to be used as more of a currency as oppose to a commodity as the OP says, requires a decentralisation of bitcoin.. this does not mean more exchanges, this means more peer-to-peer swaps of bitcoin for fiat.
in there words more of a bigger push on local-bitcoins, to try and get every town in every country to have atleast one person buying and selling bitcoins.
at the moment bitstamp, btc-e are following mtgox like a sheep. no matter how many exchanges there are there will always be a leader and a bunch of sheep exchanges following the personal attacks of the leader. so the best way is to move away from that model and make it more local and peer-to-peer
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my bitcoin is on the blockchain. i hope you mean private key which is able to control an allotment of bitcoin linked to that private key.. well yea i have a private key stored safely for long term investment, not imported nor ever was imported into a wallet.
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deposit into any exchange (mtgox/coinbase/btc-e/bitstamp) then withdraw to a fresh address.
the coins you receive are not related to the coins you put in and the new address ensures a bit more anonymity.
just dont shout out your address on forums or websites that keep logs that google can easily search.
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its a nice number to know, but not a relevant number to keep an eye on..
if you want to be known as the smart guy that done the maths. here is a challenge for you.
find the amount of miners on average per day.
then divide that by 3600 (coins mined per day)
then you will have a magic number worthy of people keeping an eye on. because this magic number is the average income per person. which people can then use to base the price of bread, milk, utility bills off of.
that way we can slowly step away from relying on gox for speculation, and begin to start viewing bitcoin using an actual indicator of value.
much like the living wage calculator's that governments use to compare economic growth, and set minimum wage and taxes etc etc
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simple answer. if your going to touch fiat... fincen want to know about you.
its not about bitcoin. its about the trading of a currency to fiat.
if it was purely about trading a virtual currency between each other. then all of you zynga games poker fans, world of warcraft and second life fans have more to worry about.
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scenario One want to move abroad?
step one. spend your life savings on bitcoin. step two. book a flight as if you only going abroad for the weekend. step three. get on a plane with just a carry on bag with just a pair of shorts, shirt and underpants (no suitcase of cash) step four. check out the localbitcoin people at your destination and cash out in local currency.
now these are the problems you have avoided. 1. the customs thinking your 3 day vacation is a permanent move due to lack of credit cards in your pocket or suitcases of cash. 2. customs seizing any suitcases of money/credit cards.
scenario Two you find out your wife is speaking to a divorce lawyer
step one. spend your life savings (except $£200 which you leave in the account) on bitcoins step two. show the lawyers your £$200 and tell her she can have half. step three. enjoy the freedom of being single with your life savings still intact. step four. if she gets the house, wait for the paperwork to be signed into her name. step five. call in a bulldozer to HER address the following day(paid in bitcoin so no money trail)
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using the IRC - OTC for bitcoin, do a shout out for any regular traders who are always online and always have a regular income.
that way you can build up a list of users who pledge to be online most days at certain hours and are guaranteed to have X amount of currency to swap. and are able to pre accept/pledge to do trades at a certain +/- against spot price.
then when a miner wants to cash out you just get the contact list knowing you have avoided 15 minutes of bartering with traders because you have already pre agreed EG 1% below gox to simple get on and do the deal.
this is how trading between bitcoin/fiat was envisioned for large numbers that people did not want to do on localbitcoins before Gox became the power house of centralisation.
the sooner we return to peer-to-peer trading where there is not one single bank account holding the main 'pot' of market capital the better
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Do you deal in or exchange currency for your customers
Does your business accept funds from customers and send funds on customers instructions
the main questionis.... did MTGOX or Dwolla customer's ever send to or receive funds DIRECTLY from the Mutim sigilum bank account(76XXXXXX13) the requirement of a money transmission licence all depends on how the mutim sigilum LLC account was used. if CUSTOMERS put money in or received money from the Mutim sigilum bank account(76XXXXXX13) held with the american bank Wells fargo then YES mutim siligum was involved with money transmission on behalf of customers. paypal analogy: if customers were given your bank account number to be used to then credit your paypal account and you repaid customers by withdrawing from paypal to then bank transfer back to customers using your BANK then yes your BANK account would need a money transmission licence. the flip side. if customer only funded Dwolla's own bank account with just reference numbers to ensure it reached mtgox's dwolla member ID (81x-xxx-xx10) then NO mutim siligum was not involved with money transmission on behalf of customers. this is because as soon as it hits the Dwolla member id for mtgox, it becomes MTGOX's property and they can move their own funds through their own subsidiaries freely. paypal analogy. someone puts money into your paypal account. you withdraw it to your actual bank account. you also deposit from your bank account back in to paypal. as soon as it hits paypal it still remains your property until you hand it to the customer. so your BANK account is not touching customers money, just your profit/income/outgoing.
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so to add a insurance company think that a dating website and amazon would breach their data protection and privacy terms to hand out customer information and payment details without a court order??
goodluck
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so let me get this right. an insurance company for bitcoins lol
what is the point. how about a few basic lessons in not trusting strangers that dont want to give out personal info, dont want to use escrow and don't have proof they have the product they wish to sell.
i see many people sending coins to a address owned by themselves and then claim that the funds are stolen or the recipient (nonexistant in reality) did not forfill their contract, thus doubling their coins.
bitcoin does not need insurance. what it needs is to teach the sheeple the proper etiquette and money management skills that they never learned as kids because they relied on the trust of banks so much.
basic lesson one. legitimate and regulated insurance companies will NEVER get involved with a contract/payment transaction involving illegal products or services. so anyone wishing to claim a loss due to a dodgy deal for illegal goods (the only reason not to reveal true identity), the insurance company will not pay out, due to the funds being linked to funding drugs/weapons purchases ETC.
basic lesson two. if your handing out coins to a legitimate business, then do some due diligence checks and gather intel about the company. EG there is enough information about bitcoinstore.com mtgox.com to trust them enough to do transactions with, without the need for insurance.
basic lesson three. a 'person' saying they are an insurance company and promises to reimburse losses no matter what product/service/contract type was not forfilled obviously does not have an insurance license, so you are more then likey to get burnt twice, once for the so called loss and secondly from the premium costs that will never pay out.
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Is there any legitimate proof outside of bitcointalk.org about this announcement?
if you have a dwolla/mtgox account check your inbox, or find someone you do trust in the community that has not posted it on this forum and ask them
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best advise, if you have dollar in mtgox don't cash it out.. instead to buy coin and transfer the coin to a different exchange.
many of us done this and never returned to mtgox as soon as the coinlab announcement came out ages back. you had plenty of warning.
i still can't believe people think with a milti million dollar lawsuit pending that business would continue to run as usual.
seriously. make this a life lesson, if you see a notification of a lawsuit get your coin out and move out. your coin and dollar are not protected so don't have the naive belief that because a login page still exists you are safe to continue unaffected.
they have enough hints over the last few days.
This Not quite sure why the price is falling, surely you'd expect a rise if there is a mass exodus of BTC from Gox? because the lemmings and sheep think its business as usual.. even now. the other reason is instead of having a order on the list for lets say $100-$110 creating a buy wall, they are cancelling the orders (making a weak/no buy wall) and eating from the top of the sell wall..(guys trying to exit) but there are still lemming and sheep trying to sell at top dollar. (keeping a sell wall in place) in the hope to buy coin in cheaper to make the price drop very easily due to lack of orders and trying to then buy coin at profit. the flips side is the fight against the lemmings trying to continue trading... the people just trying to get coin to run.. either way the price can sky rocket or plunge. and then the other sheep on btc-e and other exchanges that follow gox as their Master which will also affect the pricing on the other exchanges.. long story short, the next 24 hours of trading will be wild!!!!
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best advise, if you have dollar in mtgox don't cash it out.. instead buy coin and transfer the coin to a different exchange.
many of us done this and never returned to mtgox as soon as the coinlab announcement came out ages back. you had plenty of warning.
i still can't believe people think with a milti million dollar lawsuit pending that business would continue to run as usual.
seriously. make this a life lesson, if you see a notification of a lawsuit get your coin out and move out. your coin and dollar are not protected so don't have the naive belief that because a login page still exists you are safe to continue unaffected.
they have enough hints over the last few days.
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tl;dr below
I'm young but the world is full of surprises, for better and for worse. So I've been thinking, in the unpredictable yet inevitable event of my death, how would I make sure that my bitcoins were left behind for those I care for.
Last Will and Testiment
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a hundred years ago most people thought the only way to make money in america was to be a gold miner. buying expensive equipment to mine for gold. now they have found it is much easier to just trade gold in shops/exchanges for profit.
once mining becomes too hard for the masses. the masses will move onto a new way of handling bitcoin. by trading it through service portals which internally (using binary databases) swap ownership, and maybe once at the end of the night they throw a transaction or 2 onto the block chain to even out the ledger(blockchain) between each of the services.
and people will begin selling products for their 20% profit in bitcoins, instead of thinking the only way to get bitcoins is through mining.
so relax mining is important for security, but not that important for profit making. there are more then 10000 ways to profit USING bitcoin that do not involve mining it.
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I am curious, would I face any legal complications if I were to set up an eCommerce store which sells BTC? I have set up systems that accept bank transfer and Bitcoin before so perhaps I could offer better prices then Localbitcoins etc.
this is not official advise, just unofficial tip speaking to most banks, the FSA, HMRC the basic rule of thumb is, if you stay under the wire transfer limits of roughly £850 per customer per day banks wont see it as a risk to require investigating you. speak to your bank about how much transfer YOU are allowed per day on YOUR account. exceeding this second amount will get the banks and......... (dramatic pause) HMRC to start to take in interest in you (ripple effect through to FSA). basically if you stick under £850 per customer and under the total daily transmission limits your bank account allows then both FSA and your bank will treat you as a personal transaction (not business) so you can get away with a certain amount. the general amounts are here but thats generalised as each account type within each bank have their own limits. so, to those doing occasional localbitcoin style transactions, you don't have much to worry about..much... but don't get "to big for your own boots", and be honest with your bank as to why or what the transactions are for. as saying your selling advertising where infact its bitcoins. and then some scamming &a$tard tries contacting your bank for a transfer reversal, lying to your bank won't have helped your cause. it is also worth noting that if you do want to regularly exceed these amounts and do it as a business, (hopefully you already know the regulations and what limits there are) to look at if you want to just be FSA authorised or FSA accredited. as they are 2 separate things. (accredited is the more expensive one for businesses doing more then £3mill a month). i personally would say don't have the mindset of 'what you can get away with' - instead, learn the regulations, learn the limits and do everything official and honest. Purely to avoid headaches and surprises later.
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the slow confirms is caused by spam transactions which clog up the unconfirmed list. block satoshidice and other "on the chain" gambling sites and the problem is solved.
but this is more like real world larger adoption....so good demonstration exactly, when bitcoin is $1000 a piece and someone just wants to buy a can of pepsi for under 1$ they would love to be able to send a transaction of 0.001BTC without a fee and without a 10 minute wait. so the solution maybe that the blockchain is used as a ledger for large movements of $10 or more and all other transactions have to use a payment system 'off the chain' which allows merchants to withdraw once they reach $10 or more on their balance.
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I don't see this being a big deal. Merchants take checks which suffer from the confirmation problem, right? The difference with a check is that you know who wrote it. If someone wants to pay with Bitcoins and skip confirmation, then perhaps knowing who they are and where they live would solve the problem?
accepting checks (cheques) is not the same risk as an unconfirmed bitcoin, the closest comparison would be a fake bank note and not having a UV lamp handy to verify its legitimacy for atleast 10 minutes. this is why vending machines have coin/note checkers built into them, even for small priced items. as fraud is a big thing
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