Interesting to see if this payment method will be adopted for Dells corporate users, could just be the nudge some business need for adopting Bitcoin payments.
This is what I'm most interested in... Next time Overstock needs to upgrade servers.. are they going to go to Dell, and can they use BTC to pay? If this is a Yes & Yes, we will finally start seeing companies holding on to BTC instead of insta-converting immediately at time of sale. Sigg |
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Some people seem to think this ETF could have a positive affect on price of Bitcoin. I'm wondering how?
The COIN ETF has a set number of Bitcoins (which are already procured). Let's pretend for a moment there is huge demand for the ETF. Wouldn't this just make the ETF trade at a premium to the exchanges? Would the tail wag the dog in this scenario somehow? Maybe some sort of arbitrage would between the two would force them into equilibrium and cause Bitcoin price to go up?
Any thoughts welcome.
ok... there are several mechanisms for the tail to wag the dog.... 1) arbitrage between the ETF and actual BTC... say the ETF values a "btc" at $1000, but spot BTC is only 800... it is worthwhile to sell short the ETF, and use those funds to buy actual BTC to offset your short.. net effect is BTC price goes up cuz you bought. 2) part of the ETF is the ability for whales to deliver BTC into the fund (I believe it has to be in blocks of something like 10,000 BTC) ..anyways.. once again if the ETF is at 1000, but BTC is only at 800... it is an instant 20% return for a whale to by BTC on the market and deliver it to the ETF for additional ETF shares to be created for him. Once again, buying BTC on the market will raise the price of BTC... Both the above examples also work in reverse if the fund is cheaper than the actual BTC.... so yes, it is very possible for the fund price to directly influence the price of BTC. Sigg |
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ok... there are several mechanisms...
1) arbitrage between the ETF and actual BTC... say the ETF values a "btc" at $1000, but spot BTC is only 800... it is worthwhile to sell short the ETF, and use those funds to buy actual BTC to offset your short.. net effect is BTC price goes up cuz you bought.
2) part of the ETF is the ability for whales to deliver BTC into the fund (I believe it has to be in blocks of something like 10,000 BTC) ..anyways.. once again if the ETF is at 1000, but BTC is only at 800... it is an instant 20% return for a whale to by BTC on the market and deliver it to the ETF for additional ETF shares to be created for him. Once again, buying BTC on the market will raise the price of BTC...
Both the above examples also work in reverse if the fund is cheaper than the actual BTC....
so yes, it is very possible for the fund price to directly influence the price of BTC.
Sigg
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OK.. so some very ugly guestimation calculations...
the USMS says they got 60+ bids ... at 3,000 BTC per block that is a demand for 60* 3k = 180,000 coins....
Lets assume that 75% of those bids were bottom feeders, only interested in turning a quick buck by flipping the coins if they were to go below market... 180k/4 = 45,000 coins with *real* demand behind them....
as there were only 30k coins in the auction, 45k - 30k = 15k deficit.
So, after the auction, we have a pent up demand for approximately 15,000 coins by people we know have the money already allocated for BTC purchases
Could be a very good next couple of days....
Sigg
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Twitter blocked at work... can someone please re-post? |
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soo.. did someone just get an email letting them know that they did NOT win in the USMS auction?
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current price = $605
you have 10 bitcoins you want to sell.
I'm willing to buy them, but only for 600 each. If you sell them to me at 600, you just pushed the price down from 605 to 600 by selling.
alternatively,
curent price = $605
I want to buy 10 bitcoins.
you have them, but are only willing to sell if I give you 610 each. If I meet your price at 610, I just pushed the price up from 605 to 610 by buying...
its really that simple.
Sigg
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Is there any way to run the client on one machine, and have it connect to cgminer on another? (( Miners are all running thru a stratum proxy and don't have direct access to the internet )) Yes, I do realize this will make it unable to get machine stats and only get cgminer API info.. I'm good with that. thanks, Sigg Edit: Thinking about it some more... having the ability for a single client to monitor multiple cgminer instances on multiple machines would be really sweet  |
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Here is the actual bill. http://www.scribd.com/doc/217067121/Virtual-Currency-Tax-Reform-ActIt does not levy any kind of sales taxes on Bitcoin. What is does do is treat Bitcoin as currency for tax purposes and this has two implications. 1) A $200 per transaction exemption for "personal transactions" 2) A higher tax rate equal to that of currency transactions. http://www.law.cornell.edu/uscode/text/26/988The net effect of this is to encourage the use of Bitcoin for day to day transactions by eliminating the bookkeeping burden for small transactions while increasing the tax burden of those using Bitcoin as an instrument for speculation. For governments to treat Bitcoin as currency simply makes a lot of sense and consequently this bill in on the right track. OK.. so I'm now somewhat on the fence... Did some research and confirmed the 200 exemption... Unfortunately as far as I can tell it has stayed 200 since inception in 1997 and is not being indexed for inflation. In today's world, it is really easy to rack up a $200 bill, so the majority of people are still going to have to track at least some of their transactions. I still see a need for tracking to be integrated into wallets. ( Also, coin control becomes even more important.. use the "high gain" coins for <$200 transactions, and use the "low gain" coins for >$200 ) So, as wallet tracking integration is still needed either way, we can remove that from the equation. It all boils down to: capital gains (lower) tax rate on all transactions vs. standard income (higher) tax rates on just the bigger transactions. Either way some people win, some lose. I can't at this time say which method results in more people winning. Sigg |
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-- snipped for brevity --
Thanks for having my back. I didn't make the laws, I'm just using it to my advantage. It frees up more of my money to give to good causes instead of propping up the US government to go around acting like a jerk to the rest of the world. Of course, many of you may disagree on how much of a scumbag I am when you find out what age I am retiring at.  In regard to all the above, we're of like mind.. and I'll be joining the retirement-age scumbag club right along with ya  Sigg |
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-- lots snipped --
Stop the bitchfight! Paying tax is no fun but without taxes you'll live in a hellhole for sure. Countries don't live off of donations (yet). Everyone should pay their taxes and everyone should pay ONLY their share as defined by the law. Minimizing your tax expenditure, within legal boundaries, should be done by everyone in my opinion. If can pay 0% tax then you should!!! awww.. but a good bitchfight is just so much fun.. and I've had a rough day at work  I do agree 100% with everything else you said above, however.. Sigg |
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That would be FAR worse, for me at least. I plan on retiring and paying 0% taxes! How can I do that if they class it as a currency?
That's very smart of you! Are you from US? If so, not paying your taxes is. Ot only a crime, but it is what SCUMBAGS DO! If you love your country, then don't we need money for schools? What about the road your car drives on? Or bridges? How about parks? He'll...what about that Submarine currently looking for the MH370 plane? Listen, paying taxes suck! But it is necessary in modern societies. You can debate all you want how crooked politicians waste our tax income, or how taxes are too high...but one thing you SHOULD NOT DO IS NOT PAY YOUR TAXES! That is one of the dumbest AND least patriotic things you can do! If you love your country, then you must pay your taxes. Period. Good lord.. are you for real.. Or do you just not understand the concept of LEGALLY minimizing the taxes you pay? Up to a certain income, capital gains are tax free. It is very simple to live off of capital gains and LEGALLY pay 0% on your taxes. As giving the gov't your money is so important to you, I'm assuming you are donating to the federal government over and above your legally required tax burden? What, you're NOT? you SCUMBAG !!! If you love your country, then don't we need money for schools? What about the road your car drives on? Or bridges? How about parks? He'll...what about that Submarine currently looking for the MH370 plane? |
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That would be FAR worse, for me at least. I plan on retiring and paying 0% taxes! How can I do that if they class it as a currency?
Have to agree here... I saw people going all apeshit over the initial ruling and just can't get my head around why... Doesn't everyone (well us Americans anyways) realize that this was the BEST realistic tax treatment for bitcoin? Classifying Bitcoin as currency means the majority of Americans will pay MORE in taxes. The only thing that could have been better was a ruling of no-taxes.. and I do not consider this a realistic hope. Sigg You aren't thinking this through. Treating bitcoins as property for tax purposes makes it hard to spend. If it is hard to spend then nobody will use it. If nobody uses it, then it's value will be 0, and your investment will be worth nothing. You aren't thinking this through. Treating bitcoins as currency for tax purposes makes it hard to spend. If it is hard to spend....... Most Americans are at least familiar with how capital gains work. How many Americans actually know how to report foreign currency transactions? Do YOU know all the reporting requirements for foreign currency transactions? Assuming someone wants to be legit on his taxes it is much easier and cheaper for the average american if BTC is property, not currency. Heck, I'd wager a significant portion of tax PREPARERS aren't completely up on all the FOREX reporting requirements. This of course assumes that the average american actually wants to correctly pay their taxes. If not, then both our opinions are moot. |
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That would be FAR worse, for me at least. I plan on retiring and paying 0% taxes! How can I do that if they class it as a currency?
Have to agree here... I saw people going all apeshit over the initial ruling and just can't get my head around why... Doesn't everyone (well us Americans anyways) realize that this was the BEST realistic tax treatment for bitcoin? Classifying Bitcoin as currency means the majority of Americans will pay MORE in taxes. The only thing that could have been better was a ruling of no-taxes.. and I do not consider this a realistic hope. Sigg |
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the "unix" link in the FAQ's for SGMINER points to GitHub.. I can only find source code here... Is there someplace where a pre-compile unix version is available?
thanks,
Sigg
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I have a request on the worker charts page...
It seems to be getting kind of "cluttered" for lack of a better word. Would it be possible to limit the graph to the last 2 weeks? (or possibly 30 days)
If you highlight a small portion of the chart, you get a magnified view of that section. just tried it.. works great.. I so did not know that... thanks. Sigg |
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I have a request on the worker charts page...
It seems to be getting kind of "cluttered" for lack of a better word. Would it be possible to limit the graph to the last 2 weeks? (or possibly 30 days)
thanks,
Sigg
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exactly 1 hour later? sounds to me like a power setting... going to hibernate after 1 hour of inactivity or something like that...
Sigg
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Just for those wondering on stale rates, here's a breakdown on intensity:
--< see original above to lots snipped >--
Would reducing the worksize parameter have the same effect on stales as lowering intensity? thanks, Sigg |
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However, my only concern is it that I'm getting an unusually high reject percent @ 8%.
Other pool I use such as Multiport.us, wafflepool, ext, all give my rig well below 2%.
Anyone from the east side of North America have the same issues?
Read back through the thread... I brought up the same issue a couple pages back. Short answer: Drop your intensity down a bit. Going from 20 to 18 on intensity got my stales under 2%. Sigg |
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