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787
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Economy / Service Discussion / Re: Official Gox / CoinLab Integration and Transition FAQ
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on: March 06, 2013, 06:59:08 AM
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Trojan Horse. US government will close the business as soon as they will have all information they need.You have been warned
I very much doubt it. In any event the US Goverment will have its hands full dealing with all of those who do not comply with FACTA worldwide to concern itself with those that do comply. As far as I can see in the US side of this deal MtGox by partnering with a US based partner has found an excellent way to avoid having to deal with FACTA, while at the same time improving service to thier US customers and remaining 100% compliant. I fail to see why the US Government woud have a problem with this at all. When it comes to the Canadian side of this deal all, I can say at this point is that I am waiting for answers to my questions from Coinlab. because if this ever takes of in a big way....the US and many other govts will face destruction, as they will have no revenue base/financial control they will have no choice but to make it illegal...the only real hope is that so many billion people are already in with cash, that it would be be like saying you cant drink water any more....which would be undoable even for a a govt No. There's a whole other solution in which governments, including the US, co-opt Bitcoin. And a third in which they essentially ignore it, |
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791
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Economy / Speculation / Re: I just don't get it.
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on: March 06, 2013, 02:13:01 AM
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The changes needed to make Bitcoin scale aren't conceptually difficult. The only problem is that for some reason people are opposed to allowing Bitcoin to succeed.
Only those heavily invested in some altcoin or other. The rest of us know what needs to happen. |
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794
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Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker
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on: March 05, 2013, 09:54:12 PM
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Am I the only one who thinks this guy sounds like somebody doing a bad Clinton impersonation? The way he talks is not natural, everything sounds forced. Well, when you've been listening to accents as long as I have, you can tell, that accent's pure manipulation  |
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798
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Economy / Speculation / Re: Bitcoin will hit $50 this month.
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on: March 05, 2013, 01:00:37 PM
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Most big players are not holding much in hot wallets, so this part is secure. What worries me is cold storage. Afterall, it is a piece of paper. All it takes is one quick smartphone snapshot of the paper and boom, all gone. And when a big company and multiple physical locations are involved, too many people can have a brief opportunity.
So split key systems are a total must. I only heard about split-keys from coinlab so far.
Nothing too difficult, you just tear the paper in half, and put it in two secure storage places, also everyone has access to the storage place should sign a NDA. Doubt they will think it's something worth further ado. Armory is also coming up with a split key solution, apparently. |
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799
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Bitcoin / Bitcoin Discussion / Re: Lost bitcoins - a bigger flaw than originally thought?
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on: March 05, 2013, 12:10:19 PM
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It is said that people can't think exponentially, but they also can't think asymptotically.
In 2013, John Doe I. may lose his 400 USD or 10 BTC wallet.
In 2014, John Doe II. may lose his 400 USD or 1 BTC wallet.
In 2015, John Doe III. may lose his 400 USD or 0.1 BTC wallet. This pretty much covers the problem in its entirety. The average user stands to lose less and less every year. However, I think that the security of Bitcoin holdings will increase and people will figure out how to handle inheritance, etc etc. So I don't believe there will be a fixed percentage of lost coins, it will likely be a smaller percentage in the future. When and if Bitcoin hits mainstream, there could be a temporary spike in lost coins due to negligent use. It's already increased. Multiple backups, online wallets (themselves backed up). I don't think we're going to see anywhere near a loss rate of 2% yearly. More like .2%. |
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