As far i know Satoshi Nakamoto is the founder of the bitcoin foundation. Where have you found that Satoshi Nakamoto was not a founder of the bitcoin foundation? What is the source of your information?
The Bitcoin Foundation was founded far after Satoshi disappeared. Even still, Satoshi could easily contact the foundation to request that his name be disassociated with TBF. When Newsweek ran the article on the man in CA Satoshi posted that he is not that man. I am not one that usually thinks up conspiracy theories, and this is pure speculation, but it would be possible that Satoshi is working with TBF and/or other "leaders" in the bitcoin world and doing so in secret. |
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i should warn people, DO NOT TRY TO MAKE THESE AND PASS THEM OFF AS BITCOIN CURRENCY.
it is a federal crime to do so because it looks like federal reserve notes.
This is very true and cannot be emphasized enough. The picture that the OP posted looks very much like the dollar bill and only after looking at it closely can you see that it is not a dollar bill. |
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You would be surprised what an adicted smoker is willing to do for a pack of smokes in the crisis. As far as bitcoins in jail are concerned, i realy dont see the purpuse. Bitcoin should be a privilege, and not used by every peon. Then how will it become the currency of the future? And do you know how many wealthy people are in jail? There have been people in jail in El Salvador that called a hit and had someone killed in New York. That is not just some "Peon". In comparison, you are probably more of a peon. The vast majority of people in jail/prison will have very few resources throughout their lifetime. They obviously have essentially zero income while in jail, but often are unemployed both before and after they get out. |
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I have been mining on a low scale recently.
I am looking to purchase an Antminer S1 for BTC mining but I hear loads about it being non profitable.
Would my money be better spent on an ASIC scrypt miner, for me to mine Litecoins?
i say your money is better spent buying coins rather than mining gear. there are some really interesting altcoins out there that are/will be powerful platforms on which you can build an entire decentralized financial ecosystem. mining imo is a complete waste unless you have shit tons of money to put in. mining gear is going out of date much faster now. and will continue to go out of date faster as the race to have more powerful gear at a lower price than the next guy continues. After a very short experiment with mining I am inclined to agree. With buying bit coin you don't have the race against rising difficulty and an ever increasing electricity bill. Your electric bill should not increase over time. After your first full month of mining your electric bill should stay the same. The only reason your electric bill would increase would be if you were continuously adding mining capacity to your mining farm. Both BTC and scrypt based mining have their profitability (in terms of both fiat and BTC) decreasing rapidity over time. |
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Long time away from fiat world imploding though
Cryptos need to find their niche and hang in there until the time is ripe
It almost happened in 2008. The key is for crypto currencies to be widely known and used before the next big crisis happens. It would be a lot less painful if we have a ready made economic infrastructure in place. It would not take much to push things over the edge for a lot of western economies. Yes, the fiat world is on very thin ice. One example is the riots in Greece and the fact that while they protest "austerity", the Germans are feed up and tired of bailing them out. -snip- All it takes is for that kind of thing to spread to a few other countries and you could get a system wide meltdown. The Euro would then probably drag the dollar down with it. In 2011 (IIRC) when the Euro was close to collapsing the dollar was seen as a safe haven and money flocked to the dollar and US treasuries. |
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I never said people should stop mining. My point is that he says there are too many, and we have more coming.
I can't help but think that you are taking this quote out of context. What does it mean to have 'too many' miners? Apart from the fact that it causes each such miner to reap less bitcoin, I see no downside. None. Nada. Zip. Zilch. No systemic issue from 'too many' miners. You really cannot have "too many" miners as the more miners you have, the more decentralized bitcoin will become. If anything there are too few miners, as there are few miners who control a lot of the network hashrate. |
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Hasn't the british pound been around though, for hundreds of years?
Something to ponder: why is it named the 'pound'? Good question. A pound of sterling silver. So a pound of silver today would cost about $340 ($21.25/oz* 16 oz). The pound is not worth $340 US dollars. :-) still, it seems the pound is still around, so people that say "every fiat dies" aren't being totally accurate. Just no. The pound is no longer a pound. It is now a fiat currency. Accordingly, the fact that there is still something called the pound in monetary use, cannot be used as an example of a fiat currency lasting a long time. Exactly. Calling it the same name does not mean it is related to the original currency in any important way. Just another soon to be worthless fiat currency. Inflation in the UK has caused the british pound to lose value verses the value of silver. It is still the same currency, as if you had a bank note from several years ago you could still tender it for payment today. |
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They will, have to, in the future  Why? What regulation is necessary that doesn't already exist? As mentioned previously, the Liberal Democratic Party under PM Abe, seems to see a future for bitcoin, particularly in fostering trade with the largely unbanked developing countries. However, the opinion on bitcoin within the Japanese government appears to be split. They have also talked about taxing bitcoin transactions. That sounds like a recipe for destroying bitcoin. For example, in order to finance the American Civil War, the Lincoln administration issued a fiat currency called "Greenbacks" (printed in green on one side) . At the time, mainly different kinds of bank notes issued by a large number of state banks were in circulation. By assessing a 10% tax on all transactions using bank notes, Lincoln's Treasury Dept. successfully forced the state banks to stop issuing bank notes, as they became prohibitively expensive to use in transactions. Taxation could have the same kind of negative effects on bitcoin. How could they possibly implement a tax? A sales tax might be feasible but all you do then is create a healthier black market. I would disagree. In most countries the penalties for willfully avoiding taxes can be severe. Many people would not want to risk these penalties just to avoid a tax on their purchases. Any type of sales tax would be applied the same way as if the goods/services were purchased with fiat. |
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In the US it is considered to be unethical for attorneys to advertise their services or to solicit a client for a specific case.
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Capitalism itself has no moral standpoint...
Yeah, this. How can freedom to compete in an open market, where you're not allowed to hurt people and steal people's stuff, be immoral? The moral of capitalism is that of human rights including right to one self and ones things, non-initiation of force in violence to those rights, the rule of law, cooperation in the form of voluntary exchange. That is right on. There is no reason to force people to give up what they have worked for to give it to people who are less skilled. |
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hurry, the first 100 people get their money...  ... and maybe they will print as much as everyone wants but its worthless paper in the end. man....its sad but this will happen all over the world in the next years and not many people know this.  This is coming to a bank near everyone someday. At first there will be delays and hopefully they will be able to get printed cash to fill the demand for deposits of their customers. Get ready everyone. Wouldn't happen to country with high reserve requirement and sound lending practice. If lending is too tight then people would not be able to get loans which is almost as bad as an outright financial crisis. |
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Seems a bit of stretch to try to apply political motivations to a technical issue. It's also a stretch to propose that it's even technically possible at all to force miners to include transactions into blocks. The Bitcoin code could be changed so that if a block is under a certain size (X Kb) then the miners must input "junk" data in the block to increase the size to X kb. This would increase the size of every copy of the blockchain and serve no purpose. The purpose would be to force miners to include a certain number of TX in every block they mine. |
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Is Litecoin going to survive in the long term? This is the lowest price in the last 12 months I think.
I would doubt it. It is accepted for payment at very few if any merchants, and can really only be traded for bitcoin (some exchanges may exchange it for fiat). Owning LTC is basically speculation that anyone will start to accept it for payment sometime in the future. |
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Why localbitcoins dont need KYC ?
Very simple. Because LBC does not touch fiat. You cannot not deposit fiat in, and they do not pay fiat out. ^^ this. As long as they do not touch / hold any official currency for their clients KYC does not apply. They don't need a money license either. In the USA Bitcoin is currently considered a commodity I think. It is not officially a currency. For tax purposes bitcoin is considered an asset, but for AML purposes you would consider it a currency |
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Eventually, Facebook, along with most major businesses will be on board with Bitcoin. This wave can't be stopped.
Not hard to envisage a future where you send money to your friends/family etc using facebook. It's scary trying to envisage this. It seems Facebook or some other form of social network will be engrained into every faucet of life. I'm not sure wether this is a good or a bad thing. It is definitely left open to be exploited though. There is no rule that you have to tell facebook every little detail about your life and there is no rule that says you have to use them for currency remittance. |
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Is everything bought in California made in California?
The point is that it could be possible for CA to switch it's commercialized farming to accommodate its residents if they did succeed. I'm fairly sure Texas wouldn't fair well in that regard. Countries often import products that they are in need of and export products that they have excess of. This is globalization 101 |
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He is not going to release the price. He is also going to do very good things with the bitcoin he purchased. |
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I run a non eBay business and accept PayPal as payment, for example if someone pays me £60, I end with with £57.76 in my pocket, £2.24 to PayPal.
As my business is virtual, and I'm not posting items etc, I don't mind it all that much, 99% comes from PayPal now, with only 1% opting for bank transfer.
Bitcoin next.
it's 3.73% per transaction, paypal fee is expensive  even without selling on ebay but it seems you have many customers that use paypal to buy your digital goods hope you will use bitcoin for payment options and make your customers get interested in bitcoin  Your 3.73% does not count the risk that you take on that the buyer's account is somehow compromised or that you will encounter a chargeback, even if you win the chargeback you will have to invest some amount of additional time into the transaction. |
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the fed has done a pretty good job of minimizing inflation with interest rates over the past several decades.
Do you really believe the graph and what you just said? I would argue that 4% inflation (the ~rate after the 70's) is a good target to try for in reference to inflation. During the 70's and the oil crisis the Fed did a very poor job handling inflation. 4% inflation is just above what the Fed would like it to be at as of now, and is much higher then it is now. |
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You cannot have zero risk. Even when you have funds to purchase at one exchange and coins to sell on the other exchange at the same time, there is always possibility of the price or quantity changing while you perform your transactions. There are bots on the market which can speed up the entire process but even these bots can make mistakes. There is always risk when dealing with BTC.
I agree you cannot have zero risk. You are always left to some extent with the risk of the exchange(s) going down, some execution risk etc. But the key thing you should not have in arbitrage is exposure to the price of the underlying asset. What you call arbitrage above is not arbitrage because you are just betting that the price will follow some pattern. Buying when it's down in the morning and selling in the afternoon is not arbitrage. True arbitrage would usually involve exchanges that for all intensive purposes are not going to fail. You should never have execution risk, as this risk is essentially that you cannot execute your trades quickly enough to capture your profit and if you have this kind of risk then you are doing something wrong. |
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