Any price difference leads to arbitrage, which traders will quickly take advantage of and close the price gap.
Depends on what "quickly" means to you. We've been waiting for arbitrage since other exchanges started to appear, which is what - more than a year now? Instead, they all simply follow MtG rates worldwide like a bunch of zombies. To me, simply confirms and reconfirms that the B xchange rate to any currency has little to no foundation in real supply and demand. Rather, it is still set by MtG pump & dump artists, and perhaps even MtG trading against itself. When all the other xchanges worldwide simply follow that, there is no way to tell what's really happening... I think it's one of the main reasons B is still considered a ponzi scam in the mainstream, and something not to take seriously.
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i think it's just the latest pump and dump.
...and that just now is how you do your classic MtG pump and dump for dollars, which we have seen on MtG from the earliest days. The B exchanges are a joke, because they all still follow MtG and its pumpNdump teams up and down. Pathetic!
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and if you don't know why, i recommend ... +1 Maybe, widespread adoption of B or a successor crypto-currency would accomplish what Ron Paul and such have been trying to do by returning to the Au standard, and the government would be hard-pressed to stop it, the way they can now and did in the 1930's with Au. However, some here disagree, as we know from that Bitcoin as a Keynesian tool thread, for example. It will be interesting what Time will tell...
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On the US government tv c-span channel Washington Journal show, over the past two weeks 19 and 25 november, there have been two different private cyber security industry representatives to talk about the subject. Seems to be related to some kind of legislation in the american government... The latest guy, on 25 november, mentioned virtual currencies as an area of their interest, and also that they will have to become a part of online criminal networks to find out how they work... So, in addition to astroturfers, we naturally have the cyber police here in the forum... Does anyone who follows American politics in depth know if there is something about Bitcoin and such in this legislation the show mentioned?
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I wouldn't rule out the possibility that some of the posters involved are hired to shape opinions on certain topics. There's an entire industry devoted to social media astroturfing.
+1 ...even on sites where it's all about money. Astroturf might really be one of the most effective ways for *.gov to resist Bitcoin.
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So, sounds like if the merchants could run B into an EU or US bank through an existing payment processor, it might work for them? Seems like the way is actually to get a Chinese payment processor into the Bitcoin game first.
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...a little bit of Bitcoin nostalgia for those who are not familiar with those days and the Meze Grill story
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Yes, but losing all your BTC is not a LOL reason to stop accepting BTC.
+1 It was a sensible thing for Meze to do, especially because back then there were no other payment processors, even as lame as MyBitcoin was...
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Maybe that's what Bruce said, but mybitcoin did return 49 or 51%.
That's not true. I didn't get any of the few i had there back from MyBitcoin, and know another person who didn't, and you can find a bunch here who didn't... MyBitcoin was a total scam, and did more damage to Bitcoin than anything else i've seen. The worst part is that people like Bruce in "the Bitcoin community" - who publicly recommended MyBitcoin, and supposedly lost a lot of B there - did not even bother to put up a bounty for the identity and whereabouts of "Tom Williams" of MyBitcoin. (No one disappears without a trace, if there is incentive to look for him...) And since then, there have been several other big rip-offs, as you know... So, i am not surprized that Meze Grill got out of Bitcoin after taking a risk, trailblazing, getting burned, and not having any recourse at all to even see the prospect of anyone being caught not to mention punished for their loss. They have a business to run, which works fine without Bitcoin...
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So is the way i described completely undoable then? It seems like the best and cheapest way. Bitinstant is confusing and i dont want to be showing ID and what not, and i would rather not deal with another person in person...
It's doable, but seems unlikely that someone would send you B, before you send them moneypack (or don't), considering you don't have any reputation yet. Sending B is irreversible. So, it seems difficult to find someone who will trust you. And if you send the moneypack first, they may not send you anything... You can go to OverTheCounter and see what's available, and start building a reputation as an honest trader, but it's a steep learning curve to deal there, and same trust problems apply, until you have a reputation.
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You might try LocalBitcoins, and do a deal in person. Or use BitInstant, even though they are crazy expensive in my opinion. In America, seems like CoinBase is a good deal, if you have a bank account with ACH capability, and can wait a week to get the B, plus a couple of days to set up the account initially. The price is locked in as soon as you buy it after the setup, and about a week before you actually get the B.
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Yes, same here. In fact, considering that their front page is asking for donations in bright red, it's starting to make me suspicious that they would rather use PP... Wouldn't BitPay handle it for them for free as a non-profit, and a major free security software developer?
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It is perplexing that in the A.W. era TC still doesn't accept B donations, but accepts PayPal. Seem that a lot of people in the Bitcoin world use TC...
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Man, "Big-Up yourself!" That is excellent!!! Look forward to seeing one of your systems in the wild! Good luck!
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(This has been proposed and done here before. I just can't find the thread.) Instead of pleading and wasting our time with stuck up entities like Wikipedia, let's all simply email every entity to which we send money in any form with a simple question, “ Do you accept payments in Bitcoin?” ...Or whatever question you think gets your point across. Don't bother arguing, or explaining B and its benefits to them, and the how's and why's of it. Don't follow up, even if they don't answer! They are business people, and can figure all of that out themselves. Just put it on their agenda to answer, and move on. (I have been surprised how many still answer that they don't know what it is...)
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... So despite his apparent libertarian leaning and his knowledge of Hayek, he's well and truly part of the establishment now.
+1 From my contact with them, it's clear to me that WikiMedia has become just another member of the establishment corporatocracy, which is another reason we should not be begging to donate to them. Since they've shown their true colors, i won't support them again. He doesn't seem to be the only "decider" on their decisions either. It would be useful if when BitPay pops up a particular merchant's payment interface that it says on that page "Accepting Bitcoin since [date]". That way, we could prioritize the merchants into those who were with Bitcoin "BW" (before WordPress) and AW (after WordPress), and we can then make the spending decisions accordingly.
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and there it was, boom!
what happened?
i think it's just the latest pump and dump.
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I agree with others who say that it's time to give up on trying to get Wikipedia to accept B donations. We all know the real reasons why they don't do it. Simply don't send them any support! I am sure they will be fine with fiat donations from others, and our conscience should be clear when we continue to use it for free! Trying to convince them to accept it, makes us look desperate and needy. As i've said before, if Bitcoin is big-enough idea to succeed, it's big enough to speak for itself now. We should just use it and improve it, and stop begging others to accept it. When the fiat house of cards implodes in the right places, my bet is many entities will change their mind about B. At that time, the ones that did not support B these days, will not get a satoshi or any other currency from me either...
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These organizations ignore bitcoin at their own peril. In my opinion EFF "wussed out". Isn't their mission something about protecting electronic freedom? Like a previous poster already said, I've lost a lot of respect for EFF. Yes, they do a lot of great things and I am thankful for that but rejecting bitcoin was a major fail.
+1
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