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301  Bitcoin / Bitcoin Discussion / Re: Now you can use Bitcoin to pay for your hotel in Vegas on: August 12, 2014, 04:20:58 AM
If you are a member of one of the Casinos rewards programs then you can likely stay in Vegas for free. I gamble very little when I go there, but receive offers to stay in their hotels for free almost every day.
302  Bitcoin / Bitcoin Discussion / Re: Has the NSA already broken bitcoin? on: August 12, 2014, 04:14:01 AM
I would seriously doubt that there are unknown "holes" in Bitcoin. Both nefarious actors and the Bitcoin devs are constantly looking for potential holes in the protocol to either exploit or fix. If the "NSA" were to "hack" Bitcoin then a specific person would have to had done it, and if this was the case the person would have a huge incentive to exploit it for personal gain.

The NSA does a lot which can provide great personal gain for any of the individuals working for them. The trick is to keep the workers happy.
This would be very unethical for any entity to do. Companies do give some level of fringe benefits like free goods/services of what the entity produces but something like this would be crossing the line. This would be an abuse of power.
I agree. This would be very unethical. It would be similar to a loan officer approving his own loan. There was actually a scandal about employees at the NSA spying on their love interests via various NSA programs, the employees did not make out well in terms of their careers or their security clearance.
303  Bitcoin / Bitcoin Discussion / Re: "Schrodinger's cat" with bitcoins on: August 12, 2014, 04:12:06 AM
The IRS does not require you to declare possession of bitcoins, they require you to declare income from bitcoins.

They don't tax possession of bitcoins, they tax income from bitcoins.



So if I buy something directly for Bitcoins in a shop like overstock, i dont need to pay any taxes and what not?
You would likely need to pay some kind of sales tax based on where the items are shipping to. If you would need to pay sales tax in you were to purchase the same item in a store, then yes you need to pay sales tax. From a sales tax perspective, buying something online is no different then buying something at a physical store, and paying in BTC is no different then paying in fiat.
304  Economy / Service Announcements / Re: Bitcoin ATM profitability / ROI calculator on: August 12, 2014, 03:58:05 AM
Although as has been pointed out convenience has a value to consumers bitcoin ATMs  cannot be a viable solution for the future success of the crypto at least in the long term  since actual senders of BTC will be aware that merchant adoption will lead to the greatest utility and convenience
Greater merchant adoption will make it so ATMs cannot offer as large of a discount for converting BTC to fiat, however merchant adoption would not allow a way for people to convert fiat to BTC.

Another plus to using bitcoin ATMs that has not been mentioned is privacy, and the lack of a need to jump through a bunch of hoops to comply with the AML checks (verification) at exchanges. The most you have to do to buy BTC at most ATMs is let it scan your ID and your handprint (not all will do this). This is much simpler then sending a bunch of documents to an exchange that may or may not keep your information safe.
305  Bitcoin / Bitcoin Discussion / Re: Custom Porn and Bitcoin Story on: August 12, 2014, 03:42:15 AM
I have no time to read this article but I suppose that its interesting. Could someone who have read it already, write a short variant? Wink
The article is not that long, but here's tldr version>
 Sexy Saffron and her husband living a normal life [She was a chef and her husband was a mechanical engineer]
 Husband loses job.
 They start porn biz
 They face problems receiving payments
 They start accepting payments in btc and prefer it over any other payment procedure.
END

They didn't really have problems receiving payments. The article talks about how others are not able to use paypal for their business and how others have had their paypal account frozen, but the couple in the article was able to get paid by the payment processors. Their issue what that the payment processors were taking so much of their sales that the couple was not reaching their full potential for income.
306  Bitcoin / Bitcoin Discussion / Re: Bitcoin can be use by future Mars Inhabitants? on: August 12, 2014, 03:39:15 AM
Some day in the future we will have human settlements in Mars can they use bitcoin?

The short answer would be, "Yes." The long answer is that there are already some cryptocurrency users who have thought of this, including the Marscoin Foundation. Interplanetary traders are probably going to insist on taking cryptocurrencies as payment for the sake of convenience and complete lack of patience with Earth-bound banks who want a slice of the pie that they haven't earned. It wouldn't be a long shot to say that those interplanetary traders could be backed by economic strategists who have gotten sick of Earth's insistence on using systems that were outdated before we ever had permanent settlements on Mars.
I don't think this would actually work very well. It can take several minutes for radio waves to travel from earth to Mars and during this time it would be possible that coins could be double spent. If we were to ever colonize on another planet I don't think that interplant commerce would really be possible due to the costs associated with traveling between earth and any other planet. 
I agree. It would just not be technological feasible to transmit blocks and transactions from planet to planet without loosing the double spend protection that Bitcoin provides.   
307  Bitcoin / Bitcoin Discussion / Re: Are you spending or hodling? (a poll to summarize previous threads) on: August 12, 2014, 03:37:18 AM
Although my net bitcoin holdings are going up on a monthly basis, I do spend a lot of it. For example, I just spent some coins on a small Dell server which will be used as a firewall and to control a cabinet of miners. Last week I spent some BTC on a nice Rado watch from overstock.com. By spending my coins I feel like I am rewarding businesses that accept it. In the long run, you need market penetration for the value to go up. For that to happen, you need more stores to accept it. If everyone holds, no store would bother to accept it as payment.
When I first started to read your post I saw that you mentioned that you bought a server from dell, and I thought that you were the person who had bought $50k worth of server from dell in BTC. Unfortunately after reading more of your post, it turns out this is not the case. I am a very big believer that this is how you should handle your bitcoin. This will show merchants that accepting bitcoin is good for business and their bottom line
308  Bitcoin / Bitcoin Discussion / Re: Wife is pregnant, how to incorporate bitcoin into the process? on: August 12, 2014, 03:34:21 AM
Congrats!  I find myself in a similar position as my girlfriend is due next month!  It's getting really real now.

I've personally devoted my unfunded Casascius gold bar with a SilverWallets hologram (they were kind enough to give me a couple hologram stickers at the Chicago convention) to my son to be (yep, it's a boy!).  

In fact...


begging address removed

That's the Wallet Address right there!  Was thinking of making a t-shirt that says "Bitcoin Boss" or something.

I have two S3's earmarked as his which I will setup to mine to the wallet for as long as possible which with any luck
will pay for his college, his house, his future, etc...to the moon!
I think this post is more or less begging for people to give you money which is against forum rules.
309  Bitcoin / Bitcoin Discussion / Re: Fee deducted from the transferred amount. Insane. on: August 12, 2014, 03:31:55 AM
If you owned a physical store would you not sell a $359.95 widget to a customer because they were short $0.25 when it cost you $200 to make the widget including advertising and all other costs?
I don't know about widgets. I sell intangible goods which all handled automatically. And if payment is not in full the system waits for while and then drops it as being unpaid. I even not aware what is going on with every single purchase as they are automatic. In couple days client will call or write in search of his purchase.

Stop that bullshit about merchant fee absorption. There is nothing about saving costs. The system already designed that payee handles fees, no need to break this behavior and make merchant part even more complicated or even unpredictable.

A "widget" is something that is used as a placeholder in accounting and economics classes that takes the place of the good that a company is selling. It is another way of saying your product.

If your system considers a payment to be unpaid if the full amount if not received then what happens to the money that was sent you? I also am pretty sure that you said above (although it could have been someone else) that you accept the short payment.

The point of my above post is the importance of customer service, which is not part of the Bitcoin protocol. If it means that you earn a little bit less from your sale to make your customer happy then you should make a little bit less as the customer will be more likely to buy from you again. It is also about simple economics. The amount in question that you are saying you are being shorted is roughly 6 cents. Any viable business will certainly make more of a profit per sale then this (likely a lot more). If you were to give up a sale because a customer is $0.06 short then you would be giving up your entire profit from that sale for no real reason.
310  Bitcoin / Bitcoin Discussion / Re: Why don't people under ISIS rule buy bitcoin? on: August 12, 2014, 03:23:50 AM
You're all kidding, right?  ISIS is not Al-Queda or the Taliban, ISIS is like the first international terrorist organization to have a huge social media presence and they supposedly have $2 billion in cash.  They've definitely heard of Bitcoin.


Iraqis owning Bitcoin is like Argentines owning Bitcoin.  In theory it sounds possible but in practice who wants to exchange their Bitcoin for some worthless currency?  They're supposedly paying $1000 equivalent in Peso for Bitcoin in Argentina..  in Iraq they'ld have to pay like $2000+ equivalent in Dinar.


The reason for the premium in argentina is because of the artificial peso/USD exchange rate imposed by the government; the peso/BTC exchange rate reflects the blackmarket peso/USD exchange rate.

Most other terrorist organizations do not have any kind of social media presence, however social media is very new and was really not around nor as big as it is now when other terrorist organizations were at their peak.

You would probably be surprised as to how much money organizations like al-quiata has. They will usually finance themselves from Muslim related donations and likely receive significant amounts per year. Muslim related charities were scrutinized after 9/11 as it was determined that some of them help pay for 9/11
311  Bitcoin / Bitcoin Discussion / Re: Living off of Bitcoins on: August 12, 2014, 03:17:56 AM
This summer has been great i literally have been living off of BTC. I'm a program coordinator i work for public schools so we dont work ini the summer. I was able to buy food buy clothes and just today get limited liability insurance without working this summer lol. Course i had to trade them for usd but i cant wait for the day where we pay everything with BTC. I never would've thought in a million years lol

So you are saying that you didn't really live off bitcoins?

If you need to sell them first, what good are they at spending?
I don't think we are quite at the point yet when someone can actually live on bitcoin without first converting it to fiat first (or gift cards as this is really the same thing). The forbes reporter was able to have a much easier time living off bitcoin this year then she did last year so the bitcoin based economy is improving. I would predict that someone could use bitcoin for all of his expenses including things like rent and doctors visits (both are very rare to be paid for in BTC now) over several months within 2 years.
312  Other / Beginners & Help / Re: Does anyone get 1 BTC every day? on: August 11, 2014, 03:03:02 PM
People who own businesses, scam or are just really bugbig miners are the ones who make this kind of money. People who don't make this kind of amount in bitcoins are the ones like us who are doing small things to make that little extra bitcoins.
I agree. The most likely receipts to this amount of bitcoin are likely either a miner or a business that accepts bitcoin for payment. I don't think there are many people that transact this much business individually to be able to receive more then 600 per day.

Another good example would probably be charities that accept bitcoin for donations. 
313  Bitcoin / Bitcoin Discussion / Re: This is what's needed to help the adoption of bitcoin on: August 11, 2014, 03:01:07 PM
Looking forward to more adoption of decentralized bitcoin address registrations like this:

http://imgur.com/fdipIYO



Yeah but it only is a good thing if the lookup of those addresses happens on a decentralized basis. We could use namecoin for that. But some services that already exist actually are decentralized. If you are able to tamper with that system, you could easily pipe in your own address and steal someone's coins!
I think if this happens on a centralized bases or a decentralized basis it will be a huge target for fraud and scammers. In the OPs picture SeansOutpost was the example, but a scammer could make several addresses with slight variations of this name to try to get people to send them money when they misspell who they are trying to send money to.
314  Bitcoin / Bitcoin Discussion / Re: Britain May Embrace Bitcoin As A Legitimate Currency on: August 11, 2014, 02:58:57 PM
The brt is trying to revive the economy. If genuinely embracing BTC, it will attract the global btc start-up companies.

It is more likely that they are trying to set up a regulatory framework to tax bitcoin rather than letting merchant get away with paying tax.
I would think that merchants would be responsible for paying the same taxes they would need to pay as if they were paid in fiat currency. I would highly doubt that they would add additional taxes to bitcoin.
315  Bitcoin / Bitcoin Discussion / Re: Why Anonymity so important to you? on: August 11, 2014, 02:57:24 PM
Annonymity is important to hide from criminals (including governements) that want to do things they shouldn't do.
If they can't see you, then you are not on their radar.
This actually is a very good point. If you are known to have a lot of money or something else that criminals might want (information or a security clearance for example) then you would be subject to a lot of attacks. However if this is not public information then criminals would be much less likely to attempt an attack.
316  Other / Off-topic / Re: BREAKING: the CIA was a Bitcoin plot! The NSA was created by Bitcoin! on: August 11, 2014, 02:54:29 PM
hmm wrong section? This deserve to be on the off topic section, but the point is clear even if the way it's presented is quite satiric, as for bitcoin being an NSA plot, it is unlikely but not impossible
I agree this should be in the off topic section. However with that being said it is very comical for people to actually believe that BTC was created by any government agency. They would have absolutely no use for it.
317  Bitcoin / Bitcoin Discussion / Re: Osborne makes a withdrawal from a Bitcoin ATM on: August 11, 2014, 05:37:39 AM
What does the Chancellor of the Exchequer doo? Chancellor of Exchange is what that stands for? Either way, it is very helpful when people who are in the spotlight or government do these types of things.

A quick google will give you the definition of what you're looking for:

The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters, equivalent to the role of Minister of Finance or Secretary of the Treasury in other nations.
In other words he is a very influential person in regards to the finances of the country. He holds a similar role that Alan Greenspan held in the mid 2000's.
318  Bitcoin / Bitcoin Discussion / Re: Bitcoin is not the answer for microtransactions; how to rebroadcast unconfirmed? on: August 11, 2014, 05:29:25 AM
Yeah, i think 10k satoshi ($0.06) is too big for small payment
Last time i try to send some BTC with 0.00001 fee. take 4 hours just for 1 confirmation  Sad

You can rebroadcast unconfirmed with higher fee
anyway, i think minimum fee for nom is 0.00005 BTC

if you very small fee payment, use dogecoin
the fee is about 1 - 2 dogecoin (35 - 70 satoshi) only  Grin
If you send with less then the recommend TX fee then you are more or less sending without a fee at all. A smaller fee may speed up confirmation somewhat but it will still take a long time if it confirms at all.
319  Bitcoin / Bitcoin Discussion / Re: Why people price things in fiat but want BTC - choose one or the other on: August 11, 2014, 05:27:30 AM
You should price your goods in whatever helps your potential customers.  Bitcoin is not a crusade, it is a means for commerce.  As someone else pointed out, the USD and other national currencies are much better (presently) at being units of account.  Bitcoin is a great potential medium of exchange, and maybe store of value, and so people are using it exactly as they should be.
This is very true. If you were to price your products in terms of BTC then you would likely get a lot of questions about how much your products actually cost. If the public is familiar with a certain denomination then you should price it that way and when you accept bitcoin you should make adjustments for exchange rate changes.
320  Bitcoin / Bitcoin Discussion / Re: The most Overused Words in Bitcoin History on: August 11, 2014, 05:25:47 AM
Definitely HODL. Why the hell is it spelt like that anyway? How did it start out. Is it the name of a character in a movie or something?
LOL. I think the OP should repost and lock the thread and the new thread should be stickied somewhere. It is more or less accurate.
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