Thanks for the reply. For some reason I was under the impression that the TOS change with Dwolla disallowed users from using as a method to exchange digital currency or something to that extent. Is that not the case?
Ya, if taken literally their terms would prohibit use that way, without prior approval From another thread: You understand and agree that you will not engage in the following activities:
- Use the Dwolla system to operate or engage in any business regulated by FinCen, including the money service business;
- Use the Dwolla System without written consent in association with any online credit or virtual currency system;
But there haven't been any reports of anyone having their Dwolla funds frozen (yet) as a result. That's not really Dwolla's style, IMO, and they'ld probably give a reminder first if your volume got large enough that you'ld need to request approval for doing conversions to or from Bitcoin. The exchanges that do allow Dwolla deposits and withdrawals are, presumably, working with Dwolla's permission. So it appears there's no need to worry about using Dwolla as the cash out method from a Bitcoin exchange, at least not the well-known ones, like Mt. Gox, Intersango, Camp BX, Get-Bitcoin, etc. |
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Do you know if you can use the same yubikey for several different services, or do you need to get a separate one for each account?
The Yubikey from Mt. Gox can only be used with Mt. Gox (and BlockChain.info wallet, apparently, which I'm guessing has permission to auth through Mt. Gox API or something) It doesn't work on other services where a Yubikey is used. The Yubikey from Yubico works at Mt. Gox and [Edit: see rjk's correction below] elsewhere where Yubikeys are supported. |
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This is already possible. Coinapult allows controlling bitcoin funds via SMS Coinapult's service is limited to U.S. and Canada numbers for now. Plus, they rely on 1% fee from users of API, but they have to pay for each SMS. i.e., they may need to make some adjustments in fees in order to expand or maintain current service even. But when they do figure it out, ... this will definitely finally let Bitcoin permeate to developing nations. SMS wallets are a big deal. |
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Bitcoins to PayPal never works. MANY have tried and all have failed and lost lots of money, take my advice and don't do it. I don't want to see another thread in a months time saying that PayPal have frozen your account.
Its against PayPal's TOS to do it and you will also have to deal with plenty of chargebacks from people paying with stolen PP accounts.
SpendBitcoins.com has been offering PayPal as a cash-out method for quite some time. Bitcoin Nordic offers a way to sell bitcoins for PayPal as well. So maybe PayPal turns a blind eye to it when it is only used for cash out (and use normal payments where fees are paid, versus "personal, payment owed/gift"). |
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Something is holding it back.
What is it?
Struggling to rise? It is up 10.5% so far for 2012, up 6.5% for the second quarter, 2012, and up half a percent for June already. So the market (the price where the supply crosses with demand) says a bitcoin is worth about $5.22 right now. What the market isn't taking into consideration is how Bitcoin as an open protocol is seeing a growing level of mass collaboration occur. This was already priced in, to some degree, already as there is no way even a fraction of the $40+ million of the currency was necessary to support the level of activity in the Bitcoin economy up until recently. What has happened in a few short months though is that many assumptions are truly starting to pan out. It was expected that bitcoin had great value in filling a gap in online gambling. SatoshiDICE is proving that there was latent demand for this. Any speculator considering the potential a year or three out will realize that an gambling service that can pay out 98.5% will start to receive some market share that might otherwise have gone to casinos or other online wagering at 97% or 93%, or whatever. And SatoshiDICE could probably compete at a smaller house advantage if it were pressured to do so from competition, making the advantage over casinos even greater. This would be a driver for bitcoin demand. It was expected that there would be easier ways to buy Bitcoin. Cash deposits at a bank in U.S., Canada and Australia are inexpensive and instant, and now with BitInstant, add 7-11s, Walmart, CVS, etc as other places to do cash deposits. They also made it easy to convert cash to bitcoin in Brazil (Boleto) and Russia (Qiwi, cyberplat) as well -- two very large and populated countries where acquiring Bitcoins had previously been difficult. This was expected though (especially since it was announced back when bitcoin was valued under $5), but the market hasn't quite realized how large the demand by these two new countries could really become. And Bitcoin is starting to approach the functionality needed for use by individuals face-to-face. Service is still not utility-level (e.g. Blockchain.info's service going down for several days last month) but look at Coinapult's SMS wallet, for instance: - https://coinapult.com/sms-wallet That seriously shows how Bitcoin could start to compete against M-Pesa and Western Union in Africa and parts of Asia, for instance. All you need is a feature phone and you can receive a remittance payment from a family member. (What's missing next is a hawalder or local exchanger willing to convert their bitcoins into the local currency that is used.) But the market is not considering what the demand for bitcoins will be once that starts to become a common occurrence. Having a digital currency permeate the globe organically is something that has never been done before, so the market doesn't know how to price it. We people reading this forum do know, but we collectively aren't putting much more than the $37K USD worth into bitcoin that is required each and every day for the exchange rate to just stay stable even, nonetheless increase. And having temporary setbacks, like Bitcoinica and that whole mess, and Apple showing what dicktards they are with their App Store rejections, and Dwolla imposing the hurdles they did -- those all kick at Bitcoin's foundation and might help explain why even though there are many more great developments with bitcoin, bitcoin's exchange rate ascent will only come after it has proven itself and not earlier based on hope. |
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Hi Stephen, Due to extremely low limits and lack of customer service we have had to remove Amazon Payments permanently.  So is this just an Amazon gift / ecode (and not Amazon payments)? - https://www.spendbitcoins.com/convert/amazon/ |
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I would consider it being before 9th of december according to my calculations.
You know what happens in the future? No, I just know some basic maths. Heh, your statement is fine but doesn't say that it is based on the assumption that hashing between now and then occurs at the "one block every 10 minutes" rate, which is an unknown. |
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OK so I get that the miners are somehow involved in confirming payments. Am I right to assume that a payment will remain unconfirmed until the next block is released? That all depends on the recipient. SatoshiDICE for instance, can accept payment on 0/unconfirmed because they turn around and use those funds in the payout. So if the wager never confirms, the payout will never confirm either. A retail merchant, for instance, might not really be worried that you'll try to double spend on that 2 BTC purchase, and might have no problem accepting on 0/unconfirmed. (There are configurations a merchant would follow to protect against a race attack). Most exchanges and merchants require six confirmations as that is the level where the chance of reversal is mathematically not ever going to occur. Once that block is released, will you always have only 1 confirmation, or is it possible that more than one miner has confirmed your payment in between the time you made it and the time before the block gets released? This is a good article describing the process: - http://spectrum.ieee.org/computing/software/bitcoin-the-cryptoanarchists-answer-to-cash/0It includes the following infographic:  (Those boxes in the top-right are an illustration of the block chain.) So if your transaction is first included in block 1,000 then it has 1 confirmation. When there eventually is block 1,002 it has 3 confirmations. At block 1,005 it will finally have the 6 confirmations that most exchanges and merchants require. Can you get more than one confirmation in each subsequent block? In other words when people talk about the magical "6 confirmations" will that always take almost an hour, or is it usually done faster? Bitcoin mining's algorithm targets one block every 10 minutes. In reality, variance plus changes in hashing capacity will cause that "six confirmations" to occur as quickly as a fraction of an hour or as long as several hours. Also, who gets the miner fees? I understand that the fee is an incentive for a miner to confirm your transaction. Does the fee go to the first miner to confirm or is it shared among all the different miners that confirm once you have several confirmations? While there are cases where a block at a certain height is solved by a second (or third) miner, all but one of those blocks are eventually orphaned, and thus the coins in their block reward will never confirm. You can see this visually occur here: - http://blockchain.info/orphaned-blocksSo if you are solo mining, you get the block reward as well as the fees. if you are pool mining, what you get is whatever the pool you participate in offers. Some keep the fees. The fees currently are a tiny fraction of the amount of the block reward though. Every bit of helps though I know. What is the size of a typical fee and does it really help to get your transfers confirmed faster, or is that propaganda to get us to "support the network?" There's a huge difference between no fee and at least the minimum fee. Without a fee, your payment might not get included in the next block based on a few factors (age of the coins selected for the transaction, amount of the payment, etc.). If you include the fee recommended by the client, the payment will likely be included in the next block or two. If you add a much higher fee, it still will likely be included in the next block or two. (i.e., paying above the minimum doesn't really help get it to confirm any faster.) The goal is to get it included in a block. After it is in a block, it continues to gain confirmations with each new block, regardless fo whether or not it had a fee, or the amount of the fee. |
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Hi everyone I just finished making my website for store so presenting the Bitcoin Hardware Store. Currently we have for sale GPU's but I plan on expanding into CPUs,power and so one. All products come directly from my distributer via drop shipping. We also guarantee the lowest price so if you find a lower price we will match it.If we dont carry an item you but you want/need it please contact us and we would love to add it to our site. http://btchardware.com/Being a new seller, offering to use third party escrow would be an option that might help make a reluctant buyer more willing to make a purchase. - http://en.bitcoin.it/wiki/Category:Escrow_services |
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The same functionality can be had with current PGP-based trust-rings, just have someone sign their photo file.
This was discussed here as well: Why not use key signatures?
A couple of reasons. First, currently the key signatures are used as an indicator that you have verified the other key's identity, building the "pgp web of trust" which is about verifying real life id, rather than being any kind of indicator of trustworthiness. Trying to glom on a trading-trust web into an existing web that's about something completely different would be problematic at best.
Further, key signatures do not provide the flexibility afforded by the design of the contracts system. - http://privwiki.dreamhosters.com/wiki/Distributed_Web_of_Trust_Proposal_2#Why_not_use_key_signatures.3F |
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the users don't know whether they will ever see their money again.
The service is operated by one of the most active and respected bitcoiners. Their service is responsible for well over half the bitcoin transactions occurring each day and to accommodate this they are doing improvements and maintenance on a regular basis. If you haven't gotten a payout, it is probably just a delay. If it doesn't show up after many hours (or a day even) make sure the transaction has been confirmed and has made it into the blockchain. If it has and there still is no payout then perhaps posting on SatoshiDICE asking for assistance will help get your problem solved. That thread does show that payouts are delayed apparently because of a cash management issue where they ran out of confirmed funds and made payouts using funds from wagers that hadn't confirmed yet. That will gum up the works if they need to stop the system to reissue those payouts. It is called growing pains. |
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Can someone tell me how long it usually takes to receive the email from TrustCash?
If you haven't yet deposited the cash, know that there are multiple services that offer this same service: - http://www.BitInstant.com (deposit at a bank using TrustCash, deposit at 7-11, Walmart, etc.) using ZipZap, Moneygram, ec. You can choose the Bitcoin to email service and Coinapult will use your deposit to buy bitcoins that you can claim via e-mail, rather than adding USD funds to an exchange and buying them yourself. This happens in minutes after you deposit. Aurum X Change is another |
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Quote taken from https://en.bitcoin.it/wiki/Controlled_Currency_SupplyWhile the number of bitcoins in existence will never exceed 21 million, the money supply of bitcoins can exceed 21 million due to Fractional-reserve Banking.
Fractional banking is known as the primary cause for the projected collapse of the Money System . Can someone explain how this practice has place with bitcoin ? I want to understand Bitcoin fully before I embrace it as a REAL alternative to private banking. Fractional banking where the guarantee of a government backstop creates a moral hazard is what is the cause for the projected collapse of the Money System. Fractional banking where the capital invested is what is at risk can function. And yes, depositors do take a bit of risk as well, though a "One dollar of capital" policy instituted (and policed, on a nightly basis) essentially eliminates the risk to the depositor. - http://en.bitcoin.it/wiki/Fractional_Reserve_Banking_and_Bitcoin |
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i wonder when if i will receive that...
Looks like that payout has since been completed. |
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I completed their verification requirements and i'm still waiting on a withdrawal from the 25th
The latest word on that is still six days (business days, presumably): Hello,
This has been due to the huge volume of withdrawal requests for both international wire transfers and Dwolla, but we expect that the issue of delays will be resolved soon. Dwolla withdrawals are taking around 6 business days to process and international wire transfers (provided that the amount is not too large as there are limits that the bank is imposing on us) are taking about 1 week. We apologize for the delay and inconvenience. Thank you for your kind understanding in this matter.
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