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I would like to thank those that have (re)discovered this attack and shown it to be a viable attack using their own money to prove it.
Is anyone planning a large scale attack using this method? That would be interesting.
How much would it take to fund a sustained attack, for example a 24 hour period?
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Its not illegal as long as you're reporting your taxes.
You can be arrested even if you pay all your taxes. I was arrested for selling my Bitcoins using localbitcoins.com I paid all of my capital gains taxes on all of my trading - that was not the issue. The legal issue boiled down to one question: was I operating a business or not. They claimed it was a business, I claimed it was not. After being forced to "donate" about $40,000 in cash and $40,000 in Bitcoin to their Federal Asset Forfeiture slush fund we agreed to disagree and they dropped the charges. Defending me against the federal felony charge [Operating a business without a license, up to five years in prison and a $250,000 fine] did end up costing us almost $300,000 of our retirement funds, our daughter's college fund, our savings, and the equity in our house. You can read all about it here: http://www.jmwagner.com/http://www.burtw.com/However, if you sell your Bitcoins though an exchange you will not run into this specific issue since there is really no way they can call it a business, go after you, and then grab all the assets they can get their money grubbing hands on. |
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That is a lot of posts in a short time but they do have content and I have seen much much worse examples of spamming. You may have a case. Take it up with the admins.
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Maybe we can help you. What is the username of the account that was banned?
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Account Settings -> Look for Alias (Optional)
An alias is short link which can be memorized for quick access to your account without needing to remember an identifier Set the Alias. Then instead of the long identifier uses the Alias you set. Like this: https://blockchain.info/wallet/myaliasgoeshere |
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Of course, watch me. Is your private key 1EHba6Q4Jz2uvNExL497mE43ikXhwF6kNm ?
Now just keep guessing until you guess correctly. Note that you should also start training your children to guess. This will likely take billions of years.
Yes, this is pedantic, but only because up thread was a bit more technical and your statement may cause some confusion: 1EHba6Q4Jz2uvNExL497mE43ikXhwF6kNm is not a private key, it is a Bitcoin address. As described above there are about 2 256 - 160 = 2 96 public/private key pairs that will map to this specific Bitcoin address. |
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there is laws for how much money you transfer that is the problem..
under the limit your fine over? you better call your accountant lol
In the United States FinCEN has given guidance that whether an entity trading Bitcoins is a business or not is a matter of "fact and circumstances". This means that whether my trading of Bitcoins on Localbitcoins.com was a business is not a matter of regulation (over a specific amount, etc.) but must be decided by the decider of "fact and circumstance". What this means is that the question of whether it was a business or not must be decided by a jury trial. A jury trial for the criminal case against me plus the additional civil trials of all the seized property was going to cost me an additional $75,000 to $150,000. The government offered to drop the criminal case against me and all the civil cases against all the seized items for a "donation" of $80,000 to their civil asset forfeiture slush fund. Since that was cheaper and was a guaranteed outcome (case against me dropped, get all the seized property back) we decided to go with that. But the bottom line is that since the case never went to trial and the jury did not decide if what I was doing was a business or not this matter was left undecided. This means that they can still arrest you for doing any amount of trades using localbitcoins.com and claim it is a business. There are no regulations or guidance in place as to what constitutes a business and what does not. some countries and some amounts dont have that problem its just a security and anonimacy thing into europe its regular to do like 200€ and dont pay taxes
I paid income tax on every Satoshi of profit I made. My case was never a tax issue. The question was whether my trading on localbitcoins.com constituted a business or not. It it was not a business and I was trading for my own account then I did not need a license. If it was a business then I would need a license. What the government should have done and what they would have done if they were not blinded by their delusion of a direct huge windfall asset forfeiture to their department, was send me a cease and desist letter and then we could have hashed this out like civilized human beings. Instead, they spent millions of dollars, arrested me, threw me in solitary confinement, treated me as a terrorist under the patriot act, and held a five year sentence over my head in order to unconstitutionally shake me down to fill their coffers by outright extortion. |
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I have done several bitcoin trades with local bitcoin. I bought bitcoin from localbitcoins. I paid money through bank transfer and get the bitcoin later. No problem at all.
Just going on localbitcoins, finding a buyer or seller there, and then meeting with them is not as problematic as setting up an account to buy/sell and then advertising there. It is the advertising your willingness to buy/sell that makes it look like a business and may require a license. Just using the localbitcoins service to locate a buyer/seller who has an ad on the site does not make you look like a business. I wonder how risky is that in other countries where the laws are not that strict. tbh you and a couple of other cases are the only ons I heard of having problems. Did lbtc ever result into people having problems in other countries ? There were five Bitcoiners arrested the same timeframe as I was in "operation avalanche", so there have been at least five cases in Colorado. The feds also did the same kind of operation in Florida but I am not sure of the total number arrested. I am not aware of any cases outside the US, but I do not keep up on that. |
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I have done several bitcoin trades with local bitcoin. I bought bitcoin from localbitcoins. I paid money through bank transfer and get the bitcoin later. No problem at all.
Just going on localbitcoins, finding a buyer or seller there, and then meeting with them is not as problematic as setting up an account to buy/sell and then advertising there. It is the advertising your willingness to buy/sell that makes it look like a business and may require a license. Just using the localbitcoins service to locate a buyer/seller who has an ad on the site does not make you look like a business. |
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If you use localbitcoins to buy and sell a small amount of bitcoin, that is not a business.
Since my case was dismissed before it went to trial this was not decided. Whether this it is a business or not currently can only be decided by a jury. It is not a money transmitter.
Also not true. You would have to argue this point with motions before a judge and then possibly a jury. This would have been an argument in my case but again the motions were never filed and the case did not go to a jury. But you have declare that you do not deal with drug dealers.
And this would help you how? Sure, if someone says "I am a drug dealer" or "I am an undercover cop pretending to be a drug dealer" or "I am an undercover Homeland Security agent" then you should not trade with them. But all of these guys will lie to your face. Then what? The bitcoin you sell should not be used illegally.
In my case the only legal issue was whether it was a business or not. If you use your Bitcoins to do something illegal, for example to buy a controlled substance with them, that would be a whole different case. Anyway, how would you go about enforcing how the Bitcoins bought from you on localbitcoins eventually get used? |
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I heard that some people have been arrested and charged with "transmitting money without a license" for selling Bitcoins.
Does this mean it is illegal for me to sell my Bitcoins?
I was arrested for selling my Bitcoins using localbitcoins.com I paid all of my capital gains taxes on all of my trading - that was not the issue. The legal issue boiled down to one question: was I operating a business or not. They claimed it was a business, I claimed it was not. After being forced to "donate" about $40,000 in cash and $40,000 in Bitcoin to their Federal Asset Forfeiture slush fund we agreed to disagree and they dropped the charges. Defending me against the federal felony charge [Operating a business without a license, up to five years in prison and a $250,000 fine] did end up costing us almost $300,000 of our retirement funds, our daughter's college fund, our savings, and the equity in our house. You can read all about it here: http://www.jmwagner.com/http://www.burtw.com/However, if you sell your Bitcoins though an exchange you will not run into this specific issue since there is really no way they can call it a business, go after you, and then grab all the assets they can get their money grubbing hands on. |
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No BurtW did nothing wrong, other than living in an area that has forfeiture laws. Forfeiture laws allow law enforcement to take any asset because of suspicion, and then you must prove your innocence to get the assets back from them. They get to keep any assets that you aren't able to reclaim for their own, and spend it on anything they like. Comedians rightly poke fun at such laws: https://www.youtube.com/watch?v=3kEpZWGgJksIf you live in Germany you won't run into the specific problem that I had (US Homeland Security) but you might have issues specific to Germany. If you are interested you can read all about my case here: http://www.jmwagner.com/http://www.burtw.com/ |
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According to one of the mining calculators, the halving is due next year in june/july time.
As stated a few times in this very thread: Reward-Drop ETA: 2016-07-25 19:55:40 UTC (39 weeks, 4 days, 4 hours, 40 minutes) Source: http://bitcoinclock.com/ |
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This is why it will be a non-event: Total BTC in Weekly BTC Ratio of
Circulation Production Weekly to Total
------------ ---------- ---------------
10500000 50400 0.48%
10500000 25200 0.24%
15750000 25200 0.16%
15750000 12600 0.08%
Notice that at the time of the first halving the weekly production accounted for only 0.48% of all bitcoins and went from 0.48% to 0.24% instantly. This time around the weekly bitcoin production will change from 0.16% to only 0.08% instantly - even less of an effect. |
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At the first halving there were 10.5 million BTC and the subsidy went from 50 to 25
At the next halving there will be 15.75 million BTC and the subsidy will go from 25 to 12.5
So since the monetary base will be larger and the drop in daily production is smaller the effect of this next halving should be less than the effect of the first halving.
As was stated, after all the wringing of hands and euphoria around the last halving the net effect was about zero.
I expect that after all the "end of the world" hand wringing and the "price will double" euphoric expectation the net effect of the next halving will also be about zero.
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My Bitcoin-qt is currently showing 51.8 GB (55,698,817,024 bytes)
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BTW the current estimate as to exactly when the miner reward will go from 25 to 12.5 BTC per block is:
Reward-Drop ETA: 2016-07-25 22:11:50 UTC (39 weeks, 5 days, 9 hours, 50 minutes)
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For the first four years that Bitcoin existed miners were paid 50 Bitcoins per block. Then after those four years the amount paid to the Bitcoin miners was cut in half to 25 Bitcoins per block. This was the so called "first halving" now after the second four years the amount paid to the miner is scheduled to be cut in half again, this time to 12.5 Bitcoins per block. This is the second "halving". By design the amount paid to the Bitcoin miners will be cut in half about every four years until the year 2140.
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