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If they have workers sleeping while getting paid then workers are not being productive. Just because someone is sleeping does not mean it is because of anything to do with their job, only that they are tired.
In reference to the working conditions, it is not unusual to ask people to work overnight shifts or to have people stand during their shift, if this is something that is required in order for workers to reach maximum productivity/accuracy then there is no reason to employ people that are not willing to do this. Ironically the pictures/video of workers sleeping all had workers sitting in some kind of chair.
About the taking of ID cards, I would think that workers could simply get them replaced by the issuing authority and to say it was lost/stolen which would be a true thing to say (and I am sure the cards do get lost)
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I invest in bitcoin simple because I believe in this idea and vision behind bitcoin.
I really hope to get rid of banks, bank's loans etc, and achieve financial freedom and right now I think just bitcoin have the potential to help me achieve this.Also, as early adopter, I really hope that this investment will help me later financially  Sadly I think many people don't think like this about bitcoin nowadays and only care about one thing: Profit. With that being said I do also personally see the massive potential for investment in the future, but I can wait. Well to be fair bank loans are one major way that people can achieve financial freedom. For example, most people are not able to purchase a house without some kind of loan from the bank (mortgage) and without this loan they would be susceptible to continuous rent increases by your landlord I don't think so. Bank loans are very clever way to make you bank's slave, until the end of your life. This is not the way how to achieve financial freedom, please believe me. I know this very well from my own experience. Many people in my country lost job, couldn't repay loan to the banks and lost their homes. I am not sure what country you live in, but this is the case anywhere. If you do not pay your loan then you will lose whatever collateral you put up. This is the importance of having some level of both job and financial stability before making such a major purchase. |
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Can some please explain why he even paid $1M? If the $1M moved through the BitInstant service, the fee was around 0.26% on that, so $2.6k. Even if Shrem charged 2%, that's only $20k in profits. How on earth can he be required to pay x50 of that *and* get jail time?
If he didn't cooperate with the government and didn't give the silkroader's id's, he deserves this kinda punishment. If something is illegal and you do it then you got busted; you've to pay the price... The government alleged that he made more then he really did. I am not 100% sure on their logic, but it may potentially be that all of his proceeds is "profit" even though he needed to give his customers bitcoin. It is my understanding that the total trade volume was ~$1 million. It is my understanding that he had to pay most of the fine from his own personal funds |
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While I accept that trading is oftentimes more based on mass psychology than actual facts, I still find the "gox effect" to be puzzling.
If there were about 800k coins that either didn't exist or had already been stolen and were elsewhere, then there was 800k of fake liquidity in the market. Now depending on how you like to define total liquidity, that would have been anywhere between 5 and 20 percent of total liquidity.
When this was exposed, this should have had the effect on the market of bitcoin BEING 5 to 20 percent rarer, since the pricing up until then had been based on those coins being available.
I know the willy bot would have had some effect on ultimate highs, but I'm not convinced that in it's absence we wouldn't have seen 90% of the peaks at least, because really, independent traders would have been trying to work toward the same effect.
Anyway, I guess the mass confidence loss in the market due to gox shenanigans has had a big effect, thing is, when that confidence is back, that 5-20% of liquidity is still missing, so there seems to my mind a theoretical possibility that the market could see unprecedented rises.
You are probably correct about confidence in bitcoin being lost as a result of gox. It also probably resulted in many people not having a way to store bitcoin that they were comfortable with (as they fear they cannot properly secure their bitcoin on their own and must use an exchange with now questionable security as a bank). In regards to the willy bot, I am fairly certain that it was nothing more then a tool for large investors to be able to buy large amounts of bitcoin with real money without clearing the offers in the order book and sending the price to ridiculous levels. |
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I cant believe there was none of such currencies that lost more then 60% of its value. There are, two of them - that's why he said that BTC is the 3rd worst. The Russian ruble has bounced off the bottom, so it is now "only" 78.5% down (compared to the US dollar) for the past 12 months. The Ukrainian currency is down 94.9%. The closest crappy currency is the Argentinian peso, down "only" 33.2% for the last 12 months. Well the difference between bitcoin and the other two currencies is that bitcoin is coming off a very strong previous year (going from ~$10 to ~$1,000 as of the end of 2013). On the other hand Both Russia's and Ukraine's currency was more or less stable (or declining) in 2013 and previous years. |
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If you guys are buying then either its blind optimism or you have some belief that we are at the bottom of the price drop? Can I ask what makes you think that? If you had brought a coin yesterday you could have lost $15 already.
Do you realize the power bitcoin gives us? I like the idea of optimism I wouldn't consider it blind optimism because for starters its a insult and it is a way to belittle me for believing in something you cannot afford. It sounds like for you it is blind optimism. I suspect the same is probably true for many others as well. the fact that bitcoin will rise substantially in the future is far from certain and there are a number of risks involved in buying/owning bicoin Blind optimism sounds like a load of crap,sorry bud. The term is made up for one. Secondly if I am interpreting it correctly it would mean I am optimistic about bitcoin for no reason.Or possibly I am optimistic but blind to all the risks of bitcoin. Well,if I am interpreting your terminology perhaps I am not so blind now am I?Thirdly and last of all,Your whole sentence is fucked up honestly,it just subjective,far from certain? Tell me what in life is certain?(rhetoric) And you put emphasis on the uncertainty of bitcoin by using the word FAR conjoined with FROM. WOOOOO. Got news for you Bradley,nothing in life is certain. Sometimes you get a jack,sometimes you get a queen,only way to find out is tot play. Either way the term doesnt really correlate,how could someone be blind toward bitcoin and be optimistic. Just another Zero talking out of his ass. You aren telling me anything I don't know. Difference between me and you? I do things,you talk about doing things. You just sit on your ass and watch. Get your pom poms out and just cheerlead for time bitcoin. We are the future. [ignoring your nazi grammar comments] Blind optimism is when someone is optimistic when disregarding relevant facts, including additional facts that have come to light since your original stance. WHAT? HOW CAN SOMEONE DISREGARD FACTS?  IF THEY ARE BLIND TO THEM THEY WOULDNT KNOW THEY ARE FACTS???THEREFOR THIS DOESNT MAKE ANY SENSE SHUT THE FUCK UP THIS GUY LMAO JUST TRYING TO SOUND SMART WHEN HE IS REALLY A BROKE DUMBASS ON A BITCOIN FORUM BUT DOESNT EVEN OWN BITCOIN WHAT KIND OF SHIT IS THIS? I don't think you are understanding my point. The point is that blind optimism is that, regardless of the facts surrounding a situation, they will take a specific stance. It is not that they do not know that something is a fact, it is that they do not take the fact into consideration. |
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hobbyists are those small household guys that are not investors..
basically they are more likely LIVING off of the proceeds of bitcoin and need to cash out to pay bills and live. and also cash out to upgrade rigs. thus they are ALWAYS worrying about the prices.
we see it every day, the small hobbyests posting on this very forum how they gave up mining because its too expensive. shouting out that POW has failed and has out priced average man from mining..
YET we still see the large mining farms expanding and gaining atleast 20-30% of the hash power share.
i agree that the large investors throwing in large amounts of fiat decide to either invest it in a mining farm company or buying directly on exchanges dependent on price. but the mining farms themselves do not care about the bitcoin price. as they are not cashing out bitcoin to pay electric. they are using the FIAT income from large investors for that and thus hoarding the bitcoin for themselves or handing percentages back to investors.
but if you want to ignore all the posts from people crying that they had to give up their hobby due to large farms.. go ahead
if you want to ignore the posts of people crying because bitcoin is becoming less decentralised because large farms are increasing hash power.. go ahead
the only time hobbyists dont care about electricity prices are when they are moving over to altcoins and playing the pump and dumbs to keep profitability high, but that has nothing to do with bitcoin difficulty. thats a discussion for the altcoin section
Again you still have it backwards. hobbiests likely are not going to invest enough money in their miners for them to potentially be able to make a living off of mining. Once they realize that they are mining less then it costs in electricity they will stop mining, but it will generally take a month or two for them to realize this. A mining farm will closely monitor the difficulty, price of electricity and price of bitcoin and will stop mining once it becomes uneconomical to continue to mine. Once someone has been made aware of the fact that that it costs more to pay for electricity then the value of the bitcoin they are earning it will be irrational for them to continue to mine unless they are wanting to gamble that they will have more then 100% luck |
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There is no real reason to need to use their service to send money back "home" via bitcoin. All you need to do is buy bitcoin on an exchange then send it to an address that a family member controls in their home country then the family member can sell the bitcoin on an exchange and/or use it to buy goods/services
This only works when recipient knows how to use bitcoin, has internet connection and has access to legit exchange, which can be a problem. With BitSpark you don't even need to know what the bitcoin is to use it. Bitspark managed to offer their customers a better solution. Just as with Western Union, the sender simply dispatches real money from the sending office, and the recipient gets the equivalent amount in local currency after the money reaches destination office. Bitcoin is still used in this system as an intermediary transfer method, but neither the sender nor the recipient is aware of it. The thing is, with Bitspark you won’t need a Bitcoin wallet at all, and the company can afford to set the lowest transfer fee possible to attract more customers to use their Bitcoin remittances. This does not make much sense to me. Why would they "use" bitcoin but not make either party aware of it? Unless the receiver is vulnerable to exchange rate movements then bitcoin is not really being used. They are likely only saying they use bitcoin as a marketing ploy Also much of the world (even in 3rd world countries) have internet access and smartphone access and I imagine that it would not be difficult to get a BTC ATM installed in places that tend to receive a lot of money from overseas |
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Oil down by 50% does not mean oil industry is down by 50%. There are refineries and transportation of oil is big part. The fees there remain constant. So the decline will be smaller than 7% (not to mention cheaper oil is stimulation for other parts of economy, e.g. tanks in Ukraine can go cheaper to Kiev  ) Russia primarily exports the oil it extracts overseas and needs to pay a somewhat fixed cost to transport it to other countries (as well as a fixed cost to extract the oil from underground). This means that it's total oil revenues are going to decline by more then 50%. |
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They don't want your bitcoins, they want their USD back (taxes) from your bitcoin gain. Why tax bitcoin gain --- They need all the money they can get and will tax you to your death
but if they want your usd when you convert bitcoin in usd, than yes, they basically want your bitcoin bitcoin should be tax free bitcoin is tax free. The only time you need to pay any kind of taxes when dealing with bitcoin is when you have some kind of income or realize some kind of gain.....this is the same amount of tax regardless of the payment method used in the transaction |
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0 taxes always end up in unciviliced shitholes, same as way too many taxes.
Not always. Some of the oil rich countries in the Middle East have no personal taxes. Some of them are great places to live and earn. This is only because the country has assets that they can and do sell to pay for the expenses related to running the country and to provide the kinds of services that government provides to it's citizens. There are few countries that are able to do this, and it is not realistic for any country to be able to do this infinitely as any asset is limited in quantity Governments don't provide services to citizens like companies do. The state takes away money by force then use it for what they like and you are not treated as a client and you don't have the choice not to pay for the "services". You are correct to say that citizens do not have any choice to pay for the services the government provides but the government does provide services that are needed and are beneficial to their citizens. A prime example of this is national security, if the government did not provide national security then the counrty would be vulnerable to invasion, and would likely be attacked/taken over by another country who would probably take away more of the invaded citizens' property/money |
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The Dollar, the Euro and the Yen are losing value, more people understand that they need a global currency that they can trust, maybe Gold or Bitcoin?
Hahahahaha Dude. What was the price of Bitcoin January 1st, and what is it today? Are you blind? About 800$ on January 1st and 340$ now, nothing to worry about! It was about 14$ on January 1st 2013. Oil was as high as 107$ a barrel (for wti) this year and is now 55$, oil is not doomed  Supply/Demand... The only real reason why these two numbers are correlating is because there is less money generally flowing into speculative investments as the fed has stopped pouring massive amounts of money into the economy via QE. The prices of bitcoin and oil are not related over the long term We have to wait to see if they are correlated or not. Oil and Bitcoin are two scare commodities. There is no reason for them to be correlated. They are used for two very different purposes. You cannot use bitcoin to directly power your car/train/plane just like you cannot use oil to send money around the world or to pay for things |
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The new Bitcoin ETF could be a game changer when it comes online - Wall Street can throw $20B around like it's nothing. Case in point - GoPro
+1 the current crappy php based exchanges are playing around with crappy volumes, and in any half hour period its dozens to only a couple of hundred coins being traded. i find it foolish to base the market cap value of 13.5million coins on the movements of these crappy exchanges. as they are not true value indicators of supply or demand. localbitcoins and OTC's are better indicators as EVERY transaction is a bank transfer to bitcoin trade, with no speculation or fake movements. especially when you take into account the fact that trying to deposit more than $10k into the crappy exchanges causes delays, and an obscene amount of red tape, the large investors do not even bother using these crappy exchanges. thus when the ETF starts up which has proper investors throwing proper bank funds at the ETF we will see a recovery of proper value discovery. so dont worry about low prices now if you are hoarding. instead if your a buyer, treat this as a way to abuse these crappy exchanges with low prices to grab a bargain, and if you want.. sell them for better value on localbitcoins/OTC for profit (rinse and repeating the process) to increase your hoards. as the ETF will cause significant price rises. if you do not believe that ETF will do much. just think about the amount of bitcoins required for a "basket"(10k bitcoin) and then check out your favourite crappy PHP exchange and see how high the price will rise to be able to grab enough coins to fill one basket. Almost all OTC and all LBC trades are based off of the value of the pricing of a major exchange. The fact that a trade is above or below the price of an exchange is based on who has the advantage. There is much more trading volume on exchanges then either of the above options |
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By production USA is not even number two, its really subject to upset if it was not able to import as now. USA is #1 in food production potential ? factors like that make me think we dont see a total melt down whatever does happen
Russia has problems with declining population, its not especially productive even in oil and gas it lacks innovation that USA could boast of. Yes by pure numbers Russia has alot but so does Canada, it doesnt equate to productive capacity if the cost becomes too high and for oil exploration and extraction they use foreign workers and technology to make best use. They are exporters of the raw product but as we see now that can be a weakness because its the middle east who have the very easiest lowest costs. Russia needs the world, I dont think they are near to number two and by people its not the force it once was.
China has people but also in decline, again I think they do need world trade to make the best. In gold they are top in production but sorely lacking in actual reserves still, they refuse to disclose an accurate measure. Mostly I think this allows them to buy at a lower price, generally China is interested in acquiring not just the product but various commidity resources across the globe. One I used to own, produces at cost 1600 an ounce but thats still cheap enough for them to buy apparently; of course at a distressed price and they can idle till true demand is shown is my guess
Ironically USA has growing population and various positives. It also has the highest gold reserves and some production but its debt is so overwhelming (and ongoing tax burden, deficit, red tape, etc) all the positives are overshadowed till its dealt with.
The US is primarily a service based economy so most of what it produces is services for others to consume. This does include the development of technology and things like IP which can easily be exported to other countries when appropriate. It has been a long time since the US has produced a large amount of goods (like the kinds of things that China tends to produce) The USA use to be an industrial nation, they are still very good in a lot of sectors but nowhere near the best in industrial production. True, but this does not matter. The world economy is no longer as dependent on industrials anymore, with the exception of rebuilding from wars, however US industrial companies are able to handle this volume of work |
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Well, BTC going slowly back to more realistic price, 1-5$. It's just a money carrier, nothing else. There's already paypal Blockchain tech will live on but bitcoin was just a bubble Buy assets and gold if you want to make some money, buy BTC if you like to dream about money but actually lose it You believers are 2 years late Paypal is not safe to use for either the consumer nor the merchant. PP has arbitrary rules that make it generally uncertain if you will be able to charge-back a transaction making both parties take an unknown risk when dealing with eachother, bitcoin solves this problem by making both parties have a very certain risk so both parties know what kinds of precautions to take in order to mitigate these risks. |
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I invest in bitcoin simple because I believe in this idea and vision behind bitcoin.
I really hope to get rid of banks, bank's loans etc, and achieve financial freedom and right now I think just bitcoin have the potential to help me achieve this.Also, as early adopter, I really hope that this investment will help me later financially Sadly I think many people don't think like this about bitcoin nowadays and only care about one thing: Profit. With that being said I do also personally see the massive potential for investment in the future, but I can wait. Well to be fair bank loans are one major way that people can achieve financial freedom. For example, most people are not able to purchase a house without some kind of loan from the bank (mortgage) and without this loan they would be susceptible to continuous rent increases by your landlord |
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i don't think they are really useful either, just a plus for merchant nothing else
The first bitcoin atm that is in Vancoover BC has been tremendously successful. It has been so successful that people would actually go to the coffee shop it is located in to compete with it, and once the ATM's owner got a wind of this, they were able to pay someone $10 an hour to sit near the ATM to fend off people trying to beat it's rates and to educate people about bitcoin (and it still remained profitable). |
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Wow, he's a very lucky kid with an obviously great legal team. His charges and sentence could have been much worse. It's too bad he couldn't have just listened to his inner voice and not done it. If you watch The Rise and Rise of Bitcoin you will see several times that he looks nervous and says something like, I need to make sure we're not breaking any laws, that we're compliant. Watch that movie with the knowledge of what he did and you will spot the fear in his behavior.
Franklin Jurado got 90 months for that crime. Willie Whitehurst was sentenced to 151 months. Anthony Foster was sentenced to 121 months. Brandon Royce Taylor was sentenced to 180 months. Thamous Eugene Taylor - 60 months. Cynthia Marquez - 120 months. One after another conspirators to money laundering get long sentences. 24 months is like a walk in the park compared to what could have been a healthy chunk of his life.
I think he was essentially betting that law enforcement would not be able to take down silk road as this was where the majority of the evidence against him was found (I think there was also some evidence found on freedom hosting (?) servers that was hosting some kind of tor email service). He was also putting a good amount of trust in DPR (n/k/a Ross - most likely) to periodically purge potentially incrementation information about SR's users (which Ross did not do - he actually backed it up in the US). In theory, Charlie could have fought the collection of the evidence against him as being unconstitutional, however this would be somewhat of a long shot plus he was facing decades in jail if found guilty of all counts against him |
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There is no real reason for companies to hold any significant amount of bicoin. Unless the company in question is a hedge fund, companies should not be speculating with their assets. A company should either invest in things directly related to their business or in an asset that allows them to pay their expenses. The fact that there are virtually no businesses that accept bitcoin on a b2b basis, there is no real reason for companies to hold bitcoin
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This is because of oil prices.
Maybe. Oil industries make up a substantial part of the Russian GDP ( 13.9% in 2012). it is likely a combination of the price of oil dropping and economic restrictions the US (and other countries) has put on Russia in response to the situation in the Ukraine. Oil prices have fallen by more then 50% in the past few months. This would translate to a more then 7% decline in the Russian GDP which is no small decline and is plenty of a reason for their currency to go into a free fall |
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