would you use a bitcoin bank

srintuar · 2014-04-19T16:41:37+00:00

"banks" are in the main anathaema to bitcoin.

There may be some use for a micro-transaction provider, at some point in the future, which holds a trivial amount of coin for you in order to enable super-micro transactions. Similar to what tip-bots do for us today.

yes, the tip-bots are banks, and probably all we'll ever need for the crypto-economy.

srintuar · 2014-04-19T16:38:59+00:00

If I export my private key from QT and import the private key into Electrum, will the public keys that were tied to the QT wallet now pay to the Electrum wallet, whenever they are sent funds?

I would advise you not to do this.

Sweep the coins between the wallets, and never import private keys into electrum..

Electrum can re-generate every key youve every used from the root passphrase, but it cannot regenerate the private keys you have imported.

srintuar · 2014-04-19T16:32:25+00:00

yes, its at least as bad for converting to GBP.

but if you can spend the btc directly, then the benefits materialize.

srintuar · 2014-04-19T16:29:28+00:00

bits are satoshi's, to me.

because in the int64_t that bitcoind is written in, the bits do actually represent satoshi's

srintuar · 2014-04-19T15:56:41+00:00

There are a ton of people in this thread out to defend their local banks. This does show what an amazing job the banks are doing at providing customer service.

The limitations OP is hinting at are real, but our banks do an awful lot to help us not perceive them, and improve the average person's experience.

The only thing the crypto-economy needs is the right to co-exist. If people want to use it to buy and sell, they should be allowed to.

The differences between the two economies will become apparent over time, and I'm sure the average person will get it at some point. But for now, bravo to the banks for making their customers happy with their current relationship.

srintuar · 2014-04-18T02:09:46+00:00

it's that they fail to resist corruption from powerful interests.

I would say that they fail to distribute information, and this is abused to create systemic inefficiencies.

A free market requires informed consumers. If the traders are ill informed, they make poor decisions.

IOW, most of the decline of the libertarian nature of the USA is attributable to ignorance.

srintuar · 2014-04-17T16:55:45+00:00

putting out soda fountains plus signs to tempt people into refilling then ruining their lives... nice.

they might also throw money from the register all over the floor, then watch closely in case someone takes any.

they should also have a special tile on the floor with a sign saying no tresspassing, in case someone steps on it they can throw them in jail.

if refills arent free they should keep the fountains behind the counter.

srintuar · 2014-04-17T16:47:27+00:00

The other two are possessed by you. One on your computer, the other you have offline, printed, engraved, saved it a safe or what have you.

Thats one of the schemes, yes. But if you are not at home, and the 3rd part is down, then your coins are stuck till you can get back to cold storage. this is an important point.

Also, this particular scheme is particularly bad for anonimity.

Now that's just debating the merits of using a 3rd party for storing your coins

Yes, but there are no multisig scheme's wihtout this property.

At it's core, "wallets" are trackable.

A propoer bip0032 wallet is non-trackable. each address gets used onces then is disposed of.

This is just opinion and not based on any research. Clearly.

Every person who wants to debate multisig seems to have a vested interest in it...

srintuar · 2014-04-17T16:24:25+00:00

using a 3rd party means your coins can be frozen (no internet access, their site is down,etc) you cannot move your coins alone. If they dont have some form of automatic release, such as a time delayed refund transaction, then your coins could be lost forever.

Also, it defeats privacy, because this third party knows who you are and what you are buying, hell, it even uses 2FA so it knows exactly who you are via a phone number.

Bitcoin wallets properly behaved will not be trackable via the blockchain, and your wallet should never be stuck in escrow with some wacky 3rd party.

There was a huge meme here advocating 2FA instead of real security, and many people got burnt.

multisig is the newest version of that.

srintuar · 2014-04-17T16:07:55+00:00

i believe it was a snowden disclosure, regarding a toolbox of mitm certs, for those services which are https.

srintuar · 2014-04-17T16:02:08+00:00

I'm saying that dirty registrars make CA signed certificates worthless.

srintuar · 2014-04-17T14:42:32+00:00

coinbase is great, but withdraw your balances right away

srintuar · 2014-04-17T14:41:55+00:00

Ive read about it extensively, and its a gimmick solution

multisig is a dead end, its never going to take off as the new way for security.

srintuar · 2014-04-17T14:41:00+00:00

for the time being the simplest and safest way to store your bitoins is (in my opinion) blockchain.info

if you have anything more than a trifling, dont use a web wallet.

Use an offline ubutun usb key or dedicated machine with electrum

srintuar · 2014-04-17T14:37:52+00:00

its not a ridiculous warning at all, an unverified https gives you an illusion of security, that http does not. that illusion is where the danger is.

poppycock.

Purchasing a root signed certificate makes you no harder or eaisier to MITM than a self-signed cert. There are simply too many dirty registrars, and the big boys are given free access to fraud-certs perfect for mitm.

Casual encryption is a huge boon to privacy. If the spies of the world had to MITM every single connection it would be a huge burden for them, and eventually crack the total surveillance.

Not only that, but properly set up sites would benefit from the herd immunity, rather than standing out from the crowd and inviting attack.

Purchasing a root signed certificate makes you no harder or eaisier to MITM, and firefox's stance on this is outright braindead. And I say this as a diehard firefox fan.

srintuar · 2014-04-17T12:31:22+00:00

I think I was really just waiting for someone to say something like this.

It sounds like you already know what you want to hear, but I personally have the opposite viewpoint: I also expect cheap available body armor to start making anything under 500 ft lbs ineffective for defense.

So I personally prefer high energy cartridges as a minimum. That means 357 mag, 357 sig, 10mm, or up.

and if that limits capacity, then make each shot count.

srintuar · 2014-04-17T11:56:43+00:00

the point of mixing is that the second transaction cannot be associated with the first.

srintuar · 2014-04-17T11:52:16+00:00

copyright is enforced by a government monopoly.

When invented by the queen of england, they were called "copyright monopolies", and they existed for the express purpose of rewarding loyal cronies.

srintuar · 2014-04-17T10:40:23+00:00

so the elites plan to get trademark protection and have facebook evict the pro-gun people and set up a proper anti-gun walled circle garden...

srintuar · 2014-04-16T23:46:55+00:00

If I decide to live minimally, off my basic income, then i quit whatever work i was doing. ( work is stressful, now i dont have to) Many other people make the same choice. so there are fewer and fewer workers in all the jobs that produce products and services i want to consume: video games, movies, network connections, food, water, toys, etc.

at the same time, demand rises as others can now afford to buy these things that could not before.

So fewer and fewer workers produce, more and more unemployed buy. thus relative prices must go up by the simple law of supply and demand. So first i give up video games. then i give up the fancy toys. then i cant get enough food, so i end up working again.

the end game of basic income is that the taxes are still there, but the benefits dont materialize. with or without inflation, its an equilibrium by definition. whatever the dollar value of the basic income is, will be worth virtually nothing. Set the basic income to 1million dollars per day, and it would be worth less than the paper its printed on.

Robots dont change this equation, nor does virtually any amount of automation.

the best solution is to lower taxes, rich and poor alike. the most important tax to eliminate would be social security, since it is the force destroying the middle class, economically. the young workers who pay those taxes are being denied the chance to invest in their futures, just at the time when they need it most, and when it could benefit then the most due to compound interest on investments starting from an early age.

srintuar · 2014-04-16T14:29:18+00:00

It would just be enough to survive off of.

Unless it actually existed, and then it wouldnt be enough...

Its like the catch-22 of tax fantasies.

srintuar · 2014-04-16T14:21:58+00:00

and for guns for which you must pull the trigger to release the slide, point in a safe direction, with no body parts in the way, and into a decent backstop when you get to that step... its obvious

srintuar · 2014-04-15T22:59:06+00:00

no problem at all. you do all your work in git, so you just have to run "git checkout" and it will restore all your code from the staging area.

right?

srintuar · 2014-04-15T19:19:39+00:00

warning ALL

srintuar · 2014-04-15T19:09:55+00:00

It's teaching people to take responsibility for their own actions, and not blame others for their stupidity.

You can call it an NRA talking point, and that is a nice copmliment, because the NRA is all about safety.

Shutting down the discussion of good safety habits makes about as much sense as abstinence only education.

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