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1421  Economy / Speculation / Re: Thanks sellers for giving out free $ on: March 30, 2014, 07:03:11 AM
I see an awful lot of people calling this a good buying opportunity. This is usually a good sign that it's not. IMO it will go to $50 before it crosses $1000 again, and if it stagnates too long at a low price, it could get usurped by an alternate currency. Adoption had slowed to a crawl and the media have done a good job of burying it for a while at least.

Tons of positive development + legal clarification (in USA) + death of awful exchange + *growing* adoption + people panicking over information they don't understand + TA + Bitcoin! = buy indicators.

"Slowed to a crawl?"  According to what?
1422  Economy / Speculation / Re: Thanks sellers for giving out free $ on: March 30, 2014, 06:41:29 AM
I feel sorry for anyone buying right now



lol I feel sorry for those not buying now

I'm guessing you missed most of the good buying opportunities in the past, too.  

Edit:  To the other guy.
1423  Economy / Speculation / Re: The next 8 to 48 hours? on: March 28, 2014, 02:13:49 PM
It's been weird, though - we've had lots of good news recently and it hasn't moved much, but one rumor from China shows up and down we go. :-/

good news?? lol you must be joking. every god damn day has brought bad news for weeks now.

The BTC community is a lot bigger than this forum, and more importantly, there's way more going on than the sensationalist stories that get inappropriately hyped by the media would seem to suggest.

All the good news is in the sweat of the hard working entrepreneurs and developers, the 'boring' stuff that just doesn't have the same impact as a good doomsday article.
1424  Bitcoin / Bitcoin Discussion / Re: [POLL] Are you getting off the train? on: March 28, 2014, 03:44:31 AM
If you've never seen bubble burst its a beautiful thing to see unfold.

I've been trading stocks and options since 99.  Learned a lot those years.   Saw the bust of dot com,  real estate and now beginningz of tech 2.0 bubble burst.

Call me a noob  if it makes you sleep better investing in a time bomb.

Its like the APPL cult of 2012.  TSLA cult of 2013.  Hard to call the top.   But all the signs are there

Actually, the way I see it, everybody who is new to this market and legitimately has something to lose is panicking in reaction to news they don't understand.

And, the way I see it, all the cooler, experienced heads are focused on the overwhelming positive news going on every day, all the time, on every continent.  Seriously, there have been so many amazing developments in terms of infrastructure in just the past 3-6 months alone that I suspect there will be a *lot* of weak hands catching falling tears instead of knives.

Edit:  All the signs are there, eh?  What about this sign?
1425  Bitcoin / Legal / Re: [IRS] If Bitcoin is property, then the IRS may have a BIG problem! on: March 26, 2014, 06:33:24 PM
Here are a few thoughts of mine, though I'm not well versed on tax code laws:

1)  The ruling seems to imply that fair market value should be calculated for *every* BTC transaction, including rewards distributed per share at PPS pools.  Can you imagine calculating FMV and tracking gains for, literally, tens of millions of transactions?  Or, do you only track the FMV of withdrawals made from your pool account to a personal wallet at the date and time they were received (since changes in account balances don't correspond with actual transactions)?

2)  Think of multipool miners who would also need to calculate the FMV of all reward transactions received for each of the bazillion coins that they mine per day.  Sounds fun.

3)  What happens when you buy BTC with BTC at a different price, such as when purchasing a physical bitcoin?

4)  What is FMV anyway?  Which exchange represents FMV in a decentralized market?  Can't I just say my buddy offered me $2 for a bitcoin and call that FMV?  Or is FMV simply whatever you paid at the time that you paid it?  If it is, then how do you calculate the FMV of mined coins at the time they're received?  Am I correct in assuming that it's likely best to just choose a reasonable method and consistently apply that method in tracking all transactions, and claim a good faith effort in case something goes wrong?

5)  The difficulty in tracking everything definitively applies as much to the IRS as it does to us, and it seems impossible that, given a good faith effort in reporting gains or losses, the IRS would be able to prove you owe otherwise.
1426  Bitcoin / Bitcoin Discussion / Re: Investors - LTC vs BTC - Mathematics on: March 24, 2014, 09:00:58 PM
6 LTC confirmations are not as safe like 6 BTC confirmations.

For obv reasons.

But 1 confirmation is infinitely better than 0 confirmations, and therein lies one of the key benefits of fast confirmations.
1427  Economy / Goods / Re: [WTS] 5 x 2013 1-BTC Casascius Coins on: March 23, 2014, 07:18:23 PM
Bump.

Make an offer Smiley
1428  Economy / Collectibles / Re: [WTS] 1 X 2012 1-BTC Casascius Physical Bitcoin on: March 23, 2014, 07:15:50 PM
Bump.  Make an offer Smiley
1429  Bitcoin / Bitcoin Discussion / Re: Investors - LTC vs BTC - Mathematics on: March 22, 2014, 10:10:09 PM
What is the mathematically rationale for increased ROI ( LTC vs BTC ) ?

Many people think much larger proportional ROI for LTC is a mathematical certainty?

Is there any truth to this?

Many thanks

I'm not sure what you're asking.

Based only on what you typed, the answer is no, there is never a guarantee of rate of ROI.
1430  Economy / Goods / Re: [WTS] 5 x 2013 1-BTC Casascius Coins on: March 22, 2014, 08:48:23 PM
Bump Smiley

Make an offer on one or all Smiley
1431  Economy / Collectibles / [WTS] 1 X 2012 1-BTC Casascius Physical Bitcoin on: March 22, 2014, 08:47:38 PM
Hello,

Up for sale is one (1) 2012 1-BTC Casascius physical Bitcoin.  The coin, although not graded, is in excellent condition and has not been touched by hands, dropped, etc.  The coin was received directly from Casascius and immediately placed in my safe

As far as I know, these are fairly uncommon. 

No set price.  Make an offer that accounts for shipping.
1432  Economy / Trading Discussion / Re: How to prove Bitcoin transactions to a bank? on: March 22, 2014, 04:03:40 AM
They are capital gains and you have to report / pay taxes on capital gains - that should be clear enough for the Bank once it's done.

The other problem if I have or haven't understood correctly is that you want to get a mortgage? A Bank is likely to see Bitcoins as extremely volatile / untrustworthy, and therefore unlikely to accept the value of said assets in determining what kind of mortgage they can offer you. If you do want to keep those assets in BTC and still somehow need to get a mortage - I would suggest looking into one of the Bitcoin trusts / Banks, that may seem more legitimate in the eyes of the Loan manager at the bank, then again it may not - it is something you should clarify.

My realtor is a hotshot millionaire ex-banker who is doing me a favor through a mutual friend; he knows the ins and outs of the banking system and works with multi-millionaire clientele, so he's been able to at least get their attention.  He actually told me that one of the agents spent several hours researching BTC because I told him to tell them to do that so they wouldn't keep asking me for information that has nothing to do with proving BTC ownership.  Lol.  

I consider it a small win Smiley

In any case, he seems to know what he's doing.

Edit:  Thanks, I will look into that.
1433  Economy / Trading Discussion / Re: How to prove Bitcoin transactions to a bank? on: March 22, 2014, 03:47:54 AM
Wow that is a going to be a difficult sell. Your best bet is to sell some bitcoins to cash and put them in an account in the bank. Then when you have closed on the house, convert back to bitcoins.
This sounds like a recipe for potentially destroying tens of thousands of dollars in wealth. If at any time during the process BTC spikes upward, OP has lost money. Not worth it imho.
Not to mention that you have to explain to the banks where the large amount of cash came from. They need to know that the money was not borrowed, which leads you back to square one - having to prove that the coins you sold were yours.

Exactly.  I have five-figure deposits to my bank account which are BTC cashouts.   They are indeed asking me where the hell that money came from.
1434  Economy / Trading Discussion / Re: How to prove Bitcoin transactions to a bank? on: March 22, 2014, 03:42:15 AM
So you are trying to get a mortgage from a bank and the bank wants proof of assets and most of your assets are in bitcoins?

Wow that is a going to be a difficult sell. Your best bet is to sell some bitcoins to cash and put them in an account in the bank. Then when you have closed on the house, convert back to bitcoins.



That's part of the problem.

Fortunately, I have the assets regardless of the BTC (i.e. cash, precious metals, investment accounts, etc.), but since bitcoins still represent a very significant percentage of my assets, it's harder.

Cashing out the BTC won't help the issue because they aren't fully convinced that the cashed-out BTC wasn't loaned to me or something -- they want to see that every penny going to, for example, Coinbase, matches the money coming back into my account.  They basically are saying that they don't necessarily believe the money in my bank account is mine lol.
1435  Economy / Trading Discussion / How to prove Bitcoin transactions to a bank? on: March 22, 2014, 01:51:06 AM
I have an issue.  I'm buying a home thanks to BTC (good).  The bank wants proof of BTC ownership (somewhat bad) and wants proof of USD going into and out of BTC (insanely bad).

First, keep in mind that, although I have a sizeable and easy-to-prove stash of physical BTC, I liquidated the vast majority of my digital holdings.

Second, while I use Coinbase almost exclusively for purchasing Bitcoins, and while I use BitPay almost exclusively for cashing out (except for Coinbase, but that doesn't matter since it's inherently linked to my bank account), the BTC that's cashed out through BitPay comes from multiple sources including mobile wallets, desktop wallets, and Coinbase withdrawals to an external account.  Accordingly, the bank is having a fit that the money leaving my bank account to Coinbase doesn't match the money coming back in.

I told my realtor that I believe the bank has several options:

1)  Learn more about BTC, quit asking for dumb, irrelevant stuff, and accept the fact that providing absolute, definitive proof of ownership would require providing private keys, and this would essentially make the bankers owners as well (not happening).  And, even in this case, I don't know how I could ever prove that the coins weren't loaned to me at some point.

2)  Let me provide them with every iota of transaction data available including all bank statements, all transaction histories from all mobile, desktop, and paper wallets, screenshots of every transaction and every .csv export I can find, etc., leaving them with a mountain of paperwork that they can try to piece together.  This would total hundreds, perhaps thousands of pieces of evidence.

3)  Be fucking reasonable and understand the idiocy of the length that someone would have to go to fabricate the evidence I have already supplied them (which includes pictures of my physical coins, mining hardware, in-progress mining snapshots of CGminer, countless bank statements, .csv exports from both BitPay and Coinbase, screenshots of particular screens on both Coinbase and BitPay showing corresponding email addresses, deposit addresses, etc.

Given the obvious fact that Bitcoin and other virtual currencies fluctuate in value against the dollar, I don't even understand how the bank would expect the money going in to match the money going out.  Throw in cashouts from mined coins amidst coins that were purchased and deposits from multiple sources and you get one hell of a knot to untie.

Anybody else have any better suggestions on what I can provide to the bank?   Huh
1436  Other / Off-topic / Re: Gambled away my tuition bitcoins on: March 21, 2014, 10:46:17 PM
Man, I remember my Martingale days...

After ~3,000 bets, I had lost, won, lost, won, and lost again ~40 BTC only to be lucky enough to recover most of it.

If you don't think you can flip 16 heads in a row, give it a few thousand go's and you'll be surprised.
1437  Economy / Goods / Re: [WTS] 5 x 2013 1-BTC Casascius Coins on: March 21, 2014, 10:26:07 PM
I'd consider offering six for all five.

PM sent, counteroffer submitted.

Still available, everyone!
1438  Economy / Goods / Re: [WTS] 5 x 2013 1-BTC Casascius Coins on: March 21, 2014, 01:36:21 PM
Bump.

Make an offer Smiley
1439  Economy / Speculation / Re: The $500+ Bitcoin Is Back ... (HAPPY?) on: March 20, 2014, 01:59:55 PM
There is a 99.99% certainty that we will see $400s bitcoin in 2014 once more. No need to rush.

The baselessness of your proposed probability increases the absurdity of your statement by 84%.
1440  Economy / Computer hardware / Re: Gridseed 5chip 360kh/s 10x 1899$ on: March 19, 2014, 01:15:19 PM
The problem with dumb people is that they think they're as smart or smarter than the smart people.  Therein lies their dumbness.

Use Mario Paint for better results next time.
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