overall very positive.
they just want to regulate the exchanges.
users/miners unaffected.
+10 Did you guys even read it? This is a positive sign.
+10 i say this because they only care about the virtual FIAT exchanges. this does not mean mining pools have to start taking identification. this does not mean bitcoin-QT needs to have a registered usernames linked to birth certificates and such. its still all about the digital (on computer database balances of FIAT) such as mtgox/btc-e/bitstampt/vircurex/etc remember the last fincen report Convertible virtual currencies either have an
equivalent value in real currency or act as a substitute for real currency. this means a digital database balance of 10.00 which represents a withdrawal equivalence of a $10 bank note. it has nothing to do with 0.09 bitcoins, 145 bunny rabbit credits, 10000 world of warcraft gold. etc. |
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And about 45% of those exchanges did not reimburse customers. Granted, it's a tricky business to be in, and I'm not attacking the industry. It's just worth thinking about. Keeping money in exchanges is a huge added risk. Bitcoin Risk: An Empirical Studyby your estimate but in proper context. about 45% of exchanges opened since 2010 never had valid licences. about 45% of those never reimbursed customers. propaganda on both sides is bad. so while we all hate the media making bitcoin look bad. trying to make it the banks fault for the decisions naive and ill experienced coders make, should also be corrected. |
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This event is organized within the Global Forum on Law, Justice and Development which is a permanent knowledge forum that seeks to connect experts and stakeholders from around the world and to provide a mechanism for continual and efficient knowledge exchange and for the cogeneration of innovative legal solutions to development challenges based on efficiency, equity and justice. i don't see any experts or stakeholders of this topic on the list of sponsors, participants or speakers. this would be a good opportunity for the Bitcoin Foundation to send a lobbyist.yes this is the exact kind of thing i would expect the BF to have got involved in. otherwise they are just their to pay gavin a wage and everyone else listed as BF leaders are useless |
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the main questions to ask.
in the last 4 years how many guns have been bought in african countries using FIAT/GOLD. now how many have been bought using bitcoin.
with silkroad only doing 20mill of transactions in a whole year. yet statistics shows the whole economy does atleast 27mill dollars of transactions PER DAY with a maximum point of 72mill dollars transacted in just one DAY April 15th. does this really show bitcoin as being a illegal activity currency with only 0.25% known crime rate
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for noobs i would say if they want to mine. begin with scrypt based alt coins to start getting a fast amount of coin flowing in, and to use this experience and time to learn the ropes. converting the coins to either bitcoin or litecoin as the 2 main long term coins which has proper infrastructure backing it up.
get to know bitcoin and then decide if you want to become a bitcoin miner (costing you an ASIC) or an entrepreneur (starting a business)
i myself never really mined. i went for the entrepreneur route, trading, investing and running a business. and i got a nice little nest egg of coins which exceeds earnings compared to miners.
find your niche, what excites you and makes you profit. and go for it. i say this because if you dont find mining exciting you wont put as much effort into it to make a success of it. same as being a business owner.
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mhmm their sponsors alone indicate its going to be all negative. yet i bet they don't realise or mention that more kids go missing due to dollars, euro, yen then what bitcoin could ever be the cause of.
here is the script in short, to save you having to wait for leaked video footage
"bitcoins are bad, ya hear"
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original OP question
not only does it just transmit transactions. the QT client has the main rules of the chain.. the more people running X version of qt client = more people agreeing the rules are acceptable and ensures any future forks (if they are the mass party running the same version) follow those set rules and ensure that any minor changes by individuals that go against the widely accepted rules gets ignored.
which brings it on to the next important part. miners create blocks depending on whatever versions they run, so they could fork the chain easily(well with enough hash power to 51%) but without all the other nodes saying we accept or reject this block the fork would either live on or die, so yes the QT client is important
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getting average joe on the street to take it is one thing. but proper organised merchant approaches are needed also. it seems the majority of people who tell their friends. obviously sound like they are not in work to tell work colleagues, bosses or suppliers about it.
so to all of those teentrepreneurs (teenage entrepreneurs) please don't concentrate on your brother, nephew, college dorm friends. concentrate on your lecturers, parents, adult relations that have jobs and work places that may benefit from bitcoin.
it seems to me that bitcoin is still stuck in the basement dwelling, 'youtube armchair anarchists' population. which just leads to more people having bitcoin but no big proper LEGIT places to spend them on.
yes i know that there are thousands of places to spend them on . but an average city has more then that many businesses in one city. so its still, spread out across the world very very small.
i have had both successes getting many merchants taking on bitcoin, and headaches convincing others. but the key secret is, if one of their employee's understands it and talks about it, it has a higher chance of success. so please talk to your relatives that work for a living
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ignoring ASICS i think if scientific research companies gave a small financial incentive such as a similar amount to the dollar value someone earns mining bitcoin on their 800mhash GPU. then people would definitely dedicate their computing power to help humanity.
for instance people can mine bitcoins for a $71 a month income on a single 800mhash GPU
so if they were offered $71 a month for non bitcoin tasks, ofcourse they would go for it
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in many developed countries where EMPLOYEES have their income tax removed from their wage slip before it hits their bank account. most of these countries have minimum wage laws stating the employee needs to be paid X fiat per hour minimum, making it hard to break away to a bitcoin payment method
but for self employed/contracted work/ temp work this is easier to achieve
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more revolutionary idea:
take the 3600 coins made per day.. take the total miners by day. to give you a average income per person per day.
treat this as minimum wage a days labour.
EG (simplified) lets say there is 7200 miners = 0.5BTC per day per miner.
national minimum wage for US=$7.25 x 10 hours 72.50
national minimum wage for UK=£6.31 x 10 hours 63.10
so making an acceptable living lifestyle on bitcoin of 1BTC = $145 / £126.20 each
I like your idea here. But alas, would you like to buy a BTC from me for $145? Oh. yes i would. because stage 2 of the idea is pricing food and goods in bitcoin the same way governments price food/groceries based on the "living costs vs minimum wage" calculations. then we will base bitcoin based on costs of living such as how many loaves of bread can be bought with a standard wage atleast then we are less reliant on a fiat valuation, but more so on a barter/ good value pricing this is how i think satoshi and all them freedom fighters envisioned the future of bitcoin. before mtgox pegged it directly to a dollar valuation. and the reason i say yes i would is because i value bitcoin as it should be.. your still thinking like a sheep. looking at the mtgox price and saying $110 vs $145... profit!!! which goes against the point of this thread.. |
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more revolutionary idea:
take the 3600 coins made per day.. take the total miners by day. to give you a average income per person per day.
treat this as minimum wage a days labour.
EG (simplified) lets say there is 7200 miners = 0.5BTC per day per miner.
national minimum wage for US=$7.25 x 10 hours 72.50
national minimum wage for UK=£6.31 x 10 hours 63.10
so making an acceptable living lifestyle on bitcoin of 1BTC = $145 / £126.20 each
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If the idea is to have a price that is quoted, as the price of bitcoin, then the best option is to just do an average of averages.
For instance, if you have 10 different exchanges, you sample the price at each exchange on the hour, and average the price, having sliced the top and bottom prices from the sum.
This formula would be accurate enough to give info, but not too accurate to cause caching or logging issues. Anything more would be taken directly from the exchange being used to trade from.
If someone wanted to create a 30 day average price, they could from the figure created every hour, but for the rawest useful global number, I think this might work!
the only problem with sampling 10 exchanges is that each exchange seems to follow (like sheep) mtgox. EG bitstamp is usually $1 more BTC-e is usually a little less.. but whenever mtgox skyrockets or plummits.. the others follow suit for no direct reasons but to stay in toe of mtgox value, thus bringing you back to a average of 10 exchanges still being the same as mtgox |
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xrp are not suppose to be traded like another pump-dump alt coin.
it suppose to be used as the transaction fee's for the ripple developers.
so the true question and answer is
Q: How much is my 40k Ripple worth?
A: 40k transactions
atleast try learning what these services are entended to be used for
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by asking your project leader who is designing your asic miners you promoted two weeks ago as one of your projects that you pretend to be an expert of..
oops you are the project leader of that ... hmm guess thats you stuck then.
ill even start laughing now if you say your laptop is a Geforce GPU.
2 most silliest things,
1. mining on a laptop
2. laptop being geforce based
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no offence but letting the pub make a few extra % profit by accepting bitcoin should be allowed right now as their convenience fee. once more pubs start spouting up and its a mainstream thing, then some price accuracies will come into play.
None taken. I wasn't referring to the fee as much as the apparent difficulty of swapping bitcoins for cash ("We are currently looking for a new route... ") - a good opportunity for bitcoin traders to snag coins at a reasonable price and its likely an issue that all bitcoin accepting businesses will face. Having a buyer - either a reliable local trader who commits to buying, or a "webuybitcoins.com" - would go some way to remove the risks for businesses. Maybe individualpubs just needs to set up a localbitcoins.com account. with free "fastpayment" services which UK banks offer. bitcoin is not really as big of a positive thing VS US banks which cost fee's and takes days to move cash. so the UK is slower on the uptake as their is less 'need' for an alternative here. but once alot more mainstreaming happens we will see professionals with proper finance experience and willing to pay the FSA fee's start to form in the UK. but right now using a bank for free account to account transfer of cash, vs bitpay 1% fee is not a good business plan for starting a UK bitpay. however having a few very reputable people on Bitcoin-otc-uk who will happily be on every evening between 11pm-3pm each night to transfer bitcoin to UK pound is something to look into. just remember if each person sticks to a £850 per customer daily limit, that does not breach the FSA limts to then require regulation and all the AMLKYC stuff as thats classed as personal transfer amounts, not business (best to double check this with FSA first though) |
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if fee's become too low, the hundreds of thousands of miners would then move onto retail services or other things to make money. making the difficulty change and then leaving maybe 20k miners to take a bigger slice of the rewards pie with less competition so its profitable.
the whole idea that bitcoin needs millions of miners and everyone should be a miner is narrow minded, yes it is good for security but as more people join the mining pools they are just shooting themselves in the foot by not having as mucha big slice of the pie as they would without inviting 10 of their friends each to start mining.
basically, it will sort itself out in the end through natural selection. those that can afford to continue mining even in less profitable times will win, and those that demand profit promptly just to survive will move onto different income making projects.
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MTGox now seem to require all accounts to be verified, so even with my small amounts I now have to go through the process, MTGox have been convenient. I am in UK, and the UK driving licence was accepted. A second document was required, related to residency. (I note that the UK Driving Licence includes my address). Most of my life is online, and I do not use medical insurance. Online stuff, including internet, is not repeat not, delivered to my door in the street address!
- Monthly utility bill
- Internet Bill
- Cellphone Bill
- Tax Return document
- Residency Certificate
- Medical insurance bill
I provided a motor insurance renewal request - addressed and delivered to my residence which includes insurance references which are verifiable, but this was refused. Anyone in UK using lots of online accounts (with no addressed paperwork to scan and send) already gone through this process? In UK I do my tax return online too, although I do have a *paper* request for my tax return to be filed. I do not want to use this as it necessarily includes much more information than just my name and address, UK National Insurance identity number for example.
I have a dental bill which is annual (wrong date), I am still thinking.....
Even my TV receive licence is no longer sent in paper, annually.
Unless I can find something to suit, it looks as if I might have to say goodbye to MTGox.....
Any ideas?
obviously mtgox knows what its checking service prefers, especially what it is allowed to check from foreign countries. so ask them directly. i still find it strange how most people are afraid to talk to their bank, or even a bitcoin exchange directly.... |
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In traditional slots you pay a coin, and if a certain sequence comes up, you get some winnings. I think everyone will agree that's a form of gambling.
In bitcoin, to create coins, you pay some electricity, and if a sequence of 0's comes up, you win some bitcoins.
Is this aspect a form of gambling?
And if so, is that illegal in the U.S.?
just like FIAT if you work in a factory and have a set target of products to create, if you reach the magic number you see a nice jackpot on your wage slip. if you dont reach the magic number, expect to work saturdays. then you go to buy car fuel and try searching for the best place to get the best price fuel. gambling you get to the cheapest fuel station in your town before the car's fuel tank empties. now your car is fuelled up, do you gamble going home to your wife who may or may not be sat there waiting to trade you your wage slip for the household bills. or do you gamble spending the wages on a few pints in a bar. everything is a gamble these days |
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Awesome. And great info as to how they go about accepting bitcoin: This bit is interesting: The reason we only offer 92% of the current 7-day weighted price is that there are fees associated with converting Bitcoin back into Sterling. When we used OKpay the fees amounted to about 7%. We are currently looking for a new route to convert BTC to Sterling; until we find one it seems prudent to expect to have to pay a fairly high percentage fee. Surely a great opportunity for someone to exchange bitcoins for cash. A local trader offering a service akin to localbitcoins.com but aimed squarely at businesses in his or area that accept bitcoins. Commit (contractually) to buying all the bitcoins a business takes each day or week at a rate determined by ref to the then current MtGox rate. If someone really wanted to take the initiative, they'd make this part of a service that encourages other business owners to accept bitcoin. Till/payment management software is the tricky bit, but obviously very doable. EDIT: Having read further, it looks like Steve provides the service himself: Once a sufficient number of Bitcoins have been accumulated in reconciled transactions, Steve uses an external service to convert them to Sterling. If the amount received in Sterling is greater than the amount paid to the pub company, Steve records a profit. If it is lower, Steve records a loss. At the end of the tax year, Steve will pay tax in Sterling based on the total profit or loss in the year. no offence but letting the pub make a few extra % profit by accepting bitcoin should be allowed right now as their convenience fee. once more pubs start spouting up and its a mainstream thing, then some price accuracies will come into play. |
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