I wouldn't use them for too high of volume. After seeing some of those stories, I definitely figured it best not to be a liquidity provider there. And I prefer to deal in cash only -- P2P and not through the site directly.
Local bitcoins does allow you to meet to do face to face transactions that are not part of their escrow service. Sure, I know. The only way I use LBC is for in-person cash transactions. However, to be a liquidity provider and be able to charge markup over/under the exchange price, you need to have a good reputation. That means using LBC escrow (paying fees) and garnering confirmed feedback. There have been several threads on here about attempted robberies at face-to-face LBC transactions when the buyer has tried to steal the seller's phone so the release code could be entered. I'm sure that's possible, but seems rare and unlikely. Meet in a public place, and preferably deal with people with some level of positive feedback. But mostly, just meet in a public place. Starbucks has cameras -- that's sort of a deterrent... That is probably the best advice to give when dealing with large amounts of cash when you do not wish to use the banking system. |
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Given how mining work for bitcoin, I do not think the price will stable.
It has to keep going up so miners can have "profit" in either profit or transaction fee.
Well, it can still go up and be relatively stable as well. Generally speaking if something is rising in price at a rapid rate it will not be considered stable. |
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The private key is uncrackable for now. Who know if this is true 10 years down the road.
If technology was progressing to the point where it was feasible for a private key to be cracked, couldn't the devs just upgrade the encryption? Firstly , you cannot 'crack' a single private key , you just need to find all the private keys in the entirety of Bitcoin. Secondly , it's not possible that it will be cracked , by any force in our universe.
Okay, at first they said the speed of light in vacuum was the highest possible limit, but now it turns out that everything is not that simple. So how can we be that sure about it being impossible to crack?  The amount of energy that would need to be used by the amount of computing power necessary to crack a private key is so enormous that it would literally take lifetimes to crack a private key if all of the sun's energy were captuted |
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... I am writing a new blog article, and I will be discussing BTC. My piece will be why everyone should own some gold, have some CA$H and own some BTC. Re BTC, I did want to show some of these changes (new miners at blockchain.info's mining pool stats), which seem to be fairly dramatic over the past few days. Today, I noticed "AntPool" appeared there for the first time (that I have seen). Would AntPool be related to the manufacturer of the AntMiners? Another example of the ASIC makers mining with the machines they make (before delivery to their customers)?THANK YOU for any help! Hey, I just checked https://blockchain.info/pools?timespan=24hrs ...it seems a few new players are here. - Unknown with 1AcAj9p Address - AntPool - Unknown with 1BX5YoL Address - Unknown with 1BwZeHJ Address Should we assume that they are actually GHash.IO in different pseudo names ? I would speculate that they are large private solo miners that are mining into a single address (3 of them) and the AntPool has been reported to be bitman's testing pool |
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To OP: How do you pay your credit card bill?
I make enough to cover them with biweekly paychecks. Salaried, full time. What do you do with your paychecks when you are paid? Are they deposited into your savings account? Most banks offer free/basic checking accounts for people with direct deposit and/or with small ($500~) minimum balance and/or if they use their debit card "x" (usually around 5) times per month |
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interest rates are manipulated to try to keep inflation low
In theory, but not in practice. For the last 25 years, interest rates have been kept low to benefit the wealthy, and the result has been inflation that has destroyed the wealth of the poor and middle class. that is debatable the standard of living of the middle class has risen significantly over the last 25 years. Even the pool can buy things today that could not even be purchased by the most wealthy 25 years ago. |
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You don't hear about scammers in litecoin, namecoin, ppcoin, or any other altcoin either. There is nothing special about dogecoin there.
Ummm...people aren't scamming other people for Litecoin, Namecoin, PeerCoin and Dogecoin? What planet are you guys on? The one where news media reports Bitcoin crimes only. Outside of forums and Reddit, nobody reports altcoin scams. Like I said, nobody hears about them. that is because not enough people know about altcoins to make it worthy for the MSM to report on. People don't know enough about Bitcoin to make it worth covering other than bad stuff. And the occasional rise to $1,100. But since this poses such a threat to the traditional system (And everyone thinks it's already too late to cash in on it and make some serious cash), everyone wants to wreck the popularity and bash it because they never got in on it. ... bitcoin received a fairly good amount of press when it was rallying due to issues in Cypress. |
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SHA256 ASICs are hard to make a ROI these days. I suggest purchasing a scrypt miner instead.
Check out gawminers!
Since KNC, is coming out soon, even scrypt might be difficult to roi depending on shipping times. Better asics are also coming out to the market. True, true. But right now the ROI is really low and GAWminers are shipping soon. ROI is going to plummet with the advent of ASICs comming to scrypt mining. Yup, we will see a rapid rising in difficulty of litecoin (and doge and other scrypt coins) when the ASICs are shipped. This is a good example of why it is difficult to ROI with mining as it is difficult to predict the future of mining technology. The 400MH/s KnC titan will be shipped in Q3 ( http://www.coindesk.com/kncminer-titan-deliver-400-tape-out/) while the 500MH/s GAW Vaultbreaker will go live in Q3/Q4 ( http://www.gawminers.com/products/hosted-pre-order-batch-1-the-vaultbreaker-500-mh-s-asic-scrypt-miner/). It is really hard to estimate how the litecoin difficulty will evolve 3 months later.  With both of these machines, and similar machines on the bitcoin side of ASICs it is very difficult to know how many the manufacturers are selling and producing. |
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http://www.coindesk.com/western-union-open-bitcoin-regulated-currency/“That’s the issue with bitcoin. We are a very regulated industry. If bitcoin is regulated and the customer wants that, I mean, why not? [...]
I am not sure bitcoin is a currency. Bitcoin is a system. It is not used as a currency, it is defined as an asset. When the reserve bank issues bitcoin and when it is regulated we would be more than happy.” So basically...Western Union is whining because they have to follow regulations and want their competition, Bitcoin, regulated too. Guess what Western Union? You are old news. A Bitcoin ATM next to every Western Union in the world would make them obsolete. To be honest if we could get banks to adopt bitcoins and keep them safe it would make a BOOM of the bitcoin market, we need not to be so ANTI bank right now (now i know i dislike them to) but the banks also need to be less Anti bitcoin and adapt and use them. So much no.. just so much No. Do you even money bro? Why in the Fuck of fucks would you want a central bank to print bitcoin into the trillion billion trillions? If you think banks could ever print bitcoins, you have no idea on how Bitcoin works. Plus, that is completely unrelated to what he said. in theory it would be possible as long as few enough request to be in control of their own bitcoin and people allow the banks to manage their bitcoin |
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Exactly. All the bailout money is still in the system; at this point the central banks cannot get it back out; this would require higher interest rates and could trigger a deflationary shock because many entities, private and public, would default unter higher interest rates. Everyone with a sane mind knows this. The next decade will be very interesting....  I don't follow. Can you break it down like I'm a moron? Thx Too much currency was released into the economy (for example to bail out banks). That money is still out there. To reduce the amount of currency in the system, interest rates would have to be increased. But higher interest rates would kill debtors: countries, companies, people, because they are all in massive debt. Remember that our fiat currency is created when somebody takes out a loan...you go to the bank, borrow 100 000, then they create 90 000 from thin air and 10 000 from existing deposits. Fractional banking. Currency = Debt. Much currency = much debt. Higher interest rates = global collapse.  The debt is much worse than they tell us. Real national debt in the US when you is actually north of 100 trillion. There isn't enough fiat in the world to pay that. Something has to give at some point. It nearly did in 2008. This figure is largely inflated due to the current unfunded liabilities of medicare/medicaid and social security. Once these programs get reformed this number will decrease a lot |
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Bitcoin is only pseudoanonymous (though if you hide your IP and use new addresses every time it is pretty much anonymous).
That being said, I can't wait to see what extra anonymity features that Zerocash will be bringing to the table when it is released!
You can use blockchain's shared coin to get the same effect as zerocash but with shorter TX confirmation times as zerocash has all TXs in a shared coin format and when one party "backs out" of a TX then the TX will fail and all the parties will need to try again by all signing a new TX If your trying to launder coins i would suggest for you not to use sharedcoin as it has been proven not to be so anonymous Link: http://www.coindesk.com/blockchains-sharedcoin-users-can-identified-says-security-expert/Shared coin when used in conjunction with other mixers can mask your identity. XMR coin is currently partnering with I2P developers to see if they can bring anon coin into the market. Darkcoin already have two failed implementation. The current framework the coin operates on may not even be possible to implement a truly anonymous coin. there is no real need for a "truly anonymous coin" as it could likely do nothing that bitcoin could achieve with the use of a mixing service |
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bitcoin is taking over facebook should use bitcoin its reliable
How is bitcoin being used on facebook? right now only a few of their apps/games accept bitcoin for payment of "power ups" and similar in-game purchases |
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No no no no - too big, too soon.
You're not thinking clearly. I'm very bearish about the future of bitcoin, but this would be a really good thing for bitcoin. Amazon isn't just a giant online marketplace, it also has huge cloud resources and enough IT horsepower to render needing dozens of other exchanges pretty moot. What exactly would Amazon do with the Bitcoins? They can't pay their employees or maintain their servers with it. Amazon would be the only major store taking Bitcoins. They would become bloated and Bitcoin would be worthless. Rick is right, it is too big and too soon. Economies need to cycle money and Amazon wouldn't have anywhere to put the Bitcoins after they have been paid. Overstock accepts bitcoin and they keep 10% of bitcoin related profits on their books |
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I think you misunderstood the situation. Giving the students $100 in btc was not a charitable donation. Most of these students don't need handouts.Instead they are trying to draw more bright young minds into BTC. A lot of valuable contributions, startups, and innovation could come from a select group like this. A $100 "donation" to MIT students will likely go a lot further then giving $100 to a homeless person/shelter. The MIT student will likely eventually contribute to society in some way (hopefully this project will make some of them make their contribution somewhat bitcoin related). On the other hand the homeless simply drain from society I'm not sure if you are trying to agree with me or argue my point? And homeless people do not drain from society. I am agreeing that giving the bitcoin to MIT students was a good idea/investment. Many homeless people need to live in homeless shelters and the homeless shelters are at least partially funded by taxpayers and donations (by society). Your typical homeless person does not have a job or other earned income/assets. Therefore they give nothing to society (in the form of working, and earning their own way) but they use tax money (money from society - money that is given to the shelters) and therefore are a drain to society. This does not even take into consideration the amount of police, prison, and medical resources that crimes of the homeless commit and the fact that many homeless people have drug addiction issues (more using of societies resources and no contributing to society). |
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You can use virwoxI've used up $2000 in my paypal credit card to buy bitcoin with it. You use the credit card to buy linden dollars, then convert it to bitcoin. Then send the bitcoin to wherever. There are daily limits to prevent people from charging back virwox but it gets lifted after 10 days, 30 days, and 60 days. They're safe and legit and fast after they trust you (48 hours after account is verified).  Doesn't this essentially force you to pay rates that are much higher then what is available on exchanges? |
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lol what you also should note is that luke JR is a greedy mo-fo.
he is the guy that pushes to make people add TX fee's to their transactions by changing the eligius pool code to be greedy and ignore 0 ze tx's and only let a couple in per block,
he tells people to use fresh addresses eachtime so that when you send your whole stash there is not just one input, but hundreds. meaning large data size, meaning more tx fee.
and he was the one that got the bitcoin-core to, by default hide pre-used addresses. subtly causing people to use new address , as i just explained.
when a greedy guy that wants to tax bitcoin more by charging fee's, and a greedy mining pool that wants more than 50% of the pie get together... look out
only including TX with a miners fee is expected behavior by pool operators over the long term. When block subsidies get smaller (probably when they reach 6.25 BTC per block) it would be likely that all TX must include some kind of fee in order to be included by the miners. But unable to employ his dubious tactics to make money from mining pool, Luke Jr is now trying to handshake with GHash.IO. Chances are there, he may point his whole pool resource to GHash.IO to win some blocks. I don't see what he has to gain by colluding with ghash. It is my understanding that he has a reputation of doing the right thing. Do you have any evidence of any wrong doing? |
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I don't believe a man who has gained 3M USD would ask an advice about investments on forum  I second that motion I disagree as it may be part of its due diligence on the matter since bitcointalk obviously has some very good Bitcoin experts These forums may have "experts" however it is very difficult to determine who is an expert and who is full of BS. The advice found on these forums is also significantly biased to the buy side for bitcoin |
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All I needed to do was to purchase in the morning at -5% and sell in the evening at +5%.
That's not arbitrage. Arbitrage is supposed to be risk free. Easy to say that you are getting higher returns if you say you do arbitrage but in reality you are just speculating / day trading. It's not arbitrage if a price movement before you close your position affects the profit. edit: Risk free is strong word there. Clarity: Arbitrage should not be exposed to price movements. Of course there are other risks like credit risk of the exchange etc. You should have zero risk when executing an arbitrage properly |
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Again with these super long blocks. 37 mins. 20++.
One quick confirmation is better than an unconfirmed transaction for 40 minutes. Even if ultimately it doesn't provide any more or any less security.
WTF? What are you babbling about? Confirmations = security. There is no such thing as "one quick confirmation". Confirmations happen when they happen by design. I'm talking about quicker confirmations and the fact that the same amount of time needs to pass in order to achieve the same level of security. Like when using Litecoin(with it's 2.5 minute target) you still need 4x the confirmations in order to reach the same confidence level as one Bitcoin confirm . One confirmation however is much, much better than zero confirmations and prevents Finney attacks. If you trust the network then one confirmation is enough, and if you can have that confirmation quicker than 10 minutes it's much better imo. Even if in the end it's not any more secure against double spend attacks that involve confirmations. Do you see what I mean? If you were running a business and you decided that one confirm by the network to acknowledge the transaction was sufficient(despite the fact that it's never going to be 100% secure, you're accepting the risk) wouldn't you rather have that confirmation quicker than 10 minutes on average? I just got done watching over 40 minutes to use a service after depositing. It's not a very good system. LTC only has confirmations after 2.5 minutes on average, LTC should have a 10 minute block roughly as often that bitcoin has a 40 minute block. Having shorter confirmation times will also mean a much higher orphan rate as miners have an incentive to build on their orphaned blocks to try to get them to be part of the longest chain to get their block rewards. |
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The authorities in Brussels also tried to calm savers' worries, having seen the queues that built up outside branches of two major Bulgarian banks in recent days.
It insisted that Bulgaria's banking system was:
"well capitalised and has high levels of liquidity compared to its peers in other member states. For precautionary reasons, Bulgaria has taken this measure to further increase the liquidity and safeguard its financial system".
That statement is an outright lie. Authorities lie, because they can't do much else to stop the bank run. If only a fraction of the population demands their savings handed over, banks will collapse. This should be taken very serious. Of course the World Cup comes in handy to distract the general public in Europe... This is the case anywhere that fractional reserve banking is instituted. |
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