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2161  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:
2162  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.
2163  Economy / Marketplace / Re: Escrow service? on: February 11, 2013, 10:17:18 AM
are there any professional ones?


Escrow list
2164  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)
2165  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:
2166  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).
2167  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.

2168  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:
2169  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.

2170  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:

2171  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.
2172  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.
2173  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?
2174  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.
2175  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.

2176  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).
2177  Other / Beginners & Help / Re: Unable to transfer wallet to new computer...or access it on my old! on: February 10, 2013, 12:14:22 AM
there was no wallet.dat on any of my bitcoin software anymore.

Windows hides by default the Application data directory so you won't see it unless unless you change the default settings for hidden directories and files.  You can still navigate to and access the directory though:

2178  Other / Beginners & Help / Re: Just lost 190 bitcoins through Mt. Gox on: February 09, 2013, 11:49:00 PM
So can you show me an example of someone that has used 2FA and has been rob?

It still requires secure computing.  If someone is sets up 2FA on a machine that has already been compromised or is compromised at a later time after setting up 2FA  (e.g., where the QR code that was scanned by Google Authenticator remains in the browser cache and is then obtained by an attacker) then there still could be a loss.

You also can't require 2FA cause not everyone has a smart phone, trust google, or can afford an yikuby key.

There is a javascript implementation so simply accessing from a second device (e.g., another laptop, for example) works without it being a mobile device:
Here is a fantastic guide: How to use 2-factor auth on mtgox, even without a smartphone (from a second device, of course, not from the same computer you log in on).

But with $40 mobiles and $80 tablets coming (or decent $100 no-contract smartphone mobiles and $150 tablets here now), there are more and more people already having a device that works adequately for 2FA.
2179  Economy / Economics / Re: should total valuation include coins not yet mined, ie just over half a billion? on: February 09, 2013, 10:41:13 PM
Since the minting of new coins is on a fixed schedule, would it make sense to count them all when doing a total valuation?

Time is the factor that matters.  Consider two years out, there will be 2.6 million more bitcoins issued than exist today, or about 25% more coins.  So it makes sense to discount the value two years from now by 25% to account for the currency inflation that will occur between now and then.  

So, if the total valuation is currently worth about $250 million USD, that means the market is valuing all bitcoins that will exist in two years at about $333 million USD (not including the carrying cost for those funds, so let's say $350 million).

Now is Bitcoin total valauation worth $350 million?

If Bitcoin only gaining traction for one tiny fraction of a giant market would cause it to have that valuation.   Online gaming is one of those such markets.   Remittance transfers is another.  

Over a year and a half ago, Rick Falkvinge described the level of potential and where it will likely occur:
2180  Other / Beginners & Help / Re: Made cash tansfer through zipzap and have not received bitcoins from bitinstant? on: February 09, 2013, 10:15:38 PM
any suggestions?? Huh Huh

Yup, post your inquiry in the BitInstant support thread instead:

Official BitInstant Support Thread (Active Customer Support)
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