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101  Bitcoin / Press / Re: 2013-04-26 CBC - Revenue Canada says BitCoins aren't tax exempt on: April 26, 2013, 10:33:35 PM
Just thinking about this article a bit, maybe there is a Canadian tax lawyer out there who has an answer to this. If I am interpreting this correctly, than what it is saying is that if I buy $1000 worth of bitcoins and immediately buy a product with them, I am subject to the "barter" tax provision and I owe income tax on $1000, whereas if I used the dollars I would owe nothing, only the merchant would be required to claim the "income". That is pretty fucked up, this needs to be revised in some way or bitcoins can never function in the Canadian system.
102  Bitcoin / Press / 2013-04-26 CBC - Revenue Canada says BitCoins aren't tax exempt on: April 26, 2013, 10:08:02 PM
http://www.cbc.ca/news/business/story/2013/04/26/business-bitcoin-tax.html?cmp=rss
103  Bitcoin / Bitcoin Discussion / Re: Eric Schmidt discusses Bitcoin on CNBC on: April 23, 2013, 03:41:15 PM
"Bitcoin is a technological tour de force"

Smiley
104  Bitcoin / Press / 2013-04-19 CNN - Bitcoin bubble re-inflates on: April 19, 2013, 03:22:54 PM
http://money.cnn.com/2013/04/19/investing/bitcoin-prices-rally/index.html
105  Economy / Speculation / Re: Headline: Bitcoin Buzz Draws Western Union, MoneyGram on: April 18, 2013, 10:53:44 PM
I think you guys fail to understand the gravity of the situation.

WU literally could, with extremely little effort, turn every single WU place into the equivalent of a Bitcoin ATM.

This is true. With their existing infrastructure they could instantly become the defacto Bitcoin exchange and Bitcoin bank while barely lifting a finger and expand their business into a whole new world. Western Union could in essence be Bitcoins "killer app".
106  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore on: April 18, 2013, 10:02:49 PM
Looks like the majority of that big buy came from off the order book. Bid sum appears intact at new highs.
107  Economy / Speculation / Re: Yup, still feeling bearish. on: April 18, 2013, 09:55:58 PM
So how do we get from here to there? I think the only real answer may be, unfortunately, speculation.

No, we need less speculation, way less volatility, we need to make the blockchain scaleable to be able to handle an exponentially higher amount of transactions (as it is now, a single gambling site [satoshi dice] has clogged the blockchain to an almost unusable amount), we need a user friendly way to get money into and out of the system, a better exchanges that are trustworthy and can handle increased volume, a non poisonous community that doesnt allow scammers and ponzis to flourish (the lending board was an abomination last time I checked), increased and ubiquitous vendor support, ....and thats just the tip of the iceburg.


What we dont need (assuming we want BTC to succeed as an experiment) is for BTC to be just a speculative tool for internet nerds, that gets pumped and dumped repeatedly until everyone loses interest.

Their is a high probability this will all happen. We have come very far in 3 short years and the signs point to these barriers being passed in time. Speculation provides liquidity that allows the bitcoin market to actually grow and take on additional, larger-scale roles.

- new and better exchanges/services are being built at an incredible rate
- the devs continue to make excellent progress at improving the core software
- the general public's understanding of bitcoin, how it works, and the type of questions/ideas that spurred its creation continues to improve

Lastly, I strongly believe that even if some aspect of bitcoin ultimately causes total failure, there will be a successor. The more people who are exposed to the idea that it is possible to create an entirely new and superior system, the better. If speculation contributes to that, I don't think its so bad. As long as we continue to caution people (which has happened to a pretty good extent).

Speculation has become a bit of a loaded term and people tend to think of speculation as being equivalent to manipulation, but I don't see it that way. Every new service and merchant who chooses to accept Bitcoin is also speculating, they are speculating that Bitcoin is a viable technology and that it will open their business to a new and growing market. That certainly does not make them manipulators. I think we can all agree that it would be nice if the pump-and-dumpers, schemers, get-rich-quick types and legitimate manipulators could be removed, but that is obviously not possible in a truly free and open market. If Bitcoin is really a viable idea, it will have to be robust enough to survive the growing pains of a nascent emerging market, and if it is not, then it was probably destined to fail anyway. Just my opinion.
108  Economy / Speculation / Re: Ladies and Gentlemen: This is what a green candlestick looks like on: April 18, 2013, 07:36:33 PM
But is the volume real or manufactured?  Huh

I keep reading about how someone can just push big trades back and forth to make the volume look high and the price look stable.

Sure you could do that, but it would get expensive rather quickly and I don't see anyone wanting to hand Gox free money, especially given their recent track record.
109  Economy / Speculation / Re: Ladies and Gentlemen: This is what a green candlestick looks like on: April 18, 2013, 06:19:00 PM

Just over half the volume traded of the previous day but a clear, massive bullish sign.


low volume == bulltrap

we have broken volume records 2 weeks in a row now....

Yeah people have been saying all day that the volume is low, but yesterday was a very high volume day and large upward movement. Todays volume so far is low only compared to the massive, record setting volumes of the previous 6 days, but larger scale (last 4-6 months) is relatively high, especially since the day is not even close to being over.
110  Economy / Speculation / Re: Yup, still feeling bearish. on: April 18, 2013, 05:58:48 PM
Gentlemen,

Keep in mind that Bitcoin value is a very complex thing on a systems scale.
Uranium might be cheap if you have no nuclear power plants. Once you do, it is no longer so.

The perhaps paradox with Bitcoin is this: as a pure currency in the price mechanism sense (a calibration unit for measuring relative values) it might indeed very well be overvalued, but then Bitcoin right now is mostly an extremely convenient value carrier and not so much a currency.
But.
The benefits of it, as a tool, as a resource for financial operations engines of great power, can save up a lot of relative value and energy (in terms of transaction speeds, fees, ...). So the question is:
How much value would it generate when compared to today's systems while integrated into an X-sized financial market?
Please note, that this is the same as: "how much energy would lubricating oil save in mechanisms when adopted?" and practically boils down to "how much energy would uranium fission free?".
So the value of bitcoin in a extratemporal, systems perspective is in fact for a large part the value of the energy freed by the technical advantages of it in a market of a certain size. How big will the market be? Well, that's the question.
Oh, right, the paradox part. In order to be adopted by such a market, the bitcoin price needs to be massively higher than this to offer good liquidity and use for abstract financial operations.
So, it's overvalued now, but undervalued considering what can come, so overvaluation leads to correct value?!

Awkwardly worded, but yes, this is the crux of the problem. Everyone is always saying that in order for Bitcoin to be useful it must necessarily be worth much more than it is now, which is a true statement. It is a classic chicken-and-egg problem. So how do we get from here to there? I think the only real answer may be, unfortunately, speculation.
111  Economy / Speculation / Re: this is insane again on: April 17, 2013, 06:29:33 PM
Like I said yesterday, this are looking pretty hopeful, actually.  Again, the price is going to wiggle and wobble (pretty significantly compared to most other markets) on its way back up, but I do think the bottom was put in place.

Welcome back to the bull side proudhon, we missed you here. I hope your cold storage is safe and sound Smiley
112  Bitcoin / Press / Re: 2013-04-17 americanbanker.com - Governments Must Co-Opt Bitcoin to Avert Disaste on: April 17, 2013, 06:26:13 PM
There are some great quotes in this article:

Quote
But when the Cypriot banks unilaterally declared that a big chunk of all deposits accounts would be snatched, the premise of deposit security came up for re-evaluation; and not only in Cyprus and in Europe, but also in the U.S. and elsewhere.

Indeed.

Quote
The technology is there. Bit money is ready to roll. The market has just opened: The meteoric rise in the exchange rate of Bitcoin (even after a sharp correction) is a shouting proof that people are eager for a means to store, guard and secure their financial wealth without using the banks as safe keepers.

I agree!


Quote
The other option is to ride the tide. Bitcoin has flushed out the public readiness to deal with bits as carriers of tradable currency.

The policy conclusion is clear. Bitcoin should be disqualified as a functional tradable currency. However, a properly regulated, digitized option for the prevailing currency should be rushed to market. If not, Bitcoin will reign, suck in an enormous amount of wealth, and eventually implode, unleashing a financial tsunami of unimagined proportions.

Hang on.  Isn't he saying:  "bitcoin is a great technology but unfortunately it's not ours.  Therefore we need to make it illegal so that only WE can use it." ??

Exactly! Who is the editor at American Banker that was asleep when this passed through his inbox?
113  Bitcoin / Press / Re: 2013-04-17 americanbanker.com - Governments Must Co-Opt Bitcoin to Avert Disaste on: April 17, 2013, 06:07:01 PM
From Bitmint.com:

Quote
We are fortunate to witness a rare evolutionary step in the history of money -- digitization: a string of bits (ones and zeroes) is engineered to carry value and assume identity, and in that form flow, move, store, and accumulate: securely, seamlessly, discreetly and fast. Allowing payment, banking, investment and the of global economic activity to be redefined, re-engineered, and revamped. The global village is finally about to become not just global, but a village where anyone anywhere can trade, buy, pay, invest. Not account-based, like today, but eCash-based, appropriate for our modern eLife. New creative forces unleashed, new vistas opening.

Computerized payment will allow for micro services and macro deals to happen with transparency, accountability and fairness, dealing a painful blow to the forces that today thrive on money secrecy, and on hiding and abusing their wealth. In an apparent contradiction, digital money will offer unprecedented privacy for the non-abusers. Our imagination is not rich enough to extend into the myriad of changes and uncounted possibilities opened up with this new and most abstract form of money: a series of bits that carries both value and identity -- cryptographically robust, and mathematically assured.

Do you have the imagination to grasp what digitized money will bring about?

If you do, talk to us. We need you! BitMint money will be available in the coming months on a global basis, minted by a recognized financial technology firm. The minted digital coins will be offered for various payment and banking applications through several partners around the world. BitMint digitized coins are about to flow and permeate the information superhighways, and be complemented by hybrid coins of various denominations. These hybrid coins can be passed around as offline payment, but they can be readily uploaded into cyberspace: convenience, versatility, trust!

If you are a forward looking innovator with any commercial or socio economic enterprise in mind, or in action -- you are likely to benefit by shifting and upgrading to digitized money. Curious? -- Write to us! Tell us what you do, or intend to do, and we will respond with a description of how BitMint digitized money will boost your prospects. No obligation, no charge -- just something to think about!

And if you are sparked up, then let's discuss franchise. BitMint, LLC will provide you with digitized money specified and tailored per your needs and request. We will provide and install all the required software, we will provide you with the cryptographic vault for your money, and guarantee the integrity of the mint. We will help you plan your application, stand by you, train you, and help insure your success and your competitive edge. We are open to a full range of partnership from equity sharing, to franchise fees. We can propose solutions to virtually any want and shortfall on your part, except for a want and shortfall of imagination and foresight. In that department we need matching partners





Notice: The propositions herein are subject to change without prior notice. This site operates in Beta Testing Mode. BitMint traders seeking additional guarantees for any sums exchanged should write to Nancy@BitMint.com

Hmmm, well that is very interesting. Are they by any chance securing their product with the same cryptographic principles that future Alan Turings are going to break and thus destroy Bitcoin?

Quote
Like all other mainstay ciphers and crypto products, Bitcoin relies on assumed "mathematical intractability" – the believed difficulty to solve a certain mathematical problem. There is no proof of such intractability, just an assumption that since academic cryptographers haven't easily cracked the code, nobody can. Remember the Enigma in World War II: the German cryptographers were sure that no one would be smart enough to crack it. But Alan Turing and his team eroded the crypto defense and shortened the war by about two years. The more valuable Bitcoin becomes, the richer a target it is for crypto hackers and the harder and longer they will work at it.
114  Bitcoin / Press / Re: 2013-04-17 americanbanker.com - Governments Must Co-Opt Bitcoin to Avert Disaste on: April 17, 2013, 06:01:28 PM
Wow, what an amazing thesis on exactly why we need Bitcoin more than ever. This is my favorite part:

Quote
The policy conclusion is clear. Bitcoin should be disqualified as a functional tradable currency. However, a properly regulated, digitized option for the prevailing currency should be rushed to market. If not, Bitcoin will reign, suck in an enormous amount of wealth, and eventually implode, unleashing a financial tsunami of unimagined proportions.

Pretty please, RUSH the prevailing currency replacement to market. That will work out best for everyone.
115  Bitcoin / Press / 2013-04-17 - therealasset.co.uk - Bitcoin…the money of the future? on: April 17, 2013, 02:17:54 PM
http://therealasset.co.uk/bitcoin-future-money/
116  Economy / Speculation / Re: future price, this move may backfire on GOX on: April 11, 2013, 07:19:02 PM
Whatever happens, it looks like this event will separate the believers and the non-believers. There is really no way to make a good rational decision about price movement right now. This will be an opportunity for any newcomers who believe in bitcoin to get in, and everyone else to get out. Gonna be quite a shakeup. Popcorn time.
117  Economy / Speculation / Re: Crash post-mortem on: April 10, 2013, 08:52:54 PM
Haha! Or is it a crash Zombie?
118  Economy / Speculation / Crash post-mortem on: April 10, 2013, 08:45:29 PM
What is going on with Mt. Gox today? Their API is not relaying reliable information at the moment. Was any of the data going to the feeds today reliable? Did someone exploit a weakness in their API?

Can we all agree at least that we need to stop using Gox? I pulled my funds out of there a few months back, and I am happy that I did. I will not be using them again.
119  Bitcoin / Bitcoin Discussion / Re: The press turns against us? on: April 05, 2013, 03:59:05 PM
These articles are probably exactly what we need right now. If the popular sentiment is that we're in a bubble, we may manage to avoid becoming one.
120  Bitcoin / Press / 2013-04-04 - Is Bitcoin currency safe? Maybe, but think of it as a commodity on: April 04, 2013, 06:40:39 PM
http://www.theglobeandmail.com/globe-investor/investor-community/trading-shots/is-bitcoin-currency-safe-maybe-but-think-of-it-as-a-commodity/article10764645/
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