Keep in mind that there are ETF's and BTC lenders now.
So, Bitcoins can be borrowed and sold short in a numerous ways.
And...
It is a currency according to FinCEN.... so...
The Federal Reserve is within its charter to manipulate it, and with a tiny fraction of one day's money creation, put the price wherever it wants, 50, 5, 500, 50,000. Whatever suits them, at will, whenever they like. And they can do it with their reserve banking partners, with as many billions of fiat as they need.
Enter the leviathan, whales beware.
Any facts to back up your bullshit? If they buy the price to $50000 I think I'll be maybe selling... More likely they will do what they did with gold. Though that was more expensive. They dumped about $28billion in a single block trade to break the market down, with an immediate loss of over $1B on the gap down in April. |
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Keep in mind that there are ETF's and BTC lenders now.
So, Bitcoins can be borrowed and sold short in a numerous ways.
Ok, say I want to short more than 1k BTC, where do I go? Today you can go to http://bitcoinfund.eu/ Account minimum is US$1Mil, though they are reputedly lowering it for Bitcoin only accounts. |
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Keep in mind that there are ETF's and BTC lenders now.
So, Bitcoins can be borrowed and sold short in a numerous ways.
And...
It is a currency according to FinCEN.... so...
The Federal Reserve is within its charter to manipulate it, and with a tiny fraction of one day's money creation, put the price wherever it wants, 50, 5, 500, 50,000. Whatever suits them, at will, whenever they like. And they can do it with their reserve banking partners, with as many billions of fiat as they need.
Enter the leviathan, whales beware.
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correct me if im wrong but isnt mtgox the majority of the reason btc is so low? mtgox has legal problems. and cash problems. i heard lots of ppl cant withdraw stuff from there = less people put money inn there and less volume is being moved . less volume = smaller price changes .
this is exactly why we need to break free from mtgox. they/he cant keep deciding what the price of btc is .
i would love to see something like average price from top 3-4 exchanges with most volume = price of Bitcoin.
Or weighted by volume per exchange and use all exchanges with more than 5% volume/week? |
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The definitive answer: Nothing, it is unbacked.
Heh, I'll back it. One ounce of silver for every bitcoin. I have my 21,000,000 ounces here. Redemption on demand. |
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Weed
Or rather the criminalization of it, and the rest? |
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I'd like to see an "evolve" poll. Like, if you are an Anarcho-Capitalist, or a Libertarian, or a Democrat/Republican, were you always like that, or did you "evolve" from a prior political affiliation? Mostly, though, I'm curious if libertarian types came from the big R or the big D.
I started coin collecting at 6. I think I was 8 when I declared my room a sovereign state. I was born this way (independent/other). Mark me unevolved. There isn't a party platform that I agree with sufficiently to support the nonsense that gets bundled in. |
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Anarcho-capitalism[/b] -- even worse than the Libertarians. At least the Libertarians/"Minarchists"/whatever seem to acknowledge there might be some need for a smallish government that would to initate violence against innocent people to attempt to restore order, just in case any of their voluntarist/private arbitration/NAP non-innitation of violence against innocent people theories didn't go according to plan.
i suppose its possible that it might end badly. still im willing to give it a shot. when societies outlawed slavery there was a risk that it could have ended badly, does that mean they shouldnt have tried? plus we dont want the entire world to test this out on, we are perfectly fine to just be left in peace on a few square miles of land somewhere. if cannibalistic death cults pop up somewhere on our few square miles and we dont find any way to solve that problem than feel free to invade us. Careful! Without professional minders with armys, you are sure to end up with "weird cult communities pop-up where they do ritual sacrifices/rape/molestation/whatever to prevent crop failure" |
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The future comes to everywhere.
(well, maybe not the Amish)
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timed out? NewLiberty(0uAC) = Wallet[ACL1B3RTY|NewLiberty]->GetBalance(); |
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Not to be too cynical, but I wonder if this was planned...
Granted California leads the way for the US, I'm curious if all the same arguments hold up in Ohio, or any other state for that matter.
Is this simply a defense for the California law, or also the FINCEN guidance?
Either way, awesome job Foundation!
The FinCEN is guidance on enforcement and not basic law, and not adjudicated or even well clarified either. So this response is based on California law. "The same rationale that applied to the sale of a peso should prevail under the California statute with regard to the sale of a bitcoin." The California law makes different distinctions from Federal law. Federal distinguishes also between current money of a foreign nation and other payment instruments. If CA does issue a concurring opinion letter, that would be the epic win. " If CA does issue a concurring opinion letter, that would be the epic win." So FINCEN guidance is for enforcement of federal laws? Would the epic win be the same as Washington legalizing pot? It's legal at the state level, but illegal at the federal level? Even though I understand you're saying it's not an "illegal" at the federal level, but merely interpreted to be illegal without registration based on FINCEN guidance which isn't exactly "illegal" but rather not congruent with their interpretation of existing rules which they (FINCEN?) would be required to enforce. So the thoughts would be Cali says it's cool with this interpretation of Cali law, and then someone at the federal level says yeah, we think the same is a good interpretation of federal law/regulation, and then FINCEN issues guidance saying, yeah, I guess that's cool, so no registration necessary? So a three step process? There's a lot more steps in the journey. Banking is regulated by states, there are 50 + some state-like geographies. When it gets into inter-state issues, the federal jurisdiction gets more power. The federal is broken into districts, the districts do not always agree. If it is a constitutional matter, it can go to SCOTUS (supreme court of the US). California is not a horrible jurisdiction if we were doing forum shopping. NY is more banking centric, and California does things right sometimes, like this today: http://www.newsnet5.com/dpp/news/local_news/water_cooler/california-man-found-not-guilty-in-chalk-vandalsim-case-at-bank-of-america-branches |
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wondering why this story, or rather the response, is not making more news headlines??
Nobody was killed or caught in infidelity? How many July 4th hotdogs can a legal opinion letter sell? |
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Yes, it gave the "power of the pen" to the foundation.
So the first writing with analysis is made, and a return opinion requested.
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The Winkle fund is an ETF not an exchange.
(It is a fund, to be traded on exchanges, not itself an exchange)
It is also not unique, or first. BCF has been doing this for a while.
Am glad they are in the game though, it will be good to see more bitcoins used in trade rather than just trading them.
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Words have meaning. Exchange is a vague word. Market exchange is more specific but is still a vague term. Brokerage is a vague word. Forex also is a vague term. The word futures, however, is useful here because it specifically excludes anything that does not have the characteristic that it is purchased now but delivered at a future time. So when I do a trade at an exchange and withdraw my purchase immediately, that means I was not trading on a futures market. So it is irrelevant what requirements exist for operating a futures markets when you are discussing a brokerage (e.g., Coinbase) or a market exchange (e.g., Mt. Gox). Programmers can think of law as software, with global and local variables each needing to be declared. It wouldn't make sense to use a variable defined in one application in another without declaring it. There are also shared libraries which may have definitions. This works in both law and software.  |
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CoinWorld did a write up on what gold and silver are "reportable". http://www.coinworld.com/Articles/ViewArticle/what-coins-are-reportable(yet another reason to buy New Liberty Dollars over any government product precious metal) Notice that reportable is not always the same as "taxable" If you get a legal opinion from your lawyer, follow that advice. Generally if you have income, or a gain, the IRS will consider that taxable if over thresholds. |
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Not to be too cynical, but I wonder if this was planned...
Granted California leads the way for the US, I'm curious if all the same arguments hold up in Ohio, or any other state for that matter.
Is this simply a defense for the California law, or also the FINCEN guidance?
Either way, awesome job Foundation!
The FinCEN is guidance on enforcement and not basic law, and not adjudicated or even well clarified either. So this response is based on California law. "The same rationale that applied to the sale of a peso should prevail under the California statute with regard to the sale of a bitcoin." The California law makes different distinctions from Federal law. Federal distinguishes also between current money of a foreign nation and other payment instruments. If CA does issue a concurring opinion letter, that would be the epic win. |
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If a person does not want anonymity they could simply publish their full name and address along with their BitShare address on a forum somewhere.
If my account takes a loss in a tax period, I may want to claim that loss against other gains. I wonder if posting my name and address on a forum associated with a bitshare address would be sufficient proof of that ownership? What stops others from posting similar information on another forum? Or just copy and paste my information with changes to point it to them? The goal is to support provable ownership by a unique identity so that it is not only usable by anonymous, yes? (That risks making it a criminal enterprise and invites opposition unnecessarily.) Users may not take advantage of the identity feature, but it should be available to those that need it. If you want to do things 'legally' then I suspect you can always go through a centralized exchange that will vouch for your ID. You give up easily. Do you think it is not a solvable problem? If it is only for black markets, it is begging to get attacked. |
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In-person for cash is the 'most anonymous' way to trade BitUSD for USD provided the person you are trading with doesn't take down your license plate, run your picture through a database, or ask for Photo ID.
Cash (bills) are serialized so even if it is in the dark and through a mule it is not as anonymous as a pure commodity currency (gold or silver). They can be tracked at each interaction with a bank. |
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