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1081  Bitcoin / Press / 2013-04-13 QZ.com - Six reasons why Chinese people will drive the next bull mark on: April 13, 2013, 11:07:05 PM
Six reasons why Chinese people will drive the next bull market in bitcoin
by Gwynn Guilford ‏

Quote
They’ve already done the whole virtual currency thing—with Q Coin.
[...]
Property, stocks, art, tea—speculation dominates in every major asset market you can think of in China. The Chinese are a people used to high risk-reward investments.
[...]
As the online gamer source tells Quartz, 'the currency’s system is so decentralized' that it would be extremely difficult for the Chinese government to do anything about bitcoin.[...] And unlike with Tencent, there’s no company or entity to target for regulation. 'To China’s conservative regulators,' he adds, “Bitcoin is a game [that's] way more dangerous.

 - http://qz.com/74137/six-reasons-why-chinese-people-will-drive-the-next-bull-market-in-bitcoin
1082  Economy / Trading Discussion / Re: Questions about trading on: April 13, 2013, 10:02:31 PM
Do I need to wait 3 days for trades to settle like normal stocks? Or can I just jump in and out of USD/BTC constantly?

Settlement occurs at the time of order execution..

Also is there an easy way to keep track of trades for taxes? Anything else I should know before trading?

Market orders are dangerous due to "Gox Lag" (delays between when the order is entered and when the order matching engine actually processes the order.)

Withrawals (either BTC or USD) may not be processed immediately.

When you leave funds at an exchange you are trusting that the exchange is competent enough store your funds securely, and that they are trustworthy.  Additionally, username and password is an insufficient protection for an account holding non-reversible funds.  Instead you want to make use of the two-factor authentication (2FA) using Yubikey, Google Authenticator, etc, to protect your funds from being stolen via a replay attack (should your computer become compromised).
1083  Economy / Trading Discussion / Re: Brazil dont has bitcoin on: April 13, 2013, 06:14:42 PM
Is very hard to send money outside from Brazil, because we need to inform the governmant and pay a lot of taxes!


You aren't able to send an international bank wire (USD) to Mt. Gox?    That's the method most everywhere else in the world has to fund their accounts there.   In the U.S. we do have the low-cost Dwolla transfers from our banks but that incurs delays of many, many days.

At the last day, when the bitcoin price it was $60, we would like to pay $100!!!

So would have everyone else.  That price wasn't unavailable to you because you were in Brazil, that price was unavailable because few people already had cash at Mt. Gox and the timing of restoration of service was such that it occurred essentially after anyone could send more funds via bank wire to catch the selloff.

So the only potential buyers were those with cash already at that exchange ... a tiny subset of all those wanting to buy and hold bitcoins.


The easy way to send bitcoin to Brazil is: if you have a bank account from Brazil (hsbc, itau, santander, bradesco, caixa, bb) you can trade with brazilian and gain 15% at bitcoin price.[/quite]

If the exchanges won't be allowed to co-exist with the banks then in-person trading, person-to-person, for cash, will probably be the path to pursue.  LocalBitcoins is one such tool to help with that.

To get a supply of coins within the borders encourage businesses who export to accept bitcoins as then there will be bitcoins available for purchase domestically.    Additionally, those businesses in the travel industry are great candidates to accept bitcoins.     Since bitcoin isn't a company, there ins't someone who is going to come in and give the hard sell to these merchants.   It will need people like you promoting the idea to make it happen.
1084  Economy / Service Discussion / Re: Getting USD from MtGox to BTC24 on: April 13, 2013, 08:41:21 AM
I would like to know how to get usd that i have in my MtGox to btc24?

Mt. Gox has ended its redeemable codes.  The only withdraw methods are those listed on their site (e.g., bank transfer and OKPay).  

Bitcoin-24 is currently down, so I'm not sure how you would do that anyway though (other than to buy bitcoins at Mt. Gox then sell bitcoins at Bitcoin-24).
1085  Economy / Service Discussion / Re: Bitfinex stopped working? on: April 13, 2013, 08:34:41 AM
I can't buy or sell anything right now.

Looks like trading is happening:
 - https://www.bitfinex.com/pages/public_log
1086  Bitcoin / Press / Re: 2013-04-12 Bitcoins are unconstitutional on: April 13, 2013, 08:28:57 AM
This is THE MOST AMAZING bashing ever  Grin


From the description:
"bitcoins dropped 270% to a low of just over $54"

How does something drop more than 100%?
1087  Bitcoin / Development & Technical Discussion / Re: Blockchain Wallet Crapping Out?!?! --Check your online wallets! on: April 13, 2013, 08:20:13 AM
I was logged into my blockchain wallet, saw that coinworker had just paid me, and went to refresh the balance. Guess what?

It wont load, I cant log in, the mobile app wont take my password. Is anyone else getting this? If I lose this too it will the last of my coins gone.

If you have the .aes backup of the Blockchain.info/wallet (e.g., sent to your e-mail) you can try to decrypt it with this:
 - https://gist.github.com/anfedorov/2757171
1088  Bitcoin / Project Development / Re: New Bitcoin Exchange Co-founders Needed on: April 13, 2013, 07:54:43 AM
I'm looking for other entrepreneurial people with skills in coding, web design, finance, advertising and public relations to share in this project.

Requisite reading:

So you think you're going to start a Bitcoin business, right?
 - http://bitcointalk.org/index.php?topic=124441.0
1089  Bitcoin / Technical Support / Re: Public Key + Half Private Key... on: April 13, 2013, 07:41:37 AM
I am just wondering if this is possible to do on the ECDSA generated key pairs for bitcoin. It would be a new interesting way to store paper wallets, that would require you to bruteforce the last half of your own key

From another thread:

You don't want to cut the key in half.  There are lots of complicated ways to share secrets (some even involving redundancy i.e 3 of 5 key fragments needed to rebuild key) but the simplest way is an XOR.

http://en.wikipedia.org/wiki/Secret_sharing

or:

pybtcsplit - m-of-n Private Key Splitting made easy in one simple python utility
 - http://bitcointalk.org/index.php?topic=104086.0
1090  Economy / Economics / Re: I think exchanges have a vested interest and are defaming Paypal / direct deals on: April 13, 2013, 07:32:30 AM
so they call PayPal a scam

PayPal is a scam.  Well, maybe not a scam but what they do is scammy.  They have a user agreement that specifically prohibits the use of PayPal for payment for various types of transactions and digital currency is one of those types.

They are a private company and are perfectly entitled to have those restrictions.

What is scammy is to freeze your account and all funds within it (for 180 days) if they determine you've been trading for bitcoins.  

Ironically, this was the cause of one of the first "flash crashes" to hit bitcoin.  In October 2010, Mt. Gox was accepting deposits from PayPal.  Then Owner Jed's personal PayPal account was frozen, which resulted in the suspension of that funding method and a subsequent crash of the exchange rate.   Then another bitcoin seller, CoinCard, with permission from PayPal and a very customized and carefully monitored risk algorithm was operating until PayPal froze that party's PayPal account.



 - http://www.bitcoinmoney.com/post/5086167006

You'ld think with a 0% batting average, people would learn.  But no, it has happened over and over.   Some approaches tried by selling one and two dollars worth at a time.  Bzzzzt.  Thank you for playing, but no -- that was not the right answer either.  

Not only that, those who bought bitcoins would find funds in their account frozen as well.

So basically, those who are able to get away with it are those who fly under the radar ... individuals doing a personal trade here and there.

Every other seller has had PayPal come down and come down hard.

Every.   Single.    Seller.



Now VirWoX has a different approach.  They sell Second Life Lindens (SLLs) for PayPal, and then let you trade those SLLs for BTCs.    That works fine.
1091  Bitcoin / Press / Re: 2013-04-12 Roger Ver Rocks on FoxBusiness!! on: April 13, 2013, 06:47:09 AM
From the professor ... "Too shadowy, too speculative" ...

There's not much more transparent than an open protocol implemented with open source software.

At some point bitcoin will have enough total dollar valuation (TDV) so that Wall Street will get into it with an ETF.  That will then provide a method for shorting and that will provide resistance on the way up and support on the way down.
1092  Bitcoin / Press / Re: 2013-04-12 krugman.blogs.nytimes.com - Adam Smith Hates Bitcoin on: April 13, 2013, 06:18:22 AM
And because I said so because I'm Paul Krugman and fuck you.

I see this pendulum swing ... bitcoin rallies and gains momentum then a concerted effort at talking it down from the academics and others occurs and bitcoin idles for a while, but then it gains traction again and that becomes undeniable where it starts to rally again and the cycle repeats.  But each time bitcoin ends with higher highs and higher lows.     

The exposure these people bring to bitcoin is invaluable.

I wish Krugman would pen a post on bitcoin each and every day!
1093  Bitcoin / Meetups / Re: SoCAL BITCOINERS Poll: Where to meet??? on: April 13, 2013, 04:45:06 AM
Incidentally, the Orange County Register today had a full page in the Business section for Bitcoin:

NO date, man?

I just read it.  It was today's paper (April 12th, 2013).

It included the one-paragraph masthead teaser on the front page of the business section.  Then the entire page 8 was devoted to Bitcoin.  (Incidentally, page 9 was a large article about the dangers of mobile payments and had a picture of a merchant's Square register setup.)

There were a few articles on the page.  One was an interview of Casascius.  The top of the page had a "What is a bitcoin" infographic.  Another article titled "Bitcoin Economics" was a primer on teh evil deflations and why Bitcoin will never work (I'm paraphrasing roughly what the article said).   The main article was this:  

Bitcoin bursts: Hacker currency gets wild ride
 - http://news.yahoo.com/bitcoin-bursts-hacker-currency-gets-wild-ride-174931830--finance.html
1094  Bitcoin / Press / Re: 2013-04-11 CNBC adds a Bitcoin ticker on: April 13, 2013, 04:38:29 AM
They were even kind enough to add a smilie face for us!

Code:
(MTGOXUSD :)

Well, that's the format for the exchange.  e.g.,   (AAPL :NASDAQ).    But MTGOXUSD has no exchange so it is blank  (MTGOXUSD Smiley

1095  Bitcoin / Press / Re: Bitcoin in the AP - Orange County (CA) Register on: April 13, 2013, 04:30:29 AM
NO date, man?

I just read it.  It was today's paper (April 12th, 2013).

It included the one-paragraph masthead teaser on the front page of the business section.  Then the entire page 8 was devoted to Bitcoin.  (Incidentally, page 9 was a large article about the dangers of mobile payments and had a picture of a merchant's Square register setup.)

There were a few articles on the page.  One was an interview of Casascius.  The top of the page had a "What is a bitcoin" infographic.  Another article titled "Bitcoin Economics" was a primer on teh evil deflations and why Bitcoin will never work (I'm paraphrasing roughly what the article said).   The main article was this:  

Bitcoin bursts: Hacker currency gets wild ride
 - http://news.yahoo.com/bitcoin-bursts-hacker-currency-gets-wild-ride-174931830--finance.html
1096  Economy / Service Discussion / Re: bitbargain.co.uk - Excessive prices on: April 12, 2013, 11:49:11 PM
I think bitbargain.co.uk deserve a mention. They don't appear to be scammers as such but they do have a market setup with a very limited pool of sellers who are charging 10% to 25% over mtgox prices for BTC. Apparently they hand pick the sellers seemingly to keep the number down to themselves and their friends. This allows the sellers to make excessive profits by simply buying coins on GOX and reselling on bitbargain.

Sounds like a huge opportunity exists for a competitor.

Which is probably what is motivating Max Keiser to begin offering one.

Also, BitcoinFridge has re-opened:
 - http://bitcoinfridge.co.uk
1097  Economy / Service Announcements / Re: MtGox generation of USD redeemable codes will stop at 10 Apr 2013 on: April 12, 2013, 09:32:34 PM
I just received an email too:

Whoah ... that's different.  Not just MTG USD and MTG CAD but all "non-BTC" codes it says.

And I looked just now and there's not even a method to withdraw a BTC code, at least as far as I can tell.
1098  Economy / Service Discussion / Re: Exchanges should allow fiat xfers between my verified accounts. on: April 12, 2013, 09:30:17 PM
How can we raise this feature request with these 2 (as well as other) exchanges?

Presumably you are looking to do this to take advantage of the price difference (arbitrage).

That arbitrage exists because of the difficulty in moving cash into the exchanges.

So once this friction is removed there will not be the price differences.

And thus little need to move your cash from one exchange to another.

If Bitfloor offered account-to-account (A2A) transfer, then at least you could have private individuals willing to sell their USD funds at a premium.  For instance, instead of withdrawing to a bank a person might be willing to deliver those funds directly to you in exchange for your consideration elsewhere (e.g., a deposit of cash into that person's bank account.)

That would possibly qualify them as being a money transmitter though, which is insanely expensive to offer due to compliance requirements.  That's why Mt. Gox quick completely offering their redeemable codes.
1099  Bitcoin / Press / Re: 2013-04-12 Introducing MigCoin on: April 12, 2013, 08:30:21 PM
Ben Bernanke over at the US Federal Reserve should take a look a this. Using his DNA as a way to ensure the US currency cannot be counterfeited does have merit you know.

Now my coins can be spent by anyone who snags my empty beer glass after I've finished it.   Great idea!

p.s.,  That is about five articles today with Bitcoin spelled "BitCoin".   I think they know it drives us OCD people nuts and keep doing it purposely.
1100  Bitcoin / Press / Re: 2013-04-11 - CNBC adds a Bitcoin ticker on: April 12, 2013, 08:18:02 PM
Now this is big! Mainstream we are here!

Agreed ... huge!

Now one thing is needed.  Accurate quotes.  It does show "accumulating data" though.

And the symbol is bad.  It shouldn't be "MTGOXUSD :", it should be maybe MTGOXBTC  ?    (as it is the spot price of a BTC expressed in dollars).    Just like AAPL :NASDAQ is a share of that stock expressed in dollars.

It is too bad there isn't an ETF up and running they could quote.
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