title rechange

a member unsubscribes

resignation makes you think he is employed, which is not the case. also those with morals that are leaving, will just concentrate the immoral that stay, thus it will become more biased towards a more immoral path they take.

my real question. apart from paying a few devs to help secure bitcoin-core. what has the foundation done?
have they attended the latest lobby meeting in which mastercard reps went to?
apart from just explaining what bitcoin is to government bodies have they actually been involved in changing laws to be less draconian?

most videos of official government hearings have just been waffle about how bitcoin is great and has potential, but was very lacking in any actual material/plans of action. to make bitcoin more legally acceptable for common man on the street.

its not a "here is what we will do to make businesses more ethical and approachable so you dont need to whip us"
its more "we are nice people dont whip us, we wont hurt anyone, and we wont also get involved with anyone that hurts others either(ignoring)"

bitcoin spokesmen seem to be more submissive rather than dominant about the law. so i view the foundation as just employers of the bitcoin-core crew and a bunch of time wasting pubic faces that talk alot but do not actually have any goals, plans or achievements.

basically i s this as the history of TBF
launch: membership fee's help half baked commitments of TBF become a reality to help the community

now:  the reality of community membership fee's help TBF be committed to become half baked (sun tanned and stoned)

if the protocol stays as is. then there will be only 21mill coins. however there can also be 'bitcoin debt'

take mtgox. for instance. while karpeles hold and spends real bitcoins, users are left with 800k bitcoin debt


after an ultimate winner of which fork will continue as master. those that have accepted bitcoin from the dead fork will be left with bitcoin debt

also some people think their binary based database balances on exchanges, represent REAL bitcoins. which in a utopian world of audited and transparent exchanges would be true. but at the moment there are many cases that debt can occur.

so be cautious about trading BTC-E codes, offchain transactions, or buying debt off people. as your not trading actual bitcoins, just database balances.

so be careful although there maybe only 21million ACTUAL bitcoins ever made. some businesses and people may trade their 'fake' bitcoins (debt/database balance) which exceeds 21mill

1. Russia did not ban bitcoins. they announced that it should not be used as legal tender
(meaning it WONT replace ruble, for tax purposes and where banks pay out in bitcoin instead of ruble)
ruble will still be there. there was no ruling to stop people exchanging it for private use outside of tax payments, court payments etc. all they said was rubles remain legal tender. and nothing else can be.. this does not affect bitcoins being bought, nor any other currency sch as euro's or dollars

2. america told mastercard / visa not to process retail transactions between russian retailers and russian banks. russia did not give the command

either way bitcoin is still tradable, but russian BANKS wont directly hand people bitcoins. BANKS can only hand people rubles. mch the same as banks handle rubles, and 'bureau de change' outlets handle the other currencies

for those that have not read the article. the SEC announcement is talking about investments. it does not talk about using bitcoins to buy retail products, thus there is nothing to indicate that mastercard was throwing its dummy out of the pram in regards to retail transactions

i simply read it as
don't trust investment companies run by basement dwellers that cant be arsed to be regulated, while still wanting to handle FIAT.

which is actually true.

no where does it say, stay away from bitcoin. just stay away from unregulated and shady investment firms.

the FDIC insurance part. it is true there have been exchanges that showed customer balances, yet there was no equal amounts of bitcoin in cold store to match the exchange database balances. bitcoins dont need insurance if they can show and prove they hold matching bitcoins to cover customer balances.

so i hope btc-e, bitstamp, etc all become VERY transparent and auditable and not be secretly spending bitcoins meant for customers holdings. as this is a 'form' of fractional reserve.
EG many people for months thought that MTGox had 800k+ bitcoins to match customers balances. and mtgox continued to trade even after admitting bitcoins had gone. who knows how long karpales was spending/hiding the cold stores for personal use.

reading the entire document and amendment, aswell as checking other SEC regulations..

and it seems DeathAndTaxes was concentrating on baskets after the first 1mill shares are taken. (from the winklevoss Capital holdings 200k btc)

the filings state that these 'shares' are not standard/traditional shares requiring all the filing of documents to go above the 1mill listed. after the 1mill shares are bought (early adoptor cheap stage) authorized participants can put in funds and create new baskets above the 20basket(1mill share) limit

(spending a few minutes hypothesizing the possibilities)

if popular which it could/should be due to being on nasdaq and for example promoted to pension providers and wall street, etc. there could be hundreds of baskets (multiple millions of shares) all backed by bitcoins held in trust which were obtained from different places.[1]

im kicking myself for saying this but..
so it seems DeathAndTaxes was looking beyond the scope of the 1mill share limit, and i now see my failing. so i apologize
and now see the true larger potential after the winkles have made there profits from their 1mill shares. although they will still continue to make profits from their fee's long afterwards.

the larger potential i have to now admit to is that:
the trust can hoard alot more bitcoins then 200k(20baskets/1mill shares) very easily
the hype about the winkle's long term goal/potential can cause ALOT of value to bitcoin
that buying 1 basket worth of bitcoins from bitstamp will jump the price upto $600(from todays $450) a second basket worth of bitcoins will bring it to $1000, then each basket worth of coins would cause larger price rises. which, many brokers agencies would love to get involved in, especially if there is a limited supply of bitcoin(causing limited possible baskets) [2]. though i feel they wont want brokers buying too many baskets. as it would flood the supply of individual shares, and cause too much of a price rise too soon, to keep demand for shares alive.

though... all in all im just going to hoard my coins, not buy shares as an investor. but simply let the brokers raise the price
[1] total hoarding of all 21mill bitcoins = 2100 max baskets, 105m shares
[2] total coins today 12.75mill bitcoins = 1275 current max baskets if they were able to buy EVERY bitcoin (impossible)

none

firstly self mining, (using actual rigs run from your property), stop being measured as profitable within 2 weeks of purchase. with a week delivery most are finding that they have 1 week of good income (upto 25% of initial cost if their lucky) and then every 2 weeks the income gets smaller and smaller. making ROII (Return of Initial Investment) about 3-6 months if lucky. then the electricity prices just to get satoshi dust does not make it worthwhile.

there are very few people that can keep ahead of the game at bitcoins current low price.

bitcoin mining is only for the well invested that can get shipments direct, using alot of money to get discounts and shipments without delays. but even then they are endlessly adding more hashpower just to stay at a level income. but atleast with the discount and the less time waiting for delivery they yield more then 25% ROII before having to add more hashpower.

now onto 'cloud hashing'
the prices of this method of mining is at a premuim compared to self mining. the income decreases just like self mining too.

the only ways that self mining and cloud mining is sustainable is to sell the rigs/contracts quickly at a premum price, before the next difficulty jump, so that you can buy more rigs/contracts to keep up with the difficulty jump, using the premium price and the mining rewards you managed to get during that difficulty round.

if the hashpower jump of the network and the difficulty increase causes more % loss of income compared to the amount of income you can make in the 2 weeks. its simply not worth it.

it is very much a cat chasing its own tail. more people are finding its less stressful and more profitable to either buy bitcoins and play the exchange markets. or buy cloud hash contracts, not for mining income but to play the sell high buy low, of the contracts. much like the stock market.

2 separate entitles.
winklevoss bitcoin trust winklevoss capital management llc
winklevoss bitcoin trust start with 1 basket originating from winklevoss capital management llc

authorised participants of winklevoss bitcoin trust have the authority to add more baskets by getting them from winklevoss capital management llc.

winklevoss bitcoin trust is only allowed a maximum of 20 baskets
winklevoss capital management llc has a total of 20 baskets to offer

winklevoss bitcoin trust cannot go over the 20 basket limit without filing further documents to the SEC


not simplistic at all. as your under the presumption that all 12,750,000 coins are traded on an exchange. yet id say only a max of maybe 1 million coins exist on exchanges.. and that the winklevoss can get hold of bitcoins PRIVATELY using contacts who privately trade the other 11million that are not on exchanges.

to all those waffling on that investors buy bitcoins and not shares in the trust/company


try reading the document file fully next time

ok as for the trust..

the winkles personally own 200,000btc under the company Winklevoss Capital Management LLC
the trust will initially start with a 'basket' of 10,000btc (50,000 shares). under the company name Winklevoss bitcoin trust.
try to keep these two companies as separate entities in your mind

if participating and authorized dealers want to offer more shares, then they need to add more 'baskets' into the trust. meaning the winklevoss capital management llc sells 10k coins to winklevoss bitcoin trust which get measures as an extra offering of 50k shares.

this means (obviously) that winklevoss Capital Management can offer 19 'baskets' (190,000btc/950,000 shares) after Winklevoss Bitcoin Trust launches.

winklevoss Bitcoin Trust. has a maximum of 1million shares. yes you guessed it the maximum shares ever under current filing = 200,000 coins.

oh wait. these coins wont be bought from the bitcoin exchanges in the future. they will be handed from one winkle entity to another winkle entity from the stash they already own

the only time that more bitcoins will be added above the 20 baskets (200,000btc) is if the winkle's file documents to be allowed to offer more shares above the 1mill share cap. and that is the only time new bitcoins will be bought in regards to the bitcoin trust. and as i said before they will most probably buy these from bitpay or miners privately, not to effect the bitcoin exchanges directly.

now read the document filing again.. and have a good day

the investors dont have proper ownership of the actual bitcoins held in trust. not in the true bitcoin definition meaning they can use a privkey to move bitcoins!!
they own a share of the companies holdings. basically a share thats VALUED at x bitcoins.. they do not actually own bitcoins

now you understand that part,. now understand this next part.

the investors are putting FIAT into winklevosses bank account.. not bitstamp, not coinbase, not btc-e, not kraken... they are putting FIAT into winklevoss account.

with me so far?? hope so.

so these investors are putting FIAT into winklevoss account and are given shares of a trust that is valued at X bitcoins. investors are not buying bitcoins from the winklevoss they are buying shares.. understanding this part?

well now to summarise. imagine an investor that wants to invest $1million if he invests in the winklevoss, those funds are buying shares of holdings the winkles ALREADY have. and thus not one single buy order will happen on bitcoin exchanges to raise the price of bitcoin. and i mean ACTUAL bitcoin. it will only raise the amount of dollars the winkles have in their bank accounts.

imagine the seller wants to sell his shares of the winklevoss holdings. he has to find another investor willing to buy into winklevoss. which again is not a sell order on any ACTUAL bitcoin exchanges. it is just a transfer of ownership of shares where the winle's make profit not only by keeping the initial share buy in but transaction fee's of each share ownership change.

again not affecting ACTUAL bitcoins one bit

this means that while investors gamble using winklevoss, they are not in anyway directly causing a price rise or fall of actual bitcoin value

it is purely speculating using a FIAT system separate from actual bitcoin markets. thus it is not proactively affecting bitcoin value, but more so reactive, where the winklevoss value changes due to bitcoin changes.

even if the winklevosses wanted to offer more shares, by adding more holdings. they have admitted they source bitcoins from private individuals and many sources. not only exchanges. so lets say they bought 10k more coins to add to their holdings and offer more shares. you will not see a whole 10k buy-up frenzy on bitcoin exchanges.

what you may find is stuff like bitpay sell their coins to the winkles instead of on an exchange, or a miner selling their coins privately to winkle's. and this would indirectly mean there is less sell orders on an exchange. but as i just said it will not be a big buy-up frenzy.

these EFT's are not bitcoin specific. they can be used to gamble gold, commodities or lots of other things. without the investor ever truly owning the item. they are not bitcoin investors or gold investors. they are EFT investors.

so the winkevoss EFT is not something to get excited about. and more of us should be getting excited about actual investment in the purchase of bitcoins on actual bitcoin exchanges.. not throwing FIAT at winklevoss bank accounts.

until a bomber has a trigger set to detonate on the receipt of a bitcoin transaction (imagine cell phone bombs)... then bitcoin is not a direct threat and cannot harm people.

"bitcoins don't kill people.. people do"

you cant blame terror activities on the money
you cant blame money activities on terror

churches with their clergy of pedophiles links themselves to the founder of faith(jesus)
UK BBC links their board members/staff of pedophiles with government.
TBF links their board members of pedophiles with the founder of cryptography

in short. don't trust organizations that try to be tied to a higher power as they all seem to have pedophiles amongst them

this is a non-news topic

for:
1) fake ID's are common
2) the link to the site providing ID's, does not look like a popular industry standard ID manufacturer, it looks like someones home workshop
3) the hype should be measured inline with a photography student making cards in a school locker room and being outed by the school newspaper..

in short, no big deal in real life international terms

theres a mario perez that is interested in hacking that goes to meetups in guatemala

http://www.meetup.com/HacksHackersGuatemala/members/41823132/

not sure if its the same dude, but name and hobby's are atleast common

and another mario perez interested in hacking.. but from spain
https://soundcloud.com/h4ck3r-2

just remember guys.

the people that invest are putting FIAT into a COMPANY that holds bitcoin (their stocks)

these investors are not BITCOIN purchasers. they are buying shares of a company which will profit or loss de to the value of their stockholdings.

EG if the winks only hold 200,000 bitcoins for the next 100 years. no more no less. then the fiat investors are gambling on the bitcoin price,

these fiat investors will not hold, purchase or sell any bitcoins. thus the EFT will not directly affect our bitcoin exchange markets.

what will happen though is if there is demand from FIAT investors to want winkle investment shares. then the winkles can increase their holdings (add more stock). and that is the only time they(the winkles) will buy more actual bitcoins

arriving at a bitcoin conference many nerds hear a call over the PA system that a conference speaker is about to start.

nerds get all excited and prepare their camera's.

the next thing you hear is

"there a girl.. everyone theres a girl. take her picture so people can believe we met a girl"

grabbing alot of money but not spending it on making products = profit

so thy wont go bankrupt any time soon

too many opinions and hypotheticals about what 'satoshi' believes and disbeleives.

ill just leave you with this.

do you really think that jesus christ wants to be known as the founder of the greedy Vatican, the pedophile priests and the congregation that hates their fellow man, judging each other?

in either case bitcoin or religion, who cares, its not like both people are going to come back and smite anyone tied to such gross abuses of wealth and disgusting behavior

by the end of today 300,000 blocks would have been processed
210,000 at 50btc each =10.5mill
and 90,000 at 25btc each  =2.25mill

so at block 300,000 (roughly 18 hours from this message time stamp)
12,750,000 bitcoins would be mined

smells like team spirit