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Removal of the china factor.
After that, increasing the network's transaction thoroughput.
Then, POS integration employing bitcoin "debit cards" linked to a person's address.
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The IRS called it a commodity because they were getting blitzed to define it / categorize it.
They will make a nice little virtual currency tax code section in good time.
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I encourage all who reas this thread to also very closely read the most recnet IRS ruling, posted here: http://www.irs.gov/pub/irs-drop/n-14-21.pdf?utm_source=3.31.2014+Tax+Alert&utm_campaign=3.31.14+Tax+Alert&utm_medium=emailRegarding self employmjent tax for miners; from the ruling: "Q-8: Does a taxpayer who “mines” virt ual currency (for example, uses computer resources to validate Bitcoin transactions and maintain the public Bitcoin transaction ledger) realize gross income upon receipt of the virtual currency resulting from those activities? A-8: Yes, when a taxpayer successfully “mines” virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income. See Publication 525, Taxable and Nontaxable Income , for more information on taxable income." A veritable minefield of problems for all! My $.02.  The IRS will figure out a better way of handling things now that the pressure is off them to define bitcoin. They were being badgered for a response on how to handle bitcoins, and they gave the most logical one they could given their current regs. This is why their latest ruling and QA is so.. ill-fitting. I am 99.9% sure the IRS has no system in place for crawling the blockchain, linking addresses to real people, or linking transaction times / amounts to bitcoin prices at that time. Hell i doubt they even have a division formed for this. In fact, given their reticence with virtual currencies as a whole, they are at basement level at best. They do, however, have the ability to waltz into Coinbase through FINCEN links and see how much money people are handling in there. Anyone who has been buy/selling at CB better list that stuff on their tax return. All of that being said, the IRS has some serious work to do before it tosses anyone in jail...and by extension enough time for Bitcoin proponents to effect changes to the ruling. After seeing how the whole healthcare.gov thing worked out, i believe it is safe to say that we have a good year or 2 before anything becomes usable for the IRS.  |
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The price will sit in the $425-$460 range up until April 15th. Nothing but short sellers/buyers right now.
Not a single one of the big boys is going to risk China dumping on them.
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Once the larger US retail market players get in the game, you could very well see large 'to the moon' spikes.
For example: Let's just say Walmart in a year or 2 from now elects to accept bitcoins because it has integrated the protocol into their POS systems, fixed all tax compliance issues. Let's also suppose that the core Bitcoin devs have implemented a clever way to increase transaction thoroughput capabilities of the network.
Do you think that the price won't spike even a little?
Short term I don't really see it happening. By now you can already buy everything you ever wanted using the Gyft system, so I am not really bullish on something increasing sharply when you can already get almost anything at this point. I suppose Walmart would make it easier by not going through Gyft, but I believe Gyft gives you a 3% bonus, so then Gyft would be more beneficial than Walmart accepting it no? There are too many obscure entities and annoying steps your average consumer has to take in order to go that route. Your typical US citizen will not go to all of that pain when they can simply use a CC/debit card issued by their bank to pay. People have been institutionally ingrained toward the whole idea of painless purchasing through POS (real world or virtual) using a debit / credit card that is directly linked to their money supply. If someone can use a (for example: Coinbase issued) bitcoin debit card (linked to their bitcoin account) then you will have that starting point of mass adoption. |
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Once the larger US retail market players get in the game, you could very well see large 'to the moon' spikes.
For example: Let's just say Walmart in a year or 2 from now elects to accept bitcoins because it has integrated the protocol into their POS systems, fixed all tax compliance issues. Let's also suppose that the core Bitcoin devs have implemented a clever way to increase transaction thoroughput capabilities of the network.
Do you think that the price won't rise even a little?
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OP...I suggest you not live under a rock.
Knowledge is power. Reading is not hard and this forum is free.
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This is just the tip of the iceberg in terms of the overall transaction fee "business", but here is Walmart already pissed off about it: http://rt.com/business/walmart-sue-visa-5billion-813/5 billion reasons (and many billion more) why Walmart and the rest of the market will use the Bitcoin protocol to enhance their business model (and streamline obnoxious transaction fees) once core market support platforms/services have been implemented. Does anyone think that a company (or any other company for that matter) would not leap at the chance to save thousands, millions, or billions a year? This is why Bitcoin will win in the long run once it matures into something CEOs will feel comfortable about using. All of that obviousness aside,to "Professor" Mark Williams: you are an elitist out-of-touch academic who is simply predicting doom and gloom because you want to save face in front of your other elitist out-of-touch peers. You've admitted to owning bitcoin even. Feel obliged to join Warren Buffet and the rest of his type in the "old men who hate technology" club. Tell me, do you take a month to grade your students' work while you pontificate out your behind about technology you have 0 honest clue about? |
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Troll / tool detected.  |
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It is a grand step forward but Texas doesn't get the full kudos until it steps into the 21st century with the first recreational marijuana dispensary that accepts bitcoin, and whose black female lesbian owner runs a quickie wedding service for homosexuals while giving away Origin Of The Species as parting gifts... just sayin There are more and more californians heading over here by the minute. Austin is basically lil cali already. |
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Perhaps Secondmarket can move down here!
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How, pray tell, are these phantom bag holders going to cash out if all the financial institutions / payment processors have cut links?
There may be some here and there...but it would appear that the plug got pulled before the vast majority could react.
to do list> take a flight to mainland china bring all the cash you can buy all the cheap coins dump them on stamp profit China has some of the tightest capital export/import laws in the world. Do you honestly think you can just fly into China and pull that off? A rational person is not even going to run the risk of being thrown into a Chinese hard labor camps for smuggling in contraband capital. The exchanges can't even accept yaun anymore. Their payment processors cut that off. |
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The speculation/bleed-you-dry money has finally been pushed out, and the institutional capital necessary to grow the technology is finally entering.
Judging from the first part of your sentence I presume you are talking about the price of bitcoin, and not investments in the surrounding technology, right? If so, don't you think that the big guys will be just as speculative if not even more? I'm very afraid bitcoin will become nothing but the new pump and dump scheme of Wall Street  That is a nasty potential. I have not thought that one through, to be honest. |
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M Faber is yet another clueless old-world Warren Buffet type who does not understand the bottom-line technology behind the protocol - and, by extension does not perceive the disruptive impact it will have upon the payment processing business. The Bitcoin protocol technology and derivatives will all but eliminate the yearly $1.5 trillion dollar transaction fee "business". That's 1.5 trillion reasons right there why this guy is wrong.
It's ironic that only now is he throwing his opinion into the ring when Bitcoin is in the greatest hot pan it likely has ever been. Cowardice as usual.
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How, pray tell, are these phantom bag holders going to cash out if all the financial institutions / payment processors have cut links?
There may be some here and there...but it would appear that the plug got pulled before the vast majority could react.
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Holy cow, I'm in texas too.
I predict...much bitcoin market start-up growth in Texas very soon.
It is ironic how NY is taking exactly the opposite stance. Goes to show who enjoys freedom and who doesnt.
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The sheer amount of institutional capital flowing from US market entities into the protocol platform/services start-up ecosystem is ensuring that the protocol technology will be integrated into the market sooner or later. This implies that there will be a 'critical mass' period at some point in the near future.
China exiting means those bastards can't siphon off the capital being put forth in the USA and other places to actually grow the technology.
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You are missing critical flags. Make your batchfile this: setx GPU_MAX_ALLOC_PERCENT 100
cgminer --scrypt -o [removed pool and workers] --thread-concurrency 10241 -I 19 -w 256 -g 1
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