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1  Economy / Speculation / $1200 before December 1 on: November 04, 2015, 08:48:02 PM
This is not investment advice, this is speculation and ranting! Don't panic on the way up, and never trade anything for less than you believe is fair.

Anyways, I can see $1,200 before December 1, and there's no ceiling to the exchange rate. I believe the peak price of Bitcoin will be inversely proportional to the degree of negative sentiment among personal investors regarding the manipulations of conventional stock and bond markets. Bitcoin isn't pegged to an exchange rate by decree, rather by fixed supply inflation and generic market demand...

Think about this simple math expression:
When the supply of demand becomes unlimited via the disproportionate expansion of credit without effort (fiat, purchasing power parity inversion between "real-scarce" and "unreal-unlimited" monetary vehicles), the ratio of one-to-another is unbound (less than or equal to infinity)...


Millennials are telling boomers to forget whatever they thought they knew about the stock market. At this point there's no more stock market (in the conventional sense of the word). What exists now has become terminally warped and distorted by central bank dependency. The "bad news is good news" market hovers near all-time-high valuations, awaiting more QE injection. This has resulted in the disintegration of personal investment in conventional stocks and bonds and created a feeling of despair. This helplessness gives alternative investment vehicles like Bitcoin immense opportunity leverage, and opportunity holds real value in the risk / reward arena. During times of despair, people are more acutely looking for hope.

It looks to me like a "perfect storm" is brewing in the financial sector, and a surge in Bitcoin adoption may represent the formation of a well defined "eye" in the center.

2  Other / MultiBit / unspendable receiving address created in multibit on: April 02, 2014, 01:26:52 AM
I'm helping a fellow member here recover his coins which appear to have been sent as change to an unspendable address...

The wallet file is filled with several Multibit generated addresses and a few which were imported. He deposited .5226 BTC in his wallet and then 11 hours later spent .0241 BTC; the balance appears correct however the change is unspendable.

The .wallet file is not password protected because adding a password delivers the following error:

The adding of the password to the wallet failed. The error was "The key pub:<long public key here> cannot be successfully decrypted after wallet encryption so aborting wallet encryption.".

I started by exporting the private keys from his original .wallet file. The key dump reports a success and confirms the balance is equal however the private key for the change address used in this transaction isn't included in the export for some reason.

I created a new .wallet file and imported the .key file; the balance reports 0 after the wallet sync is complete and the receive address which the change was sent is now missing from the list of receive addresses.

I moved the .key file into excel and used conditional formatting to highlight duplicate private keys. The results isolated 10 duplicate entries in his .key file.

I removed the duplicates and created a new wallet file. After importing the new key file the balance is still 0 and the change address is missing.

I found the private key for the original deposit address and imported the key by itself to a new wallet; the entire balance was sent to 1AdHAc4kYrMzwijP75b4qp4xqP3ZRuFqL1 leaving a 0 balance in the original address, but in the original wallet file, the .0241 BTC transaction was sent to 1NXsTsFSAvitkaRUTe9kxkLNANBRryJQeQ and the difference of .4985 BTC is still showing as available. Attempting to spend these coins results in a triangle with 0 peers accepting the transaction.

It appears as if Multibit doesn't own the private keys to the change address it returned the unspent outputs to.

Here is the wallet address where the initial deposit was made https://blockchain.info/address/18c7UU2WsZ1khfNWrgAnbsU7UxmH24J6Ej

Here is the wallet address that received the coins https://blockchain.info/address/1AdHAc4kYrMzwijP75b4qp4xqP3ZRuFqL1

Any help is appreciated.
3  Bitcoin / Bitcoin Discussion / When does Bitcoin become your property? on: March 30, 2014, 12:33:49 AM
I've been contemplating the capital gains tax on Bitcoin.

The Bitcoin protocol is a trustless system; so Bitcoins exist in the blockchain as a stake of irrefutable ownership. It's been said, "If you don't own the private keys to the wallet containing Bitcoins, you don't own Bitcoins."

For capital gains tax, ownership is everything. When a coin is created it is certainly owned; but not necessarily by you...

The coins can be transferred from a pool to an exchange, sold for USD, then repurchased. The USD could be considered regular income as the Bitcoins weren't owned by you, as if you were a worker mining gold for a gold mining business getting paid in USD. The coins you purchase with USD won't be considered a capital gain until you sell them.

EDIT:

Bitcoin mining is not taxed on capital gains. The above approach is meaningless as Bitcoin mining is taxed as ordinary income immediately. The tax implications are more favorable for those who mine and hold.
4  Bitcoin / Bitcoin Discussion / Satoshi isn't dead, just HODLING on: March 07, 2014, 03:18:30 AM
The recent post allegedly written by Satoshi himself on P2Pfoundation could potentially prove to be a very powerful market mover.

Satoshi has been here all along and none of the events that we've experienced have swayed Satoshi to sell any of his Bitcoins. Satoshi values Bitcoin with much higher regard than any exchange amount we've seen yet.

So just to summarize:

- Satoshi is still alive and well.
- Satoshi is still personally invested heavily in the security of the blockchain and the Bitcoin protocol.
- Satoshi has not sold a single one of his coins; even in times of turmoil or mass FUD.
- The value of Satoshi to Bitcoin cannot be understated.

Bitcoin just became more attractive in my opinion. I wonder if the market will react in kind?
5  Bitcoin / Legal / What's the Difference Between a US Citizen and a Constitutional Citizen? on: March 03, 2014, 06:21:29 AM
I came across some interesting topics regarding the United States Court System. The claim is that US Courts have been operating under the jurisdiction of Admiralty since 1938. I'm having a difficult time wrapping my head around this and it would be nice if anybody here can clarify the implications of this...

A few interesting quotes I stumbled across.

"Any law which would place the keeping and safe conduct of another in the hands of even a conservator of the peace, unless for some breach of the peace committed in his presence, or upon suspicion of felony, would be most oppressive and unjust, and destroy all the rights which our Constitution guarantees." Pinkerton v Verberg, 78 Mich 573, 584; 44 NW 579, 582-583 (1889)."

“The right of trial by jury in civil cases, guaranteed by the Seventh Amendment (Walker v. Sauvinet, 92 US 90), and the right to bear arms guaranteed by the Second Amendment (Presser v. Illinois, 116 US 252), have been distinctly held not to be privileges and immunities of citizens of the United States guaranteed by the Fourteenth Amendment against abridgment by the States, and in effect the same decision was made in respect of the guarantee against prosecution, except by indictment by grand jury, contained in the Fifth Amendment (Hurtado v. California, 110 US 516), and in respect of the right to be confronted with witness is, contained in the Sixth Amendment. West v. Louisiana, 194 US 258. In Maxwell v. Dow, supra, where the plaintiff in error had been convicted in a state court of a felony upon information and by a jury of eight persons, it was held that the indictment, made indispensable by the Fifth Amendment, and the trial by jury guaranteed by the Sixth Amendment, were not privileges and immunities of citizens of the United States, as those words were used in the Fourteenth Amendment… the decision rested upon the ground that this clause of the Fourteenth Amendment did not forbid the States to abridge the personal rights enumerated in the first eight Amendments, because these rights were not within the meaning of the clause ‘privileges and immunities of citizens of the United States.’ …We conclude, therefore, that the exemption from compulsory self-incrimination is not a privilege or immunity of National citizenship guaranteed by this clause of the Fourteenth Amendment against abridgment by the States…"

“…it is possible that some of the personal rights safeguarded by the first eight Amendments against National action may also be safeguarded against State action, because a denial of them would be a denial of due process of law… If this is so, it is not because those rights are enumerated in the first eight Amendments, but because they are of such a nature that they are included in the conception of due process of law.”

(Twining v. New Jersey, 211 U.S. 78, 98-99, 29 S.Ct. 14, 53 L.Ed. 97.)"

Anybody else know anything about this?
6  Bitcoin / Bitcoin Discussion / Bitcoin Disaster Relief on: February 25, 2014, 04:38:05 AM
As a community we need to band together in times of great need; this is one of those times...

No doubt several members on this forum along with thousands of others have suffered a great loss today. I suggest we designate a reputable charity for donations intended to help our fellow Bitcoin enthusiasts recover from this disaster. Even if we can't recover everything that they lost, at least we might salvage some of the enthusiasm.

Bitcoin survives on confidence, trust, and utility. Those who are affected by the collapse of MtGox are likely short on the first two. Bitcoin as a whole will suffer for their losses.

I pledge to donate part of my minuscule Bitcoin stash to a reputable charity once a satisfactory method of proving an actual loss has been determined. I don't have much but everything I've got took hard work to earn. As a community I feel that these are the times that will define us. This is where we need to shine; lets pull this mess together and stitch it up the best we can!

What do you think?
7  Economy / Service Discussion / CoinBase massive buy orders on: February 25, 2014, 12:53:37 AM
"Note! We've exceeded our normal buy limits for today. If you would still like to purchase you will receive the market price of bitcoin on Friday Feb 28, 2014 at 07:48PM EST after your funds have arrived."

Wow I wish I had fiat elsewhere I really want more cheap coins...

I wonder what their buy limits are?
8  Bitcoin / Bitcoin Discussion / Bitcoin and Property Rights - United States on: February 21, 2014, 06:50:27 AM
I was thinking about the rights us Americans have to property ownership and how they will be applied to Bitcoin. It's actually not as much of a stretch as you would think... People have rights to property, be it tangible or intangible; from ideas to cars. Bitcoin is protected by the Constitution and perhaps we should forward this to Bitcoin regulators...

I came across an excellent document. It's called the Cato Handbook for Policymakers.

http://object.cato.org/sites/cato.org/files/serials/files/cato-handbook-policymakers/2009/9/hb111-34.pdf

I would suggest you all read this because it's very insightful.
9  Economy / Speculation / The Saddest Day on: February 14, 2014, 07:18:25 AM
So in watching Bitcoinwisdom; it's apparent to me that the other exchanges are following the trading activity on MtGox.

I don't know if it's mostly bot trading or if there are actually people stupid enough to follow this trend...

In any case, it looks like a $200 spread is about all we will see. If Gox goes down to $1 then it looks like Stamp, BTC-e, and Huobi will slit their own throats...

This is a sad day indeed. The hearts of man have failed; a foul darkness spreads...

(I sold 1/3 of my BTC at $796 after the BitcoinSteve prediction just as a safe hedge... I'm still saddened by this series of events even when I stand to profit greatly from it.)
10  Bitcoin / Bitcoin Discussion / An Exercise in Playing the Devil's Advocate on: February 12, 2014, 03:10:20 AM
I'm running some theoretical thought experiments on things that might actually have the force to effectively destroy Bitcoin. I really want great things for Bitcoin so it's hard for me to imagine the circumstances that could potentially bring it down...

- I'm not worried about a 51% attack; the community would catch it first.
- I think the mutability issue is a minor setback that can be patched on the front end.
- I feel that PR is nearly a non-issue because the public has enough greed to look past anything negative that happened in the past as long as they see an opportunity to make money in the future.
- I can't see the large retail merchants pulling out of Bitcoin because they still rely on instant conversions into fiat through legal companies. Large retailers who accept Bitcoin actually provide liquidity when BTC can't be withdrawn from one of the other exchanges.
- The government can't kill Bitcoin; too many people would just ignore them...

What would it actually take to kill Bitcoin? Where's the weakness and does such a theoretical weakness actually exist?

I'm in Bitcoin for the long term. I understand that Bitcoin will either survive to accomplish amazing new things, or be completely dismantled and no longer traded for such an egregious exploitation that it would be unsafe to use...

I have no desire to sell what I've got and if I lose everything, well at least I still have my health... I really can't see that happening but I'm actually trying to understand this buzzing frenzy going on about Bitcoin collapsing...
11  Economy / Speculation / There is no "Senate Hearing" on January 28 on: January 23, 2014, 05:53:06 PM
There is no senate hearing on January 28!

There is a public discussion in New York to be hosted by the New York State Department of Financial Services...

The senate discusses federal matters that can have a broad impact...

This meeting has no impact outside of New York State.

The outcome of this meeting be it positive of negative will have little effect on Bitcoin. Calling this event a "senate hearing" hurts Bitcoin more than the worst possible outcome this meeting could produce. 
12  Bitcoin / Bitcoin Discussion / Could Bitcoin (protocol) kill file sharing? on: January 21, 2014, 06:53:07 PM
I had an idea today that Bitcoin or a similar protocol might be used as a digital signature on computer software, movies, or any other form of digital medium. It would prevent the installation or operation of the software unless the license was granted directly to the owner or buyer of the software.

Essentially your computer or device would contain a unique address provided within the operating system. The first time a piece of software is installed it would transfer a portion to the address associated with the digital media owned by the creator of the software. The digital media would require a confirmed "payment" to run...

What do you think?

Edit: Added (Protocol) to the title. Obviously Bitcoin won't kill file sharing. What about the protocol?
13  Economy / Services / Automotive Advice - Diagnostics, High Performance Theory and Application, etc on: December 25, 2013, 02:25:16 AM
Hello,

I'm an ASE certified Master Automobile Technician and I work by myself out of a small shop located in Virginia Beach VA. I've been working in the industry for 10 years and I'm very well rounded in my automotive knowledge. I work on a multitude of different makes and models and I do accept BitCoin and LiteCoin as payment for my services here in Va Beach.

My passion is performance theory and application; if you desire the kind of power that others believe impossible I can tell you how to make it a reality. My love of high performance led me into the automotive industry.

My skill is exceptionally strong in engine performance theory as well as engine and electrical diagnostics.

Please feel free to ask if you have any questions!

If you're happy with the quality of my answers or with me professionally here are my payment addresses:

Bitcoin: 1GYZSRzupQLcyqcxsjU1yskPH2ofAdQnb1   


P.S.
I just want to make it clear that I'm not the only member with this board who offers this type of service. There's another member here who offers his automotive knowledge and I'm not here to take anything away from him. I've examined his explanations and I believe he is also very knowledgeable. His listing can be found here. https://bitcointalk.org/index.php?topic=379283.0

Thanks for your interest!
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