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1301
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Bitcoin / Bitcoin Discussion / Re: Illegal bitcoin exchange Coin.mx busted in NYC
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on: December 16, 2015, 04:00:49 AM
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The question now is.. Did they have a BitLicense?  Of course not because they are not based in NY. Florida does require a Money Transmitter license for any Bitcoin exchange. A such license is very expensive(over 500K) and I don't think it's worth it based on the BTC tradings that a company can get these days. Don't be fooled by the bots you see in actions on any exchanger platform.I am talking about real transactions. It's hard to maintain a licensed company. You need staff (employees) and the salaries are not low in USA. Example: you need a compliance officer. A salary for a such position is around of 3000-4000 usd/month without taxes which are not small at all. You need a collaboration with lawyer. This should be around of 1000-3000 per month(depends on lawyer). you need yearly audit. the cost is around of 10,000 USD or more(depends on how many transactions you have), advertising, common bills (electricity, phones, internet, rent), taxes. For a small company, a such license is useless.The costs per month can easily reach at 20,000 usd or more. So, first you need to make 20,000 usd and then to think about a net profit for "yourself"(owner). Very hard to make these money. Do not look at Coinbase and others like them. They were/are financed by shareholders with millions of USD; otherwise they would be bankrupted. A compliance officer only making $36k-$48k a year? Maybe if he's a teenager. lol My companies controller made $120k annually and the compliance officer was in the 90s. Both are VP level positions. Yes, but it is not required to hire someone with high experience if you own a small company. We are not talking about Chase bank:). He/she can learn along the way...but you are required by law to hire someone on this position. That's why I said around of 45K/year. |
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1302
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Bitcoin / Bitcoin Discussion / Re: What's stopping people from using bitcoin?
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on: December 08, 2015, 04:03:39 AM
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Bitcoin is useless for daily needs. BTC is good if you want to buy weed and similar staff or to make speculations with its price.
Also, you can "invest" in HYIPs.
BTC is an e-currency like any other but more than that, it's hard to be used. It cannot compete with the debit cards which are fast and accepted everywhere.
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1303
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Other / Off-topic / Re: Why would customers use Bitcoins?
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on: December 03, 2015, 04:26:06 AM
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Simply because they would not need to use Banks... When people begin to understand the empowerment that btc gives them they will surely start to use it.
The exchangers are like banks (at least the biggest ones like Coinbase which is financial licensed). They require a lot of documents like any bank. BTC is useless if you want to buy online. It's only good for speculation. The online shopping is made via debit cards. They are free of charge, instant transactions and protected. |
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1305
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Bitcoin / Bitcoin Discussion / Re: SEC charges Joshua Garza for conducting a Ponzi scheme and defrauding investors
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on: December 02, 2015, 01:35:23 AM
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Nothing new. The whole Bitcoin market is full of similar "businesses". Even the big exchange companies are making the same; fake bots, fake transactions, cheating clients in this way. Any reaction? None.  "Joshua Garza" is just a name from many. Bitstamp, Bitfinex, Huobi, BTC China, Okcoin and so on are cheating customers daily by faking their transactions volume and misrepresenting the nature of what they were selling (fake volum, fake data, fake price, market manipulation). |
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1306
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Bitcoin / Bitcoin Discussion / Re: Do you still use fiat to buy things on Amazon.com?
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on: November 26, 2015, 11:40:02 PM
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amazon needs a platform to pay for a partial order with btc and then some with credit/gift card. Used fiat to buy 2 ps4 games today which were a great deal! farcry 4 was 15 bucks.
why would you pay with an e-currency like BTC when you already have debit cards? BTC is good if you want to specualate or if you want to buy weed online |
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1307
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Bitcoin / Bitcoin Discussion / Re: Coinmap: A Visual Explanation for U.S. Bitcoin's Fail so far
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on: November 25, 2015, 09:03:47 PM
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I would expect Bitcoin to be accepted much more with online retailers than brick and mortar stores for now. When it is more widespread online it will naturally start being more accepted on the streets.
Why would a store accept Bitcoin? It doesn't have any advantage. Slow transactions, the store needs cash not BTC to pay its taxes, suppliers and so on. Credit card and the mobile payments are the key and the future. Also, as client, I have debit/credit card which means instant and free transaction. BTC is good for if you want to "play" for short time.It has a huge volatility, that's why you can earn/lose a lot of money in a short period of time. The merchants/stores prefer stability. BTC is just an e-currency which is used by 1 mil users worldwide. It's only an illusion that there are SO many BTC users because you are reading the BTC media. BTC media is owned by few people(who already owns BIG exchanges) who have interests in this biz. |
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1308
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Bitcoin / Bitcoin Discussion / Re: Why Gavin is so desperate about his fork? Is he hiding something?
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on: November 24, 2015, 04:10:24 AM
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But even so, wikipedia is a try to decentralize knowledge. If you don't want to use that (Wikipedia) you have to trust other parties, like government or whatever.
That is just about the most stupid thing I've read on this board this month. Congrats. *lol* So you add a word to my sentence and make it another sentence only so that you can claim that it is now a stupid sentence. Congrats back to you then.  What i meant is that you either trust a decentralized approach of collecting of knowledge or a centralized one like governments, companies or whatever. I think it was more the part where you suggested that trusting government information was a useful alternative to trusting Wikipedia. I can see how you are the sort of person that trusts government information and Wikipedia. No surprise, then, that you've sided with the corporate/government bootlicking contingent. Team Cypherpunk FTW, I'm afraid, this is the 21st century. Um, were exactly did you read that from? In your post. The one I'm replying to. It's the post two before your last, on this page. You wrote it. In English. Presumably with your keyboard. It's up there ^^^ And it's funny that you claim i side with corporations. Which would that be then? The bitcoin-xt corporation? I never supported it beside the need of bigger blocks. Or are you of the false impression that iam a fan of blockstream maybe? I can assure you that is not the case, be at ease. No, that would be the Goldman Sachs banking corporation, Accenture investment, Accel Partners etc etc. Who were all glove-puppeting Circle, Coinbase, Bitpay et al who were promoting BIP101. So you were/are supporting their startups. Those corporations. So keep talking. great point! I said the same a year ago and nobody believes that BTC is already centralized. All the BIG exchangers and big BTC media websites are owned by the SAME shareholders! Check yourself. Coinbase, Bitstamp, BTC China, OKcoin,Bitfinex, Coindesk(media) and few others are back by the same people. There are so MANY blinded people on this forum. Nothing is without control. It appears to be so but it is not |
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1309
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Bitcoin / Bitcoin Discussion / Re: BIG NEWS: Europen Union Cracking Down on Bitcoin
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on: November 21, 2015, 12:25:10 AM
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I keep reading about this link between terrorism and Bitcoin, but I literally can't see it myself. Why Bitcoin anyway, there are thousands of currencies - what about Peercoin, Litecoin, Dogecoin and the other alt currencies?
They'll focus on one to their own detriment!
We can say that Bitcoin is mainly use(ober 90%) for illegal activities. This is the truth. Terrorists , ponzies, drug dealers, illegal forex, illegal exchange companies(not licensed) and many others are the real Bitcoin. Withoth these, BTC value will be near zero. The other part(speculators) is negligible. Why Bitcoin? Because "you" wanted to be visible. |
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1310
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Bitcoin / Bitcoin Discussion / Re: Bitcoin - one of the Terrorists Funding Sources
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on: November 21, 2015, 12:22:48 AM
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cityam says: "according to reuters".. yet reuters source is an EU memo yet when using the find function of the web browser. the EU memo never says the word 'bitcoin' and or 'cryptocurrency'. but when you search virtual currency.. 1 hit appears.. in regards to ensuring exchanges follow AML/KYC.. seriously media needs to research better and stop copy and pasting stories. here is the memo that all media is speculating at: http://europa.eu/rapid/press-release_MEMO-15-6115_en.htmsearch "bitcoin" = no hits "crypto" = no hits "virtual" = 1 hit can we now ask the OP to rename the topic as debunked.. and then lock it so it cant be bumped by sheep not even bothering to read it and going nuts thinking the media is right We can say that Bitcoin is mainly use(ober 90%) for illegal activities. This is the truth. Terrorists , ponzies, drug dealers, illegal forex, illegal exchange companies(not licensed) and many others are the real Bitcoin. Withoth these, BTC value will be near zero. The other part(speculators) is negligible. |
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1311
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Bitcoin / Bitcoin Discussion / Re: BIG NEWS: Europen Union Cracking Down on Bitcoin
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on: November 20, 2015, 01:48:57 AM
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EU just have to require controls to all the BTC exchanges (from EU)who are not financial licensed(99% are NOT). This will bring to almost zero the BTC transactions in EU. After EU, other parts of the world will take this example and they will do the same. That means the end of Bitcoin(not as system but as value) because BTC is formed by black market (over 90%) and the guys who are are making "black or grey" biz, are not happy with a system who are requiring more and more documents and providing a lot of headaches. So, they will migrate to "something else". It will happen soon. It's just "business", nothing personal with Bitcoin. Bitcoin is just a "tool" for these guys to get rich. They will create or find other tool with less headaches. |
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1312
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Bitcoin / Bitcoin Discussion / Re: Why in some countries Bitcoin is banned
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on: November 19, 2015, 01:04:26 AM
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Bitcoin cannot REALLY be banned, its P2P so they can't shut down one person and expect the whole network to go offline.
Yeah, that's totally true. "Banning" Bitcoin is just like Banning the internet, which means no one would do that. They won't ban Bitcoin. They will ban the services who accept/trade BTC. They can ban the exchangers or they can request the exchangers to have financial licenses which is a must, IMO. Also, a financial license is almost equivalent to a ban because only few companies can afford to comply with all the financial laws and to have a lot of money to sustain a licensed company. |
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1313
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Bitcoin / Bitcoin Discussion / Re: Why in some countries Bitcoin is banned
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on: November 18, 2015, 01:05:14 AM
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Because those countries are trying to disable a currency that has the potential to drive the wealth produced in the country to overseas. Besides this, governments want to have capital control over people's money
For Russia this is true, but I think a lot of companies just don't understand the concept of bitcoin and thus hearing it as a criminal currency making them afraid and just ban it. yeah Russia’s Ministry of Finance is hoping to pass a law to ban bitcoin image of bitcoin is bad, how to keep the image of bitcoin could be improved? by not using it These days, Bitcoin is called a "way for funding terrorist". You will see many banks who will close all the acc. realated with Bitcoin. |
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1314
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Bitcoin / Bitcoin Discussion / Re: Bitcoin - one of the Terrorists Funding Sources
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on: November 18, 2015, 01:03:33 AM
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With the recent attack in Paris, many questioned 'again' where the hell those terrorist got their funds. Hidden agenda or secret talks? Some people already know the hidden truth about it* and bitcoin already part of their sources.
Basically, because bitcoin transaction is as light as feather, it's really making hard to be accepted worldwide.
What can you say about this?
Are there miners in the part of Syria controlled by IS? Nobody noticed, but BTC isn't a source of funding. It's a currency, and it doesn't grow on trees. IS has oil which it can sell on the black market to generate an income, but if IS has a way to make an income from BTC, I don't know what it is. I'd like to know so I can do it, too. it's about transferring funds not about as "income". Bitcoin facilitates this thing. |
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1315
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Bitcoin / Bitcoin Discussion / Re: Bitcoin - one of the Terrorists Funding Sources
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on: November 18, 2015, 12:22:55 AM
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More than 90% from Bitcoin's market is from ponzies(HYIPs) and black market(you can add funding terrorism). Bitcoin will have bad days shortly.
There is only a small percent of people who are speculators(let's call them, honest people).
The BTC media is keep screaming about adoption and other shits. Pure lies, just to attract more stupid hipsters investors. There is no adoption. Why would someone without mental health problems use Bitcoin when he/she has credit cards/debit cards with ZERO fees and instant transactions?
The debates about fork shit, Coinbase shit and other BTC shits will become good jokes. BTC exchangers will be closed one by one and BTC will collapse. You will see banks who will close exchanges accounts because of this news too.
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1316
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Bitcoin / Bitcoin Discussion / Re: Why in some countries Bitcoin is banned
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on: November 16, 2015, 12:52:15 PM
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Because the financial institutions are regulated. A regulated institution like a payment processor/bank must be able to trace the money they get according to AML.
If all the BTC exchange companies would be regulated, then BTC value would be like zero. Why? Take a look to Coinbase. They are(or trying) tracing your Bitcoin funds back to source. They require a lot of papers. Why? Because the law requires these things and Coinbase being regulated, they must comply with that. They must do due diligence, AML, KYC etc. They must be sure that the money they get are "clean".
Imagine that all the exchange companies will do the same. There will be almost no black market, no ponzi schemes, so NO Bitcoin. Because the Bitcoin is backed 90% by these ones.
That's why many countries banned Bitcoin.It is not regulated, the exchangers are not financial licensed and more than that, it's tied to illegal activities (over 90%).
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1317
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Bitcoin / Bitcoin Discussion / Re: How many active users of bitcoin are there?
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on: November 13, 2015, 11:57:54 AM
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in comparison, Paypal has over 100 mil active users and a tinny payment processing company has at least 1 M-2 M active users (without media advertising, lobby and millions invested) BTC was flooded with a lot of money and...nothing despite the fact that BTC has a lot of media on its side. Of course, this media is paid by "someone". 1 mil active users in 5 years it shows that BTC is not so "big" as it is presented. |
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1318
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Bitcoin / Bitcoin Discussion / Re: China BTC Exchanges now accepting direct bank deposits! HUGE
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on: November 12, 2015, 12:49:32 AM
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What banks are they using for direct deposits?
Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Minsheng Bank, Bank of Beijing, SPD Bank and several others. (so the major four plus a number of the secondary banks) and the accounts are open in the BTC china's name? I mean, are they using their main company name or are they using like XXXX company in order to hide the real means of transactions they get? I think they are using their company's name for the deposits! Gov is not seriously banning btc and China is still the biggest market for trading and mining. It's not about that. It's about that the banks can block the accounts anytime if the ban is still enforced. Would send money to a company like that when you have better alternatives? It's very risky. You lose the money anytime with BTC China. |
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1320
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Bitcoin / Bitcoin Discussion / Re: China BTC Exchanges now accepting direct bank deposits! HUGE
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on: November 11, 2015, 03:05:36 PM
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What banks are they using for direct deposits?
Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Minsheng Bank, Bank of Beijing, SPD Bank and several others. (so the major four plus a number of the secondary banks) and the accounts are open in the BTC china's name? I mean, are they using their main company name or are they using like XXXX company in order to hide the real means of transactions they get? |
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