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Bitcoin - a new kind of currency

Diego Calderon

Grad Student
Alexei Smirnov :: no, not suggesting that - I was suggesting that there would be a check in place to reject multiple copies of the exact same timestamp. though after rethinking, I think this would only be an issue if the system realized 2 exact timestamps were verified simultaneously...? Enlighten me, I'm a mathematician not a hacker. Or not.
Peter-Jan , What do you think of the recent price drops?

I have no idea honestly. I hope it's just people cashing out because of uncertainty and not stolen mybitcoin btc being dumped on the market.

I can tell you that BitFlow will launch with fixed commissions, most likely 0.05 USD per placed order. We do this to make our revenue less volatile and to allow day trading even in flat markets. Also, we plan to make most of our revenue through our innovation we will launch a few weeks later and we are well funded for 6-8 months anyway.

Most likely BitFlow 1.0 will be finished by the end of next week with maybe another week of internal testing before doing a private beta.
Here is an idea for your BitFlow: get your infrastructure in place, build up a top flight API, organize a trading Olympiad similar like the Interactive Brokers (2009, 2008, 2007).

Many members here are top finishers in those trading Olympiads so I'm sure we will have some serious interest. Get a few sponsors to put up serious cash or rewards. When you are at that point, let me know and I'll consider having Quantnet sponsor that event.
That's a great idea, Andy!

Our API will be there from the start, so we should definately do something like this. In fact, our API allows developers to charge from 5 to 100 cents per order (and they keep everything above BitFlow's 5 cents), so there is a way to make this profitable for everybody involved.

Actually I already discussed QN arbitrage with my developers (you know who from our emails), they were open to a joint venture them - QN - BF if we find a profitable business model that requires some sort of site (They really believe in BitFlow and will also build the Android App at their own risk using our API to make money.)
Yea we got out of it a while back. If we didn't mining would not be profitable for us at these prices, so I'm glad we got out.
Are there any macro correlations for BTCs? Maybe the drop is just following the 2011 Summer decline?
The drop is most likely because many people just used this as a source of profit (myself and my friends included) and not many people view it as a viable currency. People are just selling out of the system now.


There's a new Bitcoin exchange which launched a few days back (at least, publicly):


I don't use Bitcoin myself, but I poked around the site a bit and it looks reasonably-well put-together. They also have a nice RESTful API in case you want to try out any algo trading.

Diego Calderon

Grad Student