I would think this is starting to look pretty good to any potential investors!
The Net Asset Value (NAV) of the Bitcoin Investment Trust is calculated daily at 4pm ET*. Historical NAV:
October 21, 2013: $17.90
October 18, 2013: $15.20
October 17, 2013: $14.55
October 16, 2013: $14.86
October 15, 2013: $14.31
October 14, 2013: $14.27
October 11, 2013: $13.03
October 10, 2013: $13.14
October 9, 2013: $13.03
October 8, 2013: $12.52
October 7, 2013: $12.77
October 4, 2013: $12.63
October 3, 2013: $11.70
October 2, 2013: $11.86
October 1, 2013: $13.22
September 30, 2013: $13.26
September 27, 2013: $13.35
September 26, 2013: $12.67
September 25, 2013: $12.88
Addition in boldThey could hardly have launched at a better time |
|
|
|
Ya I have two copies of my paper btc wallets hidden in different places. One is very hidden the other is in my fridge with instructions to anyone who cleans it out upon my sudden demise. But I think I am going to buy a letter/number punch and get my keys down onto metal.
Don't disclose this sort of information on a public forum! It's called security through obscurity for a reason. Maybe he is trying to lure people into believing it's all that he has, who knows?  He is hoping you will clean his fridge for him. |
|
|
|
All I can say is ... wow! No... I need to say more... Dominicwin is a gentleman, and a scholar. He is certainly a candidate for the fine company of the International Men of Leisure. Not merely the finest of tobacco available on the planet unbested by the Vuelta Abajo district in Pinar del Rio, but also entrusted to the swiftest of transport, and packed with the utmost care for comfort and humidity control, for the ultimate enjoyment of the connoisseur. Dominicwin is not just a man of his word, but a man of honour. Tip of the hat to you, sir. The only thing left to do is to find a single malt worthy of accompanying them, this noble quest awaits. |
|
|
|
I already registered Tagbond with Fincen, and will do the same for Tagcash, so we have a duty to report any transfers over 10k - not sure about total balances tho...perhaps we may just limit balances to 10k in USD and that would solve that problem.
If it were my company, I wouldn't limit it, but I would put some nagging messages up for accounts over 10K, and get especially nagging around the filing deadline. You have no requirement to do anything, but it would be good customer service. The only caveat is that the penalty is different if it is an innocent mistake than if it is willful so by notifying you arguably increase their penalty if they fail...Yes, law is weird.
On a sidenote, I am not a US citizen or all this would be impossible, lol...
You know what they say... "It comes with the territory" |
|
|
|
Yeah, I wouldn't put too much hope in that article, I am pretty confident it is mostly just a reaction of the body to aging (an effect instead of the cause). Articles about "the one magic compound or pill that controls aging" are just selling stories. Nevertheless, aging IS curable, imo the best effort out there is SENS : http://sens.org/ . Sorry for going off-topic, but I have some strong opinions on the matter, and I am hoping somewhat that some of the brighter out-of-the-box thinkers that you might find here might become intrigued by this as well  . I've had the pleasure of hanging out with Aubrey de Grey, Ph.D. (SENS Chief Science Officer and Co-founder) a few times and can attest that he is *very lively* for a man of his years. |
|
|
|
Wasn't the wallet encrypted ?
This is for the hot wallet on the server. Coins were still flowing into it long after the raid. The enforcers had control of the server for more than a month before the raid. When someone has control of the hardware, it is very difficult to secure against that. It is not like he had a Trezor dongle hanging off of it or anything... |
|
|
|
If they print more euro's the amount of dollars isn't increasing. So more cryptocurrencies doesn't mean more bitcoins, I can't send my Litecoins to my Bitcoin wallet. If they print more euros in an effort to boost the eurozone['s exports by devaluing the Euro], then that [printing] will competitively [raise the] devalue [of] the dollar. The global "value pie" can only get bigger through actual work, but various countries can and do steal each other's slices by bluffing. The argument that Bitcoin is immune to this sort of thing rests solely on the fact that none of its competitors seem to be actually good right now. Wait until the Bitcoin M0 has 'only' 10% of the crypto market, then say you don't care about 5% swings hitting your wallet.  FTFY You're not taking into account a series of lags that cascade through the markets. Firstly, if one side prints more of their currency, nobody notices until market sales have been affecting exchange rates for a long time (or they announce it in the next quarterly budget). Merchants look at the historical data and say "oh look, the moving average line suggests that they've been debasing. Time to adjust our prices." But by then the new currency has already paid for a sizeable chunk of imports. The devaluation -- if any -- is probably mostly psychological and would also depend on factors like the flow of activity in the domestic economy, and the visibility of the new cash. Hence, decisions to inflate are likely to done in conjunction with specific projects (and/or sent overseas) where the money will be tied up for as long as possible before eventually trickling back to the rest of the economy. Bitcoin has been 'printing' massively since day one, so why hasn't it devalued? Because the mining overhead gives it value? Well, no. The mining cost is a dead weight that lags behind the value of bitcoins. The value that Bitcoin has gained has been 'taken', at least in part, from other economies such as the US and Eurozone economies. Similarly, NewMoreAwesomeCoin could make its debut and start poaching value from Bitcoin, even though 'NMAC' is the one inflating. In the real world, it happens more quickly than this. Merchants see the costs directly and adjust prices according to their costs, they don't tend to wait on moving averages on a chart. That is for academics who don't really participate in the market much anyway. Nations debase in order to devalue their currency. It is not so much to buy more before people figure that out, because that happens very quickly unless the nation is the direct buyer. The devaluing nation gets the benefit of the reduced value of their currency in trade balances from their exports being cheaper than the exports from other countries, but it is a losing game unless they are purely exporting either finished goods using only domestically produced raw material, or the raw material itself because the parts that are imported cost more to them giving them domestic inflation on anything imported. The reduced value of the currency also makes their debt more easily repayable. |
|
|
|
And here I thought this thread might actually be something interesting such as future bankers using bitcoin as the basis for fractional reserve bank notes and thus inflating the money supply that way... which is almost certain to happen btw.
moral question: is it fraud when a bank lends out using "redeemable" bank notes more than it is able to cover?
i suppose it would depend on what exactly the bank note says. For example if it says "redeemable for 10 bitcoin so long as the bank has any left but beware we keep a fractional reserve", then does not seems morally wrong as the holder of the note is clearly warned before accepting. But if it says "redeemable for 10 bitcoin come hell or high water" then that does seem like fraud to me.
A warehouse receipt is the type that is redeemable come hell or high water. Even these though still bear some counter-party risk. This is common law in many places, in others it is the law by virtue of it being a contract, and is in the Uniform Commercial Code in the US http://www.law.cornell.edu/ucc/7/7-202 |
|
|
|
it doesn't matter who's right. the point is, production and stock is fuzzy; and it always will be. which is precisely why i switched to BTC investment back in early 2011. Bitcoin is easily trackable according to the protocol by anyone. it's brutally defined. and time is proving it's uncrackable. just one of the many reasons i've been arguing to switch publicly since Gold: I Smell A Trap. Very good point. You can't track the total supply of PMs world wide. You can only make estimations of the total. Never thought of that until now. This is why/how PM is anonymous, and Bitcoin isn't. Anonymous until you want to claim your ownership, in which case Bitcoin is still more anonymous. Claiming ownership? Not sure what you mean. Physical PM is always anonymous. It is as anonymous as the change in your pocket. Which is more anonymous than the bills in your pocket which are each uniquely numbered and easily tracked (easier even than bitcoins). |
|
|
|
If they print more euro's the amount of dollars isn't increasing. So more cryptocurrencies doesn't mean more bitcoins, I can't send my Litecoins to my Bitcoin wallet. If they print more euros in an effort to boost the eurozone['s exports by devaluing the Euro], then that [printing] will competitively [raise the] devalue [of] the dollar. The global "value pie" can only get bigger through actual work, but various countries can and do steal each other's slices by bluffing. The argument that Bitcoin is immune to this sort of thing rests solely on the fact that none of its competitors seem to be actually good right now. Wait until the Bitcoin M0 has 'only' 10% of the crypto market, then say you don't care about 5% swings hitting your wallet. FTFY |
|
|
|
1094 @BTCChina
That should be $180US. Non Gox values Yes, point being the China buys are leading BitStamp and BTCE up as arbs hit. |
|
|
|
1094 @BTCChina
That should be $180US. |
|
|
|
|
Those green waves are crashing over the red shore eroding it and washing it away as more economic activity happens with Bitcoin by the day.
|
|
|
|
Which means that Mt Gox and most other exchanges are not compliant either, despite being registered with Fincen. The question was, what can an individual state do about it?..
If it will be a serious problem then we just turn off the ability for a user to transfer to each other. However, the rewards aspect of our business is similar to Google Adsense in that they pay out a share of advertising income to a website owner, difference being we hold funds ready to pay out on behalf of the business instantly a deal or tagvert within our system is redeemed. If this still needs an MTL in each state you have customers, then everyone running an affiliate system would also need a license.
they may eventually get slapped with big fines (assuming gox stays afloat). look up the recent penalty fees accessed on Square by the State of Florida for operating without license - 500k down the drain, not including all the money they must have spend on lawyers, auditors to clean up the mess. http://techcrunch.com/2013/08/16/square-fined-507k-in-florida-for-operating-a-mobile-payment-service-without-a-money-transmitter-license/by the way i thought the guys at bitinstant are registered in 33+ states... I am surprised they have not come up with an affiliate program... however i do not think your company would meet the definition of a money transmission business, sounds like you are just paying sales commissions There is a problem for your US customers by not having a US entity serving them. Your US customers will fall under the FBAR filing requirements or risk having their assets with you seized (or equivalent assets in the US) because they are using a "Foreign Bank" according to the definition of the requirement. This is a pretty serious trap and could cause bad public relations problems for you unless you get in front of it with some communication to your users. Essentially any US citizen with foreign account holding that they control (and can withdraw from if they travel abroad) has a reporting requirement if it is over US$10K. Perhaps you are familiar with the US$10K reporting requirement for transporting a cash amount when you get on an international airplane? This reporting requirement is to catch those that deposit money in foreign accounts, then travel out of the country and withdraw the funds. The problems is worse because there is no notification for it and the fees are quite high. (After two years of not reporting 100% of the account value can be seized, after 3 years 150%) A few stories like this getting published and it is a serious problem for your public relations for your US selling efforts. MtGox also has this problem, and did nothing about it (nor are they required to do anything). It is a ticking time bomb for the users. http://bitcoinmagazine.com/5481/real-compliance-getting-your-way-by-giving-in/By registering an entity within the US, the account is a US account. This gives you more reporting requirements, but eases the burden for your customers. Sorry for this news. |
|
|
|
That is a GOLD bear, what about the Bitcoin Bear? |
|
|
|
it doesn't matter who's right. the point is, production and stock is fuzzy; and it always will be. which is precisely why i switched to BTC investment back in early 2011. Bitcoin is easily trackable according to the protocol by anyone. it's brutally defined. and time is proving it's uncrackable. just one of the many reasons i've been arguing to switch publicly since Gold: I Smell A Trap. Very good point. You can't track the total supply of PMs world wide. You can only make estimations of the total. Never thought of that until now. This is why/how PM is anonymous, and Bitcoin isn't. |
|
|
|
I am a gold/silver buyer for an investment company, a proponent of both gold and silver myself, and a believer in bitcoin (NOT litecoin).
To make it easy, if I had $1,000,000 I would invest half in silver. I would buy Monster Boxes of either Maple Leaves or Eagles. Even though you are paying a premium, you can trade as much silver as you want up to 500 times (per box). If you bought say...5 x 100oz bars, you would only have 5 paydays/opportunity for trade.
Of the remaining half, I would put 1/2 into bitcoins and 1/2 into gold if you buy gold NOW. Gold is at an incredible low. Although, it gained $40 since yesterday...so don't waste any time. As far as bitcoins go...I remember some crazy figure in the decline in the value of bitcoins after SR crashed. But, look at bitcoins now-they were (are) more than resilient. I think that the shutting down of SR was one of the best things for bitcoins. Now people are forced to look at their utility in LICIT situations.
Final note: every body will share their advice with you until they are blue in the face. Its your money. Consider opinions, but remember its your call. Good luck!
In the USA, these particular pieces are specifically targeted by the tax reporting rules as they run into the equivalence of ETF test and so are (must legally be) reported to IRS as CFTC requires for investing. But, even so, it is not a report-able transaction when used as "cash". Weird, but that is the law for you. Check this out, especially the last half: http://the-moneychanger.com/articles/numismatics_what_the_law_really_saysBottom line? Buy Bitcoin Specie and New Liberty Dollars instead. You pay tax no matter what, but the reporting burden is less. |
|
|
|
|
Nice, I wish you good fortune with your project.
|
|
|
|
When I was saying "microtransactions" I was meaning it in the real world sense of 25c to $5 ish.. not the bitdust, and 0.001c a click sense. I was also under the impression that the high LTC tx fee was supposedly temporary... but could be like all those quick hacked up bits of "glue" in COBOL the banks are still running 30 years later  The price of a Big Mac in South Africa for example is just $1.82 and in India it's $1.50 - and mere cheeseburgers are cheaper still. In that context the Litecoin fee of $0.1 is too expensive. A 5-6.5% charge just for the pleasure of paying with a crypto is too much - hence the reason no-one will bother to use it. People need to understand that Cryptocurrencies are not just about the USA. Satoshi was not American and the majority of people who currently hold of cryptocurrencies are not American. It's quite conceivable that they will be outlawed in the USA but continue and thrive everywhere else. So it's a bit short-sighted to pretend that transaction fees do not matter. This post +1. It gets annoying that USD almost the standard to which other fiat currencies must look up to. I really hope bitcoin changes this somehow Although we will take many payment types and currencies for the Silver Bitcoin Specie, they are denominated/priced in Bitcoin and based on the price/value of silver in bitcoin. If bought locally, all the listed local fiat currency can buy them, and we are adding more as a way to bring people everywhere to better understand how Bitcoin is money. |
|
|
|
|
A two day base behind us. Maybe its the weekend.
|
|
|
|
|
Show Posts
