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41  Economy / Speculation / Re: Expensify Turning to Bitcoin to Save on Remittance Fees - Huge News? on: March 27, 2013, 06:39:40 PM
What is Expensify exactly? I read that it has a couple of million of users, but what kind of service does it offer?
42  Economy / Trading Discussion / Re: Buying spree going on? on: March 27, 2013, 05:25:37 AM
Shortage of bitcoins? That's what I like  Grin
43  Bitcoin / Bitcoin Discussion / Re: MTGOX to collapse if Japan goes "the Cyprus way" ? on: March 26, 2013, 07:13:28 PM
CAvirtex is a great alternative for BTC/CAD. It's very solid now.
44  Bitcoin / Bitcoin Discussion / Re: Use EURO crisis to promote Bitcoin in press on: March 26, 2013, 06:00:59 PM
That's what I've been doing. Great way to promote it, we need to get the attention of those who may be in troubles in a couple of weeks/months (EU and elsewhere).

Twitter is a great place too, after all, #cyprus was trending yesterday. I've been posting numerous bitcoins on Facebook as well and I've got at least 5 to 10 people that messaged me because they were interesting in "knowing more about it", including people I haven't been talking for years. I've found that posting intelligent charts brings a lot of attention!
45  Bitcoin / Legal / Re: Conceptually, what could the government do to defeat bitcoin? on: March 25, 2013, 08:39:06 PM
Under the worst possible interpretation of FinCEN's "guidance"*, and the best, pro-liberty, intentions of bitcoin, it's already defeated in the U.S. Tyranny does not go quietly into the night.

*If you accept a single penny from someone in exchange for your BTC without first going bankrupt to be compliant with the MSB/MT regulations, you are a criminal.

That's not how I interpreted the guidance...
46  Economy / Speculation / Re: BTC/USD: Ready for "The Running of the Bears"? on: March 25, 2013, 05:43:55 AM
"Technical analysis has made me hundreds of thousands of dollars in stocks, futures, FOREX (currency) and options"

Yet, you were asking for a 3-5 BTC loan... Sure, your TA has suddenly become way more clear...
I guess I'd recommend a financial planner since all those hundreds of thousands of dollars are gone...

Anyways, let me save you the trouble of hitting the ignore button... Although you are indeed a funny guy.

I borrowed some coin because I had no way to buy any more and wanted to do something with them. I was just in a car accident, so all the formerly open venues of purchasing bitcoin whenever I want are currently closed. And btw, I succeeded in what I wanted to do (multiplied the 6.00 BTC I borrowed several times, bought some new mining equipment and sold the rest).  Smiley

@ johnniewalker:

If you're in it for the long-haul, as in several years, then just ignore all of this short-term volatility. You're playing a totally different ball-game.

Yeah sure...

I never agreed on your analysis but still was giving you credibility. Now the further this thread goes, the smaller your credibility gets. 3-5 btc should be very easy to obtain for any trader. Seriously...If you make "hundreds of thousands of dollars, and can't buy your own bitcoins...
47  Economy / Speculation / Re: BTC/USD: Ready for "The Running of the Bears"? on: March 25, 2013, 03:54:12 AM
I just see a lot of words by 24 year-olds extrapolating irrelevant past events to the current market. The way he wrote about MACD tries to make him sound like a market veteran. It's not only misleading (you've seen this "nine times out of ten"? What an illustrious career you must have had!); This is pseudo-technical mumbo-jumbo.

I hope that people reading this advice will do their own due diligence and realise what you two are trying to do here. The shakedown already happened this weekend. You're late to the party. As usual, another week comes and brings new liquidity and buying pressure with it.

That's not what I see...

What I see is people getting upset by any opinion other than their own, and using "age elitism" to try to condescend.  Roll Eyes

If you don't agree with my analysis or my opinion, so what? Whatever. Vote with your money. No need to get hostile. And you won't be taking my money, because my money is safely on the sidelines now. It's all of your money that's up for grabs, and perhaps I might be taking it from you in another week or two.  Wink

I've been in this position before... one of my favorites was when I made a very bearish call on the S&P 500 years ago, and I was ridiculed and insulted up, down, right and left for it. And lots of forum assholes were insulting me because I was just 20 or 21 years old at the time, so I was just a "stupid kid". They said I was going to lose all my money and I should just stop trading and go kill myself. You know what happened? 4 days later, the S&P 500 plunged 55pts at the opening. My small options position I'd put $4000 into swelled to a net value of over $17,500 instantly. Then the same bullies who'd ridiculed me made a public apology thread and paid homage, which was quite amusing. The moral of this story is not that I'm the world's greatest trader (of course I'm not), but you should never call someone an idiot or mock them because of an opposing view on the market... because it might be YOU who loses all their money the next day.  Wink

I've been wrong before, and I'm prepared to be wrong again. I know how to manage my risk. And it this point my risk is 0%... you're the ones with risk, and I wish you all well.  Smiley



Yes, and what most people who disagree with you are trying to say is just that: you cannot compare S&P 500 with bitcoins. They are entirely different beasts.
48  Economy / Speculation / Re: BTC/USD: Ready for "The Running of the Bears"? on: March 25, 2013, 03:14:13 AM
I don't think your analysis is correct because bitcoins are a complete novelty and CANNOT be compared with traditional stock markets. This doesn't look like a speculative bubble, it looks as if the bitcoin is slowly reaching it's "correct" price. With only 21m bitcoins that can be mined (not a lot), and the widespread adoption of it, prices are set to be higher than 1,000$.

In fact, the more news coverage it gets, the higher the prices will be. Bitcoins aren't known by a lot of people, in comparison to silver. If silver gets news coverage, people won't "learn" about it. When people learn about bitcoins, they either get skeptical or heavily enthusiastic about it.

What makes bitcoin so valuable is decentralization. I think what's happening in Cyprus and the EU is very good for the evolution of our economic systems, because now people are finding out how much BS fiat paper is. What you have though with bitcoins is very tempting: decentralization, no "withdrawal limits", no wallets that can be seized, no taxes unless you convert to fiat currency, anonymity in an Orwellian world...

You are selling? I'll gladly take your bitcoins in exchange of my worthless canadian dollars Smiley

However, I enjoyed reading your analysis. I am a noob at trading (though I made a great move when buying LTCs at 0,0055 btc and selling at 0.015), but to me it seems evident that the rocket is NOT about to stop anytime soon. Sure, corrections will happen but having invested at 8$ a bitcoin I see no point in selling right now. I'm in for the long term, and I believe a lot of people are too.
49  Bitcoin / Bitcoin Discussion / Re: Jim Rickards endorses Bitcoin on: March 25, 2013, 02:26:25 AM

Not sure I get it. What does it actually mean?
50  Bitcoin / Bitcoin Discussion / Re: How Do Transactions Get Confirmed Once We Reach 21m BTC Mined? on: March 25, 2013, 01:08:08 AM
Title says it all. If miners confirm transaction blocks, how do we transfer funds once there are no more miners?

Miners receive both a block subsidy and transaction fees.  The block subsidy is designed to decrease over the next 136 years, being cut in half approximately every 4 years. Once the block subsidy is reduced all the way to 0 (136 years form now), the assumption is that transaction fees will continue to increase as bitcoin gains popularity and mainstream use.  Miners will continue to exist so they can collect the transaction fees.  I suppose once we get to the point where the transaction fees are consistently more than the block reward, we might stop calling them "miners", perhaps then we will call them transaction processors. Whatever we call them, they will continue to provide the same service and will continue to be paid for that service.

Thank you! You answered my question very well  Smiley
51  Bitcoin / Bitcoin Discussion / How Do Transactions Get Confirmed Once We Reach 21m BTC Mined? on: March 25, 2013, 12:28:09 AM
Title says it all. If miners confirm transaction blocks, how do we transfer funds once there are no more miners?
52  Economy / Service Discussion / Re: Is Blockchain down? on: March 24, 2013, 11:23:29 PM
Up for me in Québec, Canada. No lag whatsoever!
53  Economy / Service Discussion / Re: Virtex down? on: March 23, 2013, 09:42:40 PM
Yah the website has been slower these past two days but today it's just incredibly slow and now I can't even connect as I type.

I observed this since they introduced their new bitcoin shorting system with Havelock Investments. Maybe traffic is too high?

However, the website is theoretically up:
54  Bitcoin / Press / Re: 2013-03-20 RIP, Bitcoin, I think on: March 20, 2013, 01:55:08 PM
Could someone give me the clifnotes? My proxy at work is killing the OP's link and i dont have time to look around for alternatives

Muchas gracias!

As predicted here last month, USG is killing Bitcoin - I'm pretty sure.  FINCEN has just issued its guidance on virtual currencies.

TL;DR: every currently operating Bitcoin exchange is operating in violation of the law - or, if you prefer, "law."  (Obviously "laws" made in this way are a profound and utter mockery of the good old English word "law," but there you go.)  Here is the complete Bitcoin guidance:
A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.
IANAL, of course, but as I read this: here are the things it is now perfectly "legal" to do with Bitcoin.   One, you can mine BTC and use them to buy alpaca socks.  Two, you can accept BTC in exchange for your alpaca socks.  Awfully generous of our wise masters, don't you think?

Operating a BTC exchange anywhere in the world, however, is now "illegal" (as I read it).  So, in a particularly ingenious touch, is mining BTC and selling it for money.  Ie, mining BTC.  Ie, it is quite plain that every player in the Bitcoin economy violates this grand ukase of the Holy Procurator - and, if prudent, will begin making plans to shut down permanently, tomorrow.

Unless, of course, it has a money transmitter license.  Obviously, none of these has been or will be issued to any Bitcoiners.  I have not of course seen the questionnaire (ha ha - the first question being, can you afford $2.5M in legal fees?), but I imagine it asks you how you know the monies you're transmitting are not the product of illegal activity.  Of course, Bitcoin provides no such assurance.  By design.  That's because it's well-designed - for a free country that doesn't exist.

It does not matter whether or not USG would issue a BTC exchange an MTL under any circumstances - because BTC will "get dead," as my daughter puts it, before even the friendliest of regimes could act on such an application.  I'm not getting the feeling this is the friendliest of regimes.

Ergo, we can expect the BTC economy to segment rapidly into two groups: those who see the writing on the wall and cash out/cut losses as fast as possible, and those who for whatever reason want to play whack-a-mole with Washington.  Washington will have great fun with the latter.

However, the essential problem is that BTC cannot maintain its exchange rate against USD, for reasons discussed in the prior post, without the present burgeoning white economy.  The BTC black economy has many ways to fight USG - but it ceases to exist if the white economy ceases to maintain the BTC price above zero.  Criminals don't work for free.

But, of course, I could be wrong.  There is certainly no investment advice here at UR...

Here's the link to the original FinCEN guidance:
55  Bitcoin / Press / Re: 2013-03-20 RIP, Bitcoin, I think on: March 20, 2013, 01:50:09 PM
Here's the Bitcoin Fundation's take on the matter:

They make it clear that the "guidance" itself isn't very clear, and that it needs more details because right now it would be hard to put into action.
56  Bitcoin / Press / Re: 2013-03-20 RIP, Bitcoin, I think on: March 20, 2013, 01:49:01 PM
Once again this isn't much of a big deal if you ask me. Sure, 100% unregulated is better, but this doesn't come as a surprise.

IANAL, but I think that's a good thing. They're only regulating USD/BTC… if you don't cash out the money transmission part doesn't apply.

TL;DR: mine --> spend!


And if you want to avoid these regulations use non-US bitcoin exchanges.
57  Bitcoin / Press / Re: 2013-03-20 RIP, Bitcoin, I think on: March 20, 2013, 01:40:06 PM
And how is this killing bitcoins? They are trying to regulate the exchances and not the system itself which is good. With bitcoins going more and more mainstream, we ALL knew these kinds of things were bound to happen.

Once again this isn't much of a big deal if you ask me. Sure, 100% unregulated is better, but this doesn't come as a surprise.


They could have taken a much more aggressive stance against virtual currencies, which they did not. I personally like the fact that they aren't very hostile towards it.

EDIT: And add to the fact that the author of the blog post you posted has a very poor understanding of the situation and it looks like pessimistic misinformation. The comment section is good.
58  Economy / Service Announcements / Re: First Insurance Company to Accept Bitcoin on: March 20, 2013, 02:58:03 AM
Any chance you are working in Canada? Cheesy
59  Other / Beginners & Help / Re: Should Bitcoin be used as a in-game currency? on: March 19, 2013, 03:45:05 PM
World of Warcraft using Bitcoins as the in-game currency! That'd be cool!
60  Other / Beginners & Help / Re: Working on rebranding Bitcoin on: March 19, 2013, 10:53:33 AM

I wish your rebranding gains momentum within the community. You could even start your own website with it to try and spread the word to the world!
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