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501  Bitcoin / Press / 2013-07-07 - The curious case of Bitcoin on: July 07, 2013, 07:52:54 AM
It's been a while since a single article has had such a high ratio of erroneous statements and uninformed opinions within.

The curious case of Bitcoin
by Zain Naeem,
Head of equity research at Maan Securities (Pvt) Ltd in Pakistan's stock markets.

This does open the opportunity to launder money, as ownership cannot be determined, but this is a bug that can be set right over time.
There needs to be central authority which can regulate the currency and make clearing of transactions more trustworthy. Till then it seems, this fad of Bitcoin will persist until something new is developed.
Just like the latest iPhones, the fashion of this currency will fade when something new comes along. This might see the fate of Bitcoin being relegated to a software currency used by gamers and developers for purchase of game content in the MMORPG games.

502  Economy / Service Discussion / Re: MTgox dwolla withdraw on: July 07, 2013, 05:54:24 AM
I noticed dwolla is still listed as a withdraw method within MTgox. I also heard MTgox was resuming withdraws as of a few days ago. Does this include dwolla withdraws or only bank transfers?

No idea.

You aren't the only one asking:

Is dwolla still out of question?

If they are, chances are it would be a new account using Mt. Gox, Inc. -- a new Delaware corporation and one that has registered with FinCEN as a Money Service Business (MSB) as a money transmitter.
503  Economy / Speculation / Re: How much $ was the balance of MtGox Dwolla account? on: July 07, 2013, 05:46:31 AM
Again, please point to a communication directly from MtGox, Dwolla, or the US government that states the funds are seized.  All I've seen is the account is frozen, plus some journalistic embellishment.

While this is an old topic, the question hadn't been answered, so here it is:

Seizure Warrant
U.S. District Court of Maryland


504  Bitcoin / Bitcoin Discussion / Re: Unmoved Bitcoin Tool? on: July 07, 2013, 03:15:11 AM
Is there a tool out there

Blockparser is one tool that might help you get access to the data:

505  Economy / Services / Re: Do you have $5? on: July 07, 2013, 02:30:02 AM
Check out

BTC powered VPN service with open source clients for windows, linux, macosx, android and ios-devices (iphone, ipad, ipod) - using OpenVPN (

"Unfortunely servers and bandwidth isn't free so we need to charge for the service, however, we decided to use BitCoins instead of real money, ฿0.0739 to be exact."

"instead of real money"?

Are they saying fiat is real money?

[Edit: This has since been remedied.]
506  Economy / Economics / Re: Someone help me understand the economics of bitcoin right now please? on: July 07, 2013, 02:03:55 AM
Theory time!

Many miners spent many bitcoins pre-ordering with on BFL, BitASIC (now defunct) and other mining promises.

But then the "halving" event occurred in November, 2012 and many miners realized they had fewer coins than they had hoped to at the time and no hardware generating any more at a reasonable rate. So they then bought from the market (my belief, based on anecdotal evidence that I observed).

So they bought and the exchange rate went up, .. from $12-ish to $20-ish, and it kept going doubling a couple more times.

Then ASIC hardware started shipping and existing miners (and new prospective miner) converted their acquired coins into more ASIC pre-orders and/or bought shares (e.g., ASICMINER).  Most of those coins received by the ASIC manufacturers are presumably converted to fiat, and many of the dividends and stock price gains from shares sold get cashed out as well -- furthering the transfer of value to fiat.

However, ... what is unknown is the future difficulty.

If it again rises such that those miners who weren't first in line or those who bought additional capacity end up discovering that their ASICs won't be earning their bitcoins back fast enough, they'll return to the markets to pick up some more.

There's 11.3 million BTC so far, out of the 15.75 million that will have been issued by November 2016.  i.e., there could be a rush to restock the coffers should difficulty cause BTC production from ASICs to slow to just a trickle.

But that's the thing about speculation.   Nobody knows the future.

[Edit: Incidentally, you asked about the economics of bitcoin, but only discussed mining.  Mining is (should be) just a miniature fraction of the economic factors to consider.]
507  Alternate cryptocurrencies / Altcoin Discussion / Re: Introducing Ripple Currency: DYM on: July 06, 2013, 10:03:11 PM
Had to be done, right?

More paths to getting into and out of the currency of your choice is better for everyone. Maybe it will get used, maybe it will work better some other way.

BillPin app has now recognized Beer as a currency, ...

As a result, after considering what TTBit did using silver dimes I feel it is now time for me to replicate that by issuing MGD (beer) vouchers through Ripple.

In an effort to test ripple, trust, and alternative currencies, the DYM is born!

1 DYM is equivalent to 1 pre-1965 silver US dime (worth ~$2 at this time). Using ripple, you can trade it as if it were a real silver dime!

I, TTBit (rGwUWgN5BEg3QGNY3RX2HfYowjUTZdid3E) will provide 2 services for DYM.
1) Issue 1 DYM for every silver dime sent to me (you pay shipping)
2) Send 1 silver dime for every DYM sent to me (free US Shipping!!)

1 MGD voucher is equivalent to 1 bottle of Miller Genuine Draft (MGD) (worth $0.25 at this time).  Using ripple you can trade it as if it were a real beer!

I will issue 1 MGD voucher for every bottle sent to me (you pay shipping).

Would there be any interest in this (other than interest from me as "issuer"?   Grin )  

[Edit: This was intended as a joke, but now that I think seriously about it ...  if I provided beer redemption through Billpin, this would work, wouldn't it?]
508  Economy / Trading Discussion / Re: Bitcoin in prison on: July 06, 2013, 09:46:46 PM
since bitcoin is supposedly only good for criminal deals


what would be the best way to use it while in prison?

Is this a cash camp or a card camp (inmates not allowed to carry cash, and instead access to the canteen uses the proprietary card issued to the prisoners)?  Because if you are asking if the prison operator itself wanted to use Bitcoin it could use bitcoins just as easily as dollars for its books ... especially if they already have the concept of debit cards / electronic accounts.  It might be even easier than with dollars since they have a captive audience.   Though the exchange rate volatility would be occasionally brutal on those when it dips, and an incredible morale booster when it rises.

I've seen those little paper wallets that are folded over and sealed, so that you can't see the private key.

So I'm concluding you are instead just asking for what might work for person-to-person payments (internal) without any electronics.

Bitcoin is an online digital currency.   It can be used offline in some instances but it then requires some level of trust and comes in the form of Casascious physical bitcoins, or with paper wallets secured with a seal as you describe.   But Bitcoin doesn't excel in that environment.  It really needs at least one party in the transaction to have networked communications.

There was an IVR client that got started and then open sourced, but has stagnated.  I'm not sure if that would be something that if developed would be of use:

But this is really pushing the round peg Bitcoin to fit into that square hole prison environment.  Are cash, cigarettes, and IOUs insufficient?  
509  Bitcoin / Electrum / Re: My BTC are not showed in my WALLET on: July 06, 2013, 09:55:33 AM
My friend sent me some BTCs and it got 43 conf. still no sign of a btc in my wallet. Why?!

Which client, E-Wallet or website are you using?

If Bitcoin-Qt, then if is likely because your client hasn't finished syncing:
510  Other / Off-topic / Re: No idea where to post this but "I'm so done" on: July 06, 2013, 09:39:54 AM
So I ask, what happened to the trust anymore?
If something doesn't go your way, and sounds too "Good" to be true, or you never did it before yourself, it's complete bullshit?

So, you assert that you found a security issue with some site and they refuse to acknowledge it?

So, ... give them a reasonable time to fix it, then publish an alert here (with some info of where the vulnerability lies, or how the exploit works), if it doesn't get fixed.
511  Other / Off-topic / Re: No idea where to post this but "I'm so done" on: July 06, 2013, 09:33:39 AM
Part of me wants to quit Bitcoin because of the immaturity,

1995: I'm buying a new television so I searched on Inktomi for "TV Set ratings" and it sent me to Nielsen (show ratings).   Stupid internet, ... my search term included "TV Set".  Part of me wants to quit Internet because of the immaturity.
512  Economy / Economics / Re: Bitcoin as currency? on: July 06, 2013, 09:12:12 AM
If you have a store that sells goods or services for btc you're better off closing up shop while value drops and re-open after the bottom is seen and the value goes back up.

A merchant that wishes to eliminate exchange rate risk can convert bitcoins to fiat by using a payment processor (or by selling by themselves all their BTC revenues to an exchange with each sale).   Or if a merchant has Accounts Payables in which Bitcoins can be used as payment, those bills can be paid when the BTC revenues occur.

But one reason we have such volatility is that there are so few usable methods for going short.   The ability to go short helps put resistance to any rallies (since bets against the currency are more profitable if sold high) and gives support during a selloff (when short covering occurs).

Perhaps the Winklevoss Bitcoin Trust (ETF), the and other methods make shorting possible and this volatility quiets down.
513  Bitcoin / Legal / Re: List of court cases, complaints, regulatory actions, etc. on: July 06, 2013, 08:56:54 AM
July, 2013
Location: San Francisco, CA, USA

Abstract: Class-action lawsuit filed against online gaming company whose software developers silently added Bitcoin mining to the company's gaming client. 


An employee involved in the testing of the bitcoin mining code had been using the code "for his own personal gain since April 13, 2013."

The bitcoins earned would be added to the ESEA League's prize pot "so at the very least your melted [GPUs] contributed to a good cause."
514  Alternate cryptocurrencies / Altcoin Discussion / Re: Introducing Ripple Currency: DYM on: July 05, 2013, 08:49:46 PM
DYM got a mention in this Salon article:

515  Bitcoin / Project Development / Re: ICBIT Derivatives Market (USD/BTC futures trading) - LIVE on: July 05, 2013, 07:08:22 PM
Feature request:

Ability for me to cause a new deposit address to be generated for my account.  

Currently, the blockchain shows all my deposits to a single Bitcoin address that get credited to my wallet at ICBIT.

The whole concept of there being a new Bitcoin address for each transaction is so that privacy is maximized.    Because the wallet is a hosted (shared) EWallet, the funds I deposit will likely be withdrawn by someone else, thus there are clues out there that the address is associated with ICBIT deposits and those addresses might get scrutinized further to try to determine the identity or other clues about who is the party responsible.

bump on this feature request.
516  Economy / Economics / Re: Why is bitcoin price not going up? on: July 05, 2013, 06:03:04 PM
Essentially, the value in the Bitcoin economy is being sucked out by ASIC manufacturers.

That very well could be a valid theory.  The miners are convinced that there is a decent chance of spending 1 BTC today and earning more than 1 BTC over the next year or so as a result.  It's a gamble because nobody (except the manufacturers themselves) knows how many Thash/s are on order -- but gambling never is a rational act.
517  Bitcoin / Bitcoin Discussion / Re: Bitcoin and Crowdfunding Will Together Destroy Banks on: July 04, 2013, 08:05:40 PM
It's too bad that Crowdfunding is a term that covers both types ... donation-based crowdfunding and equity crowdfunding.  Because the two couldn't have more different properties.

I stand corrected:

There are four main categories of crowdfunding: rewards, charity, lending and equity-based.

In rewards-based crowdfunding, funds are contributed in exchange for future goods or services. In charity-based crowdfunding, individuals and organizations accept donations from the general public. Reward- and charity-based are the most common forms of crowdfunding and are a good option for non-profit organizations, social causes, artistic projects, and product development. Companies like Kickstarter and Indegogo are prominent examples of rewards-based crowdfunding.
Lending-based crowdfunding allows individuals and businesses to lend money from the crowd and repay it with an interest.
Equity-based crowdfunding allows companies to get capital from the crowd by selling equity to accredited investors. In general, companies who want to be listed in equity-based platforms have to meet certain requirements like generating certain amount of revenue and passing a series of background checks.

Obviously, Bitcoin-powered [i.e., w/ investor anonymity] equity crowdfunding is something they have no clue about and isn't even on their radar.

That ASICMINER (currently valued at $180 million ... ) exists, and is likely the most successful equity crowdfunded company in history (by all metrics, market cap, ROI, etc.) says these analysts have some learning to do, and quick!
518  Economy / Goods / Re: is back up and running! *Under new management* on: July 04, 2013, 01:15:30 AM
This is great news! I've always loved thebitmunchies !  Wink

Was it or before?

Ah, I just read you how you had said that you had to get a new domain.  But the old domain was promoted by someone else: is intended to provide access to goods unavailable elsewhere in the bitcoin economy.

Though your forum account is from that time so I'm guessing there's some tie between you and the old BitMunchies.  Care to do something to alleviate concern that you might not be the same operator?
519  Economy / Service Announcements / Re: New service for the bitcoin community (Bitcoin to cash with zero fees) on: July 04, 2013, 12:57:28 AM
-be able to verify via online banking that there has been a cash deposit made into their account for the correct amount.
-receive a scanned copy of the actual deposit slip used during the deposit transaction.
-receive a scanned copy of the business card of the bank employee who accepted the deposit who can be contacted to verify the deposit.

How can the seller know with certainty that cash was deposited (versus a personal check, for instance)?

Some banks charge extra to perform a counterfeit bill check at the time of deposit.    Is it possible the buyer passes a bogus bill, and then the funds are pulled from the seller's account a day or so later?
520  Economy / Services / Re: local transfers to and from Gox from within Japan on: July 03, 2013, 11:43:49 PM
i have a PP acnt which i could use for these transactions.

There've probably been about fifty people that hoped to provide bitcoin exchange service involving PayPal.   There has been a 100% failure rate (i.e., not a single one still does this), with horror stories of funds frozen for 180 days (at best).
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