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1  Bitcoin / Bitcoin Discussion / Re: Another Bitcoin Stolen Its Deposits on: March 05, 2014, 12:17:33 AM
WHY WHY WHY ARE PEOPLE STILL LEAVING THEIR COINS WITH THIRD PARTIES

1. Insane volatility of the market price.
2. People trust "professionally looking" third parties more than themselves (sometimes for a good reason). All it takes is a modern-looking website and people will think: "well they seem to know what they're doing, my coins are better off with them than on my laptop".
2  Bitcoin / Bitcoin Discussion / Re: Satoshi should give away a good chunk of the 1.000.000 btc he has on: March 05, 2014, 12:03:01 AM
Which is probably the point. If I had a million coins, there's no way in hell I would just give them away and neither would you, but it's bad for the supposedly decentralized Bitcoin in general, when one person/entity holds almost 10% of the entire supply and thus has the power to kill it for years.

If I'm doing my math right, miners will mine what Satoshi allegedly holds in 278 days.  His share drops from 10% to 9%.  His power to "kill" bitcoin will degrade over time.


No, the rate of new Bitcoins degrades exponentially. Even at the maximum limit of 21 million Bitcoins, Satoshi would still hold almost 5% of the entire supply a hundred years from now. Still way too much.
3  Economy / Trading Discussion / Re: Is bitstamp.net a good site to trade on on: March 04, 2014, 12:20:40 PM
Hello, I just transferred funds into my verified bitstamp account.  Has anyone here used them and are they a good site to use for buying/selling btc.

Any advice would be appreciated.

I'm using them for more than a year without problems. They are the biggest exchange in Europe right now and most people set BTC/fiat rate according to them.
The only problem is that their about page only lists an address of a shell company in UK and they themselves are registered somewhere in Slovenia, but there's no info on where or who works there. This is what would keep me from putting larger amounts on that exchange.
4  Economy / Trading Discussion / Re: Some questions about SEPA(bitstamp) on: March 04, 2014, 12:13:53 PM
If you need to cash in Italy, the bank will/could require you to cash in smaller instances (like 1000 € / day).
It is not against the law (for now) to cash or have large quantities of cash, but it is against the law to have any transaction of 1.000 € or more without using a traceable method (check, CC/DC, SEPA, etc.).
The law contemplate fines and jail time (in the worst case scenarios).
Obviously, people keep this law and the politicians in contempt.


Does Bitcoin count as a traceable method?
5  Economy / Trading Discussion / Re: AML/KYC Explained on: March 04, 2014, 12:07:53 PM
There's also https://bitcoin-central.net/ operated by Paymium
6  Bitcoin / Bitcoin Discussion / Re: Satoshi should give away a good chunk of the 1.000.000 btc he has on: March 04, 2014, 11:55:15 AM
Having 1 million btc is a complete obscenity.

He should start giving them away somehow.

He is not the 1% but the 0.000001% Warren Buffet is broke compared to satoshi (talking about wealth percentage)

What do you think?

A million btc is not worth what you think.   If a million BTC were to be sold or given away in a short period, it would crash the market -- devaluing bitcoin in general, and devaluing your own coins.  

Which is probably the point. If I had a million coins, there's no way in hell I would just give them away and neither would you, but it's bad for the supposedly decentralized Bitcoin in general, when one person/entity holds almost 10% of the entire supply and thus has the power to kill it for years.
The creator(s) of bitcoin will let it grow and develop for years only to suddenly and anonymously "kill" (not what would actually happen) it years later?

Seems likely.

Completely missed the point. I don't know what is he gonna do and neither do you. The problem is that he CAN do it.
7  Bitcoin / Bitcoin Discussion / Re: Satoshi should give away a good chunk of the 1.000.000 btc he has on: March 04, 2014, 11:39:46 AM
Having 1 million btc is a complete obscenity.

He should start giving them away somehow.

He is not the 1% but the 0.000001% Warren Buffet is broke compared to satoshi (talking about wealth percentage)

What do you think?

A million btc is not worth what you think.   If a million BTC were to be sold or given away in a short period, it would crash the market -- devaluing bitcoin in general, and devaluing your own coins.   

Which is probably the point. If I had a million coins, there's no way in hell I would just give them away and neither would you, but it's bad for the supposedly decentralized Bitcoin in general, when one person/entity holds almost 10% of the entire supply and thus has the power to kill it for years.
8  Economy / Speculation / Re: Why is the price climbing again? (3.3.2014 UTC around 16:00) on: March 03, 2014, 06:23:20 PM

It only makes sense. Poker winnings are not taxed in UK, unlike other EU countries. UK has more lenient approach in these matters.
9  Bitcoin / Bitcoin Discussion / Re: Calling on Satoshi Nakamoto on: February 20, 2014, 08:55:54 PM
This thread is stupid. As if satoshi could or should prevent people from forming foundations and then decide who can and can not join those foundations.

Bitcoin is fine, Gox and it's users are temporarily putting a bad taste in everyone's mouth. In time this will pass and Bitcoin will be better off because of it (if people learn to make better choices when it comes to picking an exchange and how they use it).

Truly wise words. The sutuation with mtgox is just bad, but I'm sure it will make bitcoin even stronger and more valuable after all.

Beautiful words, but I don't see the wisdom. When MtGox goes down, the headline will be "The former biggest Bitcoin exchange went under, investors lost everything". That certainly won't help Bitcoin, neither in short or long term.

It certainly will in the long term. It will teach people (the hard way) to stop treating Bitcoin like traditional forms of money (leaving it in a "bank account"). It will teach them that if you aren't the sole controller of your private keys, you don't have any bitcoins. It will teach them to read the writing on the wall the next time they choose an exchange (Gox has been incompetent from the start, that should be clear to anyone who does even a tiny bit of research).

All of these things will lead to better informed users and more robust exchanges.

Yes, but I meant wider adoption of Bitcoin. It's gonna do a lot of damage to Bitcoin in the eyes of average Joes. It's doing that damage now, and the market price shows.
10  Bitcoin / Bitcoin Discussion / Re: Calling on Satoshi Nakamoto on: February 20, 2014, 07:32:18 PM
This thread is stupid. As if satoshi could or should prevent people from forming foundations and then decide who can and can not join those foundations.

Bitcoin is fine, Gox and it's users are temporarily putting a bad taste in everyone's mouth. In time this will pass and Bitcoin will be better off because of it (if people learn to make better choices when it comes to picking an exchange and how they use it).

Truly wise words. The sutuation with mtgox is just bad, but I'm sure it will make bitcoin even stronger and more valuable after all.

Beautiful words, but I don't see the wisdom. When MtGox goes down, the headline will be "The former biggest Bitcoin exchange went under, investors lost everything". That certainly won't help Bitcoin, neither in short or long term.
11  Bitcoin / Bitcoin Discussion / Re: What are the most convincing arguments against Bitcoin? on: December 23, 2013, 11:18:05 AM
The fact that governments could simply ban it, like China almost did. China officials even said that "legitimacy of our national currency can not be chalenged" or something along those lines, so there's one reason for governments to ban it. And governments banning Bitcoin would effectively push it back to underground where it's only used by hackers and drug dealers.

Also, the fact that there's no central authority regulating the price means that Bitcoin is not very suitable for exchange for goods and services, due to volatility. But that might? change when/if Bitcoin becomes bigger.

Half of China are watching porn behind VPNs anyway, what stops them from broadcasting transactions as well?

Like i said, if it's banned, then it will only exist in the underground.
12  Bitcoin / Bitcoin Discussion / Re: Bitcoin is not the problem its the current users. on: December 23, 2013, 11:15:35 AM
You do realise this has been repeated constantly on the Bitcointalk forums since Bitcoin was trading for $50 right? Perhaps even earlier because I wasn't around before then, speculators will always be a part of economies and that's just a fact of life, blaming them for volatility isn't going to change anything, more and more people now are accepting Bitcoin for their businesses or as payments so eventually what will happen is the volume will spread out and then the price should start to settle down.

Now that isn't to say there won't be jumps or price spikes in the future or that the currency won't continue to rise and make paper money look like the devalued, hyperinflated mess that it is or there won't be a crash or two but that's just how economies work. You see, this is happening precisely because Bitcoin is unregulated or rather self-regulating, there's a mathematical limit to everything, how many can be traded how many can be created out of thin air and the prices are simply honestly reflecting that, you don't have a central bank here desperately trying to keep it at a fixed rate by pumping it any time it falls or selling off the moment it rises.

Global economics was a fixed game before, now it isn't so it's better to just get used to it rather than witch hunting speculators.

p.s. If you don't like how Bitcoin works I don't understand why people don't just go out and make their own coin if they know better, welcome to the wonderful world of open source Tongue

Except that no other kind of money swings 50-200% a day and at this volatility why would merchants even bother with such a "currency"? And if regular people don't use it as a currency, then the only use of Bitcoin remains in it's anonimity (drugs, tax evasion) and volatility (speculators) - both niche markets, meaning it will NEVER grow to the point where the price might become stable on the size alone.
13  Bitcoin / Bitcoin Discussion / Re: What are the most convincing arguments against Bitcoin? on: December 21, 2013, 03:51:23 PM
The fact that governments could simply ban it, like China almost did. China officials even said that "legitimacy of our national currency can not be chalenged" or something along those lines, so there's one reason for governments to ban it. And governments banning Bitcoin would effectively push it back to underground where it's only used by hackers and drug dealers.

Also, the fact that there's no central authority regulating the price means that Bitcoin is not very suitable for exchange for goods and services, due to volatility. But that might? change when/if Bitcoin becomes bigger.
14  Bitcoin / Bitcoin Discussion / Re: can satoshi kill bitcoin? on: December 19, 2013, 01:59:34 PM
In a hypothetical situation, if satoshi ever comes back, does he has the power to kill crypotcurrency?

What can he do to make bitcoin valueless? What if he comes back and spread some ugly news about bitcoin? What if he comes back and sell all his bitcoins away? What if he comes back and say xxxcoin is the way to go? What is going to happen to bitcoin?

If satoshi is nsa or some scamming group, can he/they potentially use this power to control or destroy the whole world once bitcoin is accepted into the mainstream? If thats the case, all the mining gears, stock exchanges and all industry that builds around bitcoin will disappear in a day.

What if satoshi is a sadist or has emotional problems? are we all too naive to follow the tail of an anonymous person?

will that day every come?



If he starts selling all of his 980.000 BTC, the price of Bitcoin would drop below 1 USD, he might not have the power to kill Bitcoin entirely, but he definitely has power to make people who hold Bitcoin lose a lot of money. FBI, by the way, also hold around 27.000 BTC seazed from Silkroad, that they said they will liquidate when legal proceedings are over. So expect a price drop when Ulbricht's trial is over.
15  Bitcoin / Bitcoin Discussion / Re: CHINA DID NOT BAN BITCOIN EXCHANGES & BANKS FROM USING IT on: December 18, 2013, 11:19:46 AM
It'll probably hit the speculation market hard (read: pump/dump), but for day to day real economic trade it's business as usual.


What real economic trading? Trading goods in Bitcoin is directly tied to BTC/fiat price. At least what's gonna happen is people will stop doing escrow, or will stop selling for Bitcoin at all, until price cools of.
16  Economy / Speculation / Re: New reason for bitcoin to skyrocket. Misunderstood chinese deposit ban. on: December 18, 2013, 10:23:03 AM
China has blocked the country’s Bitcoin exchanges from accepting new inflows of cash. The price fell and it's just ridiculous. I mean, if we suppose that people are smart enough to understand it but its never true... Lack of cash on chinese exchanges actually means that deposits are more valuable... They can sell deposited accounts from person to person. Thus, price should grow. They just need some time to understand that simple thing...

You are thinking from an early adopter's or long time speculator's perspective, not from a Chinese "investor's", who just found about Bitcoin a few months ago, and thought he could make a lot of money in short-term. This kind of people tend to panic from the slightest disturbance.
17  Bitcoin / Bitcoin Discussion / Re: Wikipedia Donation Campaign and still no Bitcoin on: December 09, 2013, 09:08:15 PM
Fired them an email asking for Bitcoin!

You'll just get an automated response saying they're keeping their eye on Bitcoin.

If you guys are really desperate to donate BTC, send me it and I'll donate them the cash myself  Tongue

But yeah, they're foolish for not getting on board already.

That would negate the whole point, both Wikipedia and Bitcoin would benefit greatly from Wiki allowing BTC donations.
Bitcoin is perfect for charitable donations and that is one of the best uses (PR and morality wise) of Bitcoin. Bitcoin being associated with non-profits, as opposed to Silk Road and stuff.
18  Bitcoin / Bitcoin Discussion / Re: Why Apple is Anti-Bitcoin on: December 09, 2013, 09:04:02 PM
Like a lot of people have said here. Apple is a control freak. It's their policy and has been for a long time. They're an embodiment of everything that could go wrong with capitalism.
19  Bitcoin / Bitcoin Discussion / Re: The biggest problem with bitcoin is these imcompetent exchanges on: December 09, 2013, 12:11:48 AM
bitcoin.de is a blessing compared to all the other exchanges, very nice design and functions, you don't have to deposit money on it, only bitcoins, and you pay directly to the seller with bank transfer, and you can even spend up to $2,500 before needing a complete registration...only problem, if we want to call it so, is that you need to be in the Euro zone, sorry Americans&Asians&rest of the world  Undecided btc-e and the others are good only for coin-coin exchanges...anyway I have no affiliation at all with bitcoin.de, just sharing my experiences, all other exchanges should be like that, and not only for the Euro zone...

So, when I sell BTC on bitcoin.de that particular member will have to make a bank transfer to my account? Not the exchange itself?
20  Bitcoin / Bitcoin Discussion / Re: Where the hell is Max Kaiser and the Winkelvass twins?? on: December 09, 2013, 12:02:11 AM

Why am I dumb and greedy?


For investing life savings into one of the riskiest investments.
But mostly for using BTC as a "get rich quick" scheme. I happen to use Bitcoins mostly for buying and selling real stuff, and price volatility caused by speculators like you are a major pain in the ass with using BTC as a currency right now.

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