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1421  Bitcoin / Legal / Re: How to file your taxes with Bitcoin Income? on: March 29, 2013, 05:30:41 PM
I'm a student claimed as a dependent, with minimal income yielding $0 tax.

At certain income ranges you don't even need to file a return.  Though if you need to report capital gains I'm not sure if you can avoid it.    The threshold is $400 for net self employment income.  


If you claim the mining income as revenue then you can deduct the electricity and amortize the hardware cost (instead of Section 179 expense since you wanted to depreciate over multiple years.)

And the current estimated value of BTC has nothing to do with anything until its converted to fiat right?

Either cashed out or spent or gifted even.  


[Disclaimer, I am not an accountant.]
1422  Other / Beginners & Help / Re: [ANNOUNCE] ZIGGAP now offering Cash Bill Pay as a payment method! (Walmart, CVS) on: March 29, 2013, 04:42:57 PM
This is a limited test run with a certain amount of Bitcoin while we work to refine our processes.

Did this completely replace the cash deposit option at any bank then?
1423  Economy / Trading Discussion / Re: Easy way to get cash into bitcoins on: March 29, 2013, 04:41:16 PM
Ok a while back I recall someone getting a processing system going wherein you can take cash to a place like Walmart, and buy something that can then be transferred into MtGox or into bitcoins directly or something.  Well I ignored it for a while, but now that I'm interested again and can't find this information.
For that matter, anyone else have an easy way to either transfer via ACH, or Credit Card, or cash to a reputable bitcoin exchange?

You are referring to ACH so presumably that means you are in the U.S.   If so the suggestions so far are good, Coinbase, up to $100 per drawn from your bank account, until you have 30 days then it can get bumped to a higher limit.    You don't get the coins right away but the exchange rate is locked in (with the presumption there that they don't determine it to be "high risk" and cancel it between after you started waiting and when their deadline for delivery arrives).

BitFloor, cash deposit at Bank of America (no account needed there) or online if you have an CapitalOne 360/ING account.

A method using Dwolla is likely the cheapest, though there too you are stuck during a starting 30-day probationary period before you can use the funds for deposit to a Bitcoin exchange.  Once you are past that though it work great, just $0.25 per-transaction.   The exchanges that take Dwolla currently are Camp BX and MtGox, and more are coming.

There might be some other methods that work for you as well.  Ziggap is down for maintenance at the moment but they have a cash deposit method through Western Union.

Here's the fairly comprehensive list:
1424  Bitcoin / Press / Re: 2013-03-29: Bitcoin Under Attack? Dwolla & Mt. Gox Both Hit With DDoS Attacks on: March 29, 2013, 03:49:38 PM
Seriously, was MtGox really under attack? It seemed more like the usual server problems.

Biggest DDoS (i.e., most bits per second thrown at them) in "ages" was the comment I read.  There was a lot of speculation in the #mtgox IRC channel about the possibly reasons why and when.
1425  Bitcoin / Legal / Re: Does FinCEN regulation legitimates MTGox redeemable codes? on: March 29, 2013, 02:23:25 PM
I would think these MtGox codes would fall under the same situation as a gift code. Almost every retailer around the country issues gift cards, they are not all registered as money transmiting businesses.

The retailer is an agent of the issuer (who is registered as a money service business and money transmitter).  Agents do not need to register, but the issuer does need to provide to FinCEN a list of every agent who sells the gift cards:

Am I correct? To cnotinue to operate as exchange they have to register as Money Service Busines at Federal level and that's it.

I think there are a lot of lawyers getting billable work from,,,,,,,,,, and,,,,,,, and others.

And that's just ones based in the U.S.,   FinCEN has made it pretty clear that if you serve customers from the U.S., the same registration requirements apply -- so include,,,,,,,, etc., etc, etc, in the list that would want to keep a close eye on how the U.S. law applies to them.  Or not.
1426  Bitcoin / Legal / Re: Does FinCEN regulation legitimates MTGox redeemable codes? on: March 29, 2013, 01:25:16 PM
If yes then they have to register as MSB or how? at Federal level or/and each state level too? or how?

There are not very many companies that are registered as money transmitters.   

Western Union, Moneygram, Amazon Payments, ADP Payroll, Blackhawk network (gift card issuer), Google Payments, Green Dot (Moneypak issuer), PayPal, Sigue (took over money transmitting role for Coinstar), Skrill (Moneybookers issuer), Travelex (travel foreign currency exchange), Xoom.

(and maybe a dozen smaller names as well.)

The reason so few are money transmitters is because each state has its own laws, many require bonding or minimum capital requirements, etc.

i.e., don't expect any "redeemable code" issuers like Mt. Gox, AurumXChange/VouchX, BITSTAMP, BTC-E, etc, to become licensed money transmitters.  And if any then do happen to become licensed, then don't expect the instrument to be used anonymously for amounts larger than the $500 range.
1427  Bitcoin / Legal / Re: Does FinCEN regulation legitimates MTGox redeemable codes? on: March 29, 2013, 12:51:22 PM
As long as exchanges have to comply as money transmitters does it mean that then they still can perform isueing and redeeming codes between customer's accounts?

In the U.S. a redeemable code that transmits value would probably be the same as "prepaid access", the term used now for stored value instruments. Issuing those requires a Money Service Business registration at the federal level and approval as a Money Transmitter in 47 of the U.S. states. (i.e., which none of the exchanges are likely in a position to do).

Now if this just impacts fiat-denominated codes (e.g., USD, EUR, etc.) or if it also would apply to BTC-denominated stored value instruments I have no idea.

Either way, Mt. Gox is no longer going to be issuing either MTG USD redeemable codes nor MTG CAD redeemable codes to anyone, from anywhere beginning April 10th, 2013.
1428  Other / Beginners & Help / Re: How to calculate profit on: March 29, 2013, 12:30:06 PM
That is slightly incorrect.......

You should state FPGA's bit-mining kit  from the major suppliers in not currently cost effective, the actual FPGA's can be had very cheaply on Ebay. and are cost effective when incorporated into a home brew system...

So you believe this line on the right hand side has finished rising then?


Because that spike is even before this metric ton of ASICs about ready to ship will start reaching the hands of thousands of some very anxious miners.

[Edit: So unless you personally will cover the balance between the cost of acquiring an FPGA today and the fraction of a bitcoin it will earn over the next year, then it might be best when you are handing out a prediction about new spending being "cost effective" that you clarify that with the disclaimer that nobody knows the future difficulty nor the future BTC/USD exchange rate to be able to make such predictions.]
1429  Local / Español (Spanish) / Re: Desesperado. No accedo a mi cuenta de blockchain on: March 29, 2013, 12:20:06 PM
This is a problem today for all Blockchain users with SMS / two-factor authentication

[En Espanol, via Google Translate] Este es un problema para todos los usuarios hoy Blockchain con SMS / autenticación de dos factores


Update:  it's been over 5 hours and no response - still locked out of my wallet due to not receiving the SMS codes, and now it's stuck on "changing wallet identifier" ... am I the only one having issues?
1430  Economy / Service Discussion / Re: What can someone do with a blockchain wallet backup? on: March 29, 2013, 12:16:18 PM
Say I have for my blockchain wallet 2nd factor, very complex pw, second very complex pw. Someone breaks into my email account that has the backup, what can they do?

That is AES encryption, so you are pretty safe unless you happen to operate on a compromised system (e.g., with keylogger malware) or that person that broke into your e-mail account was your friend and instead of texting someone with her phone while sitting next to you she was instead filming you as you entered your two passwords.

Second passwords are not a form of two-factor authentication (2FA).

1431  Other / Beginners & Help / Re: Historical question: were any Bitcoins premined? If so, how many? on: March 29, 2013, 12:01:06 PM
Ha, Windows.  That's probably why I remember reading that it was a little bit of a hassle early on ... for Linux and Mac users.

The code wasn't easily compiled and built, there was nearly no documentation, etc.
All the libraries used are cross-platform, so there's nothing preventing future Linux and Mac builds.
1432  Economy / Service Discussion / Re: How to deposit cash into mtgox? on: March 29, 2013, 10:57:36 AM
I read somewhere you could use cash deposit at certain places (I had seen a wells fargo by me allows it) and then transfer to mtgox, but I forgot where I read that. Can someone explain to me the exact method? Also do I need to be mtgox verified for smaller transactions (few hundred) or for cash deposits?

For Mt. Gox, the only cash deposit method is through BitInstant, which accepts cash in the U.S. only at Moneygram locations (e.g., 7-11, Walmart, CVS, etc.).

For BitFloor you can deposit cash at Bank of America for credit to your BitFloor account.

1433  Other / Beginners & Help / Re: Historical question: were any Bitcoins premined? If so, how many? on: March 29, 2013, 08:54:52 AM
Did Satoshi release/open source Bitcoin publicly on the same day that mining began?

How interested might you have been in the following drawing?

At the time it was drawn, not many people were interested.  It did eventually make it into a publication though.

That was drawn by Charles Schulz, creator of Snoopy, when he was a child.

See back when Satoshi created Bitcoin, almost nobody gave a rat's ass about it.    It was a lot of work, from what I read, to try the program out.  The code wasn't easily compiled and built, there was nearly no documentation, etc.

But the project had been discussed in the cryptography mailing list months prior to the genesis block being created on January 3rd, 2009, and the first public release occurred less than a week after the genesis block was mined:

Eventually, others did join in.    

The June 2010 Slashdot article is when difficulty rose above to where there were more miners (maybe a few dozen prior to then mining regularly?).  Difficulty was 1 until February 2010 at block 38,304 -- when 1.9 million BTC had already been mined.
1434  Other / Beginners & Help / Re: How to calculate profit on: March 29, 2013, 08:26:17 AM
Which FPGA should I buy, and where ?

FPGAs purchased today are no longer viable mining hardware, after considering the capacity coming online from ASICs.  ASICs are just that much more cost efficient to procure and operate.

As far as calculating profit, that will depend on future difficulty and future exchange rate, neither of which is known yet.

If you have the specs for an FPGA you can calculate how much it will earn (gross revenue) at the current difficulty:
1435  Other / Beginners & Help / Re: Paper Wallet questions... on: March 29, 2013, 08:23:15 AM
1) When first generated and printed, the wallet is just a piece of paper? No connection to the blockchain, yes?


2) When a transaction is generated and Bitcoin is sent to the wallet address, it then is recorded on the blockchain?

Yes, that is the first that the Bitcoin network knows of that address.

3) When you merge a paper wallet with an online wallet like at, how does the receiving address confirm the private key printed on the paper wallet?

You "import" the private key into the  That private key is then no different from any other private key in that wallet.   The Bitcoin address is a derivative of the private key.    So it doesn't need to know the Bitcoin address, just the private key.

4) How do you merge a paper wallet directly into a QT client?

importprivkey yourPrivateKeyInWalletImportFormat

1436  Other / Beginners & Help / Re: Can sites like be held legaly responsible on: March 29, 2013, 08:18:59 AM
They skim fee's

They do?
[Update: Oh, ... if you mark the checkbox to have a "shared" transaction, which improves privacy, there is a fee.   Otherwise, the fee that is paid goes to the miner of the transaction, not]
1437  Other / Beginners & Help / Re: gold/silver far better than bitcoin? I hope you can prove me wrong. on: March 29, 2013, 08:17:06 AM
Anyone can buy/sell up to $10,000 in gold/silver with TOTAL anonymity.  You just walk into any coinshop and hand over cash.

Ok and 24 hours later my friend walks into that same coinshop with the same "$10,000 in gold/silver" that I just bought.  What will the coinship give him (other than a hard time)?
1438  Economy / Trading Discussion / Re: Tips for local transactions on: March 29, 2013, 08:12:44 AM
Here's a report of a face-to-face transaction gone bad.

In this instance, a person selling headphones through Craigslist was contacted and a face-to-face trade (at a McDonalds) was arranged.  Except it didn't go according to the buyer's plan and the seller left with both the headphones and the bitcoins:

I just got robbed blind of bitcoins - in person. I'm feeling like I've lost trust in the usability of the currency and looking for advice.
1439  Other / Beginners & Help / Re: Blockchain - how do i get out on: March 29, 2013, 07:19:20 AM
or is it because it doesnt have to?

Yup, there's some error correction in the address to make it rare that a typo would cause what was entered accidentally to end up being a valid address but there's no repository of addresses or any registration or anything like that.
1440  Other / Beginners & Help / Re: My bitcoin story - what can I do to help? on: March 29, 2013, 06:13:07 AM
Please let me know if you have any ideas. My specialities lie in data mining, text visualization, machine learning, and security informatics

Right now there is a huge problem with price discovery.  For instance, a little over two weeks ago, a $50 price was a lofty goal.  Today $90 seems appropriate.   Obviously, either they were wrong two weeks ago or we are wrong today.

One of the difficulties in determining Bitcoin's value is there is little useful data.  So things like "Number of /r/bitcoin Reddit users online simultaneously", or "Google trends" numbers are considered for speculation instead of things like a true "economic activity" metric.

This is a problem for governments where the economy operates significantly using cash (which could be used anonymously) and it is a challenge that will be returning thanks to Bitcoin.  Knowing how much economic activity is occurring with Bitcoin is going to become more and more valuable.  Right now so little of Bitcoin's value is based on the true demand due to economic activity that this metric is pretty much worthless today.   For instance, the largest Bitcoin payment processor is BitPay, which just reported they crossed the $2 million threshold for March.  Two million dollars.   Square does that much business for their merchants in a  few hours, and they are just a tiny blip in the payment card industry.

I don't know what approach would allow an economic activity metric to be measured accurately.   Governments can mandate reports (tax returns), and industry councils can request completion of periodic surveys from their members.   Bitcoin has neither ... for now.   Bitcoin does have a blockchain in which most bitcoin-denominated transactions appear in (not all do though ... a payment handled as a withdrawal from a Mt. Gox customer's EWallet to a Mt. Gox merchant might be handled internally by Mt. Gox's spend transaction, for example).

This is one area where a site spider could determine roughly how many sites accept bitcoin and based on how much traffic each site gets determine some rough trends that would be useful in determining valuations.

If this information were to be valued it could probably be sold privately (e.g. to subscribers), or maybe there is even a way it could be shared publicly.

Either way, multiple people will eventually be working on the "how to measure the Bitcoin economy" problem, but so far there hasn't been enough of an economy that many are working on it today.  That will be changing.
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