Why the P2P Foundation pays salaries in Bitcoin

http://blog.p2pfoundation.net/why-the-p2p-foundation-is-paying-its-salaries-in-bitcoin/2012/03/28

by stuhood • 14 years ago

23 12 14 years ago

blog.p2pfoundation.net

pagekalisedown• 14 years ago

Schrute Bucks would've been my choice. /sarcasm

rockyleal2• 14 years ago

I am the guy who got paid, AMA (seriously)

mcherm2• 14 years ago

Was the amount you were to be paid specified in bitcoins or in some other currency at the conversion rate on the day you were paid?

rockyleal2• 14 years ago

The honorary was agreed in Euros before starting my employment. When I was asked for the first invoice I included my Btc address, and wrote an email requesting to be paid in Bitcoin. The reception to the idea was so enthusiastic, including ending up writing a blog post about it (which I co-wrote). An account was created in one of the exchanges and the Btc were bought at market price, after which they were transferred to my Btc address.

justncase80• 14 years ago

Did you covert the btc's to another currency already or will you hold onto them for a while?

lini• 14 years ago

I am still wondering why Bitcon has not created a scheme for user-friendly addresses. Remembering something like 19HcFgnnJseANJAHUjFifVwz68AGYrHc7v is way harder than Donate.P2PF or something like that. I think there is a URL service that offers a personalized handle, but implementing a better solution in the Bitcoin codebase shouldn't be so hard.

gst• 14 years ago

It is hard. Very hard.

A bitcoin address is basically the hash of a public key. It's trivial to prove that you are the owner of the address.

Once you use names instead of addresses you need a mapping of names to addresses. Who owns a name? Who determines to which address a name maps?

The namecoin project is currently trying to solve this problem (and doing exactly what you suggested), but there are still lots of potential issues.

stuhood2• 14 years ago

There is an interesting scheme called 'firstbits', which uses the blockchain (global, public, immutable) to determine the shortest prefix which uniquely identifies an address. At this point in time, an address can usually be identified with 5-6 hex digits.

Your 19HcFgnnJseANJAHUjFifVwz68AGYrHc7v address for example, firstbits down to 19HcFgn: http://firstbits.com/

stuhood2• 14 years ago

Sorry... not hex: base64 (or whatever the bitcoin variant is.)

paulhauggis• 14 years ago

You better convert it to $ fast. Otherwise, you many not have been paid as much as you earned.

sgornick• 14 years ago

Or depending on market conditions the exchange rate could move in your favor and those bitcoins can buy much more than what they could on the day they were earned.

Why the P2P Foundation pays salaries in Bitcoin

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