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.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
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?
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.Originally Posted by bukowski72
Depending on what youre doing, there can be pleennnnnty of fees.
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.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
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 guy
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.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.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
This will hint at the probable answer:
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.
Last edited by Sanlmar; 04-10-2014 at 07:16 PM.
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.
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