Well the title says it all.. I got paid in bitcoins knowing that somehow some way I would be able to convert it to cash, but how exactly is this done?
Is there a detailed instruction on how this is done?
And also are then any specific actions or sites that I should use that are recommended ?
Any assistance is highly appreciated thank you and have an awesome night.
How you go about this depends largely on you. What sort of cash are you trying to get (USD, EUR, etc.)? What country are you located in? Do you have an account at a place like Dwolla or Paypal already setup? |
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The bible says that money is the root of all evil.
Quote that? I believe it actually says the love of money is the root of all evil. |
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Use as collateral for going long on Bitfinex for example... still sounds a bit weird to free up coins during a drop though.
What would you do on Bitfinex? Aren't you already long by holding a security valued in BTC ? I think you are assuming ASICMiner has a FIAT value. i can see your argument with other securities that would experience a price change but few do. ASICMiner pretty much stays the same with price changes (look at the bubble/pop). However securities with FIAT business should move with the market and yes you could exploit that  1. Sell shares of Asicminer 2. sell bitcoins for USD 3. Watch BTC price plummet (hopefully) 4. buy more bitcoins for USD 5. buy more shares of AsicMiner If everything goes as planned, if you can get your btc to the market before the crash reverses, then you could end up with more shares of AsicMiner than you started with, all in time to get the weekly dividend. |
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I see in the MPEx examples of reports the profit/loss statement, but they seem to be missing the balance sheet (List of total assets and liabilities).
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OMG why is this so complicated for you guys?!
This 6100 BTC is not a "giant liability" of SD. It is sitting in a wallet, getting used by SD as a betting pool. If I withdraw it, then SD is not "in debt by 6100 btc"... there is not some huge 6100 btc hole. It's like if I had been letting SD use my personal hosting account for free, and then one day said, "he guys, we need to get a hosting account for SD because I don't want it using mine anymore." And then people yell, "zomg that is so terrible how could you let SD use your account!!"
Amazing that letting SD use this money for 9 months, for free, turns into accusations of fraud.
This would all be much easier if you had published a balance sheet for the company months ago. The question we have is whether SatoshiDice has had this 6100 liability the whole time that you never told us about? The way this was operating, it looks like that 6100 BTC is an asset of the company. The "huge 6100 btc hole" is the difference between what we thought we owned as shareholders of this company and what you are claiming we own. |
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Roses are red,
Violets are blue,
Some poems rhyme,
But not this one.
(This is not my original work, but I don't remember where I heard it)
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I think MPOE-PR is refering to this part of the contract: (f)Immediately upon publication of each Statement of Profit and Loss SatoshiDice will pay to shareholders as dividends a fraction of no less than 100% (one hundred percent) of the Net Profits, if any.
Which seems to be saying that the company cannot retain any profits. |
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Doing in gradually, with 10 or 25% of profits going to the reserve fund seems much more reasonable to me, rather than doing it all at once. Is this where the problem is, that the contract says 100% of profits go to dividends? Couldn't you just list it as an expense to pay off the loan which gets taken out before profits are calculated?
Sure, it could be done gradually such that a % of earnings each month go to building up the pool. I'd rather just get it over with, do one single month without dividends and then problem solved. "I'd rather ..." yeah, that is what would be good for you, but as the manager of SatoshiDice you have the responsibility to do what would be good for the shareholders. Seems there is a conflict of interest here. |
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8 btc per vote ... I guess that is one way to keep frivolous votes from being posted.  |
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Not only is it incredibly poor form to make such announcements unilaterally, whether the proposed measure is ever implemented or not, it'd seem on the surface that what you are contemplating is plainly in breach of your contract with MPEx.
Could you please go into more detail how this breaches the MPEx contract (maybe I am just missing something?)? Doing in gradually, with 10 or 25% of profits going to the reserve fund seems much more reasonable to me, rather than doing it all at once. Is this where the problem is, that the contract says 100% of profits go to dividends? Couldn't you just list it as an expense to pay off the loan which gets taken out before profits are calculated? |
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How do you add someone to your "Trust Network"?
Got to your profile, then click on "Trust" (just below "local time" and "language"), then click on "Trust Settings" (near the top of the page). You should see a text box. Type user names into the box, one user per line, then click the "update" button to add them to your trust network. |
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Dude ... you should perhaps start to read and correct your typo instead of blaming me. 5% / week is fair, 0.05% is NOT!
Not sure what your rambling on about. Stated pretty clearly. "We are willing to pay .05% interest on anything borrowed." You do realize .05% and 5% are the same, right ? Ahh, the bad math is hurting my eyes! 0.05% = 0.0005 and 5% = 0.05 5% is 100 times the interest of 0.05% |
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I can assure you these shareholders will share the profits whatever they may be. I'm definitely not running with anyones money or creating an unsustainable investment structure ie ponzi HYIF.
Just so you know, this is almost directly quoted in lists of "What to watch for in a scam". Just sayin. |
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2. More money supply will cause inflation
Truth: FED printed 400% more money but there are no inflation, since the value of USD is a consensus, not affected by supply and demand (at least in +-1 magnitude of supply)
Base money is just part of the system. There is also all the debt money floating around. Because of fractional reserve lending, there can be orders of magnitude more money than there is base currency. This means two things: first that doubling the base money supply will have a much smaller effect on the whole system than you might think (M0 1-->2 is 100%, but M2 10-->11 is just 10%), and changes in the level of debt money can be the driving factor of the inflation/deflation rate (M0 1-->2 is inflating 100%, but if debts are massively defaulted you could be going from M2 10-->5 for a total of 50% deflation). |
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To those saying 1% a week is untenable, I have been getting at least that much on my (admittedly small) portion of my portfolio in bitcoin investments. But I have had a few negative weeks, saying you never have negative weeks sounds a bit fishy. (My USD investment portfolio has been averaging about 1% a year, stupid stock market economy grumble grumble grumble mpfh ...)
I agree. I don't understand why people are labelling this a HYIF. An average of 1% a week is not high by any means in the BTC world. Anyone that understands the different markets can easily achieve this. I mean you can make .5% a week by simply putting your funds in a loan. You can make .3 to 1.5% percent a week by simply putting your funds in AM shares and leaving them there. Even without compounding, this is something like 52% a year. That sounds like a High Yield Investment Fund (HYIF) to me. |
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QuestionAuthority done been burned before,
Now he lurks and hurks 'round in here.
Nobody go'n' do him like they did before.
Why you don' want my money?
Here, I give it you for free?
Can't you take my money?
What can you do when you have nothing,
Nobody to give to,
Nobody to take?
Let us all give a bit to the poor
for this man who will not take anymore
because of the things done before
1HboPPSM9UDanTm75Q1LY6W7bNjnv8gzHP
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Why is it so hard to buy BTC with USD? ummm because around here USD is 100% preminned junk  LOL USD is not premined, cool link too the mining pool please It is not premined, because it is not mined. |
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I use this forum for info on when to buy and sell. I do use, mine, buy and sell btc. I do not do any of that with members of this forum at this forum. I suppose you could say that's not entirely true because I use BTC-e and Gox and they are members. I'm sure some of the locals I trade with are members but I don't know that for a fact and I don't deal with them here. I've fallen victim to too many Investment Funds type people for me to ever trust anyone here again. If I won't give anyone here money then I won't take it either. I can never be labeled a scammer or be scammed here. This policy works for me. 10 mB goes to the first person to compose an "Ode to QuestionAuthority" consoling him for his jaded perspective Edit: sent the 10 mB to acs26 |
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Oh so the contest was on BITCOIN forum, I like how you excluded that from your original post.
I didn't think it really mattered; I was not making a point about the contest, I was saying how it was easy, quick, and cheap to send a bunch of payments simultaneously to diverse recipients. Paypal has no fee though and funds appear instantly and also participants can easily spend them, so why bitcoin was better FOR THIS PARTICULAR PURPOSE? I do not have a paypal account. For me, using bitcoins is therefore easier. |
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When price goes down People say xx sold their thousands of bitcoins so price went down
Stupids, if they sold it, someone bought it too..
When price goes up, people say, someone bought thousands of bitcoins so price went high
Stupids, they bought it because someone sold them..
Now tell me why price goes up down.
Typically what happens is people put up 'sell' orders above the market price. Then somebody comes along and fills them, so the price moves when they execute their 'buy'. The terminology of a 'buy' or 'sell' refer to which one is the market order. Of course there is always an equal amount of limit orders being filled, but the market order is the one moving the market, limit orders cannot move the price directly. |
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