What the hell is everyone talking about paying tax for ?
This is the whole benefit of bitcoin. . they cannot tax it . .
It's your moral duty to pay tax to pay for services that you use (or may use) and to help provide a safety net for those less fortunate than yourself which you maybe one day. I may not agree with the rate of tax or some of the things that its wasted on, but I would always want at least some tax. Tax avoidance was never the point of Bitcoin, it was free trade and removal of the financial vampires that 'own' the current financial system. There is no moral duty to pay tax. Please read this quote: http://en.wikipedia.org/wiki/James_Avon_Clyde,_Lord_ClydeTax avoidance is perfectly legal (reducing the tax amount with allowed offsets). MPs are experts at this by renting out a speculative property and calling it their "primary" residence, while living in a "secondary" residence, to avoid capital gains tax when they sell their speculative ("primary") residence. It is tax evasion which is morally wrong and illegal. Cash is just as much a vehicle for this as Bitcoin. |
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Sorry to steal the show, but even after spending 36 hours in an emergency care unit, I still think $1,000+ peak valuation is unstoppable before Christmas. My experiences tell that even the patients here are eager to buy by the truckload, as soon as they get into the position to do so. Not everyone was picked when he had all his belongings packed to two nice cabin bags (+the silver).
As in you are taking back the 300k prediction? This patient is desperate to buy Bitcoin as soon as he is in a position to do so:  |
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Since running a node will not be hard for someone with infrastructure, small companies (like mine) could run one and just give it out to customers few or no strings attached. Even if it cost $100 a month it would be good advertising and a customer perk that spread out over many customers really costs almost nothing.
Enthusiasts could also just run a node for family and friends. I have seen people spend thousands of dollars on gaming PC's, spending $1000 for good hardware for a full node will not be a problem for people into it.
Yep. Very sensible indeed, but you might as well talk to retep's hand, because the face doesn't understand. retep is 100% convinced that scaling Bitcoin will lead to centralization as small hobbyist and home nodes drop off due to bandwidth and storage requirements. However, his dream solution is a nightmare worse than the problem. He would have the blockchain reserved for big banks, millionaires and "important" users willing to pay $20 per transaction. Everyone else being forced to go through 3rd parties for their Bitcoin transfers. He ignores that in his scenario all the thousands of Bitcoin hobbyists with nodes at home are going to switch off their Bitcoin software if they are effectively banned from the using the blockchain because of sky-high fees. It will actually create the centralization which he detests. The solution is scaling Bitcoin by encouraging small businesses such as yours (Littleshop) to pick up the slack, adding higher capacity nodes and maintaining decentralization, and a blockchain available to all users with fees of a few cents. This is the future we need. |
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In theory you should be able to review the 30 pages of this thread and get some answers to some of your points.
Alternatively, you might find the Voynich Manuscript a less opaque subject.
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I can't help but notice from that graph that a single entity, AsicMiner, currently owns about 25% of the Bitcoin network hashrate. As their stock increases and they continue to add THs to their network, wouldn't they naturally approach a true 51% attack capability?
I doubt that is the plan, but it's already at 25% and growing extremely fast. It peaked at 30% and doubled it's speed in a matter of a week even... If it were to double it's speed again, it would already be at 51% attack capability.
AsicMiner wants a stable and prosperous Bitcoin. Why would they risk $3000 for every solved block trying some 51% drama which would only tank the fx rate to dismal lows? Just the same. It is good that Avalon are making many chips and finally it seems BFL are getting their act together. These will even out the hash-rate across more miners, |
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Nakamoto's original vision was for 100GB blocks and a network that can handle global-scale activity. If you want small networks relying on third party payment processors, there are more than a dozen BTC-variants that you can use for that. BTC should follow Nakamoto's vision.
Correct. Anyone who wants small block sizes forever should dump their BTC and load up with YA Coin, Royal Coin and China Coin. Problem solved. |
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So someone intentionally made false declaration when opening a bank account. That's illegal anyway, no matter it's related to btc or not
There is a plausible defense for the statement in 2011. Nobody anywhere in the government (any government) had made any type of guidance, determination, or regulation regarding Bitcoin being a currency or that a Bitcoin exchange was a MSB or money transmitter. Now not registering as a MSB AFTER FinCEN released its guidance in March 2013. Well that is another story. Not sure why MtGox didn't do that or how they expected FinCEN to simply ignore their lack of registration. Government regulation specifically defined "currency" as something issued by a government, a guidance is not a piece of law. This ^^ ... would be interested to know the statue (letter and verse) that is supposed to have precipitated such a jack-booted re-action? God it must have been a matter of extreme criminality or national security or something ... I didn't notice anybody claiming they were defrauded or robbed or anything like by Jon Corzine's MF effing GLOBAL or anything? Where were they seizing banksters' bonuses 'funds' when the real big cons were taking place? Um, nowhere to be seen, ask JP Morgan they appeared to escape any funds seizures or accounts closed down pre-emptively. Rule of Law? Show me the Law. Or they are just a bunch of gangsters pretending to play law. Bloggers like Yves Smith, Karl Denninger and Tyler Durden have been railing about misapplied financial regulation for years: one law for banksters and one for everyone else. It appears Mark Karpeles is not an honorary bankster (unlike Corzine) |
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The best way to limit legal risk for SatoshiDice, and thereby protect its stakeholders, is to block US players.
OK, but is it in any way possible to block US players? How can you even tell where a bet transaction comes from? You can block them from reading your website but I don't think you can block them from playing. Ah ha ha. Bitcoin is the SUPERMAN of currency! It can't be blocked by mere mortals. SatoshiDice can't block US customers any more than it can block customers who have red cars parked in their garage. |
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It needs to have a screen.
Perhaps resembling this?  |
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ffsixtynine
Is there any general discussion by designers about using bitcoin as an in-game currency (where one exists, like in WoW)?
It seems that any role-playing game where people had a real-world currency up for grabs - might attract a lot of player interest.
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I was just reading the seizure PDF, and the judge is probably a DHS rubber-stamper; if she didn't sign drone strikes, wiretaps, and seizures daily, she would be replaced.
The evidence presented that mtgox is a money transmitter fails analysis. It is an assault on personal property without trial or process. I could make the same statements:
deepceleron has a bank account,
he regularly sends money to paypal account with the moniker gay-love-supplies,
the paypal money is transmitted to customers in exchange for goods,
a confidential informant had money transmitted to him in exchange for one used inflatable sheep. The informant then transmitted the money back to the account holder in exchange for "TSA anal lube".
Therefore based on my training and experience, deepceleron is a money transmitter and the contents of his accounts are subject to forfeiture.
Yes, and if deepceleron complains about this "due process" he can stand in the queue behind the Benghazi widows, Tea Party activists and AP journalists. |
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There is a plausible defense for the statement in 2011. Nobody anywhere in the government (any government) had made any type of guidance, determination, or regulation regarding Bitcoin being a currency or that a Bitcoin exchange was a MSB or money transmitter. Now not registering as a MSB AFTER FinCEN released its guidance in March 2013. Well that is another story. Not sure why MtGox didn't do that or how they expected FinCEN to simply ignore their lack of registration. The convention is 180 days to comply. They authorities didn't wait, and acted a lot sooner. |
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Currently 11:00pm EST
Simply go to blockchain.info and look at the list of recent transactions.
What is with the repeated transactions? 19 out of 20 transactions are in the amount of 0.0000025 BTC.
Wtf does this mean?
Can someone enlighten a noob.
I saw this too. It was going on for a long time and must be some kind of spamming attack. Fortunately improvements are coming in v0.8.2 to reduce the problem of nano-trash transactions to a minimum. |
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Since when does guidance become law?  The guidance is meant to be interpreting existing law! Turns out the legislators used a time-machine to go into the future, learn about cryptocurrency, but did not detail it openly in their legislation. However, FinCen found enough clues to detect this hidden wisdom and produce the detailed guidance needed to cover cryptocurrency. So Mt Gox broke laws about cryptocurrency which existed before Bitcoin was created. Ha! http://www.ecfr.gov/cgi-bin/text-idx?c=ecfr&sid=d5570d7646c5fc13fe1fa42a61d1dcf1&rgn=div5&view=text&node=31:3.1.6.1.2&idno=31#31:3.1.6.1.2.1.3.1See here: "(m) Currency. The coin and paper money of the United States or of any other country that is designated as legal tender and that circulates and is customarily used and accepted as a medium of exchange in the country of issuance. Currency includes U.S. silver certificates, U.S. notes and Federal Reserve notes. Currency also includes official foreign bank notes that are customarily used and accepted as a medium of exchange in a foreign country." As if they were worried that they were not clear enough that "currency" must be something issued by the government! Indeed. Despite their efforts to cover everything they omitted to cover the situation of a foreign currency not issued by any government. They also assume that it is coin or paper. FinCen have performed a herculean job in concluding cryptocurrency is included in this definition. |
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Since when does guidance become law? The guidance is meant to be interpreting existing law! Turns out the legislators used a time-machine to go into the future, learn about cryptocurrency, but did not detail it openly in their legislation. However, FinCen found enough clues to detect this hidden wisdom and produce the detailed guidance needed to cover cryptocurrency. So Mt Gox broke laws about cryptocurrency which existed before Bitcoin was created. |
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Fractional reserve banking means that you get more interest on your savings.
Imagine, 20 million BTC are held in a bank offering 1% interest. They stay sitting for 6 years with compound interest, see the issue? The reason interest had to exist in the first place, was to incentivize actually putting money into the banks, now the only reason to do it would be security. Additionally, if inflation didn't exist, I think people could learn to be happy with a 0% ROI in banks. With Bitcoin, it may even be reasonable for banks to charge anti-interest to accommodate the deflation that will arise. So long as the interest matches inflation, the system is fair, and you never lose purchasing power parity from your savings. Got to disagree there. Interest is the key driver or mechanism which gets money from the hands of savers who have spare money into the hands of producers who need it for expansion or more efficient production. Producers benefit society and living standards. This is the essence of capitalism. Today the whole system has gone horribly wrong because borrowed money is being used for consumption (cars, holidays, houses), and reckless lenders (banks) are constantly bailed out by central banks. It is bankruptcy which is the cleansing process in capitalism releasing money from the banks back into society. Interest can work in an economy with an inflexible monetary base (Bitcoin). In the example of a bank with 20 mil BTC offering 6%, it would soon go bankrupt, releasing BTC to the system and restoring normal conditions. Central banks create moral hazard by manipulating interest rates, encouraging reckless lending (for consumption), excessive credit money, enabling excessive government funded by excessive debt, diverting funds from producers, stealth taxing savers, and thereby creating a system where eternal inflation is an essential feature. |
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Wallmaster with 3.5k on 114.59 holding the price down.
That's frozenlock desperate to drive it to single digits so he can load up big time  |
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....
Bitcoin is not a convertible currency, and the FinCen guidance of March 18 FIN-2013-G001 thus clearly states that it does not address bitcoin.
That is a dead-end street to go down. At a stroke of a pen they can just add "crypto-currency", "digital currency" or even "Bitcoin" to the guidance. |
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