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My biggest regret, a saved email from 2013.

12/20/13 K: Hey man, it's K. Is your name D? Anyway...getting money onto BTC-e can be tricky if you are trying to deposit USD. I kind of just had to learn by trial an error because I didn't know anyone that could teach me, because i am the only one that invests in crypto currency that I know.
Anyway, coinbase is probably the best bitcoin wallet service in the United States. It is definitely the largest and most reputable. Use this referral link: Once you sign up using this link, it will give us both some free money after you have purchased some bitcoins. The process takes a little while to get all started up, but it is worth it because it is so easy to use after. You can instantly buy bitcoins, and then use those bitcoins to send to BTC-E to purchase whatever other coins you want. I invest pretty heavily in LTC. The only way I have been able to do that is by buying bitcoins on coinbase, and then sending them to btc-e. Let me know if this works for you..
K: Let me know if the email reached you
D: Yep. I got it. Two to three days for the deposit verification into my bank account. Thanks for the advice. I take it you work in finance?
K: Yeah I do :). Coinbase takes a bit for the verification process but it is super easy to use after that. When you sell bitcoins, they just deposit the money right back into your bank account. It's the easiest service that I have found that is reputable.
D: Have you ever tried trading for small margins? I made about 0.60 USD since I started last night. I got my initial funding by mining FTC. I'm trading BTC.
D: Actually up to 10.81 after my last trade. Got in at 625 and sold at 639.
K: I mainly buy and hold for long term. I bought some NMC to flip, but it dropped in value steeply so im still holding it. I buy more every time it dips. Sent via wireless, please excuse any typos...
D: Cool. No worry about typos. I type all day at work so don't mind as well. I give up on accuracy at 5. My friends also aren't very much into crytpo currencies. I like the technical aspect but I'm more interested in trading on BTC-E. I must have watched about 12 hours of bitcoinwisdom since yesterday. It was my first time analyzing real time data. I can't believe how much info you can obtain just from identifying patterns. I have a quick question about a 401k if you don't mind. So far my year to date is 26%, is that good?
K: Yes, very good. You must have had it set up aggressively with the investing choices (which is better to do when you are young). Good stock market returns are around 12% so you are more than double, but don't be surprised if there is a correction to lower on the returns there too.
D: Yes. I'm over 50% in small cap and am young. Is there anyway to avoid that correction by reallocating?
K: Nah, just leave it. At least you have a 401k, most people are paycheck to paycheck
D: Defiantly. I can't imagine how some of my co-workers get by paying overdraft fees each month. Have a good night. I'll let you know when I buy some coins on that site.
K: Cool, let me know. Let's make some money! :)
12/22/13 D: Howdy K, I'm still waiting on the deposits in my bank account by Coinbase. Thanks for the referral link, I'm looking forward to that free $5 of BTC. Up to $12.30 USD on BTCE, looking to break $13 tonight. Can't wait to get some more trading funds.
K: It takes a bit for the initial deposit. I think it took my bank almost a week :(. Once you are done though everything is quick. If you add a credit card too, you can buy up to 10 btc instantly per week
D: Awesome. Have any suggestions? (pic) attaches picture of small gains trade history
K: What do you mean by sugggestions? Like on your trading?
K: Can you deposit more money? It looks like you aren't fully able to enjoy the full gains of your trades because the amounts that you are trading are a little small. If possible I would suggest buying 1 btc when the price is the lowest of the day, and then trade from there..
K: Also i would stay away from ftc for time being
12/24/13 K: Hey bud, i just got some free money from coinbase :) did you get it too? Pretty cool huh?
D: Yes sir. 4 days for my order to fill, can't wait.
12/25/13 D: Merry Christmas!
K: Merry xmas! If you add a credit card you can instant buy up to 10btc. What other coins are you buying right now? I mainly just have BTC and LTC
D: Does the credit card have to be a Visa? I'm mining about 8 FTC per day and trading for BTC at market. Then I trade BTC/USD for 0.10 - 0.40 profits. Working on a spreadsheet right now which you can see if you are interested.
D: spreadsheet sends corny orange and grey spreadsheet
K: Think it can be mastercard or amex too...
K: Nice LTC rally today :). I just picked up more LTC yesterday too
D: I tried adding a mastercard and discover but it wouldn't work. I've been watching the rally. Waiting to buy in to BTC at $656.
K: Shit that sucks, email support and ask if they accept mastercard? I find that odd that they would only accept visa
D: No worries. Deposit should clear 12/31
12/29/2013 K: Hows it going? Did you get your btc?
D: Hey K. Not yet, they will be deposited 12/31. Bought at $651
K: Nice so you are already up :)
K: How much did you buy? You should buy some and hold long term if possible too
1/2/2014 D: Happy New Year, K. I only bought 0.2 BTC for about $131. I'm at a total balance of $179.07. Started mining FTC again for the few extra dollars per day.
I think I read somewhere that there is a cap of 21 million BTC that will ever be in existence. 21 million on the internet is subtle considering how many views cat videos get on youtube. 21 million out 7 billion people is even smaller. Sometimes I find it hard to imagine millions and billions but I always think about this one thing: 1 million seconds is about 11 days, 1 billion seconds around 31 years. I'm very optimistic about the long term. Probably going to set aside at least 1 BTC in the near future.
Have you ever seen BTC listed on ebay? I created an auction yesterday for 0.1 BTC, $120.00. It sold within 3 hours but the buyer flaked out after I told them they would be receiving the BTC-E redeemable code in the mail. They created a dispute stating that the ebay/pal accounts were accessed by an unauthorized third party which is currently in process. I didn't lose anything and actually sold back the 0.1 at $775 after buying at $740 last night. I'm considering re-listing some BTC on Ebay but don't want to deal with reversed payments. Have any insight?
K: I heard ebay can be a nightmare with sellers getting scammed by buyers with chargebacks. If you are going to do it, I would recommend selling maybe paper wallets only, that you actually have to mail to them. That way you can have a tracking number for your shipping. If you want to sell through paypal, be careful, I think any mention of crypto currency can get your account frozen. Not positive about that though. Try selling to people on the forums, I think that would be easy. Honestly, I think just buying what you can and holding long is the best option to make the best returns. Look how the market has gone today D
K: 21 million BTC is not even enough btc for each person in my state to have 1, let alone the United States, or the entire world. As long as the demand stays high, the price could become astronomical if some major players like wall street enter the game. Just think, if Wall Street threw like 100 mill at Bitcoins (which is not that far-fetched), the price would probably jump to like 3-4k per BTC after that 1 day alone…
D: I don't think I'm going to sell anything else on Ebay until I come up with a better way of protecting against charge backs. The market has been awesome today.
D: That's very true. I think my next purchase will be 0.5 BTC to keep in my wallet.
K: Have you seen the stuff on zerocoin? Looks interesting, should be out this year...there has been a lotta hype around it..
D: Haven't heard anything about it until just reading an article now. Looks interesting and they make a good argument about anonymity. I only read over it briefly, but it appears what they're proposing would add an additional transaction fee the the process. Cool concept. Are you good with candlestick charts and patterns?
K: Somewhat. I learned them in college but stopped using them until now, so I am pretty rusty…I get the concepts and all, but I am not a professional at them by any means. I saw my buddies wallet the other day…he is pretty stacked. Over 250btc and over 1000 LTC!
D: That is pretty stacked. About 500k stacked, right? Are you familiar with the creator(s) of bitcoin "Satoshi Nakamoto"? Is it actually one person? There are quite a few claims as to who or whom Satoshi may be.
K: Im not familiar, i heard it was a team of people under that one name
D: I wonder if it was created by a goverment. Like some NSA type agency. Kinda like how the darknet started off as a Navy project.
K: Nah I doubt it. Government wouldn't create something that could possibly pose a threat to its own currency.
D: That's a good point. The future of BTC is exciting.
1/6/2014 D: Started trading NMC recently. Check ou the spreadsheet attaches another shitsheet Still just testing the water before I start making bigger trades. Buy any more BTC/LTC lately?
K: Cool man.. Year i got some LTC at $16 right before it went back up :)
1/7/2014 D: Nice buy. Catch the market today? China's equivalent of Ebay banned the sell of btc, ltc, mining gear, etc.
My understanding on of China: China’s central bank regulated the virtual currency for the first time on Dec. 5 by banning financial institutions and payment providers from conducting transactions in the virtual currency
Chinese central bank officials told third-party payment service providers to stop offering clearing services to online Bitcoin exchanges
China's Ebay bans sell of BTC in accordance to the central bank's ban effective Jan. 31. Acting as a clearing house of BTC.
I'm now $180 long NMC. I might invest 1k soon on BTC, any thoughts on an upcoming entry point?
K: Hmmm not quite sure on entry point. I am in the red as of today on NMC. Im trying to get it back to 0.01 btc to convert my nmc back to btc, i missed it on the last push. If you are investing 1k and holding long, then any of the daily ups and downs dont matter because in the long run we hope it will be way up. If i were you, i would just wait for a big red candle and then try to by at the bottom. Maybe $800/btc is good?
K: The part that sucks is that it seems like BTC value works so hard to creep up and up slowly, and right when it seems like it is going to pick up some momentum, BAM! More bad news comes out and slams the market. This cycle seems to keep repeating over and over right now…
1/9/14 K: I got 2 more btc :)
1/27/14 D: Sorry, haven't check this email account for a few weeks. Been working a lot of OT. What price did you buy in at on 1/9? I just sold a majority of my coins for cash. I picked up 3 LTC at 19.50 though. What's gonna happen 2/1/14?
Also, do you know how long it would take for a tax return check if you have your taxes in prior to the 31st? I finished those 2 weeks ago if it matters.
The other day the dow finished pretty low. Do you have any thoughts about the US economy over the next 6-12 months?
K: What’s up man…huge dump off of BTC right now on almost all exchanges (except gox which is bs anyway). I bought some more LTC at around $19 too.
I am holding all for long haul, although it would have been profitable to sell this morning, and re-buy after this dump off. I have no idea what is going to happen on 2/1. Last time when senate met, everyone thought the party was over, and then there was a huge rally in prices instead.
I am trying to figure out the right price to buy more btc right now… what do you think?
D: Sorry. Copied and pasted instead of attaching the pic. I think we'll have to see if it breaks that support. What about the arrest of that guy at bitinstant? *attaches picture of BTC 4h chart with a random line pointing downward
K: I don’t think that one arrest will tank the market like that. I am wondering if the confiscated silk road funds are being trickled through the exchanges by the feds. It seems weird the sell off right now. It almost seems systematic. Like there is a huge sell off that clears all the buy orders. Then it is calm for a few minutes, then repeat. Really strange…
D: But I wonder how they brought charges on him? Could they hold anyone accountable who sold BTC to a person using it to buy drugs on silk road? If the Feds are selling that would explain it. They seized 144,000 and they're saying the owner of silkroad may have 600,000 stashed in a wallet.
K: I think the number is more like 30,000 btc
D: The spokesperson says the approximately 26,000 Bitcoins seized are just the ones that were held in Silk Road accounts. In other words, it’s Silk Road users’ Bitcoin. The FBI has not been able to get to Ulbricht’s personal Bitcoin yet. “That’s like another $80 million worth,” she said, explaining that it was held separately and is encrypted. If that is indeed what he’s holding, that’s close to 600,000 Bitcoin all together or about 5% of all Bitcoin currently in existence. (Update 10-25: The FBI says it’s seized 144,000 Bitcoins, or about $28 million, that it believes belong to Ross Ulbricht.)
K: I don’t understand how they were able to confiscate them, when bitcoins are not yet considered money, so they shouldn’t fall under forfeiture rules…
1/17/18 - D: Wish you the best K and hope you held those coins longer than I did.
TLDR: Meet a friend in December 2013 that gave me advice to buy and hold BTC long term. This is one of our email threads from around that time, edited to remove personally identifying information. I used all my bitcoin for pizza following the fall of Mt. Gox and the subsequent bubble burst.
submitted by hampering to CryptoCurrency [link] [comments]

Changelly scam... I think so.

I've been very patient with Changelly since August 5th when I submitted my first support ticket on this matter. Now that it's clear to me that Changelly runs a drag-it-out support strategy, it's time to go public.
Is Changelly a scam?
You be the judge... please leave your opinion in the comments.
CONTEXT
The transaction (Tx) at issue here is BTC for GBYTE (Byteball).
For those not familiar with Byteball:
Byteball has no mining; its native currency - white bytes (GBYTE) and black bytes (BB) - was created back in December 2016 and has since been distributed, as widely as possible, via ~monthly airdrops. Every full moon since December, a "snapshot" has been taken of the balance of bytes held on each and every Byteball address, and of the balance of every registered BTC address. Shortly thereafter, each address receives new bytes based on the balance at the time of the snapshot.
The last snapshot was August 7, 2017 18:10 UTC (11:10 PDT), and new bytes were distributed as follows:
One last thing: Byteball's immutable ledger of Txs is stored in a construct called a DAG (Directed Acyclical Graph), analogous in function to bitcoin's blockchain.
WHAT HAPPENED?
On August 5, two days before the Byteball snapshot, I initiated a Tx with Changelly to trade 20 BTC for ~105 GBYTE. Changelly took my BTC, but held on to the GBYTE through the snapshot, collected the airdropped Byteball reward based on the balance of my funds, and then, 4 days after I initiated the Tx, sent ~105 GBYTE.
Changelly effectively stole my ByteBall distribution reward.
When hours had passed and still no GBYTE, I sent my first ticket, and support responded:
"It seems that there could be some technical issues either with our wallet or with Gbyte network. We will investigate the matter. We have forwarded your request to the technical department. They will push your transaction through. We will inform you, once your issue is resolved!"
On August 7th, before the snapshot, I submitted two more support tickets. I told Changelly that if they couldn't deliver the GBYTE before the snapshot, I wanted my BTC back. Support responded on August 8th 2:06pm (long after the snapshot):
"Unfortunately, we cannot refund your bitcoins since they have been already converted into GBYTE. But you will receive the same amount since your money has been already exchanged. Please confirm your GBYTE wallet address and we will repeat payout. All the issues seem to be fixed now, so it should work."
I responded, explaining why the only reasonable remedy was for Changelly to refund my BTC. I did not confirm any GBYTE wallet address.
Support ignored me and sent the following on August 9th:
"Good news! We have received the response from the exchange and now everything has been delivered!"
I wrote to Charlie Shrem, an advisor to Changelly, and he forwarded my complaint to Changelly CEO, Konstantin Gladych. I've also emailed Gladych many times directly myself. Zero response.
CIVIL LIABILITY
Under civil law, Changelly has been unjustly enriched and is liable to pay restitution.
Unjust Enrichment. A general equitable principle that no person should be allowed to profit at another's expense without making restitution for the reasonable value of any property, services, or other benefits that have been unfairly received and retained.
This principle is widely recognized and applies to Changelly here regardless of whether they did anything wrong. This is essentially why Coinbase and Poloniex changed course and gave their customers the BCH that was due to them.
CRIMINAL LIABILITY
Changelly is clearly liable under civil law.
What about criminal liability?
Using a DAG explorer, we can browse Byteball's immutable ledger of Txs and discover the following:
All Changelly had to do was send it to me. What happened?
The DAG shows that the GBYTE was diverted to the following addresses, which subsequently received the airdropped GBYTE that rightfully should have gone to me:
  • 31,447,997,156 to CBCYP2UY6YX2FJX6OXNDHBQO4VREDUJL
  • 51,788,023,285 to QAHP5Z4P6QQV4S3MUVTOJM5D7SJDWPSD
  • 21,763,859,830 to 6H5USZBXMOYUAGCYEYF7P3A6QU2EJBCT
  • 306,636,259 to QR542JXX7VJ5UJOZDKHTJCXAYWOATID2
The DAG also shows plenty of Tx activity over the relevant time period, also strongly suggesting no technical issues were to blame for Changelly's delayed Tx.
Did you know…?
Under the Czech Republic's Code on Corporate Criminal Liability both Changelly and the individual perpetrator(s) would be criminally liable.
WHAT NEXT
Changelly… fix this immediately.
Up next we’ll explore…
  • how to connect employee identities to the suspicious Byteball addresses
  • inner-workings of Changelly
  • the Bittrex and Changelly APIs
  • behind the scenes of the Changelly-Bittrex connection
  • Konstantin Gladych’s relationship with the European Cybercrime Center
  • presenting evidence to Czech and U.S. prosecutors
  • comments from devs re: Changelly’s technical excuses for failed Txs
  • similarities and differences between Changelly and BitInstant
submitted by Nttwo to CryptoCurrency [link] [comments]

Purchase (almost) Anything with Bitcoins

Hello Bitcoin!
I have been following the community from the sidelines for a few years now. I've read everything I can, picked through the source code and papers and learned a lot of crypto in the process. It has been difficult at times. I thought I had "missed the boat" when the bitcoin exchange rate was skyrocketing. I was disheartened when the value crashed and it was dismissed by my friends. I was anxious when my GPU mining was eclipsed by dedicated rigs and FPGAs. Still, Bitcoin has pushed through it all and come out stronger for the wear.
There is enough evidence to convince me that the benefits of cryptocurrency are so numerous as to make its adoption inevitable. One day, we will wonder how anyone could have doubted the effect a purely digital currency would have, just like how the benefits of internet itself seem so obvious to us now. Yes, the value will fluctuate, but I firmly believe that cryptocurrency won't just disappear overnight with so many people collectively working to strengthen and grow the system.
There are still challenges ahead. One that has had a lot of attention recently is that bitcoins only have value if they are being used. Otherwise, the value is just based on speculation, and we all know what problems that has caused.'
Bitcoin Friday is a great idea, and projects like the BitInstant Paycard could certainly help with this in the future, but there is centralization, fees and a lot of trust involved here. I don't think this meshes with what should be a truly p2p system: we need to be able to use bitcoins as money without having to trust anyone. Today, I'd like to start using Amazon Gift Cards to help fill the gap.
This is what I propose:
I will gift brand-new Amazon Digital Gift Cards to you in exchange for your bitcoins.
This allows anyone to turn bitcoins into goods/services, but we cut out speculators that trade in the currency and don't actually provide value or grow the market. You have to actually be buying something for this to be useful to you, which is exactly the point.
I hope that by posting with my real account and name, you will have confidence that my intentions are good and I will not scam anyone. Still, the whole point of Bitcoin is to minimize trust, so this is what I propose:
The exchange rate is pegged to the median value of the three USD market prices on the front page of bitcoincharts.com. For simplicity, I'll peg the rate today at 0.4371 BTC = $5 USD
  1. PM or post:
    • total US dollar value of Amazon Gift Cards you wish to purchase
    • the email address you want them sent to
  2. I will purchase a $5 USD gift card and send it to you. I am going out on a limb here to show my good intentions, and I will trust you first. In the gift note, I'll include the destination address for your 0.4371 bitcoins.
  3. You fund the transaction by sending bitcoins to the destination address.
  4. I monitor the destination address. As you deposit bitcoins, I will purchase gift cards for you, up to the amount we agreed on. We can do this $1 at a time, $5 at a time, or $50, your choice. Amazon sets the minimum amount at $0.15, so I can't send cards smaller than that.
Comments? Questions? Let me know!!
Edit 1: Thanks to everyone who's contacted me so far!
Edit 2: Well this has been fun, but I'm signing off for the night. I'll leave this post as a standing offer until otherwise noted.
submitted by karlgluck to Bitcoin [link] [comments]

BitInstant Service Sucks Enough for ME to make it MY 1st Post!

I get it. They got hacked cause the owner of the site didn't expect that BitCoins would get hit like it did with the sudden influx of publicity and couldn't keep up with demand. The guy/gal even didn't do a 2 part verification process and became the victim of a simple social engineering hack that strolled away with about $12,000(?) of the companies bankroll before they noticed and pulled the servers. I sympathize with them and hope everyone in the BitCoin community learned a valuable lesson in password safety.
I read on the BitInstant blog that they got the servers up and running and was even paying the value of BitCoins at the time of purchase. Gotta be honest and say I was relieved to hear the news. That was a move that I wasn't expecting, but was a true sign that they wanted to show respect and trust by taking an even larger amount out of there bankroll.
But why am I so pissed that I have to make my 1st Reddit post one trashing BitInstant right in the headline?
Customer service is not what they are good at. Nor are they good at following thru with what they say. I'm laid back and a go with the flow kinda guy. During week 2 I even asked if they still were hiring. I want them to be the good guys. I root for the underdogs and never want to kick a guy when he's down. However, my transaction was done right about the time that I deposited my $150 at my local ZipZap location after 3 weeks of watching and learning the good and the bad from people about ways to get coins. This was my 1st transaction into the BitCoin world. I've been told to rest assured toward the end of week one. Week two I sent 3 emails and made 1 phone call. Read the blog about how they were taking care of damage control with what I considered respectful and sympathetic to us BitInstant victims.
Yet, now it's week three. My emails have become more frequent, 3 this past weekend and all of them posted where I noticed they aimed there damage control mods. I'm not sure what to do now. I want to post nasty things, call them names and be all psychoticly emotional and yet, I'm also understanding of the mess they are in. I'm however NOT ok with ZERO response. I'm NOT ok with wasting MY time writing emails and watching my inbox for 3 weeks or hoping that that noise I just heard is going to really be them saying "hey, you got your funds. Told you not to worry! We're deeply sorry!!!".
I don't ever see that email obviously. I don't even get a reason why or letting me know they're still working on it and that they still haven't forgotten about me. I feel like i'm just an unnoticed blip they see scrolling thru the other countless emails that the others keep posting with the same issues.
Hi, Reddit :-) I just pop my posting cherry. I was hoping it would've been about something original and cheery :-(
submitted by 1strangelove to Bitcoin [link] [comments]

Charlie's Thoughts - Friday, June 27th, 2014

Happy Friday!
I decided to post some of my thoughts today. It's about 6pm ET on this Friday, the Silk Road Auction Day. Banks on the east coast have closed and west coast banks are soon to follow.
In 15 minutes bidding closes for the 30,000 Silk Road coins.
quintin3265 hasn't posted his "a few thoughts" today, and I know many of us (including myself) are looking for some thoughts on this insane day (EDIT: As I'm writing this he posts lol), so I wanted to jot down some of mine on the day, the weekend, and next week.
Today
Yesterday and overnight we saw a nice recovery to $590 (after our drop from $590 that happened on Wens) and it was met with a large amount of resistance, the price simply couldn't break upward. The volume wasn't huge over a short period of time, rather it was done over a 4-8 hour window. Personally, I prefer when the price rises consistently over a period of a few hours than in 1 shot. About an hour ago, we saw a $15 drop, about 700 BTC sold within a 30 minute period. As I'm writing this, the price is building itself back up, currently at $582.55.
Personally, I've been wanting to buy all week. I'd like to buy another 6 BTC or so before the auction results are announced or leaked. I'm tapped out at the moment, I like to keep enough USD in my credit union to cover 3-4 months worth of bills (my other assets are either not liquid or have penalties for selling) and if I buy 6 BTC now, that's reducing myself to 2 months of USD in the credit union. Thankfully, my consulting work pays in BTC and payday is Monday. I've been quietly praying that if we see a significant jump, it is not until Monday afternoon.
The Weekend
Honestly, this can go either way. We've seen weekends with a slow 3 day $40 rise and we've seen weekends where the opposite happens. Anyone who tells you the price always rises or always drops on weekends has no idea what they are talking about.
I'd like to see data from Bitstamp/Bitfenix that shows a chart of how much USD/EUCNY vs BTC they are holding. Not to do with fractional reserve or anything, I'd like to see if there was a significant amount of fiat that has been wired in, anticipating a rise. If those numbers are high, and my friends who work for companies that are bidding are telling me the truth, their exchange accounts are fueled with fiat and ready to buy.
Many people have predicted that this week people would be buying up, especially those who work for the companies that are bidding, as they would know the bid. However wouldn't it be smarter for these insiders to wait until after the bid closes at 6? I think so. The reason being, they can buy up cheap coins and no one else at the same time they will get more coins as they buy up to the bid price. Once bidding ends and the banks close, people won't be able to send wires into the exchanges to buy more coins. These insiders may be saying "If we start buying on Wens, we don't know what the final bid will be, and we give other people to piggyback off us and make our coins more expensive or we get less. Rather, if we wait until banks close, we are the only ones who stocked up significant fiat thus we can buy the coins up to the bid price"
Just like quintin3265 says, the community is very small and word spreads quickly. There are always people in the know and will trade on their knowledge. The market is just waiting right now.
Next Week
The auction will end on Monday, and the winners announced. According to the USMS.gov website:
On Monday, June 30, 2014, by 5:00 PM EDT, the USMS will notify the winning biddebidders that their bid/bids has/have been selected.
This is very important, because many people are bidding solely for the sake of bidding. They want to be part of history to say they bid and have no intention of buying the coins if they win. Everyone is telling me "Well Charlie, I doubt the winners will announce what they paid". While that may be true, the losers will announce what they bid. That is very important. If the price is $580 on Monday, and someone who bid $650 announces they did not win the coins, what do you think will happen? Of course this opens us up to people lying/spreading FUD, so I wouldn't trade on some guy with a week old reddit account on /Bitcoin saying he lost, I'd wait for someone who actually has a reputation to lose to say something.
Long Term
Obviously those who know me know I'm long term bullish on Bitcoin. I bought my first Bitcoin at under $5 back in 2010 and have regretted selling when I needed to every since. Thankfully I get paid in Bitcoin and have bought on the lows and sold on the highs enough times to accumulate many back.
Nothing could happen next week, who knows. The bubble may come 2 weeks or 2 months from now, maybe we will see slow growth for a year and slow decline. It's impossible to tell for sure. What I can say, is that if you buy 1 Bitcoin today, in 5 years you'll thank me.
I'll end with a funny story. 2 weeks ago I was at the NYC Bitcoin Fair which takes place every Sunday, we have over 25 merchants accepting Bitcoin. Food, drinks, friends, and a lot of fun. Some random guy comes up to me and says "Charlie?" and I said, "Yup, thats me!", he proceeded to grab me and give me a huge hug. Now, many early adopters have had their fair share of 'Bitcoin celebrity' status, but this was unusual, even for me. Of course I asked him, why the hug? He said:
I've been wanting to thank you for so long, but I've been waiting to finally meet you in person. 3 years ago when you were running BitInstant I made a cash deposit to buy some Bitcoin when the price was going up! A few days after I bought, the price totally tanked and I was furious, I spent $1000 but my Bitcoins were worth almost half. I emailed you to blow off some steam and you answered a day later telling me to hold onto the Bitcoin unless I really really needed the money. Well, I listened to you and about a year ago I sold some during the $1200 bubble and bought an awesome Lexus!
Granted, if the price was zero right now, he wouldn't be coming at me for a hug, rather for something else. It was still nice to hear the story none the less and he bought me a burger as a thank you :)
Have fun this weekend, go outside and enjoy the summer!
Charlie Shrem
submitted by Bitcoin_Charlie to BitcoinThoughts [link] [comments]

I am traveling and am in a city in Brazil. My only credit card got cloned. I have bitcoins. How can I use them to get my hands on some fast cash to buy food, etc?

This is a real situation. I only have about $75 in cash, but have a few thousand dollars in bitcoin. I'm in Manaus (a city in the middle of the Amazon). I was wondering if anyone knew how I could quickly convert some bitcoin to the local currency (Reals). I don't mind a fee, I would even use Western Union if there was a quick and easy way to do it.
edit: I'm still looking for the best way to get some local currency. So far this is what investigating has lead to: There are a handful of services that will do it, that are so small that I would actually be more likely to trust a redditor with a decent account history. (https://www.ecurrencyzone.com/ would be an example of someone who provides the service, but does not inspire confidence).
One guy (Talan_Sun) started up an account to respond to this offering to send me money and then I send him bitcoins in an incrementing spiral, until I have the full 2k. Seems weird, but, well, he'd be taking the risk if he really did that, so it seems like an okay offer, although quite a long way to do it.
The best redditor offer that I will go for if a company does not work out is Julian702 in the comments here. He seems like a nice guy, and has a good reputation with people vouching for him. This is more confidence inspiring than those shady looking websites set up to do it.
Right now where I'm at is that I contacted BitInstant asking if they could help, using their form, and they did not respond. But now Erik with a @bitinstant email address shows up in these comments and says to contact him if I still need the money. So I'm doing that, and depending on what happens there, I'll go with Erik from BitInstant, and if not him, then Julian from the comments.
edit2: Just had breakfast. Another $8.50 gone.
Final edit: Although the reddit community and individual redditors were greatly supportive and awesome in general, there were no really clean and sane ways to do it. Nothing that didn't either take a long time, or involve trusting an internet person with the entire sum of money. In terms of risk, I really would trust someone with a good reputation with a couple of k in a pinch. But really I thought there'd be a simpler way to do it. Give someone bitcoins, then they send you money. That doesn't seem that hard. But on that same note Western Union and MoneyGram would not allow me to make a bank account deposit to myself, and then pick it up at one of their offices. So who would've thought getting your hands on some some cash when you have money would be so hard?
What ended up seemingly being the best and easiest solution was using MasterCard emergency services. They can get money into a bank account within a few hours, and can provide an emergency card which will be valid for 3 months or so within a few days. So this is the kind of service a huge corporation will provide you when they take so much our money for providing a non-service, that they don't know what else to do with it. Ah well, it gets me out of a pinch, anyway.
submitted by feelix to Bitcoin [link] [comments]

Haven't purchased in a few months since BitInstant dropped bank transfers. Decided to use Moneygram today and ran into nothing but issues. Experienced SR user here who needs a little help for once :).

First of all I know how annoying these kinds of questions are, but alas I find myself turning to my community for some support. I have been out of the country for about 3 months and just got back this December. I decide to make an SR purchase today and turns out BitInstant no longer accepts bank deposits. So, the only option I really had was to do a moneygram. I went through the normal steps (Wallet #, REAL name, tormail address, etc. etc.) and selected a moneygram location as well as giving them my tormail address one more time along with my phone number (for ZipZap). I don't have a car right now and my nearest moneygram location was like 2 miles so I hoofed it over there only to find out that my name was not on the account or that it had not even been set up or something of that nature (I honestly couldn't completely understand the call center rep on the red phone at CVS). I'm just trying to understand what I did wrong. I've been using bank deposits for like a year and they are flawless and go without a hitch every time. Also, has anyone else been having tormail issues? I did not receive a single confirmation email or anything throughout this whole period. I also just tried to sign up for coinbase and did not receive the confirmation email. Does tormail stop sending/receiving to your account after periods of inactivity?
Thanks guys.
:EDIT: - Just received an email from coinbase finally so I know my email is working. Does anyone have experience with this service and know if it is reliable? I saw it suggested by another SR reddit user. Thanks
:EDIT2: - I appreciate all the help yall. When I first started using SR, I went with a bitcoin vendor for my first or second time, and honestly, the fees are disgusting. There is a walmart about the same distance in the opposite direction that I am going to try. Hopefully they'll make it work. I sure am getting a workout today haha. Tip for anyone who is looking to buy a car, save up a couple extra paychecks and don't buy a beater cherokee for 1500 on craigslist hoping it will run forever. Because it will break down shortly thereafter. If you have my luck, that is.
:FINAL EDIT:: - Just wanted to say since there is a wells fargo directly across the street from me, I went with bitcopia because all they were accepting at the moment is wells fargo deposits anyway. The fee was not bad, probably equivalent to or less than bitinstant, and I had my BTC in about 2 hours directly to my silkroad wallet (which I never normally do, but I was feeling cheeky and pressed for time today). Went flawless, and the lack of information I had to give gave me the confidence to deposit directly to my SR wallet. I plan on using them again for sure.
Thanks everybody.
submitted by ChampionOfFriendship to SilkRoad [link] [comments]

Buttcoin Law Shit for July - pirateat40, Charlie Shrem and Ross Ulbrich case updates

Who say's we can't do some real reporting around here? Here are your Bitcoin Scammers Opressed Members law updates for July 2014
(this is posted with permission from Woozle Wuzzle, an honest to god lawyer at SomethingIsAwful.com)
Case 1: Pirate aka Trendon Shavers aka Ponzi McWifebeater
In our last episode, Pirate was gutted of all assets and awaiting trial without an attorney. He's since lawyered up! Holy shit! That lawyer has filed a bunch of motions to undo the mess caused by the case going undefended for a year. The attorney appears to be normal, unfortunately. The motions appear well-drafted, researched, and expensive. There's a motion to dismiss the case for lack of jurisdiction and to reverse the asset freeze.
The attorney is based in Oregon. He appears to be a typical SEC defense attorney. There's nothing bitcoiner or libertarian that I can see on him. It's public record to find him, but there's nothing to it. He's just a straight up SEC defense attorney without any public bitcoin advocacy.
Among the attorney's arguments is that bitcoins aren't money. It's hypertechnical about SEC jurisdiction and not very quotable. The SEC responded to the motions with dense 60-page answers, which the attorney responded to at length, and the SEC responded to at length, etc etc. This work cost thousands of dollars, and who knows where the money came from. An initial hearing is set for July 14 for the judge to try and sort out the motions. It's unlikely things will be resolved then.
BONUS NON-COMEDY!
I have an actual audio recording of a pirate hearing! In August of 2013, there was an initial hearing on his stupid 5-line defense to his case. Because of sequestration, the court couldn't afford a court reporter and recorded the hearing. The mp3 recording of that hearing was posted on the court's website and is public record.
It's an hour long, and I've listened to the whole damn thing: It's not funny. It's a regular pro se defendant losing because he had no attorney, but he doesn't make any crazy statements or arguments. It's kinda funny to hear people say "Satoshi Nakamoto" out loud in court. The funniest part was at some point Pirate said Mt Gox, but he pronounced it "M.T. Goax", like Em Tee then Goat with an x. But aside from that it's a snoozefest. I guess I could email the mp3 to any buttcoin people that want it, PM me, but I doubt anything interesting can be gleaned from it. It's boring
Case #2: Charlie "Shrem" Shrem - the BitInstant guy funded by the Winklevi
There's not much cooking in his case. He's under house arrest as condition of his bond, which sucks more than you'd think. Recently he put in an application for leave to visit family, and he obtained a court order that allows him to visit specific family in New Jersey, with prior approval of his court services officer on a day-by-day basis. He's awaiting trial, and there are transcripts of his hearings that are waiting out timers to become public record. So basically his life has come full circle, and a court has ordered him to stay in mom's basement.
Case #3 Ross Ulbricht: Dread Pirate Roberts of Silk Road!
This guy is still in the slammer awaiting trial. Trial will take place around November of this year. He has a lawyer filing motions like crazy, and again it appears to be a normal, expensive attorney. Nothing new has been posted in months, aside from standard motions and court docketing. There are hearing transcripts waiting for timers to expire to go public. Again, this defense is costing somebody thousands of dollars. He's probably costing his parent's their house.
The only interesting thing is that a linchpin of his legal defense is that bitcoins are not funds. He's trying to distance himself from the drug sales. Like he just had a pog trading website, and people just happened to trade pogs for drugs sometimes. His pog trades weren't drug sales... right? That's his defense. It's similar to Pirate's defense, and neither will work. It's just funny that the gov't is in the position of defending bitcoin's fungibility.
Ok so none of that was funny or interesting. But I paid like $2.10 to find it, so tough shit there you go.
submitted by borderpatrol to Buttcoin [link] [comments]

On Moderation, Bitcoin, and Creating Content

Ok, I don't care that much about moderation. To begin with, the moderators get to have the kind of community they want. That's how that works. If they don't want your content, you should take it elsewhere. That said, this community should probably start having a discussion about what they want, and how they want it to look. So, I thought I would give a little bit of advice to the mods, should they choose to accept it, and all of you out in Bitcoinlandia can take it for what it's worth because... well... this is a community of whiney little babies, and I can't imagine how hard it must be to not listen to the constant complaining. I, myself, am regularly moderated, which I usually face by sending a quick message off to a mod or two. Frankly, I don't care that much if I'm moderated, but I do find moderation ironic in a world filled with anarchists.
Now, I'm often called a bully and a troll. They are distinctions I'm fine with. The only thing I really care about is truth, and I hate when people show up here and try to convince the community of things that are untrue.
When I started in Bitcoin I was much younger and much more naive. I remember negotiating to purchase bitcoins with Paypal with people forever ago, or free Bitcoins that were given out of faucets. I remember Bitcoinica and the weird failure. I remember the first edition of Bitcoin Magazine. I remember when [email protected] was asking for money, and I watched as people gave it to him. The forums were abuzz with rumors that he was investing in dark markets, and that's how his returns were so incredible. I didn't know enough then. I remember sitting there watching it and thinking, "how can you know that it's a ponzi" as others accused him loudly of running an obvious scheme. I remember when Matthew N. Wright made a bet with the community of (I believe) 10,000 Bitcoins that it Pirate would pay, and when that time passed, Matthew withdrew his bet, and told everyone he was teaching them a lesson. He was drummed out of the community, gave up his equity in Bitcoin magazine and the other dozen projects he was a part of. I remember when bitinstant came about and saved us all so much time, as we had to go to our local drug store and pick up the weird blue phone. An Indian would pick up and you would feed him a random set of numbers. Then suddenly, a few hours/days/indeterminate amount of time later, money would show up at Mt. Gox. I remember TradeFortress, and the Bruce Wagner ordeal, and dozens and dozens and dozens of other weird scams or things that looked like scams. I remember when mining started and people began bilking investors out of mining contract profits. And I remember getting scammed myself numerous times. And always, scammers feed on one thing: your personal greed. I was taken for many many Bitcoin by TradeFortress when he offered a Bitcoin index fund. I thought I was being reasonable when I put my money into the slow-growth fund. The returns that were promised were far less than all the other scams, what could go wrong? In a world where people were promising to double your money every month, TF promised only that he would double it every year or so. Reasonable, right? When I went to withdraw my funds... they weren't there. I didn't know then what I know now.
I remember sitting in the audience at the first North American Bitcoin conference put on by Pumper Moe Levin. By that time, I'd become fairly sensitive to scammers in the space, though I'm still surprised by their brazenness. I even tweeted about one scam that was pitching shares in an oil drilling company https://twitter.com/junseth/status/427102576824582144. It was there that I saw Neo&Bee stand in front of a packed room and explain their plan to bring freedom and wonder to the people of Greece. I remember feeling uneasy about the polish of the pitch. It looked great, but I didn't understand a goddamn thing they said. I didn't trust my gut. Months later, millions had been stolen, and the CEO was flaunting his newfound wealth on Facebook as he took pictures of himself in nice cars. All of us sat there and watched that happen. And since then, I have heard dozens of others who were in the audience tell me that they also were as uneasy as I was about the Neo&Bee presentation. None of us said anything because we are blinded by our desire for this to work.
After Neo&Bee, I promised myself I would never let something that sat uneasy rest without asking probative questions. I was called a troll for attacking bitcoin-trader.biz when bitcoin moderator u/SeansOutpost took their money as the main sponsor of Coins in the Kingdom. They were an obvious ponzi, and he let them show up to try to bilk the community. That's fine. I'm happy to let Sean profit, in spite of himself. It speaks poorly of his character and makes me know that he will put his own desire for popularity or success or whatever the fuck it is ahead of the wellbeing of those he is hosting. But in lieu of my promise, I camped myself at the Bitcoin-trader.biz table for the remainder of the weekend, and explained to everyone who spoke with the man and woman behind the table (themselves investors in the ponzi) why it was an obvious scam.
"We do arbitrage to make 1% per day," the man behind the table would say. They had a live feed of all the arbitrage that they said they were doing.
There is a simple investment mindtrick called the rule of 72. Basically, if someone is giving you a percentage return, you can figure out how long it will take to double your money. You divide 72 by the percentage, but make sure to keep the units the same. So at 1% per day, they are promising a doubling of your money every 72 days, or 5x per year. So a quick extrapolation would mean that if you put $10 in on day one, 365 days later, you would be able to pull out $320 and 730 days later (2 years) you'd have earned a cool $10k. Three years in, if you invested $10, you'd have earned over $300k. Does that sound reasonable to you? "So what you're telling me is that if I give you $10 today, in 3 years, you'll give me over $300,000?"
"No, that's not what I said," the guy manning the booth told me. "I told you 1% per day."
So I did the math for him, which he scoffed at, but which seemed convincing enough to the people thinking of investing. Those two threatened to sue me and they went back to Canada, where they emailed the head of the Bitcoin-trader.biz group. They pressed him for an audit after my so-called trolling, and then a week and a half later, he disappeared with their money and a few million dollars more. In the aftermath, I had a call with the man behind the booth. He said something like, "I thought that the guy who was standing at our booth all weekend was trolling us, but when the fund closed, I realized he knew something we didn't."
Here's the thing, probative questions are uncomfortable. I have been around these parts pretty long, and I'm incredibly familiar with the technology for a guy who doesn't know a lick about comp-sci. You have seen my memes batted about, and you may have even used them yourself in spite of hating me. You may listen to Bitcoin Uncensored even though you hate the Bitcoin gossip. You might have even accidentally been subject to my ire in a debate you accidentally got into with me. The reality is, I create a huge amount of the content that Bitcoiners consume. Others like u/eragmus, u/btcdrak, and even u/americanpegasus are doing content and curation as well. You can hate our content, you can like our content, but the reality is that these communities are built by maybe 1% of us content creators. I enjoy the childish requests for no moderation, because behind the curtain, most of you will run like a child to any of the many moderators here and tell on people. The Open Bazaar team just did it to me, and I got warning from moderator u/Aussiehash whom I told to fuck off. What everyone really means when they say they don't like censorship, is that they don't like censorship of the content they want to consume. The instant they are offended, they want that content censored. Words like troll are used against people whose content you don't like, hijacking posts is the word used for the person creating the most content in a post. Recently, Andreas Antonopoulos (despite being on the front page lamenting the censorship) blocked me on Twitter because Tatianna Moroz told him I'm a sexist. Again, fine, but ironic considering the claim that one is against censorship carte blanche. Adam Levine censored me while trying to prove that he's completely against censorship.
Me, I don't care about censorship. Community's are built through some kind of pruning. The kind of community I like is one that self-polices and makes prunes itself much like Wikipedia. Those that don't want to be a part of it, don't have to be, and those that want to be a part of it choose themselves to participate. Censorers are always vilified. So I don't do it. I don't do it at all. So the great question is not whether you should censor, but who gets to decide who gets to censor. So here's my proposal. Everyone, stick around bitcoin. It's a great place, and u/theymos has done a pretty darn good job of not fucking shit up. Do I agree with his current moderation decisions? I wouldn't have done what he did. But I don't think this is a moral question. On the other end, I have bitcoinarchy. I have set it up, me and u/brighton36 will be the only moderators. And our only promise is that we won't moderate anything. And we have a history of being completely unrelenting in our unwillingness to censor. So now you can't say dick. You can hate me, you can love me, but if what you are ACTUALLY looking for is a uncensored forum, then join my subreddit. Somehow, I'm willing to bet that most of you are looking for a place that does the kind of censorship you like, and not no censorship.
Does that solve everybody's problem?
u/ThePiachu, u/rbitcoin-bot, u/colsatre, u/StarMaged, u/DotGaming, u/BashCo, u/frankenmint, u/gruez, u/arthurbouquet, u/DigitalGoose, u/MineForeman, u/Camdien
submitted by junseth to Bitcoin [link] [comments]

The FINAL word (hopefully) on troubles getting bitcoins

1) Use Bitinstant to make a cash deposit/moneygram at walmart, have it sent directly to...
2) ....your Blockchain.info wallet you made before the transaction (easy as shit to sign up for and use)
3) Use your blockchain wallet to siphon (and subsequently tumble) funds to SR. You honestly don't need anymore anonymity than that. Quit worrying about the most secure part of this way of buying drugs, and concentrate on the riskier aspect: from the dealer's house to your hopefully non-incriminating destination address.
4) I'd recommend using mtgox as a holding area for funds even though you sign up using real info, because you can hold USD there, and it also gives you an easy and sometimes kinda profitable way to speculate at BTC trading.
5) Quit worrying that the FBI is phishing YOU, the newbie, to find your tiny potential SR drug purchases. If you were a big fish, you wouldn't be asking a clearnet silkroad forum how this all works.
Any more questions, please dear god head over to /bitcoin. There is an entire subreddit dedicated this stuff.
Bonus #6) It behooves you to use SilkRoad's actual forum site. Use this sub casually, but note all the dumb questions asked over and over and over again here. Not only will you find more/better answers on the SR forums, bonus security as it's a Tor site. Sure it's slow, but so are years in prison the more clearnet crap you have attached to your IP address.
That's all I got.
Edit Their [bitinstant's] twitter feed was saying they still were having problems doing direct transfers to mtgox accounts. You can select the big yellow funding options aarow then select bitcoin from the dropdown menu, and they give you a temporary bit coin address. That might work better than depositing directly to mtgox account numbers.
bitinstanthelp is bitinstant's twitter support feed. If your bitinstant transfer lags or seems like its stuck/not going through, immediately log a support email and include all your info from your transaction in it using bitinstant's support page. It's a vague, simple support email and feels like its going to go nowhere, but finally after 7 days (from the big mishap) i got an email asking me for more info, and within the hour it was fixed.
submitted by delicious_penguin to SilkRoad [link] [comments]

[Step by Step Guide] How to buy up to $2,000 worth of Bitcoin in about 1 hour.

This method assumes you have $20 to $2,000 worth of USD in cash on hand that you want to convert to Bitcoin. This is the way that has worked best for me, maybe a better way though.
Step 1: Go to https://www.bitinstant.com/
Step 2: Select the "Pay from" drop-down menu.
Step 3: Select the store/business you want to go to to deposit your cash payment at (I have personally used both Walmart and Albertsons successfully multiple times).
Step 4: Select the "Pay to" drop down menu.
Step 5: Select "Bitcoin Address" option.
Step 6: Open your Bitcoin Wallet.
Step 7: Create a new "receiving" address.
Step 8: "Right Click" on the newly created address.
Step 9: Select "Copy Address"
Step 10: "Paste" your receiving address to the form on the Bitinstant site.
Step 11: (Assuming you want to transfer $2,000: Put in 496 for the "Amount (USD) to pay"; Note: the reason for selecting only 496 instead of 500 is because there is a ZipZap, Inc fee of $3.95 that is charged later, and if you try to do 4 payments of 500 each, it will actually only let 3 of them go through before it will say you have reached your limit and you'll have to wait a day. So basically to avoid any hiccups just do 496 for the amount. If all you want is, say, up to $1,500 deposited, then you can put in 500 for the amount no problem. This is just to get $2,000 a day in fast, I've found using 4 payments of 496 for the amount works the best.
Step 12: Fill in your name, email, date of birth. (this is important to be correct because when you go to pay, your information better match or I would expect you would have problems.
Step 13: Prove you are human, and hit the submit button.
Step 14: Check over your quote and double check the information, when you agree, continue.
Step 15: Enter your phone number and Zip code. (needs to be correct because it will be checked for a match when you go to pay later).
Step 16: Search the map and find your Walmart or Albertsons, etc. whichever one you selected for where you are going to pay your deposit at from step 3. Click on their money-gram icon.
Step 17: Verify that the payment location you selected is showing up correctly.
Step 18: When you are finally ready to create your bill, click the button to create your payment slip.
Step 19: Wait for it to automatically generate (might pop-up as a PDF)
Step 20: Print out the payment slip this is the information you will need to bring with you in order to pay your bill.
Step 21: You will notice that the final payment amount to pay is $499.95 (This is the amount of your bill that you need to pay). Repeat, starting at step 1 again in order to process up to 4 bills or $2,000 worth).
Step 22: Go to the deposit location.
Step 23: If Albertsons, there may be a red color Money-Gram telephone by the customer service area...pick up the phone...and just listen to the instructions very carefully and it will walk you through step by step. (the amount of your bill to pay is the full amount including the fee. The first time you go through the payment process they may verify your phone number, and information you have submitted on the forms from the previous steps). Eventually, it will tell you to go to the counter to make an express payment. Hang up the phone and go to the counter and they will pull up your transaction, and you pay them $499.95 for each bill. If Walmart, or no phone: Its basically the same thing, just without the phone: go to the customer service area and pick up an express payment money-gram slip and fill it out using the information on the payment slip you printed out.
Step 24: Go back home and check your bitcoin wallet for incoming transactions...you should have your bitcoins within 10 minutes-couple hours depending how busy they are).
I hope that helps some of you! Note that there is a 3.99% fee, plus the $3.95 fee. Some people may not like this, but this is at least a way to get started with some coins. The price could go up 15% if you wait a week to get coins from another method...time is money! Once you have your coins, its easier to get them into other exchanges and stuff if you want to start trading or whatever.
If you feel this guide helped you please bump up the rating, so other people can figure out how to do these sort of transactions easier. The more people use Bitcoin and the easier they know how to get in, the better it is for all of us! I just want to help people get free. Don't forget to love your neighbor as yourself! God is love. Lets get free! :) 1DxQ6FAABJGbU1krTupo8e443bRSjJkAjq
submitted by weallprisonerschicky to Bitcoin [link] [comments]

A New Adopter's Wretched Bitcoin Experience and Subsequent Assurance that Bitcoin Will Fail...

So I finally decided to take the plunge with Bitcoin this week. For reference, I live in the D.C. metro area, so using Moneygram via Bitinstant seemed the most convienent option for me since they had so many locations available to deposit money.
That wasn't quite accurate, as it would turn out.
I started the evening after class by going to a CVS near my house that was listed in the ZipZap payment slip as an accepting location. After finding the ubiqitous red phone. I end up talking to an inevitable South Asian person with limited actual grasp of English, who asks for what I considered to be a lot of information (full name, telephone number, address). However, his English was so shitty to the point of my having to yell the spelling of my address phonetically because the word "H*****" is apparently too complicated for the subcontinent. Okay, minor irritation...time to pay the cashier. The cashier attempts to load the transaction on her register; fortunately she's not interested in carding me or anything, so I take that as a good sign for maintaining some semblance of anonymity. But the transaction never loads, the system is down!
Oh well, on to the next store. This was a pretty big CVS for the area, and I assumed that if their system didn't work, the systems at smaller stores would be dodgy anyway. It's already approaching 10 p.m. and all the CVS's are closing, leaving only 7-Eleven stores with VCom ATM machines as my next option. I drive to the nearest one, select "Moneygram", which gives me a prompt telling me to call Moneygram's 800 number and to give them the five digit terminal address for the transaction. I go through the rigamarole of spelling out my name and address for the error-prone South Asian phone tech yet again, even though I'm conducting the very same transaction I'd called in not even 15 minutes prior. I finally finish with the 800 number call, and proceed on the machine through it's options to ExpressPay a bill to ZipZap. Everything seems in order, I select the amount of money to send, insert my debit card, type in my PIN, and I think I'm good to go. But no, the machine cancels my transaction, saying it cannot be completed at this time. I call the 800 number yet again, getting the customer support service. They tell me the machine in my location isn't working (no shit), so they point me to another 7-Eleven a few miles away, assuring me it would work.
It didn't. I didn't even make it past the introductory screens before a technician lackadasically told me that the 7-Eleven to which I'd been directed by the previous technician was not a working Moneygram location, even though they had the VCom ATM and all. At this point, I lose it, and demand to speak to someone in charge. I demand to be directed to a location where they can verify the service is actualy working, which I'm told they cannot do for some reason. I'm instead given a list of locations I've already been to, or CVS's that are already closed for the evening, none of their suggestions proving the least bit helpful.
This has proven a horribly frustrating experience...but I was doggedly determined to see it through before going home, so I looked up locations myself on the zipzap website and saw that a 24-hour Walmart about 30 minutes away did Moneygram transactions. A 30 minute drive isn't exactly "convenience", especially after the ordeal I'd already been through. Walmart was also very particular about personal information: they wanted name, phone number, address, email! and requested my driver's license for verification...that was a bit of an unpleasant suprise, but since I'm not doing anything illegal with my Bitcoins, I didn't care.
To Walmart's credit, my transaction went through by the time I made it back to the parking lot (about 10 minutes). It was easy enough to transfer Bitcoins from my wallet to various other wallets from my computer. However, I tried to consolidate a bunch of Bitcoins into one wallet...although my Bitcoin software says the send transactions were completed and verified, my final account balance was half of what I thought it would be and I don't understand why. We're talking about $100 worth of Bitcoins that never showed up.
So, tl;dr - Bitinstant/Moneygram/ZipZap is horribly broken and only works at certain locations, their customer service is worthless, anonymity is pretty much impossible to maintain because everyone asks for your information, and a random amount of paid-for Bitcoins might not ever show up in a wallet you sent them to because...electrons? I don't know, but what I do know is that this is not a convienient, sustainable, or efficient way of doing business and if Bitinstant is one of the larger exchanges due to it's "convenience", then God help Bitcoin...
submitted by McGumpin to Bitcoin [link] [comments]

[uncensored-r/CryptoCurrency] Changelly scam... I think so.

The following post by Nttwo is being replicated because some comments within the post(but not the post itself) have been openly removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ CryptoCurrency/comments/6u8tfh
The original post's content was as follows:
I've been very patient with Changelly since August 5th when I submitted my first support ticket on this matter. Now that it's clear to me that Changelly runs a drag-it-out support strategy, it's time to go public.
Is Changelly a scam?
You be the judge... please leave your opinion in the comments.
CONTEXT
The transaction (Tx) at issue here is BTC for GBYTE (Byteball).
For those not familiar with Byteball:
Byteball has no mining; its native currency - white bytes (GBYTE) and black bytes (BB) - was created back in December 2016 and has since been distributed, as widely as possible, via ~monthly airdrops. Every full moon since December, a "snapshot" has been taken of the balance of bytes held on each and every Byteball address, and of the balance of every registered BTC address. Shortly thereafter, each address receives new bytes based on the balance at the time of the snapshot.
The last snapshot was August 7, 2017 18:10 UTC (11:10 PDT), and new bytes were distributed as follows:
  • For every 1 GBYTE held on any Byteball address, you got 0.2 of new GBYTE
  • For every 1 GBYTE held on a linked Byteball address, you got 0.4222 of new BB
One last thing: Byteball's immutable ledger of Txs is stored in a construct called a DAG (Directed Acyclical Graph), analogous in function to bitcoin's blockchain.
WHAT HAPPENED?
On August 5, two days before the Byteball snapshot, I initiated a Tx with Changelly to trade 20 BTC for ~105 GBYTE. Changelly took my BTC, but held on to the GBYTE through the snapshot, collected the airdropped Byteball reward based on the balance of my funds, and then, 4 days after I initiated the Tx, sent ~105 GBYTE.
Changelly effectively stole my ByteBall distribution reward.
When hours had passed and still no GBYTE, I sent my first ticket, and support responded:
"It seems that there could be some technical issues either with our wallet or with Gbyte network. We will investigate the matter. We have forwarded your request to the technical department. They will push your transaction through. We will inform you, once your issue is resolved!"
On August 7th, before the snapshot, I submitted two more support tickets. I told Changelly that if they couldn't deliver the GBYTE before the snapshot, I wanted my BTC back. Support responded on August 8th 2:06pm (long after the snapshot):
"Unfortunately, we cannot refund your bitcoins since they have been already converted into GBYTE. But you will receive the same amount since your money has been already exchanged. Please confirm your GBYTE wallet address and we will repeat payout. All the issues seem to be fixed now, so it should work."
I responded, explaining why the only reasonable remedy was for Changelly to refund my BTC. I did not confirm any GBYTE wallet address.
Support ignored me and sent the following on August 9th:
"Good news! We have received the response from the exchange and now everything has been delivered!"
I wrote to Charlie Shrem, an advisor to Changelly, and he forwarded my complaint to Changelly CEO, Konstantin Gladych. I've also emailed Gladych many times directly myself. Zero response.
CIVIL LIABILITY
Under civil law, Changelly has been unjustly enriched and is liable to pay restitution.
Unjust Enrichment. A general equitable principle that no person should be allowed to profit at another's expense without making restitution for the reasonable value of any property, services, or other benefits that have been unfairly received and retained.
This principle is widely recognized and applies to Changelly here regardless of whether they did anything wrong. This is essentially why Coinbase and Poloniex changed course and gave their customers the BCH that was due to them.
CRIMINAL LIABILITY
Changelly is clearly liable under civil law.
What about criminal liability?
Using a DAG explorer, we can browse Byteball's immutable ledger of Txs and discover the following:
All Changelly had to do was send it to me. What happened?
The DAG shows that the GBYTE was diverted to the following addresses, which subsequently received the airdropped GBYTE that rightfully should have gone to me:
  • 31,447,997,156 to CBCYP2UY6YX2FJX6OXNDHBQO4VREDUJL
  • 51,788,023,285 to QAHP5Z4P6QQV4S3MUVTOJM5D7SJDWPSD
  • 21,763,859,830 to 6H5USZBXMOYUAGCYEYF7P3A6QU2EJBCT
  • 306,636,259 to QR542JXX7VJ5UJOZDKHTJCXAYWOATID2
The DAG also shows plenty of Tx activity over the relevant time period, also strongly suggesting no technical issues were to blame for Changelly's delayed Tx.
Did you know…?
Under the Czech Republic's Code on Corporate Criminal Liability both Changelly and the individual perpetrator(s) would be criminally liable.
WHAT NEXT
Changelly… fix this immediately.
Up next we’ll explore…
  • how to connect employee identities to the suspicious Byteball addresses
  • inner-workings of Changelly
  • the Bittrex and Changelly APIs
  • behind the scenes of the Changelly-Bittrex connection
  • Konstantin Gladych’s relationship with the European Cybercrime Center
  • presenting evidence to Czech and U.S. prosecutors
  • comments from devs re: Changelly’s technical excuses for failed Txs
  • similarities and differences between Changelly and BitInstant
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

I just bought my first bitcoin today

I've been following bitcoins for about the last year or so, on and off. I'm fascinated by and support anything that is inherently decentralized, open source, and/or democratic. I don't know why I didn't buy sooner, I really don't, I normally have a pretty healthy level of risk tolerance. For some reason I held off until two weeks ago when I was all, "fuck it" and went to buy some after I saw it hovering in the $60-70 range.
And that's when I discovered that buying bitcoins is kind of a pain in the ass. I wasn't even going to make a big buy, just $200USD to whet my whistle. After fucking around with AurumExchange, Vircurex, BTC-E, and others I realized there was no really easy way to transmute green backs into internet ducats by using my preferred internet method: my credit card. So I was like, "ah, fuck it" and ignored it for two weeks. Then today it's at $100+. Well, shit, now I gotta buy something, right?
So here's my experience buying bitcoins today:
This is me so far: http://i.imgur.com/BnOPi0k.gif
Still me: http://i.imgur.com/K4N2bmY.gif
http://i.imgur.com/GgohPHj.gif
http://i.imgur.com/HltBP5q.gif
http://i.imgur.com/IeQsUN9.gif
http://i.imgur.com/5rZxlcZ.gif
http://i.imgur.com/8EW3lP9.gif
I probably did this the most idiotic way possible but here's what I can say about the process: I am a "path of least resistance" kind of guy and this is pretty much the opposite of that. Can I buy BTC with a credit card? Yes/no?
submitted by Comms to Bitcoin [link] [comments]

Special Request: I need to buy bitcoins by transferring money with MoneyGram but without using Bitinstant. Help!

Before, I have transferred money to Bitinstant using MoneyGram so that Bitinstant would then exchange that money into bitcoins that were sent to my email without any problems. Now it's not working for me. I'm trying to find an alternative way to do about the same thing and have it be done equally as fast. Thanks!
submitted by sammyisfire to Bitcoin [link] [comments]

Best place to anonymously buy bitcoins?

I'm looking in to buying a VPN, and most places say to purchase with anonymously purchased bitcoins to ensure maximum anonymity. I tried following this guide, but the bitcoin-to-email option is down on bitinstant. Are their any other ways to anonymously buy bitcoins with cash? I found one guy in my town selling on localbitcoins.com, but I am not sure how trustworty that is or how it works. Any input would be appreciated!
submitted by ChIck3n115 to Bitcoin [link] [comments]

I tried buying bitcoins, but I'm afraid I made a mistake.

Hello, /bitcoin. I tried today to buy a small amount of bitcoins in an address that I made on blockchain. I made an account on bitinstant, and copy-pasted my wallet address from blockchain into the destination address on bitinstant and dropped off some cash at Wal-Mart.
The thing that confuses me is that when I look at the transactions screen on bitinstant, the destination acct # is not the same as my blockchain wallet address and my balance is 0.00BTC.
Is this normal? Or did something go wrong?
I might add that I am somewhat new at this and still trying to learn how the system works. Thanks for any help you might be.
Edit: problem solved thanks to Vycid. It was a strange brain fart on my part. I searched through my email and found an old confirmation from a looong time ago from blockchain wallet that I forgot I made (in my Firefox browser) when I first read about bitcoin and hadn't though about really trying it. Today, my friend was on my computer and left a Firefox browser open, but I made my blockchain wallet in Chrome. I completely didn't think about that, and I didn't notice that the identifier field (populated from old cookies, I guess) was different. I logged into bitinstant, and copy-pasted. When I got home later, I opened Chrome, logged into the wallet with the identifier that pops up in Chrome, and logged in, thinking it was the same wallet.
submitted by FMDub to Bitcoin [link] [comments]

BitInstant fail. Cash deposit not showing in MTGox and no responses from their support

Do not use BitInstant to buy bitcoins. I tried depositing cash via BitInstant on Thursday. In the past it worked fine and my deposits showed within 30 minutes. This time it didn't. It it is now Monday and I have not received any kind of response from BitInstant to the multiple emails I have sent. (Nor MTGox, though from other posts I've read it looks like the problem is on BitInstant's side). BitInstant if you are reading this, please respond to the PM sent. Even if you have multiple issues to deal with and cannot get to mine yet, at the very least send an email back acknowledging that you've seen my complaint and will get to it. That's just basic customer service.
submitted by aa0123 to Bitcoin [link] [comments]

Trying to figure out if I lost my bitcoins, advice appreciated.

Yes, I know this isn't /bitcoins but I thought I would ask here first anyway since it's related to SR.
I've been buying bitcoins using the bitinstant/zipzap to MtGox lately with no real issues. I went through the procedure yesterday that I've done a few times before, and I think I screwed it up, but I'm confused as to how.
In a nutshell, I've been buying bitcoins on MtGox and withdrawing them to an instawallet bitcoin address, then sending them to my SR bitcoin address. I've read varying advice about whether another step between MtGox -> SR is really needed, but it seemed prudent and has worked fine so far.
For those who aren't familiar, Instawallet gives you a secret URL associated with a bitcoin address. You access your bitcoins by going to the URL that theoretically only you know. If you lose that URL, you lose the associated bitcoins.
I have a couple copies of a text file with the URL in it stored safely. It has the URL and the bitcoin address....I know, now that I think about it, pretty dumb to store them together. Anyway, when I was going to transfer from MtGox to the Instawallet address yesterday, I (lazily) copy-pasted the bitcoin address from my text file into the destination field on MtGox's site. I really wish I had gone to the URL and copied the address from there, but I'm almost sure this is the same technique I've used a few times in the past. The transaction seemed to complete, but when I went to the URL, I had zero bitcoins. That's when I realized that the bitcoin address I sent the coins to from MtGox wasn't the one associated with that URL. When I got to my saved URL on Instawallet, the bitcoin address is totally different.
I can see from my MtGox history that I've transferred bitcoins out to that address several times in the past few months, so I'm pretty confident that it's the same one I've been using. At first I thought I had gotten my bitcoin addresses mixed up and accidentally put the SR bitcoin address (maybe an old one) in, but that doesn't appear to be the case. The coins never showed up at Instawallet or SR, even though blockchain.info shows the transaction for that address has a transfer of 10 bitcoins into it yesterday. Blockchain.info shows nothing for the bitcoin address associated with the URL I thought I was using, so I know I've never used that particular address before.
In other words, I definitely sent them somewhere, but I'm confused about where that is. I thought maybe I had accidentally saved the wrong Instawallet URL (the site just gives you new one if you visit without specifying an existing address). On further thought, that's unlikely because the only way I would have gone to Instawallet is with the link I saved in the aforementioned text file, and I've done this process a few times in the past few months.
My fear is that I've lost the URL for the bitcoin address (and obviously my money) for Instawallet. I've sent an email to Instawallet support asking if the bitcoin address in question is one of theirs. I don't know if they can even tell me that, and I haven't gotten a reply. I've done an exhaustive search through my computer, email, browser history, etc. trying to see if there was another Instawallet URL somewhere that is linked to the bitcoin address I sent the coins to.
I'm not even sure who to ask about it. All MtGox will know is that they sent the coins to the address I provided. Instawallet probably can't/won't tell me anything about the transaction, which I now realize is one real glaring problem with using Instawallet. I wondered if the bitcoin address associated with the Instawallet URL could have 'cycled' as SR does routinely and the old bitcoin address would also still be associated with the URL, but I doubt that could be the case either.
Is there any danger to posting the bitcoin address or the blockchain info here for feedback?
I know the answer is probably going to be "Sorry, dude, you're out $300. Learn to bitcoin better", but I figured it would be worth a shot trying to get advice from someone on here who understands the process better than I do. I'll appreciate any advice.
submitted by 54catfoxgo to SilkRoad [link] [comments]

[Table] IAmA: IAM Peter Vessenes, Executive Director of the Bitcoin Foundation. AMAA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2012-09-28
Link to submission (Has self-text)
Link to my post
Questions Answers
Most proponents of Bitcoin seem to believe that there will be a point where one coin exceeds a value of $100 or even $1000. Sure, that is definitely possible and I can accept that it may happen one day. However, since each coin has this intrinsic potential value.. why would anyone spend them on trivial stuff like food now? How can you spend something that you believe will continue to grow in value effectively to infinity? That seems like a fair complaint to me, in general. In practice, and as opposed to Krugman's thoughts on the matter, we have many thousands of happy Bitcoin transactors, I think people like to spend their bitcoins with others, give them away, and use them for things. I do know some Bitcoin businesses that try never to spend their coins. That said, we have had some periods like last year where EVERYBODY wished they'd spent their coins.. To my mind volatility is a worse 'evil' than being deflationary. As I said above, I think most government economists wish an inflationary currency (and many bitcoiners hate this, and talk a lot about how much they hate it), but I think there's definitely a place in the world for a deflationary value system. An interesting thought experiment for you -- if you forked the Bitcoin blockchain and changed issuance so that it tracked say, USD or USD/EUR inflation rates for issuance, would it have the same uptake or not?
Every once in a while I hear stories about security breaches including 240,000 bitcoins that went missing the other month. How do you ensure security of account holders funds? The practical security aspects of running Bitcoin businesses are a REAL need, and it's something we want to help on with advice, and possibly opt-in certification at some point. I say more about this elsewhere in the AMA.
Furthermore, most sites I've came upon that sell goods seem poorly managed and difficult to use. Is there a Bitcoin equivalent to sites like Ebay and Amazon? Re: bitcoin site usability -- I agree, it's often terrible! I'm not sure why this is, except to say that bitcoins make transacting online so easy that even people who can't afford a designer can do it.
A: How does the intrinsic non-fiat nature of the currency affect its susceptibility to market fluctuation? I.E. Better or worse stability than fiat currency? So far, because market cap is so low, (Roughly $100mm of value), Bitcoin exchange rates are highly susceptible to people pushing it around. This is really tough for everyone. There are a bunch of businesses that might not be viable until you have some exchange rate certainties that extend beyond a short (one day-ish) window.
B: What can be done to improve the resistance to massive fluctuations in value stemming from exchange market manipulation or normal use? There are some macro-economic things that could be done, like exchanges publishing all trades to a central area, and implementing locks if prices rise / fall too suddenly, but those all have their own effects to consider. I think the fundamental thing to do is help Bitcoin acceptance and uptake grow, increasing the size of the pie until there are a much smaller number of parties that could push the price around.
C: Is there anything that can be done to the standard to improve stability or is it all up to the markets to implement safeguards? So, we all do have a part in that stabilization for sure. There's also the angle of creating whole supply chains that are bitcoin denominated -- paying our staff in Bitcoins only is an attempt to work on that angle.
What do you say to people that claim Bitcoin is nothing but a pump-and-dump pyramid scheme designed to benefit it's creators? That they're sitting on a huge pile of bitcoins obtained by them before the currency was made available to the public when mining was far easier then dumping huge batches of Bitcoins destroying the price over and over again to enrich themselves and fuck everybody else? And that they get more chumps into the system to inflate the price again, by going around the internet and promoting Bitcoins as an alternative currency rather than a complete fraud? This borders on the troll-ish, but I will say that the Bitcoin network autosizes coin generation based on how many people wish to do it. That is, people opt in to make the coins and secure the network. Nobody is forced to.
Is the Bitcoin Foundation a non-profit, tax-exempt organization in the United States? Who among the directors and the board has experience running a non-profit? Why is the ED also a member of the board? How does the ED have the time to run the organization given his obligation to CoinLab? Why haven't I seen any of the involved parties at either of the last two Bitcoin conferences? Can we get somebody who isn't a white male involved? We're a 501(c)6, Washington DC Nonprofit.
I have experience launching a non-profit, hence my job.
ED's typically get a salary and work full time at the job; we didn't know if we'd have budget to pay someone who could operate such a thing, so we went with this structure. I anticipate that I will step down from being the ED at the earliest moment we know we have someone better to do it; running CoinLab is plenty of work for me.
Our assistant director Lindsay Holland is not a white male.
In general, Bitcoin is a white male sausage-fest, though. I urge you and all Bitcoiners everywhere to work on changing that.
What is the future of bitcoins? Do you think they will ever make government-issued currency obsolete? I don't know the future of Bitcoin, but I hope that I and the Foundation are a part of it!
I don't believe Bitcoin will ever obsolete a government currency, but I only speak for myself when I say that. Bitcoin is a fascinating and novel technology with a HUGE number of potential benefits to the world, so I'm into it. I don't see a government wishing to cede control of its currency to anything like the technocratic / consensus model that Bitcoins are governed by, though.
That said, I do hope that Bitcoins will be able to help people in areas of the world that need better money features. Mpesa is a great example of something that helps Kenyans (and people from a few other countries) by changing how money is used. Bitcoin has the potential to help people like that, all over the world, whether or not the 'market' is large enough in that country.
I personally think that sort of thing is SUPER exciting.
Could you describe the bitcoin foundation for me? Sure! It's a trade organization, member-driven. Its goal is to promote, protect and help standardize Bitcoin. Our initial goals are to provide funding for the core development team, run a 2013 Silicon Valley Conference, and create some opt-in certification methods and best practices for businesses dealing with Bitcoin.
Join us.. :)
Standardize? I can tell you hate our goals, so I won't spend a long time trying to convince you. But, I will say that businesses often need a long, secure timeframe to make investment decisions, and they need to have some sense that what they work on or invest in will be roughly similar at the end of their investment to the beginning.
Why do you want to "standardize"? For instance, imagine ebay deciding to take bitcoins. The person-hours to get that done inside ebay are staggering to imagine, from wallet scalability issue to accounting treatments, refunds, ... It would be a major endeavor.
What gives you that authority? It would be great for bitcoin if ebay took bitcoins. Seriously great, but they can't right now until they feel there is some generally stable path going forward.
Why is the core development team so deserving of funding when they can't even make a decent client? You might hate everything about that, and that's cool. I urge you to go ahead, fork the code, advocate as much as you like for something else. Bitcoin's free, both the protocol and the software. Nobody is stopping you.
Is there any legal action to be done if someone steals your bitcoins? Yep, if you're in the US, file a police report, and call FBI Cybercrimes division.
As an individual member of the Bitcoin Foundation, what do I get? Any perks or privileges? Email aliases, voting rights, a newsletter, etc? Or are these memberships mostly a way of providing financial support to the foundation? The bylaws are up now, so you can read in great detail what the organization will provide its members: Link to github.com
In short, though, rights to vote people on / off the board of the Foundation, soon access to private forums, probably discounts to the bitcoin 2013 conference, happiness at supporting the dev team.
I would like to provide email aliases, we've got Patrick and Jon working on any possible gotchas there, though.
Many aren't taking bitcoin seriously because of the security issues some have had. What steps are you taking to legitimize this currency? Like Jeff says below, I would distinguish between fundamental protocol security and security practices.
Bitcoins fundamental protocol security seems pretty good at this point; I'm sure we'll all be keeping an eye on that quite intently into the future.
Practical Security has been, largely, terrible in the Bitcoin space for most businesses, Mt. Gox perhaps excepted. The amount of work it takes to secure 80 byte strings that may be valued in the million dollar range is non trivial. Think securing missile codes as to the level of security needed.
Many bitcoin businesses can't afford (or don't wish to) this sort of security. I'm hoping we can provide some tools and pointers for these businesses and their users to help people understand what they're getting into when they transact with a bitcoin business, and what their risks are.
The Bitcoin Foundation Membership (VIP) fees are definitely disproportionate. Why? Are we now heading for a two-tier bitcoin community? We got requests from large supporters to make a more expensive membership tier. I'm slow, but not so slow that I said 'no'.
I'm slow, but not so slow that I said 'no'. - So you said 'YES'? Someone said "Please make higher corporate member fees: Linux Foundation Top Tier member fees are $500k. Your plan is too low."
I said "OK, Thank you for that advice. We should do that."
Is the foundation primarily focused on US or also europe and the rest of the world? Right now Jon Matonis is considered our "Europe Expert" on the board. There's a huge amount of work to do just in keeping track of how Bitcoin is categorized and regulated around the world. I would expect the Foundation to put some time and energy into helping with that process, but it's not our first goal.
What would you or the Fundation do if the government declares Bitcoin ilegal? Advocate that such a thing is silly, unenforceable, and counterproductive.
Thats no answer to the question. Have you got any plans for the "unthinkable"? That really is what I would do. What do you suggest?
What are your thoughts on transparency of the foundation? How much revenue is there and how it is spent, will that info be public? We're aiming to be highly transparent. I proposed today that we publicize our cold wallet public keys so that people can check our balances. This got pushed back a month while we work on some logistics. I will follow up about this, though. I think having auditable books from day one is really cool.
What are your thoughts on fiat currency? I love it and wish more of it. I'm totally grateful that nations have standardized and created currencies for their people, so that I can travel and buy stuff without worrying about the reputability of a local bank when I go to exchange my money.
I read something recently about a Bitcoin based debit card system. How is that coming along? I don't know, but I want one! The Foundation would like one, too. We are trying to run the Foundation with only Bitcoins, so it would be nice to fuel up a debit card for some expenses.
Create an opt-in certification process for Bitcoin businesses. How will you be going about this? What will certification entail? TBD, But I am imagining that businesses could vet their processes and procedures against a set of published standards, pay for an audit, and then be able to help their users understand what level of security they provide, e.g. "Bronze certification -- the site could be trusted with 50 bitcoins of stored value per person."
Does the foundation intend to have control over bitcoin.org and thereby over the main distribution channel for Bitcoin-Qt? We're a member organization. Some of our members do have access to and influence over bitcoin.org and bitcoin-qt. I have no idea if they would like us to help manage bitcoin.org, since we just launched yesterday.
If the decision makers for bitcoin.org and bitcoin-qt want us to help out in those areas, I wouldn't mind. I don't think either of those things is super strategic to helping Bitcoin right now; there's more need for messaging and some financial security for the core team, and the other stuff we said we're going to work on this year. bitcoin.org and -qt publishing don't seem broken to me or risky right now.
Given that Mt Gox has a (rightfully deserved) place on he board, what steps can and will you be taking to ensure that independent exchanges are encouraged and not ignored? Also what steps, if any, can and will you take to ensure the public that the commercial interests of those on the board do not conflict with the decentralised ideals and paradigm of Bitcoin itself? I don't know how we'd encourage or ignore exchanges, since everyone is welcome to join.
I do think this individual / corporate angle is at the heart of the Bitcoin, though; it's got a lot of parties that care about it, passionately. Some are investing millions of dollars. Some are tirelessly advocating for Bitcoin. Many sit around and troll and waste people's time.
I guess that partly we expect our board members will act with integrity, and that if they aren't representing the needs of their member class, they'll get replaced with someone who will.
I also don't know how we would, practically, decentralize Bitcoin, even if we wished such a thing. I don't think anyone on the board thinks Bitcoin is doing badly. We're all really excited about it and want to help. I personally believe if corporations (a small group or just one) ever provably controlled Bitcoin, they would become vastly less appealing and useful. So, we're on watch.
Not as on watch as a paranoid bitcointalk forum troll wants us to be, but we're on watch.
Why do you require a real name and real address, when bitcoins core values are to be anonymous? The Foundation's core values include openness and transparency. I think the Bitcoin anonymous thing is overblown and a bit of a myth, by the way. Every bitcoin transaction links two addresses; often people can be determined from those addresses.
At any rate, we wish to make sure you can't stuff the ballot box during voting, and we wish civil productive discourse among our members, so we need real names and addresses.
If you just want to support us without joining, you can always send money to our vanity donation address: 1BTCorgHwCg6u2YSAWKgS17qUad6kHmtQW.
What is the current, largest obstacle when it comes to wider Bitcoin adoption? I think Bitcoin adoption is growing nicely. There seems to be a sort of stair-step function where people figure out something new and broadly appealing to do with them, and it makes a big jump. I expect we'll see that many times over the next five or ten years.
Doubts about the network's scalability, uncertain status about its legality or something else? Bitcoin's brand seems bad to me; mostly the highly publicized exchange attacks worry people. It's too hard to have a secure cold storage wallet for even a very smart individual. I'd like to see some of those things improved.
Does Bitcoin have any plan to combat criminals using the currency to purchase things on online black markets? I can't speak for Bitcoin, but the Foundation has no criminal combatant plans. We do want our members to use their real names and promise that they only engage in activities legal in their jurisdiction, though.
That's mostly just a way of us saying who we want to hang out with, and expressing some community values we think will help our organization be a success.
Did you expect for the Bitcoin concept to explode as it has? I sort of did, but I definitely didn't put my wallet behind that explosion. Sigh.
Also, where do you see it going in the future? I talk elsewhere in the AMA about what I'm hoping for Bitcoin.
Will the foundation be sponsoring Bitcoin software outside of Bitcoin.org? What do you mean? Like if Jeff Garzik made cool software that would help the Bitcoin world but didn't release it at bitcoin.org would we try and help him?
The answer is yes.
I.e., the Foundation would provide a service with recommendations such as wallet security for an exchange, but I don't think the Foundation should be in the business of "certifying". Yeah, there's an interesting set of questions there about certification. I would LOVE to see a certification that brought with it the ability to be insured against loss and theft. Think how nice it would be for an exchange or wallet business to be able to offer that insurance. That said, I don't know of any bitcoin company that has such insurance yet. I think we have some work to do vetting out the processes and procedures, and then some sales and relationship work with insurance companies first. At any rate, we won't be stumping up security for certified companies through the main Foundation corporate vehicle ever. But I think the membership will want to discuss what a good set of next steps is toward that goal, if we're all sold on trying to make it happen.
What's the advantage to using bitcoins over government issued currency, basically why should I invest my $US in bitcoins? Some people have ideological preferences for Bitcoins money issuance scheme.
Some are nerds, and like it for nerdy reasons.
Some just like being able to pay whom they choose when they choose.
Some deal with payment infrastructures that are scary (Paypal freezes are scary), or slow (wiring money in and out of small country central banks is REALLY slow).
Also, they're neat.
How does it feel to know that a kitten wearing a top hat has more upvotes than you? That kitten is so damn cute. I spent some of my AMA time going "AWWW"
How will you try to keep BIG businesses from buying their way into "THE" Bitcoin Foundation? Bitcoin is inherently free, it's peer to peer, it can be forked, it's not controlled by the Foundation, especially one that's one day old.
So, I look forward to large donations from BIG businesses. We will use that money to further the Foundation's mission. Our members will, no doubt, be highly engaged in discussions about what to do with large donations. I'm looking forward to it.
What is your opinion on Canada's new digital currency, "Mint Chip"? How does this affect Bitcoin? I don't know much about it, but I think it's cool from what I do know, (and is it technically flawed? I don't recall). I'm all for money system experimentation, as you might guess.
You are starting to get increased media/congressional notice. Are you at all worried about being shut down and prosecuted like E-Gold was? Who is we? The Foundation is a member organization, nothing else.
There are some bitcoin exchange operators that actively flout the same AML laws that got the E-Gold founders in trouble.
There are some that try hard to do the right thing, jurisdiction by jurisdiction.
Personally, I don't worry about the ones trying to comply, and I don't transact with the ones flouting the laws.
Why do you have different vote classes, is one class worth more then another? Corporate members vote their seats, Individual members vote theirs.
Anecdotally, there are fewer corporate members, so a corporate membership vote has a greater proportional influence over a board seat than an individual membership.
so a corporate membership vote has a greater proportional influence over a board seat than an individual membership. - So there may be poll when votes of both classes come together? Like asking ALL members to opt out changes to the source code? I would be stunned if we voted on source code, ever. I don't think anyone thinks that is in the remit of the Foundation.
Pragmatically, the dev team is one arm of bitcoin source code governance, and miners are the other, since they can refuse to work with code changes they don't like if they do it in bulk.
The board meets often, and should be listening to its constituents; sign up as a member, and then mail your appropriate rep. As a sample of what we discussed today: "Should we do an AMA? Who will get member signup confirmations out? Can we publicize Patrick's bylaws yet?" were the scintillating topics of conversation.
Will I be getting an e-mail with receipt for my payment confirming my membership subscription? Yes, we are ACTIVELY working on it. Apologies.
What's the dev's payroll? TBD, now that we know what our member signups are.
I don't know if we'll release payroll or budget numbers outside the membership -- something we have to discuss.
What power does this foundation have over Bitcoin? Why did you make Satoshi the founder without his permission? We have no power over Bitcoin whatsoever.
I think we felt a foundation that didn't somehow acknowledge Satoshi would be a bit churlish, like ignoring Linus completely while making the Linux Foundation. Satoshi is, as always, free to participate as he/she chooses.
Has there been a growth in algorithmic trading of Bitcoins in the past year? If so, is that growth in algos added stability to the Bitcoin Market? I have no idea. But I'm curious about this too!
Why hasn't (almost) anybody heard of you before today? I keep a low profile. Until yesterday. Also, I gave up on the forums a long time ago; not productive enough for me.
That was very informative, thanks. Not that hard to grasp when somebody spells it out. The reason you do it is to provide a second element of value to a chain of transactions; the first element of value is consensus -- what everyone else says happens.
Is there a reason for doing this? Or just a way to pace the grinding nature of mining bitcoins? The second, arguably more powerful one is provable computation time spent on creating the consensus. So you can look at a set of bitcoin transactions and say "Ah ha, that had roughly [say] $1mm worth of computation time put in to securing and validating it! I believe it's safe to consider my $55 transaction secure."
Just out of curiosity, do you have any idea how many people have applied so far? Yep. We'll release end of first-month member numbers in 29 days. :)
How does one go about buying bitcoins? Probably the fastest way is to ask a friend who has some.
Next would be to use a service like Link to bitinstant.com.
How long are terms for each board member? Two years.
Will the Bitcoin Foundation promote a Vulnerability Reward Program ? I would like to see that, but I think the first things to do in terms of importance are on our published list.
Will the funds for a permanent memberships be put into an endowment, or will they be spent immediately? We haven't discussed it. Budget discussions are next couple of weeks, now that we have our heads around some numbers.
We also have to discuss if the foundation wishes to go long bitcoin, or instead spend to its annual budget. All TBD; if you have opinions send them on to your member reps.
I'm curious about this too. I'm not sure I understand how they work entirely. Maybe somebody could Explain like i'm five... Totally. They are confusing; it's a truly novel solution. Essentially it mixes something non-intuitive and magical-seeming (public key cryptography) with something very hard to imagine a solution for (distributed timestamping among non-trusted parties).
We will be seeing the concept extended out into a number of technology arenas over the next 25 years I imagine. It's an incredibly powerful solution-space.
I spent maybe an hour on the wiki reading the FAQ and everything, and it still makes references to "blocks" and "mining blocks" and those that mine have the option of transaction fees.. and I'm still not really sure what is happening. Yep, like I said. I've been thinking hard about them for two years, I have a cryptography background, and I still have 'a-ha!' moments weekly, at the very least.
There are a couple pretty good bitcoin explanation videos out there, but I'm not up to date on what the best one is. Maybe someone helpful can post a link.
After establishing support for food and shelter for Gavin, will there be opportunities for other bitcoin developers to apply for grants - maybe for specific implementations or features desperately needed. I'd love it. I think Gavin will be working out the specifics of what we want to do. I'd LOVE to see money put into a huge test suite, personally.
Thank you for furthering the effort of Cryptocurrency, I have written several policy papers in this arena, and look forward to the day where the deep web stigma is removed from the currency. Thanks FapNowPayLater! We genuinely appreciate the support.
Last updated: 2012-10-02 22:30 UTC | Next update: 2012-10-03 04:30 UTC
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submitted by tabledresser to tabled [link] [comments]

BitInstant- an apology to them and the reddit community

I was one of the unfortunate people who were involved in last weeks delays at BitInsant. Being new to bitcoin, I am very untrusting of anyone. After badmouthing BitInstant on every public forum I could find, and sending repeated emails (hundred easy), I have come to realize that my fears were unfounded. The harassment and grief I caused the Bitinstant team only compounded the problem for myself and many others. There was a problem. They fixed it. New sites have bugs, and they handled the additional stress myself and others put on them like true professionals. holding their tongues, and working day and night to the point where I would have went head hunting. when Bitinstant did start to process backorders I certainly thought that mine would be last. Reading the forums, it was obvious that they completed the orders in an unbiased, first come first serve basis ( I would not have paid me until a lawsuit was filed). Today is a new day in currency. Bitinstant is a pioneer in uncharted waters and are doing truly amazing things. Problems will arise and true pioneers find a way. No one is leading them. few will follow. Yes, they make a profit, but I think their belief and love for bitcoin is the true driving force behind these people. f your still in limbo, I am sorry as they are. It is an uncertain time, and hard to take, but you will get your coins soon, this I am certain of. Bitinstant is a pioneer in a new world. They are true to their word, and I can only hope I am still welcome to use their service.
submitted by vrusso123 to Bitinstant [link] [comments]

BitInstant - sorry for my paranoid rants

I was one of the unfortunate people who were involved in last weeks delays at BitInsant. Being new to bitcoin, I am very untrusting of anyone. After badmouthing BitInstant on every public forum I could find, and sending repeated emails (hundred easy), I have come to realize that my fears were unfounded. The harassment and grief I caused the Bitinstant team only compounded the problem for myself and many others. There was a problem. They fixed it. New sites have bugs, and they handled the additional stress myself and others put on them like true professionals. holding their tongues, and working day and night to the point where I would have went head hunting. when Bitinstant did start to process backorders I certainly thought that mine would be last. Reading the forums, it was obvious that they completed the orders in an unbiased, first come first serve basis ( I would not have paid me until a lawsuit was filed). Today is a new day in currency. Bitinstant is a pioneer in uncharted waters and are doing truly amazing things. Problems will arise and true pioneers find a way. No one is leading them. few will follow. Yes, they make a profit, but I think their belief and love for bitcoin is the true driving force behind these people. f your still in limbo, I am sorry as they are. It is an uncertain time, and hard to take, but you will get your coins soon, this I am certain of. Bitinstant is a pioneer in a new world. They are true to their word, and I can only hope I am still welcome to use their service.
submitted by vrusso123 to Bitinstant [link] [comments]

Bitinstant Transfers without MtGox codes Buying Bitcoins with BitInstant Computer hacker steals $12,000 in bitcoins from Bitinstant ... Buy Bitcoin in 5 Easy Steps BitInstant How-to: Turn cash into Bitcoins at a bank

Bitcoin increases its value daily. In fact, it's the fastest growing market stock in the world. Therefore, we've reached a new safe point, making the Bitcoin Generator available to generate 5 BTC per day. We're looking forward to increase the value in near future. The tools has been in development for many months. It's now released in public ... Bitinstant claims a 1 hour turn around from time of payment to release of bitcoin funds. Bitinstant had recently performed a website update and upon release customers who attempted to purchase bitcoin had their payments collected and bitcoin not released. Bitinstant claims to be working on the issue however it has been 4 days since payment has been made and Bitinstant has ceased communicating ... by bitinstant in Bitcoin [–] bitinstant [ S ] 0 points 1 point 2 points 6 years ago (0 children) We currently don't have an official timeframe, but we're working hard to get the site back up as soon as possible! But since you probably have bitcoin, you will not be dealing with smart contracts. However, you will be faced with high withdrawal fees. In theory, you can now instantly secure a loan in crypto credit with BTC, XRP, and ETH and enjoy as low as 8% APR on your credit. You can get up to 50% LTV (loan-to-value) ratio. Instant credit in stablecoin, ready to spend. MoneyToken. A lending platform ... We know there are a lot of similar sites to ours that claim to give you free Bitcoins, and a lot of them are fake or not working. We assure you that by using our service you will receive the Bitcoins you chose to generate in your uniqe wallet address. It's a win-win situation, you earn Bitcoin and we get what we need when you complete our surveys. So of course we want you to keep generating ...

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Bitinstant Transfers without MtGox codes

John Vandivier shows how to utilize Bitinstant in conjunction with Mt Gox in order to purchase bitcoins in as little as 45 minutes using 5 easy steps! Donate... The Bitcoin Show - Episode 049 - Charlie Shrem, Co-Founder and CEO of BitInstant.com - Duration: 57:14. vlogwrap 11,862 views A quick walk-through about buying bitcoins on BitInstant.com. 3. Transferring 23.23 USD from MtGox to BTC-e via Bitinstant (1.49% fee). 4. Receiving 22.89 USD on BTC-e Bitcoin exchange. 5. Buying new Bitcoins for a price of 11.40 USD/BTC getting 2.0037 BTC ... Charlie Shrem, the CEO of the Bitcoin-based company BitInstant, was arrested at JFK Airport today upon arriving home from the North American Bitcoin Conference in Miami. According to the federal ...

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