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April 23, 2014, 02:22:47 PM *
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1141  Bitcoin / Legal / Re: So finCEN has basically legitimized Bitcoin on: April 01, 2013, 12:57:56 AM
My original post was to see what your thoughts on taxation as a miner and if you think the government will  be able to cut into profits. If so are we talking short term capital gain type 40% crazy taxation.

Taxation and FinCEN guidance on money transmitter laws are two completely separate topics.

As a miner, you don't actually mine the coins.  You are providing a hashing service and the mining pool is the party generating the bitcoin (it is the pool's address in the coinbase, not yours).

So how that will get fleshed out will be interesting.

I think there seems to be either ignorance of the guidance or perhaps a collective bit of civil disobedience occurring.
1142  Bitcoin / Technical Support / Re: Mt.Gox Withdraw Problem on: April 01, 2013, 12:47:35 AM
Any other ways of contacting them?

You can open a support ticket:
 - https://support.mtgox.com

Did you access the site using Tor?   If so, (or for whatever over reason they deem necessary) Mt. Gox may put your account on hold until you verify your account.  It is in the user agreement when you sign up.

Your options include:

a.) Provide identity information to verify your account
b.) Abandon your account and the funds in it.
1143  Other / Beginners & Help / Re: Little Mt.Gox help. on: April 01, 2013, 12:44:01 AM
So you HAVE to verify in order to withdraw at all?
The yellow box says I am able to withdraw 100BTC today.

Did you access the site using Tor?   If so, (or for whatever over reason they deem necessary) Mt. Gox may put your account on hold until you verify your account.  It is in the user agreement when you sign up.
1144  Economy / Trading Discussion / Re: MTGOX Trading Questions on: April 01, 2013, 12:41:20 AM
1. Is there anywhere I can see a list of the buy and sell order queued on MTGOX in the same way as Vircurex? I am aware of the wall graph but want specific figures.

Clark Moody has a bitcoin view giving the order book with sum total amounts ... if that is what you are looking for:
 - http://bitcoin.clarkmoody.com

You can also click the calculator on that to see slippage for specific order sizes.

2. If the current MTGOX BTC buy price is $95 and I set a buy order for 10BTC at $100 when I have no USD in my account, what happens when say $1,000 then arrives in my MTGOX account?

Then that is no different from placing a buy order of 10 BTC @ $100 when the deposit gets credited to your account.  If there are sell orders that will fill your order, they are matched and you are the new owner of up to 10 BTC at $100 (or less if there were standing sell orders for an amount lower than $100 at the time your funds got credited).
1145  Other / Beginners & Help / Re: Deposit and withdraw on: March 31, 2013, 11:05:01 PM
Or if money is deposited it remains as a BitCoin?

Some exchanges, Mt. Gox being the largest, operate as market exchanges.  So when you transfer via a bank transaction those funds are added to your exchange account.  But then you would need to convert those funds to bitcoin.   You do not need to remove those bitcoins, and at a later time you can sell those bitcoins and withdraw the proceeds as a bank transaction if you want.


Basically stocks.

So yes, ... an exchanger like Mt. Gox works basically just like an online broker does for stocks.

And just like with stocks, holding bitcoins exposes you to the risk of the value dropping as well.
1146  Other / Beginners & Help / Re: Sup with MtGox volume ??? on: March 31, 2013, 11:00:33 PM
Everything closed down during Easter, Exchanges, banks, super markets etc.

To me that gives a pretty good illustration of how much the volume is related to new money arriving versus regular buying and selling such as when merchants receive coins and those coins get cashed out.

What happens if this is the "top" for a while and the exchange rate drops, ... those buying might hold off anticipating a better exchange rate -- accelerating a decline and a selloff commences.

But who knows.
1147  Other / Beginners & Help / Re: What is this chart really indicating? on: March 31, 2013, 10:52:58 PM
just now it drastically within couple of days droped back to under 2 million USD.

The most recent partial-day data is inaccurate.

The 7-day average gives you a better picture:
 - https://blockchain.info/charts/trade-volume?daysAverageString=7
1148  Bitcoin / Development & Technical Discussion / Re: The minimum transfer fee is not trivial anymore on: March 31, 2013, 10:28:52 PM

Has anyone had ideas about if/how a user could choose a particular miner, or basically somehow influence transactions to go to a particular pool with a statistically relevant preference?

The reason I ask is that there really are far fewer mining organizations than I would have hoped to see at this phase of Bitcoin's lifecycle, and few enough so that collusion seems like a distinct possibility under the right set of circumstances.  If the userbase could punish mining organizations who might be discovered to be engaging in collusion or otherwise acting against the best interests of the economy it could be a balancing force.  And possibly a healthy one.

Transactions are relayed to all peers, so I'm trying to figure out what you are asking.

Are you looking for a way to broadcast a transaction only to a particular pool and hope that the one particular pool will not relay your transaction with its peers and instead be the recipient of the fees when that pool eventually includes that transaction in a block?   Thus your "punishing" is simply denying the other pools of the fees?
1149  Economy / Trading Discussion / Re: Why Polish bank accounts? on: March 31, 2013, 10:20:59 PM
It is the Bank Zachodni WBK S.A. in Poland belonging to the Santander Group.

Which exchanges use that bank?  Just Mt. Gox, or does BITSTAMP use it also?
1150  Economy / Marketplace / Re: [ANN] LocalBitcoins.com - a location-based bitcoin to cash marketplace on: March 31, 2013, 10:15:09 PM
Are there any statistics available for Localbitcoins? i am interested in knowing how many trades, how much BTC/GBP and whether it is buy's or sell's are happening in my locale (UK).

Because an offer can stay published even after a successful trade of it occurs, even tracking the number of offers doesn't show how many trades or at what amounts in aggregate occurred. 

Currently there sequential number for offers is at 8030:
 - https://localbitcoins.com/ad/8030

The rate of growth of that number can give a rough picture of the growth rate trend, but few other conclusions from that metric can be made.
1151  Other / Beginners & Help / Re: Wallet - do I delete it? on: March 31, 2013, 09:45:55 PM
I'm sure I read that it is recommended somewhere whilst investigating bitcoin.

What you might have read is that if you have any old backup copies of your wallet.dat prior to protecting the wallet using the passphrase encryption that those old backups could still be used to spend the funds received to those addresses.

Even though you've now encrypted your wallet, the private keys used previously are still stored in the encrypted wallet -- they just are protected with encryption there now.  

So to protect even against the risk of loss due to those old backups, what you can do is spend the funds in your wallet to a brand new address from the same wallet after you've added passphrase encryption.    Then your old backups would not have any addresses that still have any funds on them.
1152  Bitcoin / Press / Re: 2013-03-31; TheVerge.com; Total Bitcoin value passes $1 billion on: March 31, 2013, 09:36:35 PM
There's no damn encryption used in Bitcoin.

You are correct when referring to the Bitcoin protocol (which was the context of that excerpt).

But just to clarify your statement, in the Biticoin-Qt/blitcoind client (and most others) there is encryption.  For example:
 - http://en.bitcoin.it/wiki/Wallet_encryption
1153  Other / CPU/GPU Bitcoin mining hardware / Re: Best advice for someone wanting to get serious about mining alt coins? on: March 31, 2013, 09:12:45 PM
I don't really have faith in scypt and litecoin yet

You don't have to ... as every litecoin can be converted to bitcoin (or fiat) after it is mined.

But it sounds more like you are interested in speculating (paying for the electricity out of pocket and holding the coins you mined) than you are in just whatever profit can come from selling the coins as they are mined and profiting from the revenue minus expenses just from that alone.
1154  Bitcoin / Technical Support / Re: bitcoind listunspent for account on: March 31, 2013, 08:36:05 PM
Is there a way to get all addresses associated with an account?

You can use
 listaddressgroupings
to get all the addresses in the wallet and then getaccount to determine which account each address is in.
You could filter that with the ones you already know from getaddressesbyaccount and that would leave a smaller list (just of change addresses that exist for all accounts).
1155  Other / Politics & Society / Re: Offensive anti-Bitcoiner Bill Still just lost a fan on: March 31, 2013, 12:32:15 AM

He uses a lot of big words that he himself does not understand. 

Nor can anyone else understand it.

"This is the only way we can beat [the money masters is] for each of us contribute a little bit now. You can make a lot of money trading in bitcoins, but ultimately will that satisfy you in the end when in so doing you are neglecting the real source of human political freedom?"

 Huh     Huh      Huh
1156  Bitcoin / Press / Re: 2013-03-30 Market-Ticker (Karl Deninger) - Bitcon: Don't on: March 31, 2013, 12:14:44 AM
For many years I've made sure that every one of Karl's posts are in my daily list of required reading.

And the previous post of Karl's is a video by former Presidential candidate Bill Still  (Libertarian Party) who weighs in on Bitcoin:

 - http://www.youtube.com/watch?v=qDgnu5B1SJM

Offensive anti-Bitcoiner Bill Still just lost a fan
 - http://bitcointalk.org/index.php?topic=161325

1157  Other / Beginners & Help / Re: what is killing bitcoin by drastically deflating it? on: March 30, 2013, 11:50:15 PM
I guess, that would be frustration - more $ could be made by doing nothing.

 Huh     Huh
1158  Other / Beginners & Help / Re: what is killing bitcoin by drastically deflating it? on: March 30, 2013, 11:01:05 PM
but thats terrible news for people who sell stuff and would like to accept bitcoin...

A few weeks ago a merchant that sold an item for $100 dollars worth of bitcoins got paid about $100 dollars worth of bitcoin.  If that merchant then used those coins for making purchases or cashed them out, that merchant got about $100 dollars worth of value from them.

Today a merchant that sells an item for $100 dollars worth of bitcoins gets paid about $100 dollars worth of bitcoin.  That merchant can then use those coins for making purchases or cash them out and that merchant will get about $100 dollars worth of value from them.

What is the difference for the merchant between the situation a few weeks ago and the situation today?

Now if you are saying the merchant may not want to hold bitcoins at this higher valuation because the risk of the exchange rate decreasing, then there are methods for merchants to hedge, such as buying PUT options or to sell futures contracts on ICBIT, so that the merchant can "lock in" at today's value yet still hold that value in the form of bitcoins.  

Ideally though, the merchant will have vendors, employees and investors to pay so that bitcoin revenues can be used for that spending rather than simply getting cashed out to fiat as part of each transaction.
1159  Bitcoin / Press / Re: NEW articles in Press Forum on: March 30, 2013, 10:34:28 PM
2013-03-30 Market-Ticker (Karl Deninger) - Bitcon: Don't

 - http://bitcointalk.org/index.php?topic=162318.0
1160  Bitcoin / Press / Re: 2013-03-30 Market-Ticker (Karl Deninger) - Bitcon: Don't on: March 30, 2013, 10:33:52 PM
For many years I've made sure that every one of Karl's posts are in my daily list of required reading.

I'm not sure his point about using a throwaway EWallet being something that could be considered structuring.  We should never allow our natural right to financial privacy be interpreted as some violation of the law.
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