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781  Economy / Service Discussion / Re: Why the Bitcoin Foundation is not intervening in the MtGox case? on: July 16, 2013, 04:33:14 PM
I am honestly wondering how soon we'll see a Gox thread in the Scam Accusations forum.
782  Economy / Service Discussion / Re: 0.25 BTC Bounty - Show me a Mt Gox USD Withdrawal :) on: July 16, 2013, 07:58:00 AM
They are sending withdraws, they are just backlogged.  They are able to fulfill withdrawal requests, it will just take time.

And yet this very thread is about a total of 0.75 BTC unclaimed bounty vs showing a successful withdrawal.
You'd think someone would come up try and claim that money.

(sorry for condescending tone)
783  Economy / Scam Accusations / Re: Criminal Lawsuit against BFL in Germany [in progress] on: July 15, 2013, 09:26:48 PM
Thats typically for the germans.. They always think their the greatest, the best and they got the law on their side.

If BFL was a german company, the boss would already be in jail and the buyers would lawsuit the shit out of him .. it then does not matter if they get the money or the product, all they want is to be right..


I'm not German and yet I like that attitude. Courts do their job over there. Electors also are less stupid and politicians are held accountable for their actions.
784  Economy / Exchanges / Re: MtGox withdrawal delays [Gathering] on: July 15, 2013, 03:14:42 PM
Please do not overload bitstamp! It's been a happy island for a while now.  Tongue

I know we could resort to localbitcoins or WoT/OTC but I am neither a pusher* nor one of those 1337 scriptards who get a high out of bashing their python.
I am a user ffs. Clicking buttons on exchange websites makes me poop in the morning so much better than having spent my previous night finding the ultimate gpg command line.

* although personally I do not exclude a future career development in this direction.**
** disclaimer: this comment is a joke.
785  Economy / Service Discussion / bitcoincharts' bitstamp feed is broken on: July 15, 2013, 11:44:17 AM

but the site is up and running

786  Economy / Service Discussion / Re: 0.25 BTC Bounty - Show me a Mt Gox USD Withdrawal :) on: July 13, 2013, 10:17:04 PM
Thanks omgitm.

As Eurotrash said, might be worth editing your post and blanking out some info. Before anyone at gox sees your post.

Pointless by now.  Embarrassed
787  Economy / Service Discussion / Re: 0.25 BTC Bounty - Show me a Mt Gox USD Withdrawal :) on: July 13, 2013, 12:58:22 PM
Guys, I just requested a wire xfer this morning

(Gox screenshot)

Funds gone from MtGox, will post if they get to bank in 2-4 days... I hope so!!

Also I hope I get the bounty if it goes through because my bank charges $40 for receiving intl. wires Sad


Thanks for testing although sorry to say you should not have posted the exact amount and bank name in the screenshot.
You could have covered those details NOW and send them LATER in full after (if) the wire arrives instead.

Why? Because there is enough identifying information for Gox to locate you and "manually" wire you the amount (which is not a round number).

Now you may end up (maybe) receiving the bounty and still not proving anything.  Sad
788  Economy / Service Discussion / Re: Anybody received withdrawals from MtGox last weeks? on: July 13, 2013, 12:03:16 PM
No, you shouldn't be worried. I've been using Gox for two years and they have screwed up a lot but (other than freezing tainted coins) have never intentionally scammed anyone. Their customer service is about as efficient as a government bureaucratic entity but they do try to fix things eventually. If they screw you it's not because they mean to it because they are poorly managed and running around government regulations with wild abandon.

^ bad advice above ^

Seriously. In bitcoin world even "respectable" businesses have turned into scams.
Apart from that. Let me do a little digression on "feel good" answers.
When a customer service operator gives you a unspecific "feel good" answer, it generally means:
1. He does not have a clue how to fix your problem
2. He wants to buy himself time / send you away
3. He did not say what he's going to do to fix your problem, so he likely will just log your call and nothing else will happen.

Now back on topic.
Your money is being kept hostage. Do you accept "feel good" answers?

Here some good advice: Buy BTC with your balance and get the f* out of Gox. No one here has been able to get money out since end of May at latest. Staying there is just not worth the risk. If you need to convert them to fiat then try localbitcoins or bitstamp or campbx or maybe nashx. As far as I know they all work at the moment.
789  Economy / Exchanges / Re: MtGox withdrawal delays [Gathering] on: July 13, 2013, 11:16:33 AM
Is it time to buy BTC and transfer out? What exchange can I count on to get me my money?

BitStamp order matching engine is "suboptimal", but I have never had issues with large withdrawals. The longest I have ever waited with them is one week.
790  Economy / Service Discussion / Re: Major issue with Mtgox unresolved (??) on: July 13, 2013, 10:56:24 AM
I don't see how that gets me my original 3.34btc back lol.... Frustrating being a newbie. Send these exchanges your btc and say you want cash, they happily exchange it for you! At the lowest possible rate and then deposit the funds into an account from which it may never be withdrawn!! BRILLIANT NOOBERY. This is why I vow to go p2p all day long forever from here on out FUCK all this exchange noise.

How can 3.34 BTC become $36?   We never even went that low for 1 BTC this year post-bubble.

The simplest explanation I can think of is that HermesConrad had coins left in a Gox account created in 2012 or before. And he had a sell order for something like 10.5$.
Fast forward to yesterday, he wakes up and reads in a newspaper that his coins are worth shit. "Damn I forgot I have coins in Gox!" he says. He still remembers the password (probably same one for all sites lol) so he successfully logins. To find out that his sell order had been executed long time ago.

Or, alternatively, pigs fly.
791  Economy / Service Discussion / Re: 0.25 BTC Bounty - Show me a Mt Gox USD Withdrawal :) on: July 12, 2013, 09:56:05 AM
I'm adding 0.25btc to the bounty as well. You need to not be associated with mtgox, and my bounty expires in 7 days.

OP, can you please update the first post with a list of bounties, offerers and expiry dates?
792  Economy / Speculation / Re: Winklevoss Twins File to Launch Bitcoin Exchange-Traded Product on: July 03, 2013, 02:44:14 PM
isn't anyone starting thinking that the Winklevoss brothers have a natural talent for getting the business "almost" right and yet never really make it? Cheesy

NB: no trolling intended, just a joke. I am holding a big bag of coins like many here (and nope I am not selling).
793  Economy / Speculation / Re: I get the impression this forum turned bearish, contra indicator? on: July 03, 2013, 02:27:41 PM
That's apart from my impression that I still see lots of bulls, they're just very quiet lately.

Yep. +1
Even this one is a bullish thread.
Hope isn't dead yet. Not enough for a reversal.  Sad
794  Economy / Speculation / Re: I believe panic selling on Mt. Gox will ensue within 2 weeks on: July 02, 2013, 07:50:40 AM
Bumping this because we are only 3 days away from the end of two real-world weeks. We'll soon see what happens...

Feeling in a poetic mood today:

"in a bitcoin summer night*, in the distance, you can hear the sound of whales dumping."

* a bitcoin summer night is two Gox-weeks long
795  Economy / Economics / Re: europe bail in official policy now on: June 27, 2013, 08:59:53 AM
I've said it once and will repeat: there's no fairer way to deal with a bank failure than a bail-in:

  • Current bank owners (shareholders) should lose everything.
  • Creditors should lose the necessary amount to save the bank, starting by those who accepted more risks (like bondholders) until those who did not accept much risk (depositors). Ideally, depositors should not lose anything or very little - but if the hole was too huge, they might end up with a significant cut.
  • These same creditors should be rewarded with ownership of the bank. For example, if you lost 10K, and in total 10G were needed to save the bank, you now must own a millionth part of the bank in shares.

I can see no way to make it fairer than this. Tax victims should not have to spend a dime - that's externalizing a cost to people that had nothing to do it (imposed negative externality, moral hazard, private profit public losses etc). Only those involved with the failed bank should. Federal/national insurances of bank deposits are unfair by definition and should never have been created in the first place.


But I believe that what is really going to happen is that shareholders will be saved and depositors will be shafted.
Then in a couple years and a merger later the bank reopens with a new name.
796  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore on: June 26, 2013, 08:41:16 AM
Is anybody else seeing a big dump approaching?

I think someone is constantly dumping but not on Gox. Spread across exchanges is high again and BitInstant walls are into dumping shape.
797  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore on: June 26, 2013, 08:14:49 AM
A word to the wise:

FBAR reporting requirements are due for all folks in the US who have a foreign account that had a value over US$10K in 2012 with the IRS.  
Penalty for non-reporting can be as much as 50% of the value of the account per year (not profit) though are much lower for provably innocent mistakes.

To reiterate, it doesn't matter if you cashed out anything or took any profit or just held it all in BTC, it is the value of the account and it being in a foreign nation that triggers the report requirement.
Call your tax attorney to understand your situation, don't take my advice.

I wonder which exchange should be used to determine such value. Like the one where you can't take dollars out or the ones that aren't based in US?
798  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore on: June 26, 2013, 08:08:57 AM
I'm hoping for wireless charger tech to take over so everywhere we walk in cities/ towns we're juicing up wirelessly and never have to recharge our portables.

That would account for enough EM radiation to slow cook everyone's brain.
799  Economy / Speculation / Re: ASIC: Bitcoin's Long term insurance on: June 26, 2013, 07:55:55 AM
If the mining reward plus transaction fees doesn't exceed the cost of operating an ASIC, I am quite certain those boxes will be unplugged.

To assume anything else is to claim that the majority of miners are irrational.
In such a scenario, is it more rational to unplug your ASICs and keep them in your basement, or to sell them to any takers and try to recoup your capital outlay?

In the latter case, OP's argument prevails, because the market value of an unprofitable device would be low, and the people who would buy it in such a situation are ones who would mine no matter what the exchange rate might be - whether because they have ideological ("irrational") reasons for doing so, or because they have an insignificant marginal cost to mine (e.g. people who don't need to pay for their electrons by the kilowatt-hour).

The point is that if you have hardware with no purpose other than mining, the market will eventually put it into the hands of a person who's willing to use it for that purpose - or, in other words, that in the long run all ASIC miners are online and mining.


Let me add: transaction fees can be lowered and the cost of energy is dependent A LOT on the energy source and location.
If your power costs are zero (which means you are stealing power) or very low (e.g. you are located in Iceland at 3 cents per kW) then you can probably mine undefinitely.
800  Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore on: June 25, 2013, 01:06:48 PM
Quantitive Easing is deployed with a goal of increasing inflation sure, but do you disagree inflation is pretty much inherent in any monetary system since the concept of money was deployed? I'm only questioning why anyone would be surprised that over 100 years 1$ buys far less?

I don't get why inflation should be inherent to the monetary system as you say. I don't get why a dollar's purchasing power should decrease over time.
Suppose there was a finite and constant amount of $ (yeah right)
Suppose the population is increasing so the number of economical subjects is increasing.
Suppose the amount of food they need is also increasing.

The amount of $ is finite and constant, but there are more bananas being produced over time. The bananas are still priced in dollars. My logic says that an increasing quantity of bananas will be worth less dollars per banana.

I understand that the argument against deflationary currencies can be summarized like that:
The increasing purchasing power of the dollar would bring people to hoarding dollars instead of cultivating bananas.
This in turn would make the population starve.

Then I say: This in turn would cause bananas to become more valuable, hence their price in dollars would go up again. It seems pretty self regulating to me. With the added bonus that we'd stop producing more bananas than we really need.

s/dollar/bitcoin I think this is what we are trying to do.

Where did I get it wrong?
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