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1481  Bitcoin / Bitcoin Discussion / Re: FinCEN addresses Bitcoin on: March 21, 2013, 09:45:36 AM
US based pools will be probably required to collect a lot of information from miners and miners will not accept this => I worry that US based pools will be hit the hardest by the FinCEN guidelines => they will go offshore)

FinCEN has extended their reach to include MSBs serving those from the U.S. regardless of where in the world the MSB is based:

In addition, an entity qualifies as an MSB based on its activity within the United States, not thephysical presence of one or more of its agents, agencies, branches, or offices in the United States. This requirement arose out of the recognition that the Internet and other technological advances make it increasingly possible for persons to offer MSB services in the United States from foreign locations. FinCEN seeks to ensure that the BSA rules apply to all persons engaging in covered activities within the United States, regardless of their physical location.

I'm wondering here ... if I mine at a pool then I am getting payout not with newly mined coin but from the pool operator's wallet.    The pool would be, in that instance, the recipient of the "created" coin.  Now the pools that payout generated coin directly to the miners (e.g., Eligius), then that's different.

But this could turn into something that becomes something of a threat to Bitcoin.

If a pool wants to avoid serving those from the U.S., that means it would then need to know where the miner is from.  A pool would then be unable to serve miners who remain anonymous then, unless the pool follows the steps like online casinos follow where they block IP addresses for those trying to access the service from the U.S.   But that means no Tor access either.

So this becomes a choke point where FinCEN regulations could be used to seize equipment at a pool for sending payouts to miners in the U.S. where neither the pool nor the miner have registered as MSBs as money transmitters.  The only protection from this is for the pool to verify ID of all miners.

This may not have been their intention or it may be their tactic to prepare the battlefield.
1482  Other / Beginners & Help / Re: Bitcoin-QT: System Error: Database Corrupted on: March 21, 2013, 08:53:43 AM
Am I correct in understanding that I don't need to worry about that with Bitcoin-QT?

Bitcoin-Qt provides the (optional) step for passphrase encryption which will encrypt the private keys in the wallet.
1483  Other / Beginners & Help / Re: Safe computer with safe system on: March 21, 2013, 08:42:01 AM
How many of You, would like to invest in computer with guarantee of safety (or just very, very safe)? There is no totally safe computers (with safe system) ready to buy on the market.

There are a number of computers and operating systems that are secure for running Armory offline -- Armory builds are available for Windows, Mac and Linux.   Any LiveOS is considered secure for loading and printing BitAddress paper wallets.

It is the connected computing systems that carry the risk.    With those, bitcoin's primary line of defense (passphrase encryption) can be bypassed with malware that performs keylogging.  All operating systems for consumer or small to medium business (SMB) use are vulnerable to malware such as keylogging software either due to exploits or due to user not following security measures that are adequate.

What do you think about idea: having computer only to work, invest, storing important data, etc.?

A separate computer ins't always necessary.  For the example earlier, a LiveOS boot allows a system to serve as a secure device for running a Bitcoin client in an offline configuration (e.g., Armory) or to create paper wallets (printing from BitAddress).   

There is much progress on Bitcoin-specific hardware wallets:
1484  Other / Beginners & Help / Re: Almost gave up on Bitcoin on: March 21, 2013, 01:11:42 AM
So, I have a question:
Why is the processes of getting started with using/mining Bitcoins being kept so user-unfriendly?

You seem to think that mining is some golden ticket to riches.  

Nearly every purchase of mining hardware has lost money for the person mining, especially when including the effort (labor).

What I mean by that is that had each person instead put that money into buying bitcoins instead, that person would today have more coins than that person has since received from mining (including coins that would be obtained by liquidating the investment in mining hardware, at today's values).

So in terms of bitcoins held in-hand today, mining has been a money-losing proposition for most everyone(1).

Ask all those people who sent in nearly 200 BTC for their BFL single's back in June 2012.  Will those people be recouping their 200 BTC?   Well, once that hardware ships we'll know what difficulty levels will be and how much they'll earn, but they probably shouldn't expect anywhere near 200 BTC.

Now to purchase that hardware they paid an amount worth about $1,300.  Will they get $1,300 worth of bitcoins (after expenses) from it over its lifetime?  Probably.  Right now it only needs to mine 22 BTC to get there.    Would those miners have preferred their 200 BTC right now?  Sure, but that includes the benefit of hindsight.

So that's one reason mining isn't being given the "hard sell" -- there are skills required and risks taken and that isn't something for everyone.

(1) - The exception are those who have already received their Avalon ASICs or shares of ASICMINER -- they are doing better on a per-bitcoin invested basis than had they simply held onto their bitcoins.  
1485  Other / Beginners & Help / Re: Bitinstant -> MTgox problem funds not showing up on: March 21, 2013, 12:40:19 AM
i thought that it would give me a coupon code for mtgox

So, for them to have been able to deposit it into your Mt. Gox account means you would have needed to have entered your Mt. Gox account number.   Do you remember doing that?  If not, then there will be some manual followup work from you to get your Mt. Gox account number to them so they can apply the funds correctly.

Either way, there is a support thread for these inquiries where you'll want to post to get a faster response (they probably aren't hunting around the Newbies forum board looking for customer support inquiries).

Official BitInstant Support Thread (Active Customer Support)
1486  Other / Beginners & Help / Re: As a new user, problems I see with bitcoin on: March 20, 2013, 08:41:24 PM
1) I thought about accepting payment for real work with bitcoin: will never happen at the moment. Reason why? way too volatile. How can I expect a client to change $20 000 into bitcoins for an invoice, and then by the time they have to pay maybe 24 hours later, bitcoins exchange rate has moved 10%

That's where something like Coinbase works well.  It is essentially like using a USD credit line so you can lock in the price now and the USD funds settle (when the ACH is completed) a few days later at which time the buyer gets the BTCs.  All for a 1% fee.  (The main problem is the maximum per-day amount that you can buy, until you've passed the 30-day probationary period).

if you are trying to introduce a medium of exchange [volatility is] not good

But since a merchant can use a payment processor to insulate from volatility, the exposure to exchange rate risk is then the consumer.    If the consumer can only purchase the item with bitcoins, then they are going to be acquired right at about the time the purchase is made, so that person doesn't have much exposure.  Those who have bitcoins but don't wish to be exposed to the exchange rate risk can convert those to USDs at an exchange (without withdrawing) and then simply buy bitcoins back right at the time they are needed for purchases.

No doubt, price discovery is a brutal for bitcoin's role as a medium of exchange.  10% day-to-day moves have not been that common so don't assume every day will be like this.   They will happen, but not day after day, and not all in the same direction.  In the meantime, fortunately bitcoin has other things going for it as well (user-defined anonymity, non-reversible transactions, low fees, no restrictions on usage, etc.) that it will continue to be used widely in commerce, and the currency will continue to spread such that 10% moves will someday be very rare.
1487  Economy / Lending / Re: Why is nobody shorting BTC on: March 20, 2013, 06:40:26 PM
I was just noticing that nobody seems to be taking up short positions on BTC here. Does everyone believe that from here on out it's only going up?

For anyone else who stumbled onto this thread thinking it might actually have to do with shorting (incidentally, the correct title for this thread should have been "Why is nobody interested in my loan request"), there are several ways to short.

Right now there are bids on futures contracts above $70 on ICBIT (for BUM3, the June 15th 2013 settlement).   So that's like selling today at $70+ but you would then wait until June 15th to get the cash for that.  The contract with the Sept. 15th 2013 settlement has bids above $75 right now.

And there are other methods for going short, including writing CALL options or buying PUT options on MPEX.  And there's also  Bitfinex.   1Broker isn't offering BTC/USD anymore though.  When CoinSetter launches they say they will have this.  

[Caution though, shorting involves counterparty risk and other factors.  Please perform due diligence.]
1488  Bitcoin / Technical Support / Re: Encrypt private key on paper wallet using on: March 20, 2013, 05:58:55 PM
So I would like to have the printed private keys encrypted with a passphrase. What would be the best way to realize this?

Wait for the next release of BitAddress.

Or, take your chances with the version that has not yet been vetted by the community as being safe.  If you know javascript and cryptography you might be qualified to make that conclusion yourself, but for now it is getting that vetting.

From another thread:

I changed the colour to blue for encrypted paper wallets to provide distinction between encrypted/unencrypted paper wallets - a version in the original yellow is included in case you really like yellow, just delete 'note_encrypted.png' and rename 'note_yellow.png' in its place.

This solution (encrypted paper wallets) robably isn't ready for prime time, but give it a few weeks and that will probably become a very good method for offline / long term savings that is secure.
1489  Economy / Gambling / Re: [BITLOTTO] Mar 1 draw over $2000 or 50BTC! Tickets now 0.1 BTC for Apr 5 on: March 20, 2013, 04:46:18 AM
Not really cool Sad

Yes, this is an uncharacteristically long delay, especially with no further updates since the 7th. 

The funds are still unspent though, so don't lose hope:
1490  Economy / Trading Discussion / Re: Buying 100-200 Bitcoins from Europe on: March 20, 2013, 04:39:14 AM
What about a bank wire to Mt. Gox. and then buying the Bitcoins through them? Would that be a stupid way to buy the BTCs?

No, that's fine.  You had asked about cheaper alternatives.  A SEPA wire to Mt. Gox (bank in Poland) is fairly inexpensive and probably nearly as fast as an international wire to their other bank would have been.
1491  Bitcoin / Legal / Re: List of court cases, complaints, regulatory actions, etc. on: March 20, 2013, 04:16:03 AM
Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies
March 18, 2013
Location: USA

Abstract: The U.S. Dept. of Treasury's FinCEN has provided its guidance relating to virtual currencies (presumably including Bitcoin).


Further discussion here:

FinCEN addresses Bitcoin

Today, we are all money transmitters… (no, really!)
Patrick Murck, Bitcoin Foundation general counsel
1492  Bitcoin / Technical Support / Re: What is the safest way to import paper wallets? on: March 20, 2013, 04:04:41 AM
When I want to transfer them to, say, another cold wallet, how would I proceed to do that in the safest possible way consistent with the safety steps I have already taken?

You could try creating a raw transaction and bringing the signed hex string result over to any machine and push it to the network.  You would first need form the network the transaction hash, index and amount that funded your paper wallet.  
(That is both powerful and dangerous -- you could easily typo and end up sending the wrong amount to the miner in fees, for example)

A safer way is to use Amory and do so offline:
I would also like to know what the safest way to import wallet.dat files which also have never been in contact with the Internet.

Well, with an offline Bitcoin-Qt you could do a raw transaction (by finding out all the unspent transaction outputs) -- again, risky.  

Or you could ... from an offline system run Bitcoin-Qt and export the private keys, and then import them into Armory offline (and create a spend transaction from there).

Sorry there aren't more user-friendly methods for securely redeeming paper wallets/private keys.  But Armory does have a lot of fans.
1493  Other / Beginners & Help / Re: "Transaction is over the size limit" On ALL of my transactions? on: March 20, 2013, 03:47:38 AM
So for the full year of using bitcoin, I have only had ONE, Not oversized transaction, and with the rise in price, the fees are really starting to add up
Why are All of my transactions, Be it 1btc or 1satoshi, Are all "over the size limit"?

From another thread:

A better catch-all English translation:
"Due to the use of recently received funds, the size of this transaction in KB, or the transaction amount, a fee of 0.0xxx is required to ensure your Bitcoin transfer is reliably processed. Proceed?"

It's simply the result of you engaging in activity that is sending you tiny bits of coins, or you trying to spend small amounts of coins right after receiving them.    Bitcoin isn't a microtransactions network.  Neither is PayPal or Dwolla.  

Dwolla charges $0.25 unless the amount $10 and under then it is free, but the minimum you can send is $1 USD.  PayPal charged $0.30 + 0.29%.

the fees are really starting to add up

I'm betting that compared to PayPal or Dwolla they are pretty trivial.  Like 0.0005 BTC?  (worth three U.S. cents).    

Now if they are higher amounts, like 0.01 BTC, that's because it is pulling together a ton of small bits.

If they are a significant problem you can try importing your private keys into and from there spend "Custom" where you can choose what fee to pay, ... though your transaction might hang as unconfirmed for a long time if you choose too small of an amount.
1494  Bitcoin / Technical Support / Re: "Error opening block database. Do you want to rebuild the block database now?" on: March 20, 2013, 01:27:56 AM
LevelDB read failure: IO error: C:\Users\User\AppData\Roaming\Bitcoin\chainstate\041412.sst: Could not create random access file.

Is it possible your disk is full?
1495  Other / Beginners & Help / Re: Best card/build currently for bitcoin mining? on: March 20, 2013, 01:23:32 AM
I get free shizzz so can anyone name me off some cards and/or builds that are low in watts but high in hash's?

There's maybe three or four weeks left before any GPU miners remaining will be shutting down thanks to ASIC.

Are you sure you want to be putting any time into something this close to sunset?
1496  Other / Beginners & Help / Re: Partial Fill orders and commissions on MT.Gox on: March 20, 2013, 01:20:11 AM
then rinse and repeat until all shares are sold or the remaining order is cancelled. Is this how it works?

1497  Economy / Service Discussion / Re: MtGox private key sweep function on: March 20, 2013, 01:18:28 AM
How long is the wait ? I can see the transaction already has 8 confirmation on bc.i while still not showing up in my MtGox account.

There's a handful of complaints on the forum, and another handful on IRC reporting transfers are not getting credited.

You can open a ticket on their support so they don't forget about you, but it being a holiday (Wednesday) in Japan it could be a bit.
1498  Economy / Service Discussion / Re: CoinBase won't send me my BTC [NOT THE FRAUD CHECKING] on: March 20, 2013, 01:16:09 AM
Well, this happened to 3 people.  It would be a hell of a coincidence.

Performing some database upgrades!  Apologies for our downtime.  We will be right back.
1499  Economy / Service Discussion / Re: Coin Base Glitch on: March 20, 2013, 01:15:08 AM
somethings going on i been waiting 24 hours for a transfer and they dont reply to emails

Performing some database upgrades!  Apologies for our downtime.  We will be right back.
1500  Economy / Service Discussion / Re: BTC error. (READ) on: March 20, 2013, 12:49:06 AM
I am having some problems with my MTGOX account. I already credited it my mtgox account with 8-9 btc's.
And the transactions have like 10-11 confirmations. BUT still havent gone anything credited to my mtgox account.

That's the problem with a hosted (shared) E-Wallet.  The only party who can do anything is the party that controls the wallet.  In this case it is Mt. Gox.

There is one additional support channel you can try, but I already see others asking there with no response:
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