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521
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Other / Archival / Re: delete
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on: March 26, 2014, 03:00:36 AM
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I will say that I'm still on the fence regarding the veracity and legitimacy of the airdrop. I think there needs to be more compelling evidence regarding the distribution. Sure the buzz via Facebook/Twitter is great and so forth, but does it mean that the redemption has so far gone according to plan? If this news has permeated the entire country, wouldn't there be more of a clamor to get their coins? Since this is tied with national identifiers, is there any way to show which parts of the country has had a higher percentage of redemption or something to that effect? Just curious.
Well, there are currently two ways to verify nationality; both of whom work sporadically, I'm sad to say. I had problems claiming my coins at first because the system is too anal comparing data between systems and I had to actually contact one institution to change my public information in order to get the authentication to work. But essentially, they are verifying data against the national registry, Facebook(don't like that one in the least) and Mobile SMS authentications. They seem to also be trying to work an official govt backed login system into the mix as well(which would almost completely seal the deal on legitimizing claims to the premine.) But as to visualizing the data; from what little they expose to the public, I can only guess they are logging social registry data to keep track of claims as they give out a nice warning on the website that the same social id can't claim their share more than once if you try to double-claim it  So with that data in hand they could most certainly come up with a graph of some sort - but I'm not sure as to the legality of publicizing such a chart. Then again, they might also just be hashing the data for security reason... So I can't say for sure. I suppose that's fair. I guess since this isn't a coordinated effort with the government, you can't really use a nationally given personal identifier (like a SSN in the US). At least it seems fairly reasonable. After all, there aren't too many other ways to have a verification system without government ID. It might not be the "fairest" way to distribute (I'm confident there are lots of people that don't use and don't care to use Facebook), but at least it's a start I suppose. Thanks for your response! It's cleared up a lot of questions that I've had. |
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522
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Bitcoin / Bitcoin Discussion / Re: Should our company start accepting bitcoin payments?
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on: March 26, 2014, 02:53:31 AM
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I will say, I like the question about the raise. Hehe.
When dealing with a company run by multiple people, it's usually harder to convince management to accept another form of payment. Especially a form of payment that still has so much grey area for businesses. Great initiative though!
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524
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Bitcoin / Legal / Re: IRS bitcoin tax question.
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on: March 26, 2014, 02:43:36 AM
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Personally, I'm treating it as such. After all, there is a pegged value that you can use each day in terms of the fiat value mined.
However, if you hold a crypto-currency other than bitcoin and it loses value, I feel like it'd be pretty hard to convince the IRS of those "losses." But who knows really; after all they've just scratched the surface of the funky things that have been going on in the crypto-currency world for a while.
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525
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Bitcoin / Legal / Re: Bitcoin Is Property Not Currency
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on: March 25, 2014, 08:27:06 PM
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So Money Transmitter Licenses not needed because it is "Property" not a "Currency"?
IRS will provide guidance to regulators. Any clarification on long term capital gain tax applying to holdings over a year? I belive that is taxed at a lower rate.
Bitcoins held for more than a year and then sold would pay the lower tax rates applicable to capital gains -- a maximum of 23.8 percent compared with the 43.4 percent top rate. Thanks, I wonder how this could really be done. Technicaly there is no way for anyone to prove time of ownership. The guess the IRS would just have to take someone's word on it . Seems like an easily expoitable system. This is what I was wondering. There is no reasonable way to track this. I can see two ways of doing this: Attempting to track how many coins you had a year ago versus what you have today and taking that difference with the amount of coins you "mined/earned" during that fiscal year to determine how many one year old-coins you have, or assume you spend you always spend your newest coins. Gah, tons of paperwork that frankly isn't going to be worth it... |
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526
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: NobleCoin[NOBL] - E-SPORTS/WATER PROJECT*BULLION/AMAZON*8 EXCHANGES*39 MERCHANTS
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on: March 25, 2014, 08:13:13 PM
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Wow. This is quite surprising to me. Well, time to amend my taxes. This brings up several questions though. How are we supposed to deal with alt-mining? I'm guessing, we obtain the current exchange rate and convert that amount to bitcoin for the amount gathered each day. But that would be pretty tricky to do. Personally, I'm going to stick to what I do: convert at time of withdrawal/redemption from a pool and subtract operations costs through a monthly basis. Of course though, the hardest thing is how to determine whether any amount of bitcoins are exempt from capital gains taxes. I mean, how do you prove that you've had a coin for over a year before redemption? |
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527
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Alternate cryptocurrencies / Altcoin Discussion / Re: In 12 Hours already 1% of Iceland's population claimed their Auroracoins
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on: March 25, 2014, 08:01:21 PM
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I still can't find any info showing that 1% of Icelanders have gotten there coin (although, that's about 3,000 people so not an all to staggering number, but it's not a small number for sure). It feels to me that if the airdrop was so pivotal, they would allow the display of redemption to be more easily accessible.
http://auroracoin.org/up to now 156774 coins were given away. that's 1.49% of the coins Thanks for the info. Out of curiousity, if I recall correctly, since the airdrop involves using national credentials, do we know where most of the redemption is occurring? Has the developer made any tools to track if a certain region is not redeeming so that can be addressed? It's nice to see the airdrop seeming to have effect, is there any place where a independent third party is vetting the results of the airdrop so far? Im not sure I understand it correctly... but the exemption is happening in Iceland. most of the population lives in Reykjavik Thanks for your response. I got my answer from another similar thread. I knew that the greater Reykjavik area was home to over 1/2 of the country's population, but I wanted to know if we could track redemption in the smaller towns throughout the country. |
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528
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Other / Archival / Re: delete
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on: March 25, 2014, 06:04:39 PM
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I get that you suspected this coin to be a scam - I really do. But being surprised with 1.59% national penetration(and counting) in under one day really means you don't know anything about Iceland. If something hits the evening news(on BOTH channels) as well as (BOTH) online news outlets, it will spread like wildfire through literal word of mouth as well as online social media. I not only got myself hooked up with AUR this morning, but also my parents, my roommate and 2 other close friends(and more to come tonight.) I'm going to bet there are others going out of their way to help the less tech-savvy with the process as well. Considering 1.59% of 330.000 is only 5247 - if early adopters help along people close to them using my own effort as the average, that's 874 tech savvy individuals acting as the backbone to help the effort along. Is that really so far fetched? So here's my appeal: Could you at least let this play out for a while beyond block 5400(if the chain survives that long in its current state) and then with full right rub it in our faces if it becomes absolutely clear that this is in fact a scam like you've been saying all along. Can't you just this once have a little bit of faith and not destroy what could in the long run end up as a good thing just because you have a personal vendetta against altcoins in general? Besides, if this is a scam, that baldur person won't be able to hide in a community as small as Iceland's. He'll have a lot worse things coming his way than what you could ever accomplish just by breaking the chain if people find out he was dumping the premine. Evening news on RÚV: https://www.youtube.com/watch?v=gCMsSdMo2MEEvening news on Stöð 2: https://www.youtube.com/watch?v=Pyz_zFcuhDwVisir.is news article: http://www.visir.is/nyr-rafeyrir-ad-nafni-auroracoin-er-ollum-islendingum-faanlegur-fra-midnaetti/article/2014140329388Mbl.is news article: http://www.mbl.is/vidskipti/frettir/2014/03/25/byrjad_ad_utdeila_auroracoin/Facebook page with 2700 likes(as of this writing): https://www.facebook.com/auroracoin.orgEdited for clarityThank you for making this post. I was really interested in finding articles on this. I think it is intriguing that the website had traffic problems shortly after the start of the airdrop. I will say that I'm still on the fence regarding the veracity and legitimacy of the airdrop. I think there needs to be more compelling evidence regarding the distribution. Sure the buzz via Facebook/Twitter is great and so forth, but does it mean that the redemption has so far gone according to plan? If this news has permeated the entire country, wouldn't there be more of a clamor to get their coins? Since this is tied with national identifiers, is there any way to show which parts of the country has had a higher percentage of redemption or something to that effect? Just curious. It still boils down to proving that this isn't some sort of elaborate scheme using multiple wallets to launder funds. After all, with more coins being distributed, liquidity is much higher which would increase the maximum of possible cashout despite a lower exchange rate. |
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529
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Alternate cryptocurrencies / Altcoin Discussion / Re: In 12 Hours already 1% of Iceland's population claimed their Auroracoins
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on: March 25, 2014, 05:27:28 PM
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I still can't find any info showing that 1% of Icelanders have gotten there coin (although, that's about 3,000 people so not an all to staggering number, but it's not a small number for sure). It feels to me that if the airdrop was so pivotal, they would allow the display of redemption to be more easily accessible.
http://auroracoin.org/up to now 156774 coins were given away. that's 1.49% of the coins Thanks for the info. Out of curiousity, if I recall correctly, since the airdrop involves using national credentials, do we know where most of the redemption is occurring? Has the developer made any tools to track if a certain region is not redeeming so that can be addressed? It's nice to see the airdrop seeming to have effect, is there any place where a independent third party is vetting the results of the airdrop so far? |
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531
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Bitcoin / Bitcoin Discussion / Re: Are cryptocurrencies creating a single world caste system?
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on: March 25, 2014, 05:12:24 PM
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Right now there are institutions that taking high fees from little people. I don't think income difference is same thing as cast system. For cast system you need to regulate it by law and execute it by force. I looks a bit like it in US since bankers get money from government from taxes of little people and little people get completely ignored after mass protests around the country. It was regulated by law in some way.
Altcoin and bitcoin will make bank system much weaker.
Yes, crypto-currencies will put the bank system on their heels. Although I'm not sure if it will make the system significantly weaker if banks somehow adopt bitcoin vis a vis new regulations/laws. But it is definitely true that bitcoins provide a chance for most people to leverage an advantage that the larger banks enjoy. As a side note, income parity is not the same thing as a caste system (like you said). However, most caste systems were not regulated by law and executed by force. Most of the time, they were done via societal pressures and the laws were just codified to justify the established castes. If BTC ever becomes mainstream, it'll be because the banks put it there. Any currency in our current economy cannot be sustained without large banks. I agree that this is the case in the present, but I think after a cycle of several generations, this could be completely switched around. I wouldn't be surprised if the ideology behind big banks is completely turned after a few hundred years. But while we are all still here, the status quo will mostly be intact. (After all, there are quite a few big banks in the US that have been around for as long as the country has existed.) |
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532
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Economy / Service Discussion / Re: Digital River pilots BitCoin as new payment method
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on: March 25, 2014, 05:02:53 PM
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Yep, looks like it's available for US (but not other places). Most likely because of how tricky it could be with purchases from other countries/regions (I can definitely see snags from an audit perspective). But it is very nice to see more and more venues to use bitcoins even if it might be region-specific.
Yes, seems to be for US customers only: with the link in post #3, when I select the Bitcoin payment method, the right hand info showing up says: Bitcoin is an Internet-based digital currency that can be used to send online payments quickly and securely. If you are a Bitcoin user, click "Secure Checkout" to check out and pay with bitcoins. Bitcoin can only be used for orders delivered to consumers in the United States. All purchases using Bitcoin are final and non-returnable; any returns policy applicable to your purchase will not apply if you pay via Bitcoin.
Gotta say, that's a slight bit unfortunate that a returns policy is unavailable for payments in bitcoin. But once again, I can see the snags since bitcoin is not pegged to a stable value (in terms of fiat and whatnot). |
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534
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: NobleCoin[NOBL] - E-SPORTS/WATER PROJECT*BULLION/AMAZON*8 EXCHANGES*38 MERCHANTS
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on: March 25, 2014, 03:14:29 PM
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what would be needed to start a pool similar to the multicoin pools that payout in BTC but payout in NOBL??
I wouldn't mind putting up some finances into this if needed
I had this exact same thing in my mind last night. Thought I don't know anything about setting pools.. I didn't mention this yesterday because I thought that if people interested in Noble would start mining multicoins in this kind of pool, then Noble's net hashrate and difficulty would go down and there could be some serious hoarding happening after that. But if more and more people get interested in mining Noble or in the Noble's multicoin pool, then this hoarding would not be problem. The other problem is there aren't any XXXX to NOBL exchanges. So you'd have to convert whatever coins you mine into Bitcoin, then back into Noble. There would be double the fees from a normal multipool BUT it would provide more buy support for Noble... I actually don't think that hoarding is too much of a concern at this point (there will be enough people who need to recoup operational costs or looking for quicker profits). There is a somewhat a fine line to tread between buy support and network hashrate support. Both buy support and trade volume are great things, but when it’s diluted by an inorganic means (in this case a multipool where profits are translated to BTC), it can function as just an artificial rise in the price of NOBLE. This could lead into some people just mining NOBLE (since a multipool function at this stage will most likely reduce the total of the network hash) that can pull away from markets and instead systematically dump coins once prices get high enough. In this way, volume would be significantly increase; however, market averages will stay the same (maybe a slight increase) at the cost of increased volatility. That said, if enough new miners and support come this wouldn't necessarily be the case (a multipool could be a nice short-term prop for NOBLE). |
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535
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Bitcoin / Bitcoin Discussion / Re: Are cryptocurrencies creating a single world caste system?
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on: March 25, 2014, 02:29:57 PM
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Right now there are institutions that taking high fees from little people. I don't think income difference is same thing as cast system. For cast system you need to regulate it by law and execute it by force. I looks a bit like it in US since bankers get money from government from taxes of little people and little people get completely ignored after mass protests around the country. It was regulated by law in some way.
Altcoin and bitcoin will make bank system much weaker.
Yes, crypto-currencies will put the bank system on their heels. Although I'm not sure if it will make the system significantly weaker if banks somehow adopt bitcoin vis a vis new regulations/laws. But it is definitely true that bitcoins provide a chance for most people to leverage an advantage that the larger banks enjoy. As a side note, income parity is not the same thing as a caste system (like you said). However, most caste systems were not regulated by law and executed by force. Most of the time, they were done via societal pressures and the laws were just codified to justify the established castes. |
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536
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Economy / Service Discussion / Re: I would like you to tell me what exactly you think GYFT.com is?
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on: March 25, 2014, 02:11:15 PM
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Gyft.com is just a place to buy gift cards and to manage those gift cards conveniently through their apps. They also have the perk of allowing you to buy gift cards using bitcoins. In a way, gyft serves as a intermediary for people to buy things from a lot of places in the form of gift cards.
[Additionally, they have a points program from buying gift cards that actually gives the most points per dollar if you use bitcoin.]
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537
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Economy / Service Discussion / Re: Digital River pilots BitCoin as new payment method
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on: March 25, 2014, 03:12:34 AM
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Yep, looks like it's available for US (but not other places). Most likely because of how tricky it could be with purchases from other countries/regions (I can definitely see snags from an audit perspective). But it is very nice to see more and more venues to use bitcoins even if it might be region-specific.
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538
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Bitcoin / Bitcoin Discussion / Re: Are cryptocurrencies creating a world caste system?
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on: March 25, 2014, 03:07:55 AM
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I don't necessarily see it as a caste/class type of system. As long as exchanges and intermediaries exist between bitcoin and altcoins (with percent based exchange fees rather than flat exchange fees), I don't think it'll cause a financial schism effect as you're proposing. But I can imagine certain parts of the world being drawn to different crypto-currencies.
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540
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Alternate cryptocurrencies / Altcoin Discussion / Re: AURORA "airdrop" - before and after March 25
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on: March 24, 2014, 10:35:46 PM
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With the amount of attention AUR has gotten, it would be a significant short-term blow to crypto-currencies if the airdrop is unsuccessful. Not only would it be another round of bad news, but it would add further negative traction because of the link between anonymity and how people can't trust an untraceable system like crypto-currencies.
That said, I think the outcome of a successful airdrop will be just as scary since it will inadvertently legitimize a bunch of the other "nation" coins. And that could be a wave of new investment that will burn a lot of people. That could have serious impact to crypto-currencies mid-term. I'm not gonna worry about that though since I still am not convinced that the airdrop will happen as it is slated to happen.
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