301700+ entries in 2.465s
furuknap: Hey, that's
a brilliant idea! I wonder why I even try to keep my operation honest...
mircea_popescu:
a lot of shit involved,
a lot of paper ruined for no purpose
mircea_popescu: The Trustee will terminate and liquidate the Trust if one of the following events occurs: the SEC determines that the Trust is an investment company ; the CFTC determines that the Trust is
a commodity pool under the Commodity Exchange Act of 1936 ; the Trust is determined to be
a “money transmitter” under the regulations promulgated by FinCEN
mircea_popescu: The NAV of the Trust is the aggregate value of the Trust’s assets less its liabilities (which include estimated accrued but unpaid fees and expenses). In determining the NAV of the Trust, the Trustee will value the price of the Bitcoins in the Trust Custody Account as determined by the relevant Blended Bitcoin Price. See “Overview of the Bitcoin Industry and Market” for
a description of the operation of the Bitco
Bugpowder: I have only read
a few lines of it, just crossed my desk.
mircea_popescu: they'd buy the coins with what, their personal funds with
a view to sell to this ?
mircea_popescu: The Trust’s Sponsor is Math-Based Asset Services LLC. The Sponsor is
a Delaware limited liability company formed on May 9, 2013, and is wholly-owned by Winklevoss Capital Management LLC.
Bugpowder: Winkelvoss Bitcoin Trust files with the SEC. Looks like
a $20M share offering for Bitcoin exposure in your portfolio
davout: "how does
a lazy user keep his private key ?"
davout: if you want to have
a sensible security scheme you need to do some boring manual shit too, there's no avoiding it
davout: allow it, push
a signed message on the queue
davout: user signs
a request, with some in-browser ECDSA crypto if he's lazy, or with some manual GPG crypto if he cares
davout: it would listen to messages on
a distributed queue, accessing it through Tor
davout: ok, imagine you have what we'll call
a bitcoind node
davout: and even if you have
a hot wallet it should sit tight behind tor getting its orders only from
a consensus of auditors
davout: Stardust: if you don't have
a wot wallet there's nothing to gain from
a quick attack
Stardust: the thing is the offline auditor is useless in
a case of
a quick attack, since you have to check manually
davout: so first case (and I'll take
a BTC/EUR exchange for the sake of the discussion)
Stardust: once you've compromised
a machine, any output cannot be relied on
ThickAsThieves: anyone else notice how Google Chrome never loads Google.com correctly when you first install it in
a fresh Windows install?
davout: and since you can run the auditors behind tor
a distributed message queue or whatever it becomes very very hard to compromise
davout: the rationale behind the scheme being that you may be able to compromise
a web server
davout: Stardust:
a system designed to monitor
a defined data-set in order to : ensure data integrity, enforce arbitrary business rules on it, ensure data stability over time, issue customizable alerts, generate customizable reporting and authenticate to operators using public key cryptography
davout: which kind of equates to copying mpex in
a sorta degenerated fashion
davout: imagine that each user gets an ECDSA keypair when signing up for
a service
mircea_popescu: and then end up with
a lot of single-chain useless coins presumably.
davout: mircea_popescu: i'm not saying the contrary, believe it or not but i think your security model makes
a shitton of sense and i'm trying to find
a way to get the best of it while not sacrificing convenience too much either
davout: mircea_popescu: blockchain split is irrelevant as your incoming transactions are either accepted, or confirmed, but in the case the confirmations count for
a given tx was reduced you'd be notified since the field would be defined as "allowed to change only for
a bigger integer"
mircea_popescu: not to say your thing is necessarily useless, but i'd guess it's
a part of what i linked rather than the other way around ya know ? :D
davout: in my personal case it's going to be one server,
a couple of online auditors, and one offline instance that gets DB backups manually fed to
davout: it will audit automatically if you plug it as
a hidden replication slave on your DB
mircea_popescu: asciilifeform no dude. i'm just entertaining
a frenchman with bad food poisoning
davout: haha fuck you, no it's
a product,
a good question
KRS: btc is only
a little more useful than just
a money transfer vehicle
pigeons: IT security related products are
a scam, so probably
davout: do you guys think there is
a market for
a bitcoin-space company specializing in IT security related products/consulting?
jborkl: it goes direct using bitpay, used
a few minutes ago for
a CVS card- worked instant
davout: KRS: you're
a .... scat man ?
mircea_popescu: i wonder if you could have
a girl's head sewn in backwards so you can kiss her while fucking her in the ass.
jcpham: i have
a fever and can't word it properly
davout: being
a french character is for awesome people only
davout: mircea makes
a game company
mircea_popescu: with
a bunch of peasants. they keep passing back and forth terrine and jambon and whatnot
mircea_popescu: there's this scene, famished theatre company (incl two hawt soubrettes) in
a train
davout: haha for
a split second i thought kakobrekla disabled the feature
bitcollapse: bitcoin is not
a legally defined currency or financial instrument
davout: bitcollapse: look up stored value, and come back when you have
a clue
bitcollapse: bullshit. you can spend 5k in
a walmart and nobody will say anything
bitcollapse: there are no US dollar regulations mandating the IDing of
a user on EVERY transaction.
bitcollapse: theres no regulations specific to bitcoin being
a highly sensitive item ie. explosives, drugs etc.
bitcollapse: mircea_popescu i think you are somewhat delusional. I can walk into
a store and purchase goods with paper cash and nobody will ID me.
davout: bitcollapse: seriously, i give you 6/10, now go away, i was having
a good time
pigeons: dont get me started on trying to buy
a car
bitcollapse: nobody asks for an ID when i bought
a car only when i get
a license plate
mircea_popescu: just because you imagine your life currently works
a certain way dun make it so.
peterl: it must be
a pidgeon, right?
peterl: if it quacks like
a duck ...
bitcollapse: bitcoin is not defined as
a financial instrument anywhere
bitcollapse: you walked into
a walmart and filled out
a moneygram form
mircea_popescu: <bitcollapse> and bitinstant is now nothing more then
a bad paypal it requires absurd ID requirements <<< details ?
bitcollapse: but i dont like having an ID linked to
a public adress
jcpham: pigeons sent me
a copy of his ID for safe keeping
davout: bitcollapse: that's
a good one
pigeons: maybe it takes
a year, but they will get to it
bitcollapse: ive been using it for years they just verified me with
a automated phone call
davout: for
a very simple reason
bitcollapse: no they dont you can open one with
a credit card or bank account
davout: yet, as an exchange you have to follow them, unless you want to live
a quite painful experience
bitcollapse: davout yes but if
a bitcoin adress is linked to an ID
bitcollapse: that just tosses out any bitcoin privacy and makes it worse then
a bank
bitcollapse: and bitinstant is now nothing more then
a bad paypal it requires absurd ID requirements
deadweasel: just removed
a brown recluse from my bedroom. i guess that's
a win!
benkay: i have
a bet coming due next monday. btc trading above 70. wasn't concerned at the time of bet, am slightly concerned now.
error4738: see u soon 100$, you was
a good mate !
davout: does one ever own
a domain ?
mircea_popescu: if i do guarantee usage it makes no sense to pretend im paying monthly, and it actually helps his cash flow
a ton to pay him upfront
mircea_popescu: for
a number of reasons. i just don't think they actually work.
mircea_popescu: now, i agree this is at least attackable from
a "standard accounting" perspective,