Try choosing a credit union or a small town bank. I used to have an account at a tiny bank in Shelby MI. They were awesome.  |
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Thank you all for your replies. I guess I neglected to mention that I'm in the USA and intend to exchange USD for Bitcoins. I can definitely see some advantages to using localbitcoin, but am still interested in online transactions for convenience.
I might look into some local Bitcoin exchanges. Why might I consider a USPS money order over, say, a tradtional credit card if buying from an exchange? I assume that it is a type of security against chargebacks?
Thanks!
Celroc
That and calling a crooks bluff. If they defraud you with a USPS money order they are involving themselves in mail fraud. That is a serious thing in the U.S. and they are taking on huge additional risk. A money order is also like trackable cash. I can see when the exchange receives it, and can cancel before they do if there is a problem. In the end I have a record of what happened and who got the money. Like you I prefer buying online. I wish I could recommend an exchange that is totally trustworthy, but I have not found one yet. They normally have crappy service and are slow at everything. A few are even scams. |
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Bitcoin mining is a market that has almost no barrier to entry and as such the most efficient will win. That could be anyone willing to work hard and invest in infrastructure.
Really, no barrier to entry? Last I checked it was basically impossible to even clear ROI on any kind of bitcoin mining equipment unless you start talking about spending 5-6 figures and even then it's doubtful. Well, yes money is a barrier. But it is open to anyone willing and able to spend. That has always existed. When CPU mining was still going on it took a decent computer. That precluded entry to many/most? people on the planet. But try starting a bank or even buying an ATM. Then you will see the product of decades of unholy laws and regulation that do nothing except secure the entrenched powers of big banks. |
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I would recommend never using PayPal or considering an offer at a low rate. It is a drag, but you should either use localbitcoins or research exchanges in your country then fund your account with a USPS money order. Then, after executing a buy, withdraw your bitcoin right away. If you do not have total control of your private keys then you do not own any bitcoin. An exchange could close anytime and leave you Satoshi-less.
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I would guess you have some protection from this because it must be proven that you are the owner of the address. Actually no, they will just charge you with the crime of not sharing your private key. The police may suspect you are the crook, but they can't convict on that suspicion.
Maybe in TV and movies, but in real life it is very easy to convict an innocent person. You need a better lawyer. It is not a crime to keep your private keys private. And you are not going to be convicted because you could have committed a crime. The prosecution must convince the court you did something. You do not have to prove that you are innocent. |
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Oh great, another warning from a "bit coin" expert.  |
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I think some of you guys are missing the point here. The bottom line is that pretty soon a lot of miners are liable to just give up and sell their equipment off and we will be left with a handful of massive datacenters doing all of the mining. So instead of hundreds of thousands or even millions of individuals all around the globe mining, you will have consolidation occurring until perhaps a few hundred companies with massive datacenters/farms are doing all of the mining. How will that be any different from banks, visa/MC, etc?
I see a huge difference. It's your choice not to mine. You do not have the option of offering banking services. Consolidation can only happen in bitcoin if we choose not to compete. Consolidation in the banking industry is something we can't do a damn thing about. Bitcoin mining is a market that has almost no barrier to entry and as such the most efficient will win. That could be anyone willing to work hard and invest in infrastructure. |
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Bitcoin is a level playing field, but it is not a giveaway. You could also have taken the risk of starting your own data center. There is nothing unfair about it. Those who go big face greater risk but may realize greater profit. If you don't like the idea of true competition we could fork the chain and say all miners must buy a permit that rations the hashing power of the network. Is that a better idea? I don't think so.
Our current system does not care who you are, only what resources you bring to the network. The more you work and invest in equiptment the more you are likely to be successfull. This was an issue when CPU mining went away. Some people argued that it woud "kill" bitcoin because only rich kids with fancy gaming PCs would be profitable.
For me the bottom line is that bitcoin is a logical payment system, not a get rich quick scheme. The honey badger does not give a shit about us and our ambitions. It seeks only to grow stronger
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Remember that asking for a bitcoin loan is no different than a stranger on the street asking for a cash loan. Few people are going to trust you because they do not know you and there is nothing they can do if you just decide not to pay. This is why a bank would also not loan money to you. If you don't have the money today then why should I think you will have it tomorrow? Why not just wait until tomorrow and buy the coins yourself?
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It didn't get that far. At the state level you must pay a filing fee in U.S. dollars. Depends on the state. ISTR that most are free (for PACs at least, not parties). (We haven't done state registrations yet; will probably get to that soonish though.) I was interested in seeing how far one could get exclusively in bitcoin. I was arguing that a bitcoin wallet could be considered a depository account. It's really even more transparent than that. A bitcoin address can be monitored in real time, whereas a bank account is difficult to access. I get where you're coming from, but I don't see how you could make that argument, legally. The definition 11 CFR 103.2 / 2 USC 432(h)(1) clearly excludes Bitcoin wallets: Each political committee shall designate one or more State banks, federally chartered depository institutions (including a national bank), or depository institutions the depositor accounts of which are insured by the Federal Deposit Insurance Corporation, Federal Savings and Loan Insurance Corporation, or the National Credit Union Administration, as its campaign depository or depositories. One or more depositories may be established in one or more States. Each political committee shall maintain at least one checking account or transaction account at one of its depositories. Additional accounts may be established at each depository. … and Bitcoin isn't tied to KYC regs, which is kinda the point of that definition. I was never optimistic about the chances of it working. That is why I was surprised it even made the first phase. My big vision was an automated platform for up-voting expenditure ideas. For example, users could help fund a billboard with a message to lawmakers about bitcoin. Donations would require disclosure that meets KYC reporting laws. In my phone conversations with the FEC they were surprisingly supportive and made suggestions as to how I might do that with bitcoin. But pushing any farther looked like an expensive legal fight. Oh and here is Wisconsin you have to pay to file if you are a party or a PAC. |
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I would guess you have some protection from this because it must be proven that you are the owner of the address. The police may suspect you are the crook, but they can't convict on that suspicion.
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Several months ago I filed to open my own superpac denominated in BTC. I was shocked to have my filing accepted. They don't really screen it on initial acceptance … and you did get an RFAI even after you terminated because of the requirement that PACs have a depository account. What happened with that anyway? I haven't seen any update on it. It didn't get that far. At the state level you must pay a filing fee in U.S. dollars. I was interested in seeing how far one could get exclusively in bitcoin. I was arguing that a bitcoin wallet could be considered a depository account. It's really even more transparent than that. A bitcoin address can be monitored in real time, whereas a bank account is difficult to access. |
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It could be much bigger than that. I'll admit something here. Several months ago I filed to open my own superpac denominated in BTC. I was shocked to have my filing accepted. I did not give banking information, as the form requested, rather I sent them bitcoin addresses. I could accept unlimited contributions to finance my efforts. In the end I ran into problems at the state level, but it got the attention of a lot of lobbyist types. We have not heard the last about bitcoin contributions. http://bitcoinvoterspac.org/ |
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I think of many religions as having a moral basis. Too bad there is no God or I'd join in.
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I don't hate you jr65, I just don't believe your magical. I have been reading about bitcoins imminent collapse for years now.
"Bitcoin will NEVER reach $1. It's impossible and here is a chart I made to prove it!"
"Bitcoin can't reach $10, it has no intrinsic value!"
I think your forgetting that value is an illusion created by humans. Gold is just a shinny rock and the money in your pocket is just fancy paper. They derive their value from a common belief in their value. As long as I have another person to trade with bitcoin will survive in my economy.
Gold has the first mover advantage of being a currency that has been accepted all over the world in every country and civilization for thousands of years. People trust gold because it has proven itself over the test of time to hold its value for thousands of years. Bitcoin has been around for, what... 5 years? Even after bitcoin is gone/broken, the internet is gone, or the world as we know it has been wiped out by nuclear holocaust and civilization is rebuilt, gold will still be here and will still have value. I agree with you. Which is why I also own gold. And even though the internet will be gone one day, I invest in tech start-ups and bitcoin to profit while I can. I mean, even gold will be valueless when we humans are gone. Which we will be eventually. |
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... it's an educational problem with the merchants who don't understand the risks they are taking with one form of payment (paypal and credit card), and overemphasis the risks they think they are avoiding with another form of payment (bitcoin).
+1 They are acting rationally. Merchants don't understand bitcoin and are hesitatant to expose themselves to any risks they hear about. The reality is that it is not cost effective for a criminal to crete a fake transaction for a small purchase. If I were selling a sailboat, then I would wait for full confirmation. |
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I don't hate you jr65, I just don't believe your magical. I have been reading about bitcoins imminent collapse for years now.
"Bitcoin will NEVER reach $1. It's impossible and here is a chart I made to prove it!"
"Bitcoin can't reach $10, it has no intrinsic value!"
I think your forgetting that value is an illusion created by humans. Gold is just a shinny rock and the money in your pocket is just fancy paper. They derive their value from a common belief in their value. As long as I have another person to trade with bitcoin will survive in my economy.
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If only it were as easy as asking. If you think about it, anyone who answers the question with confidence is full of B.S. Anyone who answers with a guess is not doing anything you can't do without asking. |
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Hmmm. thanks for the info. I am still running 10.10, which I think was the high water mark. After that the project seemed too focused on layout, IMO. I'll give 14.04 a try.
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