At least wait till the Winklevoss Bitcoin ETF has floated on the stock exchange (probably around the end of the year / early next year). That's backwards. The Winkelvoss Bitcoin ETF is a dump, not a buy. They bought the Bitcoins a long time ago. The ETF is a way to sell them. According to your previous predictions bitcoins should be worth -$10000 by now |
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Talk about short-termism, is a 6 month 122% gain not enough?
GTFO here with your facetious bullshit. If a Bitcoin investor bought 6 months ago and held right up until today he would: A) Have approx doubled his money B) Also be wanting to put a gun to his head and blow his own brains out for not cashing out at $1100, $1000, $900 etc etc. Wrong. They want to blow their brains out because they invested in Bitcoin 6 months ago instead of 36 months ago. |
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So no fiat deposits on thursday or friday this week.
You mean into the Chinese exchanges? Is that a fact? Huobi has not modified their homepage or posted new notices for the last 12 days. The homepage still shows their prepaid cards (火币 点卡充值) as the only deposit method. Perhaps the cards themselves cannot be recharged, if they depended on 3rd party payment processors or bank deposits. I could not fiind Huobi's client blog, it would be interesting to see what is there. Will they gox their clients without prior warning? Over the weekend I poked abit into OKCoin's blog and their reddit thread. Their "recharge code" system based on (two) private brokers seemed to be working, not clear how effectively; but in the end OKCoin said that they would not post any more public announcements about that system in order to not perturb the market. Will they [ ditto ]? Stamp. Why are Bitstamp not accepting deposits? Edit; they have two banks holidays for Labour day |
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I don't understand why journalists repeat the mantra that buying bitcoins is a shady affair. He should have explained that the risks come from the reversibility of legacy payment systems. Maybe he doesn't know that  |
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It's bullshit to say Bitcoin is dominated by white males considering that the unofficial mascot of the community is a Japanese-American man and all price movements seem to be dictated by a few Chinese bureaucrats.
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It's a shitty situation to be in. I doubt they'll have any dialogue with you now that they've made their decision to close the accounts. It's better if you put your energy into opening new ones.
And next time don't have your Bitcoin trading account and personal account with the same bank.
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I would be interested to hear of practical advantages to end users of using Bitcoin over conventional digital banking (i.e. not just buying and holding in the hope that it makes u fiat rich)?
I can think of:
Off radar transactions (Drugs and other illegal transactions, tax evasion, money laundering).
Capital Flight.
All the other 'touted' examples such as ease and speed of moving capital around just don't add up. If I wanted to move 10K GBP into any other currency of any other developed economy in the world, I could do it far cheaper, and faster, and more secure using conventional banking methods. I know this for a fact as I do it everytime I move GBP to EUR in order to fund my fkn Bitstamp account in the first place. Any legal transaction involving Bitcoin is more efficiently made using fiat currency since the Bitcoin is simply a means of transferring a certain value in a specific fiat currency, which is readily available to 99.9% of the population, whereas for all but 0.1% of the population, obtaining Bitcoin involves several time hurdles and extra expense.
Swapping Sterling IOUs to Euro IOUs is indeed fast-ish but anything else takes ages. Try swapping Euro IOUs for Brazilian Real IOUs and you could be waiting for up to ten days. Bitcoin can speed it up. SEPA to Bitstamp takes a day, buy coins and send them to the person in Brazil, they sell them on Localbitcoins and have the bank IOUs the next day. As market depth increases the spreads should get better making the whole process very cheap. Think of Bitcoin being the hub and international currencies being the spokes in an international transfer model. |
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The same thing could have happened if you had all your money in dollars and wanted to buy something in euros. Why didn't you just send the coins straight from the exchange to the vendor  |
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475  |
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If they're registered as a Bureau de Change it sounds more like a Coinbase sort of business than a proper trading exchange.
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Names are not important, what I can tell you is that I am only one person and a nobody per say. I have helped educate and facilitate moving $20 million out of china via the Bitcoin protocol.
$20 million didn't leave China. $20 million worth of bitcoins left China. If the Chinese government does eventually come down hard on the exchanges bitcoins will still continue to enter and leave and China, the only difference being how people acquire them i.e. sell stuff, trade in person etc |
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There's been a lot of false dawns with regards to UK exchanges opening. The sticking point seems to be finding a Bitcoin friendly bank.
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It's another piece of legitimacy that Wall Street types look for before investing institutional money. Taxation is always an aspect of due diligence that needs to be studied before they can invest so in that respect I think this is important.
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The Neo & Bee bitcoin bank in Cyprus seems to be stalled, I can't find any news after this: http://www.cryptocoinsnews.com/2014/03/20/neobee-responds/(And their reply to the Central Bank of Cyprus, like their pre-launch commercials, reads more like a post from this thread than a professional statement. Do they really expect to convince the Central Bank to authorize their Bank to function, by insinuating that bankers are the biggest criminals in the world?) You think they've stalled because they don't send an update to your inbox every morning. How important you are |
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1. HMRC can only touch FIAT bank accounts 2. to throw it on its head, if you only have under £5k in fiat.. sounds to me like they cant take your money.. hmmm tax free lifestyle if you only keep under £5k in a bank account..  ill keep my funds in bitcoin and only withdraw to fiat to top bank account back up to £4999.98 If you have less than £5k in fiat IOUs at the bank they can still confiscate those IOUs for taxes owed but they first have to go to the trouble of presenting their evidence to a court. |
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In the UK, we have a particularly insidious piece of legislation called the http://en.wikipedia.org/wiki/Regulation_of_Investigatory_Powers_Act_2000. One of the lovely parts of this bill is that the UK courts can put you in jail for 2 years if you refuse to divulge the keys to any encryption if so directed by a court. I wonder, could this act be applied to encrypted wallets, Bitcoin private keys etc.? Even for brain wallets, you would have to "prove" you had forgotten the passphrases - yes, ridiculous, I know. What's more, an employee of a UK based exchange could, theoretically (under this act) be ordered to divulge his employer's private keys, and this employee would be legally barred from telling anyone this had happened (under threat of prosecution). There are a few chilling thoughts for the day. Would it be that hard to determine if someone forgot the passphrase? No cash moving out of the account for a while = likely forgotten. Cash moved out yesterday = the person is lying. Seems like this law would be necessary too though. Imagine a divorce trial where someone took their combined life savings and threw it into BitCoin, then refused to give up the password. If that did happen in a divorce the judge would make the judgement on the presumption that the bitcoins are available and can be used. If the husband/wife still refused to give up the bitcoins after the ruling the judge would send them to prison. In a UK divorce proceeding you need to prove that you're acting honestly. If the judge has any suspicions that you're withholding assets they will make the ruling on the presumption that the assets they think you're hiding are still under your control. |
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If Bitcoin had done something similar in its first 100 days, such as affixing a cool dog's face on its coins, then I'd argue a lot more people would've known what it was before 2011 Yes a cool dog's face would have got the cryptography mailing list far more excited about Bitcoin. Satoshi really missed a trick with that. |
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What wallet were you using? Multibit, Bitcoin-qt, etc?
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