As co-founders of Brazilian Bitcoin Exchange Bitfication - https://www.bitfication.com -  in addition to our web development skills, we can also offer translation services to Portuguese.

With this service , you get:

- Fast translation of documents or websites to Portuguese

- 24 hour turnaround on certain projects

- Translation by native Brazilian speaker

- Availability on Skype, Facebook, Twitter, Google Talk, etc.

- Payment in bitcoin

We can also offer you combined technical help, so we can literally translate a website into Portuguese. Not just perform the translation, but also update the code, configure the site, even perform the full development service.

We can also help if you are looking to enter the Brazilian market or doing business in South America more generally.

Talk to us today!

I guess MtGox sent a press release to WSJ.

A bit obvious, no?

Looking for a technical partner for your next bitcoin project?

Check out Bx Media. https://bxmediaus.com

We just redesigned our site

What can we do?

Ruby on Rails, MySQL, PHP, iOS, Google Android, C++, Javascript, Resque, Java, Python, Google Adwords, Cucumber, Capistrano, Ubuntu Linux, Puppet.

Our previous projects?

https://www.bitfication.com/
https://bxmediaus.com/trade/
https://itunes.apple.com/us/app/travel-money-champion/id564878955?mt=8

We've got some exciting new bitcoin projects coming online next few weeks.

If you're planning a new bitcoin site, check out Bx Media. We are a great short or long term partner for your project

Give us the challenge of quoting you, in 30mins: https://bxmediaus.com/?ps_promotion=184

"The markets can remain irrational longer than you can remain solvent" - This quote is probably the only useful think Keynes ever contributed. The fact is, I believe these people like Max Keiser are right about their predictions. It's just things take a long time to play out. The fact is, logically what is happening in the global economy is temporary in nature and cannot continue for ever. Logically, there is going to be a big crisis. Markets can remain irrational for a short period, but eventually mathematics rules.

I don't think it's going to be a 30 year wait before a big readjustment. I am betting strongly it's no more than 2 years.

I am not a doomsday preacher, but I do believe there is a big crisis on the horizon. I am positive we'll get over it, but I do believe it's going to be worse than anything experienced in modern history.

For those people who think a deflationary currency is impossible , let me ask you one question.

How do you think human society evolved?

Did governments evolve before humans? Was it like this: A government arrived on the planet, before any human beings, and dictated all the rules for society to function. It dictated how much money would be circulating every year, and every year set an interest rate in order to carefully control the money supply. And, thank God it did that, because if it had not set this interest rate and carefully controlled the money supply, there is no way people would have been able to trade. Because people need the government's help for everything. Human beings cannot function without government help. They cannot trade without the help of the government. They cannot use currencies without the government. People need to pay high taxes and have central bankers slowly removing the value they have carefully saved and accumulated during their working life.

Well, let's answer the question. No, it wasn't like this. What actually happened? Human beings evolved first before governments. They traded and did business with each other perfectly fine without ANY government interference for hundreds or thousands of years. Then, around the time of the 20th century, politics began to mix with greed and self-interest, and self-interested politicians began to expand the role of government ever more, into ever more areas of the lives of the citizens, without citizens realizing exactly what was happening - because it happened incrementally.

Eventually politicians , again for their own self-interest, decided to take control of the money supply, and suddenly we are convinced by them and their journalist friends that we need inflation, that society cannot function without governments constantly printing money every year, that the currency needs to be controlled because deflation is a danger.

This is exactly like in my opinion when, hundreds of years ago, the ruling elite convinced everybody that the world was flat, and refused to acknowledge that it could actually be round, despite the logical evidence.

So, human beings have survived fine for thousands of years without inflationary fiat currencies. There is really no need for them today any more than there was 2,000 years ago.

This post by DeathAndTaxes really, in my opinion, answers the questions about deflation. Loans can still be made, sure, because the rate of deflation will be small. Why would it be large? The only flation that is large is inflation, because of governments. Why is it necessary for economies to grow? GDP is defined as the total value of all transactions in an economy. Why is it assumed that GDP always grows year-on-year? Why should people transact more next year than this year?

It's obvious I'm missing something here because nobody ever can predict the future. And that has to be a good thing. This post is about as pessimistic as it gets; I have to admit. I apologize for that.

What is the optimistic point of view? I guess, there's a crash, some temporary chaos and then things quickly return to normal (hopefully with new, more integral politicians), except that maybe we all have a lot less wealth. Still, less, or even zero, wealth is better than having negative wealth (debt) which is all we have now. I guess things end up better in this case.

Probably there are many difficult things coming on the horizon, but probably also there are many good things to come out of it as well. Given all of this, I guess it's still better to be alive in 2013 than in 1213.

/end optimism, return to doomsday predictions

(1) have you read about SPV clients?

Yes..... but there is no economic incentive there to mine. I am introducing a second transaction fee to provide incentives for people to hold a centralized copy of the blockchain.

(2) "I'm not sure you understand how it all works at the moment .... miners verify transactions. Most "clients" don't need the blockchain downloaded at all."

All clients need the blockchain, unless they are an electrum client

(3) When we start reducing the number of full copies of the blockchain, the system becomes vulnerable to attack.

Not really.... because it becomes harder for individuals to have a copy of the blockchain, so attacking becomes harder.

(4) what kind of attack? deletion of the blockchain? lol.

I think he's talking about the 51% attack.

A big problem with bitcoin is the scalability issue. The system is just unscalable right now. The idea and the philosophy behind it are spot on, but I feel like it's still in a `1.0` state. It will need some innovation to survive once the blockchain becomes to big.

So.. I propose a project that embeds the philosophy of satoshi - A philosophy to combine economic incentives with smart technical design.

The problem right now is that each client needs an entire copy of the x GB blockchain, in order to verify transactions. This is unscalable.. as blockchain becomes bigger, bitcoin cannot be used by so many people.

As an alternative, I propose the following.

The blockchain is held only by a small number of centralized nodes. These nodes will be a new part of the bitcoin ecosystem. Right now, there are only 2 types of nodes that are part of the ecosystem: users and miners. In this new system, I propose 3 types of nodes. Users, miners and houses.

Houses just store the blockchain; they are not involved in a competition to produce blocks.

Like miners, the system offers economic incentives for houses to exist. Every time a user makes a transaction, he must pay a verification fee to a house. The house can instantly confirm whether a transaction is valid, by examining its copy of the entire blockchain. A user may want to pay multiple houses for verification (at additional transaction expense) if it is a large transaction, for example.

The verification fee for each transaction will be in addition to existing mining fees, paid to miners who are actually creating new blocks.

Houses can set their own fees; therefore there is a competition for houses to provide the lowest fees possible. There will be a trade off between cost to store the ever expanding blockchain and possible fees from verification of new transactions.

With this new infrastructure, there is no requirement for clients to store the blockchain, and the problem of scalability can be solved.

Hmm. Just to kick up an old subject .... I personally believe its roger dingledine.

Hi,

Just an idea here for any competitors to MtGox.

Many people are worried right now about the USD withdrawal situation, and that they cannot move dollars out of MtGox.

So, an idea for any new exchanges looking for business? Offer free bitcoin deposits, free USD/Bitcoin trades and free USD withdrawals for any existing MtGox customers who sign up in the next 2 weeks, or alternatively for a 2 week period.

Post the offer on the forums & also email that long list of MtGox customer emails that was leaked back in 2011. You could grow your revenue 5x overnight.

I would personally like somebody to step in and do this, because I actually am using MtGox and would like to move some of my USD away from them as cheaply as possible .. So this thread is not just for public benefit

There is no point buying out mtgox. They do not offer anything worth buying.


The latest excuse.... well it's not an excuse. It's a bluff. There is no technical problem. There is a regulatory problem with dealing in US dollars.

I wish a new exchange would appear that can be as safe as MtGox , but avoid all of these stupid problems.

Come on guys!!

It's obvious there is no technical problem here. The bank is under pressure from USA regulators to stop doing business in US dollars with MtGox

Isn't it a coincidence that only USD transactions are affected?

Seriously.... where is the common sense here

The fact they resort to lying about why USD withdrawals are disabled is troubling.

I suspect something serious is afoot at MtGox right now. Most likely, they are in talks with US or Japanese regulators.

Don't expect USD wires to be re-enabled anytime soon.

Well I'm probably preaching to the choir here, but anyway.

The world is in a serious serious mess. I don't think anybody understands, or will admit, HOW bad things are now (but they will soon). Even the more enlightened on these forums. The problem is, when you realize that the last 10, 20, 30 years - even more - have not been normal, you have to realize that there is no normal anymore. Markets of all nature have been propped up by governments everywhere. Markets are at the root of modern day capitalism, which is the systematic process that allows 6 billion humans (which share 99% of their DNA with a chimp) to exist together peacefully on earth. What governments have been doing in recent history is not normal and is not right. It appears that now we are at the beginning of the end of this "phony capitalism". It sounds almost out of this world to be talking about things like this.

How will the end look like? I really don't want to find out. I guess it's normal to fear the future - but, when the present looks this bad. It's almost better not to think of it. Capitalism has been the driving mechanism for human society, progress and prosperity in modern history. It is this driving engine that is now about to fail completely.

At the very minimum, I think every good thing that we have taken for granted in our western lifestyle - and there are so many things that it's almost impossible to imagine how we would live without them - will soon come under question. At the maximum, we are looking at total social collapse in all countries, anarchy and war never seen before on this planet. It's my opinion that every one of us will feel the effects of the coming economic and social meltdown. What is coming could easily be worse than anything seen before in modern history. The only comparison we have is the 1930's or early 1940's .... well, things can get alot worse than that.

What did we all do to deserve this? Nothing. We just had the misfortune to be alive on planet earth during this deeply troubling period.

The world is starting down the barrel of a loaded gun right now. Every human being is on the verge of having his/her society and social fabric completely destroyed and (taking an optimistic view about the future) re-written.

I really hope something good comes out of all of the pain and suffering that is about to arrive on our doorsteps.

Not sure what good can come from posting this message of doom here on the forums. I guess I'd like to be proved wrong.

Who is worse? Bernanke or Greenspan?

So, as we know, MtGox is apparently 80% of bitcoin trading volume.

MtGox is based in Japan - and holds client money with a Japanese bank.

According to many, Japan is in a very precarious economic situation. For example - Kyle Bass, a famous hedge fund manager who predicted 2008 mortgage crisis - sees a complete default in Japan in next 18 months.
http://www.youtube.com/watch?feature=player_embedded&v=gJfvLADP3HE

Has anybody thought of what could happen to thousands of $$ of MtGox customer deposits if this occured? Will customer deposits be protected?

This posting is for benefit of clients of MtGox, I am not affiliated with MtGox.

It's really simple. Once they start QE, there is no way of stopping. As soon as they stop, a recession starts again. There is a feedback loop. It's a no brainier that they continue with QE, ramping it up compared to before.

Maybe you can come to London next time?

Hi guys

I'm back in London for a bit & interested in attending any future meetups (I believe there's one this weeekend). I went to one a few months ago, it was pretty good. If anyone's going this weekend, see u there!

Btw - I notice blockchain.info is UK-based, would be good to have them attend at some point?

Cheers!

PS- Like seeing the UK represented on these forums. Let's organize more things for Bitcoin in the UK and London. We need to make the UK the #1 centre in Europe for this.