated page to accept both tax receipt-able donations and anonymous (ergo no receipt) donations.
submitted by Cayocosta
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from Bitcoin http://ift.tt/1kLj16x
