http://btcrates.nfshost.com wasnt being updated temporarily due to me being in and out of the hospital and doc appointments unexpectedly but will now be updated daily as usual. I apologize for any inconveniences.

I apologize for the site not being updated for the last week. I was in the hospital and in and out of doctor appointments during the last week. The site will continue to be updated now once daily in the evening as usual.

The BTC to USD is from http://newlibertystandard.wetpaint.com on the exchange found there. All other rates are calculated based on current closing market values for the day of currencies or metals based on the current BTC rate.

You misunderstand my position. I am not saying the government should be doing this. They shouldnt. But they do. A fact no one can change.

The fact is, if you are linked to potential criminal activity as a citizen, you're going to be investigated or taken down. Its a sad fact of american life.

Criminals use all sorts of means, but any business or project seen as enabling criminals to be anonymous or seen as to be catering to criminals in any ways shape or form or even just useful to criminals, tends to get shut down. Period. Sooner or later it happens.

The government doesnt like crime, anonymous actions or a combination of the two. This is evident throughout the history of all world powers let alone the US gov which tends to violate the worst.

They have shut down e-gold and other companies for merely being useful to criminals or seen as a threat to their way of doing business as a government. There are many cases of this sort of activity. Charges are manufactured, laws are bent and another well meaning person goes to jail that shouldnt.

I appreciate the feedback.

A two dimensional table is something I will consider. However, Im not quite sure how it would layout as a 51x51 cell table would be massively wide or require multiple smaller tables . I'll look into it and experiment with it a bit and see how workable it is.

As far as 1 bitcoin versus 50 bitcoins, It would make my tables needlessly large and require several extra digits to each number. It will be something that is more workable in the future as bitcoins increase in value, reducing the need to use so many digits when working with a single bitcoin.They are also issued in blocks of 50 so to me it just seemed more natural. I tend to view 50 bitcoins as a single unit, especially now when they are worth less than one cent per bitcoin.

http://btcrates.nfshost.com/

The site contains tables for the exchange rates of bitcoin for 50 world currencies as well as copper in oz, silver in oz, gold in grams and platinum in grams.

The site will be updated daily.

Eventually it will be moved to a more permanent web address.

Feedback on the site is appreciated.

Pass: UFO

BC Address: 19Dn7ENQmeHAfQRuFs81BYgddHbMKZnE9P

The danger lies in the authorities perceiving it as a medium for criminal activity, especially significant amounts of criminal activity. It is one surefire way of getting bitcoins and its exchangers persecuted by the law and exchangers potentially prosecuted. Even suggesting it, can be enough for conspiracy charges especially if the government has it in for the system or its exchangers and users.

Good business decisions money wise, often involve illegal activities. This can be seen regularly in the news. However good business practices such as staying out of jail and staying in operation especially long term require following legalities.

Money exchanges are required to be licensed and undergo a huge ordeal of regulations and licensing and bookwork in it's operation. If you fail to do this, it is running illegally then. I see e-gold was mentioned here. One of the best examples but not the only example of how the government doesnt like competition or any large assets it cant control or put a hand in. Especially if they feel the service is allowing criminal activities to be hidden.

And I love how someone always seems to bring race into a debate about an unrelated topic. Epic.

Lawyers interpret the vague laws as they believe, the government interprets law any way it damn pleases even if it means bending it or using it out of context. Even hinting at illegal activities, is enough to be taken down which has already been done on his exchange site. It will lead to conspiracy or worse charges.

If bitcoin or the exchange never gets big, the law might not bother with his exchange but if any popularity ensues and especially if taxes arent being paid. It will be taken down by LEO.

The danger isnt in buying or selling bitcoins. The danger lies in a centralized and concrete exchange. Centralization has been the key factor in the fall of many systems especially alternative ones.

Without any true buying power, any currency will eventually fail. Without true buying power, no exchanges can flourish, nor will it be very profitable to run an exchange, if profitable at all. Currently, Bitcoins have very little to no buying power.

Btw NewLibertyStandard, in your discussion forums, it says:


This is a fast route to being shutdown by the law, just by mentioning it. Knowledge of potential illegal activity is what ultimately has gotten e-gold and other e-currencies shutdown in the past. E-gold made notations of potential illegal activities on accounts and it was used to make claims against them enough to shut them down.

"In 2007 the proprietors of the e-gold service were indicted by the United States Department of Justice on four counts of violating money laundering regulations. In July 2008 the company and its three directors pled guilty to charges of "conspiracy to engage in money laundering" and the "operation of an unlicensed money transmitting business" in the U.S. District Court for D.C. The company faces fines of $3.7 million."

Because criminals were using their services and they were either unable or unwilling to prevent it. They were brought up on charges of money laundering. As far as currency exchanges go, they all must be licensed and conform to strict regulations and standards. The more negative attention drawn to this currency and the exchanges, the faster they will be fired upon metaphorically by the US government.

This post is right on the money.

I agree with ihrhase wholeheartedly about the government. The government doesnt like competition and if you do enough to get their attention, they'll spare no cost to bring the network down. Sad but true. It doesnt even matter if its legal or illegal. Legality has nothing to do with it. The US government always has and always will bend laws or manufacture crimes to make an example of those who contest its power in any way shape or form. I dont agree with the US Government one bit but when it comes to the government the old maxim is true. Whoever has the gold makes all the rules.

So until things changes, we're all criminals whenever the government decides so. And Im not just referring to Bitcoin or its users.

As to bitcoin's value, its all a matter of basic economics... Supply VS Demand. Currently I see a lot of supply but almost no demand. Unless demand is created in volume nothing else matters. With excess supply and little demand...there is very little value and it will remain so until demand is created. If the demand doesnt increase proportionally to the supply IE if supply increases and demand stays the same or lessens then value will decline of course.

People tend to make economics far more complicated than it really is.

Sorry DwDollar but Ihrhase has it on the nose with what he's saying.

That is quite ridiculous. The government never ceases to amaze me on how much control they try to assert over all things period.

Granted it states: "reporting is required only if gross amounts for the year exceed $20,000 and there are more than 200 transactions."

But nonetheless it is tightening internet sales which will eventually go further and further to make the internet the same as real life commerce in the sense that only the big boys will be able to afford to play the game, so to speak. Massive megacorps will take over the internet more than it has and ultimately small business will be pushed out. My city used to have a thriving local economy until... megacorps moved in pushing out the small businesses due to lower costs and prices due to mass marketed cheap products produced and stored in high volume. The internet was a more level field of play in commerce until more recently.