More than I have. Took a loan from the family.
This poll needs options for over 100% |
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It's times like these that you are glad that you can read Chinese, and not have to deal with clueless English newspapers. I summarized the PBC announcement
@Is the news out of China about banks & bitcoins good or bad news?
It's excellent news for bitcoin. Essentially bitcoin exchanges in China and bitcoin itself is going to be treated as a "commodity" rather than a "currency" and therefore not going to be subject to banking and currency control regulations. The only restrictions on bitcoin exchanges is that they will be subject to the standard internet censorship rules and they will need to get the identity of all users to prevent money laundering. Existing financial institutions will not be able to trade bitcoin, but this is a great thing for entrepreneurs.
Also, more excellent news out of Hong Kong. An HK bitcoin exchange basically shutdown and stole everyone's money. This is excellent news because within days, they have been caught and are likely going to go to jail. I'm very, very optimistic about Hong Kong "leading the way" for bitcoin.
The other good news is that the Chinese government understands bitcoin. According to the notice.
Bitcoin has the following four characteristics:
1) there is no central issuing authority 2) the total amount is limited 3) it is not geographically limited for acceptance 4) it is anonymous
According to the PBC, bitcoin is not a "true" currency because
1) there is no central issuing authority 2) there is no legal requirement that anyone accept bitcoin
Bitcoin is therefore a virtual commodity, and therefore is not subject to the laws regarding currency transactions, nor should circulate as a currency.
Also here are his thoughts on the overall climate in China regarding Bitcoin:
1) The PBC has basically given the green light for bitcoin trading and exchanges. They are trying to keep bitcoin trading "separate" from the other parts of the financial system so that if bitcoin blows up, then nothing bad will happen. The thing that I think they are worried about is a Lehman style situation in which something blowing up in derivatives brings down the rest of the economy.
The strategy of creating a ring fence around new markets is a very standard one in China. Hong Kong is an entire city that is ring fenced.
2) Not terribly much. It only started to get on the radar screen a month ago.
3) The main driver is that there are tons of money in China and no one knows what to do with it all. The traditional investments (real estate and stocks) have been closed off by government action since the government has made it clear they will kill any bubble in the real estate and stock markets. So the money is going into all sorts of "non-traditional" investments. Bitcoin is just one of them.
4) Geeks. So far it's not the type of thing that random people will buy.
5) It's not very mainstream. However, its taken the Chinese geek community by storm and there are a lot of geeks in China. As with a lot of Chinese things, the fraction of people in China who are geeks is small, but a small fraction times a billion is a lot of people.
6) No harder than it is to buy anything else online.
Bitcoin has not gotten much mainstream attention and its still something that is with geeks, but you have the perfect storm of a lot of other things. The main thing is that bitcoin has hit China exactly at the time where China is looking at restructuring its entire economy and financial system to move out of low tech industries into high tech ones. It also hit China at just the right time in the credit cycle. China has recovered from the 2008 crash and is just starting to enter into another boom phase (which will last about two to three years before the economy crashes again). http://www.reddit.com/r/Bitcoin/comments/1sbefw/chinese_investment_banker_says_what_nobody_in_the/thank you for this clarification One very interesting aspect of all of this is that the Chinese exchanges are trading above MtGox, BTC-E and Bitstamp. http://btckan.com/price. It appears that those who understand the language, and the culture behind this announcement are not those that are the leading bears. |
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Sold 2.69% of my BTC at 850 CAD, bought back at 740 CAD and increased my overall BTC holdings by 0.30%.
PS. If one is a long time holder of BTC one just uses standard accounting practices and values one's BTC at the lower of cost or net realizable value.
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Seems interesting, but hitting a paywall...
Copy and paste the article title into Google. Also make sure you delete any cookies related to the site. The bottom line with these paywalls is that the the newspaper wants the search engine rankings for their article, so they have to allow clicks coming from Google to bypass the paywall. |
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... The power of those trends is such that Hendry said he would own Bitcoin if it was accessible on a regular exchange. ... This is why if the Winklevosses ever get their ETF approved Bitcoin will really take off due to competition among hedge funds for a slice of the rate of return on Bitcoin. |
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I stopped using PayPal for domain sales back in 2006. Never had any problems with PayPal, but there are just to many horror stories such as the OP's for my comfort. Currently for domain name sales I give the purchaser the option of:
1) Bitcoin with no additional fees
2) Escrow.com with escrow fess to be paid by the purchaser.
For larger sales I have also accepted wire transfer.
For the OP I would suggest to contact SEDO and ask them to pay you by another means (offer them a choice of Bitcoin or wire transfer) after you issue them a refund via PayPal back to SEDO. If SEDO refuses after escalation I would suggest to contact an attorney for legal advice. The way I see this a promise to pay by PayPal in six months is not legal tender.
By the way situations like this help explain why Bitcoin is trading at over 1000 USD per BTC and it is not just speculators.
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It simply means an ever increasing number of financial institutions worldwide will refuse to take clients that are US persons, and avoid the entire issue. By the way I would not be surprised if many Bitcoin related companies do that by the way. For example both Forex brokers that trade Bitcoin CFDs, AvaTrade and Plus500, do not accept US Persons as clients.
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Booya! Passed Zimbabwe!
What's a Zimbabwe dollar? 1 satoshi or so?
No. This is out by 8 orders of magnitude It is more like 100,000,000 Zimbabwean dollars equals 1 satoshi. Here is my calculation. I purchased 500 trillion Zimbabwean Dollars for about 50 USD on Ebay. So by this estimate 10 13 Zimbabwean dollars equals 1 USD, 10 16 Zimbabwean dollars equals 1 BTC and 10 8 Zimbabwean dollars equals 1 satoshi. Edit: Zimbabwean dollars may have a greater value as toilet paper. http://mentalfloss.com/article/22019/magazine-sneak-peek-joyous-history-toilet-paper |
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This rally seems to be driven only by MTGox with most of the other exchanges, and this includes those in China, trading around 10% below. http://btckan.com/priceI strongly suspect speculation by margin accounts on Plus500 and AvaTrade, that is reflected on the MTGox price. We are talking about the short term high risk traders on margin here. |
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LTC is the largest threat to crypto. If it wins, everyone loses. Not even jokin' mang. It needs to crash. Not I want but we need.
If you want to see how irrational people who claim to be "rational" can be, just find yourself a litecoin user. They gain no benefit from using litecoin except providing some funding to BTC-E in ways of fees and give the public and investors a reason to be skeptical.
It used to me that we could laugh off queries about why someone couldn't just make up a new coin that would make theirs worth less. We'd laugh and say "because people aren't so stupid as to actively ruin their own investments!" Our laughter is a lot more nervous now. Turns out people are so stupid.
The only possible goal of litecoin is to make all cryptocurrency worth nothing in the long term.
I keep seeing tards asking "when will 4 LTC = 1 BTC" thinking it's inevitable because there are 4 times as many LTC. Well, what they don't seem to realize is that if this happens both LTC and BTC will be worthless because long before this becomes a reality it will be clear to everyone that bitcoin can be inflated thus invalidating the limited supply and paving way for unlimited other currencies to be included (and unlimited inflation). I don't think this will happen though, there is very little support for LTC and other alternative currencies beyond wild speculation. Also if anything new significant comes out, bitcoiners have vested interest in adopting those features into bitcoin. It is quite possible that LTC will do poorly with respect to BTC but very well with respect to USD. EUR, CAD etc., sort of like silver has done with respect to both gold and fiat. Now will 15.5 oz of silver ever equal 1 oz of gold again? |
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lol at all the ltc hate
LTC is silver to BTC gold. I would expect LTC to perform over time with respect to BTC in a manner similar to that of silver with respect to gold. |
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To anyone over the age of 50 this "fatal flaw" is a very valuable feature of Bitcoin. The trouble is that over the last 20 years the banking industry has moved to inherently insecure methods of payment (starting with credit cards over the Internet, and then cheques that are cleared electronically, ACH payments etc., ) and has then become totally reliant on fixing the problem after the fact by reversing payments. The result is that an entire generation has been brainwashed into the concept that reversing payments after the fact is necessary to prevent fraud.
Now turn back the clock 40 years or earlier and one finds out that commerce and banking worked perfectly well for centuries without this need to reverse transactions. When I explain Bitcoin to seniors I simply tell them it works like cash that one can use on the Internet, and they get it. This is because Bitcoin is way closer to the way payments were done during their youth, cash and bearer instruments that were not reversible. Something to keep in mind for a 20 year old wishing to introduce Bitcoin to his or her grandparents.
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I won't let my coins touch windows
+1 Ok I do admit to backing up my wallet.dat encrypted and then encrypted again with Truecrypt on a Windows 3.1 computer (Pentium I) and also on a 286 running MS DOS Now seriously DRM infected/locked devices and yes this includes an Android device that is not rooted do pose a very serious threat to Bitcoin. The only solutions for mobile I can see is a rooted Android device or a device running an Operating System that has GPL v3 code deep in the OS that it is impossible to use a locked bootloader without violating the copyright license. Ubuntu phone/mobile is the most promising here. The trouble with Android that is not rooted is that manufacturer can at any time disable the option of installing outside the Android market since they and not the owner control root. Do any companies actually prohibit installing software outside the buggy Play store? (asked in earnest -- I honestly have no idea) There is all sorts of censorship by carriers and / or manufacturers on Android phones that are not rooted. For example: http://www.howtogeek.com/163558/how-carriers-and-manufacturers-make-your-android-phones-software-worse/ If one roots the phone this take control away from the manufacturer / carrier and breaks the DRM used to enforce the censorship. |
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I won't let my coins touch windows
+1 Ok I do admit to backing up my wallet.dat encrypted and then encrypted again with Truecrypt on a Windows 3.1 computer (Pentium I) and also on a 286 running MS DOS Now seriously DRM infected/locked devices and yes this includes an Android device that is not rooted do pose a very serious threat to Bitcoin. The only solutions for mobile I can see is a rooted Android device or a device running an Operating System that has GPL v3 code deep in the OS that it is impossible to use a locked bootloader without violating the copyright license. Ubuntu phone/mobile is the most promising here. The trouble with Android that is not rooted is that manufacturer can at any time disable the option of installing outside the Android market since they and not the owner control root. |
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Any chance of this turning southward tonight? I want to go to sleep but not sure if I should. Seems like when I go to bed the opposite happens from what I want it to do.  you need to subscribe to bit movements... when you know whats happening you can sleep  I am not so sure about the sleep part. Sometimes like today, when one is living in BC, one has to get up in the middle of the night (4:00 am) to buy BTC on Virtex when the bears wake up and become active in Central Canada. |
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Not only does the author show very little understanding of Bitcoin he also shows very little understanding of the operations of central banks and also of communism. Suffice to say to say that the current manipulation of the money supply presumably for the public good by central banks with the blessing of the state has way much in common with communism than a currency who value is solely set by the market.
Central planning is at the core of communism and so is at the core of the operations of central banks.
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if there is a lot of neutral/positive media attention, price will go nuts :p
If it is negative, expect a correction towards 300?
This is a very fair assessment. |
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You know, come to think of it, floppy disks would be a good place to backup your wallet. Who the fuck is gonna look there.
+1 Especially the 5.25in variety. |
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