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Ok. This is my first transaction so I dont really know. What if I transferred the money tomorrow via Western Union and gave him the mtcn number will he give me the BTC right away? Are the transfers via WU instant or do I need to wait for how many days?
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Does it mean that he have already traded more than 10k usd? What if those trades are just made up and he's the one who's buying it? Then if someone buys a lot he'll scam the guy?
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I live in Philippines, but I want to buy in United States because the price of Bitcoin here are 1.3kusd. The other guy sells it at 950usd but he only have mBTC. I'm planning to buy 3k usd of Bitcoins. How can I evaluate whether someone is a fraud? I plan to transfer the money via Western Union. Here's the account: Keops https://localbitcoins.com/accounts/profile/keops/[1] Colinas https://localbitcoins.com/p/colinas/[2] It says that Keops have 70+ confirmed trade and there are feedbacks with noticeable trade volume. What does noticeable trade volume means? Does it mean that he already traded more than 10k usd via online transaction? Please explain to me.
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Coinbase doesn't allow people without US bank account..
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Hello, I want to start investing in Bitcoins. I want to buy bitcoins in BTC-e since it is the cheapest compared to other trading platforms.
But I live in Philippines. I don't have US Bank account. I only have Local bank account here in Philippines.
What should I do? Is BTC-e the best trading platform? I hear a lot of trading platforms that were hacked so I want to avoid those shady sites.
Coinbase looks good and secured but it's too expensive to buy from them.
Please suggest me some options.
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it would be interesting if there's a bitcoin police service in bitcoin. lol
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If bitcoin is $1, I'm going to buy a lot of coins right away without second thoughts.
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ok, i think bitcoin is not illegal even if you are operating a gamble website.
lets look at zynga poker. they are selling coins for money too but you are not allowed to change it to a currency.
gambling sites in bitcoin is also like this! so if bitcoin gambling is illegal then we can conclude that zynga poker is illegal and all other credit based game out there
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everywhere I look I see scam sites, untrustworthy people, hackers and pyramid schemes running riot,
isn't this whole bitcoin thing just a trap? I don't really see why you'd want to be part of it...
well, there's really a lot of scam sites in the internet. not just people asking for bitcoin but any other types of money as well. pyramid schemes are also very popular in our traditional currency. the truth is, people are gullible and get scam. no matter what currency you are using
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don't push bitcoin too much to businesses. it will just make us look like asking for drugs. right now, people perception about bitcoin is a pyramiding scheme. the more you push it to them, the more they will walk out from it.
just go for the natural growth like how the internet/computer grow before.
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i think this is very good development, i mean it will make adoption of bitcoin faster.
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IMHO Roberts is in number 4 of your list.
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I would like to add Dread Pirate Roberts, he's the owner of Silk Road. He's like a god in the black market.
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Subsidy or not the cost is real. At this point there is no economic demand for an 8TH network. Maybe not even enough for a 1 TH network. The current network (at a guesstimate of 2MH/W, $0.10 per kWh and $1 per MH capital cost) consumes nearly $10,000 daily in electrical power and burns through another $1000 in depreciating hardware). That simply isn't sustainable given the tiny amount of economic activity actually occurring.
Since we're bringing things back from the dead: Assuming 200,000 btc trade hands at lets say an average of $10, (just at mtgox) thats 2 million per day, with mining costs of 11,000 per day. Is this not a favourable ratio? Probably not. Just because 200K BTC trades ON the MtGox exchange (which has nothing to do with the blockchain) doesn't mean an attacker could profit from all that. So an attacker has a large number of BTC. He deposits it on MtGox and then starts building an "attack chain" in secret. Even if he converted the 200K into $2M he can't withdraw that in a day. Tier 3 verification (requires requires an apostle seal from your state govt for US residents) is still limited to $100K per day ($500K per month). So an attacker "could" in theory profit $500K in 5 days. Of course that ignores the effect of an additional 50K BTC in selling pressure driving down the price. However in 5 days an honest miner could generate $225,000. So the ratio between good and bad is much smaller. Also the only way you are moving $500K in 5 days is by bank wire which is going to leave a trail. So $225K honestly or $500K + $225K = $725K and risk of going to prison? Factor in some delays by MtGox on wires and it may require more like 10 days to ensure you have sufficient funds which makes the attack more like $450K honestly or $950K + prison. Worse say there is a mixup or an AML/KYC hold by one of the banks for 15 days. Ouch more and more hashing power just to get this "easy" $500K. Of course even if successful you are now a wanted man and likely wouldn't get more than one attack. Next month if you tried again (even with a new account) MtGox likely would have lower limits or more stiff validation so it is a low return of then $20M or so you spent on hardware. Plus nobody is going to run a 10TH/s farm by themselves you are talking an entire crew (admin, technical, electricians, security - you weren't going to leave $20M unguarded in some warehouse were you). Seems a pittifully small "score" divided 5? 10? ways to risk prison. Much easier to just offer 7% returns and have people hand you 10x as much with no strings attached. Satoshi designed it well. The economic disincentive for doing the wrong thing makes it very unlikely there will ever be an economically viable 51% attack. The only real threat is a non-economic 51% attack (where the attacker sees the attack as simply an unrecoverable cost to destroy Bitcoin). Thank you for explaining this so well, I'm new to Bitcoin so I'm looking into all the flaws before I dive in.. So thank you.
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I'm in philippines and I know that romney is a nutjob.
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Personally, I believe that the market is going to drop even further than it did over the weekend. Maybe it is just that I have good faith, but I believe that Pirate will soon start paying everyone what they are owed. Once that happens, hundreds of thousands of coins will return to the market, many of which will be sold, flooding the market and bringing the prices down.
Nah, I believe he's gone with his 500k btc
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Yeah, SD is outright illegal in most countries and he totally knows it. Plus that's profiting from the weaknesses and addictions of people. But karma's a bitch.
Frankly, I think governments monopolizing gambling is a terrible idea, in that sense I dont have a problem with SD. If anything its arguably more honest than any legal gambling. But that doesnt change the fact it is indeed almost certainly illegal and evoorhees trying to IPO it for a fortune without even mentioning this or while pretending its not illegal, is rather troublesome. I thought so too, there should be a disclaimer that any investor that wants to buy in the IPO is investing in a possible illegal entity and can be shut down in any time.
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this is kind of like forbes 500 for bitcoins lol
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