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301  Bitcoin / Press / Re: NEW articles in Press Forum on: January 16, 2013, 11:52:46 PM
2013-01-16 - Bitcoin: What’s Current in Currency
302  Bitcoin / Press / Re: NEW articles in Press Forum on: January 16, 2013, 11:52:08 PM
2013-01-15 - BitcoinStore Plans to Take On the World of Online Electronics Retail with BTC
303  Bitcoin / Press / 2013-01-16 - Bitcoins: Online Currency’s Uncharted Frontier on: January 16, 2013, 11:50:23 PM
"Crime in the Suites is authored by the Ifrah Law Firm, a Washington DC-based law firm specializing in the defense of government investigations and litigation."

Bitcoins: Online Currency’s Uncharted Frontier


The Bitcoin might just be the surprise of the next generation of e-commerce and its progeny, mobile commerce.
Our view is that use of the Bitcoin network has expanded in large part as a natural reaction to overly zealous authorities enforcing anti-money laundering rules and policies against banks and individuals.

However, we think the law will take some significant time to catch up with the fast-moving network. It remains to be seen whether current U.S. law can be applied to cover Bitcoins, or if specific legislation would be needed. Further, even if U.S. authorities seek to regulate Bitcoins, actual enforcement would be difficult as there are no stationary “assets” to be seized (not even a domain name or website).
304  Bitcoin / Press / 2013-01-16 - Bitcoin: What’s Current in Currency on: January 16, 2013, 10:38:34 AM
Bitcoin: What’s Current in Currency

Jenni Rehfield

We all remember the joys of amassing colored paper faux dollars, tiny red plastic hotels and little green houses while playing the game of Monopoly as kids; now a decentralized digital currency called Bitcoin has brought that game to life with a peer-to-peer form of money that is rapidly gaining acceptance as a practical way to handle internet transactions

Will Bitcoins become the way American poker players can finally relax and get back to online play without having to worry about asset seizures by the Feds? Maybe, and maybe not. The currency has some strong proponents, and others who see it as a ticking financial time bomb.


It offers some risks and some potential rewards, but mostly it offers a new adventure in financial interchanges that is likely to change how business is done on the internet for many years to come. And with an estimated $4 to 6 billion U.S. gaming market at stake, you can bet that Bitcoin will be going all in for the American online poker dollar.
305  Bitcoin / Press / 2013-01-15 - BitcoinStore Plans to Take On the World of Online on: January 16, 2013, 10:30:14 AM
BitcoinStore Plans to Take On the World of Online Electronics Retail with BTC

Kyt Dotson

The idea behind the project is to not just provide electronic goods for BTC but also to show the market that it’s possible to make good money trading physical goods with the cryptocurrency. In fact, due to his connections with suppliers and distributors he is able to bring prices to BitcoinStore that will rival even Amazon and NewEgg in prices.
In order to stay afloat, BitcoinStore will need to take a large number of orders a day. The challenge will be more than just getting the servers to handle that many orders—but also to get enough influence and interest in the Bitcoin community as possible to bring in customers.
306  Economy / Speculation / Re: Call the Peak Contest/Experiment (1 BTC Prize) on: January 16, 2013, 12:19:46 AM
25.74 USD
307  Bitcoin / Bitcoin Discussion / Re: Kim Dotcom Mansion: Press conference 2013-01-17 GMT on: January 15, 2013, 11:50:30 PM
I'm expecting the new system to have absolutely nothing to do with Bitcoin.

Seems to me Kim just doesn't get it.
If he did comprehend Bitcoin - he'd have been too excited about the potential to not drop hints.

Also - in his recruitment of server operators, it would make sense to target people who already value Bitcoin if that were the intended payment mechanism.

I'm just skeptical that he could convince a bunch of high-capacity server operators to accept a 'new form of money'.  
If so - he's a better evangelist than I give him credit for and a master of secrecy.

I strongly suspect that he's just decentralized (or 'indirected' anyway) the monetization aspect of the system using boring old-skool money... and so advertisers & users will be paying various server operators rather than paying Dotcom directly.

308  Bitcoin / Hardware / Re: [Announcement] Avalon ASIC Development Status [Batch #1] on: January 15, 2013, 11:07:49 PM

I have a suggestion for future 'pre-order' funds management.

This suggestion only works of the vendor does not need to use the funds prior to shipping for operating expenses (and if they do, I would argue that pre-orders and are inappropriate source of funding anyway.)

I suggest that an entity who wishes to queue up in the delivery line simply transfers a particular value to an address that _they_ retain control of.  The address list would be public domain.  When their turn comes up in the queue, they can optionally take delivery.  If at some point prior to delivery they wish to de-queue, they just transfer the funds back out.

Any terms involving exchage rate adjustments (and the like) could be drawn up.  As long as it's clear that the vendor had an option to capitalize on favorable exchange rate moves up front, I'd be totally fine with that.  To clarify:

 - if the BTC values go up, the original outlay is taken
 - if the BTC values go down, additional funds are needed to exercise delivery.

In vendor-favorable scheme like the above example, the customer may still choose to take delivery or not.  If not, the next guy in the queue gets the option.

Lots of permutations are possible.  It is the case that people with excess funds could queue up as a speculative move planning to potentially sell their spots (which is why I used a vendor-favorable example above.)  At the end of the day, though, who cares?  Accounting and management of funds should be trivial and mechanical.  Most importantly, it should leave the customer in control.  Bitcoin offers some pretty unique opportunities because of it's transparency and it would be cool to seem them leveraged by vendors in efforts to demonstrate good intentions.

I really love this idea.
Presumably people would prove they own the address, and agree to the particular terms by signing those terms using a Bitcoin 'sign message' facility.

More generally - this seems like a form of 'layaway' (or lay-by as it's known here in Australia)

I'd like to see a little lay-by management tool for merchants & customers to view their agreement terms and balances.
..but how could we prevent someone using the same funds as part of deals with multiple merchants where the amounts happen to match?
(some people may just reserve way more resources than they are ever going to be able to pay - negatively affecting the utility of the system for merchants)
I like the simplicity of your proposal.. but some further script magic would seem to be required?

309  Bitcoin / Press / Re: 2013-01-14 - Ripple Credit System Could Help or Harm Bitcoin on: January 15, 2013, 04:53:02 AM

Because an exchange is always, to some extend, a lending system.  Two people exchanging stuff have to accept the idea that one of them will have to "pay" first and wait a bit until the other one pays his part.  It can never be simultaneous.  

Well.. except between cryptocurrencies perhaps?
It seems to me that 2 bitcoin-based cryptocurrencies could be exchanged atomically by each understanding enough about the other's blockchain to do some sort of multisignature scripted transaction which either succeeds completely or fails completely.

I know that's a bit of 'hand waving' - but it should be possible right?
310  Bitcoin / Bitcoin Discussion / Re: New site with bitcoin jokes - on: January 15, 2013, 12:43:52 AM
Thanks to whoever sent the 5 *thousand* satoshi 'investment' Wink

The transaction is curious..

Oodles of tiny payments from 18SaGKDdzect9FqTEQ3k3Rgcj4gggwD34E in the one transaction.
..most of them well under 0.001 BTC

What is this?  Some sort of automatic Bitcoin faucet that spreads the love around to addresses it scrapes off the net?

311  Bitcoin / Press / Re: NEW articles in Press Forum on: January 14, 2013, 10:23:34 PM
2013-01-14 - Ripple Credit System Could Help or Harm Bitcoin
312  Bitcoin / Press / 2013-01-14 - Ripple Credit System Could Help or Harm Bitcoin on: January 14, 2013, 10:16:31 PM
Ripple Credit System Could Help or Harm Bitcoin
Decentralized, peer-to-peer credit could either be the exchange Bitcoiners want—or the nascent currency’s first credible competition

Morgen E. Peck
313  Bitcoin / Hardware / [Archive] BFL trolling museum on: January 14, 2013, 09:39:18 PM
Assume that buying stuff with your BTC was like selling your BTC for USD.
I can not assume something that is incorrect. I didn't sell my BTC for USD. BFL did. I don't have any contract with BitPay. BFL have. This is why only BFL can sell BTC to BitPay!

I don't know how you are reasonning, but for me, it was clear that it was refundable in USD.
Read, read, read... I thought you have read all my reasoning so far and this is why you are annoyed?! For me, it was clear that I'm paying in BTC and it was refundable in the currency and amount that was originally paid.

Good grief. The BFL website clearly puts the *price* in USD - and lists Bitcoin as one of the payment *methods*.
The deal is DENOMINATED in USD. End of story.
You're wrong and obnoxiously so.

314  Bitcoin / Hardware / Re: bASIC not shipping / change of owership / refunds etc. on: January 14, 2013, 12:00:14 AM
What email address are people using to contact Dave?
315  Bitcoin / Press / 2013-01-11 - Chinese whispers on: January 12, 2013, 12:21:06 AM
Article not specifically about Bitcoin, but about investment/industry in China and developments at CES in las vegas. Quoted snippet is the relevant section.

Chinese whispers


Also looking for a loophole is the US gambling community, which is constantly running into trouble with complex US laws that prevent businesses from knowingly accepting money transfers for internet gambling purposes. Digital currency Bitcoin is being heralded as a solution, because it’s a decentralised peer to peer transfer technology, those involved can avoid using US banks.

Bitcoin has attracted both good and bad press and falls into grey areas of legislation in many cases. A researcher called GamblingCompliance estimates the value of the US online gambling market at between $4bn and $6bn, and when the government cracked down on online gambling sites in 2011, gamblers in the US had more than $100m in online accounts frozen. The government is still working on reimbursements now. One of the reasons Bitcoin is appealing in this case is because the coins are actually stored on the user’s own computer, making it incredibly difficult for the Feds to seize it.
316  Bitcoin / Hardware / Re: bASIC not shipping till end of March on: January 12, 2013, 12:09:42 AM

Just received  BTC (USD equivalent) at 10:33PST, 15 minutes ago.  THANK YOU!

I think USD equivalent is fair (though I'm out 20%) *IF* my btc was converted when I sent it to USD.  I'll concede that's  fair, and I don't want more than what's just and fair.  (Never mind that I unwittingly provided an interest free loan - or rather, a negative interest loan!)

BUT, if my BTC wasn't converted to USD then it's only fair I get the exact amount of BTC I sent, yeah?  Can cablepair or Dave confirm that you were having bitpay convert BTC into USD?  I'll take your word for it, and if the answer is "yes", then I'll agree we're all square.  But if you didn't convert my BTC, please do the right thing and send the remainder of my coins back (~54BTC).

Apart from this - thank you Dave and Tom and I sincerely wish you best of luck with the project.  I would only suggest you implement your transparency policy as promised, this would do a lot to get people like me back one day.

Michael - I'd just like to jump in on the side of people against your stance, and hope you'll consider this.
I believe it was reasonably obvious that the purchase was *denominated* in USD - and as such any exchange fluctuation is purely at the pre-payer's risk. 
As I see it, this is utterly independent of whether your particular funds were converted from BTC or not. 
A BTC enterprise might dynamically adjust their various currency holdings based on their own risk strategies - and so long as they hold reasonable ratios to cover obligations and are 'solvent' - you shouldn't really have a leg to stand on regarding receiving the original BTC amount back.

FWIW - I have been on the 'beneficiary' side of this equation when dealing with a community member here before. I paid $1000 USD worth of BTC to Casascius - and in the meantime the BTC price fell.  When the deal fell through - I received slightly more BTC than I originally sent.  I would have been perfectly happy to receive less if the BTC price had risen - because Casascius had the foresight to make it clear from the beginning that the holding was denominated in USD.

This is where I think Tom could have done better, and indeed Bitcoin businesses in general:  they should explicitly explain the situation around refunds & returns - clearly stating what currency a particular deal is denominated in and perhaps going as far as to spell out the possible effects of currency fluctuations.

317  Bitcoin / Press / 2013-01-11 - Friday Funding Roundup on: January 11, 2013, 09:17:25 AM
Friday Funding Roundup

Nick Clayton

More intriguing is the angel investment in the Bitcoin virtual currency exchange BitPay.

BitPay represents a potentially far more intriguing and innovative payment platform than the likes of Paymill. It has announced an investment of $510,000 led by Shakil Khan, Barry Silbert, Jimmy Furland and Roger Ver to help it try to become the PayPal of the virtual currency Bitcoin, as TechCrunch expains.

"What makes Bitcoin so interesting is that it flies in the face of payment models that we’re used to today; it’s a push model rather than a pull one. When you give a      website your credit card and billing information to buy something, the company is pulling money out of your account. Giving up that personal information isn’t the safest     thing, and Bitcoin allows you to “push” the money to a company to buy something. This means that no personally identifiable information goes with it, making eventual     identity theft and fraud nearly impossible during the transaction."

Of course, that lack of personally identifiable information is attractive to people operating on the darker side of the Internet. But the same could be said of cash in the physical world. What BitPay does is similar to Stripe, Paymill or Paypal in offering back-end processing of payments.

"BitPay accepts Bitcoin and then puts “real” money into the bank accounts of businesses. Basically, there’s no worry on the end of merchants, because they end up getting paid the way that they’re used to. The difference is that a small business in Kansas City can now accept a payment from Indonesia for goods and services, which was nearly impossible before."

318  Bitcoin / Press / Re: NEW articles in Press Forum on: January 11, 2013, 04:23:47 AM
2013-01-10 - Bombing BitTorrent and File-Sharing Websites Back to the Stone Age
319  Bitcoin / Press / 2013-01-10 - Bombing BitTorrent and File-Sharing Websites Back on: January 11, 2013, 04:22:53 AM
Bombing BitTorrent and File-Sharing Websites Back to the Stone Age


Founded in late 2004, TorrentBytes has its next server bill due at the end of January but thanks to a PayPal withdrawal has no way to collect money from users to pay it. Not even Bitcoins will work according to an admin.

“Bitcoin is not an option. We can pay next to nothing with it and there seems to be no ‘certain’ way to convert it to something we can use,” he says.
320  Bitcoin / Bitcoin Discussion / Re: Anonymous networks and Bitcoin on: January 11, 2013, 04:03:58 AM
ok.. so opening your wallet will not risk revealing what addresses you have.. *once this weakness is fixed* Tongue

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