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1  Bitcoin / Bitcoin Discussion / Bank moving towards bitcoin soon? on: October 17, 2016, 01:51:49 PM
China and Russia are investing in gold big time and it seems like global market crash is coming very soon. check the news. What are the chances everyone move to digital money?
2  Alternate cryptocurrencies / Altcoin Discussion / How are some people making $11k on steem? on: July 16, 2016, 03:52:01 PM
Apparently website is down right now but when I checked earlier, some people had hit $2k and some even $11k?

how's that even possible? Even top bloggers don't make that much for one article online

and they had less than 500 upvotes, that comes out around $22/person.

then there are those who are making less than 0.02 cents and had 20 upvotes?

How is that even possible?

If an average user is paying 0.01 cents for something he likes, how can someone hit 11k with 500 upvotes?

It's still money, who pays $22 for one article because it's "helpful?"  Huh

3  Bitcoin / Bitcoin Discussion / Crypsty speaks to media about lost fund on: July 11, 2016, 07:23:17 AM
His full answers to other New Times questions are included below:

New Times: Is the story you told about the July 2014 hack completely accurate? Was there anyone else who knew what happened besides you?

Paul Vernon: Yes. I was awoken the morning of the attack with alerts of moved funds from the safe wallets. The individual(s) who did it had been planning it for some time, as they had access into the system for awhile, possibly months. It was several wallets and not just bitcoin and litecoin. I shut down all wallets and immediately contacted the wallet manager "Mullick" and the systems admin to check to make sure it wasn't them. We then promptly met at the office to start investigating. It took us a couple weeks to determine what exactly happened.

If the company was having financial problems, how is it that you were able to make a $1.3 million cash purchase on the Delray home in March 2015?

In the first year of operation from May 2013 to May 2014 the company had revenues of close to $3m. During this period I was paid $1.1m via the regular payroll system, base salary + quarterly bonuses. The initial purchase and down payment for that home was in February 2014. I took a loan from the company for $600k to complete the purchase at a time when the company was still performing well.

You admitted in a divorce deposition in December 2015 that the money from the home came from Cryptsy. Care to elaborate?

I worked for Cryptsy, that's where the majority of my income derived from.

In several blog posts and interviews after the alleged hack, you continued to make assurances that things were OK. Did you feel bad doing this or did you actually think it would work itself out?

At the time, the company was still doing well enough to possibly recover. The plan was to use a portion of revenue to replenish the wallets. However, diminishing bitcoin price and volume turned out to not go in our favor.

In hindsight, do you regret not letting the users know what happened? Do you feel you betrayed them?

Of course. At the time I had two choices, disclose and shut down or try to continue running and reacquire user funds. Because we were doing well at the time, I attempted option #2.

Your wife Lorie has been added to the lawsuit as a defendant. Would you like to respond on her behalf or speak to the extent of her involvement with Cryptsy?

She is my ex-wife. She had no involvement with Cryptsy. I cannot respond on her behalf.

The lawyer who filed the lawsuit against you likened what you did to "robbing a bank." How do you respond?

He doesn't think the hack occurred, which is surprising to me since the ex-wallet manager is working with them and he knows all the details of what happened.

From 2013 to 2015, you converted Bitcoin to thousands of dollars a day on Coinbase. Where did those coins come from?

Cryptsy collected its revenue in Bitcoin, which in turn was converted into USD via Coinbase. This was the financial model we used.

4  Alternate cryptocurrencies / Altcoin Discussion / Idea for new coin on: June 15, 2016, 01:11:02 PM
someone create this.

ICO coin. Peg it to $1

I'm surprised no one has done it (or may be they have?). Biggest issue with crowdfunding campaign is they take your BTC and hold it for whole month. As we all know BTC price isn't stable, you spend 1 BTC in crowdfunding, if BTC price goes down $50 in a month, you've already lost $50 even if price is same after campaign is over. If price goes down after campaign (that's usual business), now you've lost more money than you would've if you were using a coin that was pegged to straight up fiat.

5  Economy / Speculation / Sold around 100 BTC few months ago on: June 13, 2016, 12:58:54 PM
and now I regret it.  Angry

Anyone else in the same boat?

6  Alternate cryptocurrencies / Altcoin Discussion / DAO on Bittrex on: June 03, 2016, 10:39:34 AM
What am I looking at exactly? Is it same as ?

7  Bitcoin / Bitcoin Discussion / Is this Bitcoin or Virus? on: May 20, 2016, 05:52:38 AM
Opened my email today and saw something like "This person shared two files with you". It was dropbox so I clicked it and there were two files. One was "Electrum.exe" other one was "wallet.js".

Is this some kind of virus? This is the first time I'm seeing something like this. May be someone shared it by mistake? If so, I would like to contact that person and let him know but I need to know what it is.

8  Bitcoin / Bitcoin Discussion / Swiss Town Begins Accepting Bitcoin for Public Services on: May 04, 2016, 03:58:22 PM
The small town is already known for its fast growing fintech operations, even being called “Crypto Valley” by some, with 15 fintech-oriented companies being located there.  Apparently the town council has hopes Zug’s trend as a financial tech hub continues  — having embraced the new identity with this legislative move.

After this legislative move you can be certain Bitcoiners will be taking notice of this small town, and it already has the added benefit of being located in Switzerland  —  which is known for its business friendly environment and relatively small regulatory burden. Switzerland’s long history of regulatory stability and political neutrality has, in the past, made the country a hub for financial related business. So, it should be no surprise that the town that takes the radical step of accepting Bitcoin for utility payments would be located in the country.

9  Bitcoin / Bitcoin Discussion / What's the maximum amount of BTC you've sold at one time? on: April 05, 2016, 06:47:37 AM
and successfully converted it to USD?

I'm afraid to convert too many at one time since I was reading some reddit post about how their bank closed their account after they received so much money. I think guy sold around 50 BTC at one time, which isn't even that much.
10  Economy / Gambling discussion / Just WON 220 mBTC in Sportsbook on: April 03, 2016, 06:45:38 AM
I usually try to stay away from sportsbook since I'm not big into sports but casino was offering no risk bet upto 50 mBTC so I thought what the hell, I got nothing to lose. Barcelona was winning before the match so return wasn't that good, so I placed a bet on Real Madrid and hoped Ronaldo would turn the table around. Woke up to this.  Grin


This is my second bet placed today on MLG CS Luminosity. Won again. 68 mBTC  Shocked

11  Alternate cryptocurrencies / Altcoin Discussion / Altcoins dead? on: November 03, 2015, 12:53:38 PM
Haven't been online in few months and I come online today and see all altcoins are dead? Little to no movement in past few months, majority of that is downward movement. Scammers have run out of ideas? people stopped investing?

What is going on?

meanwhile BTC is heading back to $400  Tongue

I knew it was going to happen, didn't expect it was going to happen this soon. lol
12  Economy / Gambling / BitStarz Player Wins euro 51,000 on: September 03, 2015, 03:57:46 PM
A player made a euro 200 deposit on established Bitcoin casino BitStarz and won euro 51,438.47 in an unbelievable winning streak lasting 48 hours. Player with a nickname HAMSTERCHOPS is now the record holder for a single win with euro 16,500 at the online casino.

WILLEMSTAD, Curacao, Sept. 2, 2015 /PRNewswire/ -- Online Bitcoin casino BitStarz has seen the coronation of a new BitStar as a player broke the record for the highest single win in BitStarz history. Player went on a 48 hours long winning streak seeing her deposit of €200 grow to incredible €51438.47 including a Mega Win on the featured game SuperNova. Player was gambling on various slots-games when her lucky BitStar was shining.

Photo -

The surprised and excited winner Rebecca was quoted shortly after the epic win saying, "I can hardly believe it! After my first and single deposit on the casino I hit this big! I have never won anything, this is amazing!"

The SuperNova winner did not only win the €16,500 jackpot but also on many other games, with the largest pots being from slot-game provider MicroGaming. The 3 reel slot game SuperNova has 27 pay lines, but offers a modern double reel, multiplying winnings, hence being the winning player's favorite game.

The player also won large sums on several other MicroGaming slots like 'Playboy', 'Goldilocks and the Wild Bear' and 'Jurassic Park' with wins of  €10,100, €9,030 and €5,110.

Sasha Jade, Marketing Manager on BitStarz commented: "It's great for BitStarz to bring forward such happy moments but even better to be acknowledged for such a juicy payout. We work extremely hard to deliver online entertainment with big payouts and the fastest withdrawals. Such wins go straight to what we hope to offer our customer, a place where they can 'Dream Big, Win Bigger' – which just became reality for a lucky player."

that's one lucky girl Smiley
13  Alternate cryptocurrencies / Altcoin Discussion / ETH is new BTC? on: August 19, 2015, 06:52:58 AM
Trex using BTC logo for ETH Huh What does this mean?

14  Bitcoin / Bitcoin Discussion / Dark Web Markets 'Processed more Bitcoin than BitPay in 2014' on: August 17, 2015, 08:20:43 AM
Marketplaces on the dark web frequently processed more bitcoin transactions than BitPay last year, new research has found.

In a paper released this week, Kyle Soska and Nicolas Christin from Carnegie Mellon University revealed that, even by conservative estimates, the daily sales volume of six large-scale dark markets reached up to $650,000 in 2014.

The bitcoin merchant processor's self-reported annual total, $158.8m, would produce a daily average of around $435,000.

The chosen few

The researchers, who spent over two years scraping and analysing data from more than 35 different sites, also found a large discrepancy between their sellers.

A very small fraction – the elite – generated a significant profit. By contrast, the majority of sellers (70%) would never sell more than $1,000-worth of items.

Mixers, gamblers, thieves

Swanson came out with his best guess at the flow of money through the bitcoin ecosystem in April. What it showed was merchants sales – illicit or otherwise – make up only a slice of transactions.

In actuality, bitcoin transaction volume that takes place 'on-chain' is dominated by a whole host of other services. The network is a test bed for many things – stress tests included – and it costs very little to spam the network with tiny 'dust' transactions, for example.

The popularity of gambling sites such as Satoshi Dice, which at one point accounted for 50% of transactions on the network, continue.

"In terms of on-chain transactions we know gambling transactions as a whole are likely the largest component of transaction volume," Swanson said.

The same goes for bitcoin mixing services – of which there are at least seven in popular use. A study from Kristov Atlas released last September found that 2.6% of the 20,000 bitcoin transactions in his sample fitted the profile of SharedCoin transactions....Read More At Coindesk
15  Economy / Gambling / 7Bitcasino - Ripoff report. Be safe on: August 16, 2015, 12:52:31 PM
I played with "no deposit bonus" (1.50 euro)

Won 334 euro after multiple spins and playing different slots

I was told I needed to wager at least 65 Euro before I could cash out

Wasted half an hour spinning and wagered 65 Euro

When I was trying to cash out I was told that max you can cash out is x5 times of bonus you received (around 8 euro). Not only that I couldn't cash out in BTC because bonus was in Euro (it wasn't a choice..that's how this website gives bonus).

I asked how to cash out in BTC and I was told I needed to make deposit in BTC before I could cash out and then I was told I couldn't cash out in BTC because bonus was in Euro so I had to cash out in Euro and give my bank account details.

That was the first and last time I used that site.

Luring customers with free bonus and then not allowing them to cash out, asking for bank account details etc.

If I wanted ot play with fiat..I would use fiat casino. Why would I even touch this casino when it's telling me that I can only cash out in fiat? makes no sense whatsoever.

Funniest part is that minimum cashout with Euro is even if you win anything with bonus you will not be able to cash out AT ALL.


No Deposit Bonus is as good as DEMO PLAY because you can't cash it out even if you win.

If you play in this casino. Be very careful.

16  Bitcoin / Bitcoin Discussion / Louis CK becomes first comedian to accept bitcoin payment on: August 10, 2015, 04:07:01 PM
Comedian Louis CK has once again shown his entrepreneurial nous by becoming the first major comedian to accept bitcoin as a payment method. The news follows CK's decision to bypass ticket outlets by innovating a direct-to-consumer model, as well as his pioneering of distributing content directly to fans via his website.

No official announcement has been made about accepting bitcoin, though several of CK's shows can now be purchased with bitcoin through the payment processor BitPay. Visitors to the comedian's website can pay between $1 (£0.64) and $85 for audio-only versions of shows that include Live At Madison Square Garden, Live At Carnegie Hall and a video version of Oh My God.

"We have the price set to $5, but you can lower it to $1 or raise it to $85. That's the maximum, because beyond that, I don't want your crazy money," CK said on his website.

CK, real name Louis Székely, first experimented with new technologies to distribute his work in 2011, when he financed his own stand-up comedy special and sold it on his website in a DRM (digital rights management)-free format.

Within 12 days of the show going on sale, CK had generated $1m. Since then, other popular comedians like Aziz Ansari have adopted this model.

CK explained his decision at the time: "Look, I don't really get the whole 'torrent' thing. I don't know enough about it to judge either way. But I'd just like you to consider this: I made these files extremely easy to use against well-informed advice.

"I was told that it would be easier to torrent the way I made it, but I chose to do it this way anyway, because I want it to be easy for people to watch and enjoy this video in any way they want without 'corporate' restrictions."

The decision to accept bitcoin could be another way to cut out the inefficient and costly traditional payment platforms that incur transaction fees, such as the 7% to 10% charged by PayPal.

More about bitcoin

17  Bitcoin / Bitcoin Discussion / Operation Save Bitcoin on: August 07, 2015, 07:38:20 AM
We all know that Altcoins are hurting bitcoin in big way. Scammers are creating altcoins on daily basis and big altcoins exchange are helping them milk money out of it by charging as little as 3 BTC to list their scams.

Scammers list their scam on exchange, people buy it for BTC, Scammers collect BTC, Scammers sell BTC for Fiat while bringing BTC price down. We can sit here and blame investors or what not but real truth is they won't go away unless we come up as a team and eliminate them.

Fastest way to eliminate scams is report exchanges that are listing them. Once they can't be listed on exchanges they will have no place to go and they will die.

So, it's time we come up with a plan to save BTC and I believe if everyone does it soon we'll see rise in BTC price.

Step 1 - Keep track of Altcoins scam
Step 2 - Put all the evidence in one pile
Step 3 - Wait till it gets listed on exchange
Step 4 - Report Exchanges to FBI with all the proof that you've collected (including pump & dump)

18  Bitcoin / Bitcoin Discussion / Overstock CEO Uses Bitcoin Tech to Spill Wall Street Secret on: August 06, 2015, 08:16:37 AM
THE GLOBAL STOCK market spans about $101 trillion in financial securities. And at any given moment, about $1.7 trillion is out on loan.

Hedge funds, mutual funds, and other traders don’t just buy and sell stock. They borrow it. Sometimes, they’re looking to short sell: If they borrow shares, sell them, and the price goes down, they reap a profit. Other times, they borrow as a way of hedging their stock positions or settling other deals. In the US alone, according to research from DataLend, about $954 billion in securities is typically on loan to some fund or another.

Many players benefit from this little-discussed market. Sure, the borrowers can make some extra money. But the same goes for those who lend the securities out, including retirement funds and other large stock holders. They charge a fee for that loaned stock. And, yes, middlemen take a cut too, including prime brokers such as Goldman Sachs and Morgan Stanley and dedicated lending houses, or “agent lenders,” like BNY Melon and State Street. The agent lenders alone make about $19.2 million a day helping organizations lend out their stock, and the prime brokers likely make even more.

It’s an enormously lucrative market. And it’s a market controlled by a relatively small group of players, most notably the prime brokers. “Securities lending has historically been a closed network,” says Josh Galper, who runs a financial consulting firm, Finadium, that closely tracks stock loans. “In order to lend or borrow securities, you need to be one of the players in this market.”

Patrick Byrne, the iconoclastic CEO of e-commerce site and an unwavering voice for reform on Wall Street, wants to bust this market open. Using technology based on the blockchain—the technology that underpins the bitcoin digital currency—he wants to move the stock-loan market onto the Internet and put it in the hands of, well, everyone. He wants to break the hold of the agent lenders and prime brokers, arguing that, as it stands, they make untold amounts of money from the loan market without giving stock holders their proper share. “We’re taking a market that’s in the dark,” Byrne says, “and we’re putting it on an exchange.”

The Dark Arts
On Tuesday evening, at a cocktail party held inside the Nasdaq stock exchange, Byrne unveiled his bitcoin-inspired stock-loan system under the aegis of an Overstock subsidiary called TØ.com. TØ.com has also used the blockchain to create an online system that can replace the primary stock markets, such as the New York Stock Exchange and the Nasdaq. On Tuesday, Byrne unveiled this system too, saying it was on the verge of receiving approval from the SEC. But the world knew that was coming. The stock loan system was an unexpected reveal. The irrepressible Byrne wants to reform the financial markets in more ways than one.

In both cases, Byrne and TØ aim to remove the dark arts out of the financial markets, to put them online in a way that all transactions can be carefully verified, to ensure we always know who holds a given share, to limit the role of Wall Street middle men. The blockchain is essentially a massive online ledger, driven by a vast network of independent machines. With bitcoin, this ledger puts the money system in the hands of the people, limiting the role of big government and big banks. Now, Byrne wants to do the same for the financial markets.

Some question whether Byrne is in a position to change these markets—no matter how powerful his technology. But separate from his efforts, Wall Street is waking up the notion that the blockchain can streamline our financial markets. This spring, Nasdaq itself announced that it will use the blockchain to drive a private stock market, and two other outfits, Digital Asset Holdings and Symbiont, are developing their own blockchain-based systems for the securities trading.

‘Pre-Borrow Assurance Tokens’
But Byrne’s stock loan system is unique. Based on blockchain-like technology from a startup called Peer Nova, it will allow pension funds and other stock holders to lend shares directly to hedge funds and other traders, essentially removing middlemen such as agent lenders and prime brokers from the process.

The setup is relatively simple. Stock holders will attach bitcoin-like digital tokens to each share of stock. Hedge funds and other traders will bid for the right to borrow shares. And then, thanks to the tokens, known as “Pre-Borrow Assurance Tokens,” or PATs, stock holders can closely track each transaction involving their loaned stock.

The system is an outgrowth of Byrne’s well-documented experiences on Wall Street. A decade ago, Overstock was the victim of what’s called naked short selling, where traders exploit a loophole in the system to short sell stock without actually borrowing it—a practice that can drive down a stock’s value. After the financial crash of 2008, the SEC moved to close this loophole. But with his blockchain-based systems, Byrne wants to ensure this kind of thing is eradicated entirely—in addition to streamlining the stock loan system as a whole.

Risk Versus Reward
Galper calls the system interesting, though he questions whether the existing players will end up using it. “As with any closed system, the greatest beneficiaries of that system are the biggest participants,” he says. “Would the largest borrowers and lenders be keen to move to a new system and to provide more equal access to borrowers and lenders? I don’t believe so.”

What’s more, he explains, lenders are happy with the existing system because the agent lenders (typically large banks) provide what’s called “counter-party default indemnification.” This amounts to insurance for the shares sent out on loan. With TØ’s system, lenders must have a similar assurance that when they loan their stock, they’ll get it back.

“This is a question of risk versus reward,” Galper says. If you’re willing to take additional risk by lending directly to a hedge fund, then you’re going to get greater reward. On the other hand, it is your responsibility to monitor that hedge fund, to insure that it is a good credit risk, that it pays on time, and that you get your stock back at the end of the transaction.”

According to Byrne, TØ.com does have ways of limiting counterparty risk. Initially, he says, lenders can use these system while keeping their shares with a large prime broker, such as Goldman Sachs, who can continue to provide default indemnification as always. So, the prime brokers will remain part of the process, but they may not benefit nearly as much as they did in the past.

The New Middleman
On the other side of the equation, Galper believes, smaller hedge funds may be keen to use TØ’s system. After all, it will allow them to borrow shares at a cheaper rate. “The smaller a hedge fund you are, the more incentive you have to look for alternatives. If you have an opportunity to eliminate your middleman, then you can lower your price for borrowing.”

Yes, Byrne and TØ.com are now Wall Street middlemen. But Byrne insists that they will charge lower rates than the incumbents, because their technology takes so much fat out of the market. And the larger point, he says, is this new system can give the market the transparency is has never had.

Even if the system fails to replace the existing players, he says, it can push Wall Street in the same direction. On Tuesday evening, his primary message was that he’s willing to share this technology with others. “We’ve shown the world what we have,” he says, “and now I’m willing to listen to anyone who wants to talk.”

19  Economy / Scam Accusations / 2bacco coin - Stay away on: July 31, 2015, 03:31:07 PM
I asked questions about legality of buying cigarettes online with 2bacco coin and he deleted my post.

stinks like a scamcoin. I had some just sold them after checking my inbox and seeing this. Dev shouldn't be deleting valid questions. Anyways..thought people should be warned so they don't end up with another bag of shitcoin.
20  Alternate cryptocurrencies / Altcoin Discussion / 2bacco coin - Stay away on: July 31, 2015, 03:29:13 PM
I asked questions about legality of buying cigarettes online with 2bacco coin and he deleted my post.

stinks like a scamcoin. I had some just sold them after checking my inbox and seeing this. Dev shouldn't be deleting valid questions. Anyways..thought people should be warned so they don't end up with another bag of shitcoin.
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