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421  Economy / Goods / Re: NEFT Vodka and Bitcoin on: September 30, 2013, 09:13:08 PM
Was there any NEFT flowing at the European bitcoin conference?   I wasn't thinking, I probably could have asked someone from the U.S. that was attending to pick up a couple barrels and bring them back to the states.   The Bitcoin logo and message on the side of the barrel are a great endorsement.
422  Bitcoin / Development & Technical Discussion / Re: The Bitcoin Will (you know, for dead peeps) on: September 30, 2013, 06:45:11 PM
I believe one of the solutions was to tell your family members half of the private key and then leave the other half in your will.

BIP 038
Password protected wallets.

Send the encrypted paper wallet(s) to family members. Use DeadMansSwitch to have the decryption key sent to your loved ones if you pass.    And also give they key to a trustee.

423  Economy / Speculation / Re: Will The Bitcoin Investment Trust affect the price? on: September 30, 2013, 04:14:08 PM
So let's speculate, will price be affected? by how much? and why?

There is demand for leverage such that today someone wanting to buy a bitcoin using leverage has to pay a price that is 10% over the current spot price and still has to wait nearly 90 days to get delivery.  See the BUZ3 (December 16, 2013 settlement) futures contract on ICBIT as an example:

The only thing needed to profit from this is a supply of bitcoins that you can "lock up" for 90 days.  Oh, look .... the fine print for BIT says your funds might get locked up on you:

An investment in the BIT will be illiquid and there may be significant restrictions on transferring interests in the BIT.

So Bitcoin is just like any other commodity or security in that there are derivative products and profit exists.    Seeing more funds emerge will help Bitcoin because it will help the commodity be used to solve problems more efficiently or used in new ways.    While it would seem this increased usage of bitcoins would only put upward pressure on the exchange rate, don't forget that providing liquidity for that wanting to go short on Bitcoin is likely one of the possibilities a fund like BIT brings as well.
424  Economy / Trading Discussion / Re: Tips for local transactions on: September 30, 2013, 06:38:44 AM
Getting stuck with counterfeit money is a real (and growing) risk:

Buyer passed me 25 x fake $20 bills at , defrauded me for $500. Seller beware too, quality counterfeit $20s traded

425  Bitcoin / Bitcoin Technical Support / Re: Bitcoin copying wallet.dat allows sending coins twice on: September 30, 2013, 06:17:57 AM
How can this be fixed?

Well, you now have two wallet.dat files which are out of sync.  Bitcoin-Qt/bitcoind wasn't designed to work this way (running two copies of the Client with the same wallet.dat).  As a result, the two wallet.dat files are now out of sync.

In short, don't do this.   It doesn't affect the blockchain, but it will give you grief and multiple copies of a wallet getting out of sync can potentially cause you to end up with financial loss.

To resolve this ... you will have one Client in which the transaction confirms.  In the other instance you will have a transaction that won't confirm (presuming both are attempting to spend the same funds).  

So, if the balance on the one with the confirmation is correct, then simply discontinue use of the other instance -- the one with the transaction that will never confirm.
426  Bitcoin / Bitcoin Technical Support / Re: Adding a new private key without rescan on: September 30, 2013, 12:45:52 AM
Is it possible to add an unused private key to the wallet without rescanning?

There was another argument to the RPC importprivkey that lets you supress rescan:

Resolved, see Issue 1085:
427  Economy / Economics / Re: Secured Debt is Good for Bitcoin on: September 29, 2013, 11:25:59 PM
It makes no sense that someone would be willing to pay more for 1-month-forward Bitcoins than for Bitcoins now, since you can simply buy Bitcoins now and wait.

Bitcoins on deposit at ICBIT provide leverage to go either long or short.  There is greater demand by those wishing to use that leverage to go long than there is sellers wishing to hedge their position or to go short.  Thus, contango and lot's of it ... even for short durations until expiration.

That's one reason I think seeing the BIT (SecondMarket's Bitcoin Investment Trust) will be good so that there are more sane methods for hedging and for those wanting to go short.

Also, note: Spending of Bitcoin isn't a taxable event.

ORLY?  Wouldn't there be capital gains?   Of course, how those would be reported will depend on what the IRS concludes ...  Are bitcoins a currency, foreign currency, security, commodity, or "metals" even?   
428  Economy / Economics / Re: Secured Debt is Good for Bitcoin on: September 29, 2013, 08:30:25 PM
Naturally, such an instrument would almost constantly be in a state of backwardation,

From Wikipedia:
Backwardation: the market condition wherein the price of a forward or futures contract is trading below the expected spot price at contract maturity.

There's been backwardation only a few times on ICBIT ... and the brief times it did that was likely related to forced selling due to margin calls.

Such credit, dissacociated with traditional banking

Let's say I have some exchange-listed stocks that have gained in value and want to lend some of that value out to earn interest.  I don't know tax accounting well but I'm presuming I would need sell some of those shares and then would lend out the fiat.   Selling the shares forces me to recognize the capital gains.

With a commodity such as bitcoins, even if I have gains I can still lend the asset out without first having to recognize the gains, I presume (as I'm not an expert in tax matters).  [Update: In the U.S., Internal Revenue Code 1058 describes circumstances in which lending securities does not cause a taxable event.  Whether or not the IRS would treat lending of Bitcoin (property other than securities) in a similar manner, is merely speculation on my part.].    So it would make sense then that there will a greater incentive to lend out bitcoins after a significant rise in value versus the person seeing the gains directly spending them or exchanging the bitcoins to fiat.
429  Bitcoin / Development & Technical Discussion / Re: Are invalid addresses valid? on: September 29, 2013, 06:09:12 PM
My question is can you send money to an address with an invalid checksum? (as in will the main Bitcoin clients allow such blocks, relay the TXs and so on)

Software following the Bitcoin protocol would not recognize that payment transaction to an address that fails the checksum verification.

So if there was some client that didn't follow the protocol and you happened to use it and also have established a peer connection to another node running that same flawed client, then your node will show the transaction as having been sent successfully and that other node will show the payment as having been received.  But the transaction will almost never get a confirmation (unless enough miners are using the flawed client as well and a blockchain fork happens).  And no other nodes (other than those using the flawed client) will use or relay that transaction.
 [Edit, from another thread:

There is no way to recognize "wrong" address at the protocol level, at that level it is no longer a string with checksum but just uninterpreted data, therefore the transaction will be relayed and coins lost.

I'm not aware, offhand, of any reports of a client that doesn't implement the checksum.  [Edit: As far as exchanges and E-Wallets, that is handled internally by that vendor's infrastructure.    If an invalid address is given by a user, that E-Wallet provider's internal software might accept the transaction and subtract that amount from the E-Wallet user's account balance.  But that doesn't mean the transaction got sent by that E-Wallet vendor's node.]
430  Bitcoin / Bitcoin Discussion / Re: Major Flaw With Bitcoin?? on: September 29, 2013, 04:04:09 PM
What if you send some illegal stolen money?

Here's a scenario.   Politicians in the U.S. cannot accept campaign donations from foreigners.  So what if a politician has a static Bitcoin address for donations and then a payment arrives anonymously?  How does the politician know the funds did not come from a foreigner?

The solution to that is for the campaign to not use a static Bitcoin address but instead to issue a new Bitcoin address for each donation.  That way they at least they can ask for information identity that can be associated with each donation's Bitcoin address.

That doesn't stop someone from sending stolen funds, but it squelches the problem for the recipient in most instances.

Further, if the receiving of payments is a sensitive issue for you or your organization, what you can do is ensure that the person paying you maintains (or forwards to you) the payment protocol signatures on the payments they've received for the funds being sent to you.

The new Payment Protocol is a feature being added to the Bitcoin-Qt/bitcoind client (targeted for v0.9).  With it the party to be paid issues a payment request for each payment to come from the sender.    This way you can at least prove that the party sending you funds has an audit trail showing that the funds were truly sent to them (versus those funds coming from illicit source, such as if they snagged the money from a wallet obtained through malware, for example).

FAQ on the payment protocol
431  Bitcoin / Press / Re: 2013-07-01 - Thin Wire (Hawala networks) on: September 29, 2013, 05:24:07 AM
Convert bitcoins to M-PESA. Convert M-PESA to bitcoins.

Has anybody here ever seen anybody who did any of that? I believe it when I see it.

M-PESA can be reversed if there is a claim of fraud, along the same lines as how a PayPal transfer can be disputed.   But with a seller's trust history being shown, there is information to the buyer to help prevent getting cheated.

We have added M-PESA option to traders in Kenya and Tanzania. M-PESA is a very popular payment method in those countries.

Unfortunately, there are no offers yet for this payment method on LocalBitcoins.  Nor are there any offers to trade in-person for cash there. Here's Nairobi, for example.
432  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.
433  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.

434  Economy / Service Announcements / Re: [ANNOUNCE] StrongCoin Merchants API on: September 28, 2013, 08:07:27 PM
Bump.   Anyone have a working solution?
435  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.
436  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.  
437  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!
438  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:
439  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:
440  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.  
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