If I were sending $500,000 somewhere, I'd treat it about as seriously as a nuclear ballistic missile launch. He was lucky this time, but someone that careless will have trouble holding on to that money in the long term.
If I had to guess I would say that he likely has/had a lot of money invested in bitcoin and 800 BTC is not he majority of his holdings. sure, but that's not exactly an excuse to send 800 BTC without double checking the address. that's beyond careless. very, very luck to have recovered those coins, imo. must have breathed a sigh of relief on that one.... No it is not an excuse, but it is rather an explanation as to how it happened. |
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If GPU can do it, I am sure asic can be made to do these kinds of computations. I think as the Bitcoin popularity rises more and more people are gonna start to ask if all the power mining is sucking from the electricity grid can be applied somewhere really useful. I think it is only a matter of time. 1) bitcoins proof of work does not do protein folding. that would be probably a job of a protein folding altcoin, thats protocol is different then bitcoin.
2) bitcoins proof of work does not do prime numbers.. thats the job of an altcoin called primecoin
In theory ASICs could do this kind of work. I would doubt that bitcoin ASICs could do either of these as they are programmed to do a calculation to find a hash under a certain number, but the same manufacturers could make different ASICs to solve these kinds of problems. ASICs used to mine bitcoin are only able to make SHA256 calculations. I am not sure if either of these applications would need these kinds of calculations done. |
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I have spoken to a lot of people who had sold the majority of their holdings at various price points that were well under even $250. I think that anyone that was paying attention would have sold their coins well before BTC was trading at $100 as they had these coins that were were virtually nothing and all of a sudden became worth a lot
No one in their wildest dream can predict bitcoin to go up more than 1000 folds in 3-4 years. The early holders who sold at $100 already do very well and not have to constantly worry about volatility and crashes. That is exactly my point. The higher the price goes, the more the early adapters are going to sell. |
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In any case, one can check out ones new address on blockchain.info before depositing to make sure that the randomness is good.
All that blockchain.info will tell you is if the address has been used before. An attacker, could, in theory set up the computer to generate a number out of 10,000 possibilities instead of the (for all intensive purposes - we are not going to run out of BTC addresses) infinite possibilities that it should generate for a private key. The attacker would simply need to watch those 10k addresses and withdraw funds once a TX is made to the address. |
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the fed has done a pretty good job of minimizing inflation with interest rates over the past several decades.
Do you really believe the graph and what you just said? I would argue that 4% inflation (the ~rate after the 70's) is a good target to try for in reference to inflation. During the 70's and the oil crisis the Fed did a very poor job handling inflation. 4% inflation is just above what the Fed would like it to be at as of now, and is much higher then it is now. Exactly! 4% is a happy medium between everyone's life savings is rapidly declining in value and that inflation is so low that there is serious risk of wide spread, long term deflation and economic contraction 4% inflation is very high. Losing 40% of your saving every 10 years compounded to financial elite on top of taxes mean no ordinary citizen will be able to have any saving. Only if your income doesn't keep up. If you sell goods or services those prices rise w inflation Salary lag inflation by months if not years while good are service are very sensitive to market and monetary policy. Fix wages income,where most people belong to this category, can not keep up with inflation. The thing everyone should fear is deflationary spiral or runaway inflation. You want a little inflation now to get us out of recession. Otherwise unemployment gets worse This is true. A small amount of inflation means that people have an incentive not to put off purchases, but too much inflation means people's savings will be worthless or worth less (LOL) |
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While I agree with Searing, you have to wonder what will happen WHEN (not if) BFL goes bankrupt. Clearly it's not a shock to them that so many people hate the company. Their forums magically go down for a couple days and posts critical of them are thoroughly expunged.
If Josh did a good job of playing hide the sausage, which is all he is good for, then you will not be getting anything in a class action other than vindication of know you were scammed. BFL's creditors will get first pickings at any assets they have, the lawyers will get paid, and you will get a $7 check.
If you think the class action will succeed in procuring funds the reject the cloud mining.
I don't think there is very much risk of them going bankrupt. The cost to produce the miners is very small, their major expense is R&D. I would expect everyone to receive the miners they ordered and paid for eventually. The key work is eventually as the miners will be worth much less by the time they are received. going bankrupt is the end game plan by BFL..let BFL corp take the fall .show all nice paid recipts to internal company mining pool (hey legal even if equip gotten before us) and personal miners (also legal testing by employees) also salaries inflated other personal assets loans to them that will get wiped when BFL goes down if they planned this correctly they will be protected by BFL corp taking the fall and be golden and you don't have to tell me about class action suits my pension fund which went bankrupt 'day trading' my fund (was a AAA fund scudder flag was the name) I lost 14,000 usd got a class action check from gov't and etc for 10.38 usd framed it check is still attached life lesson so yeah BFL is probably gonna walk and Josh will stay rich ..it is an unfair world (and BCP19 will get 99 weeks of extened unemployment to yell that BFL an't so bad on these forums when he loses his job at BFL he has stated he works for) the fickle finger of fate having 'f*c*ed" moves on! http://www.youtube.com/watch?v=aYG6L9jcFOESearing Why would they plan to go bankrupt like this? A corporation stands to make more money if they are a going concern |
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He is not going to release the price. He is also going to do very good things with the bitcoin he purchased.
I don't see the reason behind all this secrecy. He likely wants to release as little information about his finances as he can. If people know that he has a certain level of assets then he will be open to more attacks. |
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Paypal ripped me off for over $3,000 and stop a honest money flow that I built up from $10 a day to $1,000 a day within a week. They locked my account and asked for me to explain. I sent them the biggest email I ever sent and explained from the day I got my first computer up to how I was making that money. They sent me an automated reply just saying my account is closed for good and they held $1,900 of mine for over 6 months (then they did pay me) But In all the payments I got that week I never had a chargeback, refund request or any problems from the buyers and when my account got locked, I had hundreds of emails of people saying "I am trying to buy but your paypal is locked...are you a scammer?" Oh that made me so damn mad (at paypal) that I sent them a very bad email and they sent the cops to my house...to make sure I was not on my way to HQ like I said I was. That was years ago and I have moved on from that but that was a million dollar Idea that only crashed because paypal did not want to work with me...while at the same time they let facebook sell poker chips (in the hold poker game) for paypal or any game credits for paypal and thats against the paypal rules too! FUCK PAYPAL! The sad thing is this isn't even an isolated incident. This kind of crap happens constantly. Wow , you are selling BTC for paypal and they lock you ? This happens. Sadly. Receiving funds in exchange for digital goods is against the paypal tos  You are allowed to sell intangible goods on PayPal. Selling Bitcoin is also ok under eBay now. Is this a change to paypal TOS? I knew that ebay was allowing bitcoin and bitcoin related products to be sold on their site, but I thought that it was still not allowed on paypal (there are even a few threads about this) |
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How much did 1 BTC buy on November 28, how much did it buy on January 18, How much now, how much on May 10? And how much will it buy next month, next year?
You cannot use short, specific time periods to compare buying ability. When you do that you can easily pick and choose periods that make the data work in your favor. The point is that there have been periods when the purchasing power of 1 BTC dropped by more than 50%. You could pick two arbitrary points in time and could make a negative point about any currency or any investment. You are not going to find any financial unit of measurement that will go up in a straight line. Over long periods of time the purchasing power of bitcoin has increased. It is generally best to look at long term results of any investments to get a good idea as to how it has performed. You should also be looking at several starting points at equal intervals, for example a 3, 6, 9 and 12 month rate, or a 1, 3, and 5 year rate of return. |
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Given how mining work for bitcoin, I do not think the price will stable.
It has to keep going up so miners can have "profit" in either profit or transaction fee.
Well, it can still go up and be relatively stable as well. Generally speaking if something is rising in price at a rapid rate it will not be considered stable. Well it could be rising in price relative to the USD but still stable relative to gold and oil. I.e. the USD is going down instead of bitcoin going up. This would be unusual. The US dollar is a very stable currency and for all intensive purposes will not fall at the rate needed to make bitcoin go up substantially |
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This is coming to a bank near everyone someday.
At first there will be delays and hopefully they will be able to get printed cash to fill the demand for deposits of their customers.
Get ready everyone.
Not likely to happen in the US with FDIC insuring peoples accounts...The government would just print the money and cover the shortages....Whether its the bank creating money or the government creating money it doesn't matter, they are all intertwined and in cahoots with each other to keep their 'fractional reserve' banking scam alive and kicking... The FDIC has 50 billion dollars - probably in the form of bank deposits. It's a joke. The implicit guarantee from the government is what you have to rely on. The FDIC does not need more then that much. Many banks have failed over the past several years and the FDIC was able to make deposit-holders whole. Most banks that fail are very small with only a few billion in deposits at most. |
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I highly recommend against investing in mining or cloud mining contracts, unless you think you have a knack for altcoin speculation. I would set aside what spare money you have and just buy when you can. Are there sellers in your area on localbitcoins.com?
Where do I go buy the best price for mining contracts? For reference about cloud mining, you can get it on https://cloudmining.guru/wp/http://www.cloudminingreviews.com/http://cloudminingreport.com/Those site gives full review and scores for our comparison about cloud mining. It is important to do your research and run the numbers yourself to make sure that you can potentially make ROI on a cloud mining contract before investing (hint: you probably can't) |
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Is there a good nxt faucet?
Guess you should ask that question in the altcoin section.  Regardless of where the question is asked, the answer is probably not |
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Supreme Court? I would think they would throw out this suit, because it's political bullshit so boenher can keep his job. But 5 conservative judges might go for it. Question is, can democrats sue a republican president. the stats the media keeps showing is that Obama has issued far fewer executive orders than his predecessors.
I think you've got your priorities mixed up....When a law is legally passed and the president uses an executive order to nullify it, THAT is political bullshit. Educate me. Which law(s) are you talking about? The president has not enforced our immigration laws for the majority/all of his presidency. He has made changes to the ACA aka Obamacare via executive orders by changing deadlines and other requirements that are very clear in the law. |
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Has anyone seen Bitcoins at stores yet?
Please add emails if you want us to send them out.
Selling bitcoins at stores is a recipe for disaster. If bitcoin were sold "digitally" at a store, as in you would give the store cash and the store would send the bitcoin to an address that you provide then you would have instances where near minimum wage clerks accidentally send the wrong amount or send it prior to confirming payment. If stores were to sell "physical" bitcoin then it would be very difficult for scammers to somehow empty addresses without actually buying the bitcoin. They could do this by revealing the private keys, taking a picture then leaving the store then transferring the coin out of the address being sold. If the store were to sell something that somehow displayed private keys upon purchase of the bitcoin then the private keys would be vulnerable to an attacker watching the printer that the private key is printed on, taking a picture of the private key as it is printed, and stealing the coins from the customer. No, I mean being accepted at stores. And if they were going to sell them at stores it would be an ATM. I wouldn't be surprised if there are a few stores throughout the country that will accept bitcoin. I think the mall would be a great place to place a bitcoin ATM - a lot of foot traffic, generally low crime, indoors. Someone should definitely start putting them in malls. They have security and everything. I think the only downside to putting a BTC ATM at the mall is rent. AFAIK rent at a mall tends to be much higher the elsewhere because of the amount of foot traffic in malls, as stores do not need customers to go to the mall to go to their specific store but rather to go shopping at the mall. As a BTC ATM would likely create a good amount of foot traffic, it would be plausible that a coffee shop may actually pay the BTC ATM owner for keeping it in their shop as it would generate additional customers and press. |
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If you will not trying to trade or do business here, there is no necessary of trust growing.
Indeed OP does want to participate in trades in the near future... I'm looking to participate in trust-required trades with other users on this forum sometime in the near future however I'm new and have nothing going for me in terms of reputation at the moment (as we can all see lol).
It kind of sounds like the OP may be trying to get positive trust so they can scam people. |
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It starts well and ends terrible...that's usually how martingale works But if it starts well, then why not stop and then do it again. Build the balance in small increments or cash out each time so it adds up? And eventually, you would just lose all your balance with a long losing streak. Hence a good strategy is use martingale and stop while you are ahead. The amount you will be ahead will always be small when using the martingale system. You will win in increments of your minimum bet, which by definition needs to be very small. |
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Ooops I guess a lot of IT workers are going to be very busy making sure all tracks are covered and that all computers and ledgers are wiped clean. But "I lost the evidence" isn't an excuse in a court of law, it tends to fall on the side of the plaintiff if the defense loses the evidence so we the tax payers are probably going to get screwed by the IRS when they have to pay out yet again for their criminal behavior.
A pundit on tv suggested that the House needs to use their power of the purse to defund the IRS for all expenses other than collecting income taxes and supplying refund checks. I think that sounds like a wonderful idea and a lead into implementing the fair tax to ensure that the IRS never again is allowed to use its omnipotent power to abuse Americans.
BTW True the Vote which was accused of being partisan against democrats and for conservatives has filed a suit against the Mississippi republican Cochran for voter fraud. I guess that blows that IRS claim right out of the water.
Just abolish it altogether. The treasury can process tax payments and refunds. Each tax return should be the size of a post card. After the collapse of the Soviet Union in 1991-1992, they went to a tax system that is one page, flat tax and takes about 5 minutes to fill out. The Austrailian tax form also, takes just a few minutes to fill out. The equivalent US one? Maybe ten hours, and much of that is poring through incomprehensible paragraphs of complex instructions. Result is you never know if you did it right. I was hoping that the 2009 collapse would result in reformation of this problem, but instead they've doubled down. Not just in complexity of the morass of rules, but also in corruption. It could be that corruption is best sheltered in complexity. I know that Australia is taxed at other times other then at income so this statement is not 100% true for their tax burden that is payable in time, but your point is still valid. The US tax code is very complicated and caters to several special interest groups. Romney was going to try to fix this if he was elected president by creating somewhat of a flatter tax rate, and having a much higher standard deduction rate and eliminating most deductions and exemptions |
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Nice predictions, I roughly agree with you though I'm not sure it will take quite so long (until January) to reach the peak, though it might, depending when the ETFs launch. But what about the Willy report? Do you not place any importance on that? I thought that might make this next predicted 'bubble phase' a bit smaller in proportion to the previous ones, but then again the longer time it takes to reach the next bubble the bigger it will be, so that would cancel the negative willies out.
If the ETFs are needed for the next growth spurt a peak in January is early I would say. I don't think it will take this long but it might. I think ETFs will completely change the dynamic of bitcoin trading as it will make the barriers to trading much less and will expose many more people to the possibility of trading in bitcoin I agree, and I think we may need an ETF to get the influx of money needed to reach all-time highs again. All the ATMs that are coming online around the world may also add an unpredictable amount of fuel to the fire if/when bitcoin really rallies again. I think the Willy report essentially shows that the previous rise from 100 to 1100 was due to large investors (I am sick of hearing all these conspiracy theories). With the bitcoin ETF I would think that a whole new group of investors could pour their money into bitcoin causing the price to rise. |
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Will this to trade soon, will this trust forced to buy more bitcoin if there are great interest?
Hopefully yeah. I hope it's so popular that they are rushing out to purchase more. i guess their "little" bitcoin stack will be enough for the first 4-6 months but they have to get more  4-6 months?? even if shares start at $130 a piece (equivlent to $650 bitcoin value)... its only $130mill cap... did you see how fast the caps of other IPO's reached over $130m.. i can see them shares being bought up in days. especially if offered cheaper than 20% of bitcoin true value Yup I would not be surprised if they are already pre-sold. This has been coming for over a year now What would happen if they sold out or something quicker than expected? Would they have to freeze the ticker symbol on the market until they went out and acquired more bitcoin? I wonder if they have a plan for this(would be a good problem to have I guess  ) No the price of the ETF would trade higher then the underlying amount of bitcoin held. As a result the APs would have an incentive to purchase more bitcoin on exchanges, convert the bitcoin to shares of COIN and sell the ETF in the market, causing the spread between BTC and COIN to decrease; this process would be repeated until the spread would not be worth the risk for the AP |
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