You might want to put an asterisk on that statement:

Sorry for necrothread, but to bookend this thread:

As-of v0.8.0, the Bitcoin-Qt/bitcoind client no longer includes the code for IP transactions.

Yup.  If Coinbase hadn't gotten their cash infusion (last week's $5M investment round), I would have been more concerned about this development with Dwolla. 

It still leaves us with too few methods to easily transfer fiat to and from bitcoins.

I'm hoping to learn a little more about Ripple over this weekend.  Hopefully we can start solving this problem ourselves in a manner in which a piece of paper from DHS has no impact.

You must have a different definition of "seize" than the rest of the world.

Dwolla called it what it is ... "seize":



Also, Camp BX still allows Dwolla transfers, so the following is specific to Mt. Gox:

It is hard to understand your question.

If you sell a digital item for PayPal and as the seller there are tax / financial oblications, then you still would have those same obligations whether you accept wire transfer, or cash, or bitcoins.

Here's more info:
 - http://en.bitcoin.it/wiki/Tax_compliance


If you want to sell something in exchange for bitcoins but not hold bitcoins then you can use a payment processor so that there is no (zero, nada, 0.0) exchange rate risk to you.  Meaning you sell an item for $10, you get $10 sent to you (less payment processor fee, of about 1%).  (Of course, there could be bank transfer fees for the payouts as well, but those are trivial in the U.S. and many other places.)

Dwolla account-to-account transfers are one of the funding methods to send funds to Mt. Gox or to withdraw from Mt. Gox.

There are a half dozen threads on this development.  Here's one with more info:
 - http://bitcointalk.org/index.php?topic=205370.0

Buying or selling?

When buying at Coinbase there's frequently the situation where they are out of stock, but you can usually always sell through them.  So the 1% fee there plus there might be a little wider spread between the bid/ask versus Mt. Gox, but ether way, it's pretty competitive.  The funds arrive via ACH direct deposit the same way that Dwolla withdrawals arrive.

Sanity check.   Qt is the framework.  Bitcoin-Qt is an application.

You can see the version of Bitcoin-Qt by Help -> About Bitcoin.  [Edited, thanks Cyberdyne]

Yes, as soon as there is a block that exceeds the max (expect it sooner rather than later), then your 0.4.8 will no longer take blocks.

You can also use v0.4.9 backport:
 - http://bitcointalk.org/index.php?topic=199699.0

And depending on which way the market sits at that moment of time you might actually get a higher selling price on Camp BX than on Mt. Gox, probably as the result of Camp BX being the only place that those with Dwolla can still buy bitcoins, and thus willing to pay above the Mt. Gox spot rate.

Are you referring to the May 15th hard fork?

You don't need to do anything if you are using the Bitcoin-Qt/bitcoind client software v0.8.x or higher.

If you are using an older version of the client, you simply need to be using a version that supports more transactions per block.  This means v0.7.3 instead and other v0.7.x you might be using.  Or just go to v0.8.1.

Upgrading is simply installing the new client.  It will not erase your existing wallet, so there's no wallet migration or anything like that.

You will want to make sure you have a current backup before upgrading (well, you always want to make sure you have a current backup).


So is that what you meant about "May 15th"?

This is becoming an XY problem.  

You describe the problem in moving money to Mt. Gox.   But you probably don't really want money at Mt. Gox, you want bitcoins.  [Edit: Unless you are an arb trader or market timer, then you truly want to move USDs.]

Does that help to solve your problem?

There are meetups in San Diego May 28th and June 3rd.
 - http://www.meetup.com/Bitcoin-in-San-Diego/

There are no scheduled events for LA:
 - http://www.meetup.com/Los-Angeles-Bitcoin/

You could simply give a date, time and location and see who shows up.     

There are enough people in the area involved in (or wanting to become involved in) Bitcoin for these meetups to become worthwhile.  Amazing to see it gain traction in the Bay Area so quickly and yet be relatively unseen here in L.A.

This was gmaxwell's cautionary note in another thread.  Thought it would be a good reminder here too:


And my footnote to that:

Let's hope Marriott and the rest of the major hotels are done changing all the guest room locks:
 - http://arstechnica.com/security/2012/12/fix-for-hotels-electronic-door-lock-hack-slow-to-roll-out/

Let's hope Marriott and the rest of the major hotels are done changing all the guest room locks:
 - http://arstechnica.com/security/2012/12/fix-for-hotels-electronic-door-lock-hack-slow-to-roll-out/

Each E-Wallet vendor may have differing practices. 

With Mt. Gox, I believe you need to re-verify your identity (sending in a new copy of your ID).  They might ask some questions, like how much was your balance, the amount of your last deposit, etc.

Google has a method to move the Google auth OTP stuff from one phone to the next, but I'm not sure if that helps with lost phones.

What you can do is copy the "secret" that is shown (it's just a string), or print out the QR code, so you have a backup of it so that you can re-load the code to a new device if you happen to lose your existing device.    Since you can't re-display the secret you are already using, you'ld need to remove OTP then re-add it and save a copy of the new secret code.

Well, that solves that!

 - http://betabeat.com/2013/05/department-of-homeland-security-shuts-down-dwolla-payments-to-and-from-mt-gox/

The poorer have less of a cushion to weather adverse changes in the purchasing power of bitcoins held.  This doesn't mean Bitcoin still won't work, it just means they'll probably want to use a payment processor who stores value in some unit that is less volatile. 

What I'ld like to see is something like Bridgewalker app in which the funds are not just USD but instead a basket of commodities suited for the type of future buying an individual might encounter.  For instance, if a quarter of my spending is on food, another quarter on gas, and maybe some materials like cotton then I might want a basket that has 25% of the value in agricultural commodities (meats and grains), a 25% in energy (e.g., crude oil), and then some in soft commodities (cotton, lumber, etc.) with the remainder in precious metals, etc.

That way you have low volatility for your store of value but the actual exchange is in bitcoins so you gain the benefit of that being a low cost, low friction payment method. (i.e., the recipient doesn't need to know you were using something like Bridgewalker as you paid in bitcoins.)

Here's the link to Bridgewalker:
 - https://www.bridgewalkerapp.com

Yup, don't let the facts get in the way of a good story!

So the orginal Bloomgerg journalist used a metric that became useless when FPGAs arrived (early 2012) and made a conclusion based on the total capacity metric from late March 2013 in which he was off possibly by more than an order of magnitude.

But that's the crap journalism you have today, if he had used accurate numbers he wouldn't have a story.

So there you have it.

Earlier this year right before ASICMINER and Avalon got their first units into production there was a total of 22 Thash/s.  Of that, some is GPU and some is FPGA.   Who knows the split.  It might be fair to give that a 2/3rd GPU and 1/3rd FPGA split, so that would be about 15 Thash/s is GPU and 7 Thash/s is FPGA.   With the increase to today's 83 Thash/s, the entire increase is likely ASIC.  So that's 61 Thash/s of ASIC.  (I'm going to go even further and attribute further drop where GPU today has probably decreased to well under 10 Thash/s thanks to GPU miners having greater profits today mining Litecoins).  

But even take the scenario of the 83 Thash/s consisting of: 15 Thash/s GPU, 7 Thash/s FPGA and 61 Thash/s ASIC.

A rig w/ 3 5970s consumes about 1100W and does 2.1 Ghash/s.  So 7,142 of those rigs do 15 Thash/s.  That's about 188 mWh per day, costing $29K for the electricity.
An FPGA is more efficient than a GPU, with a BFL single doing 0.83 Ghash/s on 80W.  So the 8,433 FPGAs do the 7 Thash/s..  That's about 16 mWh per day costing under $3K for the electricity.
An ASIC is uber efficient.  An Avalon ASIC does 60 Ghash/s on 600W.  So if all ASIC mining today were Avalons, there'd be 1,016 of them running to get 61 Thash/s.  That's about 14.6 mWh per day costing under $3K for the electricity.

Incidentally, the BFL chips are even more efficient than the first generation Avalons, so the BFL Jalapeno does 5.5 Ghash/s on 30W ... meaning if all ASICs were BFL Jalapenos there would be under 8 mWh per day consumed, costing under $2K for the electricity.

But a headline that says 3/4ths of all bitcoin mining today consumes under $2K per day of electricity doesn't have the ring that "environmental Disaster" has.

Irresponsible, agenda-driven reporting is all it is.

They simply throw their credibility out the window.

 - http://giftcardbtc.com