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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 508185 times)
cbeast
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Let's talk governance, lipstick, and pigs.


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September 24, 2014, 11:08:16 AM
 #1861

sad days when people are too scared of their govt. to trade a few bits of harmless electronic data between them without threat of jail time ... is it really this bad?

That's the same excuse people tried using for kiddie porn in court.  "It's just a bunch of 1's and 0's why is that a crime?"
You just sent 1s and 0s. Are you admitting your crime?

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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September 24, 2014, 12:25:39 PM
 #1862

DontQuestionAuthorityJustBendOverArsUp, you are a slave.
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September 24, 2014, 01:29:03 PM
 #1863

sad days when people are too scared of their govt. to trade a few bits of harmless electronic data between them without threat of jail time ... is it really this bad?


Yes, Marcus... that's kinda my point.

The original poster IS correct that trading a little btc person to person for cash from time to time actually does seem to be a decent way to make a little profit from holding bitcoin and being involved in the "BTC Scene" these days... especially as the price has been dipping last few months and we're all WAITING for the next big run-up to finally get started.

More people doing this also could enable MORE people to EASILY get a little bitcoin, getting MORE folks started using it and learning about it all and how it all works.  If that happened, it would help the overall bitcoin economy grow, and THAT in turn would improve the odds of the price increase we all want to see, actually happening.

But it seems like the "OMG If I Sell BTC For Cash Then Big Bad Scary John Law Is Gonna Break Down My Door And Throw My Ass In Federal Prison" kind of irrational fear is preventing more people from considering actually doing this.

What I wanna know is very simple: IS this fear really grounded in reality? or is it just as you say, people are "too scared of their govt"?  Huh
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September 24, 2014, 02:01:27 PM
 #1864

sad days when people are too scared of their govt. to trade a few bits of harmless electronic data between them without threat of jail time ... is it really this bad?


Yes, Marcus... that's kinda my point.

The original poster IS correct that trading a little btc person to person for cash from time to time actually does seem to be a decent way to make a little profit from holding bitcoin and being involved in the "BTC Scene" these days... especially as the price has been dipping last few months and we're all WAITING for the next big run-up to finally get started.

More people doing this also could enable MORE people to EASILY get a little bitcoin, getting MORE folks started using it and learning about it all and how it all works.  If that happened, it would help the overall bitcoin economy grow, and THAT in turn would improve the odds of the price increase we all want to see, actually happening.

But it seems like the "OMG If I Sell BTC For Cash Then Big Bad Scary John Law Is Gonna Break Down My Door And Throw My Ass In Federal Prison" kind of irrational fear is preventing more people from considering actually doing this.

What I wanna know is very simple: IS this fear really grounded in reality? or is it just as you say, people are "too scared of their govt"?  Huh

It's not really an irrational fear but it's doubtful it will happen on really small amounts. It's just like all the thousands of people that used Silk Road to buy marijuana. Is it technically illegal - yes. Is the government going to go after you for buying a small quantity for personal use - probably not.

In order to exchange dollars for Bitcoin you need to have a license and follow AML/KYC laws. One of the great Bitcoin pioneers, Charlie Shrem, is going to jail because he did it but he was a big fish. You are a baby minnow. They won't do anything unless you rub their nose in it or they want you for something else and that's just a charge they tack on (don't smoke a joint in a police station go to the park around the corner).

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September 24, 2014, 02:10:02 PM
 #1865

the government should be afraid of the people, especially in a democracy,

but the government became too powerful, and people just let it happen.

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September 24, 2014, 02:49:27 PM
 #1866

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

That was not entirely helpful, but is at least a starting point. Simply exchanging foreign currency does not automatically make you a money transmitter. To find out if you qualify as a money transmitter, you have to look up the regulations. I found an unofficial copy:
Electronic Code of Federal Regulations; Title 31: Money and Finance: Treasury; PART 1010—GENERAL PROVISIONS; Subpart A—General Definitions
The relevant subsection is subsection (ff)
Selected quotes:
Quote
(ff) Money services business. A person wherever located doing business, whether or not on a regular basis or as an organized or licensed business concern, wholly or in substantial part within the United States, in one or more of the capacities listed in paragraphs (ff)(1) through (ff)(7) of this section. This includes but is not limited to maintenance of any agent, agency, branch, or office within the United States.

(1) Dealer in foreign exchange. A person that accepts the currency, or other monetary instruments, funds, or other instruments denominated in the currency, of one or more countries in exchange for the currency, or other monetary instruments, funds, or other instruments denominated in the currency, of one or more other countries in an amount greater than $1,000 for any other person on any day in one or more transactions, whether or not for same-day delivery.
.
.
.
(8] Limitation. For the purposes of this section, the term “money services business” shall not include:
...
(iii) A natural person who engages in an activity identified in paragraphs (ff)(1) through (ff)(5) of this section on an infrequent basis and not for gain or profit.

My reading of that is that you can set up a bitcoin ATM in your place of business with a $1000/day (global) limit with no problems and no KYC requirements.

If you want to sell more than $1000/day, you are allowed to do that too, all long as you don't make a business out of it (maybe one transaction every quarter).

Edit: I suppose I should look up the Canadian regulations too: I think that is where I pulled the quarterly limitation from.

Update: What I found linked from the the FINTRAC website does not appear promising. The regulations can't be understood without reading the Enabling Act.

While transactions less than $1000 do not need to be routinely reported, Canada has no minimum threshold where suspicious activity (were you suspect terrorist financing or money laundering) does not have to be reported. It appears the regulations are structured such that small businesses are expected to act as a franchisee under a larger MSB: where the larger business handles most of the reporting intecraceis.

There is also the issue where non-SWIFT transfers are supposed to have comprehensive information about the sender an recipient accompanying them (Bitcoin really does not support that in a secure/cheap way). Bitcoin is also border-less: the reporting requirements change for a "Foreign Politically Exposed Person" (probably why CaVirtex is Canada-only).



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September 24, 2014, 03:58:57 PM
 #1867

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

That was not entirely helpful, but is at least a starting point. Simply exchanging foreign currency does not automatically make you a money transmitter. To find out if you qualify as a money transmitter, you have to look up the regulations. I found an unofficial copy:
Electronic Code of Federal Regulations; Title 31: Money and Finance: Treasury; PART 1010—GENERAL PROVISIONS; Subpart A—General Definitions
The relevant subsection is subsection (ff)
Selected quotes:
Quote
(ff) Money services business. A person wherever located doing business, whether or not on a regular basis or as an organized or licensed business concern, wholly or in substantial part within the United States, in one or more of the capacities listed in paragraphs (ff)(1) through (ff)(7) of this section. This includes but is not limited to maintenance of any agent, agency, branch, or office within the United States.

(1) Dealer in foreign exchange. A person that accepts the currency, or other monetary instruments, funds, or other instruments denominated in the currency, of one or more countries in exchange for the currency, or other monetary instruments, funds, or other instruments denominated in the currency, of one or more other countries in an amount greater than $1,000 for any other person on any day in one or more transactions, whether or not for same-day delivery.
.
.
.
(8] Limitation. For the purposes of this section, the term “money services business” shall not include:
...
(iii) A natural person who engages in an activity identified in paragraphs (ff)(1) through (ff)(5) of this section on an infrequent basis and not for gain or profit.

My reading of that is that you can set up a bitcoin ATM in your place of business with a $1000/day (global) limit with no problems and no KYC requirements.

If you want to sell more than $1000/day, you are allowed to do that too, all long as you don't make a business out of it (maybe one transaction every quarter).

Edit: I suppose I should look up the Canadian regulations too: I think that is where I pulled the quarterly limitation from.


Yeah, but they are talking about doing it frequently and for a profit. You know - buy low - sell high. Anything else is just masterbating.

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September 24, 2014, 05:14:06 PM
 #1868

hopefully one day i will myself be a self made millionaire due to bitcoin, lets hope for the best because ive diserved it , its been a long time coming
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September 24, 2014, 05:55:51 PM
 #1869

hopefully one day i will myself be a self made millionaire due to bitcoin, lets hope for the best because ive diserved it , its been a long time coming

you can't even spell deserve, so no you don't
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September 24, 2014, 06:00:04 PM
 #1870

hopefully one day i will myself be a self made millionaire due to bitcoin, lets hope for the best because ive diserved it , its been a long time coming

How many bitcoin do you have? Im afraid we'll die poor, unless 1BTC = 100K or so, which it's not gonna happen, if you are realistic about things. You can't expect such price rise anymore. We are boat missers.
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September 24, 2014, 06:09:57 PM
 #1871

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

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September 24, 2014, 07:44:03 PM
 #1872

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

Damn, do you own 5000 BTC? How many did you buy at $3? and how did you buy Bitcoin back then? what exchanges did exists? I wish I was as lucky Sad
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September 24, 2014, 07:46:41 PM
 #1873

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

I would believe you if you can provide an addy and signed message of this text string.
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http://fuk.io - check it out!


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September 25, 2014, 12:51:55 AM
 #1874

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

and you have such new account? Smiley

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September 25, 2014, 02:20:00 AM
 #1875

 Shocked Shocked is it true we will become wealthy?
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Put BTC here: 1GSwznUNG4co5rS3ctmRgtYGcWiHAnwAyj


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September 25, 2014, 02:43:17 AM
 #1876

Shocked Shocked is it true we will become wealthy?

If you are a gentleman, yes.  Otherwise, i'm NOT sure.

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September 25, 2014, 03:02:27 AM
 #1877

http://astrohacker.com/ahc/bitcoin-is-the-economic-singularity/

After reading this, the scale of black market and digital economies and the effect Bitcoin will have on them I am pretty certain we are going to be very wealthy men -- even with a sum as small as 10 Bitcoins. It's just so hard to believe. We are only in the beginning storms with these significant rallies from 10 to 20 dollars. I will not be surprised to see prices from hundreds to thousands in the coming months.

The world just isn't going to be the same and we have been blessed as the pioneers.

What are you going to do with your Bitcoin wealth once your coins hit upwards of $10,000 a pop?

Dare to believe.

Dogie trust abuse, spam, bullying, conspiracy posts & insults to forum members. Ask the mods or admins to move Dogie's spam or off topic stalking posts to the link above.
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September 25, 2014, 06:01:36 AM
 #1878

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

Damn, do you own 5000 BTC? How many did you buy at $3? and how did you buy Bitcoin back then? what exchanges did exists? I wish I was as lucky Sad

I don't. I cashed out a lot way too early because I wanted to start my own company. I've had it, but then it wasn't worth $420.   Smiley


Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

I would believe you if you can provide an addy and signed message of this text string.


blah blah blah, it is more likely I give you a toiletpaper with my shit on it.  

▓▓▓▀▀▀▀▀▀▀▀▀▀▀▀▀▀                        Uniting crypto, Rewarding talent, Sharing benefits.                                       ▓▓▓▓
▓▓▓▓         S   U   P   E   R   N   E   T
                                                                                                                        ▓▓▓
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September 25, 2014, 06:03:47 AM
 #1879

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

and you have such new account? Smiley

yep if I had a member status I would have 5,00000,000000 bitcoins...  Roll Eyes

▓▓▓▀▀▀▀▀▀▀▀▀▀▀▀▀▀                        Uniting crypto, Rewarding talent, Sharing benefits.                                       ▓▓▓▓
▓▓▓▓         S   U   P   E   R   N   E   T
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September 25, 2014, 07:48:01 AM
 #1880

Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

Damn, do you own 5000 BTC? How many did you buy at $3? and how did you buy Bitcoin back then? what exchanges did exists? I wish I was as lucky Sad

I don't. I cashed out a lot way too early because I wanted to start my own company. I've had it, but then it wasn't worth $420.   Smiley


Indeed - I first bought BTC when it was $3.

Up to date I maybe convert $35k a month to BTC, when I feel price is unjustified. Also to invest a portion of it in NXT and XCR.
I just see no reason to hold fiat after I take out salary from my own company. Right now I only need it to buy necesseties such as rent and groceries.

Also I was going to buy XMR, but I think the community is frightening and the FUD just got me not wanting to buy any.

I would believe you if you can provide an addy and signed message of this text string.


blah blah blah, it is more likely I give you a toiletpaper with my shit on it.  

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