Fundamental analysis thread

[lebing]

Updated with the winklevii info:

Bitcoin ETF coming soon
http://www.pcworld.com/article/2043473/winklevoss-twins-will-secure-bitcoins-like-gold-in-vaults.html
TLDR You will soon be able to purchase bitcoin derivatives from your stock broker

[lebing]

Updated with:


Bitcoin finally coming to Africa to compete with M-Pesa
http://www.reddit.com/r/Bitcoin/comments/1hn0ue/kipochi_launches_first_bitcoin_wallet_in_africa/
TLDR A SMS/ web hybrid system is being developed now which will reach the place where bitcoin has the most potential for organic growth.

Info on M-Pesa:

M-PESA now Contributes 18% of Safaricom’s total revenue.
M-PESA revenue grew by 29.5% to 21.84 billion.
M-PESA now has 10.5 million active users.
There are 65,547 M-PESA agents. 26,000 M-PESA agents were added in the last financial year.
Kshs 522bn was transacted between customers within M-PESA.
Kshs 444bn was deposited into M-PESA via agents.
Kshs 390bn was withdrawn from M-PESA via agent.
32% of airtime top-ups were done directly through M-PESA.

[BitChick]

Updated with:


Bitcoin finally coming to Africa to compete with M-Pesa
http://www.reddit.com/r/Bitcoin/comments/1hn0ue/kipochi_launches_first_bitcoin_wallet_in_africa/
TLDR A SMS/ web hybrid system is being developed now which will reach the place where bitcoin has the most potential for organic growth.

Info on M-Pesa:

M-PESA now Contributes 18% of Safaricom’s total revenue.
M-PESA revenue grew by 29.5% to 21.84 billion.
M-PESA now has 10.5 million active users.
There are 65,547 M-PESA agents. 26,000 M-PESA agents were added in the last financial year.
Kshs 522bn was transacted between customers within M-PESA.
Kshs 444bn was deposited into M-PESA via agents.
Kshs 390bn was withdrawn from M-PESA via agent.
32% of airtime top-ups were done directly through M-PESA.

On the Reddit link:

There is some knowledge of it amongst more educated people. But ordinary people I explain it to instinctively understand the concept and benefits, without questioning the technical aspects too much.

But no doubt our primary job is one of education in the beginning.

I think once people can start using it, even if they don't fully understand why or how it works, they will see the benefit of it.  I suppose it does not really matter if they understand why it is a safe and effective tool.  For that matter, how many of us have been using our countries fiat and not really understanding how that money is created and/or manipulated?

This is really great news for BTC and Africa.

[BitChick]

Also on the reddit post:

We are currently actively blocking both US IP addresses and Phone numbers from the wallet.

We may support US in the future but we don't want to risk our target audience by exposing ourselves to regulatory action by either the US or individual states.

Gotta love how the US will be left in the dust.  Why?  "Regulatory action."  Sigh.  Sometimes is sucks to be an American.

[xxjs]

...
Kshs 444bn was deposited into M-PESA via agents.
Kshs 390bn was withdrawn from M-PESA via agent.
..

Difference is 54 billion (something). I guess this consists of expansion of money supply and fees. This is the reason why god, king, nations, big companies and just about everyone else wants to start their own regulated money system.

[lebing]

Updated with:

Bitpay partners with 3dcart
http://btcbible.com/bitpay-partners-with-3dcart/
TLDR Bitcoin now available as a payment option to 16,000 new merchants

[niko]

http://www.courthousenews.com/2013/08/06/Bitcoin.pdf

US federal court rules that bitcoins are money. As much as this sounds self-evident and trivial to us here, it sets an important precedent. The ramifications are many, some good and some bad for some of us. Personally, I am happy to see this.

[vokain]

http://www.courthousenews.com/2013/08/06/Bitcoin.pdf

US federal court rules that bitcoins are money. As much as this sounds self-evident and trivial to us here, it sets an important precedent. The ramifications are many, some good and some bad for some of us. Personally, I am happy to see this.

A US Federal judge in Texas just ruled that Bitcoin is in fact, a currency.

~BCX~

No, that is not what they ruled.

Yes that's exactly what the Judge ruled today.

http://www.law360.com/articles/462977


http://www.forbes.com/sites/jordanmaglich/2013/08/07/court-green-lights-bitcoin-lawsuit-rules-investments-constitute-securities/



~BCX~

first link reads the same as all those news reporting Thailand banning bitcoin drama.  if you read carefully forbe's artile, you will see that court decided against Shaver's claims that BTCST did not operate in investment securities and did not fall under SEC jurisdiction, which court decided against. The Judge simply recognized Bitcoin being as a form of money which can be used in investment securities, exchanged for traditional currencies and to buy goods and services with it.  There were no official ruling on whether Bitcoin is legally defined as a currency or not.

in other thread you mentioned Liberty Dollars and that there is a bunch of laws designed specifically for currencies inclining that bitcoiners may be in trouble with this 'precedent' for making their own money. Firstly you dismiss the fact that US does not prohibit private currencies, there are few that exists and function today in the US. Secondly bitcoin does not try to compete with and look closely resembling with legal tender for which LD got in trouble; there are no single entity issuing Bitcoins and no single miner has control over bitcoin's production mechanism and clearly do not fall under any currency counterfeiting laws that protect USD.

[niko]

http://www.courthousenews.com/2013/08/06/Bitcoin.pdf

US federal court rules that bitcoins are money. As much as this sounds self-evident and trivial to us here, it sets an important precedent. The ramifications are many, some good and some bad for some of us. Personally, I am happy to see this.

A US Federal judge in Texas just ruled that Bitcoin is in fact, a currency.

~BCX~

No, that is not what they ruled.

Yes that's exactly what the Judge ruled today.

http://www.law360.com/articles/462977


http://www.forbes.com/sites/jordanmaglich/2013/08/07/court-green-lights-bitcoin-lawsuit-rules-investments-constitute-securities/



~BCX~

first link reads the same as all those news reporting Thailand banning bitcoin drama.  if you read carefully forbe's artile, you will see that court decided against Shaver's claims that BTCST did not operate in investment securities and did not fall under SEC jurisdiction, which court decided against. The Judge simply recognized Bitcoin being as a form of money which can be used in investment securities, exchanged for traditional currencies and to buy goods and services with it.  There were no official ruling on whether Bitcoin is legally defined as a currency or not.

in other thread you mentioned Liberty Dollars and that there is a bunch of laws designed specifically for currencies inclining that bitcoiners may be in trouble with this 'precedent' for making their own money. Firstly you dismiss the fact that US does not prohibit private currencies, there are few that exists and function today in the US. Secondly bitcoin does not try to compete with and look closely resembling with legal tender for which LD got in trouble; there are no single entity issuing Bitcoins and no single miner has control over bitcoin's production mechanism and clearly do not fall under any currency counterfeiting laws that protect USD.

I fail to see the connection between the two quotes you posted. The judge did rule that bitcoins are money, as explicitly written in the pdf I linked to. Perhaps you could clarify your point in this discusion? Thanks.

[vokain]

Him recognizing that bitcoin was a form of money just means that in that specific case. It's no different than how bitcoins were viewed before and doesn't really change anything on a monumental level. FinCEN still only has jurisdiction over the AML part of bitcoins, and the CFTC still doesn't have jurisdiction over its exchange.

[arklan]

Him recognizing that bitcoin was a form of money just means that in that specific case. It's no different than how bitcoins were viewed before and doesn't really change anything on a monumental level. FinCEN still only has jurisdiction over the AML part of bitcoins, and the CFTC still doesn't have jurisdiction over its exchange.

One word: precedence.

[niko]

Him recognizing that bitcoin was a form of money just means that in that specific case. It's no different than how bitcoins were viewed before and doesn't really change anything on a monumental level. FinCEN still only has jurisdiction over the AML part of bitcoins, and the CFTC still doesn't have jurisdiction over its exchange.

Can't look up the links atm, but in at least one north-European country bitcoins were ruled a commodity, implying VAT or sales tax on all transactions. I would not dismiss the US ruling as insignificant. For example, cases of theft now have an important precedent set.

[vokain]

Him recognizing that bitcoin was a form of money just means that in that specific case. It's no different than how bitcoins were viewed before and doesn't really change anything on a monumental level. FinCEN still only has jurisdiction over the AML part of bitcoins, and the CFTC still doesn't have jurisdiction over its exchange.

Can't look up the links atm, but in at least one north-European country bitcoins were ruled a commodity, implying VAT or sales tax on all transactions. I would not dismiss the US ruling as insignificant. For example, cases of theft now have an important precedent set.

I know about Germany. You can actually sell bitcoins there after a year after purchase tax-free. We have yet to come up with anything on a similar level at the legal level. I'm curious to see what happens when different states decide different things on Bitcoin.

[lebing]

Updated with:

Bitcoin charts on bloomberg for employees, coming soon to everyone
http://techcrunch.com/2013/08/09/bitcoin-ticker-available-on-bloomberg-terminal/
TLDR Bitcoin now officially mainstream

[lebing]

Interesting fundamental analysis thread recently from reddit:

http://www.reddit.com/r/Bitcoin/comments/1k9w3p/the_postbubble_recovery_has_begun/

[ManBearPig]

Is thread abandoned now? Anyone else want to take up the mantle or has someone done so in another thread?

[lebing]

Is thread abandoned now? Anyone else want to take up the mantle or has someone done so in another thread?

Sorry yes I have abandoned this baby for one IRL. Someone else please feel free to pick up the ball.

[ManBearPig]

Thanks for the reply, I'll try to update it with the most important developments.

[zimmah]

source: http://www.runtogold.com/bitcoin-price/

Really? 30T in tax haven bank accounts? That's a whole lot of money. Is that realiable information?

Imagine if just 1% of that money is switching to bitcoin. Or 5%, or 10%

That would be huge...

Never mind if they all decided to buy bitcoin

[lebing]

source: http://www.runtogold.com/bitcoin-price/

Really? 30T in tax haven bank accounts? That's a whole lot of money. Is that realiable information?

Imagine if just 1% of that money is switching to bitcoin. Or 5%, or 10%

That would be huge...

Never mind if they all decided to buy bitcoin

yes its reliable. Check out Trace mayer on youtube and how to vanish. He isnt as visible a figure in bitcoin as he was a few years ago but still recommend his stuff.