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1  Economy / Lending / Looking for a 7 BTC loan, will pay back 10 BTC in 2 days. on: January 24, 2012, 10:28:11 PM
Hello,
I am looking for a 7 BTC loan, I will pay you back 10 BTC in 2 days.

Thank you,

Send to : 19BjxGi3Wo4odwXe3QkDV46TmUs564o1KL
2  Bitcoin / Bitcoin Discussion / Re: Should exchanges charge flat fees? on: July 30, 2011, 06:32:58 AM
Yes. Personally i would like to see the fees based on withdraws only. Maybe like 1% or less.

Then have trades free. That would definitely stabilize the price big time, even though the price is pretty stable at present.
3  Bitcoin / Bitcoin Discussion / Re: Tradehill - lawsuit waiting to happen on: July 23, 2011, 08:30:54 AM
The guy is a troll. We've dealt with this before, don't feed 'em.
4  Bitcoin / Bitcoin Discussion / Re: Bitcoin Mention on Alex Jones Today & Mention of Bitcoin Forum URL on: July 22, 2011, 11:36:27 PM
You did well, bitrebel. What did fatty mean when he asked how it was denominated? Whether it's tied to the USD?

I've heard the name Alex Jones before, but never actually listened to his show. He sounds a little crazy to me.


He doesn't understand how it is at all. He asks what its denominated in because most of these alternate currencies are devised entirely from dollars. So if the dollar is being inflated so is this alternate currency.
5  Bitcoin / Bitcoin Discussion / Re: long term investment value? on: July 22, 2011, 02:16:32 PM
Bitcoin is a high risk investment at the moment. Don't put money in that you can't afford to lose.

Most of us here buy and hold bitcoin because we like the idea.
6  Bitcoin / Bitcoin Discussion / Re: Killer transaction fee on: July 22, 2011, 02:15:27 PM
Yea I thought the fees were too high too. I think a fee of around 1 US cent is, "fair."
7  Bitcoin / Bitcoin Discussion / Re: TurboTax advertises Bitcoin as a tax dodge! on: July 22, 2011, 02:12:21 PM
Same in most parts of europe.

...

So, I sell some, to pay and expand, and keep some fo which I dont pay income tax until I sell them and get "real" currencyl.

Real and not currency totally in the definition of the law here Wink

yes.  if you keep them they're not taxable, but if you sell them for the currency of your country, they are.

Are you sure?  The IRS pages linked above suggest that merely receiving bitcoins would count as barter income and so is taxable at its market exchange rate to dollars Sad

Yea thats how it works. The IRS has this saying, "all income from whatever source derived is taxable." It defines income as anything of value. So bitcoin income is indeed taxable.
8  Other / Off-topic / Re: An even more disruptive currency than bitcoin on: July 22, 2011, 02:09:06 PM
So basically the idea is that after 25 you basically become a slave in order to obtain this currency. Sounds real great.

Interesting idea, none the less.
9  Bitcoin / Bitcoin Discussion / Re: How did you find out about Bitcoin? on: July 19, 2011, 08:57:50 AM
I was browsing on another forum and someone posted if anyone heard of bitcoin. They posted the whitepaper which I read the first few pages. First thing I thought when I read it, "this is gonna be huge."
10  Bitcoin / Bitcoin Discussion / Re: Why 6 blocks per hour? on: July 16, 2011, 09:56:10 AM
From what I've read from the whitepaper, 1 block every ten minutes was selected as a happy medium for network propagation and the likelyhood of forking the chain to do malicious things.

More can be found here:

http://www.scribd.com/doc/34237903/Bit-Coin-Whitepaper



This is not relevant because you can also vary the number of coins per block to achieve the same effect.


Its not about number of coins per block. The 1 block/10 minutes is designed to increase security.
11  Bitcoin / Bitcoin Discussion / Re: If national firewalls go up on: July 16, 2011, 09:50:35 AM
yea we will just use proxies/tor/encryption etc. and it will all be implemented into the client. Gotta love open source.
12  Bitcoin / Bitcoin Discussion / Re: On Wednesday, Bitcoin was less volatile than US Dollar. on: July 14, 2011, 11:53:59 AM
The USD index is an index that is measured against other FIAT currencies. See a problem there? Basically what the index is saying is that the usd decline in value relative to the other currencies. Well if the other currencies also decline in real value (as all fiat currencies do) then the dollar is dropping much more value than just .50%.

If you want to see the real value the dollar is losing then measure it against real things that take effort to produce.
13  Economy / Speculation / Re: Bots have stalled Bitcoin trading on MtGox @ $14.02 on: July 14, 2011, 11:48:32 AM
First people complain that bitcoin price is too unstable, jumping up and down out of control

now people complain that the bitcoin price is too stable.

It never ends.
14  Bitcoin / Bitcoin Discussion / Re: P2P PayPal payments on: July 14, 2011, 11:46:40 AM
Apparently PayPal is going to enable "p2p" payments between two android phones through the emerging near field communication technology. Of course, this is not a true p2p technology, as at some point the transaction has to go though PayPal's central clearing house, but it is interesting that they are putting a "p2p" spin to it. One wonders whether the emergence and success of bitcoin has anything to do with that?

Source:
http://arstechnica.com/gadgets/news/2011/07/paypal-debuts-peer-to-peer-payments-on-smartphones-via-nfcp2p-paypal-payments-coming-via-nfc-capable-phones.ars

The emergence of bitcoin has nothing to do with it. These companies know that the next, "big thing" to going to be mobile payments. Eventually everyone is going to have a smart phone and everyone is going to pay for stuff by just, "swiping" your phone. In the process there will be transaction fees. Whoever's technology gets more used or widely accepted is going to make billions in pure profit. Thats why every big tech company is developing some sort of phone based payment processor.

The same technology could be applied to bitcoin and eventually will be. It is somewhere at this point that using bitcoin will be insanely easy if not easier and more convenient than traditional banking.
15  Bitcoin / Mining / Re: How much does it cost YOU to produce a bitcoin? on: July 12, 2011, 11:06:39 AM
I live in a predominately college town so this may not apply everywhere.
A lot of landlords here offer some or all utilities included in rent as an incentive to the college kids. Being an apartment dweller at the end of my lease this summer, I specifically found an affordable place I could rent with utilities included. My landlord pays my electricity for me, therefore my he pays my rent for me! He can't be making any money off me, I imagine the power bill is pretty ridiculous with the AC and Bitcoin rigs running all day. Fortunately he can't do anything about it until my lease expires in 12 months. Grin

If you have a big mining farm that eats up a few hundred dollars/month in electricity, it may be worth finding a cheap, electricity-included apartment just to house your rigs. Of course if you are spending that much per month in electricity, I imagine you've probably already considered this option as well as a hundred others. Just be prepared to get tossed out on your ass as soon as your lease expires. Tongue

Hmmm, you sure about that? I have rentals and I pay for utilities but I put a disclaimer in the lease that says I only pay up to $50/month for water or electricity and the remaining balance gets added to next month's payment.
16  Bitcoin / Bitcoin Discussion / Re: Local currencies + bitcoin on: July 10, 2011, 02:27:28 PM
You would just need the issuers of the local paper currency to be able to show and prove backing for the paper currency in a publicly auditable fashion. This means the issuer(s) would have to put up the bitcoin first before issuing the local paper currency. The purchasing power of the local currency would fluctuate with the value of bitcoin unless you adjusted the amount of bitcoin backing regularly so that the local paper currency is always traded 1 to 1 with the US dollar.

This is the chief problem with this idea - until it becomes feasible to price shit directly in BTC, you're going to hard pressed to convince the non-internet-savvy to use it, which appears to be the chief goal of such an idea.

IMHO local currencies don't need Bitcoin - in exactly the same way that Bitcoin doesn't need any backing, local currencies do not either.

Bitcoin also does not need local currencies right now, or more specifically it doesn't really stand to benefit from them. A local paper currency backed with Bitcoin essentially undoes everything that's attractive about Bitcoin, which coupled with the price instability of BTC just makes the whole idea unworkable at the present time.

Bitcoin makes a fine bridge for things like ripple networks, because the actual worth of each currency can be compared, decided, and agreed upon at the time of the transaction. Giving out a paper note that has a wildly fluctuating value will turn the very people you're trying to attract off the idea, possibly permanently.

It may not be suitable in the immediate term but will eventually be suitable. Eventually btc is going to stay stable as the market matures out. Plus all fiat currencies currently fluctuate but most don't don't realize it. Instead they blame it on, "greedy oil companies" or, "greedy corporations." for the rising prices. Price fluctuation is no excuse. If you ask me, btc is actually pretty stable and will only get more stable in the future. Eventually I could see a price change of only a few cents each day.
17  Bitcoin / Bitcoin Discussion / Re: Local currencies + bitcoin on: July 10, 2011, 10:39:56 AM
I like Bitcoin. I like local currencies too. But what's the advantage in combining them? I tend to think 'local' for local currencies and 'internet' for Bitcoin.

The main advantage is that you can do commerce with the people who aren't technically savvy. Someone may not want to use bitcoin (for whatever reason) but being able to hold some local currency in their hand and being able to buy/sell stuff with that currency would connect with them. Meanwhile they are indirectly holding bitcoins and gain the benefits of bitcoin (in this case, a stable store of value). Of course the preferred method is going to be doing btc to btc transactions but until then a bitcoin/local currency hybrid is the way to go.

The ideal currency would back their currency at its full value in equivalent btc. It would be similar to a demand note where you can take the note to the issuing authority and get the equivalent btc in full. Likewise, you could go to the issuing authority send btc and get the equivalent amount of notes.  It would be like the old gold and silver certificates. The issuing authority would make its money by transaction fees or no fees if donations are used instead (ie. non-profit model). A local merchant would probably donate if they got some advertising or something?

The whole idea here to allow more people to use bitcoin indirectly. Local currencies have been around for ages so the concept of a local currency resonates with people while bitcoin is more technical. For the most part the technical nature of bitcoin is where most people get issues with bitcoin (since they don't understand how it works). For all of us, we are all technical savvy so bitcoin works fantastic for us. Grandma, on the other hand, not so much.
18  Bitcoin / Bitcoin Discussion / Local currencies + bitcoin on: July 10, 2011, 08:22:53 AM
If you ask me, local currencies are going to have to be involved if we want bitcoin to go mainstream. People like to use cash to do day-to-day transactions and local currencies are an excellent way to accomplish that. How about if we get local currencies to be backed up by bitcoins?

If you look up examples of local currencies you can see that they are actually pretty smart in getting people to use them. Basically what they do is tell merchants to offer some sort of discount for people who pay in xyz local currency. If people want that discount then they have to use the local currency. The merchants accept the local currency because they know the consumer can only spend it at merchants who accept the local currency. So if you are a mom & pop store you want to be able to compete against wal-mart you can do that by accepting these local currencies. Likewise, if the local currency is widely used its much easier to get new businesses to accept them. Would you really want to open up a cafe and not accept the local currency when 90%+ of the town prefers to use them? That way there is an incentive for both consumers and businesses to use them. Consumers get a discount and businesses get a competitive advantage against businesses that don't accept them. Plus there is always the feel good benefit that people get when they, "support the local economy."

If you ask me bitcoin + local currency is the absolute perfect combination. Especially if you combine it with technology such as bitbills.

Also its important to mention that there are several widely used local currencies in the USA, which are: berkshares, and Ithaca hours. There are hundreds of actively used local currencies all over the world.

I say instead of reinventing the wheel lets go to these existing local currencies and tell them about how bitcoin can improve their local currency.

Here are some examples of local currency:

Ithaca hours. This note is worth about 10$ USD.


Berkshares used in berkshire region of Massachusetts.


Ukiah hours used in Ukiah, California


Disney Dollar, used at Disneyland or Walt Disney World


http://youtu.be/rYc1u8eqhiM
19  Bitcoin / Bitcoin Discussion / Re: The bitcoin youtube spam is getting out of control. on: July 10, 2011, 04:00:27 AM
Have you looked at the most viewed videos on youtube?

Its all spam and trash content and its even worse if the person is a youtube partner. They get paid to post trash on youtube.
20  Bitcoin / Bitcoin Discussion / Re: Only one of many reasons why bitcoins wont fail on: July 05, 2011, 12:50:56 PM
Well the basic fact is that ALL fiat currencies are printed to such an extent that there is always inflation. With bitcoin the currency can actually increase in value. If bitcoin were a fiat currency this would NEVER happen. Just imagine going to mtgox. The first day: $1.00/bitcoin, the next day $.95/bitcoin, the following day $.90/bitcoin etc etc etc. When you hold fiat currency, this is what is happening to your wealth. The wealth is being transferred to those who print the money.

With bitcoin the price can actually go up which is amazing for a currency. Thats something that only tangible assets do and that is so because those assets are inherently limited to something.

The simple fact that bitcoin has a limited supply, and controlled growth rate makes it 1000x better than fiat.

Also even if bitcoin doesn't go mainstream, the people who hold bitcoin are much better off since they can easily convert their btc to fiat and vice versa. We all have to keep some amount of cash reserves on hand to pay bills. Normally this would be saved in fiat, which always loses its value. However, with bitcoin you can now transfer some of those cash reserves into bitcoin so atleast it maintains its value.


When you hold bitcoins (currently) your wealth is being transferred to those who print money: miners.  Right now the monetary inflation of bitcoin is ~40% annually.  The interesting difference lies in how the inflation is distributed and how transparent the process is. 

Yes, the wealth is being transferred to miners and those who hold existing bitcoins. Also yes, the inflation is 40% but the difference is the fact that bitcoin is a controlled/predictable rate of expansion. BTC is going up in value due to more people using it. With fiat currency the objective of the central banks is to never have deflation of the currency, only inflation. With BTC that doesn't occur and hence the reason btc has deflation.
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