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2721  Economy / Services / Re: Coinbase - Solid or not? on: December 01, 2012, 09:31:50 PM
Do they require me to give withdraw access to my bank account?
Or can I just allow them deposit only?

To use Coinbase for buying or selling coins you would link a bank account, just like you would with PayPal or Dwolla.  That link allows Coinbase to push funds to you as well as pull from you.  They do not provide a method to link for only pushing funds to your account.

They are a startup that has a lot investment backing (as far as bitcoin startups go).
2722  Economy / Scam Accusations / Re: Ebay Scammer on: December 01, 2012, 08:52:25 PM
Not that this will help anyone find who did it, but just to let you know that I got no help from paypal even though I sold the bitcoins with a tangible item and a delivery confirmation number

I'm just curious about the details here.  So the recipient had to redeem the funds?  (.e.g, Mt. Gox redeemable code, or private key, or Instawallet URL) that was delivered, or did you send the coins some other method?
2723  Bitcoin / Development & Technical Discussion / Re: Who have done between server connection of bitcoind and front end? on: December 01, 2012, 11:36:04 AM
I'm struggling with that for the last week and would appreciate if i can ask couple questions  to someone that has done that.

Can you be more precise with the question? 

Or, does this help?


Or this?

2724  Other / Beginners & Help / Re: Money made so far by mining on: December 01, 2012, 11:19:16 AM
2009 - negligible(correct if wrong)
2010 - negligible(correct me if wrong)
2011 - 52,500 blocks x 50 coins per block = 2,625,000 bitcoins x $35 USD = $91,875,000
2012 - 52,500 blocks x 50 coins per block = 2,625,000 bitcoins x $12.34 USD = $32,392,500

= $124,267,500 USD

Way, way off.   You are cherry picking the numbers.

The exchange rate never hit $35, and the $32+ that it did hit was only like that for part of a day.  Why would you use $35 in June 2011 rather than the $1.99 in November 2011?  

This is still off, as the weighted average prices are based on the assumption that the quantity of bitcoins were produced equally each day.  But it should be close.

2009 - 1,624,500 bitcoins X $0.01 USD = $16,245 (Estimate as no valid price data)
2010 - 3,396,000 bitcoins X $0.10 USD = $339,600  (Estimate as no valid daily price data earlier than Jun 2010)
2011 - 2,981,350 bitcoins X $5.34 USD = $15,920,409
Jan-Nov 2012 - 2,506,900 bitcoins X $7.80 USD = $19,553,820
Dec 2012 (estimate) - 111,600 bitcons X $12.50 USD = $1,395,000 (Estimate based on Nov 2012 closing price)

= $37,225,074 USD

(This is all assuming miners sell as the coins are earned, though many miners do save their coins and sell when the market pays higher levels, or never)

2725  Economy / Services / Re: Coinbase - Solid or not? on: December 01, 2012, 10:34:06 AM
when I read things like link below it just reminds me of MyBitcoin

Hm... let's compare:

Legal jurisdiction:
MyBitcoin: Nevis (supposedly -- no company information was ever revealed)
Coinbase: California Oregon  (development occurring in California)

MyBitcoin: Tom Williams (whoever that is, but that's what he claims: )
Coinbase: Investors including Y! Combinator, a leading business incubator

Wallet Security:
MyBitcoin: Ooops, peoples wuz stealin from us and we had no idea until the coinz wuz gone!
Coinbase: 87% of coins stored offline, keys, encrypted, in bank vault:


I'm not even going to go on, but you get the point.

Coinbase uses ACH bank transfers to move funds for your purchase of coins.   Coinbase gives you access to your coins after the ACH clears.   They are not generally sitting on your money for days without processing the coins.    ACH is slow.  It will be three or four business days.    Your only alternative in the U.S. to use ACH is Dwolla.   Guess what the biggest complaint there is too?   Getting cash moved from your bank account to Dwolla is slow ... it takes three to five business days.     Hey ... what a coincidence!   Maybe it isn't Coinbase or Dwolla that is the problem, but ACH instead?

2726  Other / Beginners & Help / Re: Will my graphics card be safe at these temperatures? on: December 01, 2012, 10:18:22 AM
I wonder if this is a good idea because I don't want to melt a graphics card that cost 200 when it was entirely avoidable.

Are you even sure it is worth mining with that?

Unless you pay like $0.07 per kWh or less, you will likely be losing money on each hash -- thanks to the halving we just passed.
2727  Other / Beginners & Help / Re: UK options for BTC to GBP on: December 01, 2012, 10:02:51 AM
What is the best way currently to convert bitcoins to GBP?

There are a few people who are simply trading over-the-counter, either by listing on #bitcoin-otc or through the forum, like this:

BTC for UK GBP Bank Transfer - 8 / coin. - 0% fee.

Bitcoin-Central now has a BTC/GBP market.  The problem is with liquidity, but that liquidity problem appears mostly to be a problem for buyers.  Sellers can find a bid roughly at where the BTC/USD is at Mt. Gox after considering the exchange rate for GBP/USD.  The withdrawal from Bitcoin-Central's French bank to you is where an expensive might be higher than you'ld prefer, but for a larger withdrawal transaction this may not be all that significant.

For smaller amounts (e.g., where wire fee isn't justified by the amount being transferred), VirWoX to Moneybookers is a method some people like.   FastCash4Bitcoins cash-out to PayPal is another.

Another method is currently unavailable but it may be re-opened at some point:

********** BUY / SELL BITCOINS UK *********
2728  Economy / Service Discussion / Re: BitcoinX Top 15 most hot topic ! on: December 01, 2012, 12:53:33 AM

Incidentally, if the URL has www., it won't work --- response is an HTTP 403 - Forbidden.
2729  Other / Beginners & Help / Re: Unable to get payload on: November 30, 2012, 10:44:32 PM
Have also checked spam folder and nothing in there

If it was the case of a typo in the e-mail address, hopefully it was not a valid e-mail address and nobody has claimed the funds.

And whether it was a valid address or not, if they are asked to redeem it to a different address, I could see there being a number of steps before acknowledging that simply because they need to ensure they are sending it to the right party.
2730  Other / Beginners & Help / Re: Unable to get payload on: November 30, 2012, 08:14:14 PM
Bought some coins a day ago received an email stating they have been sent and a link to the lockchain to confirm they have been. I got them sent to an address from but am still waiting for an email off them for me to collect payload. One thing that crossed my mind as the reason why I haven't received it is that I may have mispelt my email address on coinapult. I'm am yet to hear back from coinapult and am worried I have lost my coins :S

Can someone help me please?

You are describing two separate services here?

So it sounds like you are using Coinapult's e-mail wallet service.  So before you used the exchange service you first went to and put in your own e-mail address for the To: field. Then it presented you with the Bitcoin address to "Load Bitcoins" and that is what you later used with the exchange service?

Then at the exchange service where you bought coins you provided the "Load Bitcoins" address from Coinapult?   And then when you look at the blockchain you can see that the transaction from the exchange truly did occur (and confirm with 6 or more confirmations)?

If all that is correct, then yes -- Coinapult would have received your coins and normally sent off the e-mail with instructions to access that wallet.

If the funding transaction from the exchange has confirmed (and you said it was a day ago, so that likely has occurred) and you didn't receive any e-mail from Coinapult, the most likely scenario is that the message is in your spam folder.

If that isn't the case, then if you suspect there is a possibility is that you made a typo on the e-mail address, or any other reason, your next step would be to contact Coinapult support:

2731  Bitcoin / Mining support / Re: What do I need to do to mine using TOR? on: November 30, 2012, 10:07:06 AM
You need to use the standard 'official' bitcoin wallet and change its proxy settings to use Tor and then mine using P2Pool as your mining client.

2732  Other / Beginners & Help / Re: absolute noob on: November 30, 2012, 10:04:49 AM
Also if you could point me in the direction of some tutorials that would be great.

2733  Bitcoin / Bitcoin Discussion / Re: Bitcoin Foundation succeeds at lobbying Valve to use Bitcoin as ingame currency? on: November 30, 2012, 09:47:36 AM
Well, if the Bitcoin Foundation can't make this happen then they should just disband.

The Bitcoin Foundation is not the Bitcoin business development and marketing agency.

Also, you worded your title as if it was news (something happened, past-tense).   Unless you are intentionally trying to deceive people, adding a question mark to the end of the title is the least you could do for a scenario like this.
2734  Other / Beginners & Help / Re: How do I verify that my wallet.dat file is not damaged? on: November 30, 2012, 09:40:28 AM
5. What if my computer crashes or there is a power failure while the wallet.dat file is being modified by the bitcoin software?

The database system for the wallet is BDB.  i has crash recovery and will in most instances be able to recover automatically.  If it rolls back from a failed attempt to try to write a transaction, that transaction probably didn't get broadcast and thus can disappear without any problem.   If it did get broadcast but the crash prevented it from being stored in the wallet, then the node will learn of the transaction from peers in the network  or worst case, learn about it once there is a new block.

2735  Other / Beginners & Help / Re: Paying taxes on Bitcoin income on: November 30, 2012, 09:29:43 AM
Do people do this? Is it required? Does this count as "gifts" or "barter" or "income" or expensable/are bitcoin donations converted to fiat amounts tax-deductible if you donate to a bitcoin charity?

What "Bitcoin income".

From mining?

From selling something where you take bitcoins for payment?

From gains realized from speculation?   Is this long term gains (one year or more) or short term (less than a yaer)?

All have different treatment.

2736  Bitcoin / Press / Re: 2012-11-29 - Dollar-Less Iranians Discover Virtual Currency on: November 30, 2012, 08:27:03 AM
Rafigh has translated some bitcoin software into Farsi for his friends.

Presumably, that was the Farsi translation of Multibit that the article is referring to:

Thanks to the efforts of techmix and mohammad_rafigh there is now a Farsi translation of MultiBit. They will share the bounty on this translation work (pro rata on number of terms done).
2737  Other / Beginners & Help / Re: Ukash sek to bitcoin exchange? on: November 30, 2012, 07:20:58 AM
Have SEK vouchers Ukash.. Need bitcoins.. Please contact me at if you're able to exchange. Can pay 10% over mtgox weighted average SEK. contact please, not active here anyhow.
Got a couple of 1000 SEK flowing in every week, need someone reliable..

Does either BitcoinNordic or MercaBit accept these?
2738  Economy / Currency exchange / Re: BTCPak - Exchange your Bitcoins for MP [$100, $250, $500 and $1000 MPs] on: November 30, 2012, 06:05:08 AM
Mt. Gox green address, or through the mixer, you receive the MoneyPak code within minutes. 

ORLY?   That's awesome!   

I was going to suggest some sort of wallet so that the MoneyPak code could be acquired within minutes.   So a green address solves that.

Though I have no idea how the mixer would be protected against a Finney attack though.  This is a perfect example of what not to do.  When mining, include a transaction that spends to self.  If a block is solved, hold the block and the transaction without broadcasting.   Send a 0/unconfirmed to a, then send payment to BTCPak through the mixer.  Wait a few seconds until BTCPak shows payment and reveals the MoneyPak code.  Then release the mined block which double spends the coin.


I'm suspecting there must be something I'm overlooking with how you are notified by the mixer, or something.
2739  Other / Beginners & Help / Re: Bitcoin Pawn? on: November 30, 2012, 04:55:55 AM
Actually, sounds like a coo new service.

It has been on a drawing board at least twice that I know of.  Here's one of them:

A pawn shop might offer to loan an amount maybe 75% of the value of the collateral, but that is for items that can sell -- like jewelry or tools.   Also, if there is volatility, like Bitcoin is exposed to, the amount of the loan might need to be even less to accommodate for a price move that is unfavorable to the pawn broker / lender.

So to get a $1K USD loan, maybe 1.5K USD of bitcoin, bitcoin might need to be put up for collateral.

So that is to protect the pawnbroker (lender) from a loss from having to sell the collateral if loan repayment doesn't occur.

But what amount would you expect to pay as interest plus fees on the loan?  

Pawn shops in the U.S. have limits often from state law based on user or other lending restrictions.  I don't know about an pawnshop lending interest rates, but a payday lender's rate might be 400% APR.

There are 25,000 payday lenders in U.S. These types of loans typically cost 400 percent annual interest (APR) or more, and the finance charges range from $15 to $30 on a $100 loan, according to the Consumer Federation of America.

I'm incredulous at their assertion ...

A $500 loan made through ZestFinance's platform would cost the borrower $400 in interest and fees. A comparable payday loan would rack up $900 in costs, Merrill says.

Of course, a variant using bitcoins as collateral would allow the loan origination, production and servicing to all be done online and should cost much, much less.  I could see a $1,000 loan with $1,500 worth of collateral incurring fees of about $50 a month in interest and like $25 in fees per-loan.
2740  Bitcoin / Bitcoin Discussion / Re: Is Ripple a Bitcoin Killer or Complementer? Founder of Mt Gox will launch Ripple on: November 30, 2012, 02:05:11 AM
i can already see what will happen. i see alot of people creating 5 usernames on ripple, then trade small amounts to themselves to get some rep rating. and then ask for large amounts from strangers.

But loans are just one type of use.  If I am selling a used mobile phone and I accept Ripple for payment (e.g., I price it at 20 units) and you pay with Ripple credits (which you got in lieu of cash for fixing a neighbor's PC), then there is no lending at all in this scenario.

Now the lending concept comes in with regard to how fiat money is created.    But Ripple isn't fiat.  That's obviously the secret sauce that makes or breaks the concept so I guess we'll just have to wait to learn how intends to solve that.   Maybe Ripple's currency is something as simple as being shares that earn future dividends that come from transaction fees.   Who knows.  [Edit: Since this post it has been clearly described as being money created by debt -- loans extended by trusted parties.]

My curiosity is piqued though.
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