The real problem is...who's paying the auditors and who do they work for?
The last thing you want is a conflict of interest where the exchanges in question are hiring their own auditors under the table.
But the companies do hire and pay the auditors, that's how it works. But as Bizmark13 said, no audit firm will damage their reputation by accepting the bribe. Look at what happened to Arthur Andersen LLP after the Enron scandal (no bribe involved, but failed to do the job properly), they pretty much don't exist anymore and they were one of the 'Big Five'. It's more likely that a real auditing firm would get some Bitcoin expertise if they needed to audit a Bitcoin-oriented firm. Auditing firms audit all kinds of hard-to-audit companies. Bitcoin companies aren't that hard to audit - so far, they're basically cash businesses. Asset valuation isn't a big problem.
The problem is that suckers Bitcoin users have been putting their trust in un-audited companies. Is Bitstamp broke? We don't know.
This. Once the bitcoin businesses start falling under 'statutory audit requirements' we'll likely see audit firms using either internal or external experts (there will be some nice well-paid job opportunities). What I wonder is how does one become official cryptocurrency expert. There is no officially recognised qualifications/certificates afaik, although Princeton University offers some Bitcoin course, but don't know about anything else. As for BitStamp, they will have to file their 2014 accounts in the next 3 months, I hope they'll be more detailed than the last one (and hopefully audited).
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If they don't have a bank, where did they put the 40k the govt gave them? Mattress? During its earlier days, SurBTC was faced with a lot of rejection from banks in the country, as most of these institutions had a growing distrust for the cryptocurrency. The company eventually found a banking partner to work with in Chile, eventually paving the way for a successful launch of the bitcoin exchange.
The Chilean government also decided to back the bitcoin exchange by giving $40,000 in funding. For CEO and co-founder of SurBTC Guillermo Torrealba, they felt that this was an “extraordinary validation” for their operations. This funding was provided as part of the state’s startup initiatives. They struggled to find a bank that would accept that kind of operations and yet managed to get gov funding. Uplifting story. “Extraordinary validation” is exactly what it is, now they need to play it right, set proper security systems (multisig) and they could set a solid foundations for the future Chilean bitcoin industry. Although on the second thought, governments funding programs do not reflect opinion of the government itself. In other words, the fact they got $40k doesn't necessarily mean that gov is "pro-bitcoin". But I have a feeling we'll be hearing more good news from South America in the near future. -------- Also I totally did see that coming: https://bitcointalk.org/index.php?topic=959464.msg11093304#msg11093304The answer is in the text you quoted. Highlighted it for you.
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During its earlier days, SurBTC was faced with a lot of rejection from banks in the country, as most of these institutions had a growing distrust for the cryptocurrency. The company eventually found a banking partner to work with in Chile, eventually paving the way for a successful launch of the bitcoin exchange.
The Chilean government also decided to back the bitcoin exchange by giving $40,000 in funding. For CEO and co-founder of SurBTC Guillermo Torrealba, they felt that this was an “extraordinary validation” for their operations. This funding was provided as part of the state’s startup initiatives. They struggled to find a bank that would accept that kind of operations and yet managed to get gov funding. Uplifting story. “Extraordinary validation” is exactly what it is, now they need to play it right, set proper security systems (multisig) and they could set a solid foundations for the future Chilean bitcoin industry. Although on the second thought, governments funding programs do not reflect opinion of the government itself. In other words, the fact they got $40k doesn't necessarily mean that gov is "pro-bitcoin". But I have a feeling we'll be hearing more good news from South America in the near future. -------- Also I totally did see that coming: https://bitcointalk.org/index.php?topic=959464.msg11093304#msg11093304
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is safedice still down there i am still unable to access my account, it stuck on login page and does not forward me into my account there?
All seemed fine few minutes ago. I logged in and made a few rolls without any issues.
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I played my first game (free-roll) about an hour ago among 6 people, 2 of which weren't there. I won the game and got somewhere under 2 chips. How does the distribution work?
Yeah sometimes players have a habit of registering then not being on when it starts. The 3mBTC Freerolls are set to pay top 2 out. 1st place is 61% and 2nd place is 39%. I think 10minutes no-show time in freeroll is too long.. Just suggestion, how if you reduce the time of No-Show minutes in hourly freerolls from 10 to 5... I agree, especially for a freeroll where people are highly susceptible to just register and never show. Although playing against players sitting out is not something you should consider a disadvantage. The period should be the same for freerolls and buy-ins to avoid confusion, and it should be in line with late registration period (otherwise it makes no sense for anyone to register early). And, from operator point of view, late registration period has a potential to attract more players, so it should be rather long, at least until the site gets solid number of players.
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Is the alt coin will be seperated or will be converted it its bitcoin value?
Separated. Thanks for the recommendation guys ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) We're still in the middle of research and integrating the feature, I'll give an update with the release date when the time is near, this will be our first multi coin integration so I'd like not to overpromise the schedule. The additional coin will be using the same account (single account multiple coin), so all of the current feature will be available, including the investment option. That's a great news. But would you be able to give a rough, non-obligatory estimate when will that happen? Is it matter of days, weeks, months?
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Do I need to change my signature as I had become a senior member yesterday?
Yes. But the higher rate payments will start from the new week (after reset).
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If the buyer knew the sellers email, then it's an obvious scam, bitcoin version of eBay's Nigerian scam, targeted at new accounts, since the newly registered users don't yet know how all the process work.
@OP, sorry to hear that.
You may consider changing the thread title, as right now: "and scammed 0.4 BTC" suggests you are the scammer (maybe change it to "got scammed")
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These are 10 of the worst mistakes in historyhttp://i100.independent.co.uk/article/these-are-10-of-the-worst-mistakes-in-history--e1xiqTmG61WFresh article, but old story. Anyway, Bitcoin has its honorable mention somewhere between "Turning down JK Rowling" and "Not shooting Hitler" ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Here's the entire Bitcoin part: 2. Throwing away that Bitcoin portfolio
James Howells bought 7,500 Bitcoins in 2009 when their value was next to nothing. By 2013, one Bitcoin was worth £613, giving the Welshman a portfolio worth £4.5m. The only trouble? He’d left his hard drive tucked away in a draw for years and then thrown it away without a minute’s thought. After realising his mistake, he made a hopeful trip to his local landfill site where he was told the hard drive could be at any spot under around 5ft of rubbish.
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I don't think there ever will be a government willing to fully adopt Bitcoin as they can't control everything around it.
Agree, I've never seen it as plausible scenario. The only countries that could realistically declare Bitcoin as official currency are micronations like Sealand or Liberland. Other scenario, less likely to happen, is when BTC grows to solid payment alternative in some 3rd world country, then if their main currency collapse, bitcoin could naturally replace it (although temporarily). That doesn't say they won't make a Bitcoin clone for themself where they control every process in full. That's more likely to happen at some point in the future.
They'll likely move towards blockchain-like technology in the future, but whatever it will look like, it will surely be centralised, so I wouldn't call that 'bitcoin clone'.
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Article by 'startups' about new trends in economy, not directly Bitcoin related, but BTC is mentioned: Crowd, cloud and virtual currencies: The legal issues you need to know abouthttp://startups.co.uk/crowd-cloud-and-virtual-currencies-the-legal-issues-you-need-to-know-about/... Peer-to-peer payments and virtual currencies
The trend is also growing steadily in other areas that harness the power of the internet. For example, peer-to-peer payments and foreign exchange currency facilities enable payments to be made in a much cheaper way, eliminating the need for conventional banking or payment methods.
Meanwhile, the growth of virtual currencies such as Bitcoin, also has the clout to aid the entrepreneur worldwide. The ideas and technologies that form the basis of virtual currencies are seen as having the potential to enable micropayments to be made both quicker and at a fraction of the cost involved using the conventional banking and payments infrastructure. ...
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MtGox insolvent long before collapse - FT.comhttp://uk.reuters.com/article/2015/04/20/uk-bitcoin-trading-mtgox-idUKKBN0NB01120150420(Reuters) - MtGox, a bitcoin trading platform that collapsed early last year, was insolvent long before it went bankrupt because thieves practically cleaned it out, the Financial Times reported Sunday, citing a report by independent investigators.
Findings by WizSec, an independent consulting firm, showed that bitcoins were periodically being stolen from the Tokyo-based exchange two years before its collapse, the newspaper reported online. ...
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Not quite sure whether this one is right for the 'press' board as forexminute.com is not quite the mainstream news (never heard of them before), but sharing anyway: CryptoMoms, Bitcoin Forum for Women, Celebrates first Anniversaryhttp://www.forexminute.com/bitcoin/cryptomoms-bitcoin-forum-for-women-celebrates-first-anniversary-57482CryptoMoms, a Bitcoin forum for women, is celebrating its anniversary and continuing to encourage and assist women worldwide to participate in Bitcoin and digital currency. Moreover, as it is celebrating its first anniversary after officially launching one year ago on April 16, 2014, promises to bridge the gap between the women and the cryptocurrencies.
In a press release the Bitcoin forum for women, CryptoMoms says that in spite of the troubling gender gap being well recognized in the cryptocurrency and Bitcoin space, most industry efforts to help improve the situation have shown little result. It says that most reports indicated a slight improvement from over a year ago by about 2%. YES, there is a cryptocurrency forum for women. And yes, it does have some members. http://cryptomoms.com/
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Why Governments Are Afraid Of Bitcoinhttp://www.investopedia.com/articles/forex/042015/why-governments-are-afraid-bitcoin.aspBitcoin claims that “It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.” That lack of central authority is the primary reason governments are afraid of the cryptocurrency. To understand this fear, it is important to know a little bit about governments and conventional currencies.
In What Do We Trust?
Fiat is a term used to describe the conventional currencies that are issued by governments. Fiat currencies have value because governments say that they do. To an increasing number of people, that promise means nothing. After all, fiat currencies are not backed by any tangible assets. You can’t return the currency to the government in exchange for a bar of gold or silver, a can of beans, a pack of cigarettes, or any other items that might have value to you. Fiat currencies are backed by the full faith and credit of the government that issued them and nothing more. If you want gold, silver, beans, or smokes you need to exchange your fiat currency with a person or entity that possesses the item that you want. ...
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One thing that slow things down is if you close your wallet - using File | Close wallet before you close MultiBit. There is no need to do that - if you leave it open then you should only sync from when you last used it which is quicker.
Is it that when you close the wallet file and reopen then you need to reply the blockchain from the wallet's born-on date? Just trying to see if I follow. I use Multibit as primary wallet, but only open it when I need it, it synchronises nearly instantly most of the times (sometimes it's a bit slow and it takes ~10 seconds). Is there actually any difference between closing with 'File' - 'Exit' and simply clicking 'x'?
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The answer is yes ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Do you have a preferred altcoins? Personally I wouldn't mind DOGE. Will there be an investment option for altcoins opened to current investors?
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Can I Join Other Avatar campaign. Because I want to Join pesobang Avatar campaign?
First post, rules: - Currently, you may not use another site's avatar
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Has anyone made a thread listing all the Avatar campaigns and/or PMs yet? If so, can anyone kindly point me to such?
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From this moment on: Meta, auctions, politics & society do not count towards a user's post count.
Just for the record, are the posts made in those boards before the announcement counted or excluded? I think they're excluded because mine jumped by 10 in a refresh. If so, that's not right, you cannot change the rules like that. Plus, the announcement clearly states "From this moment", so previous posts should be counted.
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From this moment on: Meta, auctions, politics & society do not count towards a user's post count.
Just for the record, are the posts made in those boards before the announcement counted or excluded?
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