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661  Bitcoin / Legal / Re: is it legal to run a public bitcoin exchange that Americans can use? on: June 29, 2013, 01:25:37 PM
Words have meaning.

Exchange is a vague word.   Market exchange is more specific but is still a vague term.  Brokerage is a vague word.

Forex also is a vague term.

The word futures, however, is useful here because it specifically excludes anything that does not have the characteristic that it is purchased now but delivered at a future time.

So when I do a trade at an exchange and withdraw my purchase immediately, that means I was not trading on a futures market.

So it is irrelevant what requirements exist for operating a futures markets when you are discussing a brokerage (e.g., Coinbase) or a market exchange (e.g., Mt. Gox).
662  Bitcoin / Legal / Re: What's to stop fully licenced bitcoin exchanges from trading fiat pairs? on: June 29, 2013, 12:26:33 PM
a fully licensed bitcoin exchange

Define "fully licensed bitcoin exchange"

If there's a license then there must be a license issuer.  At a minimum, this will vary from one jurisdiction to another.

Now if you are referring to an exchange that is compliant with FinCEN's money transmitter rules (e.g., registered as an MSB, licensed with states) that wishes to enter the forex market (to trade EUR/USD, for instance), then with forex there are other regulations with a completely separate regulator than FinCEN.

663  Bitcoin / Press / Re: 2013-06-28 - MtGox Appears to Register with FinCEN on: June 28, 2013, 11:51:23 PM
MSB Registration Status Information

Date: 06/28/2013

MSB Registration Number: 31000029348132
Registration Type: Initial Registration
Legal Name: MtGox Inc
DBA Name:
Street Address: 615 S Dupont Hwy
City: Dover
Zip: 19901

MSB Activities:
Money transmitter, Other

States of MSB Activities:
Alabama, Alaska, American Samoa, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District Of Columbia,
Federated States Of Micronesia, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas,
Kentucky, Louisiana, Maine, Marshall Islands, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri,
Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Northern Mariana Islands,
Ohio, Oklahoma, Oregon, Palau, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee,
Texas, Utah, Vermont, Virgin Islands, US, Virginia, Washington, West Virginia, Wisconsin, Wyoming
All States & Territories & Foreign Flag: All States/Territories

Number of Branches:

Authorized Signature Date: 06/26/2013

Received Date: 06/27/2013
664  Bitcoin / Bitcoin Discussion / Re: The concept of competing currency is what makes crypto shine on: June 28, 2013, 11:19:11 PM
Anyone agree?

Bitcoin thrives because of its resistance to corruption that comes from being a proof-of-work based currency.  Whether this corruption is in the form of a government requiring identity be associated with a transaction, or an issuer deciding to steal from savers by devaluing the currency, or an authority deciding which transactions are allowed and which ones are not.

If other currencies have this same resistance to corruption, then they will have value as well.    The problem is, not all alt currencies have sufficient proof-of-work to be protected.

Having these alt crypto coin currencies out there helps in one area ... we no longer need to waste time answering the question "what will happen when a Bitcoin clone arrives"?   The answer ....  pretty much nothing!
665  Economy / Economics / Re: Tax and Bitcoins on: June 28, 2013, 09:37:22 PM
Does anyone have opinions as to the correct way tax should be managed with Bitcoin?

The wiki is down for technical issues at this particular moment, but when it returns, here's information:
666  Bitcoin / Press / 2013-06-28 - Survey: Quarter Of US Consumers Has Heard Of Bitcoin on: June 28, 2013, 07:07:57 PM
Survey: Quarter Of US Consumers Has Heard Of Bitcoin — And Majority Of Them Trust It
by Natasha Lomas

The firm surveyed more than 22,000 U.S. consumers in May 2013 to test Bitcoin awareness and levels of trust.
Just over a quarter (25.3%) [of U.S. consumers] have heard of the crypto currency — which means the U.S. is lagging the other two countries also surveyed for the poll, Argentina and the U.K. In those nations,
62% of U.S. consumers who are Bitcoin-aware said they trust the currency, vs 73% of Bitcoin-aware Argentinians and 69% of Bitcoin-aware Brits.
The largest group of Argentinian respondents (44%) said the best thing about Bitcoin is ‘not having to deal with financial institutions’. So banks bad, Bitcoin good.
In the U.S. and the U.K. the most popular response when asked about the best thing about Bitcoin is that “it’s quick and convenient” — cited by 36% and 43% respectively.

667  Bitcoin / Press / Re: NEW articles in Press Forum on: June 28, 2013, 06:56:45 PM
I still very much use this thread and not the board. Ready to change though.

Ok, so there are people who find this thread useful yet so I'll leave it as-is and monitor.  [Edit: I changed the topic though to "Promoted articles" instead of just New articles since not all new articles will likely get indexed here.] I'll probably not be posting much here myself though.
668  Local / India / Re: Mining fundamentally is only marginally profitable. on: June 28, 2013, 07:04:35 AM
BTC is no get rich quick scheme. Miners paying for power will cry very very soon, as they have always been crying. More hash rate is added to the network until mining is only marginally profitable, and the guys paying expensive electricity have no other choice than turning off their rigs or away from BTC, which happened at the end of 2011 and in 2012, and is happening now to all those that have no asic (gpu miners).

Bitcoin mining has a lonnnnnngggggg way to go before there is any significant difference in profitability between those with a low cost of electricity and everyone else.

Now GPU rigs, sure -- miners should be packing it in pretty soon now, regardless of what they pay for electricity.

As far as ASICs being profitable has to do with massive backlogs of hardware orders finally reaching customers.  The capacity coming online could still be limited such that ASIC mining will still be quite profitable -- not like today's level, but profitable such that there is breakeven in under a year.   
669  Bitcoin / Hardware / Re: question: how many BTC is a jalapeno currently earning per day on: June 28, 2013, 06:26:57 AM
what are jalapenos earning  right now per day or what is it costing per day to NOT have it delivered yet??

Plunk in the numbers.

5,500 Mhash/s (5.5 Ghash/s)
$0.15 per kWh

Earns revenue of about $14 per day (0.14 BTC) at the current difficulty and exchange rate.   Of course, the only reason that earns 0.14 BTC and not 0.014 BTC is because there aren't a whole lot of other people's Jalapenos shipping either.
670  Bitcoin / Press / Re: NEW articles in Press Forum on: June 28, 2013, 06:04:02 AM
I'm thinking this thread has outlived its usefulness.   There are many more new articles posted to the Press board that don't end up in this index, and now increasingly others being posted here in this thread and not in the Press board.

There are now mutliple new articles daily so there's no longer a need for a "prod", which was the purpose this thread had served.

Any objections to me changing the title and locking the thread?
671  Economy / Trading Discussion / Re: Tips for local transactions on: June 28, 2013, 02:51:41 AM
Just a heads-up, ... it might be getting easier for a scammer to succeed at double spending on 0/unconfirmed.    Here's an example:

So those buying bitcoins with cash or other non-reversible payment method from an untrusted party might want to consider some escrow method (e.g., LocalBitcoins "transactions"), or a more instant-transfer method (e.g., account-to-account transfer, like on Camp BX, or maybe via Ripple gateway, etc.), or waiting on getting a confirmation or two before completing the trade by handing over the cash.
672  Bitcoin / Development & Technical Discussion / Re: Will the new dust rule 0.8.2 make it trivial to double spend 0-conf? on: June 28, 2013, 02:47:02 AM
We already have IsStandard and there are an infinitude of transactions which do not qualify as standard already.

I'ld like to see an entry added to the Double Spending article on the wiki for this category of attack.
 -  -

I don't know that each specific tactic needs to be described, but something to the effect of how exploiting differences in the rules between versions (or from custom modifications) introduces an increased attack vector.   What would be a good name for this category?
673  Economy / Currency exchange / Re: WTB BTC-e code for MtGoxUSD on: June 28, 2013, 12:08:40 AM
How are you sending MtGoxUSD when the codes were discontinued?

Issuance of new codes has been discontinued by Mt. Gox.    Redemption of an existing code is stlll possible using the Funding Options -> Add Funds.   Though these things are bearer codes, and the buyer might want to use extra caution (e.g., request an escrow, or employ some other trust / protection.)

674  Bitcoin / Project Development / Re: Encrypted Paper Wallet on: June 27, 2013, 04:09:10 AM
However, when I go to the text field to enter a passphrase does not appear

The changes haven't been merged into, ... and I don't know that anyone has vetted the entire source with that change from the Zeilapp GitHub repo.   So that's why I wrote "probably isn't ready for prime time".   

But if you want to try it out, save the .html from Zielap's repo to a local directory and open it in your browser.  But you might not want to trust it with too much mBTCs without ensuring it can be trusted.   
675  Economy / Marketplace / Re: [Post if interested] Should we restart Bitbills? on: June 27, 2013, 03:12:59 AM
It would be a lot cheaper than the alternatives we know of and we think having a cheap way to give people bitcoins in real life is an important step into mass introduction.

There's definitely demand for them. 

At some point though, when these start being used in commerce there will be counterfeits appearing though.   So it has to be presumed that at some point these definitely will be redeemed (other than those kept by the original buyer) and thus paying the least cost now is important so that there is less regret later when the bill gets destroyed in order to be redeemed.

After seeing the ease-of-use of the scan private key functionality in Mycelium wallet, the use of paper wallets and other private key transfer methods will be something more common, I believe.
676  Bitcoin / Project Development / Re: Encrypted Paper Wallet on: June 26, 2013, 10:57:32 PM
Does anyone know if there is a site/service/software app that allows you to print out a paper wallet that encrypts the private key with an option to also encrypt the public key?

Encrypt the Bitcoin address (public key)?  Why?

As far as encrypting the private key ...

Getting closer here I think.

Real close.

So the encrypted paper wallet(s) go to family members.  DeadMansSwitch gets the decryption key, as does the trustee.  From another thread:

I changed the colour to blue for encrypted paper wallets to provide distinction between encrypted/unencrypted paper wallets - a version in the original yellow is included in case you really like yellow, just delete 'note_encrypted.png' and rename 'note_yellow.png' in its place.

This solution (encrypted paper wallets) probably isn't ready for prime time, but give it a few weeks and that will probably become a very good method for offline / long term savings that is secure.
677  Bitcoin / Bitcoin Discussion / Re: Run 'Round FINCEN Rules. Bitcoin Exchanges without Registering on: June 26, 2013, 10:38:07 PM
If you're interested in legal loopholes...

Also, infrequent traders (five times or less per year) not doing it for profit are not money transmitters (at least that's what might be deduced from U.S. federal law):

Limitation On MSB Regulations For Infrequent Trading
678  Economy / Service Discussion / Re: BTC-e on: June 26, 2013, 10:02:12 PM
Counterparty Risk of alt-coin exchange = Counterparty Risk of bitcoin-only exchange

Are you saying there's no difference between the [Edit: chance] of a successful 51% attack occurring against Bitcoin versus the chance of one ocurring against other proof-of-work crypto coins?
679  Bitcoin / Legal / Re: CFP Bitcoin panel webcast 3pm Eastern today on: June 26, 2013, 06:36:00 PM
I will be moderating this panel

Watch here

Tweet questions to me at#CFP2013

More details of the panel:

That's 3PM EDT, 12PM PDT and 19:00 UTC.
680  Economy / Service Discussion / Re: BTC-e on: June 26, 2013, 06:03:40 PM
They are doing site maintenance.

The site currently shows:

Технические работы
Ведутся технические работы на сервере. Приносим извинения за неудобства.
Site is under maintenance. We apologize for the inconvenience.

and hopefully service will resume (with no significant issue), but in the meantime, my post here might be worthwhile reading:

Your Bitcoins Are Not Safe At Alt-coin Exchanges
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