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261  Economy / Economics / Re: Does China exactly ban bitcoin? on: August 13, 2014, 05:09:04 AM
Stopping all their banking institution from offering services to bitcoin exchange and broker is essentially same as a "soft" ban.

This is essentially what China has done to bitcoin. It would he nearly impossible to ban bitcoin trade because of TOR and because BTC nodes are coming online and going offline all the time and it would be nearly impossible to keep an up to date list of them all.

Would be possible forbid all bitcoin related business, and make all cryptos passible with immediate confiscation, and make all money made with cryptos illegal money. This is not close to happens in China
No, this would not be possible. It would be much too difficult to police businesses at this level. It would also be too easy to move money around, away from the crypto part of a business.
262  Economy / Economics / Re: If it is only buying and selling on exchanges, how do you think they are profita on: August 13, 2014, 05:07:22 AM
Most of the exchanges make money through transaction fees, which can be pretty big.
and even the difference between buying and selling.

you are thinking about service provider, not exchanges...
Some exchanges do use their own money to trade bitcoin; it is rumored that chinese exchanges do this a lot. He is however correct to say that exchanges to primarily make their money from trading fees.
263  Economy / Economics / Re: How profitable are exchanges? on: August 13, 2014, 05:05:58 AM
Altcoin exchanges are very very profitable for the people running it, because after 4-8 months, they get "hacked" and shut down. No questions asked :p
I don't think this so much has to do with the profitability of the exchanges but rather the amount of coins stored on these types of exchanges. I think a lot of people like to trade altcoins in a "day trading" fashion and as a result keep their coins on the exchanges. This results there being more coins on the exchange then there really should be.

Still, even if only a 1/3 or so of the coins normally stored on an exchange would be there, they still would be "hacked" and it would still be profitable enough for those guys to run the "Long-cons".

Do you think the altcoin exchanges failing is merely the operators running away with the coins? I would doubt this as the exchange itself would likely have some level of value and could likely be sold for amounts greater then what would be stolen (less what it would take to disassociate the stolen coins - the mixer fees).

Yes, because most exchanges that get "hacked" are experiencing falling levels of trading activity right before.

Conspiracy: Mintpal was hacked, they got the BTC + were able to sell it and the buyer covered the losses. Nice job, eh? ^^
IDK. I do not usually wear tinfoil hats so I am one to believe it was not an inside job. The buyer obviously though the price they paid was worth it, otherwise they would not have purchased the exchange. If the exchange had not been hacked and the buyer didn't have to cover the losses then the exchange could likely have asked for a higher price.

It was more of a joke, yes. Still many exchanges think they can get away with stealing and then closing shop. and most, sadly, do
When they steal large amounts it is possible to track the theft through the blockchain as mixers are not setup to handle extremely large amounts. Additionally the vast majority of exchanges have some level of information about their owners public so if they were to steal then they would already be doxed.
264  Economy / Economics / Re: UK 10yr plan for BTC on: August 13, 2014, 05:03:50 AM
Do all governments think regulation is their primary job? Cheesy
The bitcoin economy seems to have developed pretty well without (or because of) the government not intervening.


Gov regulation will happen, the mainstream wont use bitcoin without it so as long as its "reasonable" regulation we all get rich and have extra resources to create bitcoin 2.0 to move the goal posts further.
I agree. Mild government regulation will likely cause bitcoin to get an additional amount of legitimacy and will cause increased levels of adoption.
Depend what level of regulation is imposed to BTC? If taxed a lot, it would be a burden for the development of btc.
I had specified that mild regulation would be necessary. Additionally regulation and taxation are two separate issues. In the US at least it would be very difficult to impose any taxes on bitcoin that do not have the same type of tax for a fiat based transaction. If this would be imposed then the taxing authority would run into equal protection constitutionality issues.
265  Alternate cryptocurrencies / Altcoin Discussion / Re: What is future of litecoin? on: August 13, 2014, 04:59:43 AM
In 6 months, Litecoin's prices will have recovered greatly and I'll have doubled or tripled (or more).

I hope your right, but given one year history of the Litecoin price, the trend does not look good at all. The same can be say about others old altcoins. I guess not enought demand here  Huh

If you at all believe that LTC will turn around in the long term, the price is an absolute blue light special right now.   It is like a clearance sale!
I think there is a good reason why the value of LTC has decreased so much recently in terms of BTC. One reason is because so many other alts have been created recently that are very similar to LTC with minor differences. This allows people to see how little value altcoins really have (they are really no different then BTC). I think another reason is the advent of scrypt based ASICs. If people make huge investments into these ASICs then they will likely want to convert at least a portion of what they mined to fiat in an attempt to ROI when previously they would mine with existing equipment they already had (or would buy GPUs that depreciate less then ASICs - they have other uses).
266  Bitcoin / Wallet software / Re: New iOS wallet called Bither supporting both online and offline use on: August 13, 2014, 04:47:32 AM
IDK if I would feel comfortable using a mobile device as a cold wallet. I think simply speaking mobile devices are too volatile and susceptible to crashing to be good enough to serve as a cold wallet. From what I can see from the OP it looks like if the screen of your cold wallet were to be cracked to the point that a camera cannot read a QR code displayed on it then you would not be able to sign transactions with it (I guess you could technically sign them, but you would have no way of getting the TX onto the network without connecting it to the internet). Another concern is how frequent it is that people will steal phones, and the number of reasons people have to steal your phone. If someone were to steal your cold wallet phone then you would essentially lose your private keys, regardless if the thief is able to steal your money or not.

Actually mobile devices like iPhone or Android phones are not too easy to crash. The manufactures like Apple, Samsung, Moto are following higher industry standards to provide stable devices for people's daily use. Also because you should keep your Bither Cold Wallet phone in much safer environments, for example in your home but not in your pocket, it will be much safer.

Bither Cold also supports two kinds of backups:
1. You can easily clone the Cold Wallet private keys on a new phone, the only thing you need to do is scan the clone QR Codes.
2. With many Android phones supporting SD cards, you can buy some SD Cards, Bither cold will automatically backup encrypted private keys on SD card.

Bither also support advanced options for private key managements, you can backup the private keys in your own way.

Thanks for your support, Smiley
I said crack not crash. As in the screen getting cracked when you drop it (this is very easy to happen and happens all the time). I think it is a fair point that you would likely keep your phone in a safer environment then a phone you would not use for cold storage, but the risk is still there.
267  Bitcoin / Bitcoin Discussion / Re: Bitcoin can be use by future Mars Inhabitants? on: August 13, 2014, 04:44:14 AM
Some day in the future we will have human settlements in Mars can they use bitcoin?

The short answer would be, "Yes." The long answer is that there are already some cryptocurrency users who have thought of this, including the Marscoin Foundation. Interplanetary traders are probably going to insist on taking cryptocurrencies as payment for the sake of convenience and complete lack of patience with Earth-bound banks who want a slice of the pie that they haven't earned. It wouldn't be a long shot to say that those interplanetary traders could be backed by economic strategists who have gotten sick of Earth's insistence on using systems that were outdated before we ever had permanent settlements on Mars.
I don't think this would actually work very well. It can take several minutes for radio waves to travel from earth to Mars and during this time it would be possible that coins could be double spent. If we were to ever colonize on another planet I don't think that interplant commerce would really be possible due to the costs associated with traveling between earth and any other planet. 

If you're talking about the buying and selling low priced items on the level of my teapot, you'd probably be right. However, it's estimated that some medium-sized asteroids could be worth trillions of dollars in terms of the rare-Earth elements and platinum group metals that could be mined from them. It's estimated that the Philippines could make $30 billion a year from its deuterium deposits in this era in which nuclear power hasn't really caught on much (source: this article) Imagine how much Martians could make just by being the solar system's shipyard. We'll find a way to make interplanetary trade work.
The future prices of these elements would likely fall as large amounts of these elements are sold on the market, as any amount of minerals mined on an astroid would likely be significant.

Fair point, but I imagine that the human population will have doubled and tripled and doubled again by the time it even becomes a factor. And these are all people who will be wanting jewelery made of metals mined in the asteroid belt. And it's not like mining companies will be dumping it on the market all at once. It takes time to extract that much material and, in that time, many wedding rings can be lost in the ocean, necklaces get broken, some of it might become valuable heirlooms to be kept in boxes, stuff happens.
It is true that it takes time for mining companies to mine these elements, however the cost of transporting them from the astroid back to earth would be large so they would want to make as few trips as possible, so they would likely send the mined elements back in large batches. Once the elements are back on earth they would have no reason not to attempt to sell all of what they have. You are right in that there is a chance that demand for these elements would increase but I would personally doubt they would increase by an equal amount that the supply would increase by.
268  Bitcoin / Bitcoin Discussion / Re: Do you think Satoshi will ever spend his bitcoins? on: August 13, 2014, 04:39:15 AM
Imagine if he splits all of his bitcoins evenly into everyone on this forum's bitcoin address if they filled it in.
That would be awesome but it would probably crash the price.

Well, no need for imagining that because it will never happen. Although it would be so f*cking cool Cheesy
I really don't see why he would do that either. There are many users of bitcoin that have never even heard of this forum, and a lot of users do not have a BTC address on their profile. If he were to give away his BTC then it would be much more likely that it would be to a good cause that he supports (the coins would likely be given over time).
269  Bitcoin / Bitcoin Discussion / Re: Retail adoption hurts bitcoin price it doesn't help it and here's why on: August 13, 2014, 04:36:38 AM
When a big company or even a little shop starts to accept bitcoin people start to get excited and think this adoption will result in the bitcoin price shooting up. Well I'm here to tell you the exact opposite is what actually happens. If a store or big company accepts bitcoin that's all fine and great but they're not holding on to it they're immediately dumping it in most cases and this will just result in the price getting lower. Places that keep the Bitcoin they get are keeping the price higher but they are a minority most just instantly dump upon receival of the bitcoin. We don't need to just get stores to accept bitcoin we need to show them the true value of it and why they should even themselves use it as a currency and not just dump it as some worthless commodity which some believe it to be. If we do this we will see a real increase in price.

You really think? i believe there are a lot of companies who are interested in Bitcoin and do want to be part of it, and thus keep their BTC in  some wallet and hope the price goes up even further! Even that Overstock boss is a big fan of BTC now and telling everyone how great it is!
I don't think that companies will necessarily keep bitcon as an investment (most companies do not tend to speculate on things unrelated to their business) but rather as a way to potentially pay their employees, suppliers and vendors in the future. Paying the above people this way would likely be cheaper then paying in fiat in many cases.
270  Economy / Speculation / Re: The only reason Bitcoin is more valuable then other altcoins on: August 13, 2014, 04:23:41 AM
The only reason Bitcoin is more valuable then other altcoins is first mover advantage. It's the truth if you compare bitcoin to a lot of alt coins on the technical side Bitcoin is lacking heavily. If the Protocol was updated to do something more like a lot of altcoins do I feel this is what would truly make the Bitcoin price sky rocket.

Like what does this even mean? ^^   what does it lack ? All the other alt coins are basically scams.

If that's the case then why do you have this in your signature?: BTCinstant.com - BUY GiftCards with AltCoins!

Lol so much irony.

Because someone paid him. You could pay me to use altcoins. Otherwise, I'm not interested in any current altcoin as a serious alternative to bitcoin.

The only reason altcoins have any value > 0 is BECAUSE bitcoin came first.


If another altcoin were to have come before bitcoin then it would likely have value as well. I think the majority of the coins that have some level of value have value because of speculators.
271  Bitcoin / Bitcoin Discussion / Re: Wife is pregnant, how to incorporate bitcoin into the process? on: August 13, 2014, 04:19:50 AM
Try investing in Actual Money and start an Actual Money trust fund to pay for some education, there are specific funds available with special percentage rates soley for education based funds, don't waste your money on butts, you have no idea what will happen with bitcoin or any other crypto in the next 18 years, nor does anyone else, and anyone who says otherwise is a flat out fucking liar, a deranged fucking idiot, or both.

I do not have money issues. I can easily afford to send a child to college now, this moment. The question is, how do you integrate bitcoin into something as specific and delicate as pregnancy. I'd like this to be a great milestone for bitcoin as I've, and not many people have, had the chance to ask this question.

The answer is DON'T it has no place there, its just a commodity confused as money, thats it, its not a medical service, its not a milestone at all...

So a bitcoin accepting doctor wouldn't be a milestone for bitcoin? This isn't my intentions, but you seem quite biased against bitcoin in general, not just this circumstance. Using your logic we could say bitcoin has no place in food service, hardware, software, alpaca socks sales, and everything/anything else...

i think normally you pay the hospital and the hospital pays the doctor, and when you pay the hospital its
through insurance company, so its not that simple
I understand this, and it's still not the point.
I think the point is that consumers do not usually pay the hospital/doctor directly, but rather they are paid by the insurance company. If a hospital were to accept bitcoin for payment and all their patients paid the entire amount they owe in bitcoin the hospital's revenue will still be primarily be fiat from the insurance company.
272  Bitcoin / Bitcoin Discussion / Re: So Apple is letting Bitcoin back in. on: August 13, 2014, 04:17:36 AM
I've already left apple for this sole reason. I have now realised how much better android is, although it is extremely insecure, as one bad apk downloaded means all your wallet passwords would be stolen and used. Thats why I don't keep any more than 0.01 on my phone wallet at any time. I use xapo.com's vault for long-term storage.
It sounds a lot like you are making the argument to stay with apple. If android phones are insecure then why use them? Your BTC is only one of many things that could get stolen if an attacker were to gain access to your phone (sensitive information on your phone like text messages, banking information, pictures, your geo-location, potentially your identity).
273  Bitcoin / Bitcoin Discussion / Re: How to keep your bitcoins secure if you suddenly disappear (jail or prison) on: August 13, 2014, 04:14:13 AM
I think the best solution to this is to store a backup of your wallet in a cloud based storage service that is not associated with your identity (just make sure to properly encrypt the file and to make the process to decrypt the file one that can be done with a password that you can memorize). You would likely want to make sure that your storage service is paid for at least 2x the max amount of time you would expect to be gone for.

If you store your keys in any other way, then you face the possibility that your keys will be seized if/when you are arrested. Even if law enforcement cannot use the keys to send funds (they are properly encrypted) they can still keep them from you, making it a moot point that they can't spend the coins.

If you give your keys to a trusted group of people (via multisig or otherwise) you would face the possibility that law enforcement could seize the keys from them (or they could give them up voluntarily if threatened by law enforcement).  
274  Economy / Trading Discussion / Re: How to Grow BTC Without take a BIG RISK ? on: August 13, 2014, 03:40:06 AM
My best suggestion would be to head over to btcjam and loan at high amounts over there. You can make easy bank there.

terrible advice.
If you properly diversify your loans then this will likely work great (you also need to use common sense to weed probably scammers). BTCJam works very similar to prosper in that they both offer loans funded in very similar ways; they do have differences in how loan collection is done and the legal structure of the loans. Prosper has published research saying that if you invest in at least 100 prosper loans that historically speaking you would have had positive returns (note - this is done by credit ratings, not individual loans).
275  Bitcoin / Legal / Re: The blockchain breaks the privacy laws (?) on: August 13, 2014, 03:34:04 AM
I believe that the blockchain breaks the privacy laws. Do you agree?

If bitcointalk.org does not violate privacy laws by publishing your comments, the blockchain does not violate privacy laws by publishing your transaction.  Cheesy
This actually is a very good point, and a good way of looking at it. When you broadcast a transaction you are publicly broadcasting your TX for anyone and everyone to see. 

Thanks! If you are really looking for privacy, there are so many other options for you to explore.
Bitcoin really does give you a sufficient amount of privacy for the "average joe" it is just that every transaction is public (this is the OP's concern). For most people, it is very difficult to link your identity to any specific transaction, and any one of your transactions to another one of your transactions (if you use change addresses properly).
276  Bitcoin / Bitcoin Discussion / Re: Quantum Computer. on: August 12, 2014, 11:42:07 PM
If quantum computers really going to exist, we will need to update our crypto protocols to stronger ones(SHA-1024)?

But the same crypto technology still can be used, so we will only need some adaptation after the panic wave

They already exist at about $10 million per unit. The CIA and Bezos are invested heavily in the only company making them. A Canadian Company: http://www.dwavesys.com/
ASICs will always be much more efficient then any quantum computer will be. Since quantum computers can likely do many tasks it will be less efficient then a machine that can do one task only.
277  Bitcoin / Bitcoin Discussion / Re: Fee deducted from the transferred amount. Insane. on: August 12, 2014, 11:39:53 PM
I see a lot of sites that when you try to withdraw your bitcoin they deduct the fee and make you pay it. I guess someone has to pay it so if you're selling something you should make clear who has to "eat" the fee.
It is not necessary to make clear who has to "eat" the fee. Everybody knows that transferror does and nobody argues that (except weird Mobius). The problem only in BTC-e that they confusingly deduct fee from transferred amount instead charging on top of that (how all other adequate wallets do).
I would disagree that "everyone" knows that the buyer/sender pays the fee. With most fiat baed payment systems it works the opposite. If you know a little bit about bitcoin then you know the sender pays the fee, but everyone who has bitcoin may not know very much about bitcoin, nor how it works. When you buy something on a website that uses coinbase then coinbase will make it very clear the buyer is responsible for the fee.

I am not saying that the receiver should always "eat" the TX fee, I am saying that if a customer deducts the fee from what they send then receiving $0.06 less then you otherwise would is a very small price to pay to keep the sale moving. If this is something a buyer does multiple times then it would be appropriate to say something to the buyer.
278  Bitcoin / Bitcoin Discussion / Re: Do you think Satoshi will ever spend his bitcoins? on: August 12, 2014, 11:32:05 PM
When that Dorian guy was accused of being Satoshi, apparently the reral satoshi logged on to a website via his old handle and said it wasn't Dorian. Was that ever confirmed as real or was it fake, or could nobody be sure?
It was defiantly an account that was controlled by satoshi prior to bitcointalk.org coming into existence. In theory it could have been hacked but I would find it very unlikely that the account gets hacked the day newsweek goes with their story. Even more unlikely that it would be hacked and not used until then.

I think it would have been pretty cool to see Satoshi donate some of his bitcoin to the fund that was going to newsweek's satoshi.
279  Economy / Services / Re: [DiceBitco.in] [Make the most out of your sig!] Make coins by simply posting! on: August 12, 2014, 11:29:33 PM
No exceptions Smiley No more people will be added till the month ends Smiley

I think most of the people who want to switch are coming from Primedice, which ends right in the middle of the month xD you may want to consider letting people from PD have a chance to switch over sometime.
I think this would be unlikely. If someone wanted to leave PD they could have done so before this campaign filled up. Someone could have given up their earnings from the PD campaign that they earned so far that month in exchange for a higher potential payment per post.
280  Bitcoin / Bitcoin Discussion / Re: Bitcoin a project by the CIA??? on: August 12, 2014, 11:12:35 PM
TOR was created by the Navy with the intention of being used by the government. It needed other people to run and use it in order for the government to be able to use it securely. TOR is not perfect, however neither is any other "method" of privacy.
Well, that makes sense. TOR is not perfect, but prior to the existence of TOR people already knew how to be private. There is now another layer added.
I think that prior to TOR it was very difficult if not impossible to have privacy from a large attacker on the internet. As of when TOR was created the internet was still very new, and a lot of the privacy services did not exist then. You also had many less options to connect to the internet; you were not able to connect via public wifi, at most public places, in a hotel or even via cell phone.
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