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It's early in the game...
But the world will be saturated by math-based currencies 10 years from now...
Issued by Govt, Banks, Corporations, etc.
The incredibly wasteful and bizarre mining "proof of work"...
Will be an anachronism replaced by more sophisticated network "consensus" schemes...
Leaving Bitcoin as a decent Tier Two store of value.
High volume miners are monopolists at heart...
And some of the most arrogant assholes I've ever met in real life.
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Miner's tool is fixed like other models. Have you noticed the cost for mining 1oz Gold(24K)? USD 1,200, one of mining companies said.
Ya man, all the dudes sucking gold off the Bering Sea floor... That paid for offshore leases the Government auctioned... Are totally screwed at $1,200 gold. At least BTC miners have real toilets to crap in (so they say). |
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Winklevoss Twins are running a pump and dump.
I pray this etf thing flops and never gets approved.
All the alt currency attempts (with maybe namecoin as an exception) are really low grade forks, designed as pump and dumps. Shame on us. By now we should have launched a 2.0 cryptocurrency that solved the blockchain bloat problem, and moved to a better more efficient record keeping system. Ya man, the Twins need various exemptions which they are unlikely to get. Many people use radical political philosophies as a Road to Power and Wealth... Even on a small scale = having 1,000 Twitter followers like some 4th string porn starlet. |
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Everything is relative. The blockchain size is very small compared to the number of stars in the universe, and the download time is very short compared to the time it takes to grow an oak tree from an acorn. Ya man, DOS was great... Windows and the internet ruined everything. |
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I barely even use paper anymore with the exception of my ass. You are leaving DNA everywhere. You're methods are unsound. |
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Weird is not a criteria for ETF approval/disapproval.
The "pro" said BTC is really a commodity (I agree)...
But that a "commodity pool" would likely not be approved by SEC or a Futures Exchange.
So you are back to:
(1) Offshore hedge fund like the one in Malta.
(2) A listed company that holds most of it's assets in BTC...
For example, takeover a junior gold miner and put all assets into BTC.
The Winkle Twins probably know their "trust" is a longshot.
Wait, so what would happen if they bought a junior miner? What if they bought an ASIC miner/farm? I'm not familiar with what you mean at all. I'm from Canada where gold, silver mining is BIG... There are probably 100s if not 1000s of dodgy junior gold mining stocks globally... Probably 90% of which are outright scams... They are designed to sell a "Great Story About Finding Gold" to investors... Then pump and dump as much stock as possible to complete morons... While the principals keep paying themselves $200k/year... and keep "looking for gold" eternally. The LAST thing these guys wanna do is actually find gold... Then you gotta build a mine, break a sweat, etc... 90% of the stocks on the late Vancouver Stock Exchange were gold mining scams... Now this exchange is called the Toronto Venture Exchange. So you buy one of these bankrupt junior gold mining companies... Pump some capital into the corporation... and buy BTC... So you have a listed Corporation whose assets are 100% BTC... You can have 10% gold and 10% silver and 80% BTC = nice diversified commodity miner. Or you could do it in London or Ireland, whatever... It's only a matter of time before this becomes common. |
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Until I see the "scanned" document <yawn>.
Certainly government agencies are heavy users of Bitcoin...
If you wanna pay $200 to Abdul to take out Habib...
You are not gonna ship cash to Afghanistan, etc, etc...
You just use Bitcoin from your cubicle in Washington.
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Tech hurtles are too big when cigs and drugs do just fine. Someone should manufacture packs of cigarettes or bars of soap... With a hologram and Bitcoin "private key". |
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^I mean if the SEC was investigating Pirate@40's BTCST scam...why would they have if Bitcoins aren't securities? Wouldn't that prima facie not be in their jurisdiction? I hope someone better versed in security law can weigh in here, i'm just speculating That pro is also assuming Bitcoin is a currency. I argue (along with Germany) that it behaves like a commodity. Besides, a bitcoin ETF wouldn't be the worst thing the SEC approved Herb Greenberg's Weird ETFs RevisitedWeird is not a criteria for ETF approval/disapproval. The "pro" said BTC is really a commodity (I agree)... But that a "commodity pool" would likely not be approved by SEC or a Futures Exchange. So you are back to: (1) Offshore hedge fund like the one in Malta. (2) A listed company that holds most of it's assets in BTC... For example, takeover a junior gold miner and put all assets into BTC. The Winkle Twins probably know their "trust" is a longshot. |
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It will probably NOT be approved by the SEC... In which case they will have to go offshore hedge fund for accredited investors. Discussed by a pro here: [–]etfamigo 5 points 4 months ago So hey. I structure ETFs for a very large company. A couple of three things: 1) The biggest issue you're going to run into is related to the concept of exemptive relief- that is, ETC (formerly a company called Faithshares, kind of funny) does not have the requisite permission from the SEC to launch non-index based products. Don't worry about making a bitcoin index, the SEC will only allow securities-based indices. Bitcoins, like all currencies, are not actually securities. 2) The best route for you would be a commodity pool built through the 19b-4 process, whereby you partner with an exchange to request permission from the SEC. Best case scenario this will take at least six months to get through, but honestly, you would not get through. 3) Seed is the last thing you should worry about. Lead market makers/IBs will put this up, provided you have (very) strong relationships with them. 4) Ok, serious here. The biggest issue is the lack of arbitragibility (not a word, but bear with me) between the ETF and the underlying bitcoins. This market is pathetically small and insanely illiquid. It simply is not a mature enough space to package into a product. PM me if you have questions. http://www.reddit.com/r/Bitcoin/comments/19hxuv/bitcoin_etf/ |
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So.. is Ripple digital Fiat? What to they get from exchanching all the currencies?
No, Ripple isn't actually intended to be a currency unto itself. XRP is designed to work as payment for a transaction on the Ripple network. Yeah, I heard the postage stamp to prevent spam speech. The whole "postage stamp" metaphor was flawed and outdated... It was meant to explain something very complicated to idiots. You are obviously months behind on the news... so, tell us what's new in Jan 2013? |
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Isn't Ripple a centralized exchange that can get blocked by the US government, just like Mt. Gox?
You have to view Ripple as 3 levels: (1) A fast global payment network (10 second ledger blocks). - it will be decentralized once Critical Mass is enough to open source (2) Built-in exchanges for ALL currencies and Custom Currencies... Now linked directly to Bitcoin network. - plus anyone can create custom securities = killer app - plus anyone can run an exchange = killer app (3) XRP = internal currency = brilliant idea to make #2 work It's not about XRP, it's about #1 and #2 = Good For Bitcoin |
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And I bet only a tiny % of the average silver investor would consider Bitcoin because they are old school hard asset people. This. PM and BTC enthusiasts should be Fellow Travellers... But because PM investors are Old School "I wanna feel the weight in my hand" types... There is actual hostility towards Bitcoin over there... Just read the comments at ZH. |
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I'm afraid I've lost my faith in Bitcoin. Somebody save me.. You should consider moving to Canada. |
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But is this going to be a problem? No. Not for Bitcoin. BTC will go back to obscurity and stay where it is. Not likely. FINCEN only has 300 employees... Of which maybe 3 are working on virtual currencies. This is all about to change FAST... When Obama will double the FINCEN workforce with a stroke of a pen. Once they have detailed lists of Early Adoptors hoarding BTC... They will pick a few high profile targets from BitCoinTalk... And heavily armed SWAT teams will descend on your humble abode... You will be perp-walked in front of your neighbors in handcuffs... While the nice, sexy TV reporter talks about terrorism, money laundering, and porn. Let's say you have 5,000 BTC worth $500,000 (and who doesn't, baby)... But have not been filing Tax Returns and just chilling like Satoshi... Well, the fine is confiscation, up to 300% in additional fines, plus some quality Club Fed time. So, theoretically, when our First Adopter friend gets out of the joint... He will owe the US Govt $1,500,000... Less $231 that friend-o earned working in the Prison Library at $0.11/hour... So our First Adopter buddy will owe the US Govt only $1,499,769 plus interest... Certainly not enough to rat on his business associates and cut a deal. |
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No. A distributed exchange most likely will not work.
Bitcoin was designed from day one to be distributed... your bank account wasn't. I don't think you'll find many people willing to upload their bank account info, credit card or traditional form of payment to a distributed system. Fiat in Bank Accounts is not meant to be P2P distributed... Meaning random people sending random SMALL amounts to strangers' accounts... Based on a some network algorithm they trust. In fact, doing something like this is probably MORE illegal... Than just running a Bitcoin exchange... One could make the case it falls under Racketeering and the RICO statutes. I'm not aware there is anything illegal about using a bank to make private transactions. In fact, the banks do enjoy the fees. The law in about INTENT. What it is you are intending to do. And LE is not stupid. They've seen every kind of smartass. Forming an organized group where the INTENT is to circumvent Financial Regulations... Is far more serious than running a public exchange with reasonable compliance like CampBX. |
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Right now Ripple's only banking interface is Bitstamp with it's Slovenian bank... And Bitstamp's roughly $500,000 in capital on Ripple is the vast majority. Ripple CEO Chris Larsen was shut down by the SEC in 2009 with Prosper... I'll bet he learned a lot from that experience. Essentially, it's a race against time to gain critical mass before the Feds close in. Though OpenCoin is very tight-lipped about basically everything... They MUST be all lawyered up and have a very specific plan... My sense is these guys are always thinking 3 or 4 moves ahead... Which is the main reason several name Venture Capital groups have invested. OpenCoin has made it clear that large Gateways will be MSBs and possibly banks... My guess is that they will buy an offshore bank somewhere to anchor things. https://ripple.com/forum/viewtopic.php?f=1&t=3164&hilit=larsen |
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Exactly... this is right out of the Nazi/Soviet Playbook.
The nice lady mentioned "exploitation of children" at least 4 separate times...
When Bitcoin has absolutely nothing to do with such evil.
US Govt: "Do whatever we say no matter how Draconian... or you favor "exploitation of children".
To be fair, it seems the event at which the speech was made was sponsored by the International Centre for Missing & Exploited Children (see second sentence of the speech) so of course she was tying this in to that theme. You act like this was a coincidence... the entire speech was carefully staged. As long as BTC is centered in Silicon Valley, USA... With people like Gavin running the show... Bitcoin is well on it's way to being neutered beyond recognition... No wonder Satoshi quit and disappeared.  |
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