I am pretty confident we are the new wealthy elite, gentlemen.

[Oscilson]

The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.

Do you buy from exchanges and sell locally?

[1714214091]

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[1714214091]

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[1714214091]

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[stevegee58]

I don't think the original poster realize the amount of resistance bitcoin will get from the government and banking industry.

When all rules and regulation are put in place for bitcoin, it will be little different from fiat and wire transfer.

That doesn't make any sense.  There's no way any authority can prevent 2 people from engaging in a business transaction where one pays BTC in exchange for goods/services from another.  By its very nature BTC cannot be regulated in fact, only in appearance.

I have BTC in my wallet, somebody has something for sale.  I send some negotiated BTC from my wallet to his.  I receive my goods.
Where does regulation enter into this transaction?

[elux]

[kingscrown]

I don't think the original poster realize the amount of resistance bitcoin will get from the government and banking industry.

When all rules and regulation are put in place for bitcoin, it will be little different from fiat and wire transfer.

That doesn't make any sense.  There's no way any authority can prevent 2 people from engaging in a business transaction where one pays BTC in exchange for goods/services from another.  By its very nature BTC cannot be regulated in fact, only in appearance.

I have BTC in my wallet, somebody has something for sale.  I send some negotiated BTC from my wallet to his.  I receive my goods.
Where does regulation enter into this transaction?

exactly, goods vs btc can never be regulated.
propably is fiat vs btc can cause problems at some point but i can imagine there will be countires that wont care [just like offshore companies now] so.. theres no real problem here.

[vipgelsi]

Great time to buy cheap coins.

[chopstick]

The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.

Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

[arbitrage001]

The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.

Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

Where are you located?

I would be surprise if you can keep doing it for long if you are located in US or Europe before authority knocking on your door.

[Arriemoller]

The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.

Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

Where are you located?

I would be surprise if you can keep doing it for long if you are located in US or Europe before authority knocking on your door.

Why would they do that? It's not illegal to trade bitcoins.

[cr1776]

The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.

Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

Where are you located?

I would be surprise if you can keep doing it for long if you are located in US or Europe before authority knocking on your door.

Why would they do that? It's not illegal to trade bitcoins.

Unlicensed money transmitting is what was being referred to, I believe.

[QuestionAuthority]

The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.

Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

You're eventually going to get caught and prosecuted for money laundering and unlicensed money transmitting. I hope you're not in the US.

http://www.fincen.gov/statutes_regs/bsa/title18b.html

[bitcool]

The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.

Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

You're eventually going to get caught and prosecuted for money laundering and unlicensed money transmitting. I hope you're not in the US.

http://www.fincen.gov/statutes_regs/bsa/title18b.html

And your name is QuestionAuthority?

[BlindMayorBitcorn]

The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.

Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

You're eventually going to get caught and prosecuted for money laundering and unlicensed money transmitting. I hope you're not in the US.

http://www.fincen.gov/statutes_regs/bsa/title18b.html

And your name is QuestionAuthority?

Sometimes when you question authority the answer is "no"

[stevegee58]

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

You're eventually going to get caught and prosecuted for money laundering and unlicensed money transmitting. I hope you're not in the US.

http://www.fincen.gov/statutes_regs/bsa/title18b.html
[/quote]

Meh.  The Feds only care about the big guys.  Those they'll notice and regulate.  They won't bother with the guys exchanging BTC for USD in a Starbucks.

[Lohoris]

Meh.  The Feds only care about the big guys.  Those they'll notice and regulate.  They won't bother with the guys exchanging BTC for USD in a Starbucks.

Wishful thinking.

[justusranvier]

Meh.  The Feds only care about the big guys.  Those they'll notice and regulate.  They won't bother with the guys exchanging BTC for USD in a Starbucks.

Wishful thinking.

Remember that kid in grade school who would get caught doing something then would immediately start naming all the other people who hadn't been caught to get them in trouble too?

Apparently most adults never emotionally mature beyond the grade school level, or at least enough of them don't that the feds can count on somebody complaining about the people exchanging BTC for USD in a Starbucks to give them an excuse to take action.

http://contrariancompliance.com/2014/09/19/us-money-transmission-laws-are-worthless-and-unconstitutional/

so far the only company subjected to it appears to have been mine. The vast majority of my competitors operate today without a license in any state, or operated for years without them until I sued them in federal court.

[Lohoris]

Apparently most adults never emotionally mature beyond the grade school level, or at least enough of them don't that the feds can count on somebody complaining about the people exchanging BTC for USD in a Starbucks to give them an excuse to take action.

http://contrariancompliance.com/2014/09/19/us-money-transmission-laws-are-worthless-and-unconstitutional/

so far the only company subjected to it appears to have been mine. The vast majority of my competitors operate today without a license in any state, or operated for years without them until I sued them in federal court.

Well, this makes sense.

It's the basic principle of justice, actually.

Not sure how it is related to the posts you quoted, though.

[QuestionAuthority]

The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.

Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

You're eventually going to get caught and prosecuted for money laundering and unlicensed money transmitting. I hope you're not in the US.

http://www.fincen.gov/statutes_regs/bsa/title18b.html

And your name is QuestionAuthority?

Bill Maher questions authority. Edward Snowden breaks the law and gives up his life to question authority. I believe in people banding together to make change happen not vigilante crusades by single individuals that act unilaterally on my behalf. If you want to be a prison martyr go right ahead. Charlie Shrem decided against that idea when he made his plea deal and it was the right decision.

[boumalo]

The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.

Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

You're eventually going to get caught and prosecuted for money laundering and unlicensed money transmitting. I hope you're not in the US.

http://www.fincen.gov/statutes_regs/bsa/title18b.html

And your name is QuestionAuthority?

Bill Maher questions authority. Edward Snowden breaks the law and gives up his life to question authority. I believe in people banding together to make change happen not vigilante crusades by single individuals that act unilaterally on my behalf. If you want to be a prison martyr go right ahead. Charlie Shrem decided against that idea when he made his plea deal and it was the right decision.

Bill Maher is a comic who says marxist ideas to make tens of millions of dollars a year, be loved and connected; snowden scarified everything for its beliefs but he may have broke the law doing so

[kingscrown]

cheap coins now just buy BTC with free cash and wait a year or so

[JayJuanGee]

The difficulty is now too high for investments in mining to really be profitable unless you do it really big... which most people cannot afford to do..

Honestly I can make 100 or 200 per day selling BTC on localbitcoins.com, which I think is a lot more profitable and less risky than mining.

Do you buy from exchanges and sell locally?

Coinbase and sell locally/online.

I would actually make a lot more $ if I didn't have to wait 4 damn business days between purchases.

It is possible to wire $ to an exchange but you still have to wait 2-3 days for the wire to go through and it is possible the price could rise before then, causing a loss on the trade.

You're eventually going to get caught and prosecuted for money laundering and unlicensed money transmitting. I hope you're not in the US.

http://www.fincen.gov/statutes_regs/bsa/title18b.html

And your name is QuestionAuthority?

Bill Maher questions authority. Edward Snowden breaks the law and gives up his life to question authority. I believe in people banding together to make change happen not vigilante crusades by single individuals that act unilaterally on my behalf. If you want to be a prison martyr go right ahead. Charlie Shrem decided against that idea when he made his plea deal and it was the right decision.

Bill Maher is a comic who says marxist ideas to make tens of millions of dollars a year, be loved and connected; snowden scarified everything for its beliefs but he may have broke the law doing so

Pretty big personal sacrifice for Snowden to leak that information in order to shed light on some of the down and dirty of the government's actions.  Very rare person would be willing to make such an individual sacrifice.    One question remains, too, about whether we are better off as a society by knowing these kinds of things regarding governmental actions and the use of technology?  I am fairly certain that people wonder how secure that they are in their internet life, including bitcoin transactions, if the government has the potential ability to engage in ongoing monitoring of transactions... and we may NOT even know it.. and we may be an innocent target or we may be a fall guy because there could be guilt by association or guilt because we thought that we had free speech but we supported the wrong cause.. or we spoke up regarding governmental actions that we thought were misleading the people.  NOT easy to fairly effectively shed light on the underlying nefarious conduct that may be occurring by people who were elected or people who were appointed or people who were contracted out to carry out duties that were supposedly on behalf of "the people."