BitCoin / LiteCoin
Discussion
tertius said:
hornet said:
tertius said:
If the coins are "in" your local wallet.dat then they aren't on Gox are they?
I put "in" in quotes as the coins are never really in the wallet, but I'm sure you know what I mean.
What I think I was getting at is do (did?) your coins on Gox sit in "your" address with its own private key, or just a Gox address which then administered transactions on your behalf? Never been anywhere near it, so didn't know. Probably a stupid question, but you never know until you ask I put "in" in quotes as the coins are never really in the wallet, but I'm sure you know what I mean.
wheelerc said:
Yes, that is the risk with bitquick.co. It's reduced by sellers transferring their coins to bitquick.co who hold them in escrow, but I assume it's still possible for the seller to simply say they haven't received the bank transfer. I assume you'd have to then each argue your case with bitquick.co.
I did send them an general enquiry email to test their customer service before making the payment and they responded well, within 15 mins.
I received confirmation from bitquick.co that the seller had confirmed the transaction last night, around 36 hours after I made the payment via online banking, and now have my first 0.495 BTC in my wallet
You can also use something like localbitcoins where you meet up with people and exchange cash for coins face-to-face, where there is less risk of the transaction going wrong, but more risk of being mugged.
When you sell via Localbitcoins its via online transfer, with your cash held in escrow until you confirm you receive the funds. Don't see an issue with that.I did send them an general enquiry email to test their customer service before making the payment and they responded well, within 15 mins.
I received confirmation from bitquick.co that the seller had confirmed the transaction last night, around 36 hours after I made the payment via online banking, and now have my first 0.495 BTC in my wallet
You can also use something like localbitcoins where you meet up with people and exchange cash for coins face-to-face, where there is less risk of the transaction going wrong, but more risk of being mugged.
I've used it, and worked fine - took about 10 minutes with messages to keep you informed of status
Davo456gt said:
wheelerc said:
Yes, that is the risk with bitquick.co. It's reduced by sellers transferring their coins to bitquick.co who hold them in escrow, but I assume it's still possible for the seller to simply say they haven't received the bank transfer. I assume you'd have to then each argue your case with bitquick.co.
I did send them an general enquiry email to test their customer service before making the payment and they responded well, within 15 mins.
I received confirmation from bitquick.co that the seller had confirmed the transaction last night, around 36 hours after I made the payment via online banking, and now have my first 0.495 BTC in my wallet
You can also use something like localbitcoins where you meet up with people and exchange cash for coins face-to-face, where there is less risk of the transaction going wrong, but more risk of being mugged.
When you sell via Localbitcoins its via online transfer, with your cash held in escrow until you confirm you receive the funds. Don't see an issue with that.I did send them an general enquiry email to test their customer service before making the payment and they responded well, within 15 mins.
I received confirmation from bitquick.co that the seller had confirmed the transaction last night, around 36 hours after I made the payment via online banking, and now have my first 0.495 BTC in my wallet
You can also use something like localbitcoins where you meet up with people and exchange cash for coins face-to-face, where there is less risk of the transaction going wrong, but more risk of being mugged.
I've used it, and worked fine - took about 10 minutes with messages to keep you informed of status
MtGox latest:
http://m.bbc.co.uk/news/technology-25233230
Going to be some very angry people. Wonder if this will shake the value of all crypto currencies?
http://m.bbc.co.uk/news/technology-25233230
Going to be some very angry people. Wonder if this will shake the value of all crypto currencies?
Perhaps I'm just cynical however the 'we lost $350m because of a security loophole' sounds a rather convenient way to siphon off the funds yourself and then cry foul play. Not involved with digital currency (yet) however watching with interest - find the whole concept is fascinating.
BlackLabel said:
Perhaps I'm just cynical however the 'we lost $350m because of a security loophole' sounds a rather convenient way to siphon off the funds yourself and then cry foul play. Not involved with digital currency (yet) however watching with interest - find the whole concept is fascinating.
Why not dip your toe in with some CPU mining on your own pc ? dogecoin can harvest a handful of coins even on a slow pc per day. So Gox has filed for bankruptcy protection with debts of $63m. On the face of it, I guess you'd call that a massive blow for bitcoin, but then you remember RBS losing $42bn over the last few years...
Still learning the ins and outs of the protocol, but I'm struggling to see how the cited double spend issue could lose the amount of coins they claim have gone missing? I've read analysis that suggests that's an average of 500 coins a day for several years, which just doesn't seem feasible? The whole thing is either massive negligence/incompetence, criminality or a bit of both. If the former, the impression I get is the operation had got way too big for the skills of the people running it, but rather than hold their hands up and ask for help, they tried to fix things behind closed doors, making the problem many times worse. If the latter, I'm wondering if there was a bad actor exploiting the security/lack of governance issues to sneak funds out the back door? Still learning the ins and out of the protocol, but given the transparency of the blockchain, shouldn't all "lost" coins be traceable, or will the trail end at a mixing service?
Be interesting to see how the price reacts over the next few days, and how other coins react. I guess depending on your outlook, it's either going to be a great buying opportunity or a "brave Sir Robin ran away!" moment.
Still learning the ins and outs of the protocol, but I'm struggling to see how the cited double spend issue could lose the amount of coins they claim have gone missing? I've read analysis that suggests that's an average of 500 coins a day for several years, which just doesn't seem feasible? The whole thing is either massive negligence/incompetence, criminality or a bit of both. If the former, the impression I get is the operation had got way too big for the skills of the people running it, but rather than hold their hands up and ask for help, they tried to fix things behind closed doors, making the problem many times worse. If the latter, I'm wondering if there was a bad actor exploiting the security/lack of governance issues to sneak funds out the back door? Still learning the ins and out of the protocol, but given the transparency of the blockchain, shouldn't all "lost" coins be traceable, or will the trail end at a mixing service?
Be interesting to see how the price reacts over the next few days, and how other coins react. I guess depending on your outlook, it's either going to be a great buying opportunity or a "brave Sir Robin ran away!" moment.
hornet said:
So Gox has filed for bankruptcy protection with debts of $63m. On the face of it, I guess you'd call that a massive blow for bitcoin, but then you remember RBS losing $42bn over the last few years...
Still learning the ins and outs of the protocol, but I'm struggling to see how the cited double spend issue could lose the amount of coins they claim have gone missing? I've read analysis that suggests that's an average of 500 coins a day for several years, which just doesn't seem feasible? The whole thing is either massive negligence/incompetence, criminality or a bit of both. If the former, the impression I get is the operation had got way too big for the skills of the people running it, but rather than hold their hands up and ask for help, they tried to fix things behind closed doors, making the problem many times worse. If the latter, I'm wondering if there was a bad actor exploiting the security/lack of governance issues to sneak funds out the back door? Still learning the ins and out of the protocol, but given the transparency of the blockchain, shouldn't all "lost" coins be traceable, or will the trail end at a mixing service?
Be interesting to see how the price reacts over the next few days, and how other coins react. I guess depending on your outlook, it's either going to be a great buying opportunity or a "brave Sir Robin ran away!" moment.
From what I understand your assumption is right. MTGox got to where it is with first mover advantage, they're not a seriously backed company like coinbase.Still learning the ins and outs of the protocol, but I'm struggling to see how the cited double spend issue could lose the amount of coins they claim have gone missing? I've read analysis that suggests that's an average of 500 coins a day for several years, which just doesn't seem feasible? The whole thing is either massive negligence/incompetence, criminality or a bit of both. If the former, the impression I get is the operation had got way too big for the skills of the people running it, but rather than hold their hands up and ask for help, they tried to fix things behind closed doors, making the problem many times worse. If the latter, I'm wondering if there was a bad actor exploiting the security/lack of governance issues to sneak funds out the back door? Still learning the ins and out of the protocol, but given the transparency of the blockchain, shouldn't all "lost" coins be traceable, or will the trail end at a mixing service?
Be interesting to see how the price reacts over the next few days, and how other coins react. I guess depending on your outlook, it's either going to be a great buying opportunity or a "brave Sir Robin ran away!" moment.
Some good comments here:
http://www.reddit.com/r/investing/comments/1z6djo/...
Yes, it's astonishing, isn't it? Who'd've guessed?? 
jon- said:
From what I understand your assumption is right. MTGox got to where it is with first mover advantage, they're not a seriously backed company like coinbase.
Some good comments here:
http://www.reddit.com/r/investing/comments/1z6djo/...
In a way, it's possibly one of the best things that could happen to the whole crypto ecosphere. If bitcoin et al are going to develop, these sort of failures will shake out the poor businesses plus highlight areas to be tightened up. Little consolation if you've just lost the lot in Gox, but then holding all your funds in an online exchange in an unregulated sector isn't exactly the smartest thing in the world. I'm dabbling in three or four coins that interest me, but christ, I have a mortgage, so it's only with amounts I'm happy to lose!Some good comments here:
http://www.reddit.com/r/investing/comments/1z6djo/...
hornet said:
jon- said:
From what I understand your assumption is right. MTGox got to where it is with first mover advantage, they're not a seriously backed company like coinbase.
Some good comments here:
http://www.reddit.com/r/investing/comments/1z6djo/...
In a way, it's possibly one of the best things that could happen to the whole crypto ecosphere. If bitcoin et al are going to develop, these sort of failures will shake out the poor businesses plus highlight areas to be tightened up. Little consolation if you've just lost the lot in Gox, but then holding all your funds in an online exchange in an unregulated sector isn't exactly the smartest thing in the world. I'm dabbling in three or four coins that interest me, but christ, I have a mortgage, so it's only with amounts I'm happy to lose!Some good comments here:
http://www.reddit.com/r/investing/comments/1z6djo/...
I'm in the same position. But I guess that is also why I'll never be rich ...
TheExcession said:
Would any of you who set up gpu mining recently comment on how you are getting on. Thanks
What are you mining and how (solo vs pool etc.)?I have c. 450 kh/s and mined Cryptographic Anomoly from launch and did pretty well with that.
Usually I mine on wafflepool which is a profit switching pool and generally get around 0.004 BTC / day.
I'm planning to stop mining entirely at the end of the month, it was only a bit of fun for me and I'm tired of having the machine on all the time.
I've got 2400kh/s over 5 GPUs mining Litecoin - about 0.7/day at the mo - but looking at switching to another coin - or even a cleverer coin switching tool or pool
I also run the motherboard i5 CPU for Casinocoin, and have tried Feathercoin (no better or worse than Litecoin).
I also have a 11GHs bit coin rig, that I may get rid of - its not as interesting as tuning the GPUs and you basically only have 3 coins to choose from.
I also run the motherboard i5 CPU for Casinocoin, and have tried Feathercoin (no better or worse than Litecoin).
I also have a 11GHs bit coin rig, that I may get rid of - its not as interesting as tuning the GPUs and you basically only have 3 coins to choose from.
Davo456gt said:
I've got 2400kh/s over 5 GPUs mining Litecoin - about 0.7/day at the mo - but looking at switching to another coin - or even a cleverer coin switching tool or pool
I also run the motherboard i5 CPU for Casinocoin, and have tried Feathercoin (no better or worse than Litecoin).
I also have a 11GHs bit coin rig, that I may get rid of - its not as interesting as tuning the GPUs and you basically only have 3 coins to choose from.
There are loads of SHA coins, more than three anyway ... I also run the motherboard i5 CPU for Casinocoin, and have tried Feathercoin (no better or worse than Litecoin).
I also have a 11GHs bit coin rig, that I may get rid of - its not as interesting as tuning the GPUs and you basically only have 3 coins to choose from.
... Version, released at the weekend looks a little bit more interesting than most.I've read the estimates about bitcoin being worth squidillions due to, say, capturing 1% of the total money supply...
But there are potentially infinite, or at least a very large number, of rival coins and versions of bitcoins...each one competing for the same money supply.
Supply and demand suggests that it will always be cheaper for someone to start a new coin than buy an existing one to get into that particular coin. Therefore won't the value of any one coin (the primary coin) always erode as more and more alternative versions appear in the market?
But there are potentially infinite, or at least a very large number, of rival coins and versions of bitcoins...each one competing for the same money supply.
Supply and demand suggests that it will always be cheaper for someone to start a new coin than buy an existing one to get into that particular coin. Therefore won't the value of any one coin (the primary coin) always erode as more and more alternative versions appear in the market?
Irrotational said:
Supply and demand suggests that it will always be cheaper for someone to start a new coin than buy an existing one
Looks that way - but you if you have no one interested in your currency (crypto coin) then no one will use it.I could start 10 alt-coins tomorrow and pre-mine all of them - but how do I get people to start using them? Well if I was Boots or Marks&Spencer or Tesco etc etc they could have value.
Now Flexcoin hacked to death and Poloniex damaged.
Flexcoin "admits it does not have resources to cover loss of 896 bitcoin worth £365,000 stolen in raid"... despite crowing loudly about MtGox demise.
Flexcoin "admits it does not have resources to cover loss of 896 bitcoin worth £365,000 stolen in raid"... despite crowing loudly about MtGox demise.
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