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1381  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:

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).
1382  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.
1383  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.
1384  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:
1385  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?
1386  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?
1387  Economy / Service Announcements / Re: [ANN] - 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:

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.
1388  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.
1389  Bitcoin / Press / Re: 2013-03-31;; 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:
1390  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.
1391  Bitcoin / 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
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).
1392  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
1393  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:


Offensive anti-Bitcoiner Bill Still just lost a fan

1394  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
1395  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.
1396  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

1397  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.
1398  Bitcoin / Press / 2013-03-30 Market-Ticker (Karl Deninger) - Bitcon: Don't on: March 30, 2013, 10:30:05 PM
Karl Denninger, writes on Bitcoin:

The dealer can (and might) take steps such as using "throw-away" wallets to try to unlink the transfer from his person, but that's dangerous.  In all jurisdictions "structuring" transactions to evade money laundering or reporting constraints is a separate and unique crime and usually is a felony.  Therefore, the very act of trying to split up transactions or use of "throw-away" wallets in and of itself is likely to be ruled a crime, leaving any party doing that exposed to separate and distinct criminal charges (along with whatever else they can bust you for.)
Since the records never go away your exposure, once you engage in a transaction that leads to liability, is permanent.\
Because Bitcoin is not state-linked and thus fluctuates in value there is an FX tax issue.  Let's say you "buy" Bitcoins (whether for cash or in exchange for a good or service you provide) at a time when they have a "value" of $5 each against the US dollar.  You spend them when they have a "value" of $20 each.  You have a capital gain of $15.  At the time of the sale you have a tax liability too, and I'm willing to bet you didn't keep track of it or report it.  That liability never goes away as it was wilfully  evaded and yet the ability to track the transaction never goes away either!
Those who are using Bitcoin as a means to try to foil currency controls or state prohibitions on certain transactions are asking for a criminal indictment not only for the original evasion act itself but also the possibility of a money-laundering indictment on top of it, and the proof necessary to hang you in a court of law is inherently present in the design of the currency system!
I do not now and never will support Bitcoin or its offshoots, nor will I accept and transact in it in commerce.  I prefer instead to effort toward political recognition of the duties that come with the privilege that is bestowed on a sovereign currency issuer in the hope of solving the underlying problem rather than sniveling in the corner trying to evade it.

1399  Other / Beginners & Help / Re: decisions decisions... on: March 30, 2013, 09:54:38 PM
So we can come to the conclusion that mining is not really a good idea for me (I was talking litecoins remember)

There are temporary imbalances like right now where mining is very profitable (for either Bitcoin or Litecoin).  But that situation can rapidly change because as additional hashing capacity comes online to take advantage of this profit opportunity, difficulty goes up.  Unless the LTC/USD exchange rate rises at the same level, profitability starts to drop.  It can even go negative (where you are paying more in electricity than the value of the coins mined). 

Now some miners have the ability to pay for the electric bill with their fiat (e.g,. dollars) and then not spend the coins they mine.  Then when the exchange rate goes up, they find fantastic gains by selling all their mined coins at a lofty valuation compared to the cost.  But other miners don't have the ability (or desire) to speculate by paying the electricity out-of-pocket and instead sell their mined coins as they are earned.  If the exchange rate spikes, they really don't see much gain because the difficulty generally spikes (Bitcoin's difficulty generally had perhaps abut a month or so lag behind the price).

So if you are looking to profit, you need to consider your competition.  You will be mining and likely having to sell your mined coins to pay for the electricity.  You will be competing against miners who are using rigs that have already paid for themselves from Bitcoin mining, and people who are paying the electric bills with fiat with the expectation that the exchange rate will be rising, so they aren't necessarily going to power down their rigs once mining gets to be unprofitable (which has happened in the past, and likely will happen again at some point).

One protection is that you would still have the hardware that can be sold (or used for other purposes) should Litecoin mining not pan out financially.

1400  Bitcoin / Legal / Re: I just got off the phone with FinCEN on: March 30, 2013, 09:29:19 PM
What if you are selling the coins you mined to MTGox, who is a licensed money transmitter?  (In this case i'm assuming a that you are NOT a money transmitter)

Mt. Gox is not today a licensed money transmitter in the U.S.   

But even if they were, do you as a miner have an agreement where you are an agent of theirs?   If not then it wouldn't matter where you sell your mined coins.

FinCEN's guidance is pretty clear.  If you convert your mined coins to currency (or value that substitutes as currency) then you are a money transmitter.  It is baffling, but yes -- that very restrictive definition is how they chose to interpret legislation regarding the transmission of money.
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