Wednesday, 21 September 2011

The Bitcoin Discount Scheme

Welcome to BDS, the premier place to get 10% discount on all bitcoin purchases made at participating* stores. Signup is free! All you need to do is download BDS-Client, our specialized android bitcoin client and go shopping in meat-space.

How Does It Work?

Every time you make a transaction with the BDS-Client, it will also make a secure connection to our rather large mining pool, BDS-Pool, and give it a secondary signed transaction, one which would send the same bitcoins not to the shop but to our own BDS-Account instead. If BDS-Pool happens to solve the next block in the block-chain, we will ignore the shop transaction and instead write the secondary transaction, sending the bitcoins you were charged into our own account.

Since BDS-Pool in fact owns 11% of the network (thanks to our VC startup capital of 1M USD), this means that 11% of your transactions will randomly be redirected to our accounts. This is what allows us to give you a 10% payback every time regardless of whether a particular redirection was successful.

Of course, the money hasn't come from nowhere, it has actually come from the shop owners who had their payments stolen. But, that's their own fault for being dumb enough to accept zero-confirm bitcoin transactions. Lulz.

* participating stores are any that accept zero-confirm transactions.

Edit - In case you didn't notice, the BDS is not real, this post is an illustration of what will happen in future if zero-confirm bitcoin becomes popular for merchants.

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