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1041  Economy / Trading Discussion / Re: Exchange legalities on: April 17, 2013, 06:12:48 PM
I mean, you can't just go open your own currency exchange or forex trading business without some sort of various oversight, licensing, etc? There are all sorts of government regulations and agencies above forex sites like Oanda, for instance. And if bitcoin really is a currency, then how is setting up an exchange any different?

I can just go out an open a store that buys and sells baseball cards without some sort of various oversight and licensing. 

Are bitcoins different from baseball cards?

The are not prepaid access ("stored value"), according to FinCEN.

If you are providing exchange to and from fiat, FinCEN recently released guidance on that.

If you are holding other peoples dollars, there are already regulations that address that as well.

If you are seriously thinking of opening an exchange, there are others that have done it that might be able to provide some advice.    At a minimum, you'll need some capital to cover the legal fees in getting started.
1042  Bitcoin / Bitcoin Discussion / Re: Double Spending and Confirmations Myths on: April 17, 2013, 05:34:11 PM
We would know if someone has more than 50% hashpower
An attacker with more than 50% hashpower could be mining his own chain and not announcing it to the network (from the last checkpoint in bitcoind). As his chain will be longer, when he announces it will immediately propagate and override the current chain.

There are two approaches, too.  The March 11th hard fork was essentially a friendly 51% attack.  The "attack" (the switch from the longest chain to the other side of the fork) didn't occur until long after transactions had confirmed post-fork.

Then there is the stealth attack where the miner with 51% has been mining and not releasing blocks as they are mined.

Double spending
1043  Bitcoin / Development & Technical Discussion / Re: Ask about Bitcoin database on: April 17, 2013, 07:46:24 AM
AFAIK Bitcoin version 0.8.1 uses Berkeley Database. How it uses this DB? Bitcoin not need install database from from hear that new Bitcoin change to Google database, only Wallet stay with Berkeley DB.

With BitcoinQt/bitcoind v0.8.x, the only BDB database is the wallet.dat.   All prior versions used BDB for the blockchain and other databases as well.  The client has statically linked everything so there is no installation of the database.

Beginning with v0.8.0 was LevelDB for the blockchain and everyrthing else other than wallet.dat

1044  Other / CPU/GPU Bitcoin mining hardware / Re: Looking for miner in LA/SF for bbc news film "with an elaborate rig". on: April 17, 2013, 07:39:53 AM
try to determine how they are going to spin it before you agree

Good point.    After that Bloomberg $150,000/day in electricity nonsense (which has been refuted, with the real number being more likely under $50K and dropping quickly thanks to ASIC), portraying bitcoin the way bubbleboy sees it is one likely aim:

in this scenario mining of bitcoins would suck a full 5 to 15% percent of the national electricity production, depending on the capital ratio.

I don't want to split hairs, but if the sheer order of magnitude of these numbers don't concern you, then you might suffer from the modern day version of the gold fever. There's just about no chance in hell a democratic society will allow such a behemoth to live (only to be subjected to the feudal whims of the early adopters that happened to be in the right forum 20 years ago, I might add).
1045  Bitcoin / Meetups / Re: SoCAL BITCOINERS Poll: Where to meet??? on: April 17, 2013, 06:26:50 AM

Looking for miner in LA/SF for bbc news film "with an elaborate rig".
1046  Other / CPU/GPU Bitcoin mining hardware / Re: Looking for miner in LA/SF for bbc news film "with an elaborate rig". on: April 17, 2013, 06:26:01 AM
Are you a miner? Do you know anyone with an elaborate mining rig in LA or the Bay Area?"

Well, there was a fair amount of GPU mining in the SoCal area but as "halving day" approached nearly all the ones I'm aware of or have heard from have sold off their hardware.   The cost of electricity in SoCal is high enough that almost nobody was expecting GPUs could still be profitable for mining.  I'm not aware of any miners in the area with an ASIC to show off.  

There also seems to be a reluctance to admit to any significant amount of mining capacity.  I get it ...  nobody advertises how much gold and silver they have nor that they have coffee cans of it buried in the back yard either.  

So, ... there might be the requirement that the reporter not name names and pixelize/alter faces and voices.
1047  Bitcoin / Press / Re: 2013-04-15 Jim Rogers: Gold Drop Partially Caused by Bitcoin Drop on: April 17, 2013, 06:07:41 AM
That is crazy!

I'm trying to think of the scenario for this.  Since bitcoin was about $30 at the end of February, a crash to the $50s would only impact those who bought in March and early April.  Those into both bitcoin and gold are probably not the kind to be leveraged much and there aren't many ways to obtain leverage with Bitcoin to begin with. 

So the price of Bitcoin reverses and the person now has less net wealth, sells some gold to raise cash as previous cushion went into bitcoins?    I'm having a hard time seeing that happen to any significant degree.   But if Jim Rogers is talking about this there must be some of it happening that he knows of. 

Now if he instead had said about rotation from gold to bitcoins, then that is something I'ld believe.  Like how some amount of money that used to go into gold is now going into bitcoins instead.  And without that buying of gold there was nothing else to hold the price of gold up against those shorting it.
1048  Economy / Trading Discussion / Re: Need advice on trading with on: April 17, 2013, 05:48:41 AM
Does anyone know how reliable they are, has anyone here dealt with them before?

Here's a recent report of trading through them:

Anyone tested this?
1049  Economy / Service Discussion / Re: Is there a list of all the current Exchanges - ? on: April 17, 2013, 04:22:31 AM
but could anyone point me to a list of all the current exchanges for Crypt-currency or if a list does not exist should one be made?

Here is a fairly comprehensive directory for Bitcoin exchanges.

From that there is and    BitParking exchange closed.   I'm not aware of others but I don't follow the alts.
1050  Economy / Economics / Re: Effects of trading 1500 BTC @ 200 USD in one act? on: April 17, 2013, 04:17:09 AM
Also, I'd like to know what is the effect of this act on the market.

Clark Moody has a calculator to tell you the slippage.  Click "Show calculators", and enter the 1,500 BTC value.  At this moment, slippage is about 2%.  In other words, a pretty trivial number.  It can vary greatly moment to moment.


1051  Bitcoin / Bitcoin Discussion / Re: Bitcoin Monitor, is this real or a bug? on: April 17, 2013, 04:08:10 AM
If you are talking about the blue line that is downward sloping, a mixing attempt that chips a little off at a time would look like that.
1052  Economy / Goods / Re: Any authentic luxury goods stores accepting Bitcoin? on: April 17, 2013, 01:51:55 AM
The kinds of things I am talking about include: Chanel, Gucci, Louis Vuitton, Burberry, Jimmy Choo, etc.

Main issue I see with this is the high likelyhood of fakes, even if high quality I'm only after the real deal.

Seems like a natural fit, right?  Certainly any existing sellers have problems with chargebacks / high risk merchant accounts.

Are you doing market research?
1053  Economy / Marketplace / Re: is there a website which informs of all new Bitcoin-accepting places? on: April 17, 2013, 12:23:02 AM
Pretty scattered around the interwebs.

The Trade page is pretty comprehensive, but nowhere near complete.

Here's a collaboratively built list which can useful to find new additions:


Also, a list here:
1054  Bitcoin / Bitcoin Discussion / Re: How many people never plan to repatriate BTC to FIAT on: April 16, 2013, 11:38:17 PM
I will exchange for gold. 1 btc = 1 troy ounce of gold. Not cheaper. )

It wasn't that long ago that such a day arriving seemed so far off.  With gold dropping the chances of Bitcoin hitting that in the next year or two (or less even) would not be surprising.
1055  Economy / Trading Discussion / Re: Make Deposit from Canada to BTC-E? on: April 16, 2013, 11:02:13 PM
What's the best way to make a deposit from Canada to BTC - e? 

You can make an international wire transfer (using USDs) but it probably won't be cheap.

Another method is to open an OKPay account and wire money to them that way.
1056  Bitcoin / Press / Re: 2013-04-16 Forbes - Bitcoin: Whatever It Is, It's Not Money! on: April 16, 2013, 08:40:16 PM
he's too old to understand Bitcoin.

His age has nothing to do with it, but his target market that reads his words certainly does.   He's simply using a tired argument that exchange rate volatility is bad for a currency.  He's not incorrect, but that doesn't mean bitcoin won't succeed as a currency.   There's a difference.  He probably knows that but is describing to his audience what they want to hear.

Now what is surprising is that Steve Forbes isn't making the connection between Bitcoin catching on and that helping his cause of moving to a flat tax.   If bitcoin essentially makes income tax something voluntary (since the state will have a much harder time with enforcement of the tax laws) then a flat tax is about the only solution. 

For some reason, either he hasn't made this connection or doesn't want to share it.
1057  Bitcoin / Press / Re: 2013-04-14 Bitcoin Miners Are Racking Up $150,000 A Day In Power Consumption... on: April 16, 2013, 08:15:23 PM
But still I think a fundamental equation holds that the market will balance when:

rate of mining income = rate of capital repayment + rate of profit + electrical power cost

Can we agree on that?

Over the long run, yes.

the rate of electricity consumed will remain broadly proportional to USD/BTC. i.e. even if ASICS turn out to be 3 times more efficient over their lifetime, that won't compensate for the price of BTC increasing 1000 times.

Absolutely, if there is a doubling in the exchange rate, there will be a proportional increase in the amount of electricity consumed, unless further efficiency from hardware design can (and likely will) come.   I had expected the cost of hardware to drop as higher quantities are produced but with demand far outstripping supply we're not there yet.  But regardless of the proportion, you are correct.  A higher exchange rate will cause a greater amount of electricity to be consumed.

There was handwaving about this in the media as early as 2010 when most mining was on CPUs, ... with projections that if bitcoin caught on it would consumer a quarter of all the world's electricity demand (or some whack number like that).  Even using the power draw if all mining were done on GPUs today, daily power consumption is a fraction of the daily energy consumed at even one gold mine (my assertion, without actually having calculated it but I've literally stood under the trucks that mine ore and can say with confidence that moving dirt around consumes one hell of a lot of energy.)
1058  Economy / Goods / Re: Feeding Bitcoiners across the US on: April 16, 2013, 07:27:25 PM
Alright alright, I didn't know that there was an eating in restaurant option!

Is that really offered?   Then why do they only show takeout / delivery on the site?
1059  Bitcoin / Bitcoin Discussion / Re: Payment Processor That Gives Payouts in Bitcoin? on: April 16, 2013, 04:25:56 AM
I'm looking for a credit card processor that pays out in Bitcoins rather then wire transfers.

Nothing works like this, but others have asked:

Looking to accept USD and transfer to Bitcoin

Real money to Bitcoin payment processor

Where (country) are you (i.e., country?)  
1060  Bitcoin / Technical Support / Re: Any reason the receiver wouldnt be showing funds I sent? on: April 16, 2013, 03:51:44 AM
Thanks for posting this. I was about too.

I don't know if this helps at all or not but here is what my account looks like I'm missing the transaction mentioned above for .171. It should appear at the top of the list.

You didn't mention which client.

If that is Multibit, try reset:
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