Jekyll Island? LOL

SQ

Thanks for the chuckle, Cowboy.

How can ANYone not like having Beaker as the background on the bitstamp USD chart? LOL

SQ

Cheeseater:  Thanks for the heads up on the "activities" summary.   Good to see that all my CB Logins are from my IP.

Good thing for all CB users to check that now and again.

SQ

Wow!  I haven't been on the forum for awhile and was pleased to see that my simple question about filtering scams generated such response. 

Glad to see it being discussed as it's so very sad to see that so many people seeking to earn online are so mathematically illiterate. It's really scary.

Any old site can pop up and say, "We have a unique algorithm to trade forex, it's secret, Bill Gates doesn't know" so invest with us and we'll pay you 1% a day!

And the money pours in! Sad, so very sad.

For those of you who aren't aware there are forums that specialize on ponzi schemes, think Silk Road for the the scam world, like moneymakergroup, talkgold, etc.   These sites make money selling advertising to ponzi programs who feast on the gullibility of the financially ignorant.

And, with rise of bitcoin you'll see more and more of these scams using bitcoin. 

I don't know what the answer is, other than education (ugh, good luck with THAT) and the hope that those that control the power (search engines, advertisers, etc.) have the gumption and expertise to weed that crap out.

You can't legislate morality but you can cordon off the perpetrators of fraud (in my idyllic world anyway, LOL)

Best of luck to you BTCluke, your project is fascinating and I'll be watching with keen interest!

SQ

 

Luke:

Are you going to filter out or at least separate porn sites and ponzi scam sites from the listings?

No comment on the porn (just curious) but would hate to see you contribute to the proliferation of bitcoin ponzi schemes that are popping up all over the place.

Just saying....   

SQ

Thanks bitteriest for the input on Kraken.

Always looking for in put on the various exchanges out there and had just recently stumbled up on Kraken.

SQ

Yep, empoweoqwj, gox left out by design.. just can't get my arms around them enough to recommend  to my community.

Thanks for the feedback on bitstamp.  My experience with them is third party through a just a few community members so always good to get more input.

SQ

I don't know about Sage but I'd sure like to find an international company that offers a simple and trustworthy bitcoin purchase system and a simple and easy way to sell and transfer back to fiat currency functionality.

I'm searching high and low for such services.  So far, all I have is:

bitstamp.net - seem to be slow and not very responsive but, yes, the biggest

bittylicious.com - simple easy low amount purchase in the UK

coinjar.com - Australia.. .New Zealand Coming.... just got $500K VC funding

Canadian Virtual Exchange - http://cavirtex.com/ - Seem top notch with many buy, sell, liquidate options.

PLEASE Bring on any other suggestions as I have friends and community members around the world who would like to know where to go to find simple, trustworthy Bitcoin buy/sell executions and fiat transfers.

Thanks!

SQ

Why is the Bitcoin price germane to adoption rates by business and consumers?

With the btc interfaces that are available through companies such as Coinbase, Bitpay and others merchants are able to accept bitcoin at costs lower than credit cards and incur no charge back risk and no price risk because they are immediately able to convert to their local fiat currency.

Bitcoin is primarily a payment methodology NOT a commodity. Over time price will settle in at an equilibrium... could be $100, $1,000 or $10,000.

In the big picture, it doesn't matter because bitcoin is a payments methodology.

SQ

Math is math is math is math.

The idea of a  stable bitcoin/cryptocoin is laudable.

But, then again, there is reality.

This has been a fun thread to follow while I watch the overnight trading in btc... Wow!

SQ

This is what makes markets function.... buyers and sellers..... moving from weak hands to stronger hands with a higher cost basis.

It all really boils down to long term fundamentals. There are no P/E ratios to look at EBITA or book value. The PRIME factors of future price are:
(1) Adoption rate and reach, and;
(2) Government acceptance or tolerance

Everything else is background noise.

If more and more merchants accept bitcoin.. and if more and more people USE (not just hoard) bitcoin, it will trade at a higher price in the future.

Until then.... if you are a believer but don't have a position, keep accumulating and use the power of dollar cost averaging.

If you are not a believer but a big holder, sell on strength... Simple.

Just my opinion, I could be wrong. LOL

SQ

We all knew that the HYIP* world would soon pick up on the ease of using btc to perpetuate their scams.

Heretofore it was all solidtrustpay, payza, egopay, etc. that funded these mathematically illogical programs.

Now.. with btc... it can happen much more seamlessly.

Sad to see crooks move in to bastardize an other wise good thing.

We are surely adding this to bitmonica our banned programs list!

SQ


*High Yield Investment Programs (They are all illegal)

Logic would dictate that any profits or losses you generate from buying and selling bitcoins would be treated as capital gains, either long or short term.

Of course, and absolutely, talk to your accountant for exact information but I can not imagine that such gains would not be viewed as a taxable event unless inside a qualified retirement plan.

Just my two cents worth.

SQ

Wow!

Good luck in your efforts to recover the stuff.


SQ
A total non-techie so of no value to task at hand but wishing you well.

Actually, I  must be tired... .because "upon further review"... I seem to be missing something here.

Why would I send you my bitcoins, have you sell them, charge me to do so, you keep the cash, and I retain zero upside potential but don't have the cash in my hands, you do.

Am I missing something here?

Why wouldn't I just sell the bitcoins?

SQ

I would also be concerned that this "Certificate" concept is dangerously close to be a security as defined under the Securities Acts of '33 and '34.

Your intentions may be pure but you might need to check with a securities attorney.

I had actually been expecting one of the BIG players to come out with a Bitcoin money market that, for a fee, provides you a stable value, at the btc price point at which buy in (for a fee of course) but provides a piece of the upside (Just a piece, now, mind you LOL).

So, you give up a big chunk of the upside in exchange for now downside.

That's the type of stuff that Goldman Sachs and the rest of the Barbarians at the Gate salivate over.

Trust me... I guarantee you that Goldman, Chase, Morgan Stanley, et. al. have ideas on the back of a paper napkin for this idea right now.

Anyway, I digress and you won't see that type of a sophisticated derivative until the btc market cap is up in the $10Billion Market Cap range.  There has to be enough profit for the big boys to build and deliver such a product.

I'm just saying....

SQ

 

Thanks for the feedback, greatly appreciated.

SQ

Apologies in advance if this topic is being discussed elsewhere, I did a quik scan of topics but didn't see it.

What am I missing vis a vis the obvious risk free arb of buying at btc-e and selling at bitstamp/coinbase, etc.

There is a consistent $50+/btc risk free profit sitting there unless there is something I'm missing.

Any feedback would be appreciated.

Thanks!

SQ

As long as the long term trend is up I'm fine with this. Shake out all the old, jittery, low cost basis money and replace it with more stable holders.

Gonna be a LOT of trading opps in BTC, methinks as there are no true derivatives to smooth out the peaks and valleys. Great opportunity for the trader.

At least in my VERY humble opinion. LOL

SQ

Thanks D&T.....

I am not smart enough to be a miner, LOL.

I was looking at it from the standpoint of the functionality of the system long term and what was there, incentives wise, to sustain the processing of the transactions.

'preciate it.

SQ