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The CEO Of Reddit Dumped All Over Bitcoin Users
"I would not be surprised if the NSA is actually heavily in favor of Bitcoin," he wrote, "because by combining their other data streams, they can cross-correlate activity on the blockchain and essentially know exactly who is doing what."
www.businessinsider.com/reddit-ceo-bashes-bitcoin-users-2014-3#ixzz2xWUltQwE
http://arxiv.org/pdf/1403.6676v1.pdf
Group of independent researchers crunched the numbers and determined that the maleability issue could be responsible for like a fraction of a percent of the missing Mt Gox bitcoins, tops.
dogbert=god
Another crash occurring.
Has lost about 15% of value in past 8-9 hours.
Now sitting around 435.
It's fallen further than flight 370. Almost down to $400.
They Just asked the head of the IMF, Christine Lagarde, about bitcoins. She said she doesn't support them in their current form because they can be used by drug dealers. If you take away the anonymity of bitcoins aren't they just another version of Paypal?
http://i1119.photobucket.com/albums/...psaeb59034.jpg
But without the fee's and without any dispute resolution system. They could catch on as a form of trivial web service payments like for access to web content, cam chat, and for 'tips' / begging. I expect a large company like facebook to buy up some small bitcoin operator like Xapo and make using them simple and non-anonymous.Quote:
Originally Posted by bukowski72
Depending on what youre doing, there can be pleennnnnty of fees.Quote:
Originally Posted by Deal
Slightly off topic, a lot of the current instability is based on Doge removing their mathematical cap, which has resulted in a massive deprecation of value.
In fact its basically considered a dead currency at this point. Some people are considering rolling it into litecoin, another alt which is virtually guaranteed to hit zero soon.
The truth is that most people with any sense of scope and vision are signing off on the entire alt-coin movement to be a walking corpse... more of a shuffling corpse at this point I guess.
Bitcoins shocking implosion is only a shadow of the the real issue; there are only so many suckers you can burn, and you can only burn them so many times before they get wise and move on for good.
You really gotta have no regard for money to buy here.
Hardcore believers keep getting sucker punched with $500k sales.
Sounds like folks are throwing in the towel.
This usually means it's a raging buy. I am seriously considering this. There is no technical reason except the bounce off $400 which everyone else sees.
Wait for one more vomit inducing move? Gonna watch.
The interesting thing here is that losses now mount more quickly percentage-wise than they did before, since the overall value is lower.
If you owned 10 coins at $1000 each, and it drops 50 points to 950, you just lost 5%.
Here at 400, if it drops 50 points to 350, you just lost an ugly 12.5%.
Honestly I almost just sold my 2.1 BTC at a loss when it hit 460 recently, but I didn't. I don't know why. I thought it was highly unlikely we would see 500 again, so I should have.
I might just sell the coins off if it does a little pop here (people buying because it went under 400), and be done with it, eating the $250 or whatever. Sadly there were many times I was much more confident about buying, yet was unable to, and would have made money. When I finally was able to buy, I kind of just made an impulse buy and it really wasn't all that smart of a time to do it. At least it's only a few hundred dollars I'm dealing with here.
Proponents of bitcoin should be very dismayed as to what has occurred over the past month. It has pretty much been a straight downward trend, with only two small upswings that only lasted a few days (and honestly weren't very large). The last 30 days shows a decline from 657 to where it currently sits at 401, and today was the first time it touched under 400 since it first breached 400 many months ago.
This no longer seems to be just wild volatility, but rather a slow sell-off and steady decline in value.
If you held onto most of your bitcoins when they went up over 1000, thinking they would reach 10,000 or higher and make you filthy rich, you really blew it. Save yourself further agony and get out now.
If you can disassociate your own position.. your sentiment - the utter lack of hope usually spells a great buy opportunity for the contrarian.
When there are no more sellers the move up can be unhindered. One more move to shake out the last hope?
Your observation about percentage movement is an argument for going long and exactly my thought now.
There are so many other opportunities out there now though. Lotta volatility in the other casino that is the traditional stock market.
I usually try to be flat at the end of the day so I don't want to be married to Bitcoin. I like to wait for filthy moves - capitulation plays - we may see that move under $400. (Not really feeling it will happen today) Play the bounce and hit & run.
Oh you mean like this guyQuote:
Originally Posted by Dan Druff
Once again Micon lucks into some big score & shits the bed to throw it all away. Hasnt quite happened yet but its def getting there.Quote:
Bryan Micon @BryanMicon 33m
"@RandyDorfman: Bitcoin slumps to under $400...#China"
Long term hoarders unaffected
Endless $500k sales ... Forgot about the April 15 Chinese deadline ... Drilling a hole to the U.S.
Aussie bank backing out of Bitcoin activity too.
Chinese Bitcoin exchanges have been on alert since media reports emerged claiming that China is readying another crackdown on the virtual currency. By April 15, Chinese banks will have to close the accounts used by the local exchanges to take funds from customers wanting bitcoins in return.
Gradually, more banks are shutting down services to local exchanges. On Thursday, another prominent exchange, called Huobi, reported that one of its banks has been forced to close its account by April 18. Huobi’s accounts with other Chinese banks, however, remain in operation.
Although BTC China has yet to receive any formal notification of any bank account closures, the rumors have been enough to send customers packing, Lee said in an interview. Since December, when China first announced it would ban banks from trading in bitcoins, the virtual currency’s price has fallen from 7000 yuan (US$1,136) to 2487 yuan.
http://hsrd.yahoo.com/_ylt=AlnfN9356...EqDl3pRR1Tj_c-
MIAMI BEACH, Fla. (AP) — Two police officers burst through a hotel room door with guns drawn, yelling "Police! Get Down!" just after an alleged money laundering transaction went down. But instead of briefcases stuffed with a drug dealer's cash, this exchange involved an undercover officer with supposedly stolen credit cards and the virtual currency bitcoin.
The February arrests of Pascal Reid and Michell Espinoza marked the first time any state has brought money laundering charges involving bitcoins, according to Miami-Dade State Attorney Katherine Fernandez Rundle. And it's likely to be a closely-watched test of whether criminal law can adapt to new digital forms of payment.
"These cybercriminals are way ahead of the rest of us in terms of trying to figure out ways they can launder dirty money," Rundle said.
Investigators trolled through an online directory of bitcoin traders to find the 29-year-old Reid and 30-year-old Espinoza, setting up separate meetings with each of the men at restaurants and coffee shops. They were arrested at the same Miami Beach hotel on the same day, at different times.
Defense attorneys said the men have no previous criminal records and were simply enthusiasts of the payment format that allows people to convert cash into digital money for online transactions.
Still, undercover officers with the U.S. Secret Service and Miami Beach police told both clearly that they wanted to buy bitcoins with cash supposedly generated by the hacking of Target Corp. customer information. The undercover officers said during the secretly videotaped meetings that they planned to use the bitcoins to acquire still more stolen credit cards.
View galleryThis combo made with undated booking photos made available …
This combo made with undated booking photos made available by the Miami-Dade Corrections Department …
Attorneys for Reid and Espinoza, both of whom have pleaded not guilty, say they will challenge the very legal foundations of the cases, which are being prosecuted separately. The arrest affidavits for both Reid and Espinoza refer to bitcoins as "electronic currency with no central authority."
"My client has never dealt in the area of stolen credit cards," said Espinoza's attorney, Rene Palomino Jr. "My client was simply selling a piece of personal property, which is what a bitcoin is. It has not been recognized as currency yet in the United States."
The Internal Revenue Service issued guidance last month concluding that bitcoins can only be taxed as property and are not legal tender. Federal law enforcement agencies are watching whether bitcoins are used increasingly in criminal activity, such as the now-defunct Silk Road illegal drug marketplace.
"The idea that illicit actors might exploit the vulnerabilities of virtual currency to launder money is not merely theoretical," said Jennifer Shasky Calvery, director of Treasury's Financial Crimes Enforcement Network, in a recent Florida speech to bankers.
Still, bitcoins have been gaining popularity among mainstream businesses. Overstock.com recently became the first major retailer to accept digital money and the NBA's Sacramento Kings in January announced the team would accept bitcoins, another first. They are increasingly used in restaurants, coffee shops and elsewhere.
View galleryFILE - In this April 7, 2014 file photo, a man arrives …
FILE - In this April 7, 2014 file photo, a man arrives for the Inside Bitcoins conference and trade …
Bitcoin users exchange cash for digital money using online exchanges, then store it in a computer program that serves as a wallet. The program can transfer payments directly to merchants or individuals around the world, eliminating transaction fees and the need for bank or credit card information.
The Latin House Grill in Coral Gables is one of the first South Florida restaurants to accept bitcoins and has been hosting meetings to educate people.
"This technology can't go away. It's completely disrupted a lot of existing technology that's archaic, that hasn't evolved," said patron Andrew Barnard, who has been using bitcoins for a year.
In the Florida criminal case, Reid and Espinoza each face up to 25 years in prison if convicted of money laundering and engaging in an unlicensed money services business. Reid is free on $100,000 bail but Espinoza has been unable so far to make bail.
The transactions started small — one payment of $500 translated into about half a bitcoin — and eventually built to a proposed swap involving $30,000 in Reid's case.
"Ice cold money. Ice cold cash. Right out of the freezer," the undercover agent, holding a plastic bag of cash tells Reid on the surveillance tape. Just after Reid accepts the bag, the undercover agent says, "We're cooking with gas," an apparent signal to the officers outside to come in.
"You're a cop?" Reid is heard saying on the tape. "You're a cop?"
Reid attorney Ron Lowy said the prosecution was manufactured.
"The government is frightened of bitcoin. Apparently, they see it as an emerging, new type of economic medium of exchange, and they're worried that they're not regulating it close enough," Lowy said. "These facts do not constitute a crime."
As I said roughly 50 pages ago on this thread there might be short term trading profits to be made but the longer term prognosis is bleak and this will not end well. The regulatory issues are significant but the real underlying problem is that bit coins have no inherent value (on which to base an investment) and it is now clear that there will not be enough acceptance in the retail market to allow it to be a viable alternative currency. People will move on.
how do taxes on btc work?
if i earned one by mining when they were worth 1k but now on tax day it's worth 500, do I pay taxes on the 1,000....not that many will report this stuff.
no one really cares what you said or when, hoser.Quote:
Originally Posted by Hurdleking
This will hint at the probable answer:Quote:
Originally Posted by Texter
The IRS supplied that in its statement, which dealt a blow to bitcoin "miners," who unlock new bitcoins online. The IRS said miners must include the fair market value of the virtual currency as gross income on the date of receipt.
On the IRS guidance, William Lewis, a lawyer in Sunnyvale, California, who represents a start-up company creating a platform for virtual currencies, said: "This is going to be unfavorable to bitcoin miners because they're going to have to include in income the fair market value of the virtual currency on the date they mined it.
I encourage you to give the elementary school science teacher who is moonlighting at HR block an aneurysm.
Promise them an apple if they can demonstrate your loss mining bitcoins.
~ electricity cost
~ computer/GPU depreciation
~ the home office expense - room used exclusively for mining.
~ loss of your self respect
If you don't generate the obvious tax loss I would say fuck em and not report.
$354 Bitstamp.
Chinese fire drill ahead of April 15, I guess.
Just a vicious beating which will leave BTC so brain injured that there may be no play when this is through. You gotta have enormous cojones to step in front of this potential continued huge selling before the Chinese ban is realized.
You wanna scalp a little bounce? Sure, risk stepping in front of the next big sale.
A savage end to an interesting story. No fun.
If this April 15 thing ends up being true, it will be a strange coincidence that April 15 will be associated with both the death of online poker and the death of bitcoins.Quote:
Originally Posted by Sanlmar
Wouldn't you only have to pay taxes on bitcoin investments after you sold them are realized the gains?Quote:
Originally Posted by Sanlmar
The trend line from $800 to $400 is steady and very bad for btc owners, but I don't see why people would be selling now more than they have been for months.
The Chinese government issued a statement last month, requiring banks to close accounts of bitcoin exchanges by April 15. Folks didn't know if this was just rumor. Chinese banks are making notifications now, so doubt is removed.Quote:
Originally Posted by DirtyBWouldn't you only have to pay taxes on bitcoin investments after you sold them are realized the gains?Quote:
Originally Posted by Sanlmar
The trend line from $800 to $400 is steady and very bad for btc owners, but I don't see why people would be selling now more than they have been for months.
Large sales that just crush the price have been occurring. Chinese? Doesn't really matter. There are large and repetitive sales past couple weeks.
There is a point were people just experience max pain and quit.
http://www.billboard.com/biz/article...-get-their-own
Juggalo Coin!
Nice bounce.
I look at chart and hear the click of the hammer after the chamber advances. Russian roulette. Can I dodge that big red sale?
Up $70 since yesterday...Haters Gunna hate
thank goodness, everything is going to be ok. it went up $70.
stable as shit now ehQuote:
Originally Posted by sonatine
Haha...Druff seriously man. When they hit 200 a year ago you were calling for a fire sell. They fluctuate wildly obv, but buying 2 at 400 something and 1 day they go from 420-350 and back to 420 and you calling for a fire sell again is just silly man.Quote:
Originally Posted by Dan Druff
Yup, think you might be spot on.Quote:
Originally Posted by sonatineDepending on what youre doing, there can be pleennnnnty of fees.Quote:
Originally Posted by Deal
Slightly off topic, a lot of the current instability is based on Doge removing their mathematical cap, which has resulted in a massive deprecation of value.
In fact its basically considered a dead currency at this point. Some people are considering rolling it into litecoin, another alt which is virtually guaranteed to hit zero soon.
The truth is that most people with any sense of scope and vision are signing off on the entire alt-coin movement to be a walking corpse... more of a shuffling corpse at this point I guess.
Bitcoins shocking implosion is only a shadow of the the real issue; there are only so many suckers you can burn, and you can only burn them so many times before they get wise and move on for good.
I haven't bothered to mine any alt coins for about a month.
Kept some when I stopped, was worth about $220 and now one month later they're worth about $70... least they cost me nothing. *shrugs*
http://coinchomp.com/2014/04/10/idio...king-im-troll/
Zeta coins may actually be a worthwhile play folks.
Zetacoin may be partnering with m pesa, they will have their android app installed on smart phones. They may also be collaborating with vodafone who is an english mobile phone business who are moving into india as well.
So in short Zeta is looking to actually be used as a currency by people instead of just hoarded like btc is.
First BTC ATM in Atlantic Canada is here!
Ex-Bitcoin Foundation’s Shrem Indicted After Plea Talks
By Patricia Hurtado Apr 14, 2014 2:46 PM ET
"Charlie Shrem, a prominent Bitcoin evangelist, was indicted for allegedly trying to launder more than $1 million in the virtual currency in a case tied to the illicit online bazaar Silk Road.
The indictment came after plea bargaining talks with federal prosecutors in Manhattan ended. Shrem, the former vice chairman of the Bitcoin Foundation, and Robert Faiella, who the U.S. said operated an underground Bitcoin exchange called “BTCKing,” are accused of engaging in a scheme to sell Bitcoins to users of Silk Road for illegal purchases.
Shrem, who was also the chief executive officer of a Bitcoin exchange company called BitInstant, and Faiella were first arrested in January and have been free on bond. They’re charged with two counts of operating an unlicensed money transmitting business, money laundering conspiracy and willfully failing to file suspicious activity reports with banking authorities, according to the April 10 indictment."
MORE:
http://www.bloomberg.com/news/2014-0...lea-talks.html
The case is the latest to be brought by GOOD OLE Preet Bharara’s office
Bitcoin $500. One of the best moves BTC ever made.
What do you call a lying Chinese banker?
Cha Ching!
Trading the news is a fools game. Turn on CNBC and mute Maria Bartiromo. I know that. Said it many times.
The news is baked into the price. Just look at the chart. You never have all the news. The price reveals all.
I lived in fear of the April 15th shutdown/rumor and missed a great run. Will serve as a good reminder for a while.
AAPL Everyone trying to game the new iPhone release. Who the fuck knows? AAPL down $9 filling February gap. AAPL was a sick chart and it followed through.
Subsistence trading. Lol. Ramen noodles for dinner!
I love you chart guys, you make it sound like you have an edge on the market, as if reading a chart is some great indicator and you do it better than the next guy. A few of you guys barely break even and most lose a ton. Analytics never takes into account emotion or unintended market events, none of which your charts can forecast. And that buries knobs like you time and again.Quote:
Originally Posted by Sanlmar
And anyone that is using charts to analyze bitcoins needs to get a life. I'd have more respect for your ilk if you would put up some legit stocks so we can track your success and mostly failures. Instead you put up something akin to a lottery ticket.
No respect from this poster.
Quote:
Originally Posted by bottomset_69I love you chart guys, you make it sound like you have an edge on the market, as if reading a chart is some great indicator and you do it better than the next guy. A few of you guys barely break even and most lose a ton. Analytics never takes into account emotion or unintended market events, none of which your charts can forecast. And that buries knobs like you time and again.Quote:
Originally Posted by Sanlmar
And anyone that is using charts to analyze bitcoins needs to get a life. I'd have more respect for your ilk if you would put up some legit stocks so we can track your success and mostly failures. Instead you put up something akin to a lottery ticket.
No respect from this poster.
...said the plumber.
WAHBUHLUBADUB DUB BIIIIITCH!
Gox liquidating.
(Reuters) - Mt. Gox, once the world's biggest bitcoin exchange, is likely to be liquidated after a Tokyo court dismissed the company's bid to resuscitate its business, the court-appointed administrator said on Wednesday.
CEO Mark Karpeles is also likely to be investigated for liability in the collapse of the Tokyo-based firm, the provisional administrator, lawyer Nobuaki Kobayashi, said in a statement published on the Mt. Gox website.
"The Tokyo District Court recognized that it would be difficult for the company to carry out the civil rehabilitation proceedings and dismissed the application for the commencement of the civil rehabilitation proceedings," he said.
Mt. Gox filed for bankruptcy protection from creditors in Japan in late February, saying it may have lost some 850,000 bitcoins - worth around $454 million at today's rates - due to hacking into its computer system. It later said it had found 200,000 of those bitcoins.
In Wednesday's order for provisional administration, the court put the company's assets under Kobayashi's control until bankruptcy proceedings officially commence and a bankruptcy trustee is named.
"It is expected that, if the bankruptcy proceedings commence, an investigation regarding the liability of the representative director of the company will be conducted as part of the bankruptcy proceedings," it said.
Karpeles did not immediately respond to an email seeking comment.
Kobayashi did not refer to an offer made last month by a group of investors, including former child actor-turned entrepreneur Brock Pierce, to take over Mt. Gox. But he said such offers would be taken into consideration.
The court's decision comes after Karpeles' lawyers told a U.S. federal judge this week that he is not willing to travel to the United States to answer questions about the bitcoin exchange's U.S. bankruptcy case.
Quote:
Originally Posted by sonatine
Almost sold everything last night at like 532 before I went to bed. Then decided I was too tired and would just do it in the morning.
Now it's like 511. Damn.
Had I sold last night, I would have slightly made money on my BTC transactions lifetime.
So I'm assuming the run-up was because the April 15 China rumor was false?
Quote:
Originally Posted by Dan Druff
Its tempting to attribute these swings to big stories in the news or rumors of import. The ultimate truth is that there is no rhyme or reason to it; its just whales manipulating the market. The China Rumor might have been their excuse but any effort spent trying to predict its impact would have been wasted.