I got this message from them on Tuesday. They are about to introduce new features and I think they see Bitcoin as competition. They don't want to support the development of their competor.

   
Reserve your seat.
We’ve been working on something we’re pretty excited about, something that will:
Allow you to buy the things you love, immediately
Introduce a new level of convenience to the community
Carry the same low transaction fee
Introduce some new friends to the platform
Open up the network to new ideas and possibilities

Same here. I've made many transfers back and forth between Dwolla and CampBX, often at Dwolla's 5k transaction limit. They have all been instant in either direction.

It's hard to see how a default on US Treasuries will be bullish for bitcoin.

TLDR = in the wake of a world-wide asset price collapse and recession, new money will not be pouring into the bitcoin economy.

Without raising the debt ceiling the US government has an instant cash flow problem. Taxes cover about 60% of expenditures and borrowing covers about 40%. So right away we are talking about a 40% reduction in government spending. So now what do they do? Do they default on debt obligations or don't they? Do they pay defence contractors or don't they? Do they pay retirees their Social Security checks or don't they? Do they pay doctors and hospitals for Medicaid care or not? Is the US Treasury's payment system flexible enough to instantly prioritize payments so that some people will get paid or will there be blanket IOUs?

The bond market is governed by legal contract and by market sentiment. In the case of default, both of those influences will say "sell."
The price will drop and the yield (interest rates) will rise. Non payment to retirees, defence contractors, doctors and hospitals will reduce the flow of money into the economy by about 1.4 trillion (40% of the 3.5T US annual budget). That is an instant 10% cut to US GDP. That is a deep recession. Stocks will sell off precipitously. Consumers and businesses will be faced with loss of income, loss of revenue, loss of investment values and higher borrowing costs. Will they then say "now is the time to get set up on that bitcoin exchange and put some of my money thats left in there." I don't think so. Their won't be new money coming in and many current holders will have other needs for their bitcoin investment money and they may want to sell.

The Austrian vs Keynesian debates are interesting, the differences between inflationary and deflationary money systems are interesting. I read these forums, Zerohedge, Of Two Minds, Naked Capitalism, Alt-Markets, etc, etc. That's all fine. But something that destabilizes the world financial system is going to hurt everybody, for sure over the next several years.

What will power the next phase of bitcoin's development are better wallets, better payment systems, more integration with financial parties, and, yes, some kind of detente with Governments over regulation so that exchanges can flourish. Those things will raise the price and they take investments. I don't see them happening when the global financial system is melting down.

I could be wrong. I am long bitcoin. And I fully expect the debt ceiling won't be raised. No one is going to budge. So we'll see soon enough.

the site handled the storm pretty well from what I could see.
wild ride!

why are you using market orders?

I've noticed something to this effect in the classified ads on BFL's site ( https://forums.butterflylabs.com/classifieds.php ).
There is a real unwillingness to people to sell their pre-orders for below the price they have paid, even though it is clear that they will not achieve ROI (assuming that they all eventually receive their machines). They don't want to admit to a loss. It could be a question of just wanting to find a Greater Sucker, and those listings don't take into account final deals that may be below purchase price, but people don't want to admit that they lost out.

and great post btw!

Its looking good and is a great idea.

A couple of UI notes: I'm having some rendering issues on an iPhone 4S (iOS 6.1.3) The longer pop over windows (e.g. "invest" and username) that require vertical scrolling are frequently resetting their scroll position to the top and flashing on and off making text input difficult. (e.g. when the 'learn more' option is opened under 'invest'). It may have something to do with the text crawl across the top...?

Also, the payout text field and win percentage chance text field in the middle of the screen are somewhat confusing. They are styled the same as all of the other elements on the screen yet they are the only ones that aren't active UI elements (they are read-only) which is inconsistent. Being the two biggest things right in the center of the screen, it can make the app seem broken for a new person who comes and taps them only to have nothing happen. Obviously it is a 'learn once' kind of deal, but maybe there is a design solution to those fields. Maybe don't make them look like buttons.

+1 on one cancels the other.

sorry, where is information on these? are these on bitfunder?
links please.... ty


[edit] ..... found great.loan and ukyo.loan. where is xbond?

re: #1 -- you have control over how that order is placed by selecting the routing. You can route it to either the Bitstamp exchange or the internal Bitfinex exchange, or both (which is the default option). Then you can determine if it is a market or limit order on those exchanges. But yes Bitfinex has a big account on bitstamp and that is what ultimately runs your order if you fulfill it on Bitstamp. In that sense Bitfinex is a meta-exchange (but not so if you route it internally).

re: #2 -- The loan period is determined on the order you do it. For example, you could go on the lending page and borrow money. You would decide exactly what loans you take, for how much and for how long. If you have money already borrowed, then your margin trades use that loan money, so you know exactly what the terms are.  If you go to the margin page first and run some trade, then you are asking the system to go out and secure loans for that trade as you need them for the trades your are doing. In that case you can set the loan durations and the maximum interest rates you will consider when you make the trade. If those criteria can be met from the existing loan providers, then your trade (and loan) will go through.

The OP risks a logical fallacy in implicitly defining "everyday" transactions as ones that support his thesis and defining "non-everyday" transactions as those that don't.

Also, on the Iran example from earlier. It is a fact that Iran and Turkey have been using gold imports shuttled through Dubai to fund natural gas transfers.
Here is just one story about it: http://www.reuters.com/article/2013/03/29/turkey-iran-sanctions-idUSL5N0CL0UK20130329
This implies that there are lots of "non-everyday" funding needs that are being handled by non-traditional financing means.  There is a role here for bitcoin.

Here's an everyday situation: At the gas station last night there was a $0.16 price differential between cash and credit. I had the cash but knew that I needed it in the morning. So I spent the cash for gas to get the savings then had to make an extra trip to find an ATM (at my bank to avoid the $3 ATM charge). Had there been an easy, electronic cash equivalent option -- like bitcoin could have provided, I would have taken it.

His argument is like saying in the late 70's that email is at it's maximum extension because it can't send pictures, you can't sign legal documents with it and the USPS is so cheap and easy.
Yes there is work to be done to bitcoin, and it's slowly getting done.

following up on the ebay talk from some earlier posts.
This past May as part of my day job I had diner with one of PayPal's Chief Architects (there are several titled that way, I won't identify him further.) I asked him what PayPal thinks of bitcoin. He said that he loved the technology, that PayPal was following it closely and that they are interested in figuring out how to integrate it into their platform. There was a group of us at the table and the conversation went another way and i didn't really follow it up.
But based on my conversation with the guy from PayPal I think the call from ebay could be real. Integration could be some time off, or never, who knows.....

The the available capital from the smart money that goes into a buy-and-hold strategy continues the upward pressure on the BTC fiat price.

If you had about $1500-$2000 of FREE money available between now and a year from now. (say it's from your parents, your employer, an envelope found on the street, from God, whatever....)
You also had free electricity and network resources.
Nothing on pre-order, no place in any queue.

What course of action would you take vis-a-vis mining?

I don't blame you at all. The thought of having your money lost or stolen is terrible. I've been there too. It sucks. For real.

The benefit of posting the issue to a forum is that you can hear from others, such as myself, who have had square dealing with CampBx. While that is certainly no guarantee, it suggests that it will get resolved.

I expect that it will and I certainly hope that it does.

First, I'm sorry for the sarcastic tone of my last post. It was unwarranted.



I will try. 

It is a fact that the title of your post "!!!CAMPBX IS LYING ABOUT NOT DEPOSITING MY MOs VS MONEYGRAM SAYING THEY DID!!!!!" is erroneous.

CampBX and MoneyGram both agree that your money orders have been deposited into CampBX's corporate account. There is no lying on this point. You have even stated implicitly that they have been deposited.

The issue, as best as I can determine, is that CampBX has not credited your account with that money.

Now, two additional facts are relevant to this point. One is that you filled out your money orders incorrectly. You left out your CampBX account identifier on the money order.
The other is that CampBX is doing "due diligence" [your term] to get the money routed to the correct account.

These are all facts.

If you are willing to consider correcting the erroneous title, here are some suggestions to work with.

You could say "CampBX is too slow to correct the mistake that I made."
While this presents all the facts, it lacks the rhetorical flair that we have come to expect from your posts.

To that end you could say: "CampBX says Due Diligence, I say Fraud!"
That has more emotion.

Finally, you could simply say: "I'm upset!"
and were that the title of your post you would hear no argument from anyone here, and would even have some of our sympathy, as you have mine.

The bank to dwolla link is always so much slower than you want it to be. For me it's often at the end of the 4th full business day after the request was made.

With CampBX the transfer from Dwolla to the exchange is basically instantaneous. (That's been my experience). And it's cheap.

His first flames were all about their verification policy and how it wasn't going fast enough. What do you know, after 15-20 days he's verified and now it's on to the next crisis. I think he got pretty speedy service on that. Gox takes forever and so does OK Pay.

And now he's screaming that they aren't fixing his mess up fast enough.

Words of advice:
 in the bitcoin world it's a good idea to do a small test transaction before sending larger amounts. It can save so heart ache.

Use some of your flame typing time to double check your documents before sending them out.

 But I'm not sure you take much advice.

I have moved a lot of money and coins in, out and through them. Never a single problem. I think they are good.

I've got a good o e for you. I started learning about bitcoin in early 2012. Finally in summer 2012 I decided to get a BFL FPGA rig to try mining. It arrived in late October 2012 and dealing with getting it all set up wasn't a priority. I had other projects going on. The miner SAT IN A BOX until early March of this year when I finally got it going! Oct '12 to March '13 would have been a nice time to have 800mh/s going 24/7.

And I have no one to blame but myself..... Oh well