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2161  Economy / Service Discussion / Re: My friend has explained to me that Mtgox has some serious issues with processes! on: February 11, 2013, 12:28:02 PM
for a mere $50 US deposit this is how difficult the process is HuhHuhHuhHuhHuhHuhHuh?

If that was $50 USD sent via Dwollla, then you are probably not aware of the 30-day probationary period.  So even when Mt. Gox is ready, Dwolla won't send to them until your 30-day probation period has passed.

If you sent via wire, ... you got ripped on fees.

If you had read up, you could have deposited $50 cash at Chase and gotten funds credited at BitMe a few hours later, or next day at most, bought your coins and never had a need to "fume".
2162  Other / Beginners & Help / Re: Do you use Bitcoin for payroll? on: February 11, 2013, 11:34:07 AM
For those of you actually doing this, what are the challenges associated with paying people with bitcoins?

P2P Foundation offers to its employees the ability to have a portion of (or all of) their salaries payable in bitcoins.

Bitcoin Foundation pays salaries in bitcoins.   The compensation rate in BTCs is computed periodically (e.g., quarterly) and then the same amount of bitcoins as compensation is paid out each payday.  I don't know if the value for W2 is computed based on the exchange rate on payday or if it uses the rate at the beginning of the quarter.
2163  Other / Beginners & Help / Re: #ucking satoshidice on: February 11, 2013, 11:02:13 AM
IT just adding so much to my wallet client.

Bitcoin v0.8 is at release candidate stage.  In a matter of a couple weeks probably this will all be past history.
2164  Bitcoin / Mining / Re: The Thash rate looks to be creeping up on: February 11, 2013, 10:52:50 AM
Estimated   3458370 in 1127 blks
Is it a record projected difficulty?

That would just squeak past the record prior high, yes: 3,438,909

History of difficulties:
2165  Bitcoin / Legal / Re: New to speculation, how do i report losses/gains for income tax? on: February 11, 2013, 10:45:29 AM
Could someone please explain how this works to a newbie?

You'll want to maintain accurate records yourself.

More info:
2166  Economy / Economics / Re: How economy grow with a deflationary currency? on: February 11, 2013, 10:29:15 AM
With a deflationary currency, people have the tendency to hoard,

Even though the currency is still inflating at a little over 10% per year for the next year or so, there are people convinced that the future demand over these next years will cause the exchange rate to rise.  So they are holding their coins ("hoarding", as you describe it), and the exchange rate is rising.

it is harder for businesses to make money in this kind of deflationary environment.

If these people weren't investing in bitcoins they would be putting their wealth in something else.  But for now, they're taking this money they would have invested elsewhere and have put it in bitcoin and are not spending it on consumption.   They wouldn't have spent that money anyways .. .they are speculators and investors, and they invest with some of their income and wealth and use some for consumption as well.

If I am not mistaken, since the inception of Bitcoin economy, in this system, very few business has been more profitable than hoarders.

Agreeing with you 100% on that.  Yet nearly every day there's some type of Bitcoin-based venture launched.

So, if it's not good for trading, it's destined to be a tool for speculation?

Nope, because there still are reasons bitcoins are useful for spending.  What is the easiest way to send money to your favorite online gambling service today?   Bitcoin.   Bitcoin is the largest online payments system that works without participation of the banks, and thus gaming services use it without concern about funds being frozen.  How is BitcoinStore able to undercut Amazon and NewEgg?  Because they use the lowest cost payment network (fees about a penny or less) with no chargeback risk -- from customers anywhere in the world.  And on and on.  There will be people using bitcoins for the benefits of bitcoin.    Merchants will adopt bitcoin because there are bitcoins to be spent.  It matters not that some value of bitcoins will not be used in spending.  If you are concerned about that you are looking at the wrong side of the equation.  Or at least one there is no control over.  Bitcoin is not an academic study or theoretical concept.  It exists today.  If there will be huge amounts of value transferred into it, there will huge amounts of value transferred into it.  That's the way free markets work.
2167  Economy / Marketplace / Re: Escrow service? on: February 11, 2013, 10:17:18 AM
are there any professional ones?


Escrow list
2168  Economy / Currency exchange / Re: Any other US based CASH IN MAIL exchangers besides Bitcopia? on: February 11, 2013, 10:13:48 AM
Not that there's anything wrong with bitcopia, but it would be good to have a backup to sell coins for cash incase they go down.

In the U.S.?

Bitcoin to Cash LLC is offering the following services to the public:

Cash in the mail
Cash transfers to any Wells Fargo or Bank of America accounts
Cash deposits at your bank(if available in the area)(list below)

Bitcoin to Cash LLC (USPS, WF & BofA account transfer, or cash deposit)
2169  Other / Beginners & Help / Re: Good resource covering all the different wallet options? on: February 11, 2013, 09:56:49 AM
Can someone point me to a guide explaining all the different types of wallets that exist and the pro/cons of each?

- Full client: The client downloads and manages the blockchain
Examples: Bitcoin-Qt, bitcoind,

- Simplified Payments Verification (SPV):
Examples: MultiBit, Bitcoin Wallet for Android

- Mobile client to a back-end server.
Examples: Bitcoin Spinner

- Mobile hybrid client with a back end, but the wallet is stored locally.
Examples: Blockchain for Android, iOS

- Hosted (shared) E-Wallet:  Users have accounts with the service.  All private keys are owned and stored by the service provider.  There is a high risk without two-factor authentication.   InstaWallet, EasyWallet, and all offer "low security wallets" where simply knowing the URL is all that is needed to spend the funds.  Others require a username / password or other authentication credentials.
Examples:, Coinbase, Mt. Gox, etc. and even services that provide walleting for customer funds -- like bitZino.

- Hybrid E-Wallet: Only an encrypted form of the private keys are stored with the service.  The wallet is accessed from a local data store. 
Examples:  and StrongCoin

- Physical wallet.  Private key travels with a physical object.
Example: Casascius physical bitcoins, BitAddress paper wallet.

Some more information on several of these:
2170  Economy / Service Discussion / Re: My friend has explained to me that Mtgox has some serious issues with processes! on: February 11, 2013, 09:41:17 AM
At this stage my friend is on the verge of convincing me we can easily upstage Mtgox by opening our own exchange and flooring this disrespectful company in the way it most definitely deserves - Not my words.

There already are alternate exchanges -- but there is always room for competition.  Coinbase, for instance, isn't a market exchange but they now report a run-rate of seling one million USD worth of coins a month, with 1% fees (at least 66% higher than Mt. Gox's).
2171  Economy / Service Announcements / Re: [ANN] - a location-based bitcoin to cash marketplace on: February 11, 2013, 02:34:21 AM
The last two times that I've funded a transaction I've not received the e-mail notification that would include the SMS code to release the funds.  I can login to the site and get this but previously I was getting the message as an e-mail which I could access from my phone.

Is anyone else finding that this e-mail notification isn't arriving?   A later message after I release the funds (which includes the Verify code that I then give to the buyer) does go through so LocalBitcoins is sending those messages but it appears to just not be sending the one with the instructions for how to release via SMS.   I've checked my spam folder and these are not showing there either.

2172  Other / Beginners & Help / Re: How to convert a lot of USD to Bitcoins with minimal fees? on: February 11, 2013, 01:45:39 AM
I am new here and have been reading a lot but im not exactly sure where the best place to convert about $2000 into bitcoins would be with minimal fees.

Question:  What's worse, buying a BTC today at $24 and paying an additional $1 for the fee or buying a BTC tomorrow for $25 where there is no fee?

Of course, they are the same -- the end result is $25 either way.

If the exchange rate was stable you'ld probably want to go for the method with the lowest fees.    With the exchange rate rising, quick beats cheap.

But the factors relevant to providing the right answer to that include:

 - Where are you located (country)?
 - How much are you looking to buy?  [You answered about $2K]
 - What payment methods do you have available?
 - How soon do you need access to the proceeds?
 - Is privacy important?

A bank transfer is going to be the cheapest method. 

In the U.S. you can buy bitcoins at a 1% fee through Coinbase using a bank transfer.  The problem there is that they are limiting that to $100 maximum per-day.  You do get to lock in the price immediately though.

Dwolla is another inexpensive method to move cash from your bank account to a Bitcoin exchange (currently just Camp BX or Mt. Gox but they require you to verify your identity before they will credit your Dwolla deposit to your account.   The problem with that again is the amount of time involved as Dwolla transfers from your bank take several days.  But the price is right ... $0.25 per transaction.

A cash deposit method can also be inexpensive. doesn't charge for cash deposits.  The problem there is they don't have enough sellers at near market price, so you end up overpaying a little when buying coins.  That will change hopefully as more sellers trust them but for now that's the limitation:

Or you might find a local trade (paying cash):

Or if you are considering a bank transfer, there all kinds of options are available:
2173  Other / Beginners & Help / Re: Bitcoin named denominations on: February 11, 2013, 01:36:24 AM
so for now, I guess I will refer to:

.05 = 5 bitcents
.10 = 10 bitcents
.25 = 25 bitcents

when offering promotions

millibits is more commonly used.  Online gambling services like BitZino and others are all at the millibits denomination.  Ogrr has been using millibits as its currency unit for trades there for quite some time.   While bitcents isn't wrong, it probably isn't best.  But hey, this is bitcoin  Do what you want.

2174  Economy / Currency exchange / Re: Selling Bitcoins for Moneybookers on: February 11, 2013, 01:10:42 AM
Simple transaction.

If you can't find a trade here what you can do is pay for Second Life Lindens (SLLs) using Skrill/Moneybookers at VirWoX.  Then trade those SLLs for BTCs on their SLL/BTC market exchange:

2175  Bitcoin / Project Development / Re: Last will and testament on: February 10, 2013, 01:05:54 PM
There are plenty of possibilities..........

From another thread:
Getting closer here I think.

Real close.

So the encrypted paper wallet(s) go to family members.  DeadMansSwitch gets the decryption key, as does the trustee.  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.
2176  Bitcoin / Bitcoin Discussion / Re: Brains.. brains.. on: February 10, 2013, 01:04:33 PM
It's spreading..
I have a vps server for like 5 years now, with a hosting company ( tektonic).
Yesterday, when I logged in to pay monthly bill, bitcoin was listed as payment method. Guess what payment method I used?! Cool

That's great when a merchant you already use begins to accept bitcoin.    There are so many VPS providers that accepting Bitcoin is might be one of those "base requirements" for a VPS provider to remain competitive.

What is an opportunity that is being severely overlooked is for bricks and mortar businesses to become the first in their niche to accept bitcoins.  Here it is, several weeks into 2013 and I still couldn't pay for a burger in the U.S. except from less than a half dozen restaurants that accept bitcoins, for instance.

This is an opportunity for retailers to grab free media attention, save on transaction fees (versus payment cards) and grow their customer base (Bitcoiners will travel out of their way to try spending their coins for a 'real world'/bricks & mortar purchase.)

Right now there is a growing amount of bitcoins that active gamblers have accumulated waiting for the emergence of merchants who accept bitcoins.   There's going to be some merchants singing  bitcoin's praises thanks to the customers they gain being the first mover in their industry.
2177  Other / Beginners & Help / Re: How are BitCoins that are stored offline still tracked in the network? on: February 10, 2013, 03:02:28 AM
The ability to at some point in the future bring that money back into circulation seems like it could get rid of that problem.

"That problem" is not a problem to anyone except for the party who lost the funds.  Or do you have a different opinion on that?
2178  Economy / Speculation / Re: The Weekend Dip Myth on: February 10, 2013, 02:31:03 AM
It says to sell on wednesday and buy back on Saturday right? 

Not if you read the post one above yours.
2179  Other / Beginners & Help / Re: max addresses supported by a single wallet on: February 10, 2013, 02:22:06 AM
Is there a point at which you'd experience performance degradation?

With versions of the client earlier than the yet unreleased v0.8 the client had to do a ton or work with each spend and used a database that wasn't a great fit for the job.   With v0.8 the wallet.dat is still bdb, but a good chunk of the heavy lifting has been made easier by the switch to LevelDB.  So this means the problem with having lots of addresses and transactions in the wallet experience with versions prior to v0.8 should drop significantly if not disappear entirely.   I don't know if any benchmarks have been performed with v0.8 to know where the bounds are.  Under versions prior to v0.8, having as few as a thousand addresses with transactions caused behavior to range from "sluggish" to "unacceptable", depending on your hardware.

At some point in the future the client won't even use bdb whatsoever (not even for the wallet) anymore.

2180  Economy / Speculation / Re: Pump and Dump ? on: February 10, 2013, 01:39:59 AM
Maybe you're just trolling so you can keep accumulating:

Ha, that's classic (having one thread asking if it is a pump and dump -- presumably to help convince others to sell, and in the other thread be advertising a buy offer ... in which the rate offered is above spot market rates even).
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