Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released - page 671. (Read 1356166 times)

Quote from: yourstruly on June 30, 2014, 05:16:21 PM

One question about VeriBit:

If the markets starts to crash, and ppl will liquidate vrc to btc through the veribit, will the btc buffer take market depth into account or can i get a better price of my VRC via veribit in a fast declining market? That would make the buffer bleed.

Edit:
Thinking of this some more. If we have a crashing market, veribit makes it even easier for users to dump VRC directly from wallet and you will probably get a better price than transferring to exchange, waiting for confirmation and trading.
This would accelerate the crash and bleed out the veribit buffer.

Anyone?

To add to this:
If i think price is falling, i can open up a veribit address for my mintpal btc deposit address and wait. If price drops, i can sell my vrc for the price 15 minutes ago and buy back lower. If it doesn't, i can just cancel the transaction.

Or have I misunderstood? Looks like bear market trading without risk. Of course it will consume the btc buffer in veribit

My friend just mentioned this to me, and yes you can do this over and over risk free. You could even create a bot to do this and grab money on every drop. Open multiple instances at a time to maximize profits.

The moment this happens, the buffer goes up from 2 VRC to make it unprofitable until a solution is found. You all really don't troll well.

As with everything new, its being done on a small scale to weed out shitheads like you who take advantage of a good thing.

Actually, actions of you and people like you help strengthen and motivate teams like VeriCoin to progress and make them more secure.

So troll away, an issue of today, is a solution of tomorrow. Roll Eyes

You are getting mad because the designers didn't think far enough ahead to prevent obvious problems, this isn't an issue of trolls its an issue of bad design. If the price is raised to 2 VRC you just modify the bot to look for larger margins. If the solution is to continue to raise the fee then to what end, the feature becomes pointless because its unsustainable?

This is hacking not trolling, looking at how systems work and seeing how they can break. If they can't stand up to scrutinity then the system isn't good. This is why most good code is written in the open, unlike much of vericoins features which are closed source rush jobs.

buy4crypto

sr. member

Activity: 434

Merit: 250

freecrypto.top

One question about VeriBit:

If the markets starts to crash, and ppl will liquidate vrc to btc through the veribit, will the btc buffer take market depth into account or can i get a better price of my VRC via veribit in a fast declining market? That would make the buffer bleed.

Edit:
Thinking of this some more. If we have a crashing market, veribit makes it even easier for users to dump VRC directly from wallet and you will probably get a better price than transferring to exchange, waiting for confirmation and trading.
This would accelerate the crash and bleed out the veribit buffer.

Anyone?

To add to this:
If i think price is falling, i can open up a veribit address for my mintpal btc deposit address and wait. If price drops, i can sell my vrc for the price 15 minutes ago and buy back lower. If it doesn't, i can just cancel the transaction.

Or have I misunderstood? Looks like bear market trading without risk. Of course it will consume the btc buffer in veribit

My friend just mentioned this to me, and yes you can do this over and over risk free. You could even create a bot to do this and grab money on every drop. Open multiple instances at a time to maximize profits.

The moment this happens, the buffer goes up from 2 VRC to make it unprofitable until a solution is found. You all really don't troll well.

As with everything new, its being done on a small scale to weed out shitheads like you who take advantage of a good thing.

Actually, actions of you and your friend help strengthen and motivate teams like VeriCoin to progress and make them more secure.

So troll away, an issue of today, is a solution of tomorrow. Roll Eyes

yourstruly

sr. member

Activity: 308

Merit: 250

thrasher.

Quote from: keshuker on June 30, 2014, 04:56:45 PM

One question about VeriBit:

If the markets starts to crash, and ppl will liquidate vrc to btc through the veribit, will the btc buffer take market depth into account or can i get a better price of my VRC via veribit in a fast declining market? That would make the buffer bleed.

Edit:
Thinking of this some more. If we have a crashing market, veribit makes it even easier for users to dump VRC directly from wallet and you will probably get a better price than transferring to exchange, waiting for confirmation and trading.
This would accelerate the crash and bleed out the veribit buffer.

Anyone?

To add to this:
If i think price is falling, i can open up a veribit address for my mintpal btc deposit address and wait. If price drops, i can sell my vrc for the price 15 minutes ago and buy back lower. If it doesn't, i can just cancel the transaction.

Or have I misunderstood? Looks like bear market trading without risk. Of course it will consume the btc buffer in veribit

My friend just mentioned this to me, and yes you can do this over and over risk free. You could even create a bot to do this and grab money on every drop. Open multiple instances at a time to maximize profits.

yourstruly

sr. member

Activity: 308

Merit: 250

thrasher.

Quote from: buy4crypto on June 30, 2014, 04:52:28 PM

Quote from: virtualfaqs on June 30, 2014, 05:11:01 PM

One question about VeriBit:

If the markets starts to crash, and ppl will liquidate vrc to btc through the veribit, will the btc buffer take market depth into account or can i get a better price of my VRC via veribit in a fast declining market? That would make the buffer bleed.

Edit:
Thinking of this some more. If we have a crashing market, veribit makes it even easier for users to dump VRC directly from wallet and you will probably get a better price than transferring to exchange, waiting for confirmation and trading.
This would accelerate the crash and bleed out the veribit buffer.

Anyone?

To add to this:
If i think price is falling, i can open up a veribit address for my mintpal btc deposit address and wait. If price drops, i can sell my vrc for the price 15 minutes ago and buy back lower. If it doesn't, i can just cancel the transaction.

Or have I misunderstood? Looks like bear market trading without risk. Of course it will consume the btc buffer in veribit

Once you are in the blockchain its irreversible. If you where to cancel it prior. No orders would executed at that time.

I understood the veribit address is active for 15 minutes based from the price of vrc from the time you open up the veribit address

And you can open up more than 1 at a time, hold them open and push through many transactions at once using a script. This will be hilarious when exploited.

buy4crypto

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Activity: 434

Merit: 250

freecrypto.top

Quote from: criptix on June 30, 2014, 04:49:11 PM

Quote from: virtualfaqs on June 30, 2014, 04:24:48 PM

Will Vericoin pay taxes and will that be public record?

i think as long as bitcoin does it, vericoin is good to go Wink

My concern is whoever controls VeriFund has to pay taxes. Everytime someone uses VeriSend, Veribit, or in the future pay with credit card is a taxable event. I'm not 100% sure how Verisend works, but changing Vericoins to BTC is technically a taxable event. Buying VRC with credit cards in the future definitely will be.

Are you a tax professional?

Or are you assuming this? What is your background in this field?

I'll say it again, here are tax laws im assuming you feel are being violated.

State and local revenue (income) taxes

Again, there's no general rule that applies in every state and city. Sometimes all nonprofit income is exempt. Sometimes it matters how the income was earned, or what it's for. Sometimes the state or local rules parallel the federal tax statutes; sometimes they are completely different.

So where is the specific issue?

virtualfaqs

hero member

Activity: 700

Merit: 500

Quote from: criptix on June 30, 2014, 04:49:11 PM

Quote from: virtualfaqs on June 30, 2014, 04:24:48 PM

Will Vericoin pay taxes and will that be public record?

i think as long as bitcoin does it, vericoin is good to go Wink

My concern is whoever controls VeriFund has to pay taxes. Everytime someone uses VeriSend, Veribit, or in the future pay with credit card is a taxable event. I'm not 100% sure how Verisend works, but changing Vericoins to BTC is technically a taxable event. Buying VRC with credit cards in the future definitely will be.

keshuker

sr. member

Activity: 395

Merit: 250

aka. dibdab

Quote from: buy4crypto on June 30, 2014, 04:52:28 PM

One question about VeriBit:

If the markets starts to crash, and ppl will liquidate vrc to btc through the veribit, will the btc buffer take market depth into account or can i get a better price of my VRC via veribit in a fast declining market? That would make the buffer bleed.

Edit:
Thinking of this some more. If we have a crashing market, veribit makes it even easier for users to dump VRC directly from wallet and you will probably get a better price than transferring to exchange, waiting for confirmation and trading.
This would accelerate the crash and bleed out the veribit buffer.

Anyone?

To add to this:
If i think price is falling, i can open up a veribit address for my mintpal btc deposit address and wait. If price drops, i can sell my vrc for the price 15 minutes ago and buy back lower. If it doesn't, i can just cancel the transaction.

Or have I misunderstood? Looks like bear market trading without risk. Of course it will consume the btc buffer in veribit

Once you are in the blockchain its irreversible. If you where to cancel it prior. No orders would executed at that time.

I understood the veribit address is active for 15 minutes based from the price of vrc from the time you open up the veribit address

buy4crypto

sr. member

Activity: 434

Merit: 250

freecrypto.top

One question about VeriBit:

If the markets starts to crash, and ppl will liquidate vrc to btc through the veribit, will the btc buffer take market depth into account or can i get a better price of my VRC via veribit in a fast declining market? That would make the buffer bleed.

Edit:
Thinking of this some more. If we have a crashing market, veribit makes it even easier for users to dump VRC directly from wallet and you will probably get a better price than transferring to exchange, waiting for confirmation and trading.
This would accelerate the crash and bleed out the veribit buffer.

Anyone?

To add to this:
If i think price is falling, i can open up a veribit address for my mintpal btc deposit address and wait. If price drops, i can sell my vrc for the price 15 minutes ago and buy back lower. If it doesn't, i can just cancel the transaction.

Or have I misunderstood? Looks like bear market trading without risk. Of course it will consume the btc buffer in veribit

Once you are in the blockchain its irreversible. If you where to cancel it prior. No orders would executed at that time.

keshuker

sr. member

Activity: 395

Merit: 250

aka. dibdab