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Proposed method to email crypto-coins directly.

Below are some ideas I have been working on to allow direct off-blockchain transfer of Bitcoin Private Keys while preventing Double-Spend and Counterfeiting . There is a reference to tamper-proof Physical Bitcoin as DA BOMB- Directly Available Bitcoin On Metal Banknotes. These Physical Bitcoins and their digitally encrypted representations are the basis for off-blockchain exchange of value. Off-Blockchain exchanges are completely private and as fast as sending an email.

FAST BITCOIN

Daily settlement between corporations, instant settlement on trading or funded shopping channels, physical bitcoin possession for investors .
Each platform which offers FAST BITCOIN will purchase a large amount of DA BOMB to power their digital envelope re-sale network. All networks will be compatible and fungible assets composed of.
When a customer places an order for DA BOMB I load a certain amount of BTC in various denominations onto a selection of bitcoin wallets, which are then manufactured as physical bitcoin.
This amount of BTC is the amount this customer can spend on the FAST BITCOIN network.
The Bitcoin the customer spends never moves on the BTC Blockchain.
The envelope containing the customer’s BTC is credited or debited a certain combination of addresses that contain a known amount of BTC, adding up to the exact amount of the transaction.
Transactions can only be made in ROUND NUMBERS of a certain resolution, such as 0.0001 BTC , and the resolution will be finer at a later date to account for the rise of value of BTC in the future.
The contents of a customer’s envelope will be maintained to allow for making change and to account for his spending or funding of his account.
The main issuer of FAST BITCOIN will be Satoshi Bitcoin Incorporated, with other platforms buying enough DA BOMB to issue their own FAST BITCOIN on their own shopping platforms.
Customers can always write to the platform and request that their remaining envelope balance be mailed to their physical address.
The envelope contents are tracked on a separate blockchain, the FAST BITCOIN blockchain.
Customers can use their physical bitcoin like paper money, or break the hologram seal and view the private key to use as regular bitcoin on the bitcoin blockchain.
Only TRUSTED NODES are on the FAST BITCOIN Blockchain. The Network is composed of the corporate members who offer FAST BITCOIN shopping at their websites, and join by invitation only. Large networks can fuel their own branded shopping tokens with FAST BITCOIN after paying a co-branding fee, or simply use FAST BITCOIN without re-branding to their own token name.
Software can equate all prices at a website to the token value of choice on the platform, so that the shopper may make purchases via FAST BITCOIN while referring to prices in stable fiat equivalent tokens, or re-branded token values.
The customer’s purchasing power varies with the price of Bitcoin, but the visible prices remain stable.
The customer may buy a StableCoin (not Tethers) to fund all or part of their account, or switch from BTC to StableCoin at will; or let the system do this for him. BTC going up, funding remains in BTC, BTC going down, Funding switches too StableCoin.
A purely electronic version of FAST BITCOIN will rely on a hardware device to store the private keys offline and always in encrypted form when connected to the internet.
There is object “A” : the FAST BITCOIN Wallet
There is object “B” : the individual private keys
The system works with a combination of Master System Key Encryption and Asymmetrical Key Encryption.
The Hardware device is called a SPLIT WALLET. It is a combination of a HOT WALLET and a COLD WALLET. The two halves of the split wallet can only communicate with each other when the device is unplugged from the device being used to access the Internet.
The Master System Key resides on the Cold Wallet and can’t be viewed without destroying the function of the Hardware Wallet.
To send bitcoin to a person on the network, the hardware wallet takes the addresses needed to add up to the desired amount and encrypts them with the PUBLIC KEY of the receiving device.
The BITCOIN CASH BLOCKCHAIN is used as a KEY SERVER to store the PUBLIC KEY of every device manufactured, linked to its registration number and owner identity. The OWNER IDENTITY is an EMAIL ADDRESS which is [[email protected]_BITCOIN.COM](mailto:[email protected]_bitcoin.com) .
The addresses are encrypted by the SYSTEM MASTER KEY , then by the RECIPIENT PUBLIC KEY and emailed to the above email address.
The whole network is sustained by a peer-to-peer email remailer network. Software on the machine used by the hardware device to connect to the INTERNET is designed to run a peer-to-peer email remailer node.
As well as sending the recipient an email via the re-mailer network, an entry is made on the BITCOIN CASH BLOCKCHAIN containing the double encrypted bitcoin private keys, recipient email address, and transaction identifier . This also contains the device registration number as part of the owner email address.
Thus even if the domain is blocked from sending email the information needed to use the bitcoin is available from the data stored on the BITCOIN CASH BLOCKCHAIN.
The value of Bitcoin Cash does not impact the cost of sending bitcoin, since the transaction sizes to record data on its blockchain are very small.

When FAST BITCOIN is sent to a recipient, he must plug his hardware device into a laptop, phone, or other internet device to download the keys to the device. At this time while the hardware device is still connected to the internet the just received FAST BITCOIN will not yet be available to spend. It will show on the device as STILL ENCRYPTED. The user unplugs the device from the internet and then transfers the amount from the COLD SIDE to the HOT SIDE of his wallet while offline. If he wishes he may leave this amount on the COLD SIDE or transfer up to the entire contents of the SPLIT WALLET to the HOT SIDE to enable immediate spending as soon as connected to the internet.
The COLD SIDE contains the SYSTEM MASTER KEY and decrypts the PRIVATE BITCOIN KEYS in order to enable spending.
The hardware device checks the bitcoin blockchain to verify the amount of bitcoin held by each bitcoin private key, and also checks that the private keys it contains map properly to the public bitcoin keys used to view the balance on the device when it is connected to the internet.

DA Bomb

Directly Available Bitcoin On Metal Banknote (Da Bomb)
Bitcoin Metal Wallet Cold Storage on BTC Blockchain. A Crypto-Currency version of money, which may be exchanged for fiat currency.
Other major cryptos such as Ethereum , LiteCoin, and Bitcoin Cash may be substituted for bitcoin without affecting the usefulness of this offering. These versions will come out later, using the same physical format. (hopefully patented)
The design of the card should be modified enough from any existing patents to be patentable itself. The manufacturing, loading and documenting of the card should be done by proprietary and open-source software. This process should be patented as well or be part of the same patent.
These are physical BTC coins, in the form of a metal card the size and shape of a credit card. The Bitcoin Wallet is composed of two sets of engraved alpha-numeric and QR codes highlighted by black ink. One set is public and is on the outside of the card. A pull-tab almost exactly like the kind on a soup can is removed from the front of the card to reveal the inner contents . This is the engraving of the private key which is required to spend the BTC. Viewing it or detecting the exact nature of this code is equivalent to ownership of the associated BTC.
The public key on the outside of the card is used to deposit to or send to the card. In normal operations the card would come loaded with a certain amount of BTC.
The cards will be protected by security features and the quality control process during their manufacture.
The cards will be dipped in a coating of compounds to indicate a unique identity for each card, with short lengths of coloured fibres and paint floating on the surface of the clear lacquer compound and creating a unique visual identity. Each card is photographed and the image file uploaded to a database with the blockchain address and item id from manufacture all associated together.
A label is created and affixed to the outside of the card. On it are the blockchain address, photo of the untampered card, and amount of BTC deposited to card.
The private keys are not retained in file form at the manufacturer’s facility, or recorded in any way.
Before the key is deleted from memory and fully erased from all data storage devices, the photo of the engraving of it is compared to the key via character recognition software. When photo verifies as true then key is deleted from memory. Now the card is tracked by my own “in-house” item id, linked in the database to the blockchain address which displays the public key, and the photo file of the card. The card is photographed twice, the photo of the private key is deleted just after verifying the engraving matches the private key. The photo of the exterior of the card showing the paint lines and fibre positions on the card is kept on file. The offline computer takes the photo of the private key, the online computer takes the photo of the card after dipping.
The card is meant to circumvent the horribly high fees associated with using BTC as a payment method. Possession of the card is deemed to be legally equivalent to the ability to spend the associated BTC available via the private key. The nature of the tamper proof and hack proof aspects of the card manufacture lends credence to the continued value of the card as it is passed through consecutive transactions. The fees which would have been normally paid to enable these transactions on the Blockchain, will now have been saved by the people utilizing the physical Bitcoin cards. The Bitcoin transactions on the Blockchain are enabled by paying fees to “bitcoin miners”, who use large amounts of energy and computing power to solve complicated mathematical problems in order to process transactions and also to earn newly created bitcoins, of which there will only ever be 21,000,000. The fees for bitcoin transactions have become so high that paying for an item with bitcoin wouldn’t make sense for anything under $280 or so; and you had better be rich enough not to care about the $30 to $75 fee to buy just about any size purchase.
Instead of this, cold wallets containing small denominations of BTC can be exchanged via strong encryption and sending password and wallet via different delivery modes; or by physical bitcoin wallets.
At any time one may pull the tab on the metal card and reveal the private key, in order to obtain control of the BTC for use in a different cold wallet, or an online wallet. You will now have to pay transaction fees as per your new wallet details.
There is an instant financial advantage as soon as a group of people trust the value of physical bitcoin in transactions. All the miner fees for each transaction done with physical bitcoin are saved by the group. These transactions are valued in BTC, worth real dollars if exchanged for dollars; but with the dollar value always changing.
Volatility is a fact of life with Bitcoin (BTC), but the market has always trended upwards if you wait long enough. And the value has often nose-dived as well, in an unpredictable manner. A lot of people are holding (or “hodling”) BTC as a very risky and speculative investment, hoping the price will go up.
There is a great demand for bitcoin and that demand is going to increase in the near future.
How will I pay to load the BTC on to the cards? The cards will be loaded on an “on-demand” order process. The cards can be made up to a certain stage, where they have been dipped in tamper-proofing but not yet labeled. Up to this point they can be any denomination (amount) of BTC. When the payment for the order is taken at the online website then the card is loaded, labeled and shipped to the customer.
Besides the metal coin wallets denominated in various amounts of BTC; there will be “piggy-bank” versions of the card available. The BTC is loaded onto the card via the visible wallet public key engraved on the front of the card. The card owner can be paid debts owed to him via the public key. The card owner can send any amount of BTC to this receive address and it will become associated via the blockchain with the private key hidden inside the card. To spend the BTC loaded onto the card he will have to view the private key and send it to the hot wallet he uses online. Technical advice about fees, security, hacking and safety will be available at the company website, as well as many other helpful resources.
The denominated versions of the card are identical to the piggy-bank versions except for the label. The label covers the “receive” address on the denominated versions, as no further deposits to the blockchain are needed. The label on the piggy-bank version doesn’t cover the public key address, has a photo of the card and the manufacturer’s ID number. It also has a link to the Blockchain.info webpage associated with the public key address. Anyone with this address can see how much BTC is associated with the Public Key shown here.
Thus the intact tamper-proof BTC Card can be used with confidence, as the public key can be viewed on the Blockchain by anyone. As long as the amount on the card label matches the amount shown on the Blockchain.info webpage then the card’s private key can be trusted. This renders the card a form of “trust-less” currency equivalent to legal tender in value and usefulness .
The card format and manufacturing process is tested to obtain a hack proof product. The private key is not detectable by examination or any technical means without opening the pull-tab. This is essential to prevent theft and fraud. The card can not be opened, viewed , and sealed again.
A card without a label would be suspect, a card which had been opened and re-sealed obvious. Checking the blockchain address reveals the status of the BTC in question in any event.
The manufacturing process is outlined below:

The engraving is deep enough to be permanent but still not detected while wallet card is in closed position. The alpha-numeric and QR code versions of the keys are engraved and inked.
After the engraving, the private key is deleted from memory of the engraving controlling computer. This computer is never connected to the internet. Only verified software is used on this computer.
A separate computer controls the camera, label maker, and database connection to the internet.

The same file is used to generate the labels.
Addresses are checked for BTC before coin Cards are offered for sale. A second stamp is placed on label when transaction confirms.
Coin is offered for sale at Amazon.com if allowed.
Coins can be exchanged as if fiat currency, with full confidence in BTC amount displayed on seal.
Sale price on Amazon will reflect BTC amount cost when loaded- possibly a great deal if BTC has gone up since loading, or actual cost of production plus 2%, plus miner fee and distribution fee.
Savings could be significant if BTC surges in value after coins are minted. coins are bought at time of minting by purchases of BTC at market price.
“Would you like to buy some free money?”
Demand for product is assured, as the value once for sale at Amazon increases over time. You will not be able to find cheaper bitcoin anywhere, sometimes. A small portion of my stock at Amazon will remain on sale at a very low price when the Bitcoin price rises. I plan on adjusting the price of my stock to reflect the current price of Bitcoin at the time; but not all of it, and not immediately. Every time the price of BTC increases by 10%, I will reset the price of my cards to initial values.
The initial values are the current price of BTC plus 2% , miner fees and distribution costs. As the market price increases after loading the cards, they are more and more of a deal for the customer.
This forms the basis of a great promotional value to sell the metal card coin wallets.
The profit.
Profit is calculated to be 2% of the BTC value when minted. Values from 0.001 BTC to 1 BTC are minted. This generates from $0.18 Cad to $180 CAD per card depending on value. I will focus on minting in the 0.01 to 0.11 BTC range, with profits of $1.80 to $19.80 a card.
customer pays: Cost of BTC when minted
miner fees, distribution fees, 2% over cost fee, Cost of manufacture. I estimate all costs not BTC or profit to be about $11 Cad per card.
Price of card is: BTC cost + 2% + $11.00 .
After purchase the card can be traded for cash, items or value of services. Miner fees are saved by every person after the initial purchaser of the card.
I want to mint around 1000 cards a day. This averages out to $18,000 profit per day.
The plan is to produce only lower value coin wallets until cash reserves are big enough to pay for larger denominations.
Customers can order from the lower denominations in stock or special order cards of any amount that they pay for at the time, shipped after production on demand.
This involves simply loading the customer’s purchase of BTC onto the card address and attaching the label.
As the price of BTC rises then stock available and loaded previously will be a special discount offer until the price resets after a ten percent increase in the BTC market value.
When selling the BTC coin metal cards at Amazon.com :

Card is dipped in clear sealer with paint filaments floating in dip tank. Also small lengths of coloured fibre are floating in the resin coating. The unique pattern formed is photographed and printed on label stored in database with item number. Private key is not stored.
Sell in vending machines in Japan, Airports,New York Subway System, Pizza Hut, etc.
On the Directly Available Bitcoin On Metal Banknote (Da Bomb), the blockchain webpage address of the public key is displayed. To check that BTC are in the account, just go to that page. Unless tampered with, BTC amount will match that shown on label.
Full label is artwork, denomination in BTC, photo and blockchain.info webpage address associated with public key.
This idea is patentable due to the unique packaging of the cold bitcoin wallet in a pull-tab metal card. In this writing read “coin” as “card” as well. The card is evolved out of a sardine can with a pull tab lid closure, with very short sides and pressed flat all around the edge.
The goal is to have a design where the pull tab can easily be removed by an adult. It should be hard for a child to open without being shown how. The card should be only slightly thicker than a regular credit card, and not open while in a leather wallet’s card holder.The pull tab should not open accidentally while being carried in a wallet. The pull tab will be manufactured so that it must be rotated by 180 degrees before opening. A small screwdriver, nail file or fingernail must be placed into a small slot to twist the pull tab into the correct position to open, before this it is restrained by a shallow metal lip on the top of the card.
Research and development are required for this idea to be a success. The manufacturing process, security features and bitcoin loading and labeling must all be tested and verified as hack and tamper-proof. The customer must never receive a hacked or empty or unloaded card after purchase and delivery.
Attempts at fraud by the customer will be obvious. Only Intact cards will be accepted for refund. Product must always ship in perfect condition, as customer can only return intact card for full refund, no opened, missing or tampered with cards will be credited to customer for refund, and this will be part of the agreement with the customer at time of purchase. Before refund the balance of the card must match the denomination on the label.
Notes on manufacturing process:



In the above I refer to not recording the private keys and deleting the server records as soon as the cards have been manufactured and checked for accuracy. please note that the recording of the private key for a certain amount of DA BOMB is required to power the FAST BITCOIN encrypted private key network.

thank-you
submitted by bubbleHead3 to emailcoin [link] [comments]

[Table] IAmA: I sell on ebay for a living. Ask me anything.

Verified? (This bot cannot verify AMAs just yet)
Date: 2013-08-22
Link to submission (Has self-text)
Questions Answers
What's the weirdest thing you've sold? How many hours would you say you work per week? What's the most valuable thing you've sold? Weirdest, that's hard to say since I collect oddities myself. Vintage jock straps would make the list. Link to imgur.com Link to imgur.com
Why were these links already purple for me? They were on the front page of WTF a few weeks back so maybe you looked at them back then.
Annual gross sales? Net profit? Where do you buy your stuff from? $110,000, $60,000 and I buy mostly at auction.
Does it get exhausting ALWAYS having to look for new product? Sometimes. That's honestly the easiest part though. The shipping is the biggest pain.
What's the shipping process like, especially on your bigger items? And how do you deal with having to potentially ship multiple big items around the same time? Sometimes I will spend an entire day just packaging. I bubble wrap my item and then put an two inch layer of foam cubes all the way around. Sometimes I will have to re-size a box or two.
What was the Black Keys experience like? And does it provide a steady income or does it come in spurts instead? It's all about averages. I sold the Black Keys a very rare drum machine. I shipped it to their studio but never talked to any of them.
How did you know it was them? One of their names was on the account and it was being shipped to the studio where they were recording in Nashville.
Have you ever been dicked by PayPal or ebay? Oh yea.
Elaborate … It's happened more than once. I had one customer who eBay allowed to return a package that they had accidentally run over with their car. The customer claimed that the post office had delivered it that way but I talked to their postmaster who said that was not the case.
That is not that bad compared to some stuff I have heard. This one guy sold a tape machine for >$5000 and the buyer claimed he never got it, and then the buyer got a full refund without any argument. I've had customers try to rip me off for more but I won the cases.
Do you have a lawyer or something, or you just spend hours on the phone arguing? On occasion I've been able to point out to them that the buyer is leaving a large amount of negative feedback which indicates fraud. In short though, you have to waist a lot of time on the phone talking to them.
Do you think if eBay where to start accepting bitcoin as a usable currency on their site that you would accept them for your transactions? I doubt it. ebay owns paypal so I think they want to keep as much of the profits as possible.
What sale has been the most special to you and why? I remember one customer who purchased a Christmas ornament from me. They were really excited and thankful because it was one that they had had before their house burned down.
Do you have any advice for people wanting to sell big ticket items ($500+ such as iPads, computers, cameras, etc.)? The last time I sold on ebay, I was scammed out of an iPad. The buyer claimed SNAD, by saying that I sent him and empty iPad box. Of course Paypal sided with him after I appealed the claim. What has been your strategy towards mitigating fraud? That's a hard one. Although in recent years ebay has gotten better at dealing with fraud it is still a pain in the neck to deal with their support team. There is no sure fire way to avoid fraud. Always buy insurance and if you are worried about fraud you can take additional steps like taking video the item working and taking pictures of your packaging process. When you have an issue with fraud also check the buyers feedback and feedback given to see if you can see a history of fraud. This can help when talking to an ebay rep.
How did you find your niche? I don't have a niche per say. I've found that it is better to have a well rounded knowledge. If you buy enough of any item though you will become more and more familiar with it.
If you had to set a standardised size for italian meatballs, What would be the diameter (in cm) of said meatballs? 2"
What are your primary marketing resources? Search marketing? FB? Newsletters? Word of mouth? Anything else? How much are your marketing costs? I don't do any marketing of my own. ebay spends a huge amount of money marketing their auctions. I don't do many consignments so it doesn't matter if people know who I am.
But you sell only very niche, special interest items. How do people find your stuff if you don't advertise it? Are there people searching specifically for the book 1639 The Use of The Lord Verulam Viscount English Law Book 17th Century? Not many if any. That's why the key words "English Law Book 17th Century" are in the title. Some items take a long long time to sell. I do sell other items such as cameras and audio equipment that sell much quicker as they have a much broader appeal. I also keep 400-500 items listed because like you said, there aren't many people looking for some of my items.
What's a good week's worth of income for you? About how many hours a day do you work? I try to make a profit of about $1,200 a week. I don't always work the same number of hours but I probably work 40-50.
That[s pretty good I would think that this would take a lot longer like 80-100, good job. Was it way longer at the start until you got 'faster' or always like that. I've only done this full time for 3 years so I had lots of time to practice while I sold part time. I was much slower when I started but luckily I didn't have to do it to make a living at that point.
How old are you? How far do you expect to grow this business? Will you be making six figures next year? What uni did you attend. I am 32. I will not be making six figures next year. I am still a few years away from that. I attended Cincinnati State. My degree is in Graphic Design. I was a graphic designer for 5 years.
Did you start your business out of necessity or out of opportunity? I was 18 when I started. My brother was 16 and we sold as partners. We've always been hustlers so we saw it as a fun opportunity.
Worst thing that happened to you during a sale? How about worst purchase. I once purchased hundreds of brand new shoes of of craigslist with plans of reselling them. Turned out, none of them matched.
Were they supposed to match? If they were what did you do? They were supposed to match but were just in a couple of giant boxes. There wasn't really anything I could do because after I noticed there was no way to find the buyer.
Sucks man. Well maybe someone else got the same shipment except they got the other shoes instead lol. Ha ha, I think they were display shoes from a store.
How bad is paypal to deal with? Terrible if their is an issue. They are getting better though.
What does eBay charge you for each listing? What about PayPal? It depends on what category that you list in. This calculator can help you figure that out Link to www.newlifeauctions.com
Do you have to file taxes in every state with income/franchise taxes? I assume you have a CPA that handles it. No, I only have to file taxes in the state of my residence.
Are you expecting a massive drop when the laws change regarding online sales? No. A large percentage of my customers are fairly wealthy.
Why did you stop graphic designing? It didn't pay enough, my boss was a jerk, and I hated working regular hours.
I'm guessing less than 60k then? Yes, far less. I was worth a lot more but it was a tough market.
How can I get started? Start by selling small things that you have sitting around your house. Don't go big, start small and work your way up.
What if I run out of things to sell? Do I buy things online and sell for a higher $$? Yes.
Any good items to sell for starters? Cameras? furniture? antiques? Stick with what you now best. Do your research on recent ebay sales of the same item to figure out how much you will make.
What kind of auctions do you buy from? Any tips for sellers that you can give us? I buy mostly from estate and consignment auctions. My best tip is research, research, research. When you buy don't be impulsive. Know your market.
Do you have a target market? I always wondered if it would be wise to try to market to a niche on ebay or just put all sorts of things out there. Ebay has gotten so big, it attracts a diverse crowd looking for all kinds of goods. I sell a huge variety of items so my target market varies from item to item. If you have an eBay store you can ad categories so if a person finds one of your items they can easy find other like items that you have for sale. You can also list in your sales that you offer combined shipping to encourage people to buy more than one thing.
Interesting, I've been seriously considering hustling and makin some money by going around to garage sales in my area. You can get some great deals. Once I bought a 5.1 receiver for $5 and then turned around and sold it to a friend for $30. I imagine I could extend that to ebay. If you have some free time and a little extra money I say give it a shot. Plus the hunt can be fun.
Do customers try to scam you ever? Occasionally but it is rare. That happens more with consumer electronics while I deal more with vintage, antique, and business.
Do you list items for sale that you are interested in buying beforehand, to see if you can make profit? No I do not. That's a dangerous game of chicken and violates ebay policy.
Do you pay federal income tax? Has the IRS every given you a hard time? I do. I've not had any issues.
Is it worth it? The commission they take must be ridiculous! How do you protect yourself from fraudulent buyers. I've heard ebay is very buyer biased. You have to calculate the fees when purching things for resale. It it is always worth it for me. Make sure you insure your packages, take lots of pictures, and don't be afraid to block a buyer.
Any tips you'd like to add? I'm a 15yo who does the occasional sell on ebay so would love some! Thanks! :) My tip would be to do your research. Check completed items to figure out what the average sale price of an item is. And if you need to check fees use a fee calculator like this one Link to www.newlifeauctions.com
How much would you take for your 6ft Mid Century Industrial Age Machine Work Bench w/ Cast Iron Legs & 2 Drawers? I think I almost broke my back moving that monster. I'm open to offers. If you picked it up it would be less.
How to you figure out what to charge for shipping ahead of time? Do you ship all items even oversized ones? I use a postal scale to estimate shipping costs. For items over 80lbs you have to use a freight service.
Vague answer. Care to elaborate? Sorry, when you are listing an item you have the choice to either choose flat rate, estimated, or freight. For most items I choose estimated. I weigh the item, ad what I estimate the packing material will weight (it depends on the size but generally a pound or two) enter that information on the form, and ad a handling charge to cover insurance and packing material. For items listed as freight the buyer has to contacted me and I get a quote from my rep at freightquote.com
When is the best day and time to end a auction item? It depends on what you are selling. I would normally try to end on any day but Friday or Saturday, early evening.
What's the largest amount of profit you made from a single sale? Probably $2,000.
How much 'time off' do you give yourself? And what do you do about listings when you're on vacation? Don schedule any to end during that time? I sell mostly store items so when I go out of town I shut down my store sales. I've taken two weeks off this Summer.
Ever made a substantial loss on something? Not more than a few hundred.
Whats the most profitable item youve sold? I once made over 2k off of an accordion.
What's the beat and cheapest place to ship from? Box supplies also? Thank you. I ship using USPS. UPS is generally cheaper for large items. I get a lot of my boxes and supplies from friends and family but when I buy them I use Link to amshipping.com
Where do you store all this stuff? Currently at my house.
Can you explain your process, maybe give us a run down on your workflow? Do you have a minimum ratio you are looking for? How you minimize shipping costs? When you say you buy at auction, does that include ebay? If so, primarily ebay? I start my week by making a list of all of the auctions that I plan on researching. After that it's pretty much just buying, listing, shipping. It's not the same everyday. My profit margin depends on how much has to be invested in the item, estimated time it takes to turn it over, and the difficulty in shipping it. Higher priced items generally have a lower margin of profit. I buy everything from audio equipment to books at auctions. I don't buy to resell on eBay.
I notice you do pretty much everything as a Buy-It-Now/Make Offer -- there's only nine things as an auction listing. Is there a reason for that? In recent years it's been my experience that for most items buy it nows get you the most money. The issue I have is a lot of my items are high dollar, niche items. There may only be a couple of people looking for them so if I sell them at auction I run the risk of them going very cheap.
Also: wifey and I are antique dealers, and so are my in-laws, and our experience, my inlaw's experience, and even what we hear from other dealers is that eBay sales are way, way down for antiques. What do you think you're doing different that keeps the sales coming? I stay on top of buying trends. What people are buying is constantly changing. People in their 30s and 40s are now major buyers while people in their 70s and 80s are dying. Therefore the prices for things from the 1980s are up while things from the 1950s are way down. I don't just buy based on what I was able to sell 5 years ago. I check the current prices.
What method should I use to pay the ebay sellers fee? - Paypal or by Debit? I use paypal which is directly linked to my checking account. That way I if transferred all of my funds out of my paypal it can pull it from my checking. Both Debit and Paypal will essentially work the same way though. The only issue would be if you didn't have any money when the bill was automatically paid.
What is your opinion on the eBay Buyer Protection? Do you ever get buyers who will receive an item, say it was not received as described, try to get a refund, send the item back and then turns out nothing was wrong with the item? Buyer protection is pretty one sided. I had a package sent back once that was "not as described" that was never opened. I've also had people try to work the system for a refund while keeping the item. Luckily though most buyers are honest.
You've said that you mainly get your items from auctions? I've spent a lot of time watching Auction related shows on Discovery but I've never been there myself. I'd like to try acquire an item there and then resell it on ebay? Can I get an interesting product at an auction for around 100 pounds (~155 USD) Can you share some of your auction techniques? Such as how do you know that a particular item you're bidding on will sell at a bigger price? Thanks. I don't buy at storage auctions. Plus those shows are rather scripted and set unrealistic expectations. A lot of estate auctions will have a list of some of the items that will be up for sale that you can get in advance or there will be a preview before the auction starts. Write down the items of interest and then search ebay for those items to see what recent sales have ended at.
I have an old Spirograph set that I'd like to sell on Ebay. Have never done that before, could you tell me how to go about that? Do I have to type in a lot of info, or is it all automatic? I mean, how do I get paid for instance? What do I need to set up? You will have to set up a paypal and an ebay seller account. You will have to type in all of the information yourself. The process from start to finish is too much to type out but they will walk you through it. You will get paid through paypal and then have the option to transfer it to your bank account.
Why are you currently selling women uniform shirts? Why not?
What would you say is your least favorite thing about eBay? And in your opinion, what would be the best thing eBay could change to help benefit the sellers? The high fees. The best fix would be to either lower the fees or to change the way that they deal with buyer complaints.
Do you operate under an official business? If so, what type? I pay taxes under my name. At this point I've not seen the advantages of becoming an LLC.
What do you sell primarily? I sell a lot of antique books and vintage audio equipment.
I'm always looking to expand and branch out. I sell online too. My sales are nothing compared to your sales. My goal is to have a six figure salary before I am thirty, that I have created myself. Last year, I got 1/5th of the way. This year, I look to surpass that. Do you import a lot of goods to resale? I really try to stay away from that. What do your products really include? Do you hate the IRS as much as I do? I buy all of my items locally. And yes, I hate the IRS. I pay them way too much money.
How did you get started? I attended an auction with my mother and my brother when I was 18 and my brother was 16. We have both always been hustlers to some degree and this seemed like a fun way to make some money. We started off dealing mostly in vintage board and video games.
When exporting to place's outside of the US e.g. countries in the EU have you ever been screwed over by the exchange rate or import tax? I have not. Paypal converts foreign currency to USD before it goes into my account. The buyer is responsible for all import taxes.
How do you deal with storage for all of the merchandise, packing materials ect. and do you pack and ship yourself? Any tips on making that a smooth or at least decent experience? I'll admit, I'm not really that good at this. I did purchase another building to put my inventory in but it is not yet ready for the move. I do most of the packaging myself but I do higher some family members from time to time to work for me.
I see on eBay too for a living, but my average sold item is $31, so I have to do a lot more volume. Been using eBay since 1998. How do you feel about the lack of power that sellers have now? Have you ever been scammed by a buyer taking advantage of the "Buyer Protection Program"? The buyer does have too much power. I agree. Fortunately ebay has recently taken steps towards fixing that. They aren't there yet though. It doesn't happen often but I have been scammed on a couple occasions. I have also won cases as well.
Does the international shipping charges depend on what country you're shipping to, or is it a flat rate or something? It varies by country. There are also different shipping restrictions for each country.
Do you use terapeak? How do you SEO your titles and listings? I do not. I generally search complete items and see what key words were used to fetch the highest price. Sometimes some creative thinking works just as well.
How much time do you spend working daily? Are your hours predictable? I probably average 8. Its not real predictable as it is determined but where I am buying from that day and what inventory I have to list and ship.
Would you trust people selling pills on eBay? Do you think a lot of them are fake? I wasn't ware that there were people selling pills on ebay. I would look at their feedback to see if they have a history of satisfied customers.
Do you use flat rate boxes or plain boxes? What's the cheapest way to ship non-media items? I use plain boxes. Flat rate priority can be a savings if you are either mailing heavy smaller items or you ship a lot to far away places.
What percent profit would you say you have on each item you sell? There is no standard. It varies from 25% to 200,000%
Funny that this is an AMA right now - this is my SO's store. Link to stores.ebay.com. Within the past few weeks he has been begging me to quit my full time job and work with him and I'm very tempted, your thoughts after quitting? Was it a good decision? It's certainly not for everyone but I've never regretted it.
Do you have health insurance? No.
Any advice for people who would want to sell manufactured items, i.e. cell phone cases, how do you go about starting this up? Where do you find people to produce items for you? This is outside my area of expertise. Sorry.
What freight service do you use? I use freightquote.com
What made you start selling on eBay for a living? I sold on ebay on the side for 12 years. I was a graphic designer and I just got tired of working for someone that I didn't like for pay that wasn't what it should be. So I quit and started working full time selling on ebay.
If you were to sell products that are fairly commonplace, is there any way to get your listing to consistently appear higher in search results, or do you list so many that you get more people coming to your channel? Yes, you have to earn the "top rated seller" status. When you search by "best match" it puts the sellers with a "top rated seller" status at the top. Link to pages.ebay.com
What was the most valuable/unique thing you've ever sold? Most valuable would be a set of coins that I sold for $5,600. Most unique is a hard one. I sold quite a few screen used props from the movie Ben Hur which were pretty unique.
Ever thought of opening a pawn shop? Not sure what the marketplace is where you live, but you could do both (ebay/physical store). I prefer to sell my own inventory. Dealing with cosigners ads an additional degree of difficulty and aggravation. Plus it would require me to keep business hours.
How do you do all the accounting? This may be the first year I may actually hit the point where I get sent a tax form, and I'm wondering what I should be doing in the mean time to prepare for tax season. Thanks! I use turbo tax. I keep my records using a simple spread sheet. It is very basic with line items for total month sales, fees, and a breakdown of purchases.
Congrats on your sales. Your descriptions are very sparse. Do you feel descriptions are overrated? You do not have any info on shipping costs, payment parameters such as when payment is due, etc. Thanks & continued success. If an item isn't unique then a long description isn't normally needed. Most people find the item because that is specifically what they are searching for.
Do you remember what was so special about the coins? I collect coins a little and I'm just curious It was a proof set. I can't remember the year. There was one gold coin and the rest were silver. The rare one was actually the silver dollar because it was only produced for that set.
Have you ever considered buying your own Online-Store to save the ebay and paypal fees? What is your opinion on these? A lot of my items are so niche that it would be very difficult to attract the right buyers with my own store.
Are you able to hookup Google Analytics, to see your customer demographics? Not sure if ebay is that robust for the users... I am not. ebay has some analytic but they are geared more towards the items that you've sold than the buyers themselves.
That's really interesting. You don't happen to have a picture, do you? Not that I could easily located and I can't for the life of me remember what year the proof set was. I only made $400 off of the purchase but I knew that I could flip it and make that money within 2 weeks so it was still a good buy.
Have you ever tries etsy? I have not. esty tends to work better for hand made items. At least that's been my experience.
Ever consider getting into Amazon with more predictable products and using FBA to save yourself some trouble? I also sell on Amazon. I've found that Amazon is good for selling more mainstream items.
What is the most overpriced thing you have ever bought? The most I've ever lost is maybe $300. The most I've spent on a single item is 5k.
How many hours would you say you work a week? 40-50. Sometimes more, some less.
Do you find it worth it? Yes.
I bet your house is very interesting. Does it smell a bit dusty though? My house is very interesting. I collect oddities and art.
Do you still ship to Italy ? :p. Some things, like Ben Hur props.
How's Steve Carrel? I feel like there is a joke in here somewhere but since I am oblivious to it I'm just going to say, "he is doing well but his mom is a bit under the weather."
Can you approximate your yearly income? 60k.
Use registered post for anything valuable. Signature required on delivery. USPS requires signature confirmation for anything insured for over $200.
OP did ... Yep, the answer is of course me. My more recent purchases which are not pictured are two WWII practice bombs and a piece of one of the popes robes.
You can see the fees on eBay itself. They're ridiculous. I believe it's 9% of the final value fee and PayPal is around 3% or so. There's a few categories that have flat rate listings I believe, like autos. They also cut into your shipping costs as well. They are category specific and vary from 4-9% on ebay. 10% would be a good average to use.
Why is it people with 0 feed back keep buying my shit but never pay. You can change your settings to not allow 0 feedback buyers to bid.
I just wanted to tell you that you have a typo in the description of your Industrial Age Work Bench. you wrote "Pleas ask all questions before purchasing" ;) I'll have to fix that. It's certainly not my fist typo ha ha.
Hello, I was wondering how far from your house do you usually go to find this stuff, and also, what the luckiest find you ever had was. Thanks. Not normally more than a 45 minute drive. I once found a book on a shelf at a second hand store that was 29 cents that I resold for $250. As far as luck goes I was lucky to even see it at the store.
Last updated: 2013-08-26 18:57 UTC
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[Table] IAmA: IAM Peter Vessenes, Executive Director of the Bitcoin Foundation. AMAA!

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Date: 2012-09-28
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Questions Answers
Most proponents of Bitcoin seem to believe that there will be a point where one coin exceeds a value of $100 or even $1000. Sure, that is definitely possible and I can accept that it may happen one day. However, since each coin has this intrinsic potential value.. why would anyone spend them on trivial stuff like food now? How can you spend something that you believe will continue to grow in value effectively to infinity? That seems like a fair complaint to me, in general. In practice, and as opposed to Krugman's thoughts on the matter, we have many thousands of happy Bitcoin transactors, I think people like to spend their bitcoins with others, give them away, and use them for things. I do know some Bitcoin businesses that try never to spend their coins. That said, we have had some periods like last year where EVERYBODY wished they'd spent their coins.. To my mind volatility is a worse 'evil' than being deflationary. As I said above, I think most government economists wish an inflationary currency (and many bitcoiners hate this, and talk a lot about how much they hate it), but I think there's definitely a place in the world for a deflationary value system. An interesting thought experiment for you -- if you forked the Bitcoin blockchain and changed issuance so that it tracked say, USD or USD/EUR inflation rates for issuance, would it have the same uptake or not?
Every once in a while I hear stories about security breaches including 240,000 bitcoins that went missing the other month. How do you ensure security of account holders funds? The practical security aspects of running Bitcoin businesses are a REAL need, and it's something we want to help on with advice, and possibly opt-in certification at some point. I say more about this elsewhere in the AMA.
Furthermore, most sites I've came upon that sell goods seem poorly managed and difficult to use. Is there a Bitcoin equivalent to sites like Ebay and Amazon? Re: bitcoin site usability -- I agree, it's often terrible! I'm not sure why this is, except to say that bitcoins make transacting online so easy that even people who can't afford a designer can do it.
A: How does the intrinsic non-fiat nature of the currency affect its susceptibility to market fluctuation? I.E. Better or worse stability than fiat currency? So far, because market cap is so low, (Roughly $100mm of value), Bitcoin exchange rates are highly susceptible to people pushing it around. This is really tough for everyone. There are a bunch of businesses that might not be viable until you have some exchange rate certainties that extend beyond a short (one day-ish) window.
B: What can be done to improve the resistance to massive fluctuations in value stemming from exchange market manipulation or normal use? There are some macro-economic things that could be done, like exchanges publishing all trades to a central area, and implementing locks if prices rise / fall too suddenly, but those all have their own effects to consider. I think the fundamental thing to do is help Bitcoin acceptance and uptake grow, increasing the size of the pie until there are a much smaller number of parties that could push the price around.
C: Is there anything that can be done to the standard to improve stability or is it all up to the markets to implement safeguards? So, we all do have a part in that stabilization for sure. There's also the angle of creating whole supply chains that are bitcoin denominated -- paying our staff in Bitcoins only is an attempt to work on that angle.
What do you say to people that claim Bitcoin is nothing but a pump-and-dump pyramid scheme designed to benefit it's creators? That they're sitting on a huge pile of bitcoins obtained by them before the currency was made available to the public when mining was far easier then dumping huge batches of Bitcoins destroying the price over and over again to enrich themselves and fuck everybody else? And that they get more chumps into the system to inflate the price again, by going around the internet and promoting Bitcoins as an alternative currency rather than a complete fraud? This borders on the troll-ish, but I will say that the Bitcoin network autosizes coin generation based on how many people wish to do it. That is, people opt in to make the coins and secure the network. Nobody is forced to.
Is the Bitcoin Foundation a non-profit, tax-exempt organization in the United States? Who among the directors and the board has experience running a non-profit? Why is the ED also a member of the board? How does the ED have the time to run the organization given his obligation to CoinLab? Why haven't I seen any of the involved parties at either of the last two Bitcoin conferences? Can we get somebody who isn't a white male involved? We're a 501(c)6, Washington DC Nonprofit.
I have experience launching a non-profit, hence my job.
ED's typically get a salary and work full time at the job; we didn't know if we'd have budget to pay someone who could operate such a thing, so we went with this structure. I anticipate that I will step down from being the ED at the earliest moment we know we have someone better to do it; running CoinLab is plenty of work for me.
Our assistant director Lindsay Holland is not a white male.
In general, Bitcoin is a white male sausage-fest, though. I urge you and all Bitcoiners everywhere to work on changing that.
What is the future of bitcoins? Do you think they will ever make government-issued currency obsolete? I don't know the future of Bitcoin, but I hope that I and the Foundation are a part of it!
I don't believe Bitcoin will ever obsolete a government currency, but I only speak for myself when I say that. Bitcoin is a fascinating and novel technology with a HUGE number of potential benefits to the world, so I'm into it. I don't see a government wishing to cede control of its currency to anything like the technocratic / consensus model that Bitcoins are governed by, though.
That said, I do hope that Bitcoins will be able to help people in areas of the world that need better money features. Mpesa is a great example of something that helps Kenyans (and people from a few other countries) by changing how money is used. Bitcoin has the potential to help people like that, all over the world, whether or not the 'market' is large enough in that country.
I personally think that sort of thing is SUPER exciting.
Could you describe the bitcoin foundation for me? Sure! It's a trade organization, member-driven. Its goal is to promote, protect and help standardize Bitcoin. Our initial goals are to provide funding for the core development team, run a 2013 Silicon Valley Conference, and create some opt-in certification methods and best practices for businesses dealing with Bitcoin.
Join us.. :)
Standardize? I can tell you hate our goals, so I won't spend a long time trying to convince you. But, I will say that businesses often need a long, secure timeframe to make investment decisions, and they need to have some sense that what they work on or invest in will be roughly similar at the end of their investment to the beginning.
Why do you want to "standardize"? For instance, imagine ebay deciding to take bitcoins. The person-hours to get that done inside ebay are staggering to imagine, from wallet scalability issue to accounting treatments, refunds, ... It would be a major endeavor.
What gives you that authority? It would be great for bitcoin if ebay took bitcoins. Seriously great, but they can't right now until they feel there is some generally stable path going forward.
Why is the core development team so deserving of funding when they can't even make a decent client? You might hate everything about that, and that's cool. I urge you to go ahead, fork the code, advocate as much as you like for something else. Bitcoin's free, both the protocol and the software. Nobody is stopping you.
Is there any legal action to be done if someone steals your bitcoins? Yep, if you're in the US, file a police report, and call FBI Cybercrimes division.
As an individual member of the Bitcoin Foundation, what do I get? Any perks or privileges? Email aliases, voting rights, a newsletter, etc? Or are these memberships mostly a way of providing financial support to the foundation? The bylaws are up now, so you can read in great detail what the organization will provide its members: Link to github.com
In short, though, rights to vote people on / off the board of the Foundation, soon access to private forums, probably discounts to the bitcoin 2013 conference, happiness at supporting the dev team.
I would like to provide email aliases, we've got Patrick and Jon working on any possible gotchas there, though.
Many aren't taking bitcoin seriously because of the security issues some have had. What steps are you taking to legitimize this currency? Like Jeff says below, I would distinguish between fundamental protocol security and security practices.
Bitcoins fundamental protocol security seems pretty good at this point; I'm sure we'll all be keeping an eye on that quite intently into the future.
Practical Security has been, largely, terrible in the Bitcoin space for most businesses, Mt. Gox perhaps excepted. The amount of work it takes to secure 80 byte strings that may be valued in the million dollar range is non trivial. Think securing missile codes as to the level of security needed.
Many bitcoin businesses can't afford (or don't wish to) this sort of security. I'm hoping we can provide some tools and pointers for these businesses and their users to help people understand what they're getting into when they transact with a bitcoin business, and what their risks are.
The Bitcoin Foundation Membership (VIP) fees are definitely disproportionate. Why? Are we now heading for a two-tier bitcoin community? We got requests from large supporters to make a more expensive membership tier. I'm slow, but not so slow that I said 'no'.
I'm slow, but not so slow that I said 'no'. - So you said 'YES'? Someone said "Please make higher corporate member fees: Linux Foundation Top Tier member fees are $500k. Your plan is too low."
I said "OK, Thank you for that advice. We should do that."
Is the foundation primarily focused on US or also europe and the rest of the world? Right now Jon Matonis is considered our "Europe Expert" on the board. There's a huge amount of work to do just in keeping track of how Bitcoin is categorized and regulated around the world. I would expect the Foundation to put some time and energy into helping with that process, but it's not our first goal.
What would you or the Fundation do if the government declares Bitcoin ilegal? Advocate that such a thing is silly, unenforceable, and counterproductive.
Thats no answer to the question. Have you got any plans for the "unthinkable"? That really is what I would do. What do you suggest?
What are your thoughts on transparency of the foundation? How much revenue is there and how it is spent, will that info be public? We're aiming to be highly transparent. I proposed today that we publicize our cold wallet public keys so that people can check our balances. This got pushed back a month while we work on some logistics. I will follow up about this, though. I think having auditable books from day one is really cool.
What are your thoughts on fiat currency? I love it and wish more of it. I'm totally grateful that nations have standardized and created currencies for their people, so that I can travel and buy stuff without worrying about the reputability of a local bank when I go to exchange my money.
I read something recently about a Bitcoin based debit card system. How is that coming along? I don't know, but I want one! The Foundation would like one, too. We are trying to run the Foundation with only Bitcoins, so it would be nice to fuel up a debit card for some expenses.
Create an opt-in certification process for Bitcoin businesses. How will you be going about this? What will certification entail? TBD, But I am imagining that businesses could vet their processes and procedures against a set of published standards, pay for an audit, and then be able to help their users understand what level of security they provide, e.g. "Bronze certification -- the site could be trusted with 50 bitcoins of stored value per person."
Does the foundation intend to have control over bitcoin.org and thereby over the main distribution channel for Bitcoin-Qt? We're a member organization. Some of our members do have access to and influence over bitcoin.org and bitcoin-qt. I have no idea if they would like us to help manage bitcoin.org, since we just launched yesterday.
If the decision makers for bitcoin.org and bitcoin-qt want us to help out in those areas, I wouldn't mind. I don't think either of those things is super strategic to helping Bitcoin right now; there's more need for messaging and some financial security for the core team, and the other stuff we said we're going to work on this year. bitcoin.org and -qt publishing don't seem broken to me or risky right now.
Given that Mt Gox has a (rightfully deserved) place on he board, what steps can and will you be taking to ensure that independent exchanges are encouraged and not ignored? Also what steps, if any, can and will you take to ensure the public that the commercial interests of those on the board do not conflict with the decentralised ideals and paradigm of Bitcoin itself? I don't know how we'd encourage or ignore exchanges, since everyone is welcome to join.
I do think this individual / corporate angle is at the heart of the Bitcoin, though; it's got a lot of parties that care about it, passionately. Some are investing millions of dollars. Some are tirelessly advocating for Bitcoin. Many sit around and troll and waste people's time.
I guess that partly we expect our board members will act with integrity, and that if they aren't representing the needs of their member class, they'll get replaced with someone who will.
I also don't know how we would, practically, decentralize Bitcoin, even if we wished such a thing. I don't think anyone on the board thinks Bitcoin is doing badly. We're all really excited about it and want to help. I personally believe if corporations (a small group or just one) ever provably controlled Bitcoin, they would become vastly less appealing and useful. So, we're on watch.
Not as on watch as a paranoid bitcointalk forum troll wants us to be, but we're on watch.
Why do you require a real name and real address, when bitcoins core values are to be anonymous? The Foundation's core values include openness and transparency. I think the Bitcoin anonymous thing is overblown and a bit of a myth, by the way. Every bitcoin transaction links two addresses; often people can be determined from those addresses.
At any rate, we wish to make sure you can't stuff the ballot box during voting, and we wish civil productive discourse among our members, so we need real names and addresses.
If you just want to support us without joining, you can always send money to our vanity donation address: 1BTCorgHwCg6u2YSAWKgS17qUad6kHmtQW.
What is the current, largest obstacle when it comes to wider Bitcoin adoption? I think Bitcoin adoption is growing nicely. There seems to be a sort of stair-step function where people figure out something new and broadly appealing to do with them, and it makes a big jump. I expect we'll see that many times over the next five or ten years.
Doubts about the network's scalability, uncertain status about its legality or something else? Bitcoin's brand seems bad to me; mostly the highly publicized exchange attacks worry people. It's too hard to have a secure cold storage wallet for even a very smart individual. I'd like to see some of those things improved.
Does Bitcoin have any plan to combat criminals using the currency to purchase things on online black markets? I can't speak for Bitcoin, but the Foundation has no criminal combatant plans. We do want our members to use their real names and promise that they only engage in activities legal in their jurisdiction, though.
That's mostly just a way of us saying who we want to hang out with, and expressing some community values we think will help our organization be a success.
Did you expect for the Bitcoin concept to explode as it has? I sort of did, but I definitely didn't put my wallet behind that explosion. Sigh.
Also, where do you see it going in the future? I talk elsewhere in the AMA about what I'm hoping for Bitcoin.
Will the foundation be sponsoring Bitcoin software outside of Bitcoin.org? What do you mean? Like if Jeff Garzik made cool software that would help the Bitcoin world but didn't release it at bitcoin.org would we try and help him?
The answer is yes.
I.e., the Foundation would provide a service with recommendations such as wallet security for an exchange, but I don't think the Foundation should be in the business of "certifying". Yeah, there's an interesting set of questions there about certification. I would LOVE to see a certification that brought with it the ability to be insured against loss and theft. Think how nice it would be for an exchange or wallet business to be able to offer that insurance. That said, I don't know of any bitcoin company that has such insurance yet. I think we have some work to do vetting out the processes and procedures, and then some sales and relationship work with insurance companies first. At any rate, we won't be stumping up security for certified companies through the main Foundation corporate vehicle ever. But I think the membership will want to discuss what a good set of next steps is toward that goal, if we're all sold on trying to make it happen.
What's the advantage to using bitcoins over government issued currency, basically why should I invest my $US in bitcoins? Some people have ideological preferences for Bitcoins money issuance scheme.
Some are nerds, and like it for nerdy reasons.
Some just like being able to pay whom they choose when they choose.
Some deal with payment infrastructures that are scary (Paypal freezes are scary), or slow (wiring money in and out of small country central banks is REALLY slow).
Also, they're neat.
How does it feel to know that a kitten wearing a top hat has more upvotes than you? That kitten is so damn cute. I spent some of my AMA time going "AWWW"
How will you try to keep BIG businesses from buying their way into "THE" Bitcoin Foundation? Bitcoin is inherently free, it's peer to peer, it can be forked, it's not controlled by the Foundation, especially one that's one day old.
So, I look forward to large donations from BIG businesses. We will use that money to further the Foundation's mission. Our members will, no doubt, be highly engaged in discussions about what to do with large donations. I'm looking forward to it.
What is your opinion on Canada's new digital currency, "Mint Chip"? How does this affect Bitcoin? I don't know much about it, but I think it's cool from what I do know, (and is it technically flawed? I don't recall). I'm all for money system experimentation, as you might guess.
You are starting to get increased media/congressional notice. Are you at all worried about being shut down and prosecuted like E-Gold was? Who is we? The Foundation is a member organization, nothing else.
There are some bitcoin exchange operators that actively flout the same AML laws that got the E-Gold founders in trouble.
There are some that try hard to do the right thing, jurisdiction by jurisdiction.
Personally, I don't worry about the ones trying to comply, and I don't transact with the ones flouting the laws.
Why do you have different vote classes, is one class worth more then another? Corporate members vote their seats, Individual members vote theirs.
Anecdotally, there are fewer corporate members, so a corporate membership vote has a greater proportional influence over a board seat than an individual membership.
so a corporate membership vote has a greater proportional influence over a board seat than an individual membership. - So there may be poll when votes of both classes come together? Like asking ALL members to opt out changes to the source code? I would be stunned if we voted on source code, ever. I don't think anyone thinks that is in the remit of the Foundation.
Pragmatically, the dev team is one arm of bitcoin source code governance, and miners are the other, since they can refuse to work with code changes they don't like if they do it in bulk.
The board meets often, and should be listening to its constituents; sign up as a member, and then mail your appropriate rep. As a sample of what we discussed today: "Should we do an AMA? Who will get member signup confirmations out? Can we publicize Patrick's bylaws yet?" were the scintillating topics of conversation.
Will I be getting an e-mail with receipt for my payment confirming my membership subscription? Yes, we are ACTIVELY working on it. Apologies.
What's the dev's payroll? TBD, now that we know what our member signups are.
I don't know if we'll release payroll or budget numbers outside the membership -- something we have to discuss.
What power does this foundation have over Bitcoin? Why did you make Satoshi the founder without his permission? We have no power over Bitcoin whatsoever.
I think we felt a foundation that didn't somehow acknowledge Satoshi would be a bit churlish, like ignoring Linus completely while making the Linux Foundation. Satoshi is, as always, free to participate as he/she chooses.
Has there been a growth in algorithmic trading of Bitcoins in the past year? If so, is that growth in algos added stability to the Bitcoin Market? I have no idea. But I'm curious about this too!
Why hasn't (almost) anybody heard of you before today? I keep a low profile. Until yesterday. Also, I gave up on the forums a long time ago; not productive enough for me.
That was very informative, thanks. Not that hard to grasp when somebody spells it out. The reason you do it is to provide a second element of value to a chain of transactions; the first element of value is consensus -- what everyone else says happens.
Is there a reason for doing this? Or just a way to pace the grinding nature of mining bitcoins? The second, arguably more powerful one is provable computation time spent on creating the consensus. So you can look at a set of bitcoin transactions and say "Ah ha, that had roughly [say] $1mm worth of computation time put in to securing and validating it! I believe it's safe to consider my $55 transaction secure."
Just out of curiosity, do you have any idea how many people have applied so far? Yep. We'll release end of first-month member numbers in 29 days. :)
How does one go about buying bitcoins? Probably the fastest way is to ask a friend who has some.
Next would be to use a service like Link to bitinstant.com.
How long are terms for each board member? Two years.
Will the Bitcoin Foundation promote a Vulnerability Reward Program ? I would like to see that, but I think the first things to do in terms of importance are on our published list.
Will the funds for a permanent memberships be put into an endowment, or will they be spent immediately? We haven't discussed it. Budget discussions are next couple of weeks, now that we have our heads around some numbers.
We also have to discuss if the foundation wishes to go long bitcoin, or instead spend to its annual budget. All TBD; if you have opinions send them on to your member reps.
I'm curious about this too. I'm not sure I understand how they work entirely. Maybe somebody could Explain like i'm five... Totally. They are confusing; it's a truly novel solution. Essentially it mixes something non-intuitive and magical-seeming (public key cryptography) with something very hard to imagine a solution for (distributed timestamping among non-trusted parties).
We will be seeing the concept extended out into a number of technology arenas over the next 25 years I imagine. It's an incredibly powerful solution-space.
I spent maybe an hour on the wiki reading the FAQ and everything, and it still makes references to "blocks" and "mining blocks" and those that mine have the option of transaction fees.. and I'm still not really sure what is happening. Yep, like I said. I've been thinking hard about them for two years, I have a cryptography background, and I still have 'a-ha!' moments weekly, at the very least.
There are a couple pretty good bitcoin explanation videos out there, but I'm not up to date on what the best one is. Maybe someone helpful can post a link.
After establishing support for food and shelter for Gavin, will there be opportunities for other bitcoin developers to apply for grants - maybe for specific implementations or features desperately needed. I'd love it. I think Gavin will be working out the specifics of what we want to do. I'd LOVE to see money put into a huge test suite, personally.
Thank you for furthering the effort of Cryptocurrency, I have written several policy papers in this arena, and look forward to the day where the deep web stigma is removed from the currency. Thanks FapNowPayLater! We genuinely appreciate the support.
Last updated: 2012-10-02 22:30 UTC | Next update: 2012-10-03 04:30 UTC
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Estados Unidos vendió sus bitcoin/ Alerta 12.000 BTC / análisis de PRECIO

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