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The Flipside Bitcoin News #5 - BTC Guild Sale, Mining Farm Up In Flames, Ode to Ben Lawsky

The Flipside Bitcoin News #5 - BTC Guild Sale, Mining Farm Up In Flames, Ode to Ben Lawsky submitted by bitpotluck to Bitcoin [link] [comments]

The Flipside Bitcoin News #5 - BTC Guild Sale, Mining Farm Up In Flames, Ode to Ben Lawsky

The Flipside Bitcoin News #5 - BTC Guild Sale, Mining Farm Up In Flames, Ode to Ben Lawsky submitted by bitpotluck to BitcoinTV [link] [comments]

The Flipside Bitcoin News #5 - Chris Ellis A Cyborg, Mining Farm Up In Flames, Ode to Ben Lawsky

The Flipside Bitcoin News #5 - Chris Ellis A Cyborg, Mining Farm Up In Flames, Ode to Ben Lawsky submitted by bitpotluck to worldcryptonetwork [link] [comments]

There is a 30 day comment period for the current Bitlicense proposal. Unless there are substantial changes, New York will be a Bitcoin dead zone

The 30 day comment period starts next week. Bitlicense, as proposed will force most companies that store customer BTC deposits to block New York IP addresses. There is very little chance that Lawsky will make any further changes to it, so what will this mean for Bitcoin around the world?
EDIT, as a reminder:
This is how the Bitlicense will affect Bitcoin businesses, taken from here:
http://www.reddit.com/Bitcoin/comments/2aycxs/hi_this_is_ben_lawsky_at_nydfs_here_are_the/cizyqyz
(I've added modifications in light of changes in the new proposal and information that I found was missing in the original write-up)
Entities are considered dealing in virtual currencies if:
.. to any resident in New York. Web services, even those incorporated overseas, must either comply or block access for NY users. (200.2n)
Entities 'dealing in virtual currency' must:
Added:
The (only?) good news: Merchants do not need a BitLicense to accept Bitcoin for a good or service. (200.3c2).
> This post was created for general guidance, and does not constitute legal advice. You should not act upon the information contained in this publication without obtaining specific advice from a professional. No representation or warranty (expressed or implied) is given as to the accuracy or completeness of the information contained in this post.
EDIT 2, targetpro suggested expressing any concerns you may have about the proposed regs to the NY Dept. of Finan. Services:
submitted by aminok to Bitcoin [link] [comments]

BitLicense isn't bitcoin regulation, it is a de facto bitcoin ban, coupled with the introduction of a whitelist-based altcoin run by governments but utilizing the bitcoin blockchain.

It's tough to accept, but we might be facing the first attempt at seriously enforcing a total ban on all bitcoin transactions. The fact that it will be enforced simultaneously with the introduction of a government-controlled NYCoin just makes it even more dangerous.
This is probably the first time bitcoin has ever been in real danger of being supplanted by something else. NYCoin might become USACoin, which might then merge with ChinaCoin and EUCoin to become something I imagine will commonly be called WhiteCoin - a global surveillance based currency with a worldwide monopoly on trading legal goods and services.
I think it is important that we realize that the BitLicense is what can best be described as an "attack" - a deliberate attempt to hurt bitcoin users - and we should fight back with everything we have. The fact that Ben Lawsky tricked us into thinking his main concern was to ensure a good environment for startups shows that the people attacking us are not holding back, but are willing to use any tricks necessary to crush us.
I can't think of much that can be done right now, but my best bet is that we need to try to attack the value of this WhiteCoin wherever it pops up, NYCoin being the first. It will be tough, and a boycott will not be enough because this is the coin that big money will be investing in.
Perhaps it will be possible for bitcoin users to force miners to choose between mining transactions for one of the two coins, thus making sure that as long as bitcoin is the dominant digital currency by transaction fees, whitecoin transactions will be really slow. We can be absolutely certain the opposite would happen instantly should whitecoin ever become the dominant currency.
submitted by Rune_And_You to Bitcoin [link] [comments]

Even by I.R.S. standards, the recent ruling on bitcoin flirts with nonsensical non-logic in a way that is truly shocking to an outsider. Govt officials have called bitcoin "digital currency" thousands of times, not once have they called it "digital property".

Really astonishing. For months, including the Senate hearing and the Treasury Department's own published documents on bitcoin always refer to it as a "virtual currency," "digital currency," or my favorite "convertible virtual currency." Don't take my word for it. Search through publicly available federal government documents that mention or address bitcoin in any way. It's always discussed as a convertible electronic currency, which it is, not as property.
If the government views bitcoin as property - for taxation purposes the same as selling ice cream sandwiches out of an ice cream truck - why was this not a topic broached during the Senate hearing? Why did former Fed chairman Ben Bernanke in his letter refer to "virtual currency" several times, and "virtual property" not once. His successor, Janet Yellen, has had an equally sane approach toward bitcoin.
Even by the sometimes byzantine logic of modern tax agencies, the IRS is simply wrong.
If mining Bitcoins is self employment, so is jerking off to porn.
If Bitcoin is primarily "property" and not currency, then why the focus on KYC/AML compliance? It's not money according to the IRS. And why the need for money transmitter licenses? And why is New York State trying to regulate Bitcoin if it's just property? Lawsky's job is over before it even begins, if this nonsensical IRS classification is not challenged and revised.
Please don't tip me, I don't want the burden of having your property thrown at me unsolicited over these inter web tubes. Thank you.
submitted by CryptoDonDraper to Bitcoin [link] [comments]

GAWminers.com / Paycoin / Josh Garza has the potential to destroy or gravely set back the cryptocurrency revolution. Here is why.

Gawminers right now is initiating fraud that is beyond the scope of most bitcoin scams, maybe second only to MTGOX.
They are misrepresenting their products and fraudulently shifting hidden risks to customers. Here are my claims
  1. They are selling virtual hashes without the actual machines backing it.
  2. They falsify payouts according to pools that never existed or never received hashes from GAW.
  3. They are known and have been caught using shill accounts. Not just the company but the CEO himself. Josh Garza.
  4. They are just generally immature assholes that will ruin the fun for everyone because of their unethical character and greed.
Here are the reasons why I submit my claims based upon public evidence:
Josh Garza publicly stated that the payouts from his virtual hashing machines are from a combination of mining, day trading, and private rentals. https://bitcointalk.org/index.php?topic=720844.msg8601489#msg8601489 Nothing on the product page mentions day trading and it is misrepresentation of risks by omitting such evidence.
None of the pool owners listed on the gawminers website confirmed ever receiving hashes from GAWminers. You can go email them yourself.
The most obvious reason they do not have physical mining hardware would be to read the gawminers TOS. Here: https://bitcointalk.org/index.php?topic=720844.msg8605520#msg8605520
Their Zenpool had consistently paid 2x more than other multipools during the beginning of the launch. Their fake zenpool speed counter went up to 300MHS when it was displayed publicly here: https://www.zenminer.com/pool/ until they realized they are claiming to own more than 50% of the total litecoin network at the time. That is when the counter disappeared when people began to question the enormous scope of their fake mining operation.
The zenpool is a farce. It is fake and it just simulates ponzi payouts. Which was confirmed when the payouts predictably dropped more then 100% few weeks ago and even lower than some of the other multipools. Josh publicly stated this was because "investors" were not buying big contracts. He publicly stated this here:
http://webcache.googleusercontent.com/search?q=cache:8j3lrbmknSgJ:https://hashtalk.org/topic/11712/zenpool-fluctuations-update-update+&cd=1&hl=en&ct=clnk&gl=us
realized his mistake of making such statement and deleted the whole thread.
If a pool requires investors to buy contracts for increased payouts, then you do not have a real mining pool with real mining machines.
Josh Garza used shill accounts on bitcointalk.org here: http://share.pho.to/6pc3a/9a/original . I think he was caught publicly using shills twice. If anyone has proof, msg me and I will send you 0.25BTC.
If this ponzi scheme collapses and if his claims that he sold over 120mm of products this year are true. Then the regulatory fall out will be ugly. This is not a small scam. It is huge and will give ammunition to people like Ben Lawsky to regulate us to death as this occured with a US company on US soil. It will be another Enron or worse.
Please please please educate.
The private evidence I have is much much more condemning. But it should be obvious enough what is already out there publicly.
Also, please feel to present counter arguments.
submitted by gaw-whistleblower to Bitcoin [link] [comments]

Bitcoin 2017 a Comprehensive Timeline

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submitted by BitcoinChronicler to btc [link] [comments]

A few thoughts - Friday, July 18, 2014

Good afternoon! Yesterday was the darkest day in at least the recent history of bitcoin, perhaps ever. I'll get into why yesterday was more significant than Mt. Gox and China later, but the end point of this post is going to be that these proposed regulations are a breathtaking expansion of government power into areas of commerce that have never traditionally been regulated. If this passes, we may well find ourselves fighting against bitcoin acceptance.

Some basic truth about The Law

First, it's important to eliminate a common misunderstanding in /bitcoinmarkets. Some users are arguing that this law (lowercase letters) isn't that bad because while it covers a broad range of activity, it is only intended as a tool to fight money laundering (or some other goal, depending on the user). People need to understand that the long arm of The Law (capital letters) does not care what laws were actually intended to do. You either violate them, or you do not. A judge isn't going to allow a business to operate based on the argument that this law was intended for a different purpose.
As you make your evaluation of the effects of this law, you need to consider every possible activity that could be illegal under it. You can't write off certain activities because they were unintentionally added to the law. The Law is not compassionate and does not allow people to get away with things because the creators were trying to prevent some other behavior. There are many examples of poorly-designed laws that have had devastating unintended consequences.

Some examples

Now that we are clear that the intent of the law doesn't matter, I thought it would be worth sharing how a few examples of bitcoin-related activities in New York will work. This section includes three rows each. The first is the activity, the second is an example of what I would consider some reasonable regulations, and the third is the actions needed for compliance under this law. Since there are an absurd number of requirements for each case, I only listed one or two of the most ridiculous for each.
Activity: Operating a tipping bot that sends $0.25 tips to residents of New York that holds balances
Reasonable: Require the tips to be backed with 100% reserve in the tipped currency
Lawsky: Collect personally identifiable information about all people ever tipped, retain it for 10 years, and submit paperwork to the department when tips qualifying as "suspicious activity" are sent
Activity: Changing a variable in the bitcoin code and creating a new blockchain for testing a proposed feature
Reasonable: No regulation
Lawsky: Register with the NYDFS, payi thousands of dollars, wait 90 days, and undergo a background check with the FBI
Activity: Operating the Elgius mining pool, which adds PPLNS payouts to its own blocks, so that users never have outstanding balances
Reasonable: Allow people to take civil action if their payouts don't match what they are owed
Lawsky: Register as a money transmission service, develop compliance programs, and conduct "intrusion prevention" tests against the nonexistent wallets
Activity: Running a business like blockchain.info, which does not hold any balances whatsoever in dollars and pays all employees and vendors in bitcoins
Reasonable: Require recordkeeping of profits and expenses similar to current laws
Lawsky: This business model is expressly prohibited; no business is allowed to take profits in bitcoins
Activity: Operating an altcoin exchange, which takes untraceable litecoins and exchanges them for untraceable nanotokens
Reasonable: Prohibit fractional reserve banking and require that reserves be kept in the currencies they are backing
Lawsky: Requires altcoin exchanges to back its reserves in dollars and to associate every altcoin address with a username. If there is a bubble, the business goes under because it is no longer able to back customers' deposits.
Activity: Being a one-time arbitrator, where two parties trade something and use a multisignature transaction with you as the decider in the case something goes wrong
Reasonable: At most, require background checks on the arbitrator to verify his integrity
Lawsky: File paperwork with security plans, a list of anyone who might help you with collecting evidence to make the decision (even if you are never called upon to do so), and obtain background checks and fingerprints for all of them; pay thousands of dollars to register, wait 90 days to be approved, file suspicious activity report if the transaction is over $3k regardless of whether you are called upon to arbitrate or not
Activity: Modify your mining pool's pay-per-share algorithm to prevent block withholding attacks, or introduce a new algorithm like PPLNS, without branching out into other business areas
Reasonable: No paperwork necessary
Lawsky: File new request with the Department and wait 90 days for the new model to be approved before rolling out the feature, while competitors in other states launch immediately

Businesses no logner possible to be served to New York residents

In addition to the regulation requirements, there are also some types of business models that simply cannot overcome the regulations at all. Here are some of those types of businesses:
Arguably, the following business types could also not operate in New York because of cost concerns:
The greatest problem with these regulations is simply that there is no clause for the amount of money the company has to control. While we plan to take all possible security measures, our pool's greatest security measure is that we automatically pay out balances that are too large, so that we will never owe more than $10k in customer funds. If there were to be a hack, then we would simply eat the cost of less than $10k from personal funds because it is a small amount. The reason this works is because it would cost more than $100k to provide the sort of professional infrastructure that Lawsky is requiring, so even if the site were hacked ten times, and even if we never fixed the security holes, we would still be ahead.
That's why this legislation is irreparably flawed and cannot be salvaged. It makes sense for people holding a billion dollars to be subject to strict regulations. It is nonsensical to require people who hold $5k in customer funds to spend $200k/yr in compliance measures, given that taking 40 hacks are still preferable to such ridiculous regulations.

The likely outcome of these regulations is less protection

Now that we know the local effects on certain types of businesses, we should ask what the end result is going to be a year from now, should these regulations not be completely overhauled. I propose that the end outcome of these regulations is going to be less consumer protection and more crime. The only businesses able to operate in New York will be huge banks and hedge funds. While the banks charge excessive fees and rip customers off, they already are far more trustworthy than Mark Karpeles ever was. They already practice good security anyway because they understand (unlike Mt Gox) that customer service is important. The law isn't going to have much impact on them. Furthermore, these guys aren't even into the bitcoin business yet, so (at least at first), the only people the law effects are the small guys.
Meanwhile, everyone else other than the banks is going to do exactly what we may be forced to do: milk the system by applying for licenses and waiting as long as possible, and then, on the day before compliance is required, ban New York residents from our service and avoid doing business with anyone in New York. However, it will be impossible for us, or anyone else, to eliminate every single New York resident from our system no matter how hard we try or how good our intentions are. Because there is no minimum funds limit, New York residents are going to find that they are excluded from the use of nearly every altcoin, mining pool, exchange, open source project, wallet service, auction site, escrow system, and so on.
They key here is that by making the regulations too hard to comply with, every site is going to be equalized. If the cost of compliance were low, then honest businesses would have no problem complying. When the cost of compliance is high, there is no distinction between honest and scam businesses because New York residents will have to do business illegally. This leads to more scams and losses of money. Whereas now a New York resident who uses a service available in New York can sue the provider of a scam, they have no recourse in this proposed new world. After all, the New York resident was engaging in illegal activity by using a non-licensed business. This allows scammers to directly target people who live in New York because they have fewer legal protections than do people who live in other states.
I'm very glad that I do not live in New York right now, and I actually feel sorry for what those who have been in bitcoins since the beginning and who live in New York are going to be unable to take part in the future.

About money laundering

One of the reasons we got into this mess is because the Federal government ignored consumer protection. While they were issuing regulations about money laundering, people like Mark Karpeles were able to take advantage of a complete lack of attention to consumer protection. The Federal government wasted millions of dollars in its cases against bitcoin_charlie, who is not accused of stealing any money or participating in any violent behavior, while ignoring real consumers who were being ripped off by exchanges operating as fractional reserves like Mt Gox and Vircurex. BenLawsky is now able to seize upon the Federal government's inaction and make himself look like a hero of consumer protection because New York will do what the Feds didn't do.
Proponents of anti-money laundering regulations argue that terrorists have been significantly hindered by restrictions in moving money. Terrorism is a great excuse for many things. Consider the case of airport x-ray screening devices. Every time a person goes through one of those devices, he has a 1 in 30 million chance of developing cancer as a direct result of the x-ray exposure pushing that person over the cumulative radiation exposure threshold at which cancer would develop. The risk of dying in a terrorist attack on the plane before the machines were installed was also about 1 in 30 million. Therefore, we spent hundreds of millions of dollars on machines that kill as many people as the terrorists do. Not only that, but anyone would rather die in a terrorist attack than go through chemotherapy and years of pain in a long, excruciating death.
People seem to accept that money laundering rules are necessary, and are pushing the bar of regulation lower and lower every day. How much would your risk of death really increase if money laundering regulations were loosened? If you have a 1 in 1 million greater chance of death but vastly more freedom in your finances, wouldn't you take that? In a perfect world where people didn't die, that would be an unacceptable compromise. In our world, however, people do die. It is ludicrous that people allow themselves to become obese and then live in fear of a terrorist attack.

The creation of a new kind of criminality?

There were some shameful comments from people like the Winklevoss twins yesterday about how they appreciate regulation of the industry. For those guys, it's all about getting rich, which isn't surprising given how their wealth is largely based on winning lawsuits rather than actually creating stuff. Few people seem to be reading the text of the document and understanding how this goes beyond bitcoins. This is a breathtaking expansion of government power that has never been seen before in the financial world. The regulations in this document expand the scope of financial oversight into industries far removed from anything that is covered by existing financial regulations, like open source development. For the first time, they dictate how businesses may pay out profits and promote inefficiency by requiring a bitcoin -> dollar -> bitcoin conversion, widening the pockets of Coinbase. They signal the creation of a huge bureaucracy that will require ever more taxpayer dollars to process millions of "suspicious activity reports," licenses, and minute software changes.
But most importantly, they require recordkeeping and information gathering of unprecedented scope, and trust so many entities to gather these records that they will be leaked to everyone. People running small mining pools that pay out $0.30 per day will be retaining passport numbers. Some people are viewing this as the "government" collecting information on people, but the government already has all this information. What will happen is that these records will be so prevalent because so many people are mandated to collect them that every hacker in the world will have a copy. In what other area of business are so many people required to keep huge databases of passport photos, utility bills, and other documentation that enables all sorts of criminal activity? These records will exist for at least 10 years, be copied in mergers and acquisitions, and leaked to the media and to the criminals, who will pay record sums for them.
The criminals and rogue insiders can use the data not only to perform identity theft, but to learn everything you ever bought, who your contacts are, where you live, how much you earn, what time of day you are away from your house, and what sites you use. They can phish for passwords at just the sites you use, arrange a theft when they recognize you are on vacation, threaten to phone your employer with false allegations of rape unless you pay up, use stolen wallets to frame you by purchasing child pornography with them, and contact repressive governments to have you arrested for associating with a known dissident.
That brings me back to the opening sentence in these thoughts for today. If these regulations pass and spread to other jurisdictions, we may actually find ourselves opposing the uptake of bitcoins. If more states adopt these regulations and people start adopting, then the stage will be set for an increase in government power to track everything about everyone, and a corresponding increase in criminal activity.
I said in the past that bans on bitcoins would not have an impact on the technology because people would go somewhere else, so they were not a change to the fundamentals. Few anticipated such a dramatic expansion of government power like we saw yesterday. Using the technology to procure unprecedented amounts of data would be a change to the fundamentals which even Nakamoto probably didn't intend.

Other

submitted by quintin3265 to BitcoinThoughts [link] [comments]

One thought - Thursday, July 17, 2014

Since I had Toastmasters today, I only have time for one thought, but it's so important that I thought it would be good to post it now.

New York regulations are an enormous disappointment

Today, we saw perhaps the greatest disappointment in the history of bitcoins. BenLawsky proposed what many people are commonly referring to as "BitLicenses." The document that was published is the worst possible outcome of the process and will destroy cryptocurrency innovation in New York.
goldcakes points out some of the more pertinent restrictions at http://www.reddit.com/Bitcoin/comments/2aycxs/hi_this_is_ben_lawsky_at_nydfs_here_are_the/cizyqyz. In short, almost everyone who has anything to do with bitcoins needs to get one of these licenses. Of course, the licenses require paying fees to the "superintendent," and going through a protracted legal process of waiting 45 days or even more, so startups aren't going to be getting them.
The licensing is so horrendous that people will be considered criminals if they create altcoins, sell bitcoins to another person at work, operate a mining pool, sell unfunded coins or cards that have private keys on them, and more. The real name of customers needs to be retained, even for small transactions, so that a main benefit of bitcoins (not providing personally identifiable information where credit cards were previously necessary) is lost. Unbelievably, companies are required to hold the cash reserves in dollars, not bitcoins, even if they have enough money to back their customers' assets.
Fortunately, there are other states around, and none of them have licensing requirements like this, so what the regulations are likely to do is to simply cause people to move or close down. This is government corruption at its finest. The only people who can possibly comply with these regulations are large, rich banks, who undoubtedly had a lot of influence in the creation of this document. The likely outcome of this is that huge banks are going to take over the bitcoin business in New York, and innovators will be located elsewhere.
Not only is this hugely disappointing to the community, it is hugely disappointing to me. We just invested $6k into hardware for a mining pool where a group of people from New York is interested in being the first customers. Unless this document changes before it becomes active, I don't see how any deal can be made at this point, which places the entire pool's future in jeopardy. It would be a shame to have to add a disclaimer that the service is available everywhere except in New York.
Up until recently, people hailed Lawsky as someone who understood virtual currencies and who was trying to make New York a great place for people to get involved in the space. It turns out that he was just trying to make himself look good all along. Judging by the comments in /bitcoin, few are going to welcome him on reddit any longer.
Note: I edited this post to point out that Business Insider makes a good point of how there are so many people required to comply with the regulations that it is unlikely that the price of bitcoin processing will be less than that of credit card processing should this come to pass.

Other

submitted by quintin3265 to BitcoinThoughts [link] [comments]

4/23/14 - Bitcoin into space, Atlas ATS pushes forward, & Dorian Nakamoto says thank you

Video: http://www.moneyandtech.com/apr23-news-update/
Here are today's top news stories in Money & Tech:
The blockchain is headed for space. Jeff Garzik’s Dunvegan Space Systems is partnering with Deep Space Industries to build satellites called ‘BitSats’ that will be launched into space as a backup bitcoin orbital system. From orbit, these BitSats will be able to broadcast out transaction data from the blockchain to any users with a downlink. Garzik made the first payment to Deep Space Industries via BitPay, where he is also a senior software developer, and is now accepting bitcoin donations to help complete the project.
Bitcoin trading platform Atlas ATS has formed a partnership with The National Stock Exchange to speed up regulatory approval. By partnering with this self-regulatory organization, Atlas ATS hopes to bypass FinCEN's money-transmitting license in favor of SEC-approved rules that are more tailored to digital currency exchanges. Kraken and CoinMKT are also taking this route, as several exchanges race to become the first fully regulated digital currency exchange.
Nine state banking officials from the US Conference of State Bank Supervisors (CSBS), including New York Superintendent Ben Lawsky, have launched the Emerging Payments Task Force. The new task force plans to investigate bitcoin and other virtual currencies in the hopes of developing state regulation best practices, as well as more educational resources. The discussion will begin with a public hearing on May 16th in Chicago.
With the reluctance of Irish banks to accept bitcoin, ATM provider BitVendo and safe deposit box facility Merrion Vaults have partnered to provide cold storage to BitVendo's local cryptocurrency users. The service allows users to store their bitcoins safely in Merrion Vaults' high quality and secure safe deposit vault in Dublin.
Butterfly Labs has been on rocky ground since this month's lawsuit against the bitcoin mining hardware company, accusing it of collecting payments for false orders and using customer equipment for their own mining. This recent lawsuit is only the latest accusation of fraud against the Kansas-based company. What's more, co-founder Sonny Vleisides has been found in violation of his probation since pleading guilty to one count of mail fraud in 2010, which will likely extend his probation another two years.
Dorian Nakamoto, the man famously falsely identified as bitcoin's creator, has filmed a YouTube video with Andreas Antonopoulos to thank the bitcoin community for its support. Antonopoulos led a fundraising campaign for Nakamoto that raised over 47 bitcoins - worth nearly $23,000 dollars - in a new bitcoin wallet that Nakamoto says he will keep open as a new bitcoin user. Watch that YouTube video at https://www.youtube.com/watch?v=w7YmJZ-qVW8.
Bitcoin documentary The Rise and Rise of Bitcoin premieres today at the Tribeca Film Festival in New York City. Money & Tech will be attending the screening, as well as the film’s after-party hosted by Charlie Shrem. We will be bringing you video coverage and interviews from that event soon.
We will also be attending the next major digital currency event this Friday, Dogecon SF, which will be San Francisco's first dogecoin conference. The event is hosted by Follow The Coin, and will feature prominent industry speakers such as litecoin creator Charlie Lee, industry expert Andreas Antonopoulos, and of course, Dogecoin's own creator, Jackson Palmer. We sat down with Tina Hui and Matt Schlicht from Follow The Coin to talk about what we can look forward to at Dogecon SF. Find that interview here: http://moneyandtech.com/follow-the-coin-dogecon-sf/
submitted by moneyandtech to BitcoinMarkets [link] [comments]

Building a United Platform

No matter which coin you're backing (or how many), the regulations coming out of New York State have large, overreaching and severe consequences for all cryptocurrencies.
You can read the proposed BitLicense Regulations here.
AmericanBitcoin has put together a TL;DR of the proposed reglations
In response, you can read the in-progress GitHub Fork of those same regulations here.
If you'd like to see a quick breakdown of examples of what's wrong with the proposed regulations, I highly recommend you read this comment by MrMadden over in /Bitcoin, which is utterly fantastic.
Instead of standing 'against' these regulations, let's stand for:
The problems, right now:
These regulations are vague in some important areas and could have unintended consequences.
For example, here's a great breakdown from goldcakes (originally made here)
Entities are considered dealing in virtual currencies if:
.. to any resident in New York. Web services, even those incorporated overseas, must either comply or block access for NY users. (200.2n)
Entities 'dealing in virtual currency' must:
The (only?) good news: Merchants do not need a BitLicense to accept Bitcoin for a good or service. (200.3c2).
This post was created for general guidance, and does not constitute legal advice. You should not act upon the information contained in this publication without obtaining specific advice from a professional. No representation or warranty (expressed or implied) is given as to the accuracy or completeness of the information contained in this post.
submitted by GoodShibe to CryptosUnited [link] [comments]

A Non-technical Bitcoin Primer (Part 2)

This is a continuation of Part 1.
PSEUDONYMITY Unlike credit card transactions, in which you give your name, Bitcoin transactions are pseudonymous (a pseudonym being an identifier other than your real name). Instead of having your name on your account, you have a public key, which is just a sequence of letters and numbers, like the one below.
3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy
That's your pseudonym.
People who are concerned with privacy view this as an advantage, since it enables you to make payments without revealing your identity.
Critics worry that this system facilitates crime, and proponents counter that cash is much better for criminals. Why?
Your account may be represented by some random sequence, instead of your name, but all Bitcoin transactions that have ever occurred are available for scrutiny on a public ledger called the blockchain. This data opens up the possibility of investigative methods to which cash is not susceptible.
Also, those who are concerned about criminals may be missing the point. It's sort of like censors in the mid-twentieth century who hadn't conceived of the World Wide Web (preventing kids from being exposed to profanity these days is a bit more difficult, to say the least).
The thing they're missing is that Bitcoin is only one of many cryptocurrencies, and others (such as zerocoin) are being developed that will provide much greater privacy.
File sharing on the internet is another example of how those seeking to overregulate Bitcoin might be missing the point. Early on, we had Napster, which was shut down due to concerns over copyright infringement. The effect of this shutdown appears to have been essentially the opposite of the intended effect. Instead of stopping illegal file sharing, it accelerated the development of file-sharing technologies that were even more difficult to stop. Since demand still existed, Kazaa came to the fore, and now we have BitTorrent.
It's "hard to put the genie back in the bottle," as Ben Lawsky, New York's Superintendent of Financial Services, has pointed out. When it comes to reducing crime, overregulation of Bitcoin could lead to an increased resistance to law-enforcement efforts, as we saw with file-sharing, while at the same time taking away from its many benefits.
THREATS TO BITCOIN'S SUCCESS When evaluating Bitcoin's chances for success or trying to understand price fluctuations, it's important to keep several key issues in mind.
ADOPTION Both merchant and consumer adoption are important, and both have been growing.
On the merchant side, we now have large reputable companies accepting Bitcoin, such as Overstock.com, Expedia, and Dish Network. See, for example, the list of companies working with Coinbase.
On the consumer side, one way to track growth is to look at the number of bitcoin wallets (wallets are to Bitcoin what accounts are to the traditional banking system). This number has also been growing steadily.
The website http://www.bitcoinpulse.com/ is one place to track such things.
Another interesting thing to watch will be the MIT Bitcoin Giveaway, in which $100 in bitcoins will be given to every MIT undergraduate in the fall 2014 semester.
ROBUSTNESS OF THE TECHNOLOGY One possible threat is that some kind of bug or design flaw will cause the system to crash. The technology has been around since 2009, and Bitcoin has been resilient so far. For example, it survived a distributed denial of service attack early this year.
There are a number of design issues to consider, such as scalability, mining centralization, and so forth, but there are a lot of people working on these issues. In fact, Bitcoin is considered by some to be supported by the largest research and development community in the world. Something like 10,000 of the smartest people in the world are working on issues such as scalability and user-friendliness.
COMPETING TECHNOLOGIES There is a chance that another technology that is superior to Bitcoin will emerge to kill it. At present, however, Bitcoin is the clear leader among cryptocurrencies, and it becomes more difficult to overtake as time passes, due to the network effect.
Already, Bitcoin is supported by a massive amount of infrastructure, in the form of mining equipment, exchanges, startup companies backed by venture capitalists like Andreessen Horowitz, software applications, and so forth.
REGULATION There is some chance that governments could slow the growth of the Bitcoin economy, for example by issuing regulations that make it difficult for exchanges to operate.
Regulations in China led to a sharp decrease in the price for a time. Many governments have reacted more favorably. In the U.S., the regulatory outlook has been improving. We've seen increased clarity from the IRS and are expecting favorable regulations to come out of New York sometime this month, which may make it easier for exchanges to get established in New York. This could lead to more liquidity and would reduce the risk of shock from one exchange going down.
Moreover, the U.S. just sold about 18 million dollars' worth of seized bitcoins in an auction, which provides additional legitimacy to the currency.
A FINAL NOTE: SOCIAL AND POLITICAL RAMIFICATIONS For better or worse, one thing large-scale technologies seem to have in common is their unpredictability. Who would have predicted that a social media platform called Twitter with a cute little bird logo would end up facilitating political revolutions throughout the Arab world?
FURTHER RESOURCES This article by Marc Andreessen gives a good overview.
A nice way to get started is also to just check out bitcoin regularly. The users here range from noobs to developers and Bitcoin entrepreneurs. So, you’ll see more technical talk and in depth discussion than you see in typical media stories, and you can ask if you don’t understand.
You can also try the Bitcoin 101 Blackboard Series, which I hear is quite good.
For a quick video on the technical aspects of Bitcoin, you can try the video Bitcoin Under the Hood or the shorter, less technical version of this video.
For another explanation of the technical underpinnings, you might try the Khan Academy videos.
If you're looking to purchase your first bitcoin, then depending on where in the world you live, you might consider getting started with Coinbase. It's reputable and very easy to use. Many people will advise you not to store your coins on a web wallet, but buying a few coins (or a fraction of a coin) on Coinbase is a good way to start as a beginner. Please be aware, though, that this is a new industry and purchasing Bitcoin in any form carries risk, so do your research. I wouldn't want to be the one recommending Coinbase just before someone manages to hack it!
I hope that helps!
Edit: formatting and typos; added quote from Ben Lawsky.
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4/23/14 - Bitcoin into space, Atlas ATS pushes forward, & Dorian Nakamoto says thank you

Video: http://moneyandtech.com/apr23-news-update/
Here are today's top news stories in Money & Tech:
The blockchain is headed for space. Jeff Garzik’s Dunvegan Space Systems is partnering with Deep Space Industries to build satellites called ‘BitSats’ that will be launched into space as a backup bitcoin orbital system. From orbit, these BitSats will be able to broadcast out transaction data from the blockchain to any users with a downlink. Garzik made the first payment to Deep Space Industries via BitPay, where he is also a senior software developer, and is now accepting bitcoin donations to help complete the project.
Bitcoin trading platform Atlas ATS has formed a partnership with The National Stock Exchange to speed up regulatory approval. By partnering with this self-regulatory organization, Atlas ATS hopes to bypass FinCEN's money-transmitting license in favor of SEC-approved rules that are more tailored to digital currency exchanges. Kraken and CoinMKT are also taking this route, as several exchanges race to become the first fully regulated digital currency exchange.
Nine state banking officials from the US Conference of State Bank Supervisors (CSBS), including New York Superintendent Ben Lawsky, have launched the Emerging Payments Task Force. The new task force plans to investigate bitcoin and other virtual currencies in the hopes of developing state regulation best practices, as well as more educational resources. The discussion will begin with a public hearing on May 16th in Chicago.
With the reluctance of Irish banks to accept bitcoin, ATM provider BitVendo and safe deposit box facility Merrion Vaults have partnered to provide cold storage to BitVendo's local cryptocurrency users. The service allows users to store their bitcoins safely in Merrion Vaults' high quality and secure safe deposit vault in Dublin.
Butterfly Labs has been on rocky ground since this month's lawsuit against the bitcoin mining hardware company, accusing it of collecting payments for false orders and using customer equipment for their own mining. This recent lawsuit is only the latest accusation of fraud against the Kansas-based company. What's more, co-founder Sonny Vleisides has been found in violation of his probation since pleading guilty to one count of mail fraud in 2010, which will likely extend his probation another two years.
Dorian Nakamoto, the man famously falsely identified as bitcoin's creator, has filmed a YouTube video with Andreas Antonopoulos to thank the bitcoin community for its support. Antonopoulos led a fundraising campaign for Nakamoto that raised over 47 bitcoins - worth nearly $23,000 dollars - in a new bitcoin wallet that Nakamoto says he will keep open as a new bitcoin user. Watch that YouTube video at https://www.youtube.com/watch?v=w7YmJZ-qVW8.
Bitcoin documentary The Rise and Rise of Bitcoin premieres today at the Tribeca Film Festival in New York City. Money & Tech will be attending the screening, as well as the film’s after-party hosted by Charlie Shrem. We will be bringing you video coverage and interviews from that event soon.
We will also be attending the next major digital currency event this Friday, Dogecon SF, which will be San Francisco's first dogecoin conference. The event is hosted by Follow The Coin, and will feature prominent industry speakers such as litecoin creator Charlie Lee, industry expert Andreas Antonopoulos, and of course, Dogecoin's own creator, Jackson Palmer. We sat down with Tina Hui and Matt Schlicht from Follow The Coin to talk about what we can look forward to at Dogecon SF.
Find that interview and more videos on the Money & Tech website at http://moneyandtech.com/apr23-news-update/
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[Table] IAmA full-time Bitcoin day-trader, blogger, and explainer. I was a pro TCG player. Here until Midnight EST. AMA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2014-02-20
Link to submission (Has self-text)
Questions Answers
Let's say someone was looking for a stay at home computer job, would you recommend doing what you do? Is it something you can hop into, or is it something a lot of time must be put into before considerable income comes? You handle risk and pressure well, and you don't let your emotions guide your decision-making. Professional Poker and TCG players often develop this skillset.
You have experience working with stocks, bonds, derivatives, foreign exchange, or other financial instruments. If you have a strong mathematical background, that would also likely fulfill this.
You can invest significant capital into trading while remaining financially secure if it all suddenly vanishes.
You are capable of constantly monitoring a situation, waking up in the middle of the night if an alarm goes off, etc. It requires serious dedication.
You are good at keeping up with news, understanding market psychology, and "feeling" shifts in attitude and perception among other market participants.
Of those, I'd be most cautious if you don't meet no. 3. Going bust is a real possibility--day-trading a volatile commodity is inherently extremely high-risk. Nos. 2 and 4 are the easiest to learn or force through routine. No. 1 requires a person who approaches things in an emotionally detached manner. No. 5 is something that comes with investing enough time.
Second question: I'm answering this after that big block of text because this answer will come off like a get-rich-quick scheme. Yes, you can hop into it very quickly, and you can start making very high profits very quickly. I put in a small initial investment to test the waters, and made 10% on it in a few days. If you have the right skillset, composure, and resources, yes. It is a potentially very lucrative and exciting stay-at-home job. It is not for everyone, though.
As much as it would be beneficial for me (being in the industry and all), to tell everyone it's easy and that it will help them provide for themselves I feel that people need to know the real risks that are involved. Regardless, that's all a little irrelevant. We're not playing the house, and we're not flipping coins. We're playing other investors, and we're making actual decisions. You keep saying things like "98% lose money" and "Go onto any FOREX forum, and you will see from the users posts that they pretty much all lose money" but you don't back it up. Cool, yeah, it's a zero-sum game with a rake: a little more than half of the players will lose. That's expected. They'll probably complain about it, too, huh?
Retrospect can have a very positive effect. Got any real account trading statements I can have a look at? Let's see how fast you can come up with excuses not to show me ;) I only have and need one: I have chosen not to disclose my personal valuation for privacy reasons. Same reason I've had all along. I instead publicly disclose my trades, as they happen, on my website. The posts are timestamped, and the ones that are the start of a position contain the price I entered at. Go check the posts, then go check the charts, then go check my archive. But feel free to continue to arbitrarily call my credibility into question--that makes your argument better!
What leverage do you use? In Australia the leverage is typically 100:1, perhaps that's why your not seeing how risky I deem it to be. First, our argument so far has had nothing to do with risk. Second, I told you I am leveraged 2.5:1, two posts ago. Third, you realize I'm trading Bitcoin, not ForEx, correct? And that no one in their right mind would offer 100:1 leverage on Bitcoin due to its volatility?
What's your last year's hourly salary? A year ago I was finishing up college and extricating myself from the TCG business I'd co-founded. I took very little in take-home pay over that period, but kept part ownership of the continuing business. Money isn't just about the number on your bank account--it's also about residual future income.
How many hours a week are you typically on a computer? On a computer, probably 50-55, if you add in time I spend on my phone, I'd say 65-70. Day trading takes constant watchfulness. I imagine it's like an easier version of taking care of a baby.
What are your favorite to sources of news besides waiting for it to get to the front/hot page of /Bitcoin when it's several hours old? I have an IFTTT for /BitcoinMarkets and /Bitcoin that notifies me early on about some posts.
What's the weirdest thing about your mom? She started a bookselling business online in her 50s and makes more money than me.
Or.
She's a little old lady who loves gadgets and technology.
What are your thoughts on Dogecoin and other bitcoin competitors? Do you think any have staying value? LTC.
DOGE.
NXT.
VTC.
Coins that offer something different or that have a strong community to them can be valuable prospects.
LTC is the first-mover scrypt coin - DOGE has the most non-techies interested in its success and is spreading quickly as a result - NXT is a cool generation two coin that has a lot of features BTC doesn't have - VTC is ASIC-resistant
Ok, let me spell it out to you. The retail forex market only makes up 5% of the total forex markets liquidity. The other 95% is from hedge funds and institutions. Therefore, 99% of the retail market losing their money is very possible, as that only makes up 4.95% of the whole market. Is it possible that 4.95% of the market generally loses? Yes. How is that infeasible? Nope. That's a false equivalence. It is possible that 4.95% of the market loses. It is not feasible, that, say, 99% of people with blue eyes lose. What, exactly, in empirical terms, is the difference between retail investors and hedge/institutions that causes this INCREDIBLE disparity? Would you care to respond to my above empirical argument that demonstrates that a zero-decision system is flipping a losing coin? Do you consider it feasible for 99% of people playing a 45-55 game to lose?
Are there options and/or futures markets for Bitcoin? Not really yet, but there will be more prominent ones soon. I hear about a new one pretty regularly, it seems, but nothing that seems truly legitimate has come out. I'm certainly excited for them, though.
Eventually, once Mr. Lawsky and co. get things sorted out, I'm certain we'll see a big-name investment bank start offering them.
From the time you started trading until today, what is your overall percentage return? In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
Ben, i told you I'd be here and asking about Hearthstone first. If there's one class that needs a bit of tuning, up or down, which is it and why? I think Mage needs basic, class-level tuning. I'm not sure what needs to be done exactly, but I don't like what the Mage class power does to gameplay. I've thought some about how different it would be if it could only hit minions, and I'd want to know if Blizzard had tried that out. The Mage power is too versatile, and over the long-term I think it will prove to be problematic.
What's your favorite card? Lord Jaraxxus is my favorite card. He has a truly legendary feel to him when you play him, but your opponent can still win, even though he's very powerful.
So, where do you think we go from here? I'm currently short, but I don't expect to be so for a lot longer. I don't think we'll get past 550. I also don't expect this drop to hold on for a really long time.
I haven't seen a good, substantive rationale for what the MtGox situation really has to do with Bitcoin price. Yes, it looks bad, it certainly doesn't help with our legitimacy, but is it really worth the incredible price declines we continue to see? I don't think so. I think we are seeing these impressive declines because the price on MtGox (which is a reflection of trust in MtGox relative to Bitcoin price, not just Bitcoin price) has been declining heavily. I don't expect it to continue forever, especially not with things like the Winkdex and the accompanying ETF launching.
MtGox is basically dead to me, for now at least. The sooner everyone stops paying attention to it, the sooner we can all get back on track, which I, for one, will be quite happy about.
Do you think that it's a good thing for a game when the developers of that game discourage certain playing styles (e.g. mill decks or decks that try to win in unconventional manners) whether in hearthstone, MTG, or other TCGs? It can be. I don't want the developers metaphorically over my shoulder outlawing strategies, but I don't mind if the strategies that are "less fun" for your opponent (Draw/Go, Mill, or Hard Combo from MTG, for example) are also less powerful. Most players prefer a game where the best decks are also among the most fun, because it means that they are playing against fun decks more often. Clearly the 2-cost 3/3 will be played most often. If you fix this by making both 2-cost guys 2/2s or 3/3s, or by making one a 2/3 and the other a 3/2, then you've done something--but it's not that interesting. If you instead make the 2-cost 2/2 have text that says "While you control the 3-cost 3/3, this gets +2/+2" and you give the 3 cost 3/3 text that says "While you control the 2-cost 2/2, it has Taunt" you now have more complex cards that reward players for doing something other than just playing the best stand-alone card.
Which do you think is a better option to encourage diversity in TCGs; improving/buffing cards/decks that hardly see any play versus weakening/nerfing cards that are overwhelmingly played? This is obviously a very simplistic example, but I hope it makes the point. Games are more fun when you give players more relevant choices: buffing and nerfing cards tends not to do that as well as promoting synergies does.
Where/what is the actual money behind bitcoin? If it does exist. You might need to rephrase your question for me to understand what you're asking. If you're asking why a Bitcoin has value, the answer is the same as any other good: because someone is willing to pay it.
If you're asking why someone is willing to pay that amount, my answer would be utility.
I just got started on Bitfinex (using your referral link) and am a little intimidated. What types of trades would I recommend I try as a beginner? From there, just keep careful watch, and see what happens. Be neutral and objective toward your own hypothesis, just like in science. Don't be biased by your hopes, be focused on the reality.
So far I've only done a liquidity swap offer to try it since it seemed (nearly) risk free. Have you done any liquidity swap or is it too low in profit? If I'm not going to be able to check my computer for a day or two, or I'm uncertain of what's going to happen the next few days, I do use the liquidity swap function. It's actually very profitable, relative to traditional investments. And you're right, it is low-risk. I'm a fan. Good job selecting it if you were intimidated--that's a good place to start. As far as actually starting trading, do science. Start with a hypothesis. If you were up at 5 AM today when MtGox published their announcement, a good hypothesis might have been something like: "This announcement is going to be a blow to their credibility, and might panic the markets. We'll probably drop by some amount as a result." Invest based on it, figure out around what price you want to take profits, and at what price you'll cut your losses and get out. Stick to those determinations unless something substantive changes. The time you tell yourself you can afford to not close your position because it will "rebound" back to where you want is also the time you lose your shirt.
Is it true that you like Balloons? No, I <3 them.
Lol to the question about your mom... Ben, from my understanding Bitcoin is anonymous, does this mean that you can avoid taxation when receiving payment? Bitcoin isn't anonymous. That's actually a common misconception. It's actually pseudonymous, like Reddit. You end up with an online identity--a wallet address--that you use with Bitcoin.
If I walk up to you on a street corner and buy Bitcoin with cash, then I'm pretty much anonymous. If I buy it from a large institution like Coinbase or some other company, they will have records of the address my Bitcoin was bought for. As a result, you can trace them down, generally speaking.
As for avoiding taxation, that's a general no.
What do you think Bitcoin's biggest hurdle is and how do you think it can be overcome? Are there any misconceptions about Bitcoin that you think people have? The biggest hurdle for Bitcoin to overcome is governments. Governments have a variety of reasons not to want an alternative currency. We seem to have done pretty well on that front here in the US, but for other countries (China) that is not the case. Past that, the other major hurdle is something I consider an inevitability: consumer adoption. Business adoption has begun in earnest, consumer adoption hasn't. It will when enough businesses take Bitcoin to give it sufficient utility for the average customer.
What trading platform do you use to daytrade Bitcoin? What is the standard margin that Bitcoin brokers offer? what's the typical ask/bid spread? I primarily use Bitfinex.
Very few Bitcoin brokers currently offer leverage, Bitfinex offers 2.5:1. Over time, I anticipate it will become more like current Forex, where 10:1 or greater leverage is common.
It varies by exchange depending on their fees. Huobi charges 0% fees, so their spread is generally tiny. Some exchanges can be as wide as 1.5%. Typically, I see spreads between .5 and .7%.
Do you invest in any other type of cryptocurrency? if so, which is your favorite besides bitcoin? I currently have no other holdings, but I've held DOGE and LTC at points and am considering VTC and NXT. DOGE is probably my favorite, because if the community can keep this up for a little longer it will snowball into amaze.
Can you trade me a Jace? TMS WWK, TMS FTV, Beleren, MA, or AoT?
Beleren. M10, M11, LOR, JVC, JVCJPN, or Book Promo?
M10 and if not possible then M11. Sure.
I've been reading your blog for quite some time and especially like your summaries for recent events. Keep up the good work! Do you use strict stop-loss orders for your trades? When do you decide to close a trade? Especially in situations where you can basically see you profit/loss grow by the minute. When is enough? Do you have a longterm bitcoin investment you don't touch or do you use everything you have for trading? I do use relatively strict stop losses, but they're not stop loss orders. My conditions usually aren't just the price hitting a certain point, but instead it sustaining for a brief period, or hitting it with a certain volume, or with a certain amount of resistance to retreat. I don't want my stop loss to be triggered by some idiot who dumps 300 BTC and temporarily drops the price 15, but only ends up really dropping it 3. I am very strict with myself about this, though, generally speaking--if I can't trust promises I make to myself, what good am I?
Let's say for example you have a sum x dollar and a sum y bitcoin on your trading account. How much % of x or y do you risk at every trade? I've seen a formula for the max. amount of investment and read numerous times that traders shouldn't risk more than one or two percent of their "bankroll". Do you generally have dollar and btc or just one of them at any given time? 100% of funds in every trade, so long as all funds are easily moved into the position. Common exceptions are lack of liquidity and funds being on other exchanges. My reasoning for being all-in all-the-time is that it's a profit-maximizing move. It is also risk-maximizing. My risk tolerance is infinite; most people's isn't. Only ever one. Generally BTC if I'm long, dollar if I'm short. I prefer to double-dip, as otherwise it would be in contradiction to the 100% plan. I use everything I have for trading. Again, profit-maximization, infinite risk tolerance.
I decide a closing price when I'm near either my stop loss or my profit aim. I place a limit order or multiple limit orders wherever I need to. I avoid market orders whenever possible. Enough is when I hit my goals or my loss tolerance. I decide these at the start, but I frequently re-evaluate them as news and market conditions develop.
What is a typical bid/ask spread for Bitcoin? It depends what exchange you're looking at, but generally .5-.7%.
What's the best way to popularize Bitcoin among the masses? Add your own but would love your thoughts on: -microtransactions developing nations -gift economy (tipping) I would suggest just running around shouting "You get to be your own bank" is probably the best way.
In all seriousness, though--we don't need to try. It's going to happen on its own from now on, as the news media slowly starts to pick up the story. People will start appearing on TV talking about it with more and more frequency. Things like the Dogelympic teams are great PR and help boost it up, as well, of course, but in general it's just going to follow the adoption curve of every other technology.
If it picks up in a few developing nations that have stable internet, it will be a massive revolution for them. Self-banking can do a huge amount of good for an economy like theirs. We might see reports on that. If a major newspaper decides to run a permanent paywall like what the Sun-Times tested recently, that could be big as well. The slow PR from tipping on Reddit is another way, to be honest. Every bit helps, but the cryptocurrency community is now large enough that we're going to do a significant amount of organic, word-of-mouth style growth.
Do you think that a magic game could beat harthstone? If they do a good job, absolutely. They have to focus on the right things. It needs to be mobile-available, easy to pick up and play, and fun.
Is there a good crypto currency to get in on now, before it explodes like bitcoin did? There are plenty of options. Check out coinmarketcap.com. Fair warning, there are plenty of horrible things there--treat it kind of like penny stocks. I like BTC, LTC, DOGE, NXT, and VTC.
Also, why is it such a pain in the ass to buy them with actual money? Like you have to have bitcoins to buy other crypto currency. It's such a pain to buy them with USD because no one has made a good system to do it on, like Coinbase. If you think there's a desire, go do it!
Well the way I look at it, is how the hell else would you be able to buy them? Not everyone has piles of bitcoins lying around and I really don't want to spend $600+ on a single bitcoin just to buy some other currencies. Ah, I see the problem! You can buy fractions of a Bitcoin using Coinbase--I think .01BTC (~$6) is their minimum.
The March 2013 appreciation was from American and European investors and November 2013 was mainly from Chinese investors. Which group of people do you think will be the next to buy (I hate using the word invest when talking about bitcoin) bitcoin for investment purposes? American institutional and hobby investors. That is, Wall Street and people who pay attention to Wall Street.
Which do you think will be a better long term (~5 years) investment, Bitcoins, Litecoins, Dogecoins, Fetch Lands, Shock Lands, or Original Dual Lands? Does it change for ~10 years? Either Bitcoin or Fetch lands for 5 years. For 10 years, Bitcoin. I'd be worried about the 10-year view for paper MTG.
Ive been mining Bitcoins for years now, i have a good sum im my wallet but i never plan to use them. Does this make me a bad person? Approximately yes.
Ben, I should've simultaneously copied and pasted all of my questions from the Spreecast over to here but here are a few... It seems like the conspiracy crowd has really latched onto the idea of Bitcoin as being a discreet form of currency. If Bitcoin is backed up by the internet why would people choose having a currency that's being tracked over say cash, gold, different commodities? Having a currency be tracked has negatives and positives, but it's overwhelmingly positive for the average consumer. Because it's tracked, you don't need to pay someone to move your money for you. There also are no chargebacks, which means merchants aren't getting scammed and passing those costs onto consumers. Theft costs everyone money. It's also very fast--transactions confirm in just 10 minutes, regardless of size or where it's going. Transferring dollars from here to China is very difficult--transferring Bitcoin? Just as easy as from anywhere else to anywhere.
My job is a mix of voodoo, intuition, science, and news. In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
No, just gambling. In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Anyway, how have the profits been from start to finish compared to the market? Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
Are you willing to disclose how much you have in your trading portfolio/what kind of profit you turn both % and $ wise? In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
What would you say is the easiest method of shorting bitcoin or any other coin? For shorting Bitcoin or Litecoin, check here.
For other coins, there isn't really a good way yet, to the best of my knowledge. A few exchanges have plans to add short-selling, but Bitfinex is really the only one I know of that has.
What did you have for breakfast today. Didn't breakfast, was delicious.
Hey Ben, I know next to nothing about Bitcoin. I went to /bitcoin after seeing this AMA on your FB, and I noticed that everyone is going apeshit over "Gox". I have no idea what that means or why everyone is so sad/angry/suicidal. MtGox (which originally stood for Magic the Gathering Online eXchange) was the first prominent Bitcoin exchange. They've been going through some rather rough times lately, some of which I was an early cataloguer of here. In short, everyone is freaking out because the exchange may be insolvent. It's not really a big deal to Bitcoin as a whole, but it's certainly an obvious blow to credibility. In my view, people are primarily upset because MtGox has been a part of Bitcoin for a very long time, and it can be hard to let go of what we're used to. I expect that they will either fix the issues or will go out of business officially very soon.
Please explain what happened.
Tell me every artist in your iTunes. Daft Punk, detektivbyrån, Kid Cudi, Matisyahu, The White Panda.
Spotify for life, yo.
Follow up question, what % are you in BTC vs Fiat and when you are on the losing side of a trade do you find your self dumping in more to get right or do you pull the cord Unless my positions are on different exchanges or in different coins, they're all always 100% of what I'll put into that trade at entrance and exit. As a result, I end up with a binary choice: stay or reduce/close. I very rarely reduce position size, nearly always preferring to just end the position instead.
Last updated: 2014-02-25 04:57 UTC
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BitLicense Will Publish End of October, NYDFS Ben Lawsky Will Keynote Money2020 Early November Ben Lawsky releases BitLicense at the BITS Emerging Payments Forum (full video) Bitcoin and the NY Bitlicence proposed regulations TETHER WILL TRY TO PASS BITCOIN!! TRUMP BETTER BE MINING ... Charles Hoskinson on Ben Lawsky and Ripple

Developers, miners and individuals using bitcoin will generally not be regulated by the impending ‘BitLicense’ proposals, according to Benjamin Lawsky, superintendent of the New York Department Financial Services (NYDFS). Speaking at the Benjamin N Cardozo School of Law, New York, Lawsky[1] clarified that many individuals and companies working within the bitcoin space will not need ... Ben Lawsky: New York kann nicht riskieren Bitcoin Regulierung falsch 2020 - Bitcoin on air Die New Yorker Abteilung für Finanzdienstleistungen (NYDFS) gab heute bekannt, dass sie die Kommentarperiode für ihre vorgeschlagenen Bitcoin-Bestimmungen um 45 Tage verlängern würde, wobei ein wichtiges öffentliches Interesse an den Regeln als ein wichtiger Grund für die Entscheidung angeführt ... Bitcoin Exchange Guide is a hyperactive hybrid of heavy-handed cryptocurrency content curation creators from christened community contributors who focus on delivering today's bitcoin news, cryptoasset user guides and latest blockchain updates. Ben Lawsky Introduces Changes to the Bitcoin Bitlicense Regulations at Money 20/20 in Response to feedback from 90 Day Comment Period on Initial Proposal MINING; ALTCOINS . BITCOIN CASH; LITECOIN; RIPPLE; IOTA; DASH; EOS; MONERO; ZCASH; NEO; COUNTERPARTY; CHARTS; Updated news about bitcoin and all cryptocurrencies. BEN LAWSKY. Read news and updates about BEN LAWSKY and all related bitcoin & cryptocurrency news. Displaying items 1 - 5 of 5 . Bitlicense Should be Smashed, Candidate for New York Governor Urges. 06/29/2018 - 00:55 . NYDFS ...

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BitLicense Will Publish End of October, NYDFS Ben Lawsky Will Keynote Money2020 Early November

This "Bitcoin Mining' video will help you understand what is Bitcoin, what is Blockchain, advantages of Bitcoin, advantages of Bitcoin mining, what is Bitcoi... Charles Hoskinson on Ben Lawsky and Ripple ... Charles Hoskinson on How Cardano ADA is more decentralized than Bitcoin BTC - Duration: 4:41. Crypto ADApter 1,344 views. 4:41. Charles Hoskinson on ... Live Bitcoin Liquidation Watch: June 1 2020 IntroToCryptos 206 watching Live now Kayleigh McEnany explains what it will take to stop antifa - Duration: 7:26. Sponsored by http://CoinHD.com Donate Bitcoins to MadBitcoins https://blockchain.info/address/1LAYuQq6f11HccBgbe6bx8DiwKwzuYkPR3 Join the MadBitcoins Patreon... Superintendent of Financial Services for New York, Ben Lawsky, has issued his proposed regulations for a Bitlicence governing Bitcoin businesses. I've warned people repeatedly about the fact that ...

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