1) Is Bitcoin-Denominated Debt Enforceable?
In other words, say I lend someone X BTC (unsecured), and get them to sign a promissory note for the X BTC loan, etc... etc... Now, assume they didn't pay me back. Could I theoretically pursue them for this debt, and potentially take them to court? If so, would I receive only the USD value of BTC lent, or is there a way of writing a contract such that they would be obligated to provide me with the actual X BTC, no matter how much it is worth in USD terms, now?
Yes, there is. I've dealt with these agreements before. It's not as simple as just substituting BTC for USD in the text of the agreement, but it isn't impossible either. So if this sort of agreement is not in place, depending again on local law, legal tender laws may apply to debt repayment and you get the local fiat? I may also seek a drafting, when it becomes a concern that warrants this. Also check your state's maximum personal loan interest rate.
Yes and this is a changing target in many of them. |
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I don't know if this is good news or bad news, but it is certainly a big WTF regarding Japanese banks..: 11:05 < sturles> I noticed on the forum that Japanese domestic transfers come
from a new bank. I keep watching for reports of international
wires from a new bank as well. That would be a very good sign.
11:08 <@MagicalTux> sturles, the new bank we use for Japanese transfers is a
domestic only bank
11:16 < sturles> Oh. :-(
11:18 <@MagicalTux> they're the first bank we've seen in JApan that can do
domestic transfers without the need for faxes
Fax! In 2013! For a simple domestic transfer! Can you even buy fax machines any more? Must be years since I saw one of those. No wonder even Japanese transfers were slow during high volume periods. People still think SWIFT transfers from the same banks are fully automated? I wouldn't trust a bank that allows to transfer my money based solely on a fax message. Nothing is easier to forge than fax. Its OK, this is not solely based on fax message. It is backed up with x.400 out of band confirmation. |
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Zerocoin does not need to be implemented directly into the core protocol. These services can work just as well outside bitcoin with only access to the system. Additional features only add to the risk for problems to occur such as the March fork. If these features are not an absolute requirement for the system to work properly then they should be left out.
Zerocoin's use with Litecoin might be considered? |
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on my bitcoin u won't find cocaine.
I wouldn't go that far. Many transactions can likely be traced through an occasional SR deal. But yes, more crime is based on the good, old government-issued cash than on bitcoins. Also, cash is more anonymous. Yes, and cash has levels of anonymity too, depending on what type of cash is used and how it is used. Most bills are serialized in an easy to scan way, and increasingly transactions are through machines or banks, so there are some very non-anonymous check points. Paper cash is imperfectly fungible with regard to identity and transactions. If you pull bills out of an ATM and give them to someone scurrilous and they are next deposited into a bank, you may become an interested party by law enforcement based on that chain. For more anonymity they would use gold coins as cash. Those are all the same. The Swiss argument against Bitcoin might be more easily pointed at gold than at bitcoin. |
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The article had nothing to do with bitcoin billionaires.
In fact, with a market cap of 1.5 billion, does such a thing even exist yet?
If you have 10 bitcoins, you have 1 billion satoshis, in which case you could probably call yourself a "bitcoin billionaire".  "satoshi billionaire" - ftfy +1 for uplifting edit. |
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Your right. The only solution is change residence of your location to allowed State and then request the withdraw Can you point to which Washington law disallows playing skilled games for money? As well as point to which law in those states that disallow playing skilled games for money. I tried searching but couldn't find anything. The host could take some steps if they were inclined to do more in Washington State. Provided "bitcoins" are determined to be "merchandise" and not "money" There is a process for being authorized in Washington State to host "Amusement Games" provided it is hosted for some social good (the hoster has to have some charitable purpose): The full law for Washington State is here: http://www.wsgc.wa.gov/rules/rules_manual_1211.pdfThe relevant part is here: ========================= RCW 9.46.0201 "Amusement game." "Amusement game," as used in this chapter, means a game played for entertainment in which: (1) The contestant actively participates; (2) The outcome depends in a material degree upon the skill of the contestant; (3) Only merchandise prizes are awarded; (4) The outcome is not in the control of the operator; (5) The wagers are placed, the winners are determined, and a distribution of prizes or property is made in the presence of all persons placing wagers at such game; and (6) Said game is conducted or operated by any agricultural fair, person, association, or organization in such manner and at such locations as may be authorized by rules and regulations adopted by the commission pursuant to this chapter as now or hereafter amended. Cake walks as commonly known and fish ponds as commonly known shall be treated as amusement games for all purposes under this chapter. [1987 c 4 § 2. Formerly RCW 9.46.020(1), part.] |
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So let's speculate, will price be affected? by how much? and why?
There is demand for leverage such that today someone wanting to buy a bitcoin using leverage has to pay a price that is 10% over the current spot price and still has to wait nearly 90 days to get delivery. See the BUZ3 (December 16, 2013 settlement) futures contract on ICBIT as an example: - https://icbit.seThe only thing needed to profit from this is a supply of bitcoins that you can "lock up" for 90 days. Oh, look .... the fine print for BIT says your funds might get locked up on you: An investment in the BIT will be illiquid and there may be significant restrictions on transferring interests in the BIT. - https://www.secondmarket.com/fund/bitcoin-investment-trustSo Bitcoin is just like any other commodity or security in that there are derivative products and profit exists. Seeing more funds emerge will help Bitcoin because it will help the commodity be used to solve problems more efficiently or used in new ways. While it would seem this increased usage of bitcoins would only put upward pressure on the exchange rate, don't forget that providing liquidity for that wanting to go short on Bitcoin is likely one of the possibility a fund like BIT brings as well. Yes, this is so. It opens the possibility of some large financial interest, or even a bank or central bank with arguable legislative approval (and who's function is to manipulate currencies) can take large short positions covered only by their ability to print money. This is limited to SecondMarket's ability to lend bitcoins for sale, but as you point out it may be "illiquid" which means that they don't guarantee that there are any buyers if you want to sell shares, or that there are any sellers if you want to buy, except themselves. It doesn't pass Coindesk's test for setting price for their index. My speculation on the effects (not on the market in general, just BIT's effect on the market) is: Short term bear (the funds to buy the starting btc are spent, some who would have bought in the market exchanges in the near term will buy BIT instead.) Long term Bull (as the potential for bigger money and new avenues of money may be invested, SecondMarket may need to start buying again) |
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Its like localbitcoin with a concierge... and a vallet.
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It looks like a straight-up group buy, and for the privilege of organizing it you get a re-seller relationship. I'm on the fence.
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Thats what Chart Buddy would be good for. Sadly someone banned him from this thread..
Now we cant verify this claim by looking up month old order book depth!
Is there some place chart buddies output can be looked up?
I'd love to see ChartBuddy back. It seems that www.rtcons.com (ChartBuddy) was cut off by NFSN (his ISP). Maybe it was a matter of costing too much to offer a free service. Perhaps if enough people donated a few million satoshis each he'd put it back up. When Blitz banned him he made it clear that it was only because of the snafu and that the door was open for a return. ChartBuddy (Richy_T?) are you reading this? Chartbuddy is back up-and-running (has been for a while) but still banned. I miss chartbuddy. Maybe start a new thread for it? |
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Mastercoin is the friendliest hostile fork I've seen in a long time.
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Electric Mucus is a desperate troll that...
Encourages critical thinking. You can win at Bitcoin but winning can be luck. When you convince EM you can be sure luck isn't part of it. FTFU. Yes, it is good to listen carefully to the critics. Often that can point to where the next innovation is needed. For example, when I keep hearing "Bitcoin isn't backed by anything" arguments on the news, I know I am on the right path with the Bitcoin specie project. Bitcoin has a decentralized bank instead of a central bank. Bitcoin is backed by all that it can buy and now that it is redeemable in bullion as well, it now has better backing than any fiat currency with a central bank. Anyone with too much bitcoin that would like to back it in bullion can do so, we are just showing the way forward and making it easy and affordable for anyone, and doing it in a way that puts the focus on Bitcoin and it's value. |
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Ah, it is good to recall history, thank you.
Sometimes I wonder when folks post incredible and obvious false concerns along with a bearish attitude, if they are secret bulls working to discredit the bears. Perhaps I am too cynical. Perhaps they honestly believe false things simply because it supports an already existing opinion or hope.
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Your coins seem to be very interesting to bid on and that are just the normal ones.  Yes, I don't know why they are being bid that high, it is surprising. The title may be misleading (it uses "Physical" which for some people has come to mean that the piece is able to store bitcoin like a wallet) But the description is clear. We are hoping (and daring to expect) that these will become the new pocket currency as Bitcoin becomes more broadly accepted. We think there may be still a need for the perfect anonymity that coins provide, as well as the easy of use for in-person transaction compared to anything needing electronics and networks. We envision a world where these Bitcoin specie are jingling in pockets most everywhere and hope them to be quite common. It is often said that the winners in auctioning are the ones that know the most about the item. The readers of this thread know more than anyone outside our team, and so are not likely bidding at these prices (though maybe could earn some more by selling). There was another of our pre-order buyers who switched their order from the New Liberty Dollar to the Bitcoin Specie after they had sent payment. They told us that they put up 10 separate auctions with buyout and all were bought out within 10 hours which was very exciting for them. |
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hi, quick question- who acctually minting that. is there any assurance about silver in each coin?
We use a variety of external contracted minting and sources. We have the responsibility for the assurance of silver purity and the weight of each piece directly There are many simple tests for the purity if you would like to do a little science. http://www.ebay.com/bhp/silver-test-acidand some more complicated ones with specific gravity measurements. We are also very happy to have added a new mint Great American Mint and Refinery, who have gathered some of the best minting and refining engineers in the business. And since they are so close, we are now able to accept "junk silver" as payment-in-kind which can be refined here to the .999+ purity required for our pieces. So those old silver .925 candle-holders can become sparkling new Bitcoin specie. The people involved have also been responsible for making some other very popular silver pieces, including American Silver Eagle, Canadian Maple (which is .9999+ ) and others. We think that they do a pretty good job. We have had this question often, but never any complaint about the quality of the silver, or the weight. It is consistently higher quality than .999 and if the weight is off, it is only because it is over, not under, but within the tolerance of .005 ozt so not too much over. |
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The premium amount should be changeable.
Yes. That is on the todo list as well. Great minds think alike. These should be done ahead of formal launch at month end. Maybe by the end of the day. A little later I am thinking of changing the color of the # of ozt field to RED when the number is close enough to the next higher tier that it would be less expensive to get more... but we are still doing a few baby steps right now. No one should be getting 99 pieces... Fixed Let me know if you see any problem. We think we have tested all the mobile browsers that are hitting it, but there is always something unexpected. You should see the premium change as the quantity changes. Currently cannot change the number of Troy ounces on the site.
Also fixed. |
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My local gamers and I kicked in for Pathfinder Online kickstarter, so that is something to look forward to as well. |
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I wonder if there are enough folks in those 19 states that would chip in some of the 105K to expedite in return for some shares in the exchange....
If you are checking in on it, let me know if one of the 19 is California.
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i thought there was a difference, SM is only open to accredited investors
They don't suddenly become accredited for an entirely different financial product. But Second Market are thinking they found a loophole and ran with it. It is a blanket category and requires no special knowledge by the investor. Some of them hire due diligence analysis. It isn't a loophole. Why do you suggest there ought there be a new restriction of transfer between knowledgeable parties in a private matter? |
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