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241  Bitcoin / Legal / Trademark on "Bitcoin Wallet" on: March 25, 2014, 09:08:34 PM
There's a new US Trademark application for "BITCOIN WALLET" based on use starting last month. The term "Bitcoin wallet" has been used generically to describe wallet programs designed to hold and transfer Bitcoins.

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Word Mark:  BITCOIN WALLET

Serial Number: 86185037

Filing Date: February 5, 2014

Goods and Services: IC 036. US 100 101 102. G & S: Cash management namely facilitating and tracking transfers of electronic cash equivalents; virtual currency exchange transaction services for transferable electronic cash equivalent units having specified cash value.

FIRST USE: 20140205.

FIRST USE IN COMMERCE: 20140205

APPLICANT: Bitcoin Wallet, LLC LIMITED LIABILITY COMPANY KENTUCKY P.O. Box 176247 Fort Mitchell KENTUCKY 41017

242  Economy / Lending / Re: need btc to create a new btc exchange on: March 24, 2014, 01:40:42 AM
Here is my simple answer JoelKatz. I want this exchange more than everything, and I need starting fund. I'm a new member here and an exchange business is risky, so I thought if I offer a pretty large interest rate, then bitcointalk lenders will support me.
If you're lying, scammer. If you're telling the truth, fool. The absolute worst imaginable way to start a business is by borrowing money at exorbitant interest rates. And the very worst imaginable way to induce people to invest in your business is to offer them exorbitant interest rates. This almost ensures that your business will go broke if it encounters even the slightest problem -- and new businesses always do even under the best of circumstances.
243  Economy / Speculation / Re: Is Overstock.com slowly draining the price? on: March 23, 2014, 10:32:51 AM
Overstock claims they are selling about $1 million worth of goods per day. And they are currently converting those bitcoins to dollars. Essentially a million dollars worth of bitcoins is being sold every day. This is not miners mining and being Bitcoin supporters so they are more likely to hold than sell, but certain selling. At the moment $1 million would send the price down $30. It may not go down that far completely due to other adoption but it is a constant drain.
Every Bitcoin they sell has to have been bought or mined by someone. So every single Bitcoin they add to supply is a Bitcoin added to demand.

There might be a tiny bit of short-term downward pressure as people who hold Bitcoins but don't really want to hold them take advantage of an opportunity to easily monetize them. But this is more than made up for by the increased value Bitcoins will have because they can be more easily spent.
244  Economy / Lending / Re: need btc to create a new btc exchange on: March 23, 2014, 08:16:59 AM
So if I cut back my interest rate to 20% every investor going crazy?
Sure Cheesy THE INTEREST RATE NOW 20%!!!
Just kidding i keep my word Smiley
Thank you for your reply, but Im not a scammer or a fool. I just want starting my exchange from nothing.
There is no other known explanation. Please explain what other possible reason would you have for offering such a large interest rate that it would make any rational person think you are a scammer. I have asked this question many times and have never gotten an answer.
245  Economy / Lending / Re: need btc to create a new btc exchange on: March 23, 2014, 04:22:48 AM
If you think borrowing money at an absurdly high interest rate in a way that makes you look like a scammer is a sensible way to start a business, you are a very poor businessman.

Don't you have any friends or family -- or anyone with a reason to trust you for that matter --  that would be interested in such an amazing deal?
Yeah the rate is high because I'm a new member and an exchange thing is risky, and I really want this project.
If this crowdfunding will be unsuccessful I try btcjam or finally a bank loan.
My family is poor, in Hungary 99% of all people is poor  Cheesy Undecided.
If you would even think of asking for a loan at such an absurdly high interest rate when there's even the slightest chance that you might be able to get a bank loan, you're either a fool or a scammer. Either way, loaning you money doesn't sound wise. Honestly, do you have any rational understanding of how absurdly high the interest rate you are offering is? Such rates are almost always offered by scammers or fools, if for no other reason than that offering such a rate makes everyone think you're a scammer.
246  Economy / Lending / Re: need btc to create a new btc exchange on: March 22, 2014, 01:31:11 AM
If you think borrowing money at an absurdly high interest rate in a way that makes you look like a scammer is a sensible way to start a business, you are a very poor businessman.

Don't you have any friends or family -- or anyone with a reason to trust you for that matter --  that would be interested in such an amazing deal?
247  Economy / Economics / Re: Economist Caution: Prepare For 'Massive Wealth Destruction' on: March 16, 2014, 06:06:44 AM
Good news for BTC, but sorry to see so much suffering ahead.
Is it really? Presumably if there's less wealth, then the value of each Bitcoin would be less as well.
248  Bitcoin / Bitcoin Technical Support / Re: transaction disappeared from block chain?? on: March 14, 2014, 06:42:13 AM
However, this 0.4 btc never went back to my wallet, never made it to the other wallet, and does not show on the blockchain. It's in limbo somewhere. Where is it, and how can I get it back?
It never left your wallet. It's still exactly where it was all along.
249  Bitcoin / Mining speculation / Re: if miners worked together on: March 14, 2014, 06:15:35 AM
This won't happen (see "game theory" above).

But what if one of the big pools would be shutdown by a hacker for a couple of days?
This happens so often (either through denial of service attacks or just outages) that serious miners already configure their equipment to switch pools automatically.
250  Bitcoin / Mining speculation / Re: if miners worked together on: March 14, 2014, 06:14:57 AM
ok so if every miner switched off there miners at the same time,the difficulty would go back down right to a very low level,so once the difficulity has gone all the way back down and then miners startup again which in turn drives the difficulty back up after 12 days or so again why wouldnt miners then switch off there miners again and wait 12 days or so for the difficulty to go back down again, so everytime you do this you get 12 days of mining at full capcity at a low difficulty because the difficulty is not instant and changes overtime. you could do this over and over if all miners colabrated together and you would make alot more coins.
That's just not how the difficulty adjustment works. First, if people stop mining, the difficulty won't go down. People have to mine blocks for the difficulty to adjust. Second, if people resume mining at a low difficulty, the blockchain will progress more rapidly and the difficulty will just adjust sooner. Also, miners benefit from keeping the price of Bitcoin high, so they'd be slitting their own throats.
251  Other / Politics & Society / Re: Competing police forces/laws on: March 12, 2014, 09:24:23 AM
Hence why you hire police to protect you from kidnapping.
Right, but they can't afford to protect you from a majority. More likely, they'll just tell you that you have to accept what that majority wants until they change their mind.

In any system that considers homosexual marriage comparable to murder, homosexual marriage will wind up effectively prohibited if murder is. In any system that considers homosexual marriage a fundamental right, homosexual marriage will be protected if rights are protected at all.

So if you want to get something recognized as a fundamental right and protected, what matters is that you convince a majority of people, weighted by how much power the system gives them, that they should be. The system really only matters in two respects:

1) The system decides who or what you have to convince because it determines how rules are made and enforced.

2) The system decides what avenues will be available to you as you do the convincing.

But otherwise, if the majority of force wielders want something, it will happen. If the majority of force wielders are willing to prevent something, it will not, or at least it will be retaliated against.
252  Other / Politics & Society / Re: Competing police forces/laws on: March 12, 2014, 08:40:10 AM
How would they be compelled to pay for the police?

Assuming everyone is using Bitcoin, their money cannot be stolen at the point of a gun.
You tell them your keys or they put you in jail until you do.
http://blog.zwillgen.com/2012/01/26/no-fifth-amendment-violation-for-compelled-disclosure-of-password/
253  Other / Politics & Society / Re: Competing police forces/laws on: March 11, 2014, 11:40:41 AM
Thoughts? With no laws and people willing to pay for competing police protection, how do you think things would end up?
The gay haters would push through a scheme that allows them to compel homosexuals to pay for the very police and courts that enforce the laws against homosexual marriage, but eventually common sense will win out and their courts will hold that marriage equality is a fundamental right.
254  Alternate cryptocurrencies / Altcoin Discussion / Re: It's time to stop offering MAC Wallets for Alt Coins on: March 09, 2014, 11:18:02 AM
Given Apple's rabid and oppressive stance towards Bitcoin - why do Alt developers persist in offering Mac wallet clients?
You think Apple is wrong not to support Bitcoin on their products, therefore you proudly do the very same thing?
255  Bitcoin / Bitcoin Discussion / Re: Plea for Devs to remove Mac clients on: March 09, 2014, 11:14:36 AM
Apple makes it hard for people who own their products to use Bitcoin, so in response the community should do precisely the same thing?
256  Economy / Speculation / Re: Markets not reacting to loss of 100s of Millions of $ is disturbing on: March 04, 2014, 12:31:54 PM
If it turns out that the "lost" 800 kBTC still exist and can be spent by someone, that will definitely push the prices down.
The lost 800 kBTC don't exist. Mt Gox doesn't have them. 800,000 Bitcoins that people thought were held at Mt Gox we now know did not actually exist. The only Bitcoins that do exist were already in circulation, already pushing the price down.


Is this a fact or just a wild speculation?
It's speculation. But I believe it's the most consistent explanation for the information available -- Gox was believed to have over 700,000 Bitcoins when in fact they didn't have anywhere near that many. This "deficit" accumulated over time.

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Gox seems to be claiming that they lost the privkeys to their cold wallet. Good job, if that's the case. A sane company holding that kind of money would have created some kind of multiply-redundant offline solution and spent a lot of money for keeping the privkeys safe. A million dollars a year would not be exaggerating it.
Where do you see them claiming that?

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The thing is, Gox's business model was actually valid and sound, and they made quite a bit of money in the past couple of years. Even though they lost some of it, unless the fiat and coins went somewhere, they ought to have had a lot more than the 2kBTC and the $20 million. The BTC holdings should be at least several dozen kBTC.
The problem with the Bitcoin exchange business model is that proper security is expensive and annoying. In the past, customers have believed exchanges when they simply say they are secure. So there was a perception that there was no need to spend more money on additional security -- it wouldn't bring you any more business. The problem has been that there has not been a significant financial incentive for exchanges to actually be secure.

If it turns out Gox actually lost access to Bitcoins that are now stuck in wallets nobody has the private keys to, that's a different situation entirely. Either way, it should be good for Bitcoin in the long term.
257  Alternate cryptocurrencies / Altcoin Discussion / Re: What is the fairest distribution? on: March 04, 2014, 11:55:33 AM
I don't think you can sensibly answer the question of how value should fairly be divided without understanding what that value is and who created it. You are asking precisely the wrong question. The first question is -- how can value be created?
258  Bitcoin / Bitcoin Discussion / Re: Mysterious Transaction to Satoshi on: March 01, 2014, 11:01:08 PM
The sending account belongs to BitCoinDream.
https://bitcointalk.org/index.php?topic=291387.msg4552072#msg4552072
259  Economy / Speculation / Re: Markets not reacting to loss of 100s of Millions of $ is disturbing on: March 01, 2014, 10:33:42 PM
If it turns out that the "lost" 800 kBTC still exist and can be spent by someone, that will definitely push the prices down.
The lost 800 kBTC don't exist. Mt Gox doesn't have them. 800,000 Bitcoins that people thought were held at Mt Gox we now know did not actually exist. The only Bitcoins that do exist were already in circulation, already pushing the price down.
260  Economy / Speculation / Re: Markets not reacting to loss of 100s of Millions of $ is disturbing on: March 01, 2014, 09:49:57 AM
Markets not reacting to gox bankruptcy and loss of hundreds of millions of dollars worth of customer money is not just disturbing but confirms my earlier statements about market manipulation.
For every argument why this should make the markets go down, there's an argument for why it should make the markets go up. Perhaps all these factors were already priced in. One that definitely changed is a reduction in uncertainty.
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