This is interesting. I can say that I have one batch of black olives in water, as we speak. I did that yesterday. I read, and the locals here have told me, that you don't have to cut or smash the black ones only the green ones, and they are done with a stone. We will be collecting another batch (and the final batch) possibly tomorrow, so I may do the dry cured method with them, and we will see which comes out better. There seem to be so many different types of olive and here in Mallorca the local bars all serve olives, and they taste different from every bar/restaurant.
From what I have managed to glean off the internet, black olives should be in water for about 10-14 days or until the bitterness has gone, with a fresh water change each day, then they should be transferred to the brine.
My landlord here told me to fill a large bucket/bin/container (plastic) with water and pop in a fresh egg (fresh eggs always sink to the bottom), add salt and mix round with your hand, keep adding salt until the egg floats! then throw in your olives, cover and leave for at least a week. You can leave them for up to 6 months, but we don't have that many so I expect by the end of the summer they'll be all gone! who knows.
I have noticed that in some of the local restaurants the olives can be horribly bitter! others have a wonderful, full and much smoother flavour to them. I can't eat the more bitter ones! I hope people will keep me posted with their olive adventures. It is all new to us, but so fulfilling to be able to produce your own foods.