There is no catch, people do this all the time. Its how the price gets equalized between exchanges.

https://en.wikipedia.org/wiki/Arbitrage

Don't understand the negativity in this thread, this seems like a great idea. I signed up. We'll see if any of my friends bite.

Of course, I've been suggesting they buy BTC since it was $60 or so. To my knowledge none of them have.

The only things that concerns me is the FwC wallet. I'd tell my friends to get Electrum and transfer out of the FwC wallet ASAP. Its great for usability, but if this is some kind of scam thats how they are going to do it.

Have to resurrect this thread, because it seems appropriate right now and because of how much the OP made me laugh back then.

Go home China, you're drunk.

I think we'll probably blow right by it, since this rally seems to be driven by the chinese, and $266 has no significance for them.

Maybe any software that supports brain wallets should do a security check.

1. Generate brain wallet
2. Send a tiny amount of bitcoins to that address
3. If the bitcoins haven't been stolen in some period of time (1 hour? 12 hours?) then consider the wallet secure and you can transfer larger amounts to it

Take this same argument and think Internet instead of Bitcoin. Or, more specifically, IPv4. Why hasn't someone developed a better protocol than IPv4 and have it take over the Internet? There is tons of money in it, think of all the routers you could sell!

It hasn't happened because IPv4 is entrenched. Switching to something else is too much work. A new protocol would have to be better than IPv4, and not a little bit better, but MASSIVELY better to make it worth while. And, and BTW, there IS a newer, better protocol and its called IPv6. And it is being adopted, but very very slowly, because its a bunch of work and IPv4 is working and is "good enough".

And that is why Bitcoin is in it for the long haul, its got the head start. In business terms this is called the first mover advantage. Sure, Bitcoin is really small compared to the Internet/IPv4, but in terms of cryptocurrency it is way out in front. For it to be replaced there will either have to be a catastrophic failure of Bitcoin, or the replacement will have to be massively better.

Its also why Litecoin will never get much traction. You could argue that it is better than Bitcoin (I wouldn't), but even if it is, its only *slightly* better, and that will never overcome Bitcoins head start.

Note: the first mover doesn't always win. In some kinds of business being the first mover is actually a disadvantage. But in terms of technology like this first mover almost always "wins". Unless they had the right idea, but screwed up a fundamental aspect of the technology. I think its pretty clear that Bitcoin is solid technology.

I think it will depend on how useful Bitcoin is to the Chinese (or any) government.

Gold farming/WoW gold is not at all useful to them.

Bitcoin though, thats a pretty good way to send bribes and otherwise move corrupt money around.

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Funny you should post this because I was pondering the exact same thing today. I was referring to it as 'throttling the bubble'. It seems likely to be having an effect. That is, if Mtgox suddenly was magically able to complete all the verifications in their backlog TODAY, presumably all those people would immediately try to buy bitcoins, which would REALLY cause the price to skyrocket.

I mean, assuming those people weren't waiting for verification to sell a bunch of bitcoin so they could cash out a bunch of fiat...

I actually recently recommended this to all my friends and family. Just buy 1, and then sit on it for several years. If Bitcoin goes bust you are only out $60 (at the time). If Bitcoin works out the way some people suggest (and I agree), it could be worth 6 figures. A worthy investment.

So far as I know no one took my advice.

So I bought some Casascius coins, which I will probably distribute as gifts to the people I really like.

I was thinking it might be fun to get together and yak about bitcoin. If there is enough interest I could look at arranging something.

Asus Crosshair IV Formula motherboard
AMD Phenom II X2 555 3.2GHz CPU
4GB RAM
250 GB hard drive (No OS, wiped clean)
XFX Radeon 6950 (340 MH/s)
Asus Radeon 6870 (300 MH/s)
Sapphire Radeon 5870 (380 MH/s)
Corsair GS800 800 Watt power supply
2x VGA dummy plugs

With a little overclocking this rig can get over 1 GH/s. I can give you the overclocking settings that I figured out for the cards.

No case, I ran this open-air just fine. BTW, that motherboard is badass. I bought it because it would fit 3 video cards, only after I got it home did I discover how awesome it is.

Asking $1100 CDN, plus shipping. Will accept Paypal or BTC. Canadian buyer prefered, but not required.

Interesting views.

What is your profile picture? I can't quite make it out.

I think we are at a point where it isn't really profitable to START mining (ie investing in equipment) but it is still profitable to CONTINUE mining. I've been mining for about 2 months, when I got rolling I was earning ~6BTC/day. I'm now around 0.5BTC/day. I figure electricity costs are about $1.50/day, so currently I'm mining at about $3/BTC, and I can sell them for ~$15/BTC, so its still profitable.

Love the physical design, although I wonder if it maybe should be a little more plain. The current design screams "I have important things on me! Steal me!". They won't GET anything important because of the encryption, but you'll still have to replace a key. Just a thought.

Plus the fact that its probably impossible to get 42 6990's at this point.

Asus Crosshair IV Formula motherboard
AMD Phenom II X2 555 3.2GHz CPU
4GB RAM
250 GB hard drive (No OS, wiped clean)
XFX Radeon 6950 (340 MH/s)
Asus Radeon 6870 (300 MH/s)
Sapphire Radeon 5870 (380 MH/s)
Corsair GS800 800 Watt power supply
2x VGA dummy plugs

With a little overclocking this rig can get over 1 GH/s. I can give you the overclocking settings that I figured out for the cards.

No case, I ran this open-air just fine. BTW, that motherboard is badass. I bought it because it would fit 3 video cards, only after I got it home did I discover how awesome it is.

Asking $1200 CDN, plus shipping. Will accept Paypal or BTC.