In reference to the following lines...
"And I would like to add one more option
Bitcoin, can be sent and received, unlimited quantity and legal"..
Let us say I want to remit money (personal money, all taxes paid) to India from USA.
I would buy a bitcoin using an exchange in USA. My personal bank account will be used to purchase the bitcoin using USD.
Then I would transfer the bitcoin and sell it in another exchange in India and receive INR and deposit it into my NRO Bank Account.
Is this kind of remittance legal, i.e., to bypass the registered forex dealers like xoom.com or remittance services provided by Indian banks? Are there any tax implications on it?
This exactly is called Money Laundering.!  |
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One suggestion though. Can you make the dark background a little lighter. Probably light grey.?
I would rather prefer light gray / white than any dark color.
Most of them relate dark background sites to deep web marketplaces / sites.
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http://coinsecure.in/index.phpChanged a bunch of things, added quite a bit more. Added a free chat support feature, where anyone can chat with us and ask about Bitcoin. As always, feedback is welcome. Nice it looks good. |
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Am seeing a lot of HW errors when i overclock it to 400. I also see a lot of X's but the my pool shows that it is hashing atleast at 188 - 190 GH/s. Any suggestions what might be the issue.
But at 375, it works like a charm with Fan speed at 2300 and temps (45 / 48). No X's at all.
My setup consists of :
I have added a 60 CFM fan at the other end of the S1 to pull the hot air.
Corsair CX 750M (powering just the S1 + 1 X 120 MM Fan)
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Interested and evaluating right now.
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Interested and evaluating right now.
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Um, nope it doesn't protect against the volatility of btc. While it might protect you from loosing money if and when the price crashes. It will loose money when btc appreciates from the holding price. When you re-convert you loose btc in such cases.
That is what i meant. This cannot be treated as investment. What i meant was you will not lose fiat value if the btc rates went down. That kind of fluctuation is everywhere when you convert one currency to other. take USD to INR and vice versa. In 2008, 1 USD was worth Rs 44.00 INR. But later USD appreciated and today 1 USD is worth Rs 62.00 I can see a day when banks and other financial institutions using these kinds of apps to do a money transfer across the world. I feel this might one day replace wire transfer with some additional modifications. Banks always love fiat and they would love to hold their balance in fiat as against btc for all the compliance purposes. At the same time, money transfer becomes so much easier and less costlier when they do it through btc as against conventional wire-transfer. Um, you do know thats not how it works? People who actually want to protect against downward fluctuations in forex (example USD/INR), they buy options and forward swaps. They are very well protected against volatility if played well. And nope, banks wont use these kind of apps for a simple reason - they charge a premium/commission for the options and forward swaps. If banks do accept btc in future, they would rather sell options/swaps than use such apps. I know about options and swaps. That is one way of protecting against volatility. Regarding banks not using btc. Search for a whitepaper by JP Morgan Chase. They published a white paper with the methodology exactly similar to bitcoin (but never mentioned bitcoin in their whitepaper). They plan to come up with their own algo and probably a different coin which is closed loop and available within the chase bank networks. They have even applied for a patent for this in USA as well. If you see, chase is the intermediary bank for almost all the wire transfers originating from USA and this number is huge so why not use bitcoin like system rather than the old wire transfer system and even charge customers for it. They will make more money by reducing their costs while they still charge customers. Customers need not know that they are using crypto behind the scenes (similar to this wallet) because customers always see their balance in fiat. And since they will have their own method and used within their bank networks (which i presume they will come up with their own coin) there is no question of volatility. They might even fix a rate like 1 Chase coin = 1 USD. Source : http://gettoknowbitcoin.com/chase-ing-bitcoin-is-jpm-preparing-to-unveil-its-own-electronic-currency/http://www.itnews.com.au/News/367188,jpmorgan-patents-bitcoin-like-payments-system.aspxLink to Patent : http://appft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PG01&s1=20130317984&OS=20130317984&RS=20130317984 |
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Monetas are building on Open Transactions. http://monetas.net/Awesome stuff. It is the next level in crypto. Sweet. |
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Very interesting model. But is this not a distant cousin of fractional banking?
You will still lose Bitcoins if BTC value goes up against the Euro.
This may make sense as a processor rather than a store of value.
Very similar to what monetas are doing.
Yes. I agree. Am sure of monetas though. What do they do.? Um, nope it doesn't protect against the volatility of btc. While it might protect you from loosing money if and when the price crashes. It will loose money when btc appreciates from the holding price. When you re-convert you loose btc in such cases.
That is what i meant. This cannot be treated as investment. What i meant was you will not lose fiat value if the btc rates went down. That kind of fluctuation is everywhere when you convert one currency to other. take USD to INR and vice versa. In 2008, 1 USD was worth Rs 44.00 INR. But later USD appreciated and today 1 USD is worth Rs 62.00 I can see a day when banks and other financial institutions using these kinds of apps to do a money transfer across the world. I feel this might one day replace wire transfer with some additional modifications. Banks always love fiat and they would love to hold their balance in fiat as against btc for all the compliance purposes. At the same time, money transfer becomes so much easier and less costlier when they do it through btc as against conventional wire-transfer. |
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I came across this wallet which is quite different from others (atleast the ones i know). What it does is whenever you send or receive btc's, it converts it to fiat and holds the appropriate amount of fiat (Euro) in your wallet. When you try to send, it app converts the amount to btc at the prevalent rates and sends it to the recipient. I feel this is good for 1 reasons: 1) If there is a huge crash, you won;t end up losing money in your wallet. This can help people to laymen to adopt into bitcoins who always cry about volatility. You can take advantage of the benefits of bitcoin like instant transfer, less transaction fee etc. However, this is not a good wallet for making money by holding either. 2) Government Regulation : I somehow feel, by doing so this might get approval from regulators as the wallet is held in fiat rather than bitcoin. Only the process of fund transfer happens in bitcoin similar to wire transfer however in this case we need not pay intermediary bank fee and other allied bank fees and the best part is it is instantaneous. https://www.bridgewalkerapp.com/ |
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Whatever it is. they are either too smart or too dumb.
Are they still launching unocoin.?
Getting a bad faith from the community doesnot do any good for them in future either.
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I feel some of them are really committed to getting the Indian bitcoin industry doomed.
Hurrying it with press releases and press meet-ups is only going against your favor. It is not helping any of us. See what happened with the so called "Glbal Bitcoin Conference".
My advise is let bitcoin take its own course and regulations / support from the government will follow.
In the meantime, whatever project you are working on, make sure that you comply with all the local laws with regards to that particular trade.
Pay taxes as usual.
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As usual UPS screwed me over. It reached my depot yesterday evening and was on delivery vehicle today morning.
Had me wait at home all day and at the end of day, they moved the delivery date to Monday.
UPS sucks.. atleast the driver on my route. this is not the first time he has done that. I have one lazy fucked up driver serving on my route.
@Sushi.. make note of this. Fedex / DHL is far better than UPS.
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GODDAM IT.
This is the THIRD time UPS has shafted me (every antminer ive ordered). Just like the last 2 times, I was home all day for the package and left a note in the lobby with a buzzer code and instructions to come to the 4th floor.
Just like before, its past 7pm (its actually 9:45PM today) before the tracking status changes from 'on truck for delivery' to 'first attempt made'. Its too late to schedule a will-call with UPS.
What can I do about this? Its obviously not Bitmain's fault, but im seriously pissed off that once again the UPS delivery truck decided to skip me and mark me as 'attempt made' when no such thing took place. UPS call center of course gives less than half of a f**k.
I know and i feel for you. I live in a fourth floor apartment in an elevator building. Still sometimes they do that to me. They are one rude carrier. I like DHL in that matter. I have received a number of packages through them and they have been very professional about it. (for international shipping, they are more economical than UPS and Fedex as well). |
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Got mine too, no extender, but does come with 6-pin connectors.
Thanks sushi!!
So how does this work then.? Do we need to buy anything additional for it to work.? |
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If you had 2FA enabled, then i would say it is either
1) One of those bitcoin firefox addons that you installed are rogue and logging your key strokes.
2) You laptop is affected with bitcoin related malware (don't tell that you have symantec running. They are worthless. I left symantec antivirus longback).
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Anyone know how much tax / customs duty does they charge for delivery of ants to USA.?
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