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561  Bitcoin / Legal / Re: List of court cases, complaints, regulatory actions, etc. on: August 12, 2013, 04:20:13 PM
State of NY's Notice of Inquiry on Virtual Currencies
August 12, 2013
Location: New York, NY, USA

Abstract: NY State's financial regulator Dept. of Financial Services is "concerned" that virtual currency exchangers engage in money transmission.  Subpoenas to exchanges have been issues.  

Notice of Inquiry on Virtual Currencies
 - (Browser-friendly PDF viewer)
 -  (Further discussion)

NY regulator issue subpoenas to firms tied to Bitcoin: WSJ
562  Economy / Service Discussion / Re: BTC-e code value on: August 12, 2013, 03:34:04 PM
I want to start selling on marketplace, however I want to accept BTC-e codes as payment, because in that way, I don't have to worry about btc price change.

Most Bitcoin-related marketplaces and e-commerce modules allow a price to be set in dollars, but then that value is converted to bitcoins at time of checkout. 

As far as a longer-term solution, the USD transfer capability in Ripple might be something you might consider.  There is a little bit of a learning curve with Ripple but if your customer set would know how to procure a BTC-e code to buy from you those same customers would likely be able to figure out how to do a Ripple transaction to transfer some USDs from their BITSTAMP account to you.
563  Economy / Economics / Re: Bitcoin is a great foreign currency on: August 12, 2013, 03:31:14 AM
Ironically, the more people who are 'long Bitcoin' in this scenario, the worse it is for Bitcoin and thus the people holding it themselves.

Below I make the argument that the bitcoin economy isn't impacted if there is hoarding:

Scenario 1: 10 million BTC are "hoarded" for a year (i.e., they aren't spent at all) and the remaining 1.3 million BTC get spent on average once a week.  On an annual basis that means there is the aggregate spending of ~68 million BTC.

Scenario 2: 11.3 million BTC are spent, on average, once every other month.  Nobody is "hoarding" at all.  On an annual basis there is the aggregate spending of ~68 million BTC.

Both of those result in the exact same aggregate spending (denominated in BTCs) on an annual basis.   So it matters not that those with 9 million BTC sat on them in scenario 1 versus nobody hoarding whatsoever in scenario 2.

But at the same time I realize the downside to the hoarding (versus having coins circulating) is that those coins being hoarded can be dumped on the market which results in exchange rate volatility.  A person who holds coins with the intention of using them for purchases is going to hold onto them whereas a person holding coins for speculative reasons may reduce the position or liquidate the position entirely -- especially when the exchange rate is falling.

So I'm not saying "hoarding" is good, I'm just rejecting the argument that is commonly made asserting that everyone needs to be spending their coins for the currency to succeed.
564  Bitcoin / Bitcoin Discussion / Re: Is there a simple app to scan a QR and return a balance? on: August 10, 2013, 10:45:41 PM
wondering if there's a simple Android app that will scan a QR of the address and return the balance?

Here's a new one:

Bitcoin Balance Scanner
by Beyondem Inc.
565  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Spots NEW COIN | Traded on Coins-e | Win | Mac | Linux | LAUNCHED | [ on: August 09, 2013, 06:42:40 AM
The Spots used to re-pay the investors will be either from the iGotSpots personal mining funds, or I will personally cover them out of my own pocket to buy them if the Spots we make from sales are all tied up.

Sounds more like these investors are lenders.  They are lending BTCs to you for 120 days, with your guarantee of a minimum interest (20% over the 120 day period) and perhaps that rate could be higher if company performs well (??).

The second part is incorrect. We will not be dumping the Spots we make while selling the silver. These Spots will be used in our purchasing center later when the auction site is up.

So today when you sell an ounce for 4,428 SPT, you then hold those SPT.  Ok, ... but what if by the time the auction is available SPT drops in value and a bid of 12,000 SPT is needed in order to win an auction for an ounce of silver?
566  Economy / Trading Discussion / Re: Arbitrage? Buy low at coinbase; sell high at localbitcoins (or others) on: August 09, 2013, 04:15:07 AM
And remember, you can always use the extra $70 and re-invest. So eventually your money will grow exponentially. 

Well, there's always that darn problem of finding a willing and able buyers.

But it essentially helps lower the price on LocalBitcoins so that it is competitive with Mt. Gox.

I recently had a listing at LocalBitcoins where I charged no price premium over Mt. Gox and got multiple buy offers.  I was able to sell plenty on each day that I had the offer out there.
567  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Spots NEW COIN | Traded on Coins-e | Win | Mac | Linux | LAUNCHED | [ on: August 09, 2013, 04:01:32 AM
They are paid back no later than 4 months from date of purchase, when we purchase the shares back at a minimum of 120% of the initial purchase price.

OK, just so that isn't ambiguous ... each share will be called within 120 days and the price paid will be a minimum of 0.48 BTC then (with payout converted, at the investor's option, to silver or to SPT)?

The daily price change is for the silver bars and rounds for sale by iGotSpots, the company, not the currency. Once we can get it all automated, the price will update automatically with the market.

I'm presuming iGotSpots sells any SPT received for silver orders.  So if the silver price today is 4,428 SPT but the BTC/SPT market exchange rate drops to 0.0001 won't iGotSpots, LLC be losing money on every trade  (i.e., selling an ounce of silver at 4,428 SPT but those 4,428 SPT aren't even the value of a half ounce of silver?)
568  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Spots NEW COIN | Traded on Coins-e | Win | Mac | Linux | LAUNCHED | [ on: August 09, 2013, 03:41:25 AM
with a soft backing in both gold and silver.
The total investment we are willing to take from interested parties now will not exceed the value of the coin, according to, which currently is around $4,200. Today the cap that will be accepted is 40 Bitcoins. iGotSpots will be exchanging the metals and coins to provide the difference between public investment and the actual market value. This will allow miners and investors to cash out at any time in gold and silver and leave us with all the Spots should they become worthless. We are taking the risk, should the currency fail.

What will this "public investment" value be after this 100 shares (each sold at 0.4 BTC, bringing in 40 BTC worth ~$4,200) is raised?  i.e, will that be hold as bitcoins, or will you convert them to USDs or perhaps convert to Silver bullion or something that tracks the price of silver?

Ok, so let's take what happened today.   The exchange rate rises where all SPT issued are worth about 60 BTC.   

But there's not 60 BTC worth of capital (sales of shares) for "backing".   

So on day one you are unable to "cash out at any time in gold and silver", right?    If the silver cash-out price was dynamic (i.e., got set with each transaction), then you have less of a problem as it would suddenly cost more SPT per ounce of silver and it would take longer before sellers could exhaust the supply of 40 BTC worth of silver.   But setting the price daily, that seems like a pretty big hole to take advantage of to suck the value of the 40 BTC of capital from investors of the shares.
569  Bitcoin / Bitcoin Discussion / Re: Bitcoin in Somalia ? on: August 09, 2013, 12:11:44 AM
If an equivalent to M-Pesa using bitcoin started, cell phone access would be enough.

M-PESA was able to sign up individuals to perform the cash-in and cash-out exchange service and receive a commission that either supplemented the person's income or was significant enough to incent the person to provide that service full-time.

There's probably enough remittance activity in Somalia to support quite a few street exchangers.  In fact, that already exists.  They are called hawalders:

So all that needs to happen is for these hawalders to discover Bitcoin and they can begin providing cash-out independently (i.e., without the pairing to the sender's side).  

There isn't an easy way for the hawalder to convert those recently acquired bitcoins back to shillings, dollars, euro (or whatever cash they use) so what is needed for this to work is a local buyer who will buy those coins from the street exchangers.   That local buyer might not even hold the coins, but instead sell them at an exchange and use the proceeds to pay for goods that are imported, perhaps.

I've described the process with a little more detail here:

Bringing Bitcoin to the world-competing with Western Union

Here's a report on the topic of who receives remittances and how the remittances received are used:
 - <--  Corresponding presentation, but I haven't listened to it in full yet.
570  Bitcoin / Project Development / Re: Piper: The Raspberry Pi Paper Wallet Printer - Project Update on: August 08, 2013, 08:59:33 PM
From a reddit post:


571  Economy / Service Announcements / Re: [ANN] - a location-based bitcoin to cash marketplace on: August 08, 2013, 05:04:26 AM
Feature request: 

I'ld like to continue receiving notifications via e-mail, but I'ld like those to be encrypted with my GPG public key.   If that is a little too advanced for public use, then I'ld like the notification to simply send me a prod ..., something like:  "New Notification For You - Login To View".
572  Other / Off-topic / Re: Does anyone know how I can insert a flash video in the post? on: August 08, 2013, 04:03:39 AM
Not possible. Take a screenshot of the video player and insert that as a linked image with http://tags.

Here's an example:

The code for that is:
[ url=][ img width=540][ /img][ /url]
573  Bitcoin / Legal / Re: Bitcoin is Money, says Federal Court on: August 07, 2013, 07:15:59 PM
Well to be clear (and it may just be a typo in your example)

Yup, I've now corrected that.
In reading the court's memorandum, I see the relevant part:

An investment contract is any contract, transaction, or scheme involving (1) an investment of money,
The term “security” includes any "investment contract”.

So the linkage is that 1.)  bitcoin can be used as money,  2.) Shaver's "scheme" involved investment of this particular form of money and is thus an investment contract, 3.) investment contracts are securities.


I'm wondering if launching a beanie baby ponzi would have yielded the same response from the feds.
574  Bitcoin / Legal / Re: List of court cases, complaints, regulatory actions, etc. on: August 07, 2013, 07:02:45 PM
SEC v. Trendon T. Shavers, et al  CASE NO. 4:13-CV-416
July 23, 2013
Location: Sherman, TX, USA

There is a development with this case.

 - <-- Browser friendly (PDF Viewer)

[Bitcoin] can also be exchanged for conventional currencies, such as the U.S. dollar, Euro, Yen, and Yuan. Therefore, Bitcoin is a currency or form of money, and investors wishing to invest in BTCST provided an investment of money.
Therefore, the Court finds that the BTCST investments meet the definition of investment contract, and as such, are securities.  For these reasons, the Court finds that it has subject matter jurisdiction over this matter,
575  Bitcoin / Legal / Re: Bitcoin is Money, says Federal Court on: August 07, 2013, 06:48:51 PM
It can be used to purchase goods or services, and as Shavers stated, used to pay for individual living expenses. The only limitation of Bitcoin is that it is limited to those places that accept it as currency. However, it can also be exchanged for conventional currencies, such as the U.S. dollar, Euro, Yen, and Yuan. Therefore, Bitcoin is a currency or form of money, and investors wishing to invest in BTCST provided an investment of money.

I pull up to my grocery store with a couple garbage bags of aluminum cans and get a receipt. I then go into the store and purchase goods and services.  I can also cash it out to dollars.   I could even trade that receipt with someone else for cash and they can then go into the store to purchase goods and services, or get cash out.

So if I ran an investment "fund" where you send me 100 aluminum cans and I promise to deliver 107 cans back to you in a week, all of a sudden aluminum cans become securities [Edit: money] too?    I'm hoping so, as that will make me feel less guilty each time I pick up a 6-pack of beer on the way home -- it's an investment! [Edit: simply my way of changing my asset allocations to diversify the forms of money I may hold].

But I'm presuming the form of value is irrelevant (whether it be gold, bitcoins or beanie babies) and instead the matter entirely has to do with the offering where there is the expectation for profit.
576  Economy / Trading Discussion / Re: Dollar cost averaging on: August 05, 2013, 04:53:24 AM
Coinbase offers recurring transactions.

That's to authorize a certain amount of bitcoins to be pulled by another Coinbase user/merchant.   I don't believe it will buy coins if there aren't enough in the wallet at the time the send is attempted. 
577  Economy / Economics / Re: The very sad truth about Bitcoin : It might die to gambling on: August 04, 2013, 07:12:48 PM
Bitcoin will end up being held by gambling businesses.

And then?
578  Economy / Collectibles / Re: CASASCIUS PHYSICAL BITCOIN - In Stock Now! (pic) on: August 03, 2013, 11:11:31 PM
reports from DefCon 21 that the tamper-proof holographic seal on Casascius physical #Bitcoins has been defeated.

Waiting to learn of the method.
579  Economy / Currency exchange / Re: Best cards to load and cash MoneyPaks? on: August 02, 2013, 11:28:49 PM
I'm planning on loading the cards to $3-4k and cashing out a Money Order once. Any suggestions?

You might consider the Western Union prepaid card then.
Send or receive a WU® Money Transfer transaction with your prepaid card

580  Economy / Trading Discussion / Re: Dollar cost averaging on: August 01, 2013, 03:11:20 AM
Where is the best place these days to buy a fixed amount of BTC per week in USD; e.g. $10/week for an extended period?

Are you able to transfer the funds in advance and just have them converted to BTCs on a schedule, or are you looking for a way to have bank transfers on a schedule which are then converted to bitcoins when the transfer completes?

I suspect back when Mt. Gox had supported the ability to place unfunded buy orders you could then schedule Dwolla to send funds on a recurring schedule.  So then every time the funds hit Mt. Gox the open BUY order would instantly convert those USDs to BTCs.

But now that Mt. Gox no longer supports Dwolla (after FinCEN seized the account), I'm unsure of any other method that would be similar.
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