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601  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.
602  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.
603  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:


604  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".
605  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]
606  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.
607  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,
608  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.
609  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. 
610  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?
611  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.
612  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

613  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.
614  Economy / Service Discussion / Re: Anyone used Tranzfers to deposit Bitstamp (UK) on: August 01, 2013, 02:48:09 AM
Not good

I better do some further research......
That'll then get closed  Angry

Maybe will add support for UK banks:
615  Bitcoin / Legal / Re: List of court cases, complaints, regulatory actions, etc. on: July 31, 2013, 10:01:18 PM
Bank of Thailand Governor Prasarn instructs Bitcoin exchange to halt trading
July 29, 2013
Location: Bangkok, Thailand

Abstract: Following a conference by the Bank of Thailand, Bitcoin Co. Ltd, of Thailand was advised to halt trading between bitcoins and Thai Baht until further notice.

Here's an article which includes a translation from the Thai newspaper in which Governor Prasarn was quoted.

This has been covered in all the finance and tech media, Wired, Ars Technica, The Register, The Verge,, etc.,
616  Economy / Service Announcements / Re: [ANN] - a location-based bitcoin to cash marketplace on: July 31, 2013, 05:54:47 PM
I've got a question as to how a certain situation should be resolved.

Let's say there is some technical issue at the time of the exchange, where the seller sends the SMS text message to release the funds but there is no SMS text response from Local Bitcoins (e.g., service stops servicing SMS texts temporarily).

If the release was processed and the funds did transfer, then the buyer might receive a text notification that the transfer has completed, but that is if the buyer has verified an SMS number with a LocalBitcoins account (and for anonymity the buy may not have that established).

And then let's say that neither the seller nor the buyer has web connectivity to determine whether or not the funds truly had transferred.

Then that puts these two in a predicament.  Neither the seller nor the buyer knows if the coins transferred.   But if it was a technical issue in getting the SMS text response, then the transfer did occur.  If the buyer has not yet already handed over the cash then the seller is at risk of a loss if the two agree to part ways (as the seller can't force the buyer to wait, or to visit another location where web access is available).   If the seller has already received the cash, the buyer would then be at risk of a loss in trusting the seller to later transfer the coins if that had not already actually occurred.

I don't know -- perhaps there being a voice response (IVR) system available would be something that would help in this instance?  Or perhaps a phone-based support method such that the buyer can call to verify whether or not the seller released the funds?

Or how about this phone-based support being able to help these two parties who don't trust each other to resolve their situation.
617  Bitcoin / Development & Technical Discussion / Re: Cancelling unconfirmed transactions on: July 31, 2013, 07:39:14 AM
I know there are good reasons but to the casual observer and user it does seem that Bitcoin is a bit rough-and-ready if transactions can get "stuck" in cyberspace and the sender can't do anything about it.

There is different behavior based on the client.

With Bitcoin-Qt/bitcoind, the client (if left running) will sporadically attempt to re-broadcast the transaction indefinitely.   If the reason it doesn't end up in a block is because it is a low-priority transaction and a fee wasn't paid then there is no solution other than to perform wallet surgery (using a tool like jack jack's pywallet utility) to delete the unusable transaction.  

The hybrid E-Wallet from behaves differently.  It will eventually stop retrying (in about a day) and the transaction removed from the wallet, allowing the user to try to spend the fund again.

I'm not familiar enough with Multibit, Electrum and other clients to know their behavior.

As far as the ability to bump an existing transaction there have been two approaches, ... "parent pays for child" and "replace by fee", however neither is targeted for inclusion in any specific upcoming release.
618  Bitcoin / Alternative clients / Re: Recovering Bitpak private keys in wallet.dat on: July 30, 2013, 09:23:45 PM
Yes, I'm referring to the iPhone client progam call Bitpak.

OK, that's a different client from the one I was thinking of (which was an Android app).

You might try to PM the author.  Here's a thread on it.
619  Economy / Service Discussion / Re: Exchanges that support CurrencyFair or TransferWise? on: July 30, 2013, 09:10:40 PM
Long live CurrencyFair!


Statement from CurrencyFair regarding them blocking transfers to Bitcoin exchanges
620  Economy / Gambling / Re: bitZino - Bitcoin Casino - Blackjack, Roulette, 3 Card Poker, Slots and more! on: July 30, 2013, 08:46:28 PM
but if you can adjust the numbers, well we have a whole different ballgame.

And fortunately, BitZino is "provably fair" by providing a hash of every deck before each play so that it can later be determined that the numbers were not "adjusted".  

That is a feature you don't get in Vegas (yet), and not a feature provided even with all bitcoin-related online gambling. But with bitZino (and other "provably fair" gaming services), with every hand is the hash which will match the secret given after each play to ensure the sequence of cards in the deck was random (based on the seed provided by your browser) and did not change during play.
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