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1441  Bitcoin / Bitcoin Discussion / Re: The Holy Grail! I wish I could kiss the author of Bitmessage on his face. on: January 04, 2014, 08:42:33 PM
Amazing!
Is it already possible to build (at least beta version) of a public exchange, where actual exchanges can be performed, based on this?

short answer is yes.

... but be aware the learning curve for the backend server config/set-up is steep.
1442  Bitcoin / Bitcoin Discussion / Re: Contest to name the 0.0001 BTC unit (0.1 BTC prize!) on: January 04, 2014, 01:42:07 AM
I'd take some letters from "Satoshi" and some from "bit", so I propose SHIT.

that sounds like it could be a bit-shit
1443  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 03, 2014, 09:51:32 PM
ah, the original kitco vortex, i remember it well ... did anybody figure out who "another" was?

.... was wild for it's day, now a lot of that knowledge is common place Wink
1444  Bitcoin / Bitcoin Discussion / Re: BitCoins for Edward Snowden. on: January 03, 2014, 09:46:01 PM
Thanks all for getting out and voting with your wallets!

Financial tyranny is subtle yet every bit as evil as any other.
1445  Economy / Service Announcements / Re: Twister is amazing on: January 03, 2014, 10:52:34 AM
Natively secure p2p messaging with low overheads ... this has much promise.

e.g. I can envisage a distributed exchange using elements of this ...
1446  Bitcoin / Press / Re: [2014-01-02] CoinDesk : 56% of Bitcoiners Believe Bitcoin Will Reach $10000 on: January 03, 2014, 04:44:52 AM
Quote
That said, the price will remain volatile for some time but I think "zero" is a bit exaggerated.

... most definitely it will end in a zero .... just how many zeros is the question !
1447  Bitcoin / Bitcoin Discussion / Re: Contest to name the 0.0001 BTC unit (0.1 BTC prize!) on: January 03, 2014, 03:13:31 AM
kilomoto

100 satoshis in a moto

1 kilomoto = 100,000 satoshis
1448  Economy / Service Announcements / Re: Convert bitcoin to cash for free with Bitcoin-Brokers on: January 03, 2014, 01:47:08 AM
Quote
I wanted to bring it to everybody's attention that Chase Bank has informed multiple buyers within the last week that starting Feb 1st they will no longer permit people to make cash deposits into other people's bank accounts.

Wow, really?

So they choose to make their own money less useful for their customers ... crazy business model.
1449  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: January 03, 2014, 01:45:25 AM
Happy 5 years anniversary everyone!

And the market decides to celebrate by starting a rally Grin

Yeah let's party like it's Jan 03 ... i recall someone made this Happy Satoshi Day ...

everyone gets a day off to remember the creation of the genesis block and the beginning of the end of fiat banksterism!
1450  Bitcoin / Press / Re: [2014-01-02] CoinDesk : 56% of Bitcoiners Believe Bitcoin Will Reach $10000 on: January 02, 2014, 10:56:01 PM
From a contrarian point of view, majority seldom or never gets it right.

This is so true ... so we have two options, bitcoin is going to end up about where it is or lower ... or it will go much higher than majority is thinking, so $20-50k seems like a good outside contrarian bet?
1451  Economy / Speculation / Re: [ STATS, CHARTS and PRICE=( I^2.26)/(e ^32) ] bitcoin statistics on: January 02, 2014, 07:45:25 PM
Good discovery.
1452  Bitcoin / Bitcoin Discussion / Re: The SEC Shows Why Bitcoin is Doomed. on: January 02, 2014, 07:33:31 PM
It don't think the SEC cares much about bitcoin.  It has too many other things to worry about unless someone tries to sell bitcoin stocks or bitcoin securities without proper registration.   There are other branches of govt that might be more interested.  Again it is US only and they have't stopped online gaming.

+1

Most US Law enforcement and Regulatory Agencies are already on the record as saying they are only concerned with virtual currency to the extent is is used for illegal or fraudulent activities.

This includes
The Fed
US Secret Service
Department of Justice (FBI, DEA, ATF)
Department of Treasury
Security and Exchange Commission


.... except in most cases the laws are so vague and subjective that they can declare lots of things "illegal" in one of there "guideline interpretations" and entrpreneurs are out of business if they wish it to be so (or face an insurmountable legal challenge) e.g. Mike Caldwell of Casascius coins https://www.casascius.com/

You're in la-la land of how the govt. really operates, it must be fun living in such a denial bubble?
1453  Bitcoin / Bitcoin Discussion / Re: BitCoins for Edward Snowden. on: January 02, 2014, 07:26:30 PM
Honeypot ... sounds like you are champion for

- indefinite Guantanamo Bay detentions without charge,
- extra-judicial drone killings,
- ubiquitous mass-surveillance,
- unaccountable militarised policing forces
- court martial for dissidents, whistleblowers
- political protest movement infiltration by State agents
- IRS politically-motivated harassment

rah, rah ... Hitler luvs thuggy guys like you, Jefferson not so much.

Do you know what you stand for anymore besides USA, USA, USA, rah-rah-rah!?
1454  Bitcoin / Bitcoin Discussion / Re: The SEC Shows Why Bitcoin is Doomed. on: January 02, 2014, 12:30:39 AM
The current MSB/MT regulation is a massive economic boom for the GreenDots, PayPals, and Western Unions of the world.  They will move massive sums of money in lobbying to kill any attempt that opens the flood gates for competitors.

Maybe this time will be different, it certainly is needed.

Classic regulatory capture. This does suggest why Bitcoin businesses should try and fight the regulators and exempt themselves whenever possible.

The whole notion that placing a transaction on the blockchain is somehow the equivalent of transmitting sovereign currencies from one place or time to another on behalf of another party seems rather a stretch legally.


Exactly.

And that is exactly what must be challenged.

Yes, I agree, the racket needs to be challenged ... but for that to happen you will need to put a strongman in the Whitehouse, one with a single passport and a brain.
1455  Economy / Economics / Re: Why was USA Senate so friendly to Bitcoin? on: January 02, 2014, 12:20:43 AM
.... the senate was quiet and smiley because they know that their regulators are out there stabbing it in the back to death on a daily basis ....

watch what they do, not what they say.

ok what are regulators doing in the usa regarding bitcoin?

... so far we've had pre-emptive seizure of Gox funds (main exchange), cease and desist orders, industry-wide subpoenas in State of NY, warning letters from FinCEN (makes me wonder if any of the mega banks ever got warning letters, cease 'n desist or subpoenas for sub-prime CDO mark-to-model accounting?), banks severing business without warning or reasons offered may also be due to regulator pressure ... and probably more ... but most of the original entrepreneurs in bitcoin space have given up on US, the only ones playing now seem to be able to 'know' how to grease the palm of the regulators to keep their doors open
1456  Economy / Economics / Re: Why was USA Senate so friendly to Bitcoin? on: January 02, 2014, 12:06:48 AM
.... the senate was quiet and smiley because they know that their regulators are out there stabbing it in the back to death on a daily basis ....

watch what they do, not what they say.
1457  Economy / Economics / Re: Slippery Slope's Million Dollar Logistic Model on: January 01, 2014, 11:55:13 PM
Thanks for the analysis. While the Global GDP is 87 Trillion. Online Sales is just 1 Trillion.


Ok, Bitcoin probably wont have significant uptake for on-line sales for some time, imho.

It can however compete immediately and directly with any electronic transfers of value information (SWIFT, FEDWIRE, etc) today, particularly across borders where capital controls and other political censorship or other interference in payment systems is taking place. Care to put a number on that for me? Thnx.
1458  Bitcoin / Bitcoin Discussion / Re: The SEC Shows Why Bitcoin is Doomed. on: January 01, 2014, 11:46:25 PM
DeathAndTaxes

You bring up a HUGE issue.  There is no Regulator at the Federal Level for "money transmitters" the "Money Service Business" category that FinCEN put the bitcoin industry in with the March 18th Guidance.

This is some thing the National Money Transmitter Assocaition is trying to address with upcoming "Industry Symposium for Legislative Action - (ISLA)" February 18, 2014 9:00 AM to 5:00 PM EST in Washington DC.

I agree to a certain extent.  I generally oppose new regulation but the current situation is just a nightmare of asinine proportions.  They are less than 100 companies in the world which have licenses in all fifty states.  There is some legal opinion that is is easier and cheaper today, to form a new bank (or buy an existing bank or credit union) and thus bypass the entire issue because banks and credit unions are not MSBs and their national charter makes them outside the regulatory scope of most state regulations.  When it is easier to form a bank then issue a prepaid card for example you know something is wrong.

Still this has been a problem for twenty years now.  Decades before Bitcoin was even born there have been attempts to create a single national license because the current system is broken but all attempts to date have been futile.  The states certainly don't want to give up that power and control.   The existing players who have already gone through that nightmare don't want it to go away.  PayPal LOVES the excessive, asinine regulation.  It all but guarantees there will never be a PayPal direct competitor because the burden on any startup is simply too high and without a startup the risk is too much to dump the tens of millions to jump right to the next stage of the game.   The current MSB/MT regulation is a massive economic boom for the GreenDots, PayPals, and Western Unions of the world.  They will move massive sums of money in lobbying to kill any attempt that opens the flood gates for competitors.

Maybe this time will be different, it certainly is needed.

You say all this and you cannot smell the deep stench of CARTEL?!!!

The money business in the USA is a racket from top to bottom, Federal Reserve is the racketeer in chief ...  how else do you think was the whole sector able to extort hundreds of billions from the taxpayer in 2008 and get away with it?

Crawling to the racketeers asking for permission to run you own shop inside their protection network and expecting it to end well is the height of naivete, or just plain insane.

It's a racket, refuse to see that, deny the reality and you get what you deserve.
1459  Bitcoin / Bitcoin Discussion / Re: The SEC Shows Why Bitcoin is Doomed. on: January 01, 2014, 10:21:01 PM
Quote
For the record FinCEN's mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.

That is their stated mission ... as with everything to do with govt. the actual mission is much deeper and more subtle and has been determined by lobbyists and cunning lawyers writing in loopholes and hooks to get the "framework" that state-sanctioned cartels and cronies can operate with impunity under.

I see you are still on the deluded trip that the regulations are there for your benefit. Newsflash, they are not or the financial/monetary system would not be in such a parlous state and bitcoin would not be needed or demanded ... i.e. you wouldn't be here incessantly spouting the establishment line.
1460  Economy / Economics / Re: Slippery Slope's Million Dollar Logistic Model on: January 01, 2014, 10:05:23 PM
I have a few more back-of-envelope figures that might be relevant for the "1 million" or other saturation level choice ...

Gross World Product http://en.wikipedia.org/wiki/Gross_world_product

... approx. GWP= 85 x10^12 [us$]  ..... (trillion, round figure, PPP basis.)

Typical money velocity for widely held/used money http://en.wikipedia.org/wiki/Velocity_of_money

... approx. V= 4.1

Money stock circulating, M = 18 x10^6 [xbt] ... (assume some irretrievably lost and circa 2025 stock mined)

Bitcoin price, B [us$]

Governing equation;

GWP = B.M.V

B = GWP/(M.V)

=> Upper bound case where bitcoin denominates ALL global transactions

B = 1.152 x10^6 [us$]

=> 10% GWP denominated in [xbt]

B = 115.2 x10^3 [us$]

=> 1% GWP denominated in [xbt]

B = 11,520 [us$]


(NB: this is based purely on white trade and discounts black/grey market monetary demand, including transfers that circumvent capital controls, private transfers, off-balance sheet, etc monetary TX and storage demands.)
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