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901  Bitcoin / Press / 2013-05-09 - US Regulator’s Confusion Around Bitcoin Is Exac on: May 09, 2013, 05:43:56 PM
US Regulator’s Confusion Around Bitcoin Is Exactly Why No One Wants Them Involved
by Phil Archer

[CFTC's Bart Chilton] stated on 'In essence, we’re talking about a type of shadow currency, and there is more than a colorable argument to be made that derivative products relating to Bitcoin falls squarely in our jurisdiction.'
Bitcoin clearly does not derive its value from the future purchase of an underlying asset. Therefore, if the CFTC plans to regulate bitcoin, they must consider bitcoin either a commodity or forex, with the intent to regulate bitcoin forex or bitcoin derivatives.
Since bitcoin is not the currency of a foreign government, but rather the first global currency, it would seem their power to regulate bitcoin as forex does not apply.
Bitcoin being declared a commodity would create an interesting contrast with fincen’s March guidance requiring bitcoin exchanges to be registered as Money Service Businesses (MSB).
So it seems the US Government has no idea how to classify bitcoin: is it a currency or a commodity? Any CFTC ruling would likely declare bitcoin a commodity and put it in a Schrodinger’s Cat state – it would coexist as both a currency and a commodity.
FinCEN was forced to create a new definition for virtual currencies, and we expect the CFTC to do the same. However, those living in fear of what the CFTC’s decision may hold should have solace in the fact that any regulations will be largely unenforceable anyway.

902  Bitcoin / Development & Technical Discussion / Re: Initial replace-by-fee implementation is now available on testnet on: May 09, 2013, 05:03:13 PM
Regarding the reward,

For context on that:

Someone by the name of John Dillon ( emailed the bitcoin-development email list earlier this morning offering a $500USD reward to anyone who implements a transaction replacement-by-fee patch.

That thread is:

Reminder: zero-conf is not safe; $1000USD reward posted for replace-by-fee patch

903  Bitcoin / Bitcoin Discussion / Re: Need to buy bitcoins ASAP on: May 09, 2013, 04:25:12 PM
I am in India, but the point is I need to do some type of bank transfer or something online so in that case it seems irrelevant where I am at because I need to do everything online.

Deposit cash in India:

904  Bitcoin / Press / Re: 2013-05-06 NY Times: A Push for a Bitcoin Buttonwood on: May 08, 2013, 03:09:51 AM

Popper has been around Bitcoin enough to know how it works, but then he writes:

In order to transfer the online currency, Mr. Rossi used his smartphone to take a picture of the graphic code on Mr. Gunden’s phone, which provided access to his bitcoin account.

With readers not knowing that Bitcoin doesn't have "Bitcoin accounts", I suppose this was just a way of describing how the buyer, Rossi, learned where to send the payment to. 

But that was a poor way to describe it.

905  Economy / Gambling / Re: mem's BITCOIN GAMBLING LIST on: May 08, 2013, 01:23:21 AM
Mem, please take BitLotto off the list, or move it to scammers section.

It was all just a long con, apparently.

The site is still online and people are still placing wagers, possibly after seeing bitlotto from Mem's List.

906  Bitcoin / Press / Re: 2013-05-06 Fox Business: Buffet/Gates/Munger on Bitcoin: Rat Poison, Flakey on: May 08, 2013, 12:36:11 AM
elite protect their turf

Here's a thread on the topic:

Billionaires hate Bitcoin.
907  Other / Beginners & Help / Re: Anyway i can get BITCOINS instantly in the uk? any trustworthy vendors? on: May 07, 2013, 10:14:03 PM
Transferwise is now dead,

Just to clarify that, ... Transferwise will no longer allow you to withdraw to a Bitcoin exchange. 

CurrencyFair still does, I believe, so that's a substitute for Transferwise.
908  Bitcoin / Press / Re: 2013-05-07 Wired: Wary of Bitcoin? A guide to some other cryptocurrencies on: May 07, 2013, 08:20:12 PM

Sigh ...

In a 51 percent attack, someone takes over enough nodes to effectively dictate that their own version of the blockchain is accepted over the legitimate one. If that happens, it becomes possible to counterfeit bitcoins,

The risk of loss during a 51% attack is where coins are sent and then the attacker broadcasts blocks in which these funds are spent again.  So the risk is double spending of the same funds.  That is not counterfeiting where coins that are not legitimate are in circulation.

There's a big difference (though if you were the party that saw losses due to the double spend you might not care that there is a distinction).
909  Bitcoin / Press / Re: NEW articles in Press Forum on: May 05, 2013, 02:41:39 AM
2013-05-04 - Living On Bitcoin For A Week: Bitcoiners Are The New Veg
910  Bitcoin / Press / 2013-05-04 - Living On Bitcoin For A Week: Bitcoiners Are The New Veg on: May 05, 2013, 02:40:57 AM
Day 4 of Kashmir Hill's series.

Living On Bitcoin For A Week: Bitcoiners Are The New Vegans

911  Bitcoin / Bitcoin Discussion / Re: Specialized hardware and the "nuclear option" for >50% attacks on: May 04, 2013, 01:54:17 PM
a mining algorithm friendly to general purpose hardware is superior because it is more inclusive to "the masses",


When nearly all mining was GPUs, most of that was for people who buying GPUs specifically for dedicated mining rigs.    So even though it was off the shelf hardware, it still was an up-front investment in hardware.

The thing about ASICs is that there is little gain as you scale up.   A 5.5 Ghash/s Jalapeno is about 1/10th the price of a 60 Ghashs/s ASIC.    This means there's not much of an economy of scale as you move up to larger and more powerful hardware.  

The bigger reasons that will determine who mines and who doesn't will have to do with access to capital, but eventually, those with access to cheap electricity.  Currently that electricity consumption is a non-issue because ASIC mining profitability is so high yet (revenue relative to cost of electricity) that it will be another year or so before differences in the cost of electricity will resume to being a factor as to where you would host your rigs.)
912  Bitcoin / Technical Support / Re: BTC transaction not confirming. is this normal on: May 04, 2013, 01:22:36 PM
It's been like this with 0 confirms for about 20 minutes

Incidentally, no fee was paid.    I don't think it mattered with this last transaction because no blocks occurred for about a half hour before your transaction got confirmed, so it appears your transaction was included in the first block following when your transaction was broadcast.

But normal variance can cause longer delays between blocks.  Around once every two days there is an hour between blocks (on average, when hashing capacity is near the target).
913  Other / Politics & Society / Re: U.S. CrowdFunding Bill on: May 04, 2013, 12:00:45 PM
someone tell me what this crowdfunding bill meant

There were a lot of facets to the bill.  The ones specific to crowdfunding allow a company to go through a crowdfunding portal to raise capital from non-accredited investors.  Accredited investors are those with significant net work and income (e.g., $1 million net worth, not including a home).

Currently there are a lot of projects raising money through Kickstarter.  There was the hope that the JOBS act would allow that type of project to be launched in which equity in the project would be owned by supporters.  That is not what the JOBS Act will do however.   There still will be a significant up-front investment to be able to offer equity through a crowdfunding portal.   

Exactly what will be required though is still being worked out by the SEC, with the details now delayed until much later this year.

Now we know first-hand both the risks and rewards from equity crowdfunding thanks to the now-defunct GLBSE, and thanks to a few other cyber-equity stock markets.  We know that scammers are attracted to this (e.g. a very long list)but also that incredibly profitable ventures can be the result as well (e.g., ASICMINER and SatoshiDICE).   

But we'll never see these types of exchanges be compliant with U.S. securities law, even after the JOBS act rulemaking is completed

So that doesn't really tell you a whole lot about what the crowdfunding bill is, but it does tell you what it isn't.
914  Bitcoin / Bitcoin Discussion / Re: Offline Paper Wallet Creator - Raspberry Pi? on: May 04, 2013, 02:22:41 AM
Sorry for Necrothread, but this device is being developed:

Piper - A hardware-based paper wallet printer and so much more
915  Bitcoin / Project Development / Re: [ANN] Piper - A hardware-based paper wallet printer and so much more on: May 04, 2013, 02:21:23 AM

From a prior post inquiring about creating this exact type of device:

Thermal resin (uses paper + ribbon) will last "forever".  The resin will likely last longer than the paper.
Thermal (uses only chemically treated paper with no ribbon) will be unreadable in a matter of months (days if exposed to higher temps).

Some printers can do both, some can only do one or the other.

So from your FAQ you show:

Currently, the image will last 3 years but we are in the process of acquiring bulk-quantites of specially coated, archive-quality paper to use with it which will last over 20 years.

What type of printer will you use?

I'm open to suggestions on what else the software should have.

Can this be powered from a USB port (i.e., made to be portable), or will it require power from an outlet?

Also, I'ld like the ability to print two (or more) copies.   

Additionally I'ld also like to see a time and date on the printout, or maybe just some type of sequential number (so I could easily navigate through a stack of these to  pull a specific one.)

916  Bitcoin / Technical Support / Re: Old offline wallet.dat files on: May 03, 2013, 08:23:32 PM
I've created a few offline wallet.dat files back in summer of 2011. I've been adding coins to them (through pools) since then but I've never used them online with any bitcoin clients.

Am I safe? Am I able to access the coins later on for use? Or should I be regularly resyncing the wallets, even if I'm not spending the coins?

The Bitcoin client back then didn't have passphrase encryption, so that means you want to be very careful with that wallet.dat.

Some might suggest using an offline computer and bringing over a more recent Bitcoin-Qt client to do the passphrase encryption before taking that wallet.dat over to another, connected computer.   

Or to use Armory on the offline computer which provides a secure method for spending.
917  Bitcoin / Bitcoin Discussion / Re: Bitcoin Mining in 10 Years? on: May 03, 2013, 08:11:28 PM
Won't there be a lack of computer power to encrypt things

Just to clarify, ... miners don't encrypt anything.  They do use cryptography, but not encryption.
918  Economy / Service Discussion / Re: Lost BTC while using Bitcoin Wallet for Android. on: May 03, 2013, 06:15:12 AM
  • Have bitcoin wallet give a warning when you import a backup. That you must backup again to have all your pools
  • Have the imported backup be the default pool.

Just to clarify, does not use any key pool like the Bitcoin-Qt client does.  

If you are using Quick Send, then the change goes to an existing address that should already have been in the backup if you described the sequence of events correctly.

If instead you used Custom transaction and chose "New Address" for change, then yes -- you need to make a new backup after every one of those transactions. has a configuration setting for your account to allow "Automatic Email Backups" to be sent.

[Edit: The reported issue was with Bitcoin Wallet for Android by Andreas Schildbach, not wallet, ... somehow I mixed the two up and gave a response that has nothing to do with the question asked, sorry.]
919  Bitcoin / Technical Support / Re: Transaction sent 12 hours ago still nothing on on: May 03, 2013, 12:23:44 AM
Are you saying they are being broadcast to the network before it has reached sync?  If so, is this from the Bitcoin-Qt or sent via API with bitcoind?

Yes - and this can be done with bitcoin-qt as well. Assuming you don't have a copy of the wallet on another computer then there is no problem doing this as tx you make are stored in your wallet (so it won't try and spend the UTXOs again).

Ok, just so that there is no confusion here.

Obviously, if you copy your private keys from Bitcoin-Qt and broadcast a transaction from another client then that transaction will be seen in without the local Bitcoin-Qt being sync'd.

But what I'm asking about is if you have the Bitcoin-Qt client and it is not currently sync'd, but then create a new spend transaction.  Are you claiming that the transaction is then broadcast to the network immediately ... before sync is attained?   That's different behavior than I remember seeing before.    It should only take someone two minutes to observe the behavior, but at this moment I personally am using a system on which I cannot install Bitcoin-Qt/bitcoind so if someone could verify and pipe in that would help.

[Edit: I'm specifically referring to DEFAULT behavior of the Bitcoin-Qt client, and not a command line/API transaction.]
920  Bitcoin / Press / Re: BitcoinATM Press Demo, San Diego CA May 2 2013 1PM on: April 30, 2013, 10:47:21 PM
If anyone from BitcoinATM wants to chat with Bitcoiners, an event downtown San Diego is this evening:
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