Could I deposit Bitcoins into Cryptsy from Coinbase? : Bitcoin

How to deposit bitcoins into Cryptsy?

Anyone know where the deposit link is on cryptsy?
Or if the site is down? Thanks
submitted by GoneGalt to Bitcoin [link] [comments]

Bob The Magic Custodian



Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses.
Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes.

First, some background. Here is a summary of how custodians make us more secure:

Previously, we might give Alice our crypto assets to hold. There were risks:

But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
See - all problems are solved! All we have to worry about now is:
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are!

"On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid".
"Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since."

"As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!"
"Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?"

"Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party."
"Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!"

"What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven."
"Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!"

"We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies.
And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often".

How many holes have to exist for your funds to get stolen?
Just one.

Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so?
If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security.

The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle.

And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet?

Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds.
So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever.

Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see.
It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation.
A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.

History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance.
Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.)
Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive.

Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today.
Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well.
Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do.

Facts/background/sources (skip if you like):



Thoughts?
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

How to accept Dogecoin with your business, and why. A few pointers.

THE UPDATED VERSION OF THIS POST CAN BE FOUND HERE.
You are a business owner and sell goods or services. You heard about Dogecoin. You wonder how you can use it in your business. This thread is for you.
If you have no idea what Dogecoin is, read up on it here (click). In short, it is a digital currency that is perfect for everyday use. Read on if you want to know why it would be good for your enterprise.
Why should I accept payments in Dogecoin? 
Dogecoin offers you:
Dogecoin can be exchanged to national currencies. You can do this easily by yourself or use the automatic conversion offered by some payment processors (all is explained further down). You can also just keep your Dogecoin and spend it or offer it to your employees! :)
Dogecoin is fun and it gets ever more useful the more people like you use and accept it. There are other merchants who have gone this path before you - you can read interviews about them and their experiences on this blog. You can also talk with other merchants in /dogevendors, check out these testimonials ([1, 2], 3), search this subreddit and post any questions you have right here!
I want to accept donations. What are my options? 
Just download the client and put up the wallet address up on your page with donation info. Done! That's it! If you want something snazzy, check out this widget or this one (or this one) (or this one).
If you need to track who sent you how much money (for goodies and that), you could ask that donators tell you that they're sending you a very specific amount of coins (e.g. 100.424242), and match it to their name. However, this can be abused as your transaction history is public. If you're actually selling stuff, check out the next section instead.
I sell stuff online. What are my options? 
You have a lot! It boils down to one of these:
The last option can be interesting if you don't have your own web store, are selling digital goods and/or are just selling on as a side business. If your business is your main income, handling payment yourself is probably better.
1) Manually processing transactions
All you need for this is a Dogecoin wallet. You simply generate a payment address for each of your customers, send it to them and confirm that your coins arrived at the address. This is super fast to set up and there is absolutely no commitment.
If you just want to try it out before investing a lot of effort, just set up a wallet (either with the Dogecoin desktop client or an online wallet (listed under Browser "here") and let your customers know that they can now pay with Dogecoin. You can use some of these buttons if you wish( 1 2 3 4 5) and browse this asset repository of useful artwork. The graphical interface is still being developed, but you can browse the files and find license information already :)
2) Automatically processing transactions
Check out the section on APIs and payment processors further down!
3) Selling stuff through a 3rd-party site
There are a number of sites that function a lot like eBay, Etsy and Xmart. You enter your products and they handle the payment and web store stuff. This is most convenient if you have digital goods to sell (music, books...) and want to send them out automatically.
If you are an Etsy user who wants to accept Dogecoin, click here.
I sell from a physical store or location. What are my options? 
All you need is an internet connection in your store and a web-capable device, such as a mobile phone, cheap tablet or a nearby PC. On-site, your customers can send you coins using their phone, or you can sell coupons for your goods online in advance.
DogePos is a point-of-sales app that is open source and Koupah announced that they will accept Doge as well. You can use or apply for all of these tools right now! Either way, all you need is a way to 1) convert a USD price into Doge, and to 2) check that the coins have arrived in your wallet.
To check your wallet balance and Doge prices, you can use the app MyDOGE oniPhones and iPads, and this app on Android devices. This is one of many useful price converter websites you can bookmark. Checking your balance on the PC can be done with the wallet client.
If you want to sell your goods or coupons for them online, it might be easiest use a ready-made stores capable of digital distribution. Check point "3)" in the above section for some options.
Dogecoin payment processors, APIs, checkouts 
Currently, the established platforms accepting Dogecoin seem to be these:
I'm trying a tentative summary here to save you some research, but I'd appreciate comments a lot. None of the three have setup or monthly fees (except some optional subscriptions).
GoCoin:
Coinpayments:
You can probably find people who have used one of these in this thread. This guy volunteered his code for automatic currency conversion and his help setting up the plugin for OpenCart, for example!
If you are tech-inclined, you could run your own payment server with dogecoind and an API like this. This is not yet ready for laypeople though, so don't do that unless you want to get messy.
Exchanging Doge to USD/EUGBP/other national currencies 
If you don't have your payment processor do it for you, at some point you will want to get your Doge converted to your currency of choice, which you should do at an exchange. Keep in mind that you will have to get registered and verified at the exchange, which can take up to a week.
Transfers to and from national currency can take a few days, but trading and transferring digital currencies is very fast and usually near-instant. The following exchanges let you trade your Doge for national currency directly (last updated Sep 17):
If your currency is not listed above, you can either sell your Doge here, or exchange them to Bitcoin and then sell those. I find Kraken (EUR, KRW, USD) to be the best option for EUR, but you can sell Doge for BTC on all of the exchanges mentioned above, or choose one from this list. To sell BTC for national currency, you can also go to Justcoin or LocalBitcoins. There are many similar sites - just pick the one you like best!
Things get developed incredibly fast and Dogecoin is not even a year old. This will only get easier, so keep checking back! Justcoin is looking to trade Dogecoin to national currency, and others are sure to follow.
Alright! How do I promote my business now that I accept Dogecoin? 
Note that there's a collection of Dogecoin artwork and assets for you to use in this repository, complete with license information so you can design your promotions and website with it.
1) Submit your business to these directories:
2) If you are a brick-and-mortar store, mark your business on these maps [1, 2]. Post if you have problems!
3) Make a promotion post in one of these subreddits:
You will get views, especially if you offer an interesting product or a Doge-related promotion. Hint: the best promotion is to offer a few % off for all Dogecoin purchases. Also post and comment to this just to discuss your plans and ask your questions. Come talk to us here and in /dogevendors, we are a fun community :)
This post is not updated anymore. Check the thread linked at the top of this post for the newest version. The last big edits were on Aug 4 (DogeAPI, Prelude) and Sep 17 (Updates on exchanges and websites) and Oct 22 (Moolah).
submitted by animeturtles to dogecoin [link] [comments]

[ELI5] Extracting Privkeys from QT/Core

We have a constant stream of people coming back after abandoning Dogecoin and the sub in 2014 when the price fell. These people all have old versions of QT and are now basically trying to recover their coins, presumably to cash out and abandon us again. This is causing strain for the network, as far more people are trying to leech blocks than seed them.
The thing is, none of this is necessary. Especially if you're just going to dump coins. With resources such as https://coinb.in/#settings all you need are your private keys, and you can create, sign and broadcast transactions yourself. No client required, let alone one as resource-hungry as QT.

"So, how do I get my keys?"

First of all, lets talk about data management. The overwhelming majority of coins are not lost through theft, especially direct theft of wallets (as distinct from wholesale thefts/scams/implosions like Moolah, GAW, MtGox, Cryptsy, and even our own beloved Dogetipbot). Most coins are lost because people forget about their wallets and do silly things like reformat hard drives, lose passwords and so on.
So, everyone should have a wallet list. Here is a sample bit of HTML that gives you a page with two columns of wallets, one for local wallets you would withdraw coins to, the other the third-party wallets you would deposit coins to third parties through (do note that many services use temporary addresses generated for deposits which expire after 24h or so). A page like this is how I manage my 100+ wallets, and I have copies on my network and hidden online. Such a page makes it easy to at least keep track of all your wallets, for a trivial amount of work to set up.
 
 Sample - Twitter Fr DFXXz9gq3WkgJaHn9tXRChMhFQcwm4Y251 To DByYgzd4ec5Ku9vPag8XqoBfyRpsoj8Xs3 @TipDoge Sample - Backslash Fr DSDyv83VC1QtEnmJ4ATKFn5Sw3iC12VLmX To D9MsxSyJe5Mq7fWFRpC7zQQt1gexHccN4w Backslash To DJ3GL68kw8vh99RvxnEmQKE8A3cWRoEEqo Backslash Faucet Sample - Block.io To DE5QamzWVnxK2HmCS61cUsrn9iwgTArunU Block.io 

"OK, great, so now I have a list of my wallets. Now what?"

Now you're going to need the private keys for each of those wallets. Obviously you're not going to store these in a public place though. So you will need a separate file, which can just be plain text. Copy each of those addresses into it.
Now go ahead and fire up QT. If you haven't synced it in 3 years, its going to take forever, but that doesn't matter. You don't actually need the blockchain for this, so you don't have to wait for it to catch up.
Open up the console which is in the Help menu. Then give the command dumpprivkey with the wallet address you want the key to. Then use the up-arrow key to bring that command back, replace the address with the next one, and keep going until you have them all.
It will look something like this:
 13:05:18 Welcome to the Dogecoin RPC console. Use up and down arrows to navigate history, and Ctrl-L to clear screen. Type help for an overview of available commands. 13:11:06 dumpprivkey D9xDcRthB6XP4vRGqiyKdDfVJ7CWhYuBBi 13:11:06 6KEcssuq1wWUrFVmMF8yDxHuAdQMiRezz53zDxADLmyoXnix7iM 13:12:00 dumpprivkey DUDARNrGHVTFcCgriwRWgDQJPKDuDQr9jg 13:12:00 6JNk6NNFZcr49fbsD2jcTfTxFLjJKq9DHQ5JU8CYeZ2Cz6JdKMY 13:12:25 dumpprivkey DG6xnwCT6BXePaySqU85XocobZmhbJczQH 13:12:25 6JNXFv95Mp9SzehHw9jojjdxHRNPeh77qCsRbaNwJZMp9MKCAu3 
Yes, those are real wallets. But don't bother trying to steal my coins, I just generated them on https://walletgenerator.net/ and they're empty.
That's basically it. All you need to do is add some descriptions of what the wallets are, pretty up the format to your liking, and save copies in multiple, secure places, including printed out.

Remember, if you lose your keys, OR someone else sees them, you lose your coins!

If those were my real wallets above, you could use the keys and spend my coins. So obviously, don't let anyone else, especially annoying little brothers, get their grubby hands on them. But also make sure they can be discovered if anything happens to you. That's why the printed copies... nobody is going to go trolling through your porn or warez collection on the offchance there's something valuable in there. But they will look in your safe or wherever you store other important documents. Just be sure to leave a note as to what they are and how to use them. Remember the woman who came here a couple years ago who had found a USB stick with 110 BTC in a locked wallet.dat on it from her dead husband? I sometimes wonder if she ever got the money. Don't be her. Or him.

"OK, great. Now I have my keys. What now?"

Well, you can spend coins using https://coinb.in/#settings from any wallet you have the keys to. First step is to choose the network. Dogecoin (mainnet) obviously. Then go to Transaction in the +New menu. Enter your address and hit the Load button. It will pull in the first 100 transactions. Now enter the address to pay, and the amount.
Note the Transaction Fee box!
You want this amount to be zero. Depending on whether you're moving coins to another of your wallets to consolidate them (a very good idea.. go read the UTXO ELI5, which you will find a couple pages into https://www.reddit.com/dogecoin/comments/4yts6h/start_here_for_much_wallet_wow/ - Yes, I'm going to make you work for it, cos there's tons of useful stuff there you need to know), or paying someone else, you may want to select which inputs to use.
Once you're happy with the transaction, go ahead and submit it. You will now get a block of text, which is the raw, unsigned transaction. Copy this. Go to the Sign tab. Paste it. Add your private key and Submit to sign it.
After a little bit, you will get a signed transaction. Copy it. Go to the Broadcast tab, paste it and hit Submit.
That's it. It should go into the next block in a minute or two. Yes, even without paying a mining fee. Our network is so lightly loaded that there are no contention issues like the Bitcoin people have to put up with.

"That's it? So why do I need QT?"

You don't. The process above is all that's involved in spending coins. Everything else is window dressing. So there is no need to run QT, or any other client. Oh, and since you can download the site and run it locally (mostly offline), there is no security issue beyond the usual keyloggers/spyware that can compromise anything. And by knowing how to do this, you are much better protected from accidental loss than someone who blindly trusts black boxes they don't understand.
Oh, one final thing... if you really want to help the network by seeding rather than leeching, go ahead and run a full node. Instructions are in that link above. AND you may want to help seed the bootstrap file torrent from a couple of days ago. Just because YOU don't need it, doesn't mean others don't, right?
submitted by Fulvio55 to dogecoin [link] [comments]

Of Wolves and Weasels - Day 189 - The State of Dogecoin

Hey all! GoodShibe... on Vacation!
Please enjoy this post by Guest Writer thistime1 and tip them well ;D)
Note: To tip them directly: +dogetipbot @thistime1 xxx doge verify
I have collected as much data as I could possibly find and contacted as many major players in the Dogecoin community as I could. I hope you all find this synthesis of information informative and worthy of discussion.
Anything that was announced in the few days before this was posted may not be included here, due to me working on this for the last 2 weeks! Sorry if I missed you.
I hope to do this again, maybe even as a quarterly report.
Please take all the information presented to you here and make your own conclusions about how important each piece of data is to YOUR view of Dogecoin.
Price
1 Doge = $0.00029 USD
Price would have to increase ~750% to be back at peak value ($0.0022/dogecoin).
COMPARED TO LITECOIN
1 LTC = $7.60 USD
Price would have to increase ~650% to be back at peak value ($48/litecoin).
Market Capitalization
7th of all digital currencies, ~$23 Million USD
Our market cap has been declining the last few months, most coin’s have. I am excited to know what our year-to-year price change will be as that is a better measure of change than the last 30 days.
For the past few days I have been trying to find a graph of the TOTAL market cap of all coins together over time.
I have a theory that not a lot of money is being put into cryptocurrencies at the moment, and the coins that go up in value are taking away value from others. What do you think?
I want to know if this is true, or if I am crazy. If that is somewhat true, there is a limit to how many coins will make it big.
I'd love to just see the total ALTCOIN market cap over time as well.
Hashrate/Halving
Hashrate = ~50GH/s
Oddly, this is about the same hashrate we had after the last halving! ASICs inbound…
I could not find what proportion of the SCRYPT hashrate we have over time, as that is the best measure of hashrate in relation to other coins.
I do have this though.
Litecoin’s hashrate is about 10 times larger than ours now.
The current block reward (recent halving) will create 90 Million Dogecoins/day or 38.7BTC at current prices.
This means that if ALL mined Dogecoins are sold every day they would only make up 3.8-7.5% off all transaction volume per day, which is around 500-1000BTC/day.
When the price stays the same, we can assume 250-500BTC of Dogecoins are bought or sold in that day. Therefore miners do not make up a large portion of the selling anymore, and they haven't for a while.
Another BIG assumption you have to make is that 38.7BTC cannot move markets. From my personally observations, the Cryptsy DOGE/BTC market controls the price of Dogecoin. I have watched the Chinese markets (BTC100, BTC38, BTER) respond to changes in price after they happen on Cryptsy. ~38BTC can have a HUGE impact on price if buy/sell walls are not there to support it.
We need more demand, but it is nice to have less pressure from miners anyways.
Liquidity is still much much higher with Litecoin though!
Transactions per Day
Dogecoin has more transactions per day Litecoin, and all other altcoins.
Sent from addresses
Dogecoin has more unique addresses sending coins per day than Litecoin, and all other altcoins.
Average Transaction Value
Average Litecoin transaction value for today was $9,380 USD.
Average Dogecoin transaction value for today was $122 USD.
Average Bitcoin transaction value for today was $3,250 USD.
http://bitinfocharts.com/comparison/transactionvalue-btc-ltc-doge.html Dogecoin is potentially being used exactly as intended. Lots of people sending small amounts of money to each other or things.
I am stunned that the AVERAGE person sending Litecoins that day, sent almost $10K.
That is 3x higher than Bitcoin. In fact, oddly, Litecoin always has a higher average transaction value than Bitcoin since the Bitcoin bubble in late 2013. Anybody know why?
We usually DO NOT have higher transaction volumes than Litecoin, but we do consistently have ~500-1000BTC/day that is transacted, putting Dogecoin in the top 5 most traded coins.
Dogecoin Address Growth
Dogecoin has also GAINED 14,653 positive addresses in the month of June, where Litecoin has LOST 33,875. (info from bitinfocharts and currency4world)
Wikipedia Statistics (http://stats.grok.se/)
Bitcoin traffic – Average ~9000 views in the last 90 days (highest 18614 views/day) – total views/90 days 819,193
Litecoin traffic – Average ~380 views in the last 90 days (highest 998 views/day) – total views/90 days 40,036
Dogecoin traffic – Average ~1200 views in the last 90 days (highest 8629 views/day) – total views/90 days 154,415
Circlejerking Statistics
Bitcoin recently surpassed 1 Yottahash, I believe we are up to almost 1 Yottajerk of circlejerking power. I am excited for a few years from now, when the QuantumJerk ASICs are released.
Every time I read someone calling /dogecoin a circlejerk I laugh, not because they are wrong, but because they are just stating the obvious.
Do you think there is someone in the corner of the room at NASA who just comments about how all they talk about is rockets and space?
If dreaming big and congratulating ourselves on our achievements is a circlejerk, then I guess it’s human to circlejerk. Every subreddit is a circlejerk, the only difference in /dogecoin is that you can get tips from circlejerking. (Is that prostitution?)
The main point of this section was to see how many times I could type circlejerk.
Foundation
The new Dogecoin Foundation is now a legal enitiy and will have a road map of working projects
Personally I would love to see someone from the Chinese Dogecoin community represented on the Foundation. They buy and sell a lot of Dogecoins Maybe just a liason position or something.
At the very least, during fundraisers, the Chinese community should be contacted to see if they want to help out!
Development
Dogecoin is the ONLY altcoin with the Core/Wallet/qt based off of Bitcoin 0.9. Dogecoin Core will be kept up to date and features from the Bitcoin Core will be adopted quickly. The devs are doing great so far, especially against coins with full-time PAID developers!
CrytoSaga
Unprecedented cryptocurrency modeling software will be written to test possible outcomes to changes in Dogecoin’s algorithm. Main candidates are PoS 2.0, Tendermint, and SIMD. To my knowledge, this has never been created before in all of cryptocurrency, and will definitely further highlight the abilities of Dogecoin’s development team.
A payment protocol is also being worked on.
Cryptiv
Dogetipbot
Twitch tipping with dogetipbot will go live soon! You can sign up to be invited to the beta, here.
After Twitch tipping goes live, there will be a huge announcement
I have followed what mohland and dvorwak have said about it, here.
Coingecko
Price might not be so encouraging at the moment, but stay faithful. Keep up the good work. Encourage more people to join. The community is something special. I have strong faith that it will be heading to the moon!
Coinplay.io
http://www.cryptocoinsnews.com/news/kansas-city-startup-incubator-partners-dogecoin-based-coinplay-io/2014/07/09
Suchlist
SnapCard
Buy ANYTHING in Dogecoins that is for sale online. Available in over 50 countries. Only BTC, LTC, DOGE, and XRP are supported.
WeSellDoges
Onarbor
The biggest new Onarbor feature announcement is ability to back and re-back works and reviews. This was the top request so we're glad to finally implement it. Coming soon will be more tailored feeds where we will allow people to follow creators that interest them (will allow TwitteFB/linkedin auth to find friends/colleagues).
What can Dogecoin do better?
Marketing
For a coin that has done some of the best marketing out there, we suck at getting major announcements across on multiple platforms.
I am hoping /dogecoin_pr will bring this up to par.
EXAMPLE:
51.54% of Dogecoin users are on Dogecoin Core 1.6.( http://bitinfocharts.com/dogecoin/)
Maybe merchants and such are not to keen on updating if it is not required, but maybe they just do not know about 1.7.
When 1.8 comes out, I would love to see a sticky thread on the subreddit, an announcement on the official Dogecoin Twitter and Facebook pages, an announcement on the front of the BitcoinTalk forum, as well as contacting cryptonews websites.
Dogecoin has a large social media presence and should be taking advantage of THAT!
Tipping
I am concerned that there are not that many external deposits made to everyone’s dogetipbot accounts. Until there are more tipping users, I fear that we may be only be tipping coins that were tipped to us in the first place. That is not the best way to build demand. I am hoping mohland has some data on this.
I strongly believe in the tipping economy and culture of Dogecoin, and personally, that is how I think we can best build demand. Until we have more tipping users, it is up to us to build that demand, and the work could pay off.
Dogecoin.com
I know you powerlemons is working on updating this, but the website is COMPLETELY MISSING a section on how to accept Dogecoin. This should be just as big as the other coloured sections!
ALSO
This should be added to the “Get Dogecoin” section at the bottom of the page.
I have tried to keep it updated as much as possible, but would love the community to notify me of any changes
COMMENTS
Josh Wise
“I have said this to a few people in the community but my two cents on this is to keep it fun, charitable, and stick to the fundamentals that made the community grow so much initially. My personal opinion (and I really have no clue what I am talking about) is that this community grew so fast because it was so much fun, anything seemed possible, everything seemed worth trying and there were not many negative undertones with anything. It seems like people are really getting wrapped up in a lot of negatives right now and that is never productive. The law of attraction will rule in the end and as long as people are positive- no matter the circumstance- the circumstance will become positive. I love this place and wish only the best for dogecoin and the community, and like I said, I have no clue as to all of the intricacies and the many moving parts past and present. Only my two cents on what I see (:
As far as upcoming projects- I am still working on some new shirts by popular demand. I would really love to either race the Dogecoin car in a few Superspeedway races next year, or try to raise money so that we can run the rear bumper all season. I am super thankful for all that has come of this and want to continue to help build the brand and awareness in any ways possible. A lot of that is really up to the community though and not me.”
Co-founder (BillyM2K aka Shibetoshi Nakamoto)
“A community that is having fun, building cool things, and coming together for great causes and fun causes alike is exceptionally more valuable than one that is trying desperately to create value by finger pointing, complaining, witch hunting, attempting to market useless features, and ultimately eating itself.”
thistime1 - High Anxiety Shibe
I hope you all learned something today. I tried really hard to make sure that was the case.
Who do I love?
It's 7:41AM EST and we've found 87.49% of our initial 100 Billion DOGEs -- only 12.51% remains until our period of Hyper-inflation ends! Our Global Hashrate is up from ~44 to ~47 Gigahashes per second and our Difficulty is up from ~708 to ~724.
I Hope you enjoyed today's Guest Post by thistime1!
Note: To tip them directly:
+dogetipbot @thistime1 xxx doge verify
GoodShibe
submitted by GoodShibe to dogecoin [link] [comments]

Signs Bitcoin is not going to reach mass adoption...

Bitcoin isn't going to go mainstream. No amount of Lightning Network (coming soon), SegWit (coming soon), bigger blocks (coming soon), or hard forks (never coming soon) is going to spur mass adoption.
Here are some tell-tale signs that Bitcoin is still on the fringe and will remain so.
I used Bitcoin for blank, give me karma.
Whether it's buying or selling something for Bitcoin, there are always those posts that seek confirmation from the echo-chamber that what they did is good for Bitcoin. You know what you don't see? Posts anywhere on reddit along the lines of "I bought this X for fiat from Amazon." You know why? No one cares if you use cash because it is mundane, widely available, and trivial to use. It is a tell-tale sign of mass adoption.
Bitcoin technology is going to revolutionize the BLANK INDUSTRY.
Capitalists are the kind who will find and exploit every advantage they can to gain a competitive edge. Be it technology, process, idea, or whatever if it can be turned into a money making machine. There have been estimates that Bitcoin has a $10 billion market cap, which is certainly impressive for something that came from nothing. But in the grand scheme of commercial trade it's a drop in the bucket. If Bitcoin were truly revolutionary, capitalists would have exploited it and actively contributed to its development already. Sure, there have been some minor localized successes, but not one truly revolutionary and successful billion dollar company has arisen. Not one Bitcoin company is a ubiquitous household name or brand. The ones everyone knows about in the Bitcoin space are irrevocably linked with fraud. Mt. Gox and Bitfinex for example.
...well. The most innovation in the Bitcoin space appears to be dark net markets and malware. Whether that's truly a welcome revolution is up for debate.
Bitcoin innovation is stagnant.
Other than slapping a miner on an already existing product, ahem 21 inc., what big innovation has there been in the Bitcoin space? The apps for buying and selling Bitcoin are all pretty much the same functionally. OpenBazaar has not heralded the end of online commerce as anticipated. It also continues to promise more features perpetually "coming soon" while the competition out-innovates them at the same time. Micro-tipping ChangeTip didn't really take off, and Steem or Yours isn't really a threat to any social network not focused around the idea. KimDotCom talks big, but he has yet to deliver.
u/changetip dose of reality
Bitcoin's fluctuating value makes it impossible for the average person calculate.
Notice that everything is still pegged to fiat in terms of valuation? Without using an internet device tell me how much $5 is worth in Bitcoin. Now decrease that by 7.23% because the BTC market dropped, again without the internet or a calculator. How much Bitcoin is that $0.99 coffee? What about this afternoon when Bitcoin is up 4.77%? What is your profit margin right now for being the seller? How about when you sold coffee for 12.19% earlier today.
Also, did you pay the right amount of penny shavings for your coffee transaction to go through? Yes? It may take up to 10 minutes to process. Maybe. Or not. We could have paid $0.99 in filthy fiat and been on our way already.
Widespread adoption isn't happening organically, or at all in most areas.
Outside of San Francisco and a few technically savvy urban enclaves where digital natives are on the cutting edge, there is no use case for Bitcoin in Kansas. Bitcoin has to rely on those who believe that it is better than fiat to spread the gospel of Satoshi (#NotACult). Until you don't have to have someone proselytize at length about Bitcoin's advantages over fiat, it isn't mainstream. How many posts have you come across where "I convinced Business Owner X to accept Bitcoin" only to check in later to find out they are no longer accepting it?
Speaking of cults...
Self-congratulatory posts patting the faithful on the back for their piety in printing out Bitcoin flyers or pasting stickers in public are frequent. Any time a Bitcoin logo is spotted in Mr. Robot, alongside the THOUSANDS of other symbols in it, the faithful are further convinced that widespread adoption is an inevitable reality. They're convinced viewers are keyed in to an insignificantly minor detail which will unravel the wisdom of the fiat destroyer Satoshi Nakamoto who will bring prosperity to all who read the hallowed white paper.
Also, deviation from the truth laid down in the whitepaper is heresy. #NotACult Which leads to all sorts of problems when the core developers, miners, or users want to change something for the improvement of Bitcoin. How many BIPs are actually implemented successfully without raising the ire of a vociferous userbase rabidly against change? (If you do know, please comment.)
Mass adoption would inevitably require regulation.
One of the functions of Bitcoin is to be a stateless, borderless, and censorship resistant currency. Does it accomplish that? Yes.
But if Bitcoin were to become widely adopted it would inevitably attract regulation. Uber is a great example of what happens when industry outpaces regulation. Uber drivers disrupted the taxi industry mainly because most places did not have regulations in place. Although providing an innovative service, it also led to insurance problems when drivers got into accidents, or health and safety concerns when drivers or riders get involved in an incident. Regulation is bringing the cavalier industry back into the realm of public safety and security.
Bitcoin may outpace regulation for a while, but mainstream adoption will inevitably require regulation at some point. How much of a percentage profit is legal when selling Bitcoin at an ATM? How do you classify gains or losses on taxes? What if I want to set up a retirement plan? What if the entity I store my Bitcoin savings with goes under? Those sorts of every day questions have legal ramifications that need to be parsed out for people to feel secure enough to adopt Bitcoin.
If you're screaming "STATIST SHILL" while reading this on a computer of some kind, remember that there are legal regulations insuring the device you're reading this on conforms to certain requirements.
Be your own bank is not a good thing for most people.
We hire people to be experts and professionals to do things we are not good at ourselves. You'd hire a lawyer to litigate on your behalf. You'd hire a plumber to fix your leaking pipes.
Most people are not good at being their own bank. Storing large amounts of cash in areas that are susceptible to theft is not a good idea. That's why people have banks. Do banks get robbed? Yes, but regulation insures that your deposits will be reimbursed. Can you be your own bank with Bitcoin? Yes. But you also assume all the risk, even the ones you are not cognizant of. bitcoin is no stranger to posts from users who lose their bitcoin with no means of recovery because they didn't fully anticipate the risks. SFYL.
But why would you want to go through all the hoops to be your own bank? You still need to convert that Bitcoin to fiat (or vice versa), get a loan for a car or home, or pay utility bills.
Irreversible transactions mean your money is gone.
Unless the person on the receiving end is feeling altruistic, those Bitcoin you sent to the wrong address or were "hacked" from the exchange you use are gone. How many people have been successful at recovering their lost Bitcoin through legal means? How many lawsuits have been successful at this?
::crickets::
The place where I store my money took 30% because they screwed up.
The ongoing BitFinex debacle is a prime example of why you should trust no one with your Bitcoin. Sure, they appeared legitimate. They were operating a successful exchange. Everything appeared to be in order and were highly recommended by most in the Bitcoin space. Until they got "hacked" and decided to distribute the "losses" among the users.
Most of those who lost Bitcoin in the hack are powerless to do anything. Some have turned to the authorities to recover their losses. Some are trying to mount a lawsuit. Some are going through the various stages of grief.
The inevitable "hack" that large Bitcoin entities experience is becoming a routine way for trusted innovators in the space to cash out safely with other people's savings. Mt. Gox, Cryptsy, and BitFinex are merely the largest skulls on a pile of bones of cryptocurrency heists. They were all trusted, until it became apparent that it was all a scam.
An industry where "trusted" actors can get away with theft is a barrier to widespread adoption.
Reddit is the primary communications platform where announcements occur.
If you've been burned by bitcoin or some company's support agents that didn't respond to your post, we welcome you with open arms.
Bitcoin is going to put an end to wars and government tyranny.
At what point in history has the use of currency determined whether or not a group, religious faction, or nation is going to wage hostilities against another? Or that adoption of a currency led to an outbreak of peace? It isn't going to happen.
Every now and then Greece, Venezuela, or (INSERT AFRICAN COUNTRY HERE) experience economic turmoil and it is viewed as an opportunity for Bitcoin adoption. No, it isn't even an opportunity. Because the people who use Bitcoin also have easy access to stable fiat currency through banks. They have the first world luxury of being able to convert fiat to Bitcoin relatively easily. (If jumping through several additional steps can be considered easy.) Has Bitcoin taken off anywhere with economic turmoil? Let's check the history books. No. Not one. Even marginal increases in adoption didn't occur.
I'm sure there are Captains of Industry who disagree with me for expressing these ideas. I'm sure there are also those who like me have been banned from bitcoin for pragmatic, practical, and reasonable insights. If you've wandered over here from bitcoin or btc or are u/americanpegasus looking to waste $50,000 of your precious time... welcome.
Gentlemen...
submitted by kenfagerdotcom to Buttcoin [link] [comments]

My reviews of bitcoin exchanges and services my business used

Over the past weeks myself (a 23 year old from Vancouver, Canada) & my business partner (a 21 Regensburg, Germany) have tried a lot of different XBT exchanges and sellers. He reddits a lot and suggested I type up what I wrote down about our experience to share them with you.
Great experiences:
Kraken - 9.8
General: Kraken is one of the better platforms we used, mostly when dealing with the Euro. We opened a Kraken account, made a $5000 USD deposit and a €7000 deposit and were ready to begin trading in under 24 hours. We ran into no problems with them, our orders filled quickly and the emails that we had with their team were fairly straight forward. More payment methods would make them a 10.
Pros: They have many pair listings, special types of trading orders including stop loss, take profit, and others. They accept SEPA payments for Euro and bank wires for most other deposits. They have good security practices (https://www.kraken.com/security/practices) and have done an audit with proof of solvency (https://www.kraken.com/security/audit). Well known team, public facing. Has LTC, NameCoin and Ripple.
Cons: Does not accept ACH payments for US users. Lack's transparency of cost on USD bankwires (TBD*). Some users have raised concerns over the pasts of the investment team (this had no impact on score but should be mentioned). Support team was quick and solved our problems.
Bitstamp - 9.5
General: Bitstamp is a market leader and great exchange. We had a very good experience with them. They are probably our default choice if we had to use a general USD exchange to run an ATM or something. We made a deposit of $15,000 USD and trading went smoothly. It is important to note this exchange we withdrew only in Bitcoin, we did not try the Fiat withdrawals. Full transparency could make them a 10.
Pros: Large volume, great liquidity, fairly quick to get an account open and money deposits. Our time from opening an account to trading was under 24 hours. They take a decently low fee .5% Has a proof of reserves audit by third-party.
Cons: Audit is third-party and not proof of solvency. Little is known about management team. Bankwires are only real method to be used here. Does not allow trading in non-USD. Trades are only do Bitcoin. Many claims of Bitstamp freezing users Bitcoin under AML/KYC claims and asking for lots information such as signed wallets proving source of those coins (We did not experience this).
Vault of Satoshi - 9.2
General: Vault of Satoshi is a much smaller exchange then the other "great" exchanges but they do really awesome things for XBT. Their team was very supportive and really quick. We had our account open, verified and trading in under an hour ON A SUNDAY. It was the fastest set up time of any exchange that deals with fiat currency. For user experience and security they would be our top pick. International support and higher volume could make them a high 9 if not a 10.
Pros: High security (http://www.reddit.com/vos/comments/27hd8d/are_my_coins_safe_on_vos/ci0yeua) and transparency including daily generation of Proof of Solvency audits, very transparent team (https://www.vaultofsatoshi.com/about) who are active on Reddit. Allows trading of over 20 coins to both fiat and to any other coin. Has Interac deposits for Canadians, they apparently can take an hour or two to enter the account, but ours took maybe ten minutes. Easily the fastest deposit method we found.
Cons: Pretty much just for Canadians unless you transfer coins in for day trading. Supposed to be expanding soon. Volume was lower but seems to be picking up. Needs a lot of personal information. Would be great to see more payment methods outbound.
Good Experiences:
Coinbase - 8.7
General: Coinbase is a great service, backed with good money and clearly a very secure environment. Being a dual resident and citizen I was able to use Coinbase for some of our purchases via my US bank account. It was really quick to open an account and get buying. We bought around $5000 worth of Bitcoin to send into other coin-only exchanges. The support staff were helpful, but could have been trained a bit more about Bitcoin knowledge. Overall things went really well. More coins, international support and proof of solvency could put it up to a 9.
Pros: Clear set price not dealing with any "orderbooks", great platform very easy and straight foward to user. Great for new users. Has ACH payments for American Users so you don't have to do a bankwire. It is backed by a major investors. Has stable relationships with a bank unlike many other small exchanges. It is fast, secure, and friendly support staff.
Cons: Not a full exchange, US only, support can be slow to respond, has no proof of reserves, promotes the use of online wallet services. Does not allow you to buy or sell coins other than XBT.
Cryptsy - 7.2
General: Was used for dealing with smaller altcoins that weren't on other exchanges. Our total volume on there was roughly 8 BTC. Deposits went fairly smoothly, although we did have to contact support in regards to one submission of Blackcoin that did not appear in our balance. The support team was slow and rather rude but did get the job done eventually.
Pros: No verification needed for trades, deposit and go. Lots of currency pairs. High volumes. Strong platform. Great chart features. Great price ticker on the side.
Cons: No proof of funds, not much security, doesn't support fiat, support team is kind of a pain to deal with if something does go wrong. Should really only use if you are day trading
QuadrigaCX- 7.0
General: QuadrigaCX is a small Canadian exchange. All around a decent service we only did around $500 transaction with them in order to do a quick test but we were quite happy with the Canadian provider we had selected. These guys are decent backup. It took less than 48 hours to get my account open and trading. If they had proof of solvency and support staff then we would have likely given them an 8 or a 9.
Pros: Low fee (0.5%), has book for XBT/AU (gold). Has online interac payments.
Cons: Not large books, no proof of solvency, lower transparency, called contact number twice during operation hours and got voicemail, email response was next day and was short but answered my questions.
InstaBT - 6.5
General: These guys are similar in concept to a Coinbase. It's small limit purchases of XBT instantly. Site looks a little dodgy but they are an accepted payment method on Vault of Satoshi so we decided to give them a try for about $100 in XBT.
Pros: It was quick and easy and did not require any type of I.D. verification. We had a support phonecall and the guy seemed friendly enough. Lower fees would make this method a 7.
Cons: Has limits and really high fees. I think the fee was around 9%.
QuickBT - 6.4
General*: These guys are pretty much the same as above, although rather than being used for Vault of Satoshi they are used for CAvirtex. The service was all in all the same, nicer website, did $100 in XBT. Only reason for the lower score is when they guy called me to verify my phone number he was a bit of a grump. Lower fees and friendly support would increase their score.
Pros: Quick online interac without verification
Cons: Guy was a bit of a grump, and had really high fees.
Bad Experiences
CAVirtex - 4
General: CAvirtex is a Canadian only exchange. If I am not mistaken it's the oldest one around. They only do XBT and LTC. We did about $10,000 through them before we started exploring other options. A number of accusations have been posted in this sub against them that make them questionable, but their user support, slow time in dealing with funds and general attitude towards there users is what got them the low score from us. There would need to be lots of changes to raise their score.
Pros: Usually the price is a few bucks cheaper here than at other exchanges, not sure why though. You can withdraw your money to a pre-paid debit card.
Cons: In our experience we found it extremely slow to get started. We tried to open an account and it was almost a week before we got verified. We made a deposit via Direct Debit (EFT) and it took about a week before it showed up in our account. When we tried to reach out to support about this it took 3 days before we got a snippy reply. All in all we were not impressed. It's not how people should handle customers.
The Rock Trading - 2.5
General: We had decided to try this Malta based e-trading platform with our Euro funds. The exchange is rather small but has some ok features. Ultimately we only did about €700 before we got fed up using them. They support SEPA payments which is great but their support team could not give a shit about you.
Pros SEPA payments, lots of currency support, BTC shares
Cons: By far the worst support around
LocalBitcoins - No Score
General: Localbitcoins pairs you with sellers in your area, digitally or by meet up and then exchange Bitcoin. Before we got into exchanges I had done maybe $2500 through localbitcoin purchases. You always end up over paying, you have to meet up with the person which is time consuming and you never know who you are going to get.
Pros: The only real advantage to this method is that you aren't going through an exchange and having to verify. It allows those who are worried about their identity to keep it secure
Cons: You end up way over paying for the bitcoins that you purchase, you never know who you are going to get and some users have even been mugged at such meetups. In my case I arranged to meet someone and waited over an hour at the meetup spot and no one showed up.
Next to Try:
-Bitcoin.de
-BitFinX
-BTC-E
-OKcoin
-Bitpay (for sales tool)
-Itbit
submitted by BangAz to Bitcoin [link] [comments]

CasinoCoin Foundation AMA responses

You asked and we answered!
 
Thank you for taking part in our AMA and submitting your questions. Here are responses from John Caldwell (Director of Advocacy), Duncan Cameron (Technical Director) and Andre Jochems (Lead Developer). Get to know them better by visiting our website.
 
To chat directly to our team join us on Discord.
 
Nole34 (Reddit): How and where will this coin be used? Not meaning as in the network and relay nodes but by a user.
 
TwoproApps (Reddit): What are the benefits or incentives for casinos to use a crypto currency?
 
Whufc4life1 (Reddit): What would be the main advantages of using this coin, as an end user, instead of regular fiat currency?
 
We see CasinoCoin being used as a payment option right alongside USD, EUR, etc. There are many ways to use CasinoCoin, for the customer and the operator that represent tremendous advantages over traditional funding methods. For the customer, you will have to complete KYC once, then you will be able to play on multiple vendors in seconds, deposit and withdraw for a fraction of current rates and have a suite of tools at your disposal to manage and control your play. For the operator, you get a customer that is pre-vetted by a licensed, approved KYC vendor that lands at your door, deposits in seconds in a way where the deposit is permanently and transparently recorded and is not subject to chargebacks.
 
TwoproApps (Reddit): With the coin being potentially volatile in the future, could it affect casinos wanting to use it?
 
We don’t believe so. Like any payment instrument, the customer would deposit in CSC and withdraw in CSC - making volatility a non-factor for the casino in the short term, provided the casino maintains a sufficient balance of CSC.
 
TwoproApps (Reddit): How do casinos exchange CSC for fiat if they wanted to?
 
Casinos will have several options to acquire CSC, all of which will take treasury functions into account to mitigate possible volatility to the greatest extent possible. This will be done via traditional processing methods.
 
TwoproApps (Reddit): Will casinos have to make their CSC games payout in CSC or can they also pay in fiat and vise versa. Can a fiat gambler cash out in CSC if they wanted to?
 
This will eventually be possible, but it will be the choice of the operator. Once a casino starts to allow cashouts in different currencies, the volatility risks rise. We are designing CSC to be used in game, but our first step is to get casinos to adopt CSC as a payment method.
 
Lowmm (Reddit): Will you go into other trading markets, bittrex for example? Boyo (Reddit): will bittrex be adding CasinoCoin? after the swap?
 
Our focus is:
 
1.Designing the best product for the market, users & operators,
 
2.Compliance within regulated markets
 
3.Creating strong partnerships within the gaming industry.
 
We strongly feel if we work on the things we can control, all the external elements like exchanges will take care of themselves.
 
paulkt (Reddit): When can we expect to see the first Casino using Casinocoin?
 
We will be ready for real partner integration in Q1 of 2018. However, the actual timeline will be dictated more by potential partners, regulators, banks, and other external forces. We are under no illusion that getting to market with licensed operators in regulated markets (we’ll only operate under these conditions) will not be a quick process, but we are confident it will happen.
 
hurdamurda (Reddit): I had 50.000 CSC and then cryptsy stole them. :( I still believe
 
Anyone who has been in crypto for a year or more has a story to tell like this. We can’t control what happens at third party providers like exchanges, and can only encourage holders of any crypto to adopt best practices with respect to protecting your coins. Most of us have been in crypto for a long time, with our own stories like this, so we are building the CSC solution to provide maximum security to customers.
 
powpow44 (Reddit): In the roadmap you state "New CasinoCoin Brand & Website Launch". Can you share what the foundation has in mind for a rebrand?
 
The rebrand is more about the logo itself. Most of us really like the ‘button’ logo that has been with CSC since the beginning. However, we don’t love all elements of the logo, and the presentation from both a visual and format perspective is not ideal (ie: no proper graphical/vector files exist). We’re fixing that. It won’t change drastically.
 
rambroziak (Discord): I do not know, it's possible, CSC has the opportunity to develop !!! Now we have a more important problem !!! When Cryptopia urucchomi payouts CSC
 
Although the Cryptopia situation occurred before the formation of the foundation, members of the team have been working on collecting data from the CSC community to attempt to first establish how many coins may have been lost on Cryptopia. We have a reasonable idea of the figure now, but in our correspondence with Cryptopia, our figures don’t match. We’re currently waiting on a response from them to our latest email and we hope to have something to share with the community this month.
 
Whufc4life1 (Discord): Just wondering - how are you guys planning to handle KYC/AML procedures across different jurisdictions?
 
With a licensed KYC provider, the visibility/transparency of a blockchain and a GLI compliant product, AML issues will be to the highest standard possible. This is actually an area where blockchain is a significant upgrade over current best practices.
 
nioConisaC (Discord): Will the Bankroll Manager wallet offer feature of bridge currency?
 
We will not use that feature from the start but it does allow us to implement customer specific reward programs in the future where points/rewards are being issued and linked to CSC.
 
Boyo (Discord): have the devs contact coinmarketcap to add the new csc?
 
CoinMarketCap has been contacted and will update CSC to the new network once an already connected exchange implements it.
 
mark (Discord): I’m still curious how the csc revival came about, I recognise a few of you from the bitcointalk forum a few years ago, but how did the likes of john and the rest of the board come about?
 
John: It’s really about timing. When I left PokerStars in ‘14, I took some much needed time off. I studied the crypto markets (including CSC) at that time, and felt that the market/world wasn’t ready yet. Then, in early 2016, my wife started really getting into crypto. This got me back into it on a regular basis. The possibility of starting the Foundation was broached to me summer of this year and I felt the timing was right.
 
submitted by CasinoCoin-org to casinocoin [link] [comments]

[Repost] How to accept Dogecoin with your business, and why. A few pointers.

The original version of this post (see here), cannot be replied to anymore because it has been automatically archived. I am reposting it so I can keep updating and receiving questions on it. Enjoy :)
You are a business owner and sell goods or services. You heard about Dogecoin. You wonder how you can use it in your business. This thread is for you.
If you have no idea what Dogecoin is, read up on it here (click). In short, it is a digital currency that is perfect for everyday use. Read on if you want to know why it would be good for your enterprise.
Why should I accept payments in Dogecoin? 
Dogecoin offers you:
Dogecoin can be exchanged to national currencies. You can do this easily by yourself or use the automatic conversion offered by some payment processors (all is explained further down). You can also just keep your Dogecoin and spend it or offer it to your employees! :)
Dogecoin is fun and it gets ever more useful the more people like you use and accept it. There are other merchants who have gone this path before you - not least Amazon's streaming service Twitch.tv. You can read interviews in this magazine and on this blog. You can also talk with other merchants in /dogevendors, check out these testimonials ([1, 2], 3), search this subreddit and post any questions you have right here!
I want to accept donations. What are my options? 
Just download the client and put up the wallet address up on your page with donation info. Done! That's it! If you want something snazzy, check out this widget.
If you need to track who sent you how much money (for goodies and that), you could ask that donators tell you that they're sending you a very specific amount of coins (e.g. 100.424242), and match it to their name. However, this can be abused as your transaction history is public. If you're actually selling stuff, check out the next section instead.
I sell stuff online. What are my options? 
You have a lot! It boils down to one of these:
The last option can be interesting if you don't have your own web store, are selling digital goods and/or are just selling on as a side business. If your business is your main income, handling payment yourself is probably better.
1) Manually processing transactions
All you need for this is a Dogecoin wallet. You simply generate a payment address for each of your customers, send it to them and confirm that your coins arrived at the address. This is super fast to set up and there is absolutely no commitment.
If you just want to try it out before investing a lot of effort, just set up a wallet (either with the Dogecoin desktop client or an online wallet (listed under Browser "here") and let your customers know that they can now pay with Dogecoin. You can use some of these buttons if you wish( 1 2 3 4 5) and browse this asset repository of useful artwork. The graphical interface is still being developed, but you can browse the files and find license information already :)
2) Automatically processing transactions
Check out the section on APIs and payment processors further down!
3) Selling stuff through a 3rd-party site
There are a number of sites that function a lot like eBay, Etsy and Xmart. You enter your products and they handle the payment and web store stuff. This is most convenient if you have digital goods to sell (music, books...) and want to send them out automatically.
If you are an Etsy user who wants to accept Dogecoin, click here.
I sell from a physical store or location. What are my options? 
All you need is an internet connection in your store and a web-capable device, such as a mobile phone, cheap tablet or a nearby PC. On-site, your customers can send you coins using their phone, or you can sell coupons for your goods online in advance.
DogePos is a point-of-sales app that is open source and Koupah announced that they will accept Doge as well. You can use or apply for all of these tools right now! Either way, all you need is a way to 1) convert a USD price into Doge, and to 2) check that the coins have arrived in your wallet.
To check your wallet balance and Doge prices, you can use the app MyDOGE oniPhones and iPads, and this app on Android devices. This is one of many useful price converter websites you can bookmark. Checking your balance on the PC can be done with the wallet client.
If you want to sell your goods or coupons for them online, it might be easiest use a ready-made stores capable of digital distribution. Check point "3)" in the above section for some options.
Dogecoin payment processors, APIs, checkouts 
Currently, the established platforms accepting Dogecoin seem to be these:
I'm trying a tentative summary here to save you some research, but I'd appreciate comments a lot. None of the three have setup or monthly fees (except some optional subscriptions).
GoCoin:
Snapcard:
Coinpayments:
You can probably find people who have used one of these in this thread. This guy volunteered his code for automatic currency conversion and his help setting up the plugin for OpenCart, for example!
If you are tech-inclined, you could run your own payment server with dogecoind and an API like this. This is not yet ready for laypeople though, so don't do that unless you want to get messy.
Exchanging Doge to USD/EUGBP/other national currencies 
If you don't have your payment processor do it for you, at some point you will want to get your Doge converted to your currency of choice, which you should do at an exchange. Keep in mind that you will have to get registered and verified at the exchange, which can take up to a week.
Transfers to and from national currency can take a few days, but trading and transferring digital currencies is very fast and usually near-instant. The following exchanges let you trade your Doge for national currency directly (last updated Sep 17):
If your currency is not listed above, you can either sell your Doge here, or exchange them to Bitcoin and then sell those. You can sell Doge for BTC on all of the exchanges mentioned above, or choose one from this list. To sell BTC for national currency, you can also go to Justcoin or LocalBitcoins. There are many similar sites - just pick the one you like best!
Things get developed incredibly fast and Dogecoin is not even a year old. This will only get easier, so keep checking back! Justcoin is looking to trade Dogecoin to national currency, and others are sure to follow.
Alright! How do I promote my business now that I accept Dogecoin? 
Note that there's a collection of Dogecoin artwork and assets for you to use in this repository, complete with license information so you can design your promotions and website with it.
1) Submit your business to these directories:
2) If you are a brick-and-mortar store, mark your business on these maps [1, 2]. Post if you have problems!
3) Make a promotion post in one of these subreddits:
You will get views, especially if you offer an interesting product or a Doge-related promotion. Hint: the best promotion is to offer a few % off for all Dogecoin purchases. Also post and comment to this just to discuss your plans and ask your questions. Come talk to us here and in /dogevendors, we are a fun community :)
I'm editing and updating this post regularly. The last big edit to this text was in Apr 2015 (new payment processors).
submitted by animeturtles to dogecoin [link] [comments]

There is a serious flaw in gmaxwell's "proof of full reserves" scheme: it *can not* be used to actually prove exchanges have customer funds in its current form. Some comment would be appreciated.

I originally raised this concern in a comment reply to nullc here.
gmaxwell's account-hash-Merkle-tree scheme is being advanced as a way for exchanges to prove they have user funds. As it stands, it is not capable of doing that, and it shouldn't be advanced as a way to do so - unless the exchange only deals in cryptocurrencies, or unless additional trust-based third party auditing of fiat reserves is implemented as well. If the latter point is omitted, so that an exchange only implements the BTC Merkle tree thing without having an additional fiat audit as well, the resulting system of incentives results in an even worse situation regarding how exchanges will react to insolvency than we've already seen, as I'll explain below.
This is because of the fact that exchanges have two reserves: BTC and fiat. This scheme only makes it possible to trustlessly audit BTC reserves, but it isn't possible to trustlessly audit fiat reserves in the same way. Hence, it is easily possible for a fraudulent exchange (hereafter: "a Gox") to still go fractional: in the event that BTC are stolen, simply deplete your own fiat reserves to buy BTC to cover the balance, make sure the wallet total still matches the balance at the root node of the Merkle tree, and lie about how much fiat you have remaining. Nothing prevents this occurrence.
Here's an example of what I mean:
Say a Gox has $100,000,000 and ฿100,000 worth of user deposits in the bank. Now say that all ฿100,000 are stolen, and that the exchange rate is $500. The Gox will simply take the $50,000,000, buy ฿100,000 from a combination of sources, put it in their wallet for all to see, and continue to proclaim that everything is fine. The Merkle tree will still add up, the wallet will have the balance it should, and everything will look great. This will fly completely under the radar, and once a year, the Gox will make some kind of half-assed token effort to assert that they also have all of the fiat they should, perhaps by getting "trusted" individuals like Roger Ver and Charlie Shrem to say everything's fine. Everyone will be quite pleased by all this song and dance, lulled into a false sense of security from the Merkle tree scheme appearing to work out, and blissfully unaware that 1/4 of their money is completely gone.
The above is quite obvious so far, since obviously you can't use the Merkle tree scheme to audit fiat. However, this isn't just a minor snag, but a dealbreaker for the entire proposal unless it's supplemented with a third-party audit of (at least) fiat - so it should not be proposed as an alternative to such things. The following example illustrates why:
The above is an optimistic scenario: it assumes that the Gox can find somewhere to buy the ฿100,000 for $500 each. They could try to do so by using a combination of private sellers and combined orderbooks from various exchanges, and by staggering the whole thing out over a few days to a week while claiming they're moving cold storage funds around, etc. But if they can't access that kind of liquidity, then that makes the problem much worse: they're going to have to spend even more than the $50,000,000 to make up for the lost coins, perhaps something much closer to the full $100,000,000.
Implementing the Merkle tree system without additional auditing gives them this as an option for survival. In fact, it's the only option they have short of coming clean (which they can't be trusted to do). Hence, they'll be strongly incentivized to take this option: the net effect is that they are now incentivized to waste money on illiquidity, depleting reserves even more than they otherwise would have been if the BTC were just lost directly, and become even more fractional. More user funds are lost as a result.
The point: there are plenty of services in which the Merkle tree scheme is useful, but an exchange is specifically not in that list - unless it can be proven that the exchange also has the required fiat, or if it's an exchange that only handles cryptocurrencies (Cryptsy, btc.sx, etc.). Otherwise, it isn't appropriate to advance this as a solution for a service which holds extremely large quantities of unverified currency, such as an exchange dealing in (unaudited) fiat.
And as for the notion that the partial BTC-only audit is "better than nothing," I assert that the exact opposite is true: not only does this protocol lull users into a false sense of security by not preventing dishonest fractional reserve, but it even exacerbates the problem by setting up a system of incentives that lead to exchanges depleting their reserves even more than they would have otherwise.
I'm very curious to hear comments from the community on this in case I missed anything obvious, but I think the above should be brought to light before everyone gets romantically involved with the idea and embracing it as the solution to what should probably be called "The Fractional Reserve Problem."
TL;DR: gmaxwell's Merkle tree scheme only works to prevent dishonest fractional reserve for a service that only holds BTC and other cryptocurrencies, but NOT one which holds vast quantities of cryptographically unverifiable currency (e.g. fiat) - and so is unsuitable for exchanges unless they also have their fiat audited as well. If fiat isn't audited, then implementing a BTC-only audit solution would be worse than nothing. Make sure, if you lobby for your exchange to implement this sort of solution, that you make sure that they implement some sort of robust and acceptable fiat audit procedure as well!
Edit: I tweaked the wording above a bit to make it clear that the point isn't just that Merkle tree BTC audits don't automagically also audit fiat, which I hope is obvious to everyone. The deeper point is that if an exchange implements BTC-only auditing without additional fiat auditing, you end up being worse off than you started, due to the system of incentives produced.
submitted by MauledByPorcupines to Bitcoin [link] [comments]

"How the hell do you get by without a job?" My own Gen Y adventure.

My story is by no means unique, but I still think it's fun to share. I will admit firsthand that I got a bit lucky, so your experience may differ. I don't receive any money from the government, but I still manage to get by nicely. I think salaried labor is suicide-inducing, and I would recommend anyone with the means to avoid it to do so. In the medieval era, salaried labor was the largest humiliation imaginable, and people would try to avoid it if they had an alternative.
Income:
Well, this is where it gets funny. I'm the kind of guy who bought Bitcoin in March with the money he borrowed for college. Did I crap my pants in April during the crash? A little, I was down 50% at most at one point, but I kept holding on and even bought some more, which taught me: When people are laughing at you, you know you're on the right path. I did go look for ways to earn more Bitcoin though. I found a site called bitfunder.com, where people could trade in stock of companies that did an IPO in Bitcoin. Note, this whole business was illegal and ridiculous, but it wasn't unethical. I started playing the role of a scalper, erasing the difference between the buy and sell price of stock. It wasn't a lot of money at first, but it turned into a lot of money when the price of Bitcoin began to skyrocket. I also found stock that was ridiculously underpriced, as the company reported owning more Bitcoin that the entire market capitalization of the stock. Needless to say the price doubled after I announced my calculations, but I had already bought beforehand. (Note, this ridiculous crap is still possible. If you look at cryptsy.com, you will notice that cryptocurrencies something drop by 90% in price within an hour or so. Why is that? Well, sometimes people dump large amount on the market, without enough people who have orders open. If you keep up buy orders there at something like 20% of the actual price, you'll occasionally strike it big.)
At one point, just before bitfunder collapsed and the owner fled to Cyprus with a debt of around one million dollar, he announced that he received a letter from the American government (he was in Australia) telling him to make the site unavailable to Americans. This caused the price of all stock to crash, as not enough people were available to buy the stock that people were trying to sell. I stayed up all night buying and selling stock and ended up making nice money. I later started operating my own Bitcoin services, at first hiring an Indian programmer, but he had no experience with Bitcoin and screwed up, so I taught myself PHP, MySQL and HTML (well, I mostly Google how it works) and started designing my own little businesses. I received part of the money I wasted on him back from the Dutch government through the small business tax laws, completely legally. When you have your own business, you can also receive back the VAT taxes you pay on items your purchase for your business, in my country this even includes travel costs. The fun thing about Bitcoin is that you can't really withdraw it. Even if the bank allows you to deposit thousands of euros on your account that seem to appear out of nowhere without whining, you still have a capital gains tax to pay. But why would you withdraw if you can order practically everything you need on the Internet with Bitcoin?
Also keep in mind that I'm not alone in this. My mother won a big lawsuit against her former employer who broke the law and now she trades antiques she also earned quite some money with Bitcoin after she followed my example, my brother buys and sells luxury watches on the internet, which he was taught by our neighbor who became a millionaire after deciding that he didn't like having to ask permissions from his boss to go to the toilet. There are plenty of rich people and people who want to appear rich, anxious to buy crap that will make them appear rich, at the cost of their actual wealth (which is deliciously ironic).
Food
This is also fun. It's a 20 minute ride on my bicycle to a marketing organization that continually needs people for research. They'll literally pay you to eat food. And when I say pay I mean around 50 dollars for two hours. The fun thing about climate change is that the winters warm faster than the summers. In my country this means that most of the year there is now plenty of food to find growing in the wild. Berries, mushrooms, heck, most weeds are edible! Mother nature is waiting for people to leave their cubicles and taste her fruits. Important rules: Don't waste anything and don't say no to anything you receive for free. When you buy a pumpkin, eat the seeds. When you receive spam in the mailbox, burn it, and use the ashes to fertilize the soil. I grow my own delicious mushrooms in my home, with rye bread as a growth medium, as well as with the waste I have, whether burned or unburned. I don't eat meat because I consider it unethical and unsustainable.
Take special notice of food that is both healthy, cheap and environmentally sustainable: Mussels, hemp, these are some examples.
Housing
My country accidentally built too many offices. Thus, people are now offered office space to live in for a very low price, to keep it from being occupied and destroyed by squatters. This leaves you with plenty of space.
Clothing
My mother and my friends know how to make and fix clothing, I'm in the process of learning it. Most of my wardrobe is either handmade or secondhand.
Vacations
I like going on vacation in Scandinavia. The streams are clean and food grows plentiful in the wild, including mushrooms and blueberries. You can also put your tent practically anywhere you want without violating the law, I didn't stay a single night in a hotel, despite traveling around Norway. Being a student outside of Norway still gives you a travel discount in Norway. This makes for surprisingly affordable vacations in such otherwise expensive nations.
My regrets
Did I do things that I wish I had never done? Yes. I wish I had never gone to college. I also made a few poor investment decisions that wiped out a few hundred Euro worth of profit, but this is the only way to learn it. I also wish I had bought even more Bitcoin, but hindsight is 20/20 of course.
I would recommend anyone AGAINST going to college. There are two types of subjects to major in: subjects that are kind of OK but don't get you a job (English literature, fashion, history, etcetera), or, subjects that get you a job, but are suicide-inducing or destroy your soul by turning you into a corporate drone. In Hong Kong, almost 50% of medical students want to commit suicide! If you're in doubt over whether to go to college or if you don't know what you wish to major in, don't go to college at all! Your doubt indicates you're part of the demographic that's most likely to drop out anyway.
submitted by accountt1234 to lostgeneration [link] [comments]

If you want to buy or sell Doge with USD and don’t want to take the risks of Paypal or Ebay, here is a quick guide to the Exchanges for you.

First off, I‘m no expert here, I’m learning this as I go along. Also, I’m in the USA, so if you’re somewhere else, YMMV. Lastly, I don’t want to badmouth /dogemarket. I’ve had quite a few successful purchases there, but since the “boom” in price, it seems to me that the markup there has gotten a little out of hand.
So here’s what I did. This entire process took less than 24 hours. And keep in mind this is not the only way to do this, it’s just the way I did it and it worked for me.
Step 1) Sign up for an account at http://www.coinbase.com What you need to do is purchase some Bitcoin as there is no direct Doge/USD exchange yet. I had to put a lot of info in here. Personal info, bank info, credit card, phone, etc. But you have to if you want to be enabled for “instant purchase”, otherwise you have to wait up the 4 business days to get your Bitcoin.
Step 2) Verify your Coinbase account. You have to verify all of the info you entered. So for your bank account, they will make 2 small deposits, the next day, you go into Coinbase and verify the amounts, Same thing for your Credit Card. They make 2 small pre-authorizations and then you go and and verify the amounts. You also have to verify your phone. For that, I opted to install the Authy app on my smartphone. Then Coinbase sends a code to Authy, which you key back into the site. Lastly, you have to verify your identity. They do this by pulling questions like which street have you lived on, etc.
Step 3) Purchase your Bitcoin. Once everything is verified (the next day), you can purchase some Bitcoin. Initially, Coinbase only lets you do an instant purchase for .1 Bitcoin worth, but that limit goes up 30 days after your first purchase. After your process the transaction, Coinbase generates a Bitcoin address that holds your coin. Congrats, you are the owner of some Bitcoin!
Step 4) Sign up for an account on an exchange. I’ve heard a lot of bad stuff about Cryptsy, so I opted to try http://bter.com Of course there are other options, but from what I’ve seen & heard Bter is the fastest at processing transactions, although they do charge a small 0.2% trade fee. When you create your account on Bter, it’s going to ask you for a login password and a fund password. You need the login password to access the site and the fund password to transfer your coins out. That confused me a little at first, but the more security the better I suppose.
Step 5) Transfer your Bitcoin to your Bter account. Login to Bter and click the Bitcoin Deposit link. They will give you a deposit address. Copy that to your clipboard and login to your Coinbase account. Click Send/Request then Send Money. Paste the Bitcoin address into the address field and enter the amount you want to transfer. Click send and you’re good to do. Keep in mind it will take a few minutes for the transfer to be verified.
Step 6) Place your Doge order. Log back into Bter. Click My Funds and verify the Bitcoin has arrived in your account. Then click on the Doge/BTC link. Enter the amount you want to buy and your target price. Click the Buy button. It will then go into the system and when the price reaches the target, it will process. Congrats, not you’ve got Doge!
Step 7) Transfer the Doge to your wallet. Log back into Bter and click on My Funds. Go to the Doge section and click Withdraw. Enter your Fund password, wallet address and the amount you want to transfer, then click submit. If a few minutes, the Doge will hit the blockchain and you’ll be a happy shibe.
To sell Doge, just reverse the process. Easy as pie.
Like I said, this is not the only way to do this, but it’s how I did it and it worked just fine. I bought .1BTC worth of Doge this afternoon after starting the process yesterday. It looks like a lot of work, but it’s really not that bad. Hopefully this will help some people out. Happy trading!
submitted by MoobyTheGoldenCalf to dogecoin [link] [comments]

PSA: Poloniex 2FA is WORTHLESS

TL;DR: Poloniex 2FA sucks. If someone knows your address they can have it turned off. But a signed message (legitimate proof) is ignored.
My story: Phone died, contacted support, requested 2FA be disabled and SIGNED THE MESSAGE with my withdrawal address private key.
Poloniex's refused. They want me to either (1) provide 6 TX IDs for deposits or (2) provide my entire transaction history (from coinbase) so they can find the deposit transactions themselves.
In other words, anyone who knows my deposit address can have them turn off 2FA simply by providing 6 tx IDs of recent deposits or withdrawals. How secure is that? Thats right on the blockchain if anyone knows my deposit/withdraw address. If you label your addresses in Bitcoin-Core no password is needed to see what address is labeled Poloniex. I don't think knowing someone's deposit/withdraw address should be enough to get 2FA turned off.
But the part that baffles me is that they don't accept the signed message and they think I should hand over my whole coinbase tx log.
Sure; I don't have my addresses labeled in Coinbase because you CAN'T label them in coinbase so I don't know which transactions are deposits into Poloniex. But why should I hand over all my private financial info? Just tell me what address I used to send deposits and I'll happily sign a message from my coinbase address.
In summary:
PS. Kuddos to Mintpal and Cryptsy. They know how to verify signed messages, so I'm happily logged back into my account.
submitted by cryptodude1 to Bitcoin [link] [comments]

A few thoughts - Thursday, August 14, 2014

Good afternoon! A few thoughts for lunch today:

Buttercoin development team fired

As you can see at https://github.com/buttercoin/buttercoin/issues/71, all developers for buttercoin, an open source exchange project that begin in the wake of the April 2013 crash, were fired yesterday. There is little explanation for the firing, but this should come as no surprise.
Buttercoin has been vaporware for a year, and for good reason. A few days after Mt Gox caused that crash, some people decided that they were going to create a "better" exchange. They were correct in recognizing that it isn't that technically difficult or groundbreaking to create a bitcoin exchange, but they were completely irrational in believing that they could create an open-source exchange when the primary cost for exchanges is dealing with banks and lawyers.
The project was later granted funding by venture capitalists, but now appears to have failed.

Bottom continues to fall out

The bottom continues to fall out of the market. I remain bearish, as I have for a month, and have earned about 25% in the flair game. I think it became clear on July 24, judging by the perfect timing of the first fall in this bear market, that something needed to happen by that time or else people would start to lose faith. My opinion is that the current situation is a continued crisis of confidence. More and more people will decide to cut their losses and get out. This situation is more concerning than the Chinese bans from earlier in the year, because people will find a way around bans to do things they want to do. For example, while I abhor the idea, prostitution thrives even though it is illegal in most areas.
There's a great article that discusses why companies like Pantera are incorrect in their indices of bitcoin growth, and I agree with the author. The argument is that pageviews of bitcoin articles are not relevant to price growth. People who read Wikipedia are trying to find out more about bitcoins, but apparently many of them are disinterested by what they find. This would be in line with my idea that the only way that bitcoins fail is because, for whatever reason, people don't find them useful.
There is some interest about how the Chinese wikipedia article on bitcoin has seen a tremendous increase in visitors this week, but viewers does not equal buyers.
I still hold that transaction volume is the fundamental indicator that people should watch to see when things are going to turn around. If transaction volume increases, then the price needs to go up to support the increased volume.
Falling prices could be a self-sustaining cycle. If the price drops to $200 at the next low, then the ETFs that are being evaluated will have less of a chance at being accepted. It would be very easy at that point for governments to say that bitcoins are not a real asset, that their days are numbered, and that the fund is too risky. The denial of the ETFs would then cause further fallout, creating a negative feedback loop.

Looking at the dates of previous cycles

Obviously, moral_agent's charts have lost predictive potential for absolute prices (not that I predicted absolute prices anyway). In terms of timing, however, which I've always considered as the most important indicator of those charts, we are actually pretty far along in this cycle if the high occurred earlier than expected in early June. If we overlay this cycle on top of the last cycle, we are already approaching the period where Mt Gox crashed. Time flies when we're having fun.
Supporting this idea that the change in fundamentals might have destroyed the lower boundary but not the periodicity of the chart, you can see that what is happening now is very similar to the downside of every bubble that came before: a stepladder pattern of a few days of low volatility followed by another crash.
I think that moral_agent has made a mistake in continuing to draw the chart by considering the present activity as part of the last cycle. If he drew the chart instead to indicate that the cycle ended months ago, then the usual downward spike to the absolute bottom would occur about 2 months from now, so there would be two months of this stepladder before the final fallout. Then there would be another month of stagnation like that which occurred in May, and the uptrend would begin during the holidays. If the shorter period of the last cycle indicated that cycle length is decreasing, then subtract a month from these figures.
Finally, despite much criticism, even after everything that is happening now, I still hold to the idea that news does not determine the cycle; fundamentals and sentiment do. You can see that there is loads of good news, and the price is freefalling. During downward cycles, people ignore the good news. Did you know that DiSH network bitcoin acceptance began today?

Ethereum posts budget

While I still disapprove of the way that Ethereum is holding huge portions of its coins for development activities, the developers did post a budget that goes far beyond what other projects in this area have been doing. They stated who they would be paying, for which services, and when. They also posted how many bitcoins they plan to save for future expenses. This is a laudable effort.
On the other hand, some of their spending is questionable. For example, they are spending huge sums of money on security deposits for three offices around the world. For an organization that doesn't have a product, the overhead of three separate offices seems a bit out of line. Blockchain.info pays all of their employees to work from home all around the world. If they have to have offices (which I've never found to increase productivity anyway), then I certainly don't know of any startup company that has more than one office.
Perhaps it might be useful to have multiple offices in the future if the organization needs to be located near a partner, but doing so adds a lot of overhead and travel expenses and requires personnel to manage all the extra physical property. This spending seems like a poor choice when the money could instead be used to hire people to accomplish Ethereum's objectives.

What happens if an altcoin exchange fails?

Yesterday, there was concern that Cryptsy wasn't responding to tickets, E-Mails, and calls. Fortunately, it appears as if the problem was due to poor customer service, rather than bankruptcy. However, I wondered what the ramnifications would be if an altcoin exchange like Cryptsy were to fail.
When Mt Gox failed, it was a one-off event. People lost money, but others could point to the event as not representative of the underlying technology. If an altcoin exchange were to fail, then a one-off event becomes a pattern. People could question if there is something unique to digital currency that causes such exchanges to be inherently more risky than forex exchanges. They, of course, would be right: you need trading partners with multinational corporations to get into forex, but it isn't possible to regulate the hundreds of decentralized altcoins.
An altcoin exchange failure would be catastrophic for additional reasons. First, each exchange has coins that aren't traded anywhere else, so if that exchange were to fail, then those coins would be worthless. Second, the news itself would probably crash the value of every coin by double digits across all the other exchanges too, destroying a lot of value from the economy.

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submitted by quintin3265 to BitcoinThoughts [link] [comments]

Are you new? Can't figure out how to get in on Dogecoin? Here is how I did. Post your method here, too!

Most guides I've read are about how to mine for Doge. This is impractical for some who have capital that want to place it directly into coins instead of digging for them. It took me a long while to get everything sorted out, and oh shibe do I wish I could've done it earlier. So here I am posting the quickest way (that I know of)(~7days 1hour) to get dogecoin. In parenthesis are estimated time commitments.
First, have money in a checking account
Go to tryBTC.com, (3mins) or straight to Coinbase.com (15 mins) with your checking account information ready.
They will want to confirm your bank account with you, and will send you two microdeposits after a while (3-4 days)
Confirm the amounts, and you can buy your first bitcoin! There is a delay before coins are available for transfer to to place them back on the market. The price you bought BTC at remains whatever you bought them at. If price changes, your buy-in price holds, no matter what it was. (4 days)
In the meantime, open an account at Cryptsy. Go ahead and your your own referral code on yourself, it works. (4 min)
When your coins come through for trade on coinbase, open a tab on Cryptsy and go to balances> BTC> deposit. Generate a deposit code. Give it the ol' COPY. Now go to your Coinbase account and find the sell tab. When it asks for an address, give that code the ol' PASTE and watch your coins move. (2 mins)
Now wait for Cryptsy to confirm. For the impatient types, click on the transaction in coinbase for a broad=range countdown. They will give you incremements of 30 mins, 20, 10. (1 hour)
On cryptsy, go to balances and DOGE/BTC market. Buy DOGE. Orders should confirm in under a minute, otherwise your price may be too low.
TO THE MOON
submitted by Diamondwolf to dogecoin [link] [comments]

What is Nextcoin

What is NXT?
Nxt is considered a 2nd generation crypto currency. With all the alt coins coming out that only change things such as hashing mechanism, time between blocks, starting difficulty, and so on, Nxt brings much much more to the table and was designated this way for a number of reasons:
  1. It is not an "alt coin" like coins such as litecoin, peercoin, and others who have their code based on Bitcoin's source code. It is brand new from scratch with its own code.
  2. It provides built in support for planned extra features such as a decentralized peer-peer exchange, colored coins, messaging/chat, decentralized DNS, and options for instant transactions. We will describe these advanced features later in this article.
  3. It is a 100% proof of stake versus the proof of work mechanism the vast majority of other coins are based on. This effectively removes a large security risk inherent in most other coins, as now the issue of a 51% attack or other vulnerabilities inherent to PoW coins are now gone. The biggest plus here is how green this protocol is (not a reference to colored coins) in power consumption, since PoS doesn’t require massive amounts of hashing power
  4. It was announced weeks in advance, unlike mere hours like most coins. The 71 stakeholders are responsible for distributing the 1 billion Nxt coins that were ejected from the genesis block via an injection of bitcoin (donated by them, 21 BTC total) into the genesis block. This is a requirement for this PoS system to work and this distribution is now in progress. Nxt is listed on http://coinmarketcap.com/ and people are trading on a 1on1 basis in the forums as well as on a temporary (centralized) exchange http://www.dgex.com.
Let's get into the first planned feature, a decentralized exchange. How do we currently trade coins now? Well you have to sign up for an account on a centralized platform such as Cryptsy/BTC-E/Bteetc, transfer them your coins and pay them for transactions. This brings in a large concern that I personally have yet to be seen brought to light, in that it’s possible that the exchange could just bail with everyone's deposits. This has actually already happened when the Sheep Marketplace did just that with 96,000 bitcoins, ending up as the largest theft in history. The developers of NxT (BCNxt and his crew) are developing a peer-peer exchange into the software to allow for decentralized trading which will eliminate this trust point. It will also eliminate trading fees! Obviously this is all still completely secure and anonymous as are current bitcoin transactions.
But let’s not stop there. If you can have a decentralized exchange based on the peer-peer model then what else is possible? Well, quite a bit as it turns out; the developers are also building in a decentralized DNS system to compete with namecoin. Also in the future we can expect messaging and chat systems that, like the p2p exchange, will also be completely secure and anonymous. Think of what this will allow: Completely anonymous websites, AND anonymous payments, to go with an anonymous support system in the chat/messaging feature, all 100% secure, encrypted, and irreversible.
Nxt (pun intended) is one of the more curious services: colored coins. To understand the concept of colored coins requires a fairly deep view into bitcoin transactions that most people aren’t aware of. With bitcoin, each transaction's output hashed address is based on a previous receiving address that originally received that coin. So with the blockchain, a set of bitcoin transactions can be traced. Not to a person mind you, but what is meant is that an individual coin or pieces of that coin can be traced back on a transaction by transaction basis. Since this is a case, then if it was possible to expand the protocol to allow a person to designate or "color" a particular coin, then we can build a bridge from the virtual crypto currency world to the physical world. In effect that coin can then be used to represent some physical entity here on earth. Property, stocks/bonds, commodites, or really any concept that can be concretely identified could be used. This protocol expansion is exactly what is being built into Nxt’s unique code to allow for the use of colored coins.
Let’s talk about Proof of Stake and green energy. Everyone knows how bitcoin is based on Proof of Work. That is there are thousands of miners around the world crunching away at hashes and gobbling up TONS of power. Now, PoS doesn’t really involve ‘mining’ per se; it’s important to realize that unlike bitcoin, all Nxt that will ever exist already exists, so client wallets now ‘mine’ for transaction fees. A growing trend is to refer to this as ‘forging’ instead of ‘mining’. Since this can be done on a client wallet loaded on a PC (CPU mining), it is MUCH more environmentally friendly and power efficient.
Now, on to the nuts and bolts of Nxt’s implementation of PoS. Its elegantly simple: transaction fees are distributed out proportionally to all users based on the amount of Nxt a client has. (assuming that client is running and unlocked). So if a client has 1 million Nxt, then they have 1/1000 of a chance of receiving the transaction fee for any transaction. The math here is 1 million (amount the client has) divided by 1 billion (total Nxt in existence) is 1000, so that is 1/1000 of a chance.
Some extra notes about Nxt:
Nxt is a brain wallet, a very long and secure passphrase MUST be used to generate your account.
As stated, to forge (AKA mine) for transaction fees, your client must be running and unlocked on your machine.
The software is currently java based, and closed source. Pieces of the code are available for review upon permission of the devs, but the full code will not be released until Jan2014 official launch.
Many people refer to this as 100% pre-mined, but this isn’t really accurate since there is no mining, and the PoS system depends on all coins being distributed out.
The Nxt official thread in bitcointalk.org is at https://bitcointalk.org/index.php?topic=345619.0
submitted by allwelder to Nextcoin [link] [comments]

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Users will also have the option to deposit mined coins directly into a Cryptsy trading account. As Cryptsy CEO Paul Vernon told CoinDesk: “There’ll be quite a few [coins available]. Basically, everything you see on Cryptsy that is mineable should probably be mineable on Mintsy as well.” Tradable bitcoin mining contracts are rapidly becoming their own market, with major bitcoin exchange ... Fix the deposit problem! it’s been way too long overdue! cryptsy.com online alternative coins bitcoin dogecoin exchange have continous terrible long delays in deposit of coins. From: Cryptsy.com <[email protected]> To: Sent: Saturday, February 8, 2014 Subject: Ticket Received – [#] dogecoin deposit. Dear *, We would like to acknowledge that we have received your request and a ticket has ... As you get into the Cryptoworld you will very quickly own both kinds, but at the beginning stages, it is perfectly OK to stick with an online Bitcoin wallet. The trading platform Cryptsy is a very good wallet provider for beginners. The main reason is that it costs no more to send funds out of your Cryptsy wallet than it does to send them out ... limit my search to r/Bitcoin. use the following search parameters to narrow your results: subreddit:subreddit find submissions in "subreddit" author:username find submissions by "username" site:example.com find submissions from "example.com" url:text search for "text" in url selftext:text search for "text" in self post contents self:yes (or self:no) include (or exclude) self posts nsfw:yes (or ... That means we only need to deposit 0.1 (our volume parameter) into MtGox. Then our bot discovers an arbitrage opportunity over 5% Continue reading >> Bitcoin To Rand: Calculator, Prices And Charts. The price of Bitcoin is measured in a currency like US Dollar (USD) or South African rand (ZAR) . Heres a quick Bitcoin to rand price calculator and graph. This price is set on Bitcoinexchanges all ...

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