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Whenever I bring up Bitcoin to people most of them say something like "they'll find a way to make it illegal".
I can now say, "the US government has acknowledged Bitcoin and has put regulations in place for businesses exchanging dollars for bitcoins but are perfectly fine with people using bitcoins to buy and sell things"
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c. De-Centralized Virtual Currencies
A final type of convertible virtual currency activity involves a de-centralized convertible virtual currency (1) that has no central repository and no single administrator, and (2) that persons may obtain by their own computing or manufacturing effort.
A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency. This part gets ignored but I am a bit confused by it. Everywhere else there is a distinction between virtual currency and real currency. This line just says "currency". It is quite vaque in that it could say "if the person accepts (Bitcoin) from one person and transmits it(Bitcoin) to another person as part of the acceptance and transfer of...value (that substitutes for currency)." Would that mean that every node on the network transferring bitcoins from one person to another is an "exchanger and a money transmitter"? |
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Once we reach parity with Fiji we should buy it.
Or Aruba.
Actually, someone should show this to these nations and encourage them to change their currency so that they can start climbing past the other countries as well.
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I've learnt that no system is really safe, the only safe place for a server is under water and unplugged.
That is where I keep my wallet file. |
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Normally I'd be against alarmist posts, but since there isn't much reason to have MtGox holding your private wallet contents in the first place, this post just rings of common sense and nothing else. Bitcoins should always be under your own control until you're ready to spend them.
It is common sense for most of us but when I first started trading I kept almost all of my BTC on my exchange accounts. Fortunately someone posted something similar about not trusting your BTC on exchanges. I pulled almost all of my BTC out of Bitcoinica soon after that. A week later they got hacked. |
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I have confidence in MtGox and I tend to trust a portion of my BTC in my account, but with their transition to the US and with prices going up so much bad things could happen.
Transfer most of your coins to an offline wallet for a while, keep your private key secure.
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I showed my mom (not technically savvy) coinbase.com
It allows you to just put in your bank routing and account number, you can either verify by giving your online bank login information or my mom did not trust that so she waited a few days for a couple of small deposits to be made and verified that way.
From there you can just do a transfer and you are all set.
(I bought 1 bitcoin through them first just so that I knew what the process was to guide her through it)
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It was in the $30s less than a week ago
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I don't like it when someone's saying "I'm a genius" too often.
Including the reference to May 2011 when he said "we'll be at $25.00 within a few months". |
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Stability actually fuels the rocket.
Rocket has been re-fueled. And there it goes. |
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I always keep a few BTC queued up for major swings around the stable price. BTC price swings a lot.
Sold 3 on the upswing, top one at $52.40
Waiting to see where it evens out to place my next swing orders.
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The price still cannot go too far beyond the cost of mining bitcoin.
As mining equipment becomes easier to use for the average person, several people may just opt to buy an ASIC to stick in the corner as opposed to buying through the exchange.
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I just gave my nephew a bitcoin for his birthday. He is 17, perfect age for learning about Bitcoin before going into the real world.
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It has gone up 2% in the past week. That is better than most yields on savings accounts for a year.
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I've been thinking about that the problem is kick starters method is all or nothing so that means she would have to transfer coins into an escrow and if it reaches the full funding then it gets forwarded to the inventor if it does not reach full funding they have to be refunded back to the initial people
I agree. There are much better ways of doing this. |
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Stability actually fuels the rocket.
Rocket has been re-fueled. |
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So you want a crypto-fiat?
What you suggest is exactly what creates inflation, inflation is the incentive to spend to stimulate industrialisation. Do we really need more wage earners to spend and more corporation fruit?
I did not say that I want it, I was just trying to picture such a system. |
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The new normal? Yeah for now anyway, until at least some more news comes along good/bad. Bitcoin can't be doing something amazing every day of the week you know!
If there's a near-term trigger, my money's on the bitcoin conference in San Jose in May: http://www.bitcoin2013.com/The fact this is in San Jose, and VC attention is heating up anyways, will be nice. Historically the price rises up until the conference starts and then drops once people realize that it is not the media event that they were hoping for. |
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I was thinking about what would be the perfect Keynesian coin, not that I would want it to happen but just thinking.
The coin would delete any stagnant balances that have been around for more than x amount of days, maybe 3 months to a year (maybe even fluctuating based upon activity).
The rate of new coins created would be based upon the amount of activity on the blockchain. As the rate increases, the reward goes up, as it slows down the reward goes down.
And there would always be a minimum amount of coins created.
And a government would have to require people to use it.
Did I miss anything? Other than a group of men manipulating things manually.
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