800 BTC hardly seems enough for an exit scam. Localbitcoins has been going for years, sounds like a legit tech issue, or at worst a hack, but exit scam no way doesn't make sense.
The 802 Bitcoins is just their hot wallet. They may have a cold wallet with addresses that aren't well known. Let's hope it is in-fact a bug or something. What's concerning is that the support has not yet posted anything about it, not on that thread or on twitter. !/general-discussion:error-sending-out-bitcoins Thomas.LocalbitcoinsAdmin 2hrs ago General discussion Error Sending Out Bitcoins Our apologies. The developers are working on it – and while we do not have an ETA – please be assured that balances are safe and we'll do our best to get this fixed ASAP. Sorry for any inconvenience this is causing users Only problem with that is that the hot wallet was emptied yesterday: https://blockchain.info/tx/aaa64e2f1730fbf400df9cca30efbabf8b1dc437a6b00e516edefe4eb7bcc4f1287 confirmations already. Edit: By yesterday I mean on 4/24/15. |
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800 BTC hardly seems enough for an exit scam. Localbitcoins has been going for years, sounds like a legit tech issue, or at worst a hack, but exit scam no way doesn't make sense.
The 802 Bitcoins is just their hot wallet. They may have a cold wallet with addresses that aren't well known. |
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You can take money out at any time, but depending on what country you're from the gains are taxable. Betterment fees are actually really high for low balance accounts (over 3% if I remember correctly) and it will destroy your long term gains.
A better alternative to betterment is Acorns, it rounds up your purchases and puts the "change" in the account. Fee is only $1 a month (plus a small % for larger accounts). If you don't want the "change" to be invested just link it to a card you don't use and then just use the deposit feature to add your $50/month in it.
An even better option (if/when you can afford it) is to open an IRA with a company (Vanguard for example) and make monthly deposits in it, inside the Roth IRA the gains aren't taxed when you withdrawal it in retirement, but if you withdrawal early you will pay a tax. And with the Roth IRA and your low income you actually get a small tax break by depositing money in it (I know a lot of people will come out of the woodworks and say "hey you only get tax breaks with Traditional IRA's!!!!", but check out Tax form 8880 before you criticize).
A retirement plan should be scheduled, IE "I will invest x dollars per month no matter what the market looks like". This is called dollar cost averaging and will help you the most in the long run.
If you think a big market crash/correction is going to happen soon just save the x dolllars/month right now and then start putting the money into the market in October of 2015, if a market crash happens in 2016 just keep investing your scheduled x dollars/month and consider yourself lucky for getting more shares per dollar.
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This is just one reason why we must educated people to 100% stay away from ripple and stick with Bitcoin. The Ripple payment network is facing criticism this week over revelations about the fungibility of its assets. It’s come to light that Ripple gateways — the onramps and offramps of the network — have the ability to “freeze” user funds at will. Furthermore, Ripple Labs has already used its influence to convince Bitstamp, a prominent gateway and exchange, to freeze $1 million worth of funds belonging to Ripple’s departed founder Jed McCaleb Gateways have two methods of freezing funds, each intended for different scenarios. The first is dubbed a “global freeze.” This would cease all trading activity of every IOU issued by that gateway across the board. The global freeze is intended for cases when the gateway’s wallets have been compromised, or when it wants to migrate users to a new issuing account, according to a bulletin by Ripple Labs.
The second method is more targeted. The “individual account freeze” enables the gateway to cease all trading of one person’s funds, preventing them from sending the IOU’s to another person or gateway on the Ripple network. This method is intended for users with “suspicious or unusual account activity,” users who have violated the gateway’s terms of service, or in the case of a dispute resolution being handled by a third party.
http://bitcoinist.net/not-decentralized-ripple-freezes-1m-user-funds/ |
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The theory of induced technological change suggests it will happen.
Technological change (TC) is a term that is used to describe the overall process of invention, innovation and diffusion of technology or processes.[1][2] The term is synonymous with technological development, technological achievement, and technological progress. In essence technological change is the invention of technologies (including processes) and their commercialization via research and development (producing emerging technologies), the continual improvement of technologies (in which they often become less expensive), and the diffusion of technologies throughout industry or society (which sometimes involves disruption and convergence). In short, technological change is based on both better and more technology. I learned something new today, thanks! |
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*Please note the axes are mislabeled. The left y-axis is 1/log difficulty and the right y-axis is log J/GH  People have been pondering whether cost of production matters in bitcoin value formation. And it certainly does: http://papers.ssrn.com/abstract=2580904 But the rebuttal is well this may be the case now but it wasn't before. This post will try to give a reason why. And this is aside from the fact that there was rampant price manipulation and fraudulent trading in 2013 bringing the price well above $1,000 for no fundamental reason. Economics would predict that marginal cost and marginal product, like supply and demand, will eventually converge to an equilibrium, and we see that during much of 2014 as ASIC tech kept pace with network growth in the graph above. But I am getting ahead of myself. Whenever the orange line (energy efficiency) is above the blue line (difficulty), changes in difficulty are exceeding changes in efficiency and vice versa. So right now, difficulty is outpacing tech. progress. When ASIC first introduced, technology outpaced network growth (difficulty is a direct measure of network size) So put one last way - the purple shaded area exists when the network growth is outpacing technological change. The data on GPU mining is admittedly not complete having just one representative data point, but I think that it nonetheless tells the same story. Green areas exist when technological change is outpacing network growth. When they line up, the "supply and demand" is in equilibrium.. This also tells a nice economic story: In the beginning, people mined with CPUs and all was well. GPU mining came along and only served to crowd out CPU miners by growing the network exponentially. But since GPU cards are not developed with the express purpose of mining - they are made mainly for computer graphics - they were not induced to improve. GPUs just happened to be better than CPUs. It's like mining for gold with a shoe because it happens to be better than a sock. Also, since CPUs and GPUs run inside a PC which is normally left powered on anyhow, the electricity usage extracted for mining was less obvious than it is now. CPUs and GPUs also consume electricity to do other fun things like run spreadsheets and render video game worlds. GPU mining also started to crowd out lesser GPUs. We see this as the difficulty chart starts to level out a bit in 2012. This all changed with ASICs - specifically designed to mine. The shoe was replaced by a shovel. The shovel then turned into a steam shovel and then a modern-day mining operation. It is only with ASICs that the economics begin to line up because the induced technological change is making for better shovels and not finding something better than shoe which also not a shovel. It is easy to find a new low-cost producer of shovels by improving upon the last. Economic theory works when diggers use shovels and falls apart when they dig with shoes and socks. This is why shovels needed to be brought to bear for economic theory to show up in practice. Of course, this implies that Bitcoins are commodities produced in a competitive market, but that's fine by me! Right now we are reaching a point where network growth is outpacing technological change, and the logical step will be for new 22 or 18nm technology to come online. Hashcoins Uranus is a machine that claims 0.26 J/GH efficiency but it might just be vaporware for now... That is an interesting hypothesis, however I do not agree with your conclusion that "the logical step will be for new 22 or 18nm technology to come online". New technology doesn't just research, develop and manufacture itself into existence, even though it does provide incentive to do so (if there is demand for the product). With Bitcoin price decreasing and network difficulty going up a more logical conclusion would need to be looking at what happens to the mining power or price per bitcoin in the near term *if* new technology does not come out to change the trend. |
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amazon4u you said you are buying these gift cards locally or over the internet? I might be interested.
I am buying from both...online from long term partners and locally.... Can you share some photos of the actual amazon cards that you bought locally? (Even if they are already used that's okay) |
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amazon4u you said you are buying these gift cards locally or over the internet? I might be interested.
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I could setup this website for you. It would be able to accept Bitcoin as a payment, but I don't work with clams. PM me with your offer.
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Is anyone else noticing a weird exodus of banking employees to Bitcoin companies lately? I wonder if they're seeing the wind change, these guys are pretty mercenary after all.
Question becomes if they are leaving banking companies for the technology that they think will be the ultimate winner in transactions or are these new bitcoin startups simply paying the banking employees more to have them on their own staff to boost their financial merit and appearance. |
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Buy all the bitcoins you can, and you will get rich next week.
I'm already rich (sentimentally).  Who cares about being rich in fiat money? Besides, don't forget: 1BTC=1BTC.  100% of people reading your post. There are plenty of fiat wealthy people around here that are specifically here for a piece of the BTC pie now  |
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It's unfortunate so many bitcoiners are delusional to this "decentralized" hype. 99.999% of people don't get a pile of elephant feces about decentralization. No one cares. As far as they're concerned, big banks are a lot more trustworthy than some anarchist internet nerds.
Do you really think that people will one day wake up and realize how glorious decentralization is and how it will solve all of the world's problems? Please.
If bitcoiners actually thought about things from an objective and realistic perspective, and took steps to ensure bitcoins success, I think bitcoin has a good chance. But if everyone is so delusional, then bank or government crypto is going to completely overtake bitcoin, and bitcoin will either die or just used by a few anarchist/libertarians.
When central bank fiat fails, yes they will. |
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In a recent paper, Donier and Bouchaud found that the market is prone to crash specifically when buy orders are scarce, and estimated how much a typical-size sell order should move the price when matched with such buy orders. Ohhhhhhh is that how it works? Absolutely nothing new or intelligent here  |
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That requires a subscription. Do you have a quick summary? |
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story
That was cute. Thank you for your effort in creating that entertaining story. |
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general public? you call a community of nerds, die hard speculators doing 20 x leverage, libertards, drug lords and scammers general public? no, dude.
The more you speak, the more unpleasant you sound. $260 is resistance. We could fall all the way down to $150 to hit our support line that goes back all the way to April of 2014.
These are rough days for bitcoin price.
Lots more shorters coming out the woodwork! Oh I'm not shorting. I'll just quietly stand by and watch while increasing my holdings. I'll go down with the boat if it sinks |
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$260 is resistance. We could fall all the way down to $150 to hit our support line that goes back all the way to April of 2014.
These are rough days for bitcoin price.
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Thank you for the campaign. I'm going to take a leave for a while and will be leaving the campaign for now. Hopefully I'll be able to return later  |
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