do people still pay for operating systems ?
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I have tried to get people to accept it but they also think its overly complicacted, cumbersome and hard to manage and risky ( all of which any new payment would have anyway ) the one person i know who does accept bitcoins is only accepting them as an "investment" (he knows they will be worth more in 5 -10 years than now )but not as a currency this is another problem ,everybody cant just hoard coins hoping the value goes up ,as addictive as it might be they have to be traded constantly and thats just not happening enough ,its been said before but if you had a 5 dollar note and a bitcoin in your pocket you would buy your lunch with the 5 dollar note the bitcoin needs spendability,outside of silkroad and tax evasion if its ever going to fulfill its potential as a serious currency
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Problem with MtGox is their AML and KYC regulation. You can't just sell off your bitcoin, you gottach have your identity verified and mtgox gottach spy on you for da government.
It will be interesting to see what regulations fall into place in the future regarding bitcoins SilkRoad sellers cashing out after a few years will be asked to account for a million dollars worth of BTC etc I suppose they could say they mined them in the early days when mining was easy?
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Actually, I think the big problem that exchanges will come up against is anti money laundering rules - specifically so called 'know your customer' rules. Truly anonymous bank accounts aren't permitted - the bank (or in this case exchange) is supposed to know who you are.
not just that ... who you are includes a lot more thesedays first name /surname /middle names /previous names /maiden names date of birth , social security,national insurance number /copy of your passport or driving licence if they can also your address /previous addresses job/work history from the last few years ,5 i think in the uk income savings properties investments inheritance etc any other cash you get from anywhere outside what you can prove is open to investigation gone are the days of just having a "shitload of cash " and no explaination for it ..... EVERYTHING is under scrutiny thesedays
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How do YOU know there is no business unit behind it ? Do you have any proof that pirate is NOT making profit from trading or other means like he claims to be ?
The better question is whether you have any evidence, let alone proof, that there is such an investment. I am not making allegations of anything ,i honestly dont know if it is or it isnt You seem to know for sure its a scam ,i think you should provide proof ?,not me
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I believe miners can chose which trasnactions to mine, so I'm sure some miners wont care and some miners aim for the higher transaction fees. The spam prevention is up to the miners but the official client helps with that spam prevention by hardcoding an annoying message to include a tx fee
I always include a fee to help the network but i have tested it without a fee and it still works If we want bitcoin to succeed we shouldnt try and dodge and fee but miners NEED bitcoin to succeed Its still a long way off being able to refuse transactions tat dont have a favorable fee IMO but of course the ones with the nice fee will be picked up ,usually inside 10 minutes
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I would say "low transaction fees" although remember it is very likely free tx will remain viable for a long time. It won't be realtime but if you are willing to wait hours or days I am sure someone will include it for free. Still low/free can be very very low. If Bitcoin scaled to PayPal sized network (~50tps) that would be roughly 1.5 billions transactions per year. If avg fee was $0.01 USD it would be the cheapest payment platform by far and would still generate ~$15 mil a year to fund miners and protect the network.
Miners dont have much choice to refuse tranactions yet if they want the population to use bitcoin ,nobody is going to wait a few days on transaction (if transactions are not processed ,all the coins will be worth zero )
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Micon, so what about the .5%-2.5% per week schemes? Those are legit right?
link me to example. likely just a slower ponzi. remember Bernie Madoff returned 1% each month like clockwork. every month 1%. likely slowest and biggest ponzi ever. definition of a ponzi scheme - can have no underlying business unit to make money, i.e. payments to "investors" must come from new "investors" 2.5% a week isn't always a ponzi, and the majority of legit businesses pull these figures or larger. Hell, I make over 1.2% a week in the Second Life stock market. I also buy ceiling clips for $0.30 direct, and then mark them up to $13.00. Generalities are a bitch. btw Bitcoin Savings & Trust has no such business unit - or no business unit at all - it is all based on deposits to keep the scheme going. How do YOU know there is no business unit behind it ? Do you have any proof that pirate is NOT making profit from trading or other means like he claims to be ?
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You dont need any ID to pay into an intersango account ,they dont even ask ........
But thats the british norm ,you dont need ID to pay into ANY UK bank account (only ID required to withdraw)
by the way ,this might take way longer than a week ,metro bank my be legally forced to close them down because you can not process the transactions from drug deals (cocaine was it ?) and expect the regulators to ignore that
Same here. You only need to identify yourself for threshold deposits (ie, those over $10k) and that's a recent requirement. I was thinking more along the lines of the guy who wanted the scanned ID using it to open accounts with other exchanges and/or bank accounts. At this point we don't know what has led to the bank reviewing activity on Intersango's account. Could be related to this. Could be something totally separate. It's inevitable that sooner or later one of the exchanges is going to get caught up in a serious money laundering investigation. The question is which one and when. Anyone who has an axe to grind against Bitcoin or a particular exchange can make an an anonymous report accusing exchanges of money laundering and it's going to get followed up just like anonymous tip-offs about tax evasion get followed up. if people have been selling drugs (even alledged to have been ) and using intersango to launder the proceeeds into untraceable BTC they may be in deep sh1t and all the transactions might have to be audited to see if any accounts have been funded from multiple differnt accounts or even people walking in off the street and dumping wads of cash into the metro account Legally ,it wasnt them who sold the drugs/ but they allowed themselves to used as a vehicle to launder the proceeds and this is taken seriously in the UK and most of europe thesedays
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Yeah me too, hope this gets sorted out and we don't all end up out of pocket!
The lack of info is staggering, I have filled in a ticket and had no response at all for 4 days, it feels bad.
7 days my money been in there with no acknowledgement ,id say its gone the entire balance of Intersango could be seized for months if some of it is deemed to profits from drug dealing they may not even be able to recover this account if its so open to fraud
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even if he is a horrid poker player "gambler."
How do you know he is a horrid poker player ? He could be a successful poker player ......unless you know him personally ?
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payb.tc is runing this business very professionally
anytime ive sent him coins hes been quick to add them to my balance when he could have claimed he was sleeping/unavilable etc and kept the interest
also ,anytime ive needed to take out some coins ,that has been equally as quickly processed and returned to me
if thats not a professional service ,I dont know what is
(try getting a transcation done at Intersango lately and youl know i mean )
if payb.tc is put on the ponzi scam list ,so should almost all the other schemes because they nearly all have some % if not all % coming from pirates crazy interst rates
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The only missing ingredient is how
I have "invested" money in goods and sold them on ebay before making 100-300% (although it took a bit longer ) so 0.5 to 2.5% is more than achievable IF there is something legitimate behind it
you cant prove its a ponzi without knowing whats behind the scenes
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We are all going to be rich! Stop trying to stop us! How dare you! Do you really expect us to stop deluding ourselves and start doing something productive? BTW you can add all the so called pirate pass through bonds to your list. The are just his co-conspirators who would be equally liable for fraud IMO once/if "savings and trust", lol, is revealed as a ponzi (so would be every singe ponzi promoter on this forum). A ponzi is not a ponzi until it defaults ......or is it ? no it is a ponzi when it starts, as it runs, and when it defaults So ,you think pirate is not shaking up a volatile market and making money by doing so ....... You think he has designed the BTCST to be a ponzi right from the start ?
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(who in the hell would be stupid enough to send a scan of their ID to someone purporting to be an online drug dealer?). You dont need any ID to pay into an intersango account ,they dont even ask ........ But thats the british norm ,you dont need ID to pay into ANY UK bank account (only ID required to withdraw) by the way ,this might take way longer than a week ,metro bank my be legally forced to close them down because you can not process the transactions from drug deals (cocaine was it ?) and expect the regulators to ignore that
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@Coincidental, There are no shares - it is BTC for BTC. The trust accounts manage the sub accounts -- less work for pirateat40... I have no issues whatsoever with asking questions - please ask away thats a fair answer ,just wanted to clarify what level the potential sub-investors will be on it gives people the information they need to weigh up the pros and cons of various ppt options I think the transparency of giving them their own BTCST login is a positive selling point that you may have over others who are not offering this (even if they cant make their own withdrawl transactions its still good to not be totally locked out of the system ) What is actually visible to trust accounts after login ? Can you see the full network of the BTCST or only the balances of people below who have sub-invested with under you ?
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It's actually expected behavior around which such schemes are built.
it has to be ,people on level 3 of the pyramid are relying on people coming in below them on level 4 to guarantee their interest returns but as already mentioned , these schemes can run for quite sometime (years) before anyone anyone loses anything and by that time the early adopters will have profited nicely ,pirte will have profited hugely and the people on the bottom few levels will probably lose everything and end up with a 0 balance If pirate can convince people not to take to withdraw in Vegas ,or somehow inspire more confidence in investors to let the interest compound (appeal to their greedy side ) then it could possibly keep paying out for awhile but nobody will know exactly when disaster is imminent except pirate since its not exactly a transparent operation.....
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True - but if the scammed folks then complain to the bank - makes sense why suddenly they'd want to take a look at what Intersango is doing and cause this review. Doubt this is the only instance that this has been done with
Sorry to hear these news. It's a variant of a familiar scam which've been played out numerous times on many exchanges and fixed rate sellers. The thing is that bitcoin is irreversible, so as long as a scammer somehow can fund an account at an exchange, they can withdraw bitcoins. I guess most exchanges already have safeguards in place, or know how to deal with this. As for Intersango... who knows ? How does gox deal with this kind of thing ? Is there some strategy in place in the US banks to verify the id of all depositors or can anyone fund an account belonging to a drug dealer ?
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Great - so some scumbag has been scamming people by posing to sell drugs, and has been asking them to directly pay into his intersango deposit account via bank transfer. Handy thing is he's given his reference number - 02bd450b - which should be unique to his account. I'm sure the folks from Intersango can dig out which account this is..
In the meantime, this or similar ends up pooping all over the rest of the non-theiving-asshole user community.
all they will probably get from that reference number is a fake name and an email address from a free providor the scammer probably has long since withdrawn his bitcoins so there is NADA they can do about it ip trace ,probably a tor address etc
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@coincidental,
Deposits will be made direct to BTCST and you will have the ability to view your account details. Others like Payb.tc have their own external website to manage accounts - I would plan to use the BTCST infrastructure.
Perhaps you are a better fit for a direct account (with a lower rate)?
there is no reason i would accept a lower rate ,i have enough coins to spare to get the highest rate currently on offer and if i didnt there is payb.tc offering 6.9% also i was just trying to clarify your terms of business ,sorry if you dont like to be asked questions but i can assure you i would ask the same questions of anyone else running a 1 man bank ..........before making any sizable deposit "the ability to view details " Is that the same as the ability to withdraw our funds at will or do all transactions still have to be approved by you as the account holder ? Are you offering people shares in the BtCST account or are you asking to borrow money to invest in the BTCST ? if you cant differentiate between the two you perhaps you should throw in the towel now because these are pretty simple questions to answer
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