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Winklevoss Twins’ Bitcoin Exchange

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Re: Winklevoss Twins’ Bitcoin Exchange

#41

Post by redcalx »

haakon wrote: post #18
patio11 wrote: post #9

Earlier quoted context omitted.

The Bitcoin network is presently undergoing a malleability attack designed to cause Bitcoin nodes to run out of memory. http://motherboard.vice.com/read/i-broke-bitcoin

Not quite; there are two separate attacks currently ongoing against Bitcoin: * The malleability attack: a transaction relayer is able to change the hash of the transactions, thus confusing senders or receivers who rely on this hash to check if the transaction has confirmed. This creates a nuisance, but all money arrive where they are supposed to. This attack does not affect memory usage on nodes, and it's an old and…

Why do you say it's misleadingly called a stress test? Regardless of motives it is effectively stressing the bitcoin network AFAIK.

Re: Winklevoss Twins’ Bitcoin Exchange

#42

Post by jeron »

6stringmerc wrote: post #28
jonknee wrote: post #14

So now when does Mark Zuckerberg launch his Bitcoin exchange?

When he moves to a new neighborhood and wants to cloak the source of funds that buy up all the adjacent properties?

My bet is that Zuckerberg intends to stay there for the rest of his life.

Not to say that he can't buy other properties (and all their surrounding properties as well)

Re: Winklevoss Twins’ Bitcoin Exchange

#43

Post by pnathan »

Nifty. I think this is the first BTC operation I've seen where words like "compliance" are used in a serious fashion, and a direct aim at institutional investors is presented. Institutional investors are Very Serious Business, so it should be a fun ride.

I'm still holding out for a BTC ETF. :-)

Re: Winklevoss Twins’ Bitcoin Exchange

#45

Post by 7Figures2Commas »

acveilleux wrote: post #35
roymurdock wrote: post #31

Earlier quoted context omitted.

So the difference is that they're trying to play nice with regulators from day 1, rather than breaking the rules and rolling with the legal punches in order to serve early adopters?

Yeah, another to way to put it is they aim for legitimacy so they can be the bitcoin counterparty of choice for Fortune 500s and wall street. And generally run things like any sane financial institution dealing with volatile securities. Not running a bitcoin cafe out of customer funds...

> Yeah, another to way to put it is they aim for legitimacy so they can be the bitcoin counterparty of choice for Fortune 500s and wall street.

According to Coinbase, the total value of all Bitcoin is currently about $3.5 billion. This is a tiny, tiny market for "Fortune 500s and Wall Street" and is equivalent to the value of a single (smaller) mid-cap company. Even at its peak, the total value of all Bitcoin was only around $14 billion.

Daily Bitcoin transaction volume hasn't exceeded $100 million since July and has been as low as $33 million recently[1]. For comparison, daily volume in the FX markets exceeds $5 trillion.

Blockchain technology might be important but Bitcoin itself is about as interesting as the Burmese kyat or Gambian dalasi.

[1] https://blockchain.info/charts/estimated-transaction-volume-...

Re: Winklevoss Twins’ Bitcoin Exchange

#46

Post by mod »

redcalx wrote: post #41
haakon wrote: post #18

Earlier quoted context omitted.

Not quite; there are two separate attacks currently ongoing against Bitcoin: * The malleability attack: a transaction relayer is able to change the hash of the transactions, thus confusing senders or receivers who rely on this hash to check if the transaction has confirmed. This creates a nuisance, but all money arrive where they are supposed to. This attack does not affect memory usage on nodes, and it's an old and…

Why do you say it's misleadingly called a stress test? Regardless of motives it is effectively stressing the bitcoin network AFAIK.

"stress testing" and "maliciously stressing" aren't the same, motive is inherent in the word "test"

Re: Winklevoss Twins’ Bitcoin Exchange

#49

Post by kordless »

howdoipython wrote: post #38

What is the best way to get bitcoin without associating it with your identity (credit cards, debt cards, etc). Accepting pre-paid cards is fine too

Go to a local bitcoin meetup. There will usually be someone there willing to do a trade. Bring cash.

Re: Winklevoss Twins’ Bitcoin Exchange

#50

Post by tveita »

haakon wrote: post #18
patio11 wrote: post #9

Earlier quoted context omitted.

The Bitcoin network is presently undergoing a malleability attack designed to cause Bitcoin nodes to run out of memory. http://motherboard.vice.com/read/i-broke-bitcoin

Not quite; there are two separate attacks currently ongoing against Bitcoin: * The malleability attack: a transaction relayer is able to change the hash of the transactions, thus confusing senders or receivers who rely on this hash to check if the transaction has confirmed. This creates a nuisance, but all money arrive where they are supposed to. This attack does not affect memory usage on nodes, and it's an old and…

The distinction between "stress test", "spam attack", and "actual use" is kind of academic as long as the network can't handle either.
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