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The market reaction to the DHS seizure of MtGox funds clearly speaks counter to the premise of the Forbes article: There basically was none, unless you count a knee-jerk 15% drop followed by an almost immediate recovery.
It appears that bitcoin's momentum can no longer be stopped - or even significantly slowed - by the action of a single agency of any single government, no matter how dramatic it was intended to be by the agency involved. Make no mistake, it was intended as a warning shot. The very fact that DHS was involved seems like intentional over-reach meant to insinuate some underlying nefarious activity.
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Yes, this is definitely big news. The WebMoney currency exchange order books are already filling up with WMX orders. The currency exchange features and easy, low cost BTC funding/withdrawal could put WebMoney in a new position to compete directly in many of Paypal's current markets. For example, very few US businesses would hassle with international wire transfers to/from a Russian bank account, but USD payments received to WebMoney (at substantially lower rates/lower risk than Paypal) could easlily be taken out as BTC with no international banking required. Interestingly, they have choosen to use a new "WMX" currency designator defined to be 0.001 BTC (i.e. 1000 WMX = 1 BTC) and use 3rd party to hold and transfer the actual BTC amounts as described on their site, below: WMX funding/withdrawal gateway
The service of keeping and transferring your BITCOIN ownership rights is provided by INDX Transactions LTD, the WMX Underwriter. The terms of service providing are set forth in the Agreement (Agreement on Property Rights Keeping), accepted by WebMoney Transfer system users upon creating X-purses. Your BTC ownership rights being kept are verified by depositing the corresponding amount of WMX (warehouse's receipts) on your X-purse. The Underwriter has set rates: 0.001BTC = 1 WMX.
Depositing WMX to your purse is executed by The Underwriter only after receiving over 6(six) bitcoin.org peer-to-peer network database verifications of your BTC transaction to the address provided by The Underwriter.
The Underwriter accepts any amounts of BTC for keeping, but depositing WMX to your purse is executed only for the amounts exceeding 0.0001 BTC.
Withdrawing BTC is possible only for the amounts exceeding equivalent of 1.00 WMX. The Underwriter’s withdrawal fee is 0.0005 BTC (paid by The Underwriter upon making a transaction). This may put Paypal one step closer to adding BTC as an additional transaction currency. It would almost seem inevitable at this point. |
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That seems to be the real news about the DHS seizure of MtGox funds: The market has reacted with a collective "whatever".
With the other news this week coming out of Russia (WebMoney), China (increasing national TV/press coverage) and the US (investments by Fred Wilson, Paypal cofounder Peter Thiel and many, many others), bitcoin's momentum has clearly moved into new territory. Any action by the US feds would have devastated bitcoin just a few months ago, but the genie's clearly well out of the bottle now.
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Anyone else who hasn't soiled their pants but reads this as "Bitcoin just got a bit harder to buy"?
Maybe the most surprising in all of this is the resilience bitcoin has shown to this event. The market reacted only briefly with a ~20% drop, but has already mostly recovered. |
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Does anyone know, with a good degree of certainty (not guesses), if this has anything to do with Vesseness and their lawsuit?
There may be more to this story. Remember, MtGox supposedly agreed to move/transfer all US client accounts to US-based Coinlab - but for some reason they chose not to - even when facing a $75M lawsuit. Why? Would things have played out differently if they had? Possibly. (just a guess) |
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Well, this would suggest that bitcoin isn't just another tentacle of a larger surveillance project like trapwire ... or then again this could just be for plausible deniability.
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the screeching madness of the mob associated with fiat monies ...  The Eternal September of Bitcoin is here.  Quite ... maybe a market opportunity for a more discerning forum exists ... like say anyone with a bitcointalk.org post pre-first reward halving? Arrrrrr.. best be careful what we're discerning . . many of us remember the pre-halving 'bad old days' of bitcoin when miners were gullible and pirates and their 'pass-through' accomplices lurked everywhere. "The Tyranny Test" is brilliant. Begs the question why state-controlled media in China is running largely positive bitcoin stories, while the ECB identified bitcoin as a "potential threat" as early as last fall. |
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lol. Never take advice from a youtube commentator with a world map and an artist's rendering of the planet Nibiru on his ceiling  |
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What kind of bullshit is this? Are they set up to send and receive Bitcoin deposits? Or is this purely "paper Bitcoin?" (i.e. notional). Is everything cash settled or can you withdraw Bitcoins after a purchase?
It's just a virtual trade of a virtual currency, or a virtual virtual instrument. So: If you place a bet on Betsofbitcoin on whether or not they'll keep this BTC/USD CFD, you'd be making a virtual wager with a virtual currency on a virtual financial instrument based on a virtual currency. In other words, similar to the business model of JP Morgan and most of the other market makers, just on a smaller scale.  |
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Warren Buffet has commented on bitcoin? Come a long way. What are the odds Obama says "Bitcoin" by the end of the year? I'm sure he would be pro-bitcoin and glad of all the wealth created because of it  Sure as in: "And Bitcoin? No Satoshi - you didn't build that!" |
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This means nothing in the long term but is an excellent buying oportunity right now.
Quite honestly, it was unclear from the beginning why Coinlab even needed a deal with Mt. Gox when a huge portion of the Mt. Gox base would gladly jump ship to a venture-backed US-based exchange if the opportunity presented itself.
Hopefully Coinlab will spend their money on building what everyone wants instead of wasting it on a protracted legal battle with a foreign entity where the possibility of collecting damages is minimal at best.
Coinlab needs more coders, and fewer lawyers!
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"There will be haircuts" ...so that buzzing sound in the distance isn't the economic recovery getting closer? - but CNN just said everything's fine and the dow was going to break 15000 today |
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[Paypal's] Ferguson also sounded a skeptical note. “What problem is Bitcoin trying to fix? There’s no clear answer.” From an online vendor's standpoint, the answer is pretty clear: Paypal is the problem that bitcoin is going to fix! Paypal has recently suggested that they may adopt bitcoin as a funding method, this seems quite likely. Unfortunately, that won't change anything from a vendor's standpoint since Paypal would receive the advantages of bitcoin payments, while vendors would stlll be stuck with the fees and random fraud/chargebacks associated with Paypal payments. |
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http://www.businessinsider.com/how-to-be-in-business-forever-week-four-2012-10So in thinking about how to create a sustainable Bitcoin Bank, I focused on a few key things:
1) keep the operating costs super low except in areas where there is a unique and important consumer value proposition
2) make it easy to access the bank and your balances within the context of low operating costs
3) keep the fees charged to customers as low as possible
4) allow third parties to build busineses on top of our business hmm... that sounds pretty much exactly like Coinbase.com as it exists today: 1) Probably low, since they can operate on a 1% fee for conversion in/out of USD 2) ACH transfer to/from any US bank account 3) 1% USD-BTC conversion fee. Free BTC in/out, free BTC transfer to any other Coinbase user 4) Free API for 3rd party platform integration Regarding BTC lending: Maybe in a few years when things stabilize, but no traditional lending model is remotely viable with current rate exchange flutuations. What could you charge in interest? Let's see... maybe 7%/week?... Anyone remember BTCST? lol.  Or how about 0%? Anyone ever get their 'investment' back from the sharia-based Islamic Bank of Bitcoin? (yes, there actually was one) |
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Litecoin tries so hard to be the next bitcoin, but seems destined to remain the chuck-e-cheese token of cryptocurrency.
Edit:
Disclosure: This commentor holds a quantity of chuck-e-cheese tokens.
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Not doubting that the math is okay... just pointing out that it's a "How many angels can dance on the head of a pin?" argument anyway: If it takes one year or a hundred years at 35% or 50% hash rate or whatever - it can never realistically happen. |
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My vote is for the latter. No one seriously believes a 51% attack is a realistic possibility at the current hash rate. Especially with the ASICS coming online. it could only result from the hostile takeover of more than one mining pool simultaneously, or the clandestine development and launch of some new ASICs orders of magnitude faster than the current chips. Anything like that would probably be detected/shut down in close to real time. The video makes the ridiculous assumption that nobody would notice a 51% attack, giving it plenty of time to succeed. Just another litecoiner's fantasy |
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Nice graphics / futuristic effects - but could use some fact-checking/updating:
- Pleeeeez no more mention of the defunct / never-released Canadian MintChip (unless it's a Ben & Jerry's press release)
- Should be 25 btc mining reward (since Nov.)
- 70 USD/BTC was very short-lived
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