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r/MAINSTREETCRYPTO EXCLUSIVE: INTERVIEW WITH ROGER VER

MAINSTREETCRYPTO EXCLUSIVE: INTERVIEW WITH ROGER VER
MAINSTREETCRYPTO EXCLUSIVE: INTERVIEW WITH ROGER VER
https://preview.redd.it/9rycme1mdgr41.jpg?width=200&format=pjpg&auto=webp&s=30c55fb3ff8b3705726a04109797063a26798798
Roger Ver, is one of the five founders of the bitcoin foundation. You could say he was ahead of his time, buying $25,000 worth of bitcoin when they were merely $1 each. He was the first major investor to invest millions in Blockchain.info, Ripple, Kraken, and Bitpay among others. Now he wants Bitcoin Cash, a fork of the legacy chain, to be used as a global P2P currency, and says it can scale just like Satoshi first laid out in the original Bitcoin whitepaper. -------------------------------------------------------------- Bitcoincash.org Rank: #5 Current Price: $257.65 Market Cap : $4,741,042,759 24 hour trading volume : 1.741 Billion USD -------------------------------------------------------------- Hi Roger, first and foremost, I wanted to thank you for taking the time to do this. You are truly a pioneer in the Bitcoin space, and all of us owe you a debt of gratitude. On behalf of all of us, I wanted to say thank you for advancing the space.
1. First, I want you to take a moment and appreciate how far bitcoin and cryptocurrency has come this past decade. Did you ever believe you would see such growth, interest, and adoption in such a short period of time or has it completely surprised you?
We always over estimate the amount of progress that will be made in the short term, but underestimate the amount of progress that will be made in the long term.
Crypto currency is another example of that.
2. At what point did it hit you that bitcoin was history in the making?
From the very first day I knew it was one of the most important inventions in the history of humankind.
The book Digital Gold goes over how I literally had to go to the emergency room because of the excitement I had for Bitcoin.
3. How did you first get into bitcoin, pre Bitinstant?
I first heard about it on the FreeTalkLive.com radio show.
A full history of the early years is covered well by Digital Gold.
4 .What economists and philosophers do you align with?
I think Murray Rothbard fits into both categories and his thinking influenced mine more than any other single author.
Others who have influenced me would include:
Adam Smith
Ludwig von Mises
Milton Friedman
David Friedman
John Locke
Henry Hazlitt
Frederick Bastiat
Larked Rose
Ray Kurzweil
6. What has been your favorite moment in crypto history thus far?
My favorite moments were reading the underlying philosophy behind the Silk Road.
The government has done an amazing job distorting and smearing the underlying message behind the site.
My eyes started to tear up when I read this post on the front page of the Silk Road for the fist time:
https://www.reddit.com/Anarcho_Capitalism/comments/29diyt/defcons_latest_post_on_silk_road/?sort=top
I never bought or sold a single thing there, but I spent countless enjoyable hours reading their forums and exploring the site.
7. What are your future plans for Bitcoin Cash?
It isn’t just a hobby, it’s a global revolt. We will become money for the world.
8. Branding is so important. Bitcoin currently has greater brand recognition a la Coca-Cola, and is regarded by many as the “real” Bitcoin, even though this is widely disputed, especially by crypto-fundamentalists. Do you envision a Coca-Cola vs. Pepsi type scenario? Do you envision parity price-wise between the two on a long enough timeline?
Bitcoin Cash has more utility than BTC, so in the long run it will have a larger market cap. Currently we are in the era when Myspace was bigger than Facebook, but Myspace’s servers were being over loaded and causing a bad user experience.
Eventually people migrated to Facebook and eventually people will migrate away from BTC.
8. a) Have you ever thought of re-branding Bitcoin Cash?
No one is in control to do such a thing by themselves. The community can’t even agree on orange vs green for the colors.
9. Bitcoin Cash has the potential to truly be used as a global form of payment rather than merely a store of value, what else excites you the most about the potential of Bitcoin Cash?
  1. Fast
  2. Cheap
  3. Reliable
  4. Private
Payments for the world. That’s all we need.
10. I asked Adam Back the same question: If you could remove yourself from the equation, and remove bias, how would you objectively evaluate the pros and cons of Bitcoin Cash versus The Lightning Network?
Anyone can permissionlessly start using BCH to start sending or receiving payments world wide in about 30 seconds. (The time it takes to download an app)
It is accepted by more than 100,000 websites around the world, and has millions of users.
Lightning Network would take about a full day to setup and get working permissionlessly, and would take several hundred dollars of additional computer hardware.
Once it is setup, you can spend it at about 300 websites world wide, and it has maybe a few tens of thousands of users.
11. When you’re not working, what do you like to do for fun? Favorite hobbies?
I enjoy reading, and Brazilian Jujitsu. I’m especially interested in doing more competitions before I get too old.
12. What are a few of your favorite books? What are some that have made a long lasting impact on you? (Can be fiction or nonfiction)
I loved the Age of Spiritual Machines. It painted a picture of how exciting the world is going to be thanks to More’s Law.
I also loved The Moon is a Harsh Mistress. I see crypto currency being a world life parallel.
13. What are you most excited about for the future of blockchain technology and where do you see the space in 5 years?
I’m excited to see wide spread wallets with strong privacy, and more agorism starting to take place around the world.
14. What are your personal theories of who Satoshi was / were, what was their motivation, and do you think something like bitcoin would have inevitably been created eventually, had Satoshi never existed?
I don’t know who Satoshi is or was, but it was clear they were trying to build a peer to peer electronic cash system, not what BTC has become today.
It was an inevitability that someone would create something like Bitcoin eventually. People like David Friedman and others had been writing about it for decades in advance.
15. What advice would you give our viewers regarding blockchain, business, motivation, or life in general?
Read more books. Reading a book like having a one on one tutoring session from the author. It’s the best way to learn directly from the greatest minds the human race has ever produced.
BONUS:
If you were a director and could make only one film out of all the wild stories regarding crypto, what subject matter would you choose and why?
The Silk Road because it embodied the spirit of peer to peer cash and voluntaryism.
submitted by blindedzeppelin to mainstreetcrypto [link] [comments]

Who is the richest Bitcoin owner?

Technically, Bitcoin was worth less than 10 cents per bitcoin upon its inception in 2009. The cryptocurrency has risen steadily since then and is now worth around $6000 per Bitcoin. This is the most remarkable appreciation of the value and has created many millionaires over the last eight years.
Here are the top ten people/institutions that held a large amount of Bitcoins over time:
1. Satoshi Nakamoto
The creator of Bitcoin, who hides behind the moniker Satoshi Nakamoto, remains the major holder of bitcoins. The number of bitcoins that Nakamoto owns today is estimated at around 1.1 million, based on the early mining that he did. This is the equivalent of about $6 billion at today’s exchange rate of 1BTC to 6,098 USD. At least Nakamoto has never touched most of his bitcoins, and neither converted them into real-world currencies nor used them for any other purpose. If he were to sell his entire stash, the value of Bitcoin could plummet in an instant.
2. Bulgaria
Bulgaria is currently sitting on one of the biggest stashes of Bitcoin in the world. How did the European nation come into the possession of this enormous sum of money? A crackdown on organized crime by the Bulgarian law enforcement in May 2017 resulted in the seizure of a stash of 213,519 Bitcoins, enough to pay off a quarter of the country’s national debt.
According to Bulgarian authorities, the criminals used their technical prowess to circumvent taxes. As of June 2018, the virtual coins would be worth more than $1.2 billion. The Bulgarian government has declined to comment on the status of the coins.
3. BitFinex
BitFinex, a crypto exchange, has one of the largest bitcoin wallets with 163,133.38 BTC that are worth approximately $1 billion at the current price of $6,098.24 per bitcoin. The coins are believed to be kept in a cold wallet to protect them from cyber hacks, unauthorized access and other vulnerabilities that a system connected to the internet is prone to.
4. The FBI
The FBI is one of the largest renowned holders of Bitcoin. In September 2013, they brought down Silk Road, the infamous dark web drug bazaar, and seized 144,000 Bitcoin owned by the site’s operator Ross Ulbricht, better known as, “Dread Pirate Roberts”. Ulbricht made critical blunders that allowed investigators to locate the site and link him to it. Users of Silk Road are said to have traded around 9.5 million bitcoins since Ulbricht launched the site in 2011. Even thought the FBI sold a large amount of their Bitcoin holdings or even all, the FBI worth mentioned as they had a fortune in Bitcoin at some point. A large portion of the Bitcoins seized and sold went to Barry Silbert.
5. The Winklevoss Twins
Tyler Winklevoss and Cameron Winklevoss were among the first Bitcoin billionaires. The duo had first gained popularity when they sued the Facebook C.E.O. Mark Zuckerberg for allegedly stealing the idea of creating Facebook from them. They were contacted by Zuckerberg to develop the ConnectU site, which was to become Facebook later on.
They used $11 million of the $65 million cash compensation they received from the legal dispute with Zuckerberg to purchase 1.5 million Bitcoins in 2013. Back then, one Bitcoin traded at $120. That investment has increased more than 20000% since then.
The twins allegedly own around 1 percent of all Bitcoin in circulation. Their combined net worth is approximately 400 million. They created the Windex, funded several bitcoin-related ventures and invested $1.5 million in BitInstant.
6. Garvin Andresen
Although bitcoin is the brainchild of Satoshi Nakamoto, Garvin Andresen is credited as the person who made it what it is today. Garvin is one of the people who has been suspected to be Satoshi, a claim he denies. Rather, he says that he had a close relationship with the anonymous cryptographer for many years. The real Satoshi Nakamoto picked him as his successor in late 2010. Garvin became the chief developer of the open source code that determines how Bitcoin operates – and whether it can survive. He was once paid over $200,000 in Bitcoin by the Bitcoin Foundation for his contributions. He had already cashed out multiple times.
7. Roger Ver
Roger Ver, otherwise known as Bitcoin Jesus, is one of the first Bitcoin billionaires and believed to hold or held at least 100,000 bitcoins. The renowned libertarian allegedly dropped out of college to focus on his bitcoin-related projects. Unlike other crypto billionaires out there who are throwing their cash in the typical private Islands or luxury jets, Ver’s dream is to establish his own libertarian nation where every individual is the absolute owner of their own life and are free to do whatever they wish with their person or property. The controversial bitcoin evangelist renounced his U.S. citizenship in 2014 and relocated permanently to a small Caribbean Island.
8. Barry Silbert
Silbert is a venture capitalist and founder of Digital Currency Group. He was an early adopter of Bitcoin. He purportedly walked away with an eye-watering 48,000 Bitcoins in an auction held by the U.S. Marshals Service in 2014. The US government had confiscated much of the crypto coins from Ross Ulbricht, the alleged operator of the dark web marketplace for drugs and other illegal products. Bitcoin was then worth $350, which means Silbert’s coins have skyrocketed in value from $16.8 million to $288 million.
9. Charlie Shrem
Charlie Shrem is no doubt one of the most controversial Bitcoin millionaires. He invested in a large quantity of Bitcoin in the early days of the cryptocurrency. Shrem was also an active member of the Bitcoin Foundation and founded BitInstant when he was just 22 years old. By the end of December 2014, Shrem had been found guilty of money laundering and received a two-year prison sentence. After his release from federal custody, he unveiled a startup called Intellisys Capital, a company that sells investment portfolios in blockchain companies.
10. Tony Gallippi
A famous business magnate Tony Gallippi is also believed to be one of the big holders of bitcoins. He is the brain behind BitPay, one of the most popular Bitcoin payment service providers in the world. The company was launched in May 2011 and processes over one million dollars per day. Bitpay is also one of the companies to sign contracts with major companies including Microsoft, Dell, TigerDirect, and Newegg. By 2014, the company had employed approximately 100 people.
Conclusion
It is estimated that the top 1000 bitcoin addresses own approximately 35% of the total bitcoin in circulation. There are also thousands of individuals who hold large stashes of bitcoin but have chosen to remain anonymous.
submitted by alifkhalil469 to BtcNewz [link] [comments]

AMA about Tether (USDT)

Hello, I trade on 6 different exchanges worldwide. I have deeply looked into the Tether situation since it could become a black swan and put a dent into my crypto wealth.
I have examined all the evidence and opinions and have found them to be unsubstantiated at best malicious at worse.
Ask me anything and I will do my best to give you my opinion on what I have found.
 
My only concerns has evolved into... is the idea of Tethers legal (compared to Liberty Reserve or E-gold). After much research on both companies and thinking it over a lot I feel USDT is actually more legit and better suited because of the openness of the blockchain. I know right??
You see they can control the ecosystem (as they did w hack) in a transparent way and they can control the outflows/inflows with stringent KYC/AML (which they have been- far more stories of people not getting approved than not being able to redeem). Their ToS/KYC/AML make it so no launderer would be foolish enough to use them, especially after hack/roll back.
On the other hand, Lib Res/Egold accepted anyone, proudly claimed to be a money substitute and their closed system provided no transparency and plenty of opportunity for nefarious activities.
 
Some key points
 
NOT more transactions taking place (across all blockchains), NOT more countries buying that didn't before (KRW/JPY), NOT Coinbase user accounts being created at an extraordinary clip this year, or the google search terms increasing exponentially, or crypto twitters growth. All differing metrics pointing to the same thing... demand. No it's easier to believe the volume is fake, wash trading, and fake tethers... all out in the open (BFX DATA) & open ledgers (USDT)
 
"But they have been saying an audit is forthcoming" They didn't increase the total amount to 100 mill till fairly recent. They are not a money making machine, they make money on money sitting in interest-bearing accts and transaction fees between the fiat world. I can see them not wanting to pay for an expensive reputable audit and thinking showing bank statements would suffice, until it didn't. So now an audit is coming.
 
 
Ex2. The amount of tethers to date is enough to horribly crash the markets but not enough to show signs that free money has been pumped into the system. If 100's of millions are pumped into the system it will show divergences (premiums/unpegged) somewhere along the trail.
 
One last thing, what if the worse is true and Tether is not backed, finex is a scam, God doesn't exist, and Trump gets elected a second term (last 2 a joke, obviously)? IMO, it creates a massive buying opportunity. There is nothing wrong with bitcoin/crypto, nothing wrong with its use case, technology or value system. Just an alt currency that only had to have the funds in account. Yes, there will be a short game of hot potato that drives Tether to zero, but that is it. Nothing fundamentally wrong w crypto. Plus I'm not 100% sure the exiting of USDT would not drive crypto higher.
Yes, some exchanges will lose their rep, customers, and traders will lose their stablecoin but perhaps that's the goal, IDK? Who benefits from failed stablecoin? FIAT, banks? One thing is for sure USDT has brought on many more exchanges, IMO is a good thing.
Also, I don't believe Tether to be the ideal way to a stablecoin. But it came along 3 years ago w no better options, has held it's pegged (even now under fire), opened up liquidity past strict/biased/predatory banking infrastructure (who benefits if USDT goes down again?). Maybe that is why they are looking into an ERC20 token that may be verified in real-time, IDK.
 
Good day to you Ladies and Gents..
 
P.S. I post my real trades on twitter @SirLamboMoon - Follow to see if I am worth a damn. I don't share charts and analyze what happenED and be as cryptic as possible about the future. I actually put my entries, targets, and stops. I developed a trading system that has been muy caliente. More info here.. https://www.reddit.com/useSirLamboMoon/comments/7cp2o7/the_system_strategy/
submitted by SirLamboMoon to CryptoCurrency [link] [comments]

AMA about Tether (USDT)

Hello, I trade on 6 different exchanges worldwide. I have deeply looked into the Tether situation since it could become a black swan and put a dent into my crypto wealth.
I have examined all the evidence and opinions and have found them to be unsubstantiated at best malicious at worse.
Ask me anything and I will do my best to give you my opinion on what I have found.
 
My only concerns has evolved into... is the idea of Tethers legal (compared to Liberty Reserve or E-gold). After much research on both companies and thinking it over a lot I feel USDT is actually more legit and better suited because of the openness of the blockchain. I know right??
You see they can control the ecosystem (as they did w hack) in a transparent way and they can control the outflows/inflows with stringent KYC/AML (which they have been- far more stories of people not getting approved than not being able to redeem). Their ToS/KYC/AML make it so no launderer would be foolish enough to use them, especially after hack/roll back.
On the other hand, Lib Res/Egold accepted anyone, proudly claimed to be a money substitute and their closed system provided no transparency and plenty of opportunity for nefarious activities.
 
Some key points
 
NOT more transactions taking place (across all blockchains), NOT more countries buying that didn't before (KRW/JPY), NOT Coinbase user accounts being created at an extraordinary clip this year, or the google search terms increasing exponentially, or crypto twitters growth. All differing metrics pointing to the same thing... demand. No it's easier to believe the volume is fake, wash trading, and fake tethers... all out in the open (BFX DATA) & open ledgers (USDT)
 
"But they have been saying an audit is forthcoming" They didn't increase the total amount to 100 mill till fairly recent. They are not a money making machine, they make money on money sitting in interest-bearing accts and transaction fees between the fiat world. I can see them not wanting to pay for an expensive reputable audit and thinking showing bank statements would suffice, until it didn't. So now an audit is coming.
 
 
Ex2. The amount of tethers to date is enough to horribly crash the markets but not enough to show signs that free money has been pumped into the system. If 100's of millions are pumped into the system it will show divergences (premiums/unpegged) somewhere along the trail.
 
One last thing, what if the worse is true and Tether is not backed, finex is a scam, God doesn't exist, and Trump gets elected a second term (last 2 a joke, obviously)? IMO, it creates a massive buying opportunity. There is nothing wrong with bitcoin/crypto, nothing wrong with its use case, technology or value system. Just an alt currency that only had to have the funds in account. Yes, there will be a short game of hot potato that drives Tether to zero, but that is it. Nothing fundamentally wrong w crypto. Plus I'm not 100% sure the exiting of USDT would not drive crypto higher.
Yes, some exchanges will lose their rep, customers, and traders will lose their stablecoin but perhaps that's the goal, IDK? Who benefits from failed stablecoin? FIAT, banks? One thing is for sure USDT has brought on many more exchanges, IMO is a good thing.
Also, I don't believe Tether to be the ideal way to a stablecoin. But it came along 3 years ago w no better options, has held it's pegged (even now under fire), opened up liquidity past strict/biased/predatory banking infrastructure (who benefits if USDT goes down again?). Maybe that is why they are looking into an ERC20 token that may be verified in real-time, IDK.
 
Good day to you Ladies and Gents..
 
P.S. I post my real trades on twitter @SirLamboMoon - Follow to see if I am worth a damn. I don't share charts and analyze what happenED and be as cryptic as possible about the future. I actually put my entries, targets, and stops. I developed a trading system that has been muy caliente. More info here.. https://www.reddit.com/useSirLamboMoon/comments/7cp2o7/the_system_strategy/
 
EDIT: was told to put an address for the headache I'm about to receive, lol. 1GTtVVfECQvecTtqUoWhXi7pYuWz5KzzTm
submitted by SirLamboMoon to btc [link] [comments]

[Careful] A few thoughts to Silverbugs I see new to cryptocurrencies or thinking of making the plunge

I really like this community and have enjoyed conversations and trading with many of you. Because I like you, I will give you the TLDR first so you do not have to scroll to the bottom of this wall of text.
TLDR - If you are new to crypto or thinking of investing, be prepared for the possiblity of losing (or loosing to those of you who have been around the bitcoin forums a while) 50% of the USD value tomorrow. If you think bitcoin dropping 50% in a few days is crazy talk you need to read the wall of text
Some of you may know from my pmsforsale posts that my preffered form of payment for peer to peer trades is bitcoin - i believe btc/crypto currencies have some great use cases now and there is a chance they may be a revolutionary new technology/change the way we do business and trade, and/or replace or augment gold as a store of value you can hold yourself without the need to trust a 3rd party. Another big draw for me is that each btc will always remain fungible (no btc can be declared invalid or claimed by a government or financial institution) - none can be created arbitrarily by any group devaluing what you hold. 1 btc will always be worth 1/21,000,000 of all the bitcoins ever to be created just as 1 ounce of gold will always be worth 1 oz gold/all the ozs of gold.
The above things aside, as an investment I always try to caution friends/family that it is a high risk investment and should only be made with an amount of money that would not affect your life or cause you anguish mentally if what you invest today is worth 1/2 as much in USD tomorrow and completely valueless in 1 month.
Some of you who are newer to following btc price - say the last 6 months - maybe don't believe it can really be cut in 1/2 in USD terms in one or two days but it most definitely can. I have been following bitcoin for 3 bitcoin bubbles and blow offs (we are currently in my third and by my definition the 4th major bubble since bitcoin began trading on exchanges.)
Here are how the bubbles I followed have gone down in my memory and a brief glance back at charts (dates and prices are approximate and the start and end of the bubbles, or even if they were bubbles are by my definition).
  1. Late January 2013 - Mid March 2013 (prices are mt gox for this bubble)- I was a spectator for this one as I had just discovered btc in late 2012 and was learning more about how it worked/what its purpose or uses could be. Buying btc at that time was a good deal dodgier than an ACH transfer to a federally regulated company such as Coinbase or Gemini and, although I could see the potential future of bitcoin, I also was not ready to mail someone cash or go to walmart and send money to Charlie at Bitinstant. Bubble began at approximately $20, topped out just 2-3 months later over $250. Volume increased heavily towards the top as you would expect as the hype grows and new money comes in to the bubbling market chasing the dream of big returns. This bubble crash was very violent and if I remember correctly the high and low occurred on the same day as the high of 250 with a low for the day in the 50's (I can only view weekly charts so it may not have been the same day but I am pretty sure it was). If you were the person who put your x dollars in at 250+ to see it drop 70% in a day/week would it affect your life. If you answer yes, you are investing more than you can afford. This should take in mental state as well as financial.
  2. November 2013 - I finally took the plunge into bitcoin at around 120 usd in late August 2013. The bubble began to me on the day of the silk road closing. For a long time many people in btc believed that the bulk of btc value was due to its use on the darknet market silk road, my self included. When the seizure of the website and the arrest of it's founder btc quickly dropped to around 80 but recovered most of its losses that day and was breaking out of a long consolidation period around 140 within a week or two. This breakout was the beginning of the November bubble. We topped out around 1100 on bitsamp and saw a low in the 500's within a day or two. This bear market lasted over 18 months with a final low in the 200 area. Again, if you bought at 1100 within a week or two your usd value was cut in half.
  3. The bubble I didn't witness - 2012 breakout around $6, high several weeks later at $32 with a low of $2 the same day.
The bubbles and crashes seem to be getting less volatile, which makes sense as the market becomes more liquid. That said, I fully expect the current bubble to crash 40-60% in a period of 2 weeks or less when it blows off. What I have no idea of is if it will be from 3,000 to 1,600 or 6,000 to 2,800 or any possibility.
To be clear, I am not saying don't invest in crypto. I believe if you do the research you may find it worth a portion of your higher risk investment portfolio. I am saying don't invest any funds you need in the near term (from an investment standpoint I consider near term to be 2 years or less). Also, if you plan to invest X maybe put in 1/y of X at time interval z so you don't go all in at a local top. The benefits of dollar cost averaging have been debated for eons in investing circles but I will add my 2 satoshi's - I personally do enough research to be confident enough in my decision prior to investing in an asset for the medium to long term so that a short term drop in the asset's value will not cause me to panic sell a local bottom, so once I decide to invest an amount I go all in with that amount. Do not underestimate the power of panic - it is a far stronger driver than greed which is why I believe the moves up in bitcoin bubbles can take 10 weeks or more but the bulk of move down happens in days.
Cheers everyone, and if you have any questions on btc I am happy to provide direction.
submitted by LesbianCow to Silverbugs [link] [comments]

My biggest regret, a saved email from 2013.

12/20/13 K: Hey man, it's K. Is your name D? Anyway...getting money onto BTC-e can be tricky if you are trying to deposit USD. I kind of just had to learn by trial an error because I didn't know anyone that could teach me, because i am the only one that invests in crypto currency that I know.
Anyway, coinbase is probably the best bitcoin wallet service in the United States. It is definitely the largest and most reputable. Use this referral link: Once you sign up using this link, it will give us both some free money after you have purchased some bitcoins. The process takes a little while to get all started up, but it is worth it because it is so easy to use after. You can instantly buy bitcoins, and then use those bitcoins to send to BTC-E to purchase whatever other coins you want. I invest pretty heavily in LTC. The only way I have been able to do that is by buying bitcoins on coinbase, and then sending them to btc-e. Let me know if this works for you..
K: Let me know if the email reached you
D: Yep. I got it. Two to three days for the deposit verification into my bank account. Thanks for the advice. I take it you work in finance?
K: Yeah I do :). Coinbase takes a bit for the verification process but it is super easy to use after that. When you sell bitcoins, they just deposit the money right back into your bank account. It's the easiest service that I have found that is reputable.
D: Have you ever tried trading for small margins? I made about 0.60 USD since I started last night. I got my initial funding by mining FTC. I'm trading BTC.
D: Actually up to 10.81 after my last trade. Got in at 625 and sold at 639.
K: I mainly buy and hold for long term. I bought some NMC to flip, but it dropped in value steeply so im still holding it. I buy more every time it dips. Sent via wireless, please excuse any typos...
D: Cool. No worry about typos. I type all day at work so don't mind as well. I give up on accuracy at 5. My friends also aren't very much into crytpo currencies. I like the technical aspect but I'm more interested in trading on BTC-E. I must have watched about 12 hours of bitcoinwisdom since yesterday. It was my first time analyzing real time data. I can't believe how much info you can obtain just from identifying patterns. I have a quick question about a 401k if you don't mind. So far my year to date is 26%, is that good?
K: Yes, very good. You must have had it set up aggressively with the investing choices (which is better to do when you are young). Good stock market returns are around 12% so you are more than double, but don't be surprised if there is a correction to lower on the returns there too.
D: Yes. I'm over 50% in small cap and am young. Is there anyway to avoid that correction by reallocating?
K: Nah, just leave it. At least you have a 401k, most people are paycheck to paycheck
D: Defiantly. I can't imagine how some of my co-workers get by paying overdraft fees each month. Have a good night. I'll let you know when I buy some coins on that site.
K: Cool, let me know. Let's make some money! :)
12/22/13 D: Howdy K, I'm still waiting on the deposits in my bank account by Coinbase. Thanks for the referral link, I'm looking forward to that free $5 of BTC. Up to $12.30 USD on BTCE, looking to break $13 tonight. Can't wait to get some more trading funds.
K: It takes a bit for the initial deposit. I think it took my bank almost a week :(. Once you are done though everything is quick. If you add a credit card too, you can buy up to 10 btc instantly per week
D: Awesome. Have any suggestions? (pic) attaches picture of small gains trade history
K: What do you mean by sugggestions? Like on your trading?
K: Can you deposit more money? It looks like you aren't fully able to enjoy the full gains of your trades because the amounts that you are trading are a little small. If possible I would suggest buying 1 btc when the price is the lowest of the day, and then trade from there..
K: Also i would stay away from ftc for time being
12/24/13 K: Hey bud, i just got some free money from coinbase :) did you get it too? Pretty cool huh?
D: Yes sir. 4 days for my order to fill, can't wait.
12/25/13 D: Merry Christmas!
K: Merry xmas! If you add a credit card you can instant buy up to 10btc. What other coins are you buying right now? I mainly just have BTC and LTC
D: Does the credit card have to be a Visa? I'm mining about 8 FTC per day and trading for BTC at market. Then I trade BTC/USD for 0.10 - 0.40 profits. Working on a spreadsheet right now which you can see if you are interested.
D: spreadsheet sends corny orange and grey spreadsheet
K: Think it can be mastercard or amex too...
K: Nice LTC rally today :). I just picked up more LTC yesterday too
D: I tried adding a mastercard and discover but it wouldn't work. I've been watching the rally. Waiting to buy in to BTC at $656.
K: Shit that sucks, email support and ask if they accept mastercard? I find that odd that they would only accept visa
D: No worries. Deposit should clear 12/31
12/29/2013 K: Hows it going? Did you get your btc?
D: Hey K. Not yet, they will be deposited 12/31. Bought at $651
K: Nice so you are already up :)
K: How much did you buy? You should buy some and hold long term if possible too
1/2/2014 D: Happy New Year, K. I only bought 0.2 BTC for about $131. I'm at a total balance of $179.07. Started mining FTC again for the few extra dollars per day.
I think I read somewhere that there is a cap of 21 million BTC that will ever be in existence. 21 million on the internet is subtle considering how many views cat videos get on youtube. 21 million out 7 billion people is even smaller. Sometimes I find it hard to imagine millions and billions but I always think about this one thing: 1 million seconds is about 11 days, 1 billion seconds around 31 years. I'm very optimistic about the long term. Probably going to set aside at least 1 BTC in the near future.
Have you ever seen BTC listed on ebay? I created an auction yesterday for 0.1 BTC, $120.00. It sold within 3 hours but the buyer flaked out after I told them they would be receiving the BTC-E redeemable code in the mail. They created a dispute stating that the ebay/pal accounts were accessed by an unauthorized third party which is currently in process. I didn't lose anything and actually sold back the 0.1 at $775 after buying at $740 last night. I'm considering re-listing some BTC on Ebay but don't want to deal with reversed payments. Have any insight?
K: I heard ebay can be a nightmare with sellers getting scammed by buyers with chargebacks. If you are going to do it, I would recommend selling maybe paper wallets only, that you actually have to mail to them. That way you can have a tracking number for your shipping. If you want to sell through paypal, be careful, I think any mention of crypto currency can get your account frozen. Not positive about that though. Try selling to people on the forums, I think that would be easy. Honestly, I think just buying what you can and holding long is the best option to make the best returns. Look how the market has gone today D
K: 21 million BTC is not even enough btc for each person in my state to have 1, let alone the United States, or the entire world. As long as the demand stays high, the price could become astronomical if some major players like wall street enter the game. Just think, if Wall Street threw like 100 mill at Bitcoins (which is not that far-fetched), the price would probably jump to like 3-4k per BTC after that 1 day alone…
D: I don't think I'm going to sell anything else on Ebay until I come up with a better way of protecting against charge backs. The market has been awesome today.
D: That's very true. I think my next purchase will be 0.5 BTC to keep in my wallet.
K: Have you seen the stuff on zerocoin? Looks interesting, should be out this year...there has been a lotta hype around it..
D: Haven't heard anything about it until just reading an article now. Looks interesting and they make a good argument about anonymity. I only read over it briefly, but it appears what they're proposing would add an additional transaction fee the the process. Cool concept. Are you good with candlestick charts and patterns?
K: Somewhat. I learned them in college but stopped using them until now, so I am pretty rusty…I get the concepts and all, but I am not a professional at them by any means. I saw my buddies wallet the other day…he is pretty stacked. Over 250btc and over 1000 LTC!
D: That is pretty stacked. About 500k stacked, right? Are you familiar with the creator(s) of bitcoin "Satoshi Nakamoto"? Is it actually one person? There are quite a few claims as to who or whom Satoshi may be.
K: Im not familiar, i heard it was a team of people under that one name
D: I wonder if it was created by a goverment. Like some NSA type agency. Kinda like how the darknet started off as a Navy project.
K: Nah I doubt it. Government wouldn't create something that could possibly pose a threat to its own currency.
D: That's a good point. The future of BTC is exciting.
1/6/2014 D: Started trading NMC recently. Check ou the spreadsheet attaches another shitsheet Still just testing the water before I start making bigger trades. Buy any more BTC/LTC lately?
K: Cool man.. Year i got some LTC at $16 right before it went back up :)
1/7/2014 D: Nice buy. Catch the market today? China's equivalent of Ebay banned the sell of btc, ltc, mining gear, etc.
My understanding on of China: China’s central bank regulated the virtual currency for the first time on Dec. 5 by banning financial institutions and payment providers from conducting transactions in the virtual currency
Chinese central bank officials told third-party payment service providers to stop offering clearing services to online Bitcoin exchanges
China's Ebay bans sell of BTC in accordance to the central bank's ban effective Jan. 31. Acting as a clearing house of BTC.
I'm now $180 long NMC. I might invest 1k soon on BTC, any thoughts on an upcoming entry point?
K: Hmmm not quite sure on entry point. I am in the red as of today on NMC. Im trying to get it back to 0.01 btc to convert my nmc back to btc, i missed it on the last push. If you are investing 1k and holding long, then any of the daily ups and downs dont matter because in the long run we hope it will be way up. If i were you, i would just wait for a big red candle and then try to by at the bottom. Maybe $800/btc is good?
K: The part that sucks is that it seems like BTC value works so hard to creep up and up slowly, and right when it seems like it is going to pick up some momentum, BAM! More bad news comes out and slams the market. This cycle seems to keep repeating over and over right now…
1/9/14 K: I got 2 more btc :)
1/27/14 D: Sorry, haven't check this email account for a few weeks. Been working a lot of OT. What price did you buy in at on 1/9? I just sold a majority of my coins for cash. I picked up 3 LTC at 19.50 though. What's gonna happen 2/1/14?
Also, do you know how long it would take for a tax return check if you have your taxes in prior to the 31st? I finished those 2 weeks ago if it matters.
The other day the dow finished pretty low. Do you have any thoughts about the US economy over the next 6-12 months?
K: What’s up man…huge dump off of BTC right now on almost all exchanges (except gox which is bs anyway). I bought some more LTC at around $19 too.
I am holding all for long haul, although it would have been profitable to sell this morning, and re-buy after this dump off. I have no idea what is going to happen on 2/1. Last time when senate met, everyone thought the party was over, and then there was a huge rally in prices instead.
I am trying to figure out the right price to buy more btc right now… what do you think?
D: Sorry. Copied and pasted instead of attaching the pic. I think we'll have to see if it breaks that support. What about the arrest of that guy at bitinstant? *attaches picture of BTC 4h chart with a random line pointing downward
K: I don’t think that one arrest will tank the market like that. I am wondering if the confiscated silk road funds are being trickled through the exchanges by the feds. It seems weird the sell off right now. It almost seems systematic. Like there is a huge sell off that clears all the buy orders. Then it is calm for a few minutes, then repeat. Really strange…
D: But I wonder how they brought charges on him? Could they hold anyone accountable who sold BTC to a person using it to buy drugs on silk road? If the Feds are selling that would explain it. They seized 144,000 and they're saying the owner of silkroad may have 600,000 stashed in a wallet.
K: I think the number is more like 30,000 btc
D: The spokesperson says the approximately 26,000 Bitcoins seized are just the ones that were held in Silk Road accounts. In other words, it’s Silk Road users’ Bitcoin. The FBI has not been able to get to Ulbricht’s personal Bitcoin yet. “That’s like another $80 million worth,” she said, explaining that it was held separately and is encrypted. If that is indeed what he’s holding, that’s close to 600,000 Bitcoin all together or about 5% of all Bitcoin currently in existence. (Update 10-25: The FBI says it’s seized 144,000 Bitcoins, or about $28 million, that it believes belong to Ross Ulbricht.)
K: I don’t understand how they were able to confiscate them, when bitcoins are not yet considered money, so they shouldn’t fall under forfeiture rules…
1/17/18 - D: Wish you the best K and hope you held those coins longer than I did.
TLDR: Meet a friend in December 2013 that gave me advice to buy and hold BTC long term. This is one of our email threads from around that time, edited to remove personally identifying information. I used all my bitcoin for pizza following the fall of Mt. Gox and the subsequent bubble burst.
submitted by hampering to CryptoCurrency [link] [comments]

Changelly scam... I think so.

I've been very patient with Changelly since August 5th when I submitted my first support ticket on this matter. Now that it's clear to me that Changelly runs a drag-it-out support strategy, it's time to go public.
Is Changelly a scam?
You be the judge... please leave your opinion in the comments.
CONTEXT
The transaction (Tx) at issue here is BTC for GBYTE (Byteball).
For those not familiar with Byteball:
Byteball has no mining; its native currency - white bytes (GBYTE) and black bytes (BB) - was created back in December 2016 and has since been distributed, as widely as possible, via ~monthly airdrops. Every full moon since December, a "snapshot" has been taken of the balance of bytes held on each and every Byteball address, and of the balance of every registered BTC address. Shortly thereafter, each address receives new bytes based on the balance at the time of the snapshot.
The last snapshot was August 7, 2017 18:10 UTC (11:10 PDT), and new bytes were distributed as follows:
One last thing: Byteball's immutable ledger of Txs is stored in a construct called a DAG (Directed Acyclical Graph), analogous in function to bitcoin's blockchain.
WHAT HAPPENED?
On August 5, two days before the Byteball snapshot, I initiated a Tx with Changelly to trade 20 BTC for ~105 GBYTE. Changelly took my BTC, but held on to the GBYTE through the snapshot, collected the airdropped Byteball reward based on the balance of my funds, and then, 4 days after I initiated the Tx, sent ~105 GBYTE.
Changelly effectively stole my ByteBall distribution reward.
When hours had passed and still no GBYTE, I sent my first ticket, and support responded:
"It seems that there could be some technical issues either with our wallet or with Gbyte network. We will investigate the matter. We have forwarded your request to the technical department. They will push your transaction through. We will inform you, once your issue is resolved!"
On August 7th, before the snapshot, I submitted two more support tickets. I told Changelly that if they couldn't deliver the GBYTE before the snapshot, I wanted my BTC back. Support responded on August 8th 2:06pm (long after the snapshot):
"Unfortunately, we cannot refund your bitcoins since they have been already converted into GBYTE. But you will receive the same amount since your money has been already exchanged. Please confirm your GBYTE wallet address and we will repeat payout. All the issues seem to be fixed now, so it should work."
I responded, explaining why the only reasonable remedy was for Changelly to refund my BTC. I did not confirm any GBYTE wallet address.
Support ignored me and sent the following on August 9th:
"Good news! We have received the response from the exchange and now everything has been delivered!"
I wrote to Charlie Shrem, an advisor to Changelly, and he forwarded my complaint to Changelly CEO, Konstantin Gladych. I've also emailed Gladych many times directly myself. Zero response.
CIVIL LIABILITY
Under civil law, Changelly has been unjustly enriched and is liable to pay restitution.
Unjust Enrichment. A general equitable principle that no person should be allowed to profit at another's expense without making restitution for the reasonable value of any property, services, or other benefits that have been unfairly received and retained.
This principle is widely recognized and applies to Changelly here regardless of whether they did anything wrong. This is essentially why Coinbase and Poloniex changed course and gave their customers the BCH that was due to them.
CRIMINAL LIABILITY
Changelly is clearly liable under civil law.
What about criminal liability?
Using a DAG explorer, we can browse Byteball's immutable ledger of Txs and discover the following:
All Changelly had to do was send it to me. What happened?
The DAG shows that the GBYTE was diverted to the following addresses, which subsequently received the airdropped GBYTE that rightfully should have gone to me:
  • 31,447,997,156 to CBCYP2UY6YX2FJX6OXNDHBQO4VREDUJL
  • 51,788,023,285 to QAHP5Z4P6QQV4S3MUVTOJM5D7SJDWPSD
  • 21,763,859,830 to 6H5USZBXMOYUAGCYEYF7P3A6QU2EJBCT
  • 306,636,259 to QR542JXX7VJ5UJOZDKHTJCXAYWOATID2
The DAG also shows plenty of Tx activity over the relevant time period, also strongly suggesting no technical issues were to blame for Changelly's delayed Tx.
Did you know…?
Under the Czech Republic's Code on Corporate Criminal Liability both Changelly and the individual perpetrator(s) would be criminally liable.
WHAT NEXT
Changelly… fix this immediately.
Up next we’ll explore…
  • how to connect employee identities to the suspicious Byteball addresses
  • inner-workings of Changelly
  • the Bittrex and Changelly APIs
  • behind the scenes of the Changelly-Bittrex connection
  • Konstantin Gladych’s relationship with the European Cybercrime Center
  • presenting evidence to Czech and U.S. prosecutors
  • comments from devs re: Changelly’s technical excuses for failed Txs
  • similarities and differences between Changelly and BitInstant
submitted by Nttwo to CryptoCurrency [link] [comments]

Are you interested in playing the market or "Day-trading," as they sometimes call it? I am here to share my hard earned wisdom with you :)

I know not everyone here is a fan of playing the market. That said, in addition to supporting the doge economy in other ways I do this and I know others do as well. And If you choose to play the market, I don't want you to get burned! I want you to prosper! So heres some advice for you, if a trading shibe is what you are or want to become :)
Firstly, do not invest more than you are willing to lose. Period. I treat the market more like a game than like a financial investment, although it technically is one . Every loss and gain serves as psychological reinforcement for better decisions in the future. You WILL experience gains, and you WILL experience losses. Always accept this and move on. Do not become attached to the feelings of success or defeat in these situations. Attachment to the valuation of your investment can have severely negative psychological repercussions. There was a reason bitcoin had a suicide hotline post after its price drop recently.
Playing the market is not for everyone. If you win at the market, great! If you lose, brush off the dust and move on. Either use your lessons of defeat as a lesson for future trading, or get out of the trading game. Whatever you do, don't get in this and tear yourself up with your emotions. If playing the market, win or lose, makes you happy, continue to do so! If it doesn't, spend your time doing something else. There are other monetary opportunities in the world that may suit you better.
Some background on me (mid-20's with no prior experience in investing before cryptocurrency) I am fortunate to have made some decisions in the past that have worked out. For what it's worth, I have netted around 2000% of what I initially invested over the course of the last year in cryptocurrency. And let me tell you, It has not been easy! But, being the type of person I am, it has been a very rewarding experience that has changed how I think of finance forever. Even if I lost it all (I am largely invested in DOGE long term fyi), I have learned so much about the value of good finance that my life will ultimately benefit.

This guide was largely written in the order that it came to my mind. No order of importance here. Note that this is largely a guide for day-trading, and does not touch on many important aspects of investing. And oh my doge, is there so much more stuff I could write here, but I don't want to write a book. I want to write a little reddit post. If you want my opinion on anything that I haven't touch on here though, feel free to ask!

During the peaks of these large price fluctuations, don't panic buy or panic sell if you're on the wrong side of things. Price drops generally happen faster than price rises. This is because of the psychology of losing. Perceived loss is more powerful in moving markets than perceived gain. That said, moments of large price swings are often great opportunities if you are on the right side of coin at that moment, so to speak.
Many times, price walls will be pulled as soon as the market reaches them. This is evidence that price walls are often simply placed to psyche the market out. The take-home here is that the order-book tells you a story of what may happen, but it doesn't necessarily tell the whole truth of what will happen.
Opportunities are easier to take than to make. Don't force them and always make sound decisions. Even if it means staring at the order book for 2 hours before making one. And trust me, staring at the order book for a long time works in your favor! I keep it up while I study. It's a good thing to just have going on in the background for my lifestyle.
Don't panic chase profit after having a sizeable loss. This is the quickest way to lose more money. Again, be patient and wait for the right opportunities to happen.
Time has to take its course. Do your research and above all think outside of what's happening from minute to minute. Notice week trends, month trends. Pay attention to the news and know what's going to happen in the market long before it happens. For example, don't let downward movement in price distract you into panic selling when there is good news on the horizon, unless you are certain you know what you are doing.
Have goals, and plans for what to do for when these goals are reached. Goal setting is a powerful psychological technique. Perhaps you plan on taking half of your gains out for profit when you reach X profit. Great. Whatever you do, stick to your plan! It is your best friend. Don't let greed overcome you, and trust me, often it will try.
Always be 2 steps of everyone else. Know what you're going to do before the market throws it at you.
Most likely, you are a fish or even a minnow in the ocean amongst the whales. In these circumstances, day trading is hard! Real hard. 100 times harder than it is for the whales. Don't deceive yourself into thinking this is easier than it is. A successful fish has to be very conservative and prudent in his decisions before he can go out and get bigger and have a larger effect on the ecosystem of trading, and even then, his decisions will carry less weight than the whales. Do what is to your advantage in your situation. Everyone has to eat, so to speak, in the ocean. Don't be stupid and put yourself at a whales mercy, or for that matter, at all the other fishes mercy. Take your opportunities to eat when they come!
Remember, not everybody can win at the market! For every winner, there is a loser. Maybe day trading isn't your cup of tea. Holding onto your investment (assuming you believe strongly in it) is almost always a sound decision :) And for the love of doge remember: don't hoard all your investment! Support your economy and your community. They are much more of a sound and rewarding investment than your day-trading profits will ever be! I believe it is more than money that unites us here, so lets remember that :)
Edit: TL:DR
Day trading is hard as hell, and statistically you are likely to lose. Yet, however unlikely, with perseverance and wit, you may just be able to do it right ;)
Edit 2
Day trading is really, really, really hard. I don't want to give you guys the impression that it is a way to get rich quick. I would honestly seek out opinions that are contrary to everything I have said before you ultimately decide to do so.
Edit 3
I should emphasize that I am a very careful trader. More often than not I am in a holding pattern. Whatever day-trading means to you, there are times when you can make things work for you. Take for example, when dogecoin initially reached 200+ satoshi range. It was obvious it was going to take a dive, in my opinion... and I capitalized on that. Same thing with the bitinstant arrest. On the contrary, I sold too early when dogecoin was on its rise from 80 to 220 (sold at 175); however I met my goal and realize that if things swung the other way I would have regretted not selling. Point in case; there are times when it is more appropriate to play the market than others, and a specific attitude to take going at it(I define playing the market as buying/selling with the intention to buy/sell at a later time).
My personal opinion is that doge is looking bright in the future. For those who are making a monetary investment in doge and haven't traded much before, don't day trade it all. Might I suggest you use a smaller amount that you could more tolerate losing and see how you do with that first.
submitted by matty_t to dogecoin [link] [comments]

A Step-by-Step Guide to Creating an Anonymous Wallet for Covert Practices

A Step-by-Step Guide to Creating an Anonymous Wallet for Covert Practices
With the recent Bitcoin “bubble” fiasco and the subsequent rise and fall of Bitcoin value, it seems that this subreddit has become obsessed with making money. But get-rich-quick schemes are not at the heart of Bitcoin. Instead BTC should be seen as a way to keep Big Governments and Big Businesses from knowing how much money you have and what you choose to spend that money on. As a currency, it doesn't matter how much the value fluctuates if you plan on spending your wealth on sites like the Silk Road and etc.
(OK, maybe it does matter a little bit if the money you spent yesterday is worth twice as much today; but this guide is for spenders, not hoarders. Or at least for hoarders who also like to spend.)
Let's discuss my favorite attribute of the Bitcoin protocol: anonymity.
Many noobs getting into the Bitcoin game fail to realize that anonymity is an important key to understanding the importance of Bitcoin. In places where your wealth can easily be taking away from you (see Cyprus, Russia, China, the USA and others), Bitcoin can function like a store of cash buried in a dessert in the middle of nowhere – buried so deep that nobody can find it, not even the most powerful men and women on Earth.
POINT: If you are purchasing your Bitcoins through services like Coinbase or Mt. Gox, and if you've ever given your real name and bank account information to a Bitcoin Exchange, then you are NOT anonymous. Your Bitcoins can be traced back to you. Your purchases are recorded in the blockchain, and although it's difficult, it's certainly not impossible for those with the knowhow to find you and prosecute you. See this link before continuing.
Bitcoin is not inherently anonymous. You must take steps to protect yourself in order to keep your identity a secret. And even still, if you don't know what you are doing, you run the risk of being caught. So if you care about hiding yourself and your money, I offer this guide as a way to accomplish secret purchases and covert trades. Of course I cannot guarantee you won't end up in jail. At the end of the day, nobody knows how closely governments are tracking BTC purchases over the TOR network. Some people even believe that the TOR network was created by nefarious forces. I doubt it, but you never really know.
STEP ONE: Anonymous Hardware
Because you cannot really know whether or not you are being watched, your first step in creating an anonymous wallet is to protect yourself by buying a cheap laptop computer and removing the hard-drive. Really, who needs a hard-drive anyway? Toss it in the garbage.
STEP TWO: Anonymous Software
If you don't know how to download a Linux LiveCD, then stop reading now. You are probably not skilled enough to protect yourself anyway. If you don't know how to download a Linux LiveCD, then proceed with extreme caution; downloading an ISO file and burning it to a DVD is pretty damned easy. Easier than anonymity. Those who refuse to learn are at risk.
It's arguable which software you should use, but I recommend connecting to the TOR network using TAILS, a live DVD or live USB that aims at preserving your privacy and anonymity. TAILS helps you to use the Internet anonymously, leave no trace on the computer you're using, and to use state-of-the-art cryptographic tools to encrypt your files, email and instant messaging.
ProTip: For an extra layer of protection, download the ISO from your local library's computer. Or while you're sipping a mocha at Starbuck's. Then burn it to a DVD and take it home. Place it in your crap computer (the one without a hard-drive) and turn it on. Enter the BIOS menu and boot from CD if your computer doesn't do it automatically.
DO NOT CONNECT TO THE NETWORK FROM YOUR HOME.
I repeat, for an extra layer of security, DO NOT CONNECT TO YOUR HOME WIFI USING TAILS IF YOU WANT TO DO SHADY THINGS. That's just common sense. TAILS itself isn't illegal. But if you're the type to do shady things, you don't want to practice on your home Wifi, which you probably pay for with a bank account or credit card.
After you've spent a day or two using TAILS and familiarizing yourself with the LinuxOS, and once you feel comfortable enough to continue, then head back to your local Starbucks, boot up the LiveCD, and connect. Browse the TOR network and triple-check that you are protected. You can do this by checking your IP address for DNS LEAKS. Only if you feel comfortably hidden from prying eyes will you want to continue.
STEP THREE: Creating an Anonymous Wallet
There are several different ways to to this, but the easiest way is to use the code at bitadress.org. Thanks to SpenserHanson for creating this thread which describes the process in detail:
  1. Save bitaddress.org.html to your computer
  2. Close browser.
  3. Disable computer Wi-Fi.
  4. Open bitaddress.org.html in browser.
  5. Generate an address and record the private keys.
  6. Close the browser window.
  7. Go home. Think about what you are about to do.
STEP FOUR: Funding the Anonymous Wallet
Funding your wallet will be the most difficult part of this process. Obviously you don't want to go to a site like Coinbase or Mt. Gox and link up you bank account, then start sending coins to your anonymous address. That would be stupid. Very stupid.
Probably the best way to get coins is to know someone who is willing to send you a few, but even then you lead a trail back to your friend.
My suggestion is to make cash deposits through ZipZap or Bitinstant, and give them false information (for example, use the new email you created, over the TOR network, from a site like Hotmail or Yahoo, which doesn't require a phone number to sign up – I'm looking at you Gmail. Make sure your new account forwards your email to yet another account, perhaps Tormail or a temp address. You probably won't need to use the email more than once anyway, for confirmation, if you need it. And you might want to create a new address with every deposit, just to be safe). There are other options of course. Some companies will sell you Bitcoins anonymously through Bank of America cash deposits. But remember that the moment you walk into a Big Bank and give them money, you are caught on camera. Maybe offer a homeless man some money to make the deposit for you. And hope he doesn't just pocket your money. Regardless, you want to stay away from Big Banks if you can. It really isn't that hard.
If you absolutely must make deposits from your bank account, you could send your coins to an anonymous online wallet first and then to cold storage, but make sure to use several mixing services over a period of several days. And then have trouble sleeping at night.
Another great idea is to use the localbitcoins website; meet with a seller locally; pay cash and GTFO.
STEP FOUR: Spending from the Anonymous Wallet
If you are looking to CASH OUT, there aren't many anonymous options besides meeting with somebody and selling face to face. You could always sign up for your own account at localbitcoins, then hope a buyer contacts you. But this guide isn't about making money, it's about spending your coins.
To buy things, you'll want to go to back to the library, connect through TAILS, download a lite client like Electrum and access your account. Every time you want to spend, you will have to re-download, but it should not take more than a few minutes. And though you are probably safe enough to spend directly from the client, if you really want to be safe you should send the funds to a second wallet though a mixing service, then to a third or fourth or fifth wallet, also through mixing services. These “Mixing Wallets” should NOT be created using the TOR network because the TOR exit node may be monitored. I've never had a problem myself, but it's theoretically possible that an attacker could record the password/private keys for the hosted wallet and steal your coins. Which is why you should NEVER USE THE SAME ACCOUNT TWICE. And never access your cold storage wallet through the net. That would be very very bad.
To created the mixing wallets you will also need a way to hide your identify without using TOR. The best way to do this is to sign up for a VPN service though a public WiFi hotspot and then pay in Bitcoin. The best service I have found is called Private Internet Access. You can access their service through a public computer, connect to the VPN, and voila, you now can safely create mixing wallets without exposing your password to the open network. Make sure that after you mix the coins you send them all to a safe, final address, which will be your Spending Wallet.
Remaining anonymous will cost your some time and money. With each transaction you're going to have to pay for mixing, and also the transaction fee. And setting up a new email and a new account with every transaction (so that you can spread the coins across multiple fake accounts) will be bothersome but worth it in the long run. You can't put a price on piece of mind when it comes to your safety.
REMEMBER Your Spending Wallet should not contain all of your funds. The bulk of your coins should be address you created using bitaddress. Never trust an online service to hold the bulk of your funds. The recent hacks have shown that the best place to store your private key is in your head.
Final Notes:
The Bitcoin protocol itself is not anonymous. And theoretically it's possible to trace every transaction back to you. This is why you need to use fake emails, many multiple addresses, and a VPN service with heavy encryption. Even with the knowledge and the technology to map the blockchain, the FEDS will have a hell of a time tracking multiple address though VPN tunneling back to a cold storage wallet that you created offline and only use to send coins over TOR. There are just too many roadblocks. Of course nothing is impossible. But I sleep very good at night knowing that my door is not going to be kicked in by the Men in Black. And even if you're not doing anything illegal, this sort of behavior is certainly suspicious.
If you were lucky enough to receive a tip from Reddit's own bitcoinbillionaire (I myself was not) and you haven't cashed out. Create a VPN-tunneled throwaway account and tip yourself before claiming your coins. Then send them through a mixing service and to your cold storage address. Now you're on your way to being an anonymous spender.
I hope this guide helps. I really do. The purpose of Bitcoin isn't to make money. It's to protect the money that you already have, and to protect your identity in places where your identity is compromised. Everybody in the world wants your money, especially the richest of the rich. You ought to do everything you can to keep yourself safe. Especially if you live in a compromised geography.
TL;DR: Go directly to jail. Do not pass Go. Do not collect $200.
EDIT: Some typos.
submitted by anon_spender to Bitcoin [link] [comments]

Winklevoss Brothers Sue Charlie Shrem Over $32 Million in Bitcoin

Winklevoss Brothers Sue Charlie Shrem Over $32 Million in Bitcoin

https://preview.redd.it/sjd0mdv7jyv11.jpg?width=960&format=pjpg&auto=webp&s=499f5701ede557c7a5d1d81486e76d90f478c22c
Cameron and Tyler Winklevoss are reportedly suing early bitcoin investor and entrepreneur Charlie Shrem over thousands of bitcoin they allege he owes them from a previous business deal.
According to a report from The New York Times on Thursday, Shrem – who previously spent a year in prison for money laundering and operating an unlicensed money-transmitting business related to the BitInstant exchange that he founded – had helped the Winklevoss brothers invest in bitcoin back in 2012.
Acting as their first crypto adviser, Shrem had accepted $750,000 to buy bitcoin on their behalf, according to the NYT citing a lawsuit launched by the twins in September and unveiled today. Later, in September 2012, they gave him $250,000 for the same purpose, the lawsuit alleges, but later realized that Shrem had not given them the full value of the amount in bitcoin.
They now claiming to be short by roughly 5,000 bitcoin, worth almost $32 million at today's prices. At the time of the deal in 2012, one bitcoin was worth approximately $12.50.
The Winklevoss brothers claim they appealed to Shrem for the cryptocurrency they say they were due, but that it was not forthcoming. Specifically, the lawsuit claims that extravagant purchases Shrem has made since leaving jail two years ago – despite having previously said he had almost no money at the time of serving the sentence – including two Maserati sports cars, two powerboats and a $2 million property in Florida, are likely being funded by the alleged misappropriated cryptocurrency.
"Either Shrem has been incredibly lucky and successful since leaving prison, or – more likely – he 'acquired' his six properties, two Maseratis, two powerboats and other holdings with the appreciated value of the 5,000 Bitcoin he stole ..." the lawsuit states, according to the NYT.
Shrem has now had some assets frozen by the judge presiding in his previous trial, according to the court documents.
In a statement reported in the NYT, Shrem's lawyer, Brian Klein, said:
"The lawsuit erroneously alleges that about six years ago Charlie essentially misappropriated thousands of Bitcoins. Nothing could be further from the truth. Charlie plans to vigorously defend himself and quickly clear his name." Shrem started his ordered two year prison term in March 2015, though ultimately only served one year.
submitted by iTradeBit to u/iTradeBit [link] [comments]

Buying Bitcoins: An Astonishing Pain in the Dick

Buying Bitcoins: An Astonishing Pain in the Dick
If you aren't the type to feel at home buying bitcoins followed by praying they still have roughly the same value four days later, you're pretty much out of luck, eh? Debit, credit, and Paypal are all out of the picture when buying bitcoins. Wiretransfers require incredible faith in turning over a LOT of personal information (like, enough to get lines of credit in your name) to "companies" who did not exist 2 years ago and who might shut down in as little as 1 month. The nets are laden with the waste of bitcoin sites -- bitinstant, cryptxchange, bitcoinbymobile, and doubtless dozens of others have failed. For perspective, coinbase has a bank account somewhere, as they need to pay themselves real money, and also use it to purchase hosting services, support, pay their taxes, and grow their business. If they forget the taxes part, or if their bank account is frozen, poof, gone. If you're awaiting processing when they go...
Now, you shouldn't be keeping your coins on those sites anyway, as a search of this subreddit will reveal many people who've had their BTC ripped right out from under them either due to their security oversights, or those of the site. You can try local exchange for cash or wester union, but you're asking to get screwed since there is very little chance to be safe in personal dealings. And on account of random people having lives, the transfer is likely to be slow, if you can find anyone will to sell coins to begin with in your area. I saved the best for last. Currency exchanges like MtGox can take more than a week at the best of times to translate dollars into BTC, and only if you create account chains like Dwolla -> Linden Dollars -> BTC (old chain for example purposes only).
It used to be possible to purchase BTC by SMS, but those services are down, likely indefinitely, even at blockchain.info. IF you give Coinbase enough personal information for them to take out loans in your name, you can instantly purchase a whopping 0.1 BTC per week for the first 30 days your account exists. This is assuming you have a Visa card, because in my audacity to not have a Visa credit card, I am ineligible for instant purchasing. And this is one of the preferred ways of getting bitcoins, shown in numerous guides. Without laws IMPROVING the liquidity of bitcoin, I don't see it surviving -- in fact, it seems options for purchasing it are getting slimmer. Two months ago, SMS still worked. 6 months ago, cryptxchange was still alive. It appears the momentum is downhill, a quiet defacto isolation of bitcoin from liquid dollars.
If I have it wrong, someone please inform me, because I just spent an hour looking around, to no avail.
submitted by EndTimer to Bitcoin [link] [comments]

BitSpot ! A brick & mortar Bitcoin exchange!

Pictures of our brick & mortar exchange!
Hello, Aaron @ BitSpot
We're a brick-and-mortar company based in Ashland, KY. We started as a small group of traders nearly a year ago and we exchanged Bitcoins for fiat currencies through various methods. Our objective in the Bitcoin community is allowing customers to create friction-less trades and be able to exchange Bitcoins from Fiat to Bitcoin or vice versa in a matter of 15 minutes. We want the transition in and out of Bitcoin to be as smooth, quick, and reliable as possible.
Through hard work and dedication we've managed to expand our operations and grow faster than imagined. We are nearly amazed at the amount of volume we process everyday for our clients, we had no idea that so many people actively bought and sold Bitcoins in relatively small quantity. All of our clients quickly fell in love with the concept of how we do business and that is: Personal. We develop working relationships with all of our customers and try to accommodate their needs and wants in any way possible. We've learned that people enjoy talking to an actual human being and that they prefer doing business with a person rather than an automated machine. Many of our customers are un-banked and would rather not deal with the organizations that are in place now such as: Bitstamp, Coinbase, BTC-E, etc. They are simply wanting to buy or sell only a couple Bitcoin at a time, but they are wanting to do it quickly. This is where we are able to fill the gap, we offer quick liquidity services to the community. About 3 months ago we finally pulled the trigger and acquired our building where we have a fully functional local exchange. Our building consists of 5 Offices, conference room, reception area, 2 bathrooms, and a lounge. We're hoping to have it become a "meet-up" or "hub" for Bitcoin activity within our area and we seem to definitely have the monopoly in the area.
The way BitSpot currently conducts it's exchanges is through a Broker-Client transaction. It involves a customer wanting to buy or sell Bitcoin and then having them contact their Broker, who is employed by BitSpot. The brokers reside here in our office where they are employed full-time much like a regular job but of course a lot better. The brokers buy and sell Bitcoins by using our companies pool of funds that are specifically used for this reason. We've reached a point now where demand and volume are starting to outpace our ability to process all of our transactions, so we are planning to do a over-haul and possibly implement some better strategies of how we can handle the growth. We never want to be faced with telling one of our clients that we can't handle that trade for them that day, or we don't have time. We've already scaled to the maximum potential as far as our building goes, it's just not logical at this point to hire anymore brokers. We've ultimately decided to take the route that the former company BitInstant took. We've been in talks and negotiations with Western Union & MoneyGram to see who could possibly offer us the best deal in order to accomplish our business plan. The new system we are proposing will allow Customers to send us money from nearly anywhere due to Western Union & MoneyGram's infrastructure globally. All the customer will need to do is attach a memo of the Bitcoin address they would like to receive their funds at or they could enter the transaction ID into an online portal along with the accompanying bitcoin address they'd like the funds to go to. This flexibility will allow all of our clients / customers to easily send money to us from anywhere around the world just as if they were paying a bill payment through Western Union for example. The fee would be minimal and cost around $5 but on the positive side the customer will receive their Bitcoins within minutes of sending the transaction or before they are even able to make it home. When it comes to selling Bitcoins to us, it would work nearly the same but in reverse. We're also in the works of launching a very large Bitcoin ATM network in the following areas: Kentucky, West Virginia, and Ohio. We have everything in place as far as compliance and regulation so at this point we are recruiting physical merchants to adopt them.
This system and infrastructure we've decided to pursue seems like the most logical step forward in our growing business. We don't see any other ways to keep up with the growth and demand of our services. We believe we can improve the speed of all of our transactions and possibly even bring them below the level of 15 minute transactions by using this method. We can still retain our core values of great customer service as well by re-focusing the existing brokers into this system and still treating our clients as our fellow friends. We've only encountered one problem that could possibly delay transfer times or be a negative to this switch in transaction processing. The new implementation of this system could easily stump our statistical analysis of future growth and we could easily reach our maximum funds limit. At the current state where we are dealing with our clients on an individual 1 on 1 basis we are easily able to predict our future transaction volume, how much funds are needed, and future profit. When we implement this new approach and it's successful we might become overwhelmed with an influx of new customers, especially if certain events were to arise in the Bitcoin ecosystem. Through this analysis and in hopes of growing our company and further strengthening the community we've come to the following decisions below.
We've decided to offer our company to the public and let them be a part of our business! This will help by allowing us to raise additional capital for our principal fund pool that is used solely for everyday transactions in and out of Bitcoin. We are at a stage where we are deciding upon the platform we should use to allow the public to become a part of our company. We intend on offering all investors regular dividends for each share they hold so they don't need to just speculate on the future value and growth of our company. We are already at this point a profitable company and future growth will only compound our success and revenue. The money will be used to process the transactions we handle daily and expanding existing infrastructure while increasing liquidity for our customers.
After researching different platforms and certain protocols, we've became greatly interested in Counterparty. It seems to be quite revolutionary and a real diamond in the rough. Counterparty meets and exceeds every expectation we need from a platform. We will be able to easily issue the shares of our company, allow dividends to be paid, and also callback our shares at a future date if wanted.
Right now this is just an announcement and we have yet to set the official date of our launch to private investors. We're wanting to make everyone aware of this upcoming event and poll the community upon our decision. We want to give back to our clients and our community and hopefully they too can partake in our business and reap some profits and rewards.
We're more than enthusiastic about Counterparty and the progress thus far. In our humble opinion we do believe this is the next step in the Bitcoin revolution and that's why we would like to use it as our platform to reach future investors and current clients. It's fairly simple, stable, and quick to work with while still having all the great qualities of the Bitcoin Blockchain. When we carve out all the details for our IPVO we will include a tutorial, step-by-step guide on how to operate Counterwallet and purchase assets.
Any suggestions, help, or questions are more than welcome.
If you're near the area code 606 and would be interested in coming by, feel free! We welcome all Bitcoiners anytime and all the time!
Thanks for taking the time to read! Aaron @ BitSpot
submitted by BitSpot to Bitcoin [link] [comments]

01-16 16:43 - 'Bitcoin is fraudulent and nothing but insider Trading ...NO, Researchers find that one person likely drove Bitcoin from $150 to $1,000 ....NO. Try more FUD' (self.Bitcoin) by /u/Theguy3993 removed from /r/Bitcoin within 564-574min

'''
Yeah ok keep pumping out the articles about this so funny I would bet the articles stating bitcoin went to 1000$ on fraudulent money is 100% posted by insider traders or Wall St.. And Its no secret Wall St is driven by insider trading. Heck you can watch a documentary that shows how they do insider trading using loopholes of having a couple people down the line get the info that they "donate" money to for information. But anyways I just wanted to post another rant and laugh... Also, if you want to claim bitcoin is fraudulent based on a couple people who traded 36 million dollars worth of a coin worth 250 Billion on average give or take 50 billion or 0.000144% of bitcoin then I guess all banks should close tomorrow since 90% of all money banks handle have traces of cociane on them and clearly came from fraudulent places.
Again, I will state bitcoin will rise and fall like it always does pretty much only falling from fake news pumped in sync with sell offs to try to get more for cheap, and thats fine its so obvious to me also I have traded since before Mt.Gox and the coins never went to its peak and stayed there untill after the fall of Mt.Gox. The timeline may show that right before Mt.gox froze the price of BTC was going up. Until around that time but anyone who used MT.Gox knows that no one could move, trade or withdraw there funds long before it was froze and it finally froze from the lawsuits regarding this so essentially Mt.Gox was out of the game.
And for those who like facts here you are I will include the links also
[link]1
"On 15 May 2013, the US authorities seized accounts associated with Mt. Gox after discovering that it had not registered as a money transmitter with FinCEN in the US.[52][53]
On 17 May 2013, it was reported that BitInstant processed approximately 30 percent of the money going into and out of bitcoin, and in April alone facilitated 30,000 transactions,[54]
On 23 June 2013, it was reported that the US Drug Enforcement Administration listed 11.02 bitcoins as a seized asset in a United States Department of Justice seizure notice pursuant to 21 U.S.C. § 881.[55] It is the first time a government agency has claimed to have seized bitcoin.[56][57]
In July 2013 a project began in Kenya linking bitcoin with M-Pesa, a popular mobile payments system, in an experiment designed to spur innovative payments in Africa.[58] During the same month the Foreign Exchange Administration and Policy Department in Thailand stated that bitcoin lacks any legal framework and would therefore be illegal, which effectively banned trading on bitcoin exchanges in the country.[59][60] According to Vitalik Buterin, a writer for Bitcoin Magazine, "bitcoin's fate in Thailand may give the electronic currency more credibility in some circles", but he was concerned it didn't bode well for bitcoin in China.[61]
On 6 August 2013, Federal Judge Amos Mazzant of the Eastern District of Texas of the Fifth Circuit ruled that bitcoins are "a currency or a form of money" (specifically securities as defined by Federal Securities Laws), and as such were subject to the court's jurisdiction,[62][63] and Germany's Finance Ministry subsumed bitcoins under the term "unit of account"—a financial instrument—though not as e-money or a functional currency, a classification nonetheless having legal and tax implications.[64]
In October 2013, the FBI seized roughly 26,000 BTC from website Silk Road during the arrest of alleged owner Ross William Ulbricht.[65][66][67] Two companies, Robocoin and Bitcoiniacs launched the world's first bitcoin ATM on 29 October 2013 in Vancouver, BC, Canada, allowing clients to sell or purchase bitcoin currency at a downtown coffee shop.[68][69][70] Chinese internet giant Baidu had allowed clients of website security services to pay with bitcoins.[71]
In November 2013, the University of Nicosia announced that it would be accepting bitcoin as payment for tuition fees, with the university's chief financial officer calling it the "gold of tomorrow".[72] During November 2013, the China-based bitcoin exchange BTC China overtook the Japan-based Mt. Gox and the Europe-based Bitstamp to become the largest bitcoin trading exchange by trade volume.[73]
In December 2013, Overstock.com[74] announced plans to accept bitcoin in the second half of 2014. On 5 December 2013, the People's Bank of China prohibited Chinese financial institutions from using bitcoins.[75] After the announcement, the value of bitcoins dropped,[76] and Baidu no longer accepted bitcoins for certain services.[77] Buying real-world goods with any virtual currency has been illegal in China since at least 2009.[78]"
*** In fact I was trading the Down swings around this time and remember it quite clearly and the price most deffinatly did not shoot up with any relation to Mt.Gox if anything Mt.Gox was the reason for the fall from the news and panic!
Also, WAKE UP PEOPLE. Wall St's total value is what 2.7 Trillion that took like 100 years to get. Does no one else realize the magnitude of Bitcoin to them. Bitcoin in 10 years or less including its many other Coins under it is worth 658-758Billion or 0.65-0.75T in 1/10th the time Wall St did it and its getting bigger all the time.
[link]2
I've said it before and Ill say it again there scared because Bitcoin, (and altcoin), traders are used to volatility, We can loose 70% of our gains or investment in a day or an hour and still keep on truckin. But that type of volatility scared the pants off the big traders because they also have investors to explain these situations to and they have no merits to base there explanations on since nothing in the real world short of good and bad news or money in and money out of coins affects the prices very much. And for this reason Wall St will never like it and the fact its outside of there nice controlled systems they designed that benefit the rich and rape the poor. And this new system which does not allow credit, or BS is a new realm to them. Sure there might be some insider trading some of the time but the order books and live stats are available to anyone and everyone equally, unlike stocks where you need crazy memberships just to get short 15 minute delayed stats on the live markets and only the top accounts with over 50,000$ invested can even dream about getting anything better. And you have to pay 6.99-24.99 Per trade the lesser being for the 50k investor, leaving no learning curve for the small guys. So in my opinion its still a way better system and anyone can easily do some research like I have today and not panic sell from every little BS article and simple trade for yourselves. And Bitcoin to Altcoin trades BTW will cost you 0.06-0.08% and Bitcoin/Altcoin to USD (Or your Currency) will cost you 0.18-0.24% on most exchanges or platforms.
If you've read my rant this far I thank you for your time. Some article just really grind my gears :D
PS - Below is some handy trading platforms and tools
I would also like to take a moment just to say anyone interested in a FreeTrading Platform should check out Qt Bitcoin Trader from source forge. Or if your a bit more advanced there is a nice program you can try for free and the trial is the the same as the full version (I have used both since I bought it shortly after) and that is called LeonarDo by margin software a very talented German company.
Qt Bitcoin Trader - [link]3 Leonardo - [link]4
'''
Bitcoin is fraudulent and nothing but insider Trading ...NO, Researchers find that one person likely drove Bitcoin from $150 to $1,000 ....NO. Try more FUD
Go1dfish undelete link
unreddit undelete link
Author: Theguy3993
1: https://en.wikipedia.org/wiki/History_of_bitcoin#2013 2: www*w***dcoinind*x.*om/ 3: s*u*c*forge*ne*/*roje*ts/bitc*intr**e 4: ma**insof*ware.de*p**duct.ht**
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

You Will Lose Money -- Thoughts for Fellow Newcomers to Bitcoin

EDIT TL;DR: As briefly detailed in a post herein, I want to address who this is meant for and give some additional thoughts as I think my motivations may have been misread. This post is intended for anyone who reads about bitcoin and buys a handful (or hundred-full) at market price with the intention of holding them for an indefinite period of time(be it 4 months or 4 years) or trading when they can with the intention of later selling for a profit. By the way, selling for a fiat profit is missing the boat! YOU ARE BUYING AN INTERNATIONALLY ACCEPTED CURRENCY. IF IT APPRECIATES IN VALUE, GO BUY SOMETHING WITH IT AND KEEP THE REST! Do not let your heart sway your dollars. This is a 2-3 year old nascent market that you are entering. You could lose all of your money. The price has increased ~400% over the last 3 months. While there are very good reasons for this, there is also much unknown. A drop to $45 or $30 followed by a months-long recovery before you're back at the price you bought, while unlikely at the moment, is within the realm of possibility.
If you're going to buy bitcoins and spend them today, this post is not for you. Rock on, keep doin your thing, and tell your friends all about it.
Been trying to submit this post for like 10 mins. It told me to wait 7, I waited 10, then it told me to get bent for a while so I had to register a new accout.
I woke up this morning (well, yesterday morning now I guess) and thought "Okay, let's see if we can get 5 or 6 more." That was the plan
As a newcomer to actually buying and using Bitcoins I wanted to offer my thoughts to those even newer than I.
I followed bitcoin mostly the whole way. If I really let my emotions get to me, I'd kill myself at this point. Honestly, I'm still kind of working through them. I first heard about BTC in late 2010 or so. I knew what it was, but...being as there was virtually zero financial infrastructure around it at the time, I didn't gung-ho at all. Can I use gung-ho as a verb? I feel like I can if I hyphenate it.
Like I mentioned, if I let my emotions get to me I'd end up killing myself. I had seriously considered investing a sizeable sum of money in BTC at various times, enough that had I followed through on my intuition I would have quit my job and started my own business by this point.
Unfortunately such a point has passed us. If you think you're going to buy BTC now and profit hundreds or thousands in a week/month, you might want to rethink your decision. By now, if you can invest enough in BTC that you think you'll be able to have complete financial security through its long term appreciation, you probably have enough money that you know what you're doing anyway and are likely already familiar with my message.
That being said there are still significant gains to be realized, and with the way things have gone over the last 6 months there are all kinds of ways to spend BTC now and more everyday it seems. I have always believed in the value of BTC as a medium of exchange in an increasingly global and increasingly surveilled economy. But in the beginning, well, how could I have known for sure? Listen to me, still beating myself up.
There are losses to be realized as well. I finally made my initial purchase a month back. Unfortunately, it wasn't all of the money that I wanted to convert to BTC but I didn't want to go through BitInstant for days in a row and pay fees that I didn't have to. I wanted to wait until my verification went through, wire the money, and be done. In retrospect, the appreciation in price would have more than compensated for the fees I would have paid and I fucked myself out of hundreds of BTC. Listen to me, still beating myself up. Maybe you'll do that too. It's normal, relax.
Not to mention the bad buys I've made, market drops $2-3 (or $10, shit!) 60 mins after your purchase FFFFFFUUUUU... We could focus on the good ones, but that's not where you learn your lessons. Compared to fiat conversion I'm still pretty well up overall. I made my main buy immediately after the $50 wall broke, damn near shit myself when I woke up the next two days. But it's an anxious, painful feeling when you're down. If BTC is your first foray into serious exchange/investment, if you've never lost a full house to four of a kind (i.e. gotten stomped by something you barely saw coming, if at all), I envy you. You're just at the start of it. In the next 4-6 months you will learn more about your tolerance for risk and ability to handle loss than you ever knew before. The most important advice anyone can give is "Don't invest more than you can stand to lose." Don't borrow money you can't repay, don't blow savings you can't replenish. When you're up, that small amount that you could stand to lose never seems like it was a good enough starting point. But when you're down, suddenly it feels like plenty to lose. Sure, you planned for it (or you should have). You might not be out of your home or unable to eat, but it's not like that money was useless to you. You earned it and saved it at some point, and now it's fucking gone. Alternatively, you've been at this for weeks now, made a really good buy or two, then made a terrible one. You're back to the drawing board, screwed yourself out of all your gains - a completely safe position that thousands of investors across the globe would pay to be in as I type. But when you're getting your feet wet you have your eye on the prize, and even losing money you never really had often feels like a loss.
There will be days that you wake up, check the price, and realize that these things are true at that point in time. Expect this.
Something happened to me over the last couple weeks. All of a sudden I don't really....care (as much) what the price is. It has stopped being about how many dollars I have, and it has started to be about how many BTC I have. This is obviously the wrong forum to present this question, but in the last 4-6 months as I've read about BTC all I can ask is, "Okay overall HOW is this not an amazing idea?" and in the 2 years as I've watched BTC it just seems more and more like something that isn't just going to sputter out and go away. Could it go to $55 tonight? Sure. Maybe even high $40s. Truth be told it could crash to shit and take 8-12 months to recover, I mean this is an unprecedented market. Would that scare you? Would you be okay with that? If not, now might not be the time for you to get on board.
You must know, we will surely see corrections. We've seen two small ones (edit: not so small....even later edit: k maybe kind of small overall, hope someone made some money there) in the last 24h already. Unfortunately before we can use Bitcoin to its full potential for what it is (a completely private, decentralized combination currency/store of value), before it becomes widespread, this is probably what has to happen. If it hits $45 or $40 you'll see all these blog posts and articles about how this is evidence it's all a scheme, too volatile to ever be in use, it's a stupid crazy idea, and all that FUD. I implore you: if you're inclined to believe them, do so.
I had a decent bid in at $64 that I made much earlier today. Current price is hovering $57 A week or two ago I would have cared about that fact a lot more. Not now though. $64 was what I was looking for. I sold a bunch above $71 and at the time I thought that people on the other side of the world would wake up, see the price, chart, and panic sell. I learned that I severely underestimated the level of panic, and I'll have to keep that in mind for next time. At this point I can only be confident that when this side of the world wakes up again we'll see another glorious battle between panic and conviction, the victor known only to the unturned pages of time.
I just watched this whole correction/recovery (well, I shouldnt' speak too soon as its still playing out). I had an intuition that the price might go lower than my bid, but I didn't want to change it. It is important to stick to your goals. See, tonight I go to sleep with 5 more BTC than I had when I woke up. Goal achieved. Tomorrow I'll wake up, look at the charts, and set another one. I'm in it for the long haul one way or another, but the journey is half the fun!
Good spending, good trading, good holding, and Godspeed everyone.
submitted by 7832664792 to Bitcoin [link] [comments]

[uncensored-r/Bitcoin] Bitcoin is fraudulent and nothing but insider Trading ...NO, Researchers find that one person lik...

The following post by Theguy3993 is being replicated because the post has been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7qqmjt
The original post's content was as follows:
Yeah ok keep pumping out the articles about this so funny I would bet the articles stating bitcoin went to 1000$ on fraudulent money is 100% posted by insider traders or Wall St.. And Its no secret Wall St is driven by insider trading. Heck you can watch a documentary that shows how they do insider trading using loopholes of having a couple people down the line get the info that they "donate" money to for information. But anyways I just wanted to post another rant and laugh... Also, if you want to claim bitcoin is fraudulent based on a couple people who traded 36 million dollars worth of a coin worth 250 Billion on average give or take 50 billion or 0.000144% of bitcoin then I guess all banks should close tomorrow since 90% of all money banks handle have traces of cociane on them and clearly came from fraudulent places.
Again, I will state bitcoin will rise and fall like it always does pretty much only falling from fake news pumped in sync with sell offs to try to get more for cheap, and thats fine its so obvious to me also I have traded since before Mt.Gox and the coins never went to its peak and stayed there untill after the fall of Mt.Gox. The timeline may show that right before Mt.gox froze the price of BTC was going up. Until around that time but anyone who used MT.Gox knows that no one could move, trade or withdraw there funds long before it was froze and it finally froze from the lawsuits regarding this so essentially Mt.Gox was out of the game.
And for those who like facts here you are I will include the links also
https://en.wikipedia.org/wiki/History_of_bitcoin#2013
"On 15 May 2013, the US authorities seized accounts associated with Mt. Gox after discovering that it had not registered as a money transmitter with FinCEN in the US.[52][53]
On 17 May 2013, it was reported that BitInstant processed approximately 30 percent of the money going into and out of bitcoin, and in April alone facilitated 30,000 transactions,[54]
On 23 June 2013, it was reported that the US Drug Enforcement Administration listed 11.02 bitcoins as a seized asset in a United States Department of Justice seizure notice pursuant to 21 U.S.C. § 881.[55] It is the first time a government agency has claimed to have seized bitcoin.[56][57]
In July 2013 a project began in Kenya linking bitcoin with M-Pesa, a popular mobile payments system, in an experiment designed to spur innovative payments in Africa.[58] During the same month the Foreign Exchange Administration and Policy Department in Thailand stated that bitcoin lacks any legal framework and would therefore be illegal, which effectively banned trading on bitcoin exchanges in the country.[59][60] According to Vitalik Buterin, a writer for Bitcoin Magazine, "bitcoin's fate in Thailand may give the electronic currency more credibility in some circles", but he was concerned it didn't bode well for bitcoin in China.[61]
On 6 August 2013, Federal Judge Amos Mazzant of the Eastern District of Texas of the Fifth Circuit ruled that bitcoins are "a currency or a form of money" (specifically securities as defined by Federal Securities Laws), and as such were subject to the court's jurisdiction,[62][63] and Germany's Finance Ministry subsumed bitcoins under the term "unit of account"—a financial instrument—though not as e-money or a functional currency, a classification nonetheless having legal and tax implications.[64]
In October 2013, the FBI seized roughly 26,000 BTC from website Silk Road during the arrest of alleged owner Ross William Ulbricht.[65][66][67] Two companies, Robocoin and Bitcoiniacs launched the world's first bitcoin ATM on 29 October 2013 in Vancouver, BC, Canada, allowing clients to sell or purchase bitcoin currency at a downtown coffee shop.[68][69][70] Chinese internet giant Baidu had allowed clients of website security services to pay with bitcoins.[71]
In November 2013, the University of Nicosia announced that it would be accepting bitcoin as payment for tuition fees, with the university's chief financial officer calling it the "gold of tomorrow".[72] During November 2013, the China-based bitcoin exchange BTC China overtook the Japan-based Mt. Gox and the Europe-based Bitstamp to become the largest bitcoin trading exchange by trade volume.[73]
In December 2013, Overstock.com[74] announced plans to accept bitcoin in the second half of 2014. On 5 December 2013, the People's Bank of China prohibited Chinese financial institutions from using bitcoins.[75] After the announcement, the value of bitcoins dropped,[76] and Baidu no longer accepted bitcoins for certain services.[77] Buying real-world goods with any virtual currency has been illegal in China since at least 2009.[78]"
In fact I was trading the Down swings around this time and remember it quite clearly and the price most deffinatly did not shoot up with any relation to Mt.Gox if anything Mt.Gox was the reason for the fall from the news and panic!
Also, WAKE UP PEOPLE. Wall St's total value is what 2.7 Trillion that took like 100 years to get. Does no one else realize the magnitude of Bitcoin to them. Bitcoin in 10 years or less including its many other Coins under it is worth 658-758Billion or 0.65-0.75T in 1/10th the time Wall St did it and its getting bigger all the time.
I've said it before and Ill say it again there scared because Bitcoin, (and altcoin), traders are used to volatility, We can loose 70% of our gains or investment in a day or an hour and still keep on truckin. But that type of volatility scared the pants off the big traders because they also have investors to explain these situations to and they have no merits to base there explanations on since nothing in the real world short of good and bad news or money in and money out of coins affects the prices very much. And for this reason Wall St will never like it and the fact its outside of there nice controlled systems they designed that benefit the rich and rape the poor. And this new system which does not allow credit, or BS is a new realm to them. Sure there might be some insider trading some of the time but the order books and live stats are available to anyone and everyone equally, unlike stocks where you need crazy memberships just to get short 15 minute delayed stats on the live markets and only the top accounts with over 50,000$ invested can even dream about getting anything better. And you have to pay 6.99-24.99 Per trade the lesser being for the 50k investor, leaving no learning curve for the small guys. So in my opinion its still a way better system and anyone can easily do some research like I have today and not panic sell from every little BS article and simple trade for yourselves. And Bitcoin to Altcoin trades BTW will cost you 0.06-0.08% and Bitcoin/Altcoin to USD (Or your Currency) will cost you 0.18-0.24% on most exchanges or platforms.
If you've read my rant this far I thank you for your time. Some article just really grind my gears :D
PS - Below is some handy trading platforms and tools
I would also like to take a moment just to say anyone interested in a FreeTrading Platform should check out Qt Bitcoin Trader from source forge. Or if your a bit more advanced there is a nice program you can try for free and the trial is the the same as the full version (I have used both since I bought it shortly after) and that is called LeonarDo by margin software a very talented German company.
Qt Bitcoin Trader - https://sourceforge.net/projects/bitcointrade Leonardo - https://marginsoftware.de/product.html
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

[uncensored-r/CryptoCurrency] AMA about Tether (USDT)

The following post by SirLamboMoon is being replicated because some comments within the post(but not the post itself) have been openly removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ CryptoCurrency/comments/7g6xse
The original post's content was as follows:
Hello, I trade on 6 different exchanges worldwide. I have deeply looked into the Tether situation since it could become a black swan and put a dent into my crypto wealth.
I have examined all the evidence and opinions and have found them to be unsubstantiated at best malicious at worse.
Ask me anything and I will do my best to give you my opinion on what I have found.
 
My only concerns has evolved into... is the idea of Tethers legal (compared to Liberty Reserve or E-gold). After much research on both companies and thinking it over a lot I feel USDT is actually more legit and better suited because of the openness of the blockchain. I know right??
You see they can control the ecosystem (as they did w hack) in a transparent way and they can control the outflows/inflows with stringent KYC/AML (which they have been- far more stories of people not getting approved than not being able to redeem). Their ToS/KYC/AML make it so no launderer would be foolish enough to use them, especially after hack/roll back.
On the other hand, Lib Res/Egold accepted anyone, proudly claimed to be a money substitute and their closed system provided no transparency and plenty of opportunity for nefarious activities.
 
Some key points
  • It makes perfect sense that USDT gets minted/printed when volatility is at its highest (ATH's/crashes). Why would you think that the crypto market will expand/grow but not USDT ( a stablecoin)? USDT is to provide liquidity to traders on exchanges, that is literally all it is used for. And during crashes traders want USDT, so there is a premium you will see of 1-3% on USDT in those cases (an opportunity). Also, there are more inflows than outflows right now because the market is growing more wealth/money wants some exposure.
 
  • I also don't understand why it is easier for people to believe the conjecture over the reality. I think it is because the premise is flawed and the source extremely biased, they think because USDT is inflating (which it should as more fiat enters the system) it is the reason for these gains.
NOT more transactions taking place (across all blockchains), NOT more countries buying that didn't before (KRW/JPY), NOT Coinbase user accounts being created at an extraordinary clip this year, or the google search terms increasing exponentially, or crypto twitters growth. All differing metrics pointing to the same thing... demand. No it's easier to believe the volume is fake, wash trading, and fake tethers... all out in the open (BFX DATA) & open ledgers (USDT)
 
  • All Tether has to do is provide proof of reserves by an independent reputable auditor. The proof they provided from Friedman LLP (top 50 auditor - btw a top 4 auditor won't touch crypto companies until more mature ecosystem) was not enough to stop the FUD. Now they have gone on record twice saying audit is ongoing. Right now there is more evidence pointing to them being solvent than not.
"But they have been saying an audit is forthcoming" They didn't increase the total amount to 100 mill till fairly recent. They are not a money making machine, they make money on money sitting in interest-bearing accts and transaction fees between the fiat world. I can see them not wanting to pay for an expensive reputable audit and thinking showing bank statements would suffice, until it didn't. So now an audit is coming.
 
  • I obviously can not vouch for them 100%, but until USDT becomes unpegged, or there is a premium on Bitfinex (Gox/Cryptsy/Bitinstant all traded at premiums for months due to fiat constraints or no $/crypto), and no audit, I think I will take what the market is saying as the truth.
 
  • The theorists are constantly contradicting themselves. Ex1. TetheFinex has no banking... Friedman provides a memo vouching they checked respective bank accts w $.... oh that could just be a loan. They can't get banking, but a loan for 400 mil, no prob???
Ex2. The amount of tethers to date is enough to horribly crash the markets but not enough to show signs that free money has been pumped into the system. If 100's of millions are pumped into the system it will show divergences (premiums/unpegged) somewhere along the trail.
 
One last thing, what if the worse is true and Tether is not backed, finex is a scam, God doesn't exist, and Trump gets elected a second term (last 2 a joke, obviously)? IMO, it creates a massive buying opportunity. There is nothing wrong with bitcoin/crypto, nothing wrong with its use case, technology or value system. Just an alt currency that only had to have the funds in account. Yes, there will be a short game of hot potato that drives Tether to zero, but that is it. Nothing fundamentally wrong w crypto. Plus I'm not 100% sure the exiting of USDT would not drive crypto higher.
Yes, some exchanges will lose their rep, customers, and traders will lose their stablecoin but perhaps that's the goal, IDK? Who benefits from failed stablecoin? FIAT, banks? One thing is for sure USDT has brought on many more exchanges, IMO is a good thing.
Also, I don't believe Tether to be the ideal way to a stablecoin. But it came along 3 years ago w no better options, has held it's pegged (even now under fire), opened up liquidity past strict/biased/predatory banking infrastructure (who benefits if USDT goes down again?). Maybe that is why they are looking into an ERC20 token that may be verified in real-time, IDK.
 
Good day to you Ladies and Gents..
 
P.S. I post my real trades on twitter @SirLamboMoon - Follow to see if I am worth a damn. I don't share charts and analyze what happenED and be as cryptic as possible about the future. I actually put my entries, targets, and stops. I developed a trading system that has been muy caliente. More info here.. https://www.reddit.com/useSirLamboMoon/comments/7cp2o7/the_system_strategy/
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

[uncensored-r/CryptoCurrency] Changelly scam... I think so.

The following post by Nttwo is being replicated because some comments within the post(but not the post itself) have been openly removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ CryptoCurrency/comments/6u8tfh
The original post's content was as follows:
I've been very patient with Changelly since August 5th when I submitted my first support ticket on this matter. Now that it's clear to me that Changelly runs a drag-it-out support strategy, it's time to go public.
Is Changelly a scam?
You be the judge... please leave your opinion in the comments.
CONTEXT
The transaction (Tx) at issue here is BTC for GBYTE (Byteball).
For those not familiar with Byteball:
Byteball has no mining; its native currency - white bytes (GBYTE) and black bytes (BB) - was created back in December 2016 and has since been distributed, as widely as possible, via ~monthly airdrops. Every full moon since December, a "snapshot" has been taken of the balance of bytes held on each and every Byteball address, and of the balance of every registered BTC address. Shortly thereafter, each address receives new bytes based on the balance at the time of the snapshot.
The last snapshot was August 7, 2017 18:10 UTC (11:10 PDT), and new bytes were distributed as follows:
  • For every 1 GBYTE held on any Byteball address, you got 0.2 of new GBYTE
  • For every 1 GBYTE held on a linked Byteball address, you got 0.4222 of new BB
One last thing: Byteball's immutable ledger of Txs is stored in a construct called a DAG (Directed Acyclical Graph), analogous in function to bitcoin's blockchain.
WHAT HAPPENED?
On August 5, two days before the Byteball snapshot, I initiated a Tx with Changelly to trade 20 BTC for ~105 GBYTE. Changelly took my BTC, but held on to the GBYTE through the snapshot, collected the airdropped Byteball reward based on the balance of my funds, and then, 4 days after I initiated the Tx, sent ~105 GBYTE.
Changelly effectively stole my ByteBall distribution reward.
When hours had passed and still no GBYTE, I sent my first ticket, and support responded:
"It seems that there could be some technical issues either with our wallet or with Gbyte network. We will investigate the matter. We have forwarded your request to the technical department. They will push your transaction through. We will inform you, once your issue is resolved!"
On August 7th, before the snapshot, I submitted two more support tickets. I told Changelly that if they couldn't deliver the GBYTE before the snapshot, I wanted my BTC back. Support responded on August 8th 2:06pm (long after the snapshot):
"Unfortunately, we cannot refund your bitcoins since they have been already converted into GBYTE. But you will receive the same amount since your money has been already exchanged. Please confirm your GBYTE wallet address and we will repeat payout. All the issues seem to be fixed now, so it should work."
I responded, explaining why the only reasonable remedy was for Changelly to refund my BTC. I did not confirm any GBYTE wallet address.
Support ignored me and sent the following on August 9th:
"Good news! We have received the response from the exchange and now everything has been delivered!"
I wrote to Charlie Shrem, an advisor to Changelly, and he forwarded my complaint to Changelly CEO, Konstantin Gladych. I've also emailed Gladych many times directly myself. Zero response.
CIVIL LIABILITY
Under civil law, Changelly has been unjustly enriched and is liable to pay restitution.
Unjust Enrichment. A general equitable principle that no person should be allowed to profit at another's expense without making restitution for the reasonable value of any property, services, or other benefits that have been unfairly received and retained.
This principle is widely recognized and applies to Changelly here regardless of whether they did anything wrong. This is essentially why Coinbase and Poloniex changed course and gave their customers the BCH that was due to them.
CRIMINAL LIABILITY
Changelly is clearly liable under civil law.
What about criminal liability?
Using a DAG explorer, we can browse Byteball's immutable ledger of Txs and discover the following:
All Changelly had to do was send it to me. What happened?
The DAG shows that the GBYTE was diverted to the following addresses, which subsequently received the airdropped GBYTE that rightfully should have gone to me:
  • 31,447,997,156 to CBCYP2UY6YX2FJX6OXNDHBQO4VREDUJL
  • 51,788,023,285 to QAHP5Z4P6QQV4S3MUVTOJM5D7SJDWPSD
  • 21,763,859,830 to 6H5USZBXMOYUAGCYEYF7P3A6QU2EJBCT
  • 306,636,259 to QR542JXX7VJ5UJOZDKHTJCXAYWOATID2
The DAG also shows plenty of Tx activity over the relevant time period, also strongly suggesting no technical issues were to blame for Changelly's delayed Tx.
Did you know…?
Under the Czech Republic's Code on Corporate Criminal Liability both Changelly and the individual perpetrator(s) would be criminally liable.
WHAT NEXT
Changelly… fix this immediately.
Up next we’ll explore…
  • how to connect employee identities to the suspicious Byteball addresses
  • inner-workings of Changelly
  • the Bittrex and Changelly APIs
  • behind the scenes of the Changelly-Bittrex connection
  • Konstantin Gladych’s relationship with the European Cybercrime Center
  • presenting evidence to Czech and U.S. prosecutors
  • comments from devs re: Changelly’s technical excuses for failed Txs
  • similarities and differences between Changelly and BitInstant
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Regarding the "Bitcoin and Magical Thinking" blog post spotlighted on Techmeme today - The network, the infrastructure, and the community behind it is hardly a "magical thought."

I'm referring to this post, which a Bitcoin-opposing friend just sent to me with the subject line, "An damning indictment" -
http://www.techmeme.com/131219/p3#a131219p3
I responded with this:
The network, the infrastructure, and the community behind Bitcoin is hardly a "magical thought" (Here's the definition of that concept from contemporary Western psychology: http://en.wikipedia.org/wiki/Magical_thinking)
Two weeks ago, there was very good debate about Bitcoin -
Ultimate Bitcoin Showdown - Posted Dec 2, 2013 - [30:14] - Goldbug/dollar-skeptic Peter Schiff vs. Erik Voorhees, Bitcoin entrepreneur formerly of BitInstant (https://www.bitinstant.com/), now of Coinapult (https://coinapult.com/) - http://www.linkedin.com/pub/erik-voorhees/b/804/385
I'll post the link to the full video below, but I first want to quote from it:
As Voorhees says, gold-backed digital curencies have been attempted and were then quickly shut down by the gov't. He later says (at 9:20), "[Bitcoin] could absolutely go to zero and the whole thing is completely experimental right now. So I'm not here to say that Bitcoin is a good investment. What I'm here to say is that the Bitcoin payment network is one of the most important technologies that has ever been invented, and it's important to understand that there is value in that technology [and] it's important to understand why that technology is so useful to people, especially people who care about liberty around the world." And he explains later that this infrastructure cannot be reproduced easily...even if Bitcoin is not the winner of the crypto-currency market competition. He also compares the hardy vitality of P2P currencies to that of P2P file-sharing. The free, independent Napster file-sharing service was launched in June of 1999 an rocketed to popularity, but the shutdown of it in July of 2001 was not exactly the end of free P2P music-sharing... In fact, just going by the services that I can just recall fellow college students using at the time, there was:
SoulSeek (launched in 1999/2000)
Gnutella (early 2000)
BearShare (December 2000)
Morpheus (2001)
Kazaa (March 2001), and
LimeWire (May 2000).
And of course there are the file-sharing services that are popular today, from Dropbox to these:
http://www.ebizmba.com/articles/file-sharing-websites
to these:
http://en.wikipedia.org/wiki/Comparison_of_BitTorrent_clients
Now. As far as digital crypto-currencies today, there's Litecoin, Peercoin, Namecoin, Quark, Protoshares, Worldcoin, Megacoin, Primecoin, and Dogecoin, and dozens other listed here, totaling in 54:
http://coinmarketcap.com/
The point that Voorhees makes about the pooled inventiveness and ingenuity of the crowd reminds me of something both revolutionary and prophetic that was said by John Gilmore (an American computer science innovator, Libertarian, Internet activist, and one of the founders of Electronic Frontier Foundation). He said:
"The Net interprets censorship as damage and routes around it."
-As quoted in TIME magazine (6 December 1993) (yes, 1993!)
http://en.wikiquote.org/wiki/John_Gilmore
Furthermore, on a separate note, the media angle that Bitcoin is practically "over" because of China blocking it (which that same friend was gloating about), here's all I have to say as well:
Here's a list of enterprises that were hardly destroyed after being banned in glorious all-powerful China:
Facebook, YouTube, Twitter, Wikipedia, WikiLeaks, and the New York Times' online edition (and a few others, named at the following links) were each NOT blasted into nonexistence by the force of "the Golden Shield Project," which we Americans call "the Great Firewall." Yup, Bitcoin is "over"!
References:
https://en.wikipedia.org/wiki/List_of_websites_blocked_in_China
https://en.wikipedia.org/wiki/Censorship_of_Wikipedia#China
http://www.nytimes.com/2012/10/26/world/asia/china-blocks-web-access-to-new-york-times.html?_r=0
https://en.wikipedia.org/wiki/Internet_censorship_in_the_People%27s_Republic_of_China
Hey, but waddaya know - Some of the 1,350,695,000 people in The People's Republic have ways around that censorship, as do the millions of people in so many other Internet-censoring countries:
https://en.wikipedia.org/wiki/Internet_censorship_in_the_People%27s_Republic_of_China#Evasion
http://en.wikipedia.org/wiki/Internet_censorship_circumvention#Software

Here's the full video of the Bitcoin debate:
http://www.youtube.com/watch?v=7mUn-d8R98k
Edit/Follow-up: To extend the analogy of P2P digital currencies and P2P file-sharing (and most notably, music-sharing), what would be the currency equivalent of iTunes, which came ou in January 2001? Will JPMorgan's crypto-currency project (as I saw here, and it was downvoted to hell: http://www.reddit.com/Bitcoin/comments/1sp6hh/jpmorgan_is_looking_to_copy_bitcoin_and_the_coin/), even though it was initially rejected 175 times, find some way to charge/surcharge people small amounts at a time for usage (a la iTunes' 99 cents per song), in traditional-bank-style?
submitted by wazzzzah to Bitcoin [link] [comments]

03-17 04:02 - 'Ethereum's blockchain is one that businesses can actually use which is why the Enterprise Ethereum Alliance was formed by companies like Microsoft, IBM, Intel, Cisco, BBVA, JP Morgan, ING and UBS. Bitcoin jump started this b...' by /u/Gequals8PIT2 removed from /r/Bitcoin within 4-9min

'''
Ethereum's blockchain is one that businesses can actually use which is why the Enterprise Ethereum Alliance was formed by companies like Microsoft, IBM, Intel, Cisco, BBVA, JP Morgan, ING and UBS. Bitcoin jump started this blockchain phenomenon but Ethereum's blockchain technology offers features that corporations can utilize. Last year the "Big Four" auditing corporations got together to discuss how Ethereum's blockchain can be useful to them in the future.
I am sure many of us here have no doubt that distributed ledger technology using cryptographic verification/authentication will change our future in ways we can't even foresee. I have been following Bitcoin since literally the very beginning when mining with your CPU was extremely profitable (if you had the foresight to keep them and keep them safe), I remember when Dwolla and BitInstant was all the rage and you had to convince people that bitcoin was not a pyramid scheme. I have built automated trading bots using MtGox APIs and used them for quite some time until Gox became defunct.
I am all for the success and rising future of bitcoin, although I could not explain to you from a first hand understanding of the bitcoin protocol why BU is so bad I do agree with the general consensus here given what I have read from thousands upon thousands of comments. I remember how badly the last fork-war tore this community apart as well.
However, I have more than enough room in my heart and my wallet for altcoins that have proven their legitimacy to which I only believe there are two at this current point in time. I am not some band-wagoner who believes that bitcoin is the one and only cryptocurrency, that is the same type of mentality as people who believe that cash and gold is king. They might very well have been king until up and out of nowhere another beast forms right under your noses. Don't get me wrong I am not saying Ethereum is that technology but I can see the toxicity that this bitcoin war is causing. It has honestly caused me to lose faith in bitcoin and it's future to the point where this week my hands grew weak and I cashed out 25% of my holdings, transferred 25% to Ethereum and I have 25% on Coinbase as I wait to see how this situation plays out. I realize that your average Joe everyday investors probably are not even aware there is a war going on and probably don't even care, but I do.
It reminds me of this most recent presidential campaign you have one side that is proven and while they may not be perfect is obvious they have the best intentions for the entire community and on the other side you have a bunch of greedy bastards slinging shit, outright lying and trying to cover those lies with more lies. In the end it just makes everybody look bad despite being on the right side and doing the best you can.
In the meantime there is no doubt in my mind that while bitcoin stagnates with this war everyday it loses its edge over the newer technologies like Ethereum. Although Ethereum has not yet withstood the test of time and had a pretty significant setback early on I do believe the usability and usefulness of their blockchain technology being way more than just a store of value and actually have significant functionality will pick up the type of corporate steam that bitcoin not only wishes it has and deserves.
I will say it again I am all for the success of bitcoin, it holds a dear place in my heart. I am not sure if the OP of this thread was even referring to Ethereum when talking about spreading FUD (Honestly I think BU is doing more of that than anybody else by a large margin). I am not sure if the post I am reply to was an attempt to dismiss Ethereum's blocktech as something that is just so meaningless he didn't even learn of it's usefulness. But to simply dismiss other blockchains and anybody who speaks highly of them as FUD is a disservice to itself and this community. We only have one enemy here and that is BU.
'''
Context Link
Go1dfish undelete link
unreddit undelete link
Author: Gequals8PIT2
submitted by removalbot to removalbot [link] [comments]

[Table] IAmA: We Are the Hosts of the Let's Talk Bitcoin! Show! We just spent 4 days at Bitcoin2013, Ask Us Anything!

Verified? (This bot cannot verify AMAs just yet)
Date: 2013-05-24
Link to submission (Has self-text)
Link to my post
Questions Answers
Hi all! I was wondering, what do you think it would take to get bitcoin from a niche currency used mainly by internet denizens to go mainstraim? I know the slow creep of more small companies accepting bitcoin helps, but what do you think that final cusp will be, and will it ever come to that? Thanks for taking the time to do this! There are several potential tipping points, but my favorite one is a large corporation accepting Bitcoin.
Amazon has an incredibly small operating margin, less than 1% - They have more than that in transaction costs, so if they were to accept Bitcoins for product and offer Bitcoins as payment to their affiliates it would cause a rush of other companies to jump onboard for the same reasons.
Once that happens with one large company, it sets a precedent. Doing something new is scary, and when the regulatory environment is uncertain like it is with Bitcoin the choice to accept could potentially cost you a lot of money later if it's retroactively made not OK and the value of the currency plummets.
But once a company like Amazon or Google jumps in, they have enough political swing and momentum that attacking Bitcoin becomes attacking them, and they'll fight that tooth and nail if it's saving them money.
Another example of a tipping point would be a country, ANY country, adopting it as their formal currency OR issuing a new currency with Bitcoins as the transparent backing of it. With bitcoin you can have a functional gold standard, because the gold doesn't need to be hidden from sight.
It is the hiding that makes gold standards dangerous - The people who issue currency with the gold as backing have no reason to issue the correct amount when only they know how much is out there, and how much gold they have.
I guess the Supreme Court has decided this does not apply to taxes, which is crap. Or are you talking about other countries? Thank you :) I actually mean something along the lines of "It is illegal to trade dollars for any cryptocurrency that does not have a real name and social security associated with it"
Will bitcoins ever be able to be traded like other recognized currencies in similar ways to Forex? More specifically, will there ever be retail brokers offering margin trading accounts that allow you to buy and sell bitcoin with leverage? There are already really small niche sites you can trade Bitcoin at leverage with, but it's just a bad idea. With a "normal" commodity market, like say chickens, if you think chickens are undervalued and want to profit from them you can buy forward production of say, a million chickens. Then when the option comes due, if you're on the profitable side of the trade you can essentially sell it for cash and the chickens never need to be delivered. In that way, it almost doesn't matter if the chickens ever existed to begin with because you never intended to take posession. With Bitcoin, it's different - Converting a bitcoin options contract into US dollars, yen, whatever actually is more expensive and time consuming than just "accepting delivery" of the bitcoins themselves. You can still sell them for whatever currency you want, but it is at the time of your choosing rather than at the point of settlement. What that means is that if you sell an option and the Bitcoins don't really exist, you could be screwed. You either default or buy them at market price which can be very painful given how volatile the pricing is right now. It is a bad idea to play with leverage in Bitcoin because if you lose, you potentially lose very big. Additionally, it's bad to buy an option because you introduce the possibility of the counterparty (supply) not being able to deliver, whereas if you just bought Bitcoins you have the Bitcoins.
Do you believe bitcoin is important locally as well as on the internet? If so, how are you promoting bitcoin in your local communities? Cryptocurrencies (of which Bitcoin is the most prominent) are the first real competition to the types of money we've used all our lives. With Dollars, Yen, Whatever - Ultimately there are a handful of people who get to decide how and why the currency should be managed.
If they did a good job, it might be fine - But the reality is the decision made affecting all users of the currency are to the benefit of a very few , at the cost of the many.
Bitcoin is different - The rules that govern it, are the rules that govern it. Nobody can break them, and if they're ever broken it's because more than 51% of the distributed power in the system (anyone can buy a mining rig and join this group). For me, that's incredibly important. Rules should apply evenly to everyone because otherwise they're not rules at all.
Local communities can benefit because it removes payment processors from merchant relationships, removes chargeback risk, and basically acts like Cash on the internet.
What are some of the more exciting things you (each of you?) envision for Bitcoin in the short to medium term? Discounts :) We've been talking about the deflationary business model, and during this period where the value is going to go up pretty fast (over the next several years) as adoption ramps up, businesses are going to be giving major discounts to those who choose to spend them.
From the merchants perspective, this is actually a huge win - They get to have lower prices than their US Dollar (or local currency) competitors, and the value of the Bitcoins they receive goes up over time instead of going down with printed currencies. Once this becomes pervasive in the Bitcoin economy, it will mean that even at those discounted prices they are STILL profitable because their suppliers are also offering them discounts to pay in Bitcoin.
Right now we're at the beginning of this cycle, you can see BitcoinStore.com is attempting it (Disclosure - They have sponsored us in the past, we run a 30s advertisement for them per show) but it's hard to be the first one doing it because it looks like you're sacrificing yourself when really it's just the model that makes the most sense.
Not to be the doom and gloom person but in the future what do you think will/would be the "last nail in the coffin" for Bitcoin? It depends what you mean by "last nail in the coffin"
How did you meet/find Andreas and Stephanie and how did you persuade them to be part of your show? I put out a call for staff several months ago, Andreas found me through that and joined the team initially as a correspondent providing expertise and commentary while Mt.Gox was having a lot of problems. Once we re-started the show as a twice-weekly, he graciously offered to join the hosting staff and gladly took him up on it.
I found Stephanie through her show Porc therapy, and a listener named Justus - He mentioned she did voicework, and I hired her to do some of our early introductions and advertising spots. When we went through the re-organization I offered her an occasional hosting role, and never bothered finding other hosts because I was so happy with our dynamic and varied viewpoints.
Both of the other hosts on the show are real professionals, and it's been my distinct pleasure to work with them.
Thanks for responding! Andreas is my fave (though I enjoy yours and Stephanie's comments too). Everybody has their favorite :) I think the fact that we all have people disagreeing with us at times means we're doing the job, and providing multiple and varied perspectives.
What recording tools are you using? We started off using Skype, Virtual Audio Cables (VAC) and Adobe Audition (creative suite)
Now we use Mumble instead of Skype, but the rest is the same.
I edit the host segments for content (sometimes we go on and on and on) and I edit the interviews for presentation, rarely removing any content. Many times the skillset that enables you to have a really smart idea is not the same skillset that lets you present that idea, perfectly, the first time. Our interview subjects tell me all the time "I love how smart I sound" and I get to say "You are smart, I just removed the brain processing noises"
Assuming bitcoin reaches critical mass, how does bitcoin cope with the criticism of rewarding early adopters? Do you see a potential uproar about inequity? Is there outrage against people who bought Apple stock at $30? Bitcoin is a currency that right now, and for the next few years, acting like an IPO. People who got in early got in cheap, but there was a whole lot of risk because people weren't using it much, there wern't vendors accepting it, so the use case is much more speculative.
We're very much still in the early adoption phase right now - Less than %.01 of internet users are Bitcoin users, as that number grows while the number of coins being added to the total pool grows at a much slower rate, the price per coin has to go up. If Bitcoin fails and everybody abandons it, this works the opposite way - but it actually solves a number of problems (microtransactions, fees, international money transfers, automated payment systems) so I'm not super concerned about that.
One of my favorite quotes, by Douglas Adams.
>It is a rare mind indeed that can render the hitherto non-existent >blindingly obvious. The cry 'I could have thought of that' is a very >popular and misleading one, for the fact is that they didn't, and a very >significant and revealing fact it is too.
What do you make of the download trend of the bitcoin client software in China? Isn't this a big story? China has lots of restrictive controls on their local currency, so Bitcoin has a real use case there. This is one of many scenarios where given even 1% adoption, the price must go very much above where it is now.
You commented on a recent episode about how Satochi Dice was going to block US traffic to the site due to uncertain regulations. Can't bitcoin work around that? If you send bitcoin to the addresses of the various bets - it still works right? Thanks for your show - I await each new podcast. Yes, if you already have the specific betting addresses it doesn't matter where you are in the world. It is only the website that does not allow US IPs, they did this to be very clear they were trying to respect the US gambling laws.
I spoke with Erik Voorhees about this among other things at the conference, you can find that interview here Link to letstalkbitcoin.com
I'd like to thank all three of you for doing this podcast, it's always thought provoking and fun to listen to. Plus, Stephanie does have a very sexy voice... But I do have a question, Right now, I don't know the answer to that question.
How do miners determine which transactions will be confirmed first and which get put to the back of the line? Shouldn't they be confirmed in a 'first come, first serve' basis? But the development team has made it clear they're moving towards a market-based mechanism where Miners set the minimum transaction fee they will accept, and process on a first-come/highest-fee model. People who want their transaction to process fast will put a higher fee and it will be prioritized, while people who don't care about delivery time will be able to send no fee and be subsidized by those paying higher fees.
*edit: As well, do you still plan on using some time on the show to go into more detail about mining? I think it was mentioned a few weeks ago that the topic might be explored in further detail. There will be fewer miners who accept free or very low fee transactions, so there you go.
How would Bitcoin change our financial system as we know it? In the same way the automobile changed the horse-and-buggy system as they knew it. If you play out the logic, one functionally obsoletes the other. I was talking with a financial reporter the other day who has been coming around to bitcoin, and he said to me "You know, if they were building the banking system from scratch today I think this is pretty close to what it would look like"
Andreas answered a question below about bitcoin and self driving cars, fixing spam on the internet by using Bitcoin addresses with tiny amounts of BTC in them to prove you're a real person and not a single-use bot, there are so many crazy and impossible things that become actually probable when you're talking in the context of a world built on decentralized, rules-based, cryptographically secured, instantly transmittable, person to person internet cash.
I have never been so hopeful for our future as I am now that I've thrown my days into bitcoin. Bitcoin 2013 was a fine conference and a wonderful experiance, so many very smart people have quit their jobs or left their studies to do the same thing I have.
We know we're building the future, and it's a better one than we have today.
Have any of you heard about how in Africa much of the exchange in value is done with mobile phone minutes? It seems to me - whatever the US attempts to do with Bitcoin - there will be other places that it will bubble up in. What about Argentina and other places where they actually understand what damage a desperate government can do to a currency? I would agree with you. Until recently it's been impossible to use Bitcoins on a "dumb cell phone" - That changed recently with Link to phoneacoin.com and others.
Bitcoin solves problems that the world has had for decades, it takes the power to destroy the currency away from government so they cannot do it no matter how much they want to, or how desperately they think they need to.
No government wants to destroy a currency, they just don't want to acknowledge they've trapped themselves with debt and have no way out.
Who invented Bitcoin? What is to stop whoever did so initially issuing themselves the equivalent of $79 zillion in Bitcoin currency prior to it taking off? Is there commission charged on each transaction that occurs? If so, how much, and who receives this? The true creator is not known, he went by a false name "Satoshi".
He actually holds about 250,000 coins if I recall correctly because he was the first miner. Bitcoin is a protocol, a set of rules. It's open source, and anyone who wants to look at it can see that there is not a mechanism to just create more coins by typing in a magic word. There are no commissions, although there are fees that go to the miners who process and verify transactions.
Great podcast, can't wait for the next one! It depends on the mesh. If the mesh was never connected to the internet, it would be a parralel Bitcoin network able to transact with itself but if it was ever connected to the larger network any conflicting transactions would be "lost" as the two ledgers (the big one, and the disconnected one) try to reckon their differences. Only one winner, so that means there is a loser.
You discussed mesh networks in 3rd world countries and how bitcoin could be used in such a scenario. If the [mesh] network is disconnected from the internet, how would transactions on the blockchain be verified? Couldn't the time the mesh network was disconnected make it vulnerable to hacking the [mesh network's] blockchain? More interesting might be disconnected communities running their own fork or version of Bitcoin, that way if they're ever connected it can be an exchange process (trading their coins for "bitcoins" rather than a reckoning (Seeing who has a bigger network and canceling out transactions on the smaller one that conflict)
1) The price for one Bitcoin seems to fluctuate quite a bit. The most successful currencies remain relatively stable over time (e.g. the Dollar). Will Bitcoin ever need to reach a certain level of stability to be a successful unit of trade? and if so, what do you think needs to happen before then? 1 - Yes! Once everyone who has purchased Bitcoin has purchased them, the price will stabilize. In practice this will start happening long before absolute stability, and as soon as people start thinking about prices in terms of BTC instead of their local currency it almost doesn't matter.
2) If Bitcoin ever becomes a widely accepted form of payment (seems a lot of businesses already accept it), how do you think the US government will proceed/react/regulate/etc. considering that technically only the feds can issue currency? 2 - "The Feds" are not the only ones who can issue currency - They have legal tender laws which mean people MUST accept their money, but nothing prevents you from circulating a voluntary currency like Bitcoin.
Do you foresee companies like paypal incorporating bitcoin into their businesses in the future as a more credible exchange than these ones that are currently running? No. Paypal again is the proverbial horse-drawn-buggy manufacturer- Sure they might go to the worlds faire and while observing the new fangled automobiles say to themselves 'we might integrate this into our existing machines!' when the fact is that it obsoletes those existing machines.
Paypal makes their money by standing in the middle of transactions collecting fees, Bitcoin serves its function by connecting people who want to do commerce directly to one-another, and what fees are paid are a tiny fraction of what Paypal does. If paypal accepted Bitcoin, it would not be Bitcoin any more because they would have mechanisms to freeze accounts at the very least to mitigate risk. That is not possible with Bitcoin by itself.
Thanks for the well thought out response, I genuinely appreciated that you took the time for this! I do have a follow up question, how does one get bit coin in an easy way? Lets say I have 300$ that I want in bit coin.. whats the best way to approach this? Probably a company like bitinstant.com, bitstamp.com, or btcquick.com - For larger amounts they don't make too much sense but at that level its your best bet.
Not to be rude, but how do you expect for a currency without a standard like gold silver etc. to not crash down in a blaze of glory? What standard is your currency backed by?
Hi There. I was at the San Jose convention hall last weekend attending Big Wow Comicfest and that's where I saw Bitcoin2013! Mostly Bitcoin 2013 was an opportunity for people building the future of Bitcoin to meet each other and network. There were speakers talking about a wide variety of issues, and vendors of Bitcoin services who were showing their latest innovations and systems.
What information was presented at this event that couldn't be done justice disseminated over the internet? The information will eventually be online, but the probably 200 people I got to meet in real life will not (in real life)
What resources do you think I should review as a total newbie to bitcoin? Or if possible, what's the one sentence pitch to get a newb involved? For people brand new, www.weusecoins.com is a good place to start For people who want to learn how it works, www.letstalkbitcoin.com/learn will direct you to the Bitcoin Education Project, which is a series of free and very high quality lectures that will tell you everything you ever wanted to know and more about Bitcoin, How it works, and all the little sub-topics that you'll eventually want to learn about.
The pitch is "It's like cash that lives on the internet, and is as easy to spend on the internet as buying a candybar in a store with a dollar"
Would any of you hazard a guess at the bitcoin exchange rate at the end of 2013? Sure, i'll make a wild guess.
$1000.
If and when a large user comes onboard, I think thats the next price at which we'll bounce around for a while, just like 100 became the sticky point after the last major bout of adoption.
How do bitcoins relate to the law? For example, what would be the crime if somone hacked your account and stole your bitcoins? It's not exactly theft of money, or is it? Bitcoins are your property, it's illegal for someone to steal your property whether it is money or not. Right now there is little that can be done about theft, but eventually I expect a class of "Blockchain Forensic Investigators" to emerge who will track down your stolen coins for a % based fee.
On your last show you mentioned the diversity of the Bitcoiners who attended BitCoin2013 - which nation was most represented in your opinion? Were there any Chinese nationals present (we've heard that they've suddenly gotten the bitcoin bug in the last month)? Did the other nations talk about regulatory problems or is that just a US concern? I met the gentleman from BTC-China, but other than that I actually didn't see any obvious chinese nationals. We saw lots of eastern europeans and south americans.
Other nations are not talking about the regulatory issue as far as I can tell, it seems like everyone is waiting to see what the US does, which is not abnormal in a very new situation like this.
Isn't having an inherently deflationary currency a terrible idea? How is bitcoin different from geeky goldbuggery? Because you can't divide a gold coin into .0001 without incurring cost and expense. That's not the case with Bitcoin, so the deflationary aspect of it is largely moot.
There is a tendency to listen to modern "economics" which makes this arguement, saying that the money supply must expand because otherwise it drives down profitability in a race to the bottom.
I think in practice we'll find that people don't work against their own best interest, and while during the initial adoptions stages of Bitcoin there will be significant discounts offered to those who pay with Bitcoin vs. legacy currency, once the market becomes saturated and the price levels out those discounts will be scaled way back.
Right now it makes sense to heavily discount, because the expectation is that the value of the Bitcoins will go up during this period of adoption, that won't always be true and the discount is a reflection of anticipated future returns.
Was it bad when people saved money in banks that paid 10% interest? No, that's called capital formation. There is a thought that given a deflationary currency nobody will spend any money, that's nonsense. Just because your currency gains value over time doesn't mean that you no longer have costs that must be paid for. What Deflationary currencies do is say "Ok, you could spend it on that, but is it worth it relative to what you'll gain by not?"
That's a good thing. Our system right now works on the opposite theory - Spend money NOW because if you're dumb enough to keep it in the bank it will actually lose value over time between the couple points of "official" inflation and less than 1% artifical interest rates. The situation is like this now because the fed is trying to make people spend as much money as possible with the hope that the flows will "restart the economic engine"
Too bad this isn't how things work, not that it'll stop us from trying it over and over again.
In the 2008 financial crash, govts bailed out the banks because there was no other way to maintain the whole financial ecosystems of payrolls, invoices and trade, all of which go through the banking system. Honestly? No. Bitcoin would be great in this role, but governments around the world rely on their ability to expand the money supply (print money, or sell debt) in order to fund their deficits. They also manipulate interest rates to be low so that debt is very inexpensive.
Can you envisage another financial crash in the future where govt says, "We don't need to do a bailout, as we've got this alternative payment system" and then instructs businesses and employees to just get themselves a bitcoin address and work through the Bitcoin system? Bitcoin doesn't have a central control mechanism, so there is no group or person who can say "OK - the interest rate is 1%" - If that's really what the interest rate wants to be based on market forces, it'll be that - But if not, there isn't much anyone can do to stop it.
What type of notes and agenda does the team coordinate on before a show? We use Basecamp, and it really depends. Right now we have a show prep thread that has 30+ posts in it for episode 11, we'll probably use 5 of those.
The agenda is really basic - As we get near recording time topics are selected (generally by me, but I like to get the other hosts to do it since they provide most of the commentary in Host segments) and I form a schedule, then we run through the recording session hitting each topic.
Over the last weeks we've brought two researchers onto the team, so that has helped a TON.
I first learned about Bitcoins on an episode of The Good Wife. The one with Jason Biggs as the creator of BitCoin. Have you watched that episode and how accurate does that episode portray what's happening with Bitcoin in terms of legal stuff? Not having seen it but knowing TV, I'm gonna go out on a limb and say "not very well" Satoshi has not been identified, was a throw-away identity that was cryptographically secured, so probably never will.
Are there any conferences in Chicago anytime soon? I think a Q&A in public would be helpful for your show as well as bitcoin. I'll be speaking at an event in NYC on July 30, there will be one or two meetups while I'm there. There is also an event in October in Atlanta. I remember talking with a guy at Bitcoin2013 wearing a shirt that said "BitcoinChicago" so I'd suggest looking for a user-group.
We're planning on doing Q&As often, but none of us are really near Chicago so it's tough. Happy to do virtual Q&As over skype, live or recorded.
Oh dear. You're not all perfectly grammatical orators on the first try? I'm crushed! I really value my own time, and I know other people out there do too. I try to make the show as information dense as possible, thats the criteria we've been operating under from really day one.
We're actually talking about cutting the show in half and releasing it more often (still recording the same amount) because people can get tired of listening to such dense content for an hour or more.
US Treasury recently issued a directive stating they would be monitoring any entity attempting to exchange virtual currency for USD (or any other currency, goods, or services), indicating that federal authorities take a dim view of what amounts to private coinage. Do you anticipate a Supreme Court case here defining what is and is not private coinage? 2.And given bitcoin's noted extra-legal uses, do you have any indication it is being decrypted by NSA? 3.Taking it a step further, do you think it could be a national security-sponsored international sieve for money laundering? It may eventually go to Supreme Court.
I think the market has done fine for bitcoin so far. I think the market will continue to take care of bitcoin. The idea of giving in willingly to regulation makes me cringe. There are two camps. Some people think that regulation is inevitable, and since it's going to happen anyways it's better to participate in the process and try to make it less bad. The other side thinks that by participating, you accept their authority to regulate it when really they have no right to regulate money and have proven to do a very bad job at it now for quite a number of years.
Thanks so much for doing this, I love the Bitcoin system, but hate the volatility. How do you recommend dealing with that? I've heard to convert it quickly to the currency of choice after any exchange has been made to avoid any more changes to the price. The easy solution is just buy and hold - If you need to buy something, do it when you need to and not before. Do not pre-order anything.
What is your prediction of the price for 1 btc in USD, exactly one year from now? Just for fun, since I know it is impossible to even guess the day to day price swings. As a wild guess number I'd say $1000 or less than a dollar. Very little middleground because if it's regulated out of existence it will still exist, but be hard to find and cheap - If adoption continues to path the price should accelerate with wild spikes up and down.
My partner is buying into bitcoin as well as litecoin. Any advice for him? (I personally don't understand it) Don't panic, invest for the long term, and don't buy any more than you can afford to lose 100% of because there are still things that could dramatically reduce the price of bitcoin (mostly regulatory stuff, I answered this elsewhere in the thread)
Hello, I just wrote a long post about the functions of using BTC to facilitate a 'free bank' using the principals of free money, similar to the WIR bank. Link to en.wikipedia.org Do you think that something like this would be possible using Bitcoin? Probably. Not really my area of expertise.
Why did bits take a dive at the same time gold took a tank? I don't pay attention to price, sorry.
We take full credit for any rise and blame others for any decline. Feel free to tip us from your gains! Lol.
Just wanted to say I love your show. I encourage you to please continue making high-quality podcast episodes. Thank you. I'm really excited to be able to be a journalist in such an exciting field in a time when journalism is under attack. Not sure if you've been following the so-called "AP scandal" but now is a weird time to be trying to report the truth in this world, and we couldn't have picked a more controversial topic to the global macro picture.
Bitcoins are the stupidest investment anyone could ever make. Pass. Link to static.quickmeme.com
Unfortunately, quickmeme doesn't let you copy image urls directly. Link to i.qkme.me
Yes, but they started being worth a set value. bitcoin was never backed by anything so its value was kind of made up. how do you expect to make a non goverment currency anybody with a computer can print to retain value? Because the pie is only so large, the more people who have computers devoted to the work just each get a smaller and smaller piece.
The rate of issuance for Bitcoin is currently 25 bitcoins every 10 minutes. Only one person or pool gets the whole 25 bitcoins, it's a race to find them. If there are 10 people looking, chances are pretty good you'll find some. If there are 100,000,000 people looking, chances are much less good that you'll find them first, but if there are that many people looking those 25 coins are probably worth a whole lot more.
The system is self balancing in this way, unlike the government currency system where they create 65 billion USD worth of new value every month to buy mortgage backed securities for face value to try and prop up the market. With more than a trillion USD being added in this way each year, how can a government currency retain its value?
Because the governments "pie" does infact have limits to making it, and only dropped gold standard after over 150 years of the doller having a defined worth, unlike bitcoin, where a random hacker can just print endless money. I'd direct you to security researcher Dan Kaminsky. Link to www.businessinsider.com
You'll find it's a little harder than you're describing. Like, impossible.
Last updated: 2013-05-29 11:06 UTC
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