Is that correct???

Because when I log in and go to "Withdaw", I see "USD : You can still withdraw up to $1,000.00000 provided you have enough on your account (your limit is $1,000.00000 per 24 hours and $10,000.00000 per 30 days)"

and I have a verified account.

I've thought the same but I don't think it is time to cash out yet.

I am watching things very very closely though, and might sell some coins at the hint of more bad news re the US govt going after bitcoin.


What gives me faith, though, is that the bitcoin market did not budge at all, and in fact went UP after the LR press release.

It is possible bitcoin will survive this and come out stronger.

We'll end up with exchanges that do things the "right way" (according to the US govt) from the start and it will be easier for investors to buy and sell bitcoins than it is now.

The transition will be difficult in the meantime as we see some exchanges go under and new ones gain in popularity to take their place.

Has anyone gone from a verified to a trusted account where you have to get an "apostille" (whatever that means)?

Is it hard? Did you have to go to your secretary of state or could you do it at a bank (in the US)?

The verified withdrawal limit of $10k per month and $1k per day is very low!

I used to work for NVIDIA. Believe me, they do.

They are probably worth 1 to 1.5 coins. Overpriced in my opinion but plenty of people are buying them so they are worth what they are selling for. I personally don't think they will make back their investment though. Although they might if Avalon and BFL continue to falter.

Here is how it works:

You can buy ASICMiner shares on btct.co and bitfunder.com (I use Bitfunder).

There are two stocks G.ASICMINER-PT and TAT.ASICMINER. A TAT.ASICMINER is 1/100 of a G.ASICMINER-PT share so it's for people who want to buy smaller quantities.

There are 400,000 total shares in existence but most of them are not on the exchanges. They are the "real" shares that are held by the founders and by people who bought in at the IPO (I think). The ones on bitfunder and btct.co are passthrough shares which mean they get paid a dividend and don't get voting rights.

The dividend is paid every week based on the profits of the company. See this google doc:

https://docs.google.com/spreadsheet/lv?key=0AkPdXsQFT-vIdHRVUjQ5Ql9BQWR6OENLMkhyUktUblE#gid=0

You can see in the last column is the estimated dividend for the past seven days. And then on every Wednesday there is an additional number. That is the actual dividend that is paid out per share. It's been much higher than the estimate for the past few weeks because the estimate only includes the profits from mining. There are also profits that come from sales of ASICMiner hardware.

In my opinon, it is still a very good investment. Current share price is 2.44 and this weeks dividend was 0.02653753. That's an amazing 56.5% yearly return (in less than two years you'll make your investment back from dividends alone). Most blue chip stocks pay something like 5% a year in dividends.

You get the dividend every week, typically Thursday morning although the amount is announced on Wednesday.

ASICMiner seems to be the only ASIC company that is doing it right, while both Avalon and Butterfly Labs have been faltering and experiencing significant delays. ASICMiner has consistently held about 25% of the worlds total mining power and I believe they can continue this for a long time into the future (at least for the next year). As they produce more hardware they have (wisely) opted to sell it instead of raises their mining share and risk destabilizing bitcoin. They had originally planned to go to 200 TH/s (more than twice the worlds total hash rate presently) by the end of the summer but they've held off due the fact they have no competition (which was not expected). They spend 50% of their profits investing in more mining hardware.

I admit I am biased as I own ASICMiner shares but I would recommend them as an investment if you have bitcoins you aren't otherwise spending presently.

Definitely DON'T do this. I believe that LTC will die, and LTC can ONLY succeed if bitcoin succeeds. It offers nothing better than bitcoin and essentially is the same as bitcoin, just much less popular.
Bitcoin is the safer bet. I bet LTC won't exist at all in about a year.

It will go away eventually. And it will decrease every 4 years or so as the block reward drops!

yes its going away. it serves no purpose other than giving gpus something to mine once asics show up. but there wont be anyone who wants to buy litecoin so it will die.

It can't work because you can't pay your taxes with bitcoin.

LTC will die. It offers no advantages over bitcoin at all. It is basically the same thing.

The only alt coin that has a chance of surviving is one that is significantly different and better than bitcoin and there isn't one yet.

We will always need exchanges as bitcoin will never be able to completely replace the dollar.

Since complying with MSB laws is expensive and difficult there only ever will be big exchanges.

All of those have an inherent value outside of their market price. Bitcoins only value is it's use as a currency. If it is harder to exchange your dollars for bitcoins, it is less useful as a currency and thus it's price will drop.

The point is, demand WILL drop. The LR announcement might not scare that many present investors off but it definitely will scare some potential investors. And serious govt crackdown on bitcoin will scare current investors, pretty much all of which are speculators off. SUPPLY will continue to go up too, considering more bitcoins are mined every day. Limiting access to exchanges willl reduce volume, but people won't be able to either buy or sell bitcoins so it won't make the supply change at all.

Who said the government had to be logical? They aren't going to make computers illegal either just because they are used to pirate music and movies.


Look what happened to Liberty Dollars. They weren't even really breaking any laws but the founder was made out to be a domestic terrorist.

There are already laws on the books that prohibit creating a currency that competes with the dollar. The gov just has to decide that those laws apply to bitcoin.

I think there was a case about a pizza place near the Mexican border that decided to accept pesos instead of dollar and they quickly put a stop to that.


My big fear with bitcoin is that it is pretty much impossible for it to actually be used legally. When you buy that gyft card with bitcoins, do you declare the appreciation of the coins relative to when you bought them to the IRS? I'm willing to bet most people don't, but you are supposed to. And there is no way to enforce because bitcoins are anonymous. The govt is going to become more upset that they aren't getting their cut as bitcoin grows and will start to cause more and more problems for us. I don't see any easy way around it.

Not gonna happen. The rate of mining increase is going to slow down. After ASICs, what new mining technology do you see will happen?

No, I bought most of my coins at about $10 and I have plenty. I'd love for it to go back above $200 and higher, but I am seriously considering selling earlier if I see more bad news on the horizon from the US govt.

Like WackWilly said, yes, it's just concern for the future of bitcion. What bitcoin needs now is acceptance more than it needs fewer competitors.

I wish I could agree with this, but as long as bitcoin stays underground it will be used for silk road and nothing else.

We need to be accepted by the mainstream, by large companies like amazon.com in order to succeed. That is just beginning to happen now but if bitcoin is made "illegal", those companies are going to run, far, far away and bitcoin won't be used by anyone but the techies, the libertarians, and the crazies on this forum .

This is bad for bitcoin. Very bad.

It shows that the US goverment is fed up with virtual currencies that can be used for money laundering. And bitcoin is even MORE anonymous than LR was.

I think this is a bad sign and bitcoin is in trouble.

Look at the trend:

- US govt freezes dwolla account of MtGox
- LR shut down by US govt
- OKPay announces it will stop working with bitcoin (US govt involved??)

That's three less ways you can exchange US dollars for bitcoin.

What comes next?

- US stops international bank wires to bitcoin exchanges
- US shuts down campbx and bitinstant
- US cracks down on local bitcoin sales through localbitcoins
- US companies are banned from accepting bitcoin as payment

Bitcoin crashes and goes away.

It's bad. Bitcoin needs to go mainstream to really be successful. Cracking down on virtual currencies does not help them go mainstream.

The dwolla, okpay, liberty reserve news in the past couple weeks is more than a coincidence. It is a sign the US govt is attacking bitcoin anyway it can.

It is very bad for bitcoin.

It shows that the US government is cracking down on anonymous virtual currencies that can be used for money laundering.

It is harder for them to shut down bitcoin but not impossible.

Let's say they shut down all the exchanges that exchanged dollars for bitcoin? Or at least froze the accounts of them. What do you think would happen to bitcoins price? And then it's utility?

It would be a big step back for bitcoin, and I fear that it is coming. soon.