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1461  Bitcoin / Hardware / Re: Crowdsourced ASIC on: March 29, 2013, 10:10:32 PM
IMO Crowdsourcing would work better for buying bulk prefab ASIC chips (from Avalon, maybe helv in the future) and working from there; less risk if knowledgeable/experienced parties are involved. Vetting processes and possible recourse laid out in contracts etc...

August 9, 2012, forum user Friedcat describes investment opportunity for ASICMINER, which was to produce the chips to be mined by related organization MOORE mining.  $100K USD funds raised via GLBSE (equity crowdfunding), a record for a GLBSE raise, I believe, up until that time.

ASICMINER: Entering the Future of ASIC Mining by Inventing It

February 14th, 2013, ASICMINER running 2.0 Thash/s against BTC GUILD, with much more to com:

The first couple of weekly dividends on those ASICMINER shares were returning dividends of well over a third of the initial investment (in terms of BTCs dividend versus BTCs issued at).
1462  Other / Beginners & Help / Re: Micro-transactions unfeasible due to rising BTC value and competitive tx fees? on: March 29, 2013, 09:40:56 PM
Can only post here unfortunately.

Incidentally, the question on Reddit got a decent response:

1463  Economy / Trading Discussion / Re: Mtgox bank transfer withdraw USD? on: March 29, 2013, 09:35:07 PM
Anyone know the roughly the total cost to withdraw via bank transfer from mtgox? $1000? $10,000? Is it a flat fee or percentage?

Are you in the U.S.?  If so, withdrawing to Dwolla cost just $0.25 per transaction and then from there withdrawing to your bank is free (as an ACH transfer).

If you do a bank wire, it can cost a certain amount from Mt. Gox (roughly in the ~$20 range) and your bank may charge for an incoming wire as well (also about $20 or less).

There are multiple cash-out methods available to you:

Wire transfers may incur delays before Mt. Gox sends the funds out.
1464  Economy / Service Discussion / Re: Bitinstant bitstamp withdrawals down? on: March 29, 2013, 07:09:04 PM
Have I been doing too many bitstamp withdrawals lately?  The option seems to be gone.

I see it in the pull-down.

Also at the bottom it shows:
 "Dwolla LIVE | Paypal LIVE | All Reserves UP!"

1465  Economy / Service Announcements / Re: [ANN] - a location-based bitcoin to cash marketplace on: March 29, 2013, 06:56:47 PM
I don't know if I should attribute this to the stupidity of people or if that many people really assume they will automatically get 5BTC this way.

It is a numbers game.  Eventually someone won't know how the site works, and will click the wrong thing and send funds.   Easy money, if you are doing it from a Internet cafe in some developing country.

So I'd like to leave feedback (negative) in these cases, since it REALLY bugs me to get a dozen "marked as paid" SMSs a day.

Now that needs to be made possible to do.
1466  Economy / Scam Accusations / Re: Too good to be true? (SCAM) on: March 29, 2013, 06:45:53 PM
I have done the necessary to get my money back on paypal...i hope there will be not problems

Did you pay with a credit card or from your existing balance (or maybe Instant transfer from your bank?)
1467  Other / Beginners & Help / Re: The Bitcoin Rally Song on: March 29, 2013, 06:08:15 PM

I saw the Bitcoin address in there and nearly jumped out of my seat thinking that BandCamp was accepting Bitcoin for payment now.    Then I realized it was showing because it was in your description.

Catchy tune!  And the price bumped up a little while I was listening, so I'll hold off from overplaying it until we need the help.   Smiley

1468  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.]
1469  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?
1470  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:
1471  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.
1472  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.
1473  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.
1474  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.
1475  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.]
1476  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?
1477  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).

1478  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.
1479  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.

1480  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.
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