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301  Bitcoin / Press / Re: 2013-09-29 - Bitcoin Billionaires on: September 29, 2013, 04:14:18 AM
therefore "trading in Bitcoin is not legal. Obviously, there cannot be regulations from RBI for an illegal activity. People who use it, do so at their own risk and responsibility.

That almost looks like a misinterpretation of what the term "legal tender" means.

For instance, the Nepalese rupee and Bhutanese ngultrum are not legal tender in India. But both are pegged to the Indian Rupee and are used interchangeably in some parts of India.  According to travel websites, there are currency exchanges on both sides of the border converting to and from the neighboring country currencies.   (There are certain limits and certain large bills not allowed, but that's a different argument).


So hopefully that statement reported can be clarified.
302  Bitcoin / Press / 2013-09-29 - Bitcoin Billionaires on: September 29, 2013, 03:58:00 AM
Bitcoin Billionaires
by Ankit Ajmera

The Reserve Bank of India, for instance, has not yet formulated regulations to govern trading or profits generated from Bitcoins.
An RBI spokesperson told Mirror over email that the RBI doesn't consider Bitcoin legal tender and, therefore "trading in Bitcoin is not legal. Obviously, there cannot be regulations from RBI for an illegal activity. People who use it, do so at their own risk and responsibility.
The only time Bitcoins will come under the purview of law is if a case of fraud is reported, following which cops can then initiate action against the fraudulent party.
There have been an estimated 29,400 downloads of Bitcoin wallets from Indian IP addresses. There's the possibility that one person has downloaded more than one wallet.

303  Economy / Service Announcements / Re: [ANNOUNCE] StrongCoin Merchants API on: September 28, 2013, 08:07:27 PM
Bump.   Anyone have a working solution?
304  Economy / Economics / Re: Selling Digital Goods with Bitcoin on: September 28, 2013, 07:53:43 PM
Presently, it's just that it seems like it's easier for frozen molasses to run uphill in winter than it is to sell a digital product with a bitcoin payment gateway.

Hosted / online / e-Commerce:


As far as Bitcoin payment gateways, they all presume you are using some third-party eCommerce software/shopping cart or hosted service.  So the recommended payment processor will vary based on which shopping cart you want to use.

For isntance, Foxycart supports Bitcoin transactions.   Here's how to sell self-hosted MP3s using Foxycart:

There is a thread on trying to get self-hosted digital downloads using the API:
 - <-- Example of a site with self-hosted media, simply needs a way to require payment.
305  Bitcoin / Bitcoin Discussion / Re: List of States accepting Bitcoins in America USA on: September 27, 2013, 09:11:50 PM
State governments accepting Bitcoin?  This is a very vague question.

There is some way to pay parking tickets and other fines to certain municipalities using bitcoins with E-Gov Link:

Also, to the State of Iowa you can pay for certain fees with Dwolla (e.g., Cigarette stamp taxes, driver's license renewal, etc.).  Anyone in the U.S. (well, any adults) can open a Dwolla account ... with no checking account necessary.  USDs at the Bitcoin exchange Camp BX can be withdrawn to Dwolla.  
306  Economy / Service Announcements / Re: BedsBook: Book Your Hotel with Bitcoin (Prague) on: September 27, 2013, 08:55:05 PM
Book your hotel with bitcoin, 10% off. Will be adding more countries soon. Stay tuned!

The travel industry is a perfect fit for Bitcoin, since it is one that merchant fees / payment card network costs are high, and the travel-related firms end up with a fair amount of chargebacks.

Great to see this addition!
307  Bitcoin / Legal / Re: List of court cases, complaints, regulatory actions, etc. on: September 27, 2013, 08:40:16 PM
Bitcoins confiscated in Operation Ransomware
September 27, 2013
Location: Madrid Spain

Abstract: Technological Investigation Brigade, the national police in Spain, confiscated [Edit: gained the credentials necessary to spend] an undisclosed number of Bitcoins from a pair of foreigners "laundering" 10K EUR a day in a malware/ransomware scam that sold access to remotely controlled computer systems.

Investigators located the different digital wallets that the organization used for electronic money and have seized a total of 55,000 € between different euro notes and virtual currency.

What is unknown is if this is the same bust reported in February:
308  Bitcoin / Legal / Re: OFFICIAL SOURCE: National Police Corps of Spain seizes Bitcoin on: September 27, 2013, 08:34:01 PM
OFFICIAL SOURCE: National Police Corps of Spain seizes Bitcoin

I wonder how many times the same bust can occur?


Maybe these are two separate incidents?

Here's the corresponding /r/bitcoin thread:
309  Bitcoin / Bitcoin Discussion / Re: U.S. bank closing all of my deposit accounts because of bitcoins on: September 27, 2013, 07:11:52 PM
But it's also their business. You try running a business and being told you can't choose who your customers are, and tell me if that's fair.

Ok, sure ... in a free market the banks should be able to say which customers they wish to serve.   And in that free market I can then start a bank next door to compete.

But it isn't a free market.  The banking industry is a regulated monopoly.

As long as I am prohibited by law from providing this competing service, then banks have a responsibility to provide service without discrimination.    Get rid of that law and open the banking industry up to competition .... and I'm fine with the banks restricting access to whichever customers they choose to.

Or better yet, let's start using a payments network and store of value that routes around this regulatory friction.  
310  Economy / Service Announcements / Re: [ANN] KRAKEN.COM - Exchange Now Open with Live Trading USD, EUR, BTC, LTC on: September 27, 2013, 06:47:23 PM
There is a lot of competition for USD so why would they go to you?

I know that on other exchanges (e.g. Mt. Gox) I can have a wallet in any of the currencies they trade.  So if for some reason the XBT/EUR was trading higher than the XBT/USD (after factoring the EUR/USD rate), then it might be more profitable to sell bitcoins and get those EUR, then at a later time when the two markets equilibrate I then buy BTCs and move the funds over to USDs.  So I might hold and trade with EUR even though I might never deposit or withdraw EUR.     This adds liquidity to that market.

Does a Kraken account for someone in the U.S. allow wallets for both USD and EUR?
311  Bitcoin / Meetups / Re: [SOCAL] Southern California Meetups on: September 27, 2013, 06:14:10 PM
Bitcoin meets Silicon Beach
Thursday, October 10, 2013, 7pm
Coloft, Santa Monica

Further info in the LA Bitcoin Meetup thread:
312  Bitcoin / Meetups / Re: Los Angeles (SoCal) Bitcoiners Meetup? on: September 27, 2013, 06:12:08 PM
Bitcoin meets Silicon Beach
Thursday, October 10, 2013, 7pm
Coloft, Santa Monica

At this panel event, we'll be introducing Bitcoin to the broader Silicon Beach startup community and discussing the many opportunities that exist in the Bitcoin ecosystem for entrepreneurs and makers. Let's make Los Angeles the Bitcoin capital of the world!

Food and drinks are graciously provided by our sponsor BitPay.

Special panel guests include:

• Tony Gallippi (CEO and founder of BitPay - the largest Bitcoin merchant processor)

• Vinny Lingham (CEO and cofounder of Gyft - a mobile gift card company which just raised $5MM in Series A and gives Bitcoiners a way to spend their coins at major retailers)
• Travis Skweres (CEO and founder of - a recently launched Bitcoin exchange) 

Also, the EFF is hosting an EFF members-only event.  Bitcoin and privacy-enhancing technologies (e.g., Tor) are frequently part of the discussions.
Thursday, October 3, 2013 from 6-8 PM
313  Bitcoin / Press / 2013-09-25 - Why You Should Care About Bitcoin on: September 27, 2013, 03:56:49 PM
Why You Should Care About Bitcoin
by Brandon Glier

To really understand the power of Bitcoin, you need to think about it as 3 things: (1) a protocol, (2) a commodity, and (3) an ecosystem.
Bitcoin has taken a very hard problem — how do you facilitate and record transactions online — and solved it for anyone to leverage for free. This capability may have profound implications that are not yet well-understood [...]
It’s important to keep in mind that it takes time for the true market use case of a commodity to be developed.  [...] Like oil, Bitcoin can be refined and put to use in novel and yet-to-be imagined ways.
According to the GSMA 1.7 billion people have a mobile phone and no alternative to the cash economy. As digital cash, Bitcoin appeals directly to consumers as an accessible payment alternative without the risk and fees associated with existing credit and debit networks.
For the first time in Internet history, settling transactions between multiple parties can be dictated and applied directly through open-source software and not through (largely) for-profit 3rd party institutions.

314  Economy / Service Discussion / Re: Bitcoin-Central has re-launched on: September 27, 2013, 03:35:35 PM
Changing password with confirmation emails and still not possible to log in Roll Eyes

I was able to change my password and log in.    Since their service is offered only to those who reside in a limited set of countries, I couldn't use their service but the change password system was definitely functional, for me at least.

I did have two e-mails ... one stating that my account had been locked, and a link to unlock it.   Then the reset password e-mail.   Perhaps your account is locked?
315  Bitcoin / Bitcoin Discussion / Re: How would a Bitcoin future be better? on: September 27, 2013, 02:49:25 PM
Who cares if it's a better system or not because we would be the rich early adopters at the top.

Bitcoin exists as a payments system that is resistant to censorship and corruption.  An example of corruption in the present payment networks is a credit card chargeback occurring due to fraud -- either friendly fraud or identity theft, etc.   The costs of this fraud are a burden to all of us as the merchants increase their prices to accommodate the payment card network fees (merchant fees) and losses to unwarranted chargebacks.

Bitcoin doesn't have this expense, and this is one tiny example.

So don't obsess over who earns a one-time profit by having taken the risk of speculating on bitcoins.     Instead appreciate how Bitcoin is a growing competitor to the entrenched systems, and how we now have a method of transacting without having to pay the extortion that we currently do to the financial and banking regulated monopolies.
316  Bitcoin / Bitcoin Discussion / Re: Bitcoin Investment Trust Launched by Major Crowdfunding Company Secondmarket!! on: September 27, 2013, 03:01:26 AM
accredited investor (or net worth over $1mil)

In one of the interviews (maybe this CNBC one, I didn't go back to listen to it again to verify) Silbert refers to BIT being open only to "sophisticated investors".    I wasn't familiar with that term.  Here it is:

Typically, a sophisticated investor must have either a net worth of $2.5 million or have earned more than $250,000 in the past two years to qualify.
317  Economy / Service Discussion / Bitcoin-Central has re-launched on: September 26, 2013, 09:00:10 PM

Bitcoin-Central has re-launched:


Bitcoin-Central, first exchange licensed to operate with a bank.

Moderator Action: split topic
318  Economy / Service Announcements / Re: Bitcoin-central resumes operations on: September 26, 2013, 08:11:41 PM
"The new Bitcoin-Central is here":

319  Bitcoin / Bitcoin Discussion / Re: How would a Bitcoin future be better? on: September 25, 2013, 09:41:56 PM
How would this be better than our current financial system?

Look at your nearest larger metro area.

What buildings are the tallest?   If that is like most every other larger metro area, then you answered "a large bank or financial institution".

The financial industry is currently nearly 20% of the U.S. economy [Edit: 20% of all corporate income in the U.S.] .... and much larger even in some regions (e.g., NYC).

Where do their incomes comes from?   Of course, from you ..., from me, etc.

Did you or anyone you know pay an overdraft?   That's a fee that does not exist with bitcoin.  

How about a monthly account maintenance fee?   Again, ... unless a third party E-Wallet is assessing a fee, such charges don't exist in Bitcoinland.

So Bitcoin makes it possible that entire parts of the banking and financial industry are no longer needed or are dramatically simplified such that the banks can no longer suck rent from us as they currently do thanks to their regulated monopoly / cartel.

320  Bitcoin / Bitcoin Discussion / Re: Europe Rising on: September 25, 2013, 04:30:35 PM
note the shift of hashing dominance to Europe.

the US is being deprecated:

And with exchanges as well.

Kraken, based out of California, does not do any USD trading [Update: They just launched XBT/USD trading], and instead operates an XBT/EUR market. (France) just re-opened, they had been a major exchange before and likely will see a high volume of XBT/EUR trading activity now that they are back.

BiTSTAMP (Slovenia), rivals Mt. Gox and exceeds them on some days.

BTC-E, accepts SEPA transfers, I believe.

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