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501  Bitcoin / Bitcoin Discussion / Re: Buy bitcoins on Nasdaq on: July 01, 2013, 11:44:26 PM
If the IPO is for 1 million shares to raise $20 million and from the S-1:

Quote
The Shares are intended to offer investors an opportunity to participate in the Bitcoins markets through an investment in securities. On the first day of trading, each Share in the initial Baskets was comprised of [0.20] Bitcoins.

This puts their estimated fair value of Bitcoin at $100, correct? 
502  Bitcoin / Bitcoin Discussion / Re: Buy bitcoins on Nasdaq on: July 01, 2013, 11:42:16 PM
Trust will be terminated if:

Quote
the Trust is determined to be a “money transmitter” under the regulations promulgated by FinCEN under the authority of the US Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder, and the Trust receives notice from the Sponsor that, because of that determination, termination of the Trust is advisable;

How exactly would they not be considered a money transmitter?  They're acting on behalf of a third party (the investor) to purchase Bitcoin.

Because just like they said, they are treating bitcoin as a commodity, and not a currency. To them, and for this security, bitcoin is being treated the same as gold or any other commodity that can be securitized.

Ah, yeah you're right.  So I guess the million dollar question now is does the SEC & other regulatory bodies agree with them.
503  Bitcoin / Bitcoin Discussion / Re: Buy bitcoins on Nasdaq on: July 01, 2013, 11:28:52 PM
Trust will be terminated if:

Quote
the Trust is determined to be a “money transmitter” under the regulations promulgated by FinCEN under the authority of the US Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder, and the Trust receives notice from the Sponsor that, because of that determination, termination of the Trust is advisable;

How exactly would they not be considered a money transmitter?  They're acting on behalf of a third party (the investor) to purchase Bitcoin.
504  Bitcoin / Bitcoin Discussion / Re: Buy bitcoins on Nasdaq on: July 01, 2013, 11:24:53 PM
Cherry Picking Continued:

Emphasis is mine

Quote
The Trust holds “Bitcoins,” a digital commodity based on an open source cryptographic protocol existing on the online, end-user-to-end-user network hosting the public transaction ledger, known as the “Blockchain,” and the source code comprising the basis for the cryptographic and algorithmic protocols governing the issuance of and transactions in Bitcoins (the “Bitcoin Network”).

I would imagine that they have consulted with attorneys regarding bitcoin being a commodity or other, not sure if this is good, bad or otherwise news.

Right now it's only their opinion.

Quote
The Sponsor believes that, on balance, the important features of Bitcoins and other Digital Math-Based Assets are those that are characteristics of commodities and therefore has referred to and discussed these assets as such. It is not known whether US or foreign regulators will share this view, adopt a single, different view or espouse a variety of differing views; this regulatory uncertainty creates risks for the Trust and its Shares.
505  Other / Meta / Re: Can bitcointalk.org get 2 factor authentication? on: July 01, 2013, 07:55:40 PM
+1 for Google Authenticator
506  Economy / Exchanges / Re: Bitinstant question on: July 01, 2013, 07:52:31 PM
I bought my first BTC via Bitinstant.  I wanted to get the Coins quickly and without leaving home. I am in the USA.  It ended up that I paid $500 and got $4.85 BTC in my Blockchain wallet after fees and everything.  This was at a time when BTC was valued at about $96.00 at Mt. Gox.

It went through in a day and a half 3 days ago.  But the $500 is still in my bank account.

Does it seem like I paid a fair transaction fee structure, and when should the funds leave my bank?

How do I know when enough confirmations have gone through so that I know the Coins are really mine and good?

Finally--was there a better way to do this?

If I want to buy some LTC now, where should I do that?

Thanks.

If you don't mind waiting 5 business days, Coinbase offers a better exchange rate and lower fee.
507  Economy / Speculation / Re: Never think that it "can't go lower than this"... on: July 01, 2013, 07:45:01 PM
It can't go lower than $0 Roll Eyes

Well, let's assume Bitcoin dies completely, then the government can always come back after you to tax the profit you made, and now owe money...  so technically, the value could go lower than 0$ Grin

You can only be taxed on realized profits, it's not possible to go below whatever you invested.  If the value goes to $0 you can offset realized gains by realized losses.
508  Bitcoin / Bitcoin Discussion / Re: State of the Real Bitcoin Economy on: June 30, 2013, 08:42:11 PM
I think the single largest barrier to entry in terms of mainstream adoption is the conversion of fiat to BTC.  Volatility is a concern as well but if you are able to quickly convert and transfer, it isn't as much an issue.  The average person is not going to wait 5 business days on Coinbase (and taking on all the volatility while you wait) or pay $40 for a wire to an exchange.  You can use a service like BitInstant but then one of the main advantages of Bitcoin (low transaction fees) goes out the window.  The problem is that with other payment methods, such as credit cards, the fee is assessed to the merchant.  Bitcoin flips this to an extent in that the fee is now on the consumer.  This is a difficult transition for many people to make.  It doesn't matter if the merchant fee is baked into the price, the average consumer doesn't realize this so it's a moot point.

The one way to boost adoption is for the merchants to realize that they are paying lower fees and pass that discount on to the consumer.  A consumer needs perks to make a change especially if they're going to take on the initial inconvenience.  I don't think the advancement that Bitcoin has made over the last few years should be trivialized, as there has been substantial improvement, the main issue is that we as the early adopters do not become content with the improvement and fall into a stagnation.  We need to constantly push the envelope.  The challenge is finding a happy medium that gives incentive to both merchant and consumer to choose Bitcoin over other readily available payment methods. 
509  Economy / Goods / Re: NEFT Vodka and Bitcoin on: June 30, 2013, 08:27:54 PM
Anyone know, is it possible to get this in the USA?

Doesn't look like it.

http://www.neftvodka.com/neftvodka/sites/default/files/Onlineshops%20und%20Bars%20englisch_0.pdf
510  Bitcoin / Bitcoin Discussion / Re: 2013-06-30 Dethroning The Dollar - FORBES on: June 30, 2013, 07:05:39 PM
Nothing new in this article, just the same old rehash, anyone who follows economics knows this has been talked about forever.  In fact I said the same thing this article says, in this forum, two days ago.

short answer - of course it will. the world doesn't revolve around america.

I agree that the US is not the center of the world, however the international currency of the world is USD.

Isn't that slowly changing to Euro's?

The Euro is in jeopardy of surviving much less becoming the world's reserve currency.  If anything, they may switch to a basket of currencies instead of just the USD but there is zero chance the Euro takes over unilaterally.
511  Bitcoin / Bitcoin Discussion / Re: BitCoins for Lebron James. on: June 30, 2013, 07:00:03 PM
he makes millions each year why would he want our money ?

So he can buy another championship?
512  Bitcoin / Bitcoin Discussion / Re: ! 5 Bitcoin Independence Day Raffle ! on: June 30, 2013, 06:58:49 PM
Forum Name: dddbtc
Wallet: 1BLBMnyQRT82XnYujWwGgosMapkggmG77o

BIG BTC! NO WHAMMYS! STOP!

 Cheesy
513  Economy / Service Discussion / Re: coinbase.com - price went down during purchase on: June 29, 2013, 11:19:33 PM
Weird, several people in another thread told me I would be able to back out in that situation and that Coinbase would give themselves the option to back out if the price went up.

Those people are wrong.  Coinbase will honor the price whether it goes up or down from the time you lock in the purchase.
514  Bitcoin / Bitcoin Discussion / Re: ! 5 Bitcoin Independence Day Raffle ! on: June 29, 2013, 10:17:33 PM
CurbsideProphet

Nice job of paying it forward!
515  Economy / Economics / Re: How much do you value your credit score? on: June 29, 2013, 08:04:04 PM
You just need to know how to play the game.  Credit cards can give you cash back, miles, discounts, travel insurance, rental car insurance, 0% loans, extended warranties, theft protection, etc. etc.  That's just some of the few reasons why credit cards can be better than cash.  Yes, they have outrageous fees and high interest rates if you don't pay them off every month but that's why I say you need to know how to play the game.  As long as you have some self control and financial discipline, credit can be used very much to your advantage.   
516  Other / Off-topic / Re: Murder Trial in the Bitcoin Public eye on: June 29, 2013, 08:00:05 PM
First, condolences for your loss.

I think if you are going to go forward you should study up on what sort of charges apply in this case.  You need to have a grasp of things like mens rea and also the fact that a lawyer will generally always tell you that you have a case because they have a vested interest in going to trial.  I'm not saying you don't have a case, the facts are not clear, but if you really want to champion this, you'd do yourself a lot of good to understand the law a little. 

From a cursory glance at the situation, it looks like you might be able to file a civil wrongful death lawsuit but again, I'm not an attorney and don't know all of the facts.

The attorney I spoke to said he is a criminal defense lawyer and can not take my case. So their is no bias there,

Right, but what I'm telling you is that YOU cannot charge this person with a criminal offense.  A prosecutor needs to do this so it doesn't make any sense that you want legal counsel.  Your only option is to go to the authorities and have them handle it.  They'll look at the evidence and prosecute him if they have enough evidence.  It's not like you can get a lawyer and charge the guy with murder, it doesn't work that way.

The only time you would need a lawyer is if you are going after him in a civil case, which means you receive monetary compensation, the guy doesn't go to jail.  Think of the OJ trial. 
517  Economy / Speculation / Re: We are going down HARD [TA] on: June 29, 2013, 06:07:45 PM
To prove im not some bullshiter i dup 3k coins on gox.

Why don't you sign an address you have with all of these coins to prove you're not bullshitting?  Also, why is there "TA" in the title?  I don't see any technical analysis anywhere.
518  Economy / Speculation / Re: With Gold & Silver tumbling, will investors seek out Bitcoin as a hedge? on: June 29, 2013, 06:03:35 PM
What you usually see quoted is the price of paper gold which is heavily manipulated and means nothing. There is huge demand for physical gold if you can find it. Only a matter of time when comex dafaults.

I can easily find physical gold and silver at reasonable prices over spot.  It may be difficult to find a specific type of bullion but gold is gold and bullion carries next to no numismatic value so it shouldn't matter in what form or smelter it comes from as long as they are recognized and reputable.   
519  Other / Off-topic / Re: Murder Trial in the Bitcoin Public eye on: June 29, 2013, 05:59:36 PM
First, condolences for your loss.

I think if you are going to go forward you should study up on what sort of charges apply in this case.  You need to have a grasp of things like mens rea and also the fact that a lawyer will generally always tell you that you have a case because they have a vested interest in going to trial.  I'm not saying you don't have a case, the facts are not clear, but if you really want to champion this, you'd do yourself a lot of good to understand the law a little. 

From a cursory glance at the situation, it looks like you might be able to file a civil wrongful death lawsuit but again, I'm not an attorney and don't know all of the facts.
520  Economy / Speculation / Re: Can we say bubble pop? on: June 29, 2013, 03:15:11 AM
An increase in money supply does not result in an increase in inflation.  It takes an increase in money supply and an increase in velocity in order to cause inflation.  If you're only talking about half the equation, you're going to get the wrong answer every single time.
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