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Bitcoin: Does it have a future ?
Museveni
#1 Posted : Friday, April 12, 2013 3:39:00 PM
Rank: Member


Joined: 8/16/2012
Posts: 657
There has been a few Bitcoin mentions on some threads.

But, in my humble opinion I think it deserves a dedicated thread.

Is there a future for this 'currency' or is it just a mirage offering a glimmer of hope for those in financial murk ?

From here:

Quote:
"..is the currency of the resistance; informal markets of people, not corporations. It's a true global free market"


These quotes I also found quite interesting:

Quote:
"..governments could lose control of individual state economies and people could live outside conventional financial and taxation systems. Banks could shut. In a capitalist society where everything has a fixed price, the cost of resistance could be high: Bitcoin's Young Turks seem set on a collision course with some powerful people who have a lot to lose.

"These people – states and established financial institutions – will move against Bitcoin because Bitcoin strikes at the root of current power structures," reckons Frank Braun, a German tech consultant and privacy advocate
Live and learn; and don’t forget, nothing ventured, nothing gained.
holycow
#2 Posted : Friday, April 12, 2013 3:57:55 PM
Rank: Veteran


Joined: 11/11/2006
Posts: 965
Location: Home
I met the term for the first time when i visited "Dark/underground Internet" and was asked to pay using Bitcoin.
Museveni
#3 Posted : Friday, April 12, 2013 4:15:22 PM
Rank: Member


Joined: 8/16/2012
Posts: 657
holycow wrote:
I met the term for the first time when i visited "Dark/underground Internet" and was asked to pay using Bitcoin.


Meaning ulirusha/jaribu kakitu hapa:

Quote:
"..FinCEN is America's Financial Crimes Enforcement Network – a bureau of the US Treasury which aims to counter money laundering. Last month it issued new guidelines to regulate "virtual currency" trading.

It could be the thin end of the wedge.

The White House has a score to settle: when the US piled pressure on Wikileaks in 2010 and 2011, it was to Taaki's "currency of the resistance" that the group turned when their conventional methods of banking were blocked. "Within a day their VISA, MasterCard, PayPal, Swiss bank and Amazon accounts were closed," points out Taaki.

"Wikileaks was unable to continue soliciting donations – except through Bitcoin. It was their lifeline.
"
Live and learn; and don’t forget, nothing ventured, nothing gained.
masukuma
#4 Posted : Saturday, April 13, 2013 3:30:51 PM
Rank: Elder


Joined: 10/4/2006
Posts: 13,209
Location: Nairobi
I had started trading in bitcoins using www.virwox.com sometime in june 2011, I quickly stopped keeping any of the coins after the first hack on mtgox. using www.virwox.com I could buy bitcoins from my paypal account ... bank account and keep them. I would later trade them... the overheads proved to be too much - so I stopped!
All Mushrooms are edible! Some Mushroom are only edible ONCE!
Museveni
#5 Posted : Sunday, April 14, 2013 9:32:34 AM
Rank: Member


Joined: 8/16/2012
Posts: 657
masukuma wrote:
I had started trading in bitcoins using www.virwox.com sometime in june 2011, I quickly stopped keeping any of the coins after the first hack on mtgox. using www.virwox.com I could buy bitcoins from my paypal account ... bank account and keep them. I would later trade them... the overheads proved to be too much - so I stopped!


Very interesting.

So did you sell all your coins?

What were the overheads you talk about?

At what rates were you buying these coins?


That first bitcoin saga really got my eye and even considered 'mining', but the resourses and time needed were a turn-off.
Live and learn; and don’t forget, nothing ventured, nothing gained.
Museveni
#6 Posted : Tuesday, April 16, 2013 1:47:34 PM
Rank: Member


Joined: 8/16/2012
Posts: 657
An infographic on bitcoin:

Live and learn; and don’t forget, nothing ventured, nothing gained.
Museveni
#7 Posted : Monday, May 06, 2013 7:54:43 AM
Rank: Member


Joined: 8/16/2012
Posts: 657
Quote:
Bitcoin. Everybody’s talking about it. What’s true, and what’s hype? Perhaps the only thing that’s clear about Bitcoin is that it’s not going away anytime soon. Who am I to say? I’m not an economist; I’m a hacker, who has spent his career exploring and repairing large networks. And networks may very well be how the world works — financial, social, electronic, even physical.

I’m on neither “Team Bitcoin” nor “Team Global Financial System.” I’m on “Team Lets Fix This Thing.”


Let’s Cut Through the Bitcoin Hype: A Hacker-Entrepreneur’s Take
Live and learn; and don’t forget, nothing ventured, nothing gained.
kizee1
#8 Posted : Monday, May 06, 2013 2:28:14 PM
Rank: Member


Joined: 9/29/2010
Posts: 679
Location: nairobi
@m7

cryptocoins in general represent a very ideal form of currency that is not controlled by governments and cannot be "printed" ad hoc..a very good idea but the powers that be would probably never let such an ideal come to pass..i sense that as a currency they fair well, the spec aspect is also good but it waters down the whole idea behind the concept...mining is crazy and you require some serious processing speeds here is a link on mining

http://forum.bodybuildin...&highlight=litecoin

i had a discussion with a lady who is an expert on cryptocoins i will try and get the transcript and post it here..
Museveni
#9 Posted : Monday, May 06, 2013 3:58:28 PM
Rank: Member


Joined: 8/16/2012
Posts: 657
@kizee Mmoja

C&P from https://bitcointalk.org/index.php?topic=135958.0

Quote:
When Mining finishes, there will be a finite number of BTC yes? At that point, how will people earn bitcoins based on transactins?


Quote:
Today, when a miner solves a block they get 25 btc + the transaction fees from all transactions in that block. In another four years the block reward will drop, and miners will get 12.5 btc + the transaction fees from all transactions in that block. This continues droppping the reward by half, so eventually the miners will get just the transaction fees from all transactions in that block.

You can go look at blockexplorer.com to see recent blocks and get an idea of how much transaction fees are being collected.

The more popular bitcoins becomes, the more transactions get put in each block, miners make more money. The higher the exchange rate, the transaction fees will be worth more and the miners will get more money.

Mining will never finish, the block subsidy will diminish to 0, but the transaction fees will continue. Block subsidy is new bitcoins entering the system, transaction fees on the other hand are bitcoins that were held by the person making the transaction. So while miners will still get paid to produce blocks, the number of bitcoins remains constant.


Very interesting possiblities looking at the finite number of Bitcoins possible.

Validating the saying:
Quote:
"Every Coin Has Two Sides"
Live and learn; and don’t forget, nothing ventured, nothing gained.
Cde Monomotapa
#10 Posted : Monday, May 06, 2013 8:42:24 PM
Rank: Chief


Joined: 1/13/2011
Posts: 5,963
The world isn't sovereign but individual states are. So where does this Bitcoin root from?
kizee1
#11 Posted : Monday, May 06, 2013 11:04:27 PM
Rank: Member


Joined: 9/29/2010
Posts: 679
Location: nairobi
Museveni wrote:
@kizee Mmoja

C&P from https://bitcointalk.org/index.php?topic=135958.0

Quote:
When Mining finishes, there will be a finite number of BTC yes? At that point, how will people earn bitcoins based on transactins?


Quote:
Today, when a miner solves a block they get 25 btc + the transaction fees from all transactions in that block. In another four years the block reward will drop, and miners will get 12.5 btc + the transaction fees from all transactions in that block. This continues droppping the reward by half, so eventually the miners will get just the transaction fees from all transactions in that block.

You can go look at blockexplorer.com to see recent blocks and get an idea of how much transaction fees are being collected.

The more popular bitcoins becomes, the more transactions get put in each block, miners make more money. The higher the exchange rate, the transaction fees will be worth more and the miners will get more money.

Mining will never finish, the block subsidy will diminish to 0, but the transaction fees will continue. Block subsidy is new bitcoins entering the system, transaction fees on the other hand are bitcoins that were held by the person making the transaction. So while miners will still get paid to produce blocks, the number of bitcoins remains constant.


Very interesting possiblities looking at the finite number of Bitcoins possible.

Validating the saying:
Quote:
"Every Coin Has Two Sides"


re validation fees, if the fee is too small there will be no motivation to validate, if too large bitcoins will loose their glitz, tough balance
hisah
#12 Posted : Tuesday, May 07, 2013 5:20:22 AM
Rank: Chief


Joined: 8/4/2010
Posts: 8,977
The regulator is coming - http://www.economicpolic...onsidering-bitcoin.html

Why did Bitfloor shut down? How many more will be taken down?



Don't be caught offside... Just like gold & silver. Fireworks are coming with a free fall elevator.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
harrydre
#13 Posted : Wednesday, July 03, 2013 2:57:35 AM
Rank: Elder


Joined: 7/10/2008
Posts: 9,074
Location: Kanjo
One year ago, a bitcoin was worth less than $10. today it's trading at $91.

Merchants have begun accepting it as a medium of exchange. it's time to move on!
BestCloserKenya
#14 Posted : Wednesday, July 03, 2013 12:02:46 PM
Rank: Hello


Joined: 5/23/2013
Posts: 5
i dont think Bitcoins have much of a future. They will only hit in the Geek world and wont be used much in the mainstream world. It is highly unstable if you buying to sell in the BitXchange. i once bought @ $96 and it fell to $49 and hasnt risen much since then,
murchr
#15 Posted : Wednesday, July 03, 2013 5:19:53 PM
Rank: Elder


Joined: 2/26/2012
Posts: 14,952
Winklevoss Twins Launch IPO for Bitcoin-Tracking Stock
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
Museveni
#16 Posted : Thursday, July 11, 2013 10:49:37 AM
Rank: Member


Joined: 8/16/2012
Posts: 657
Cde Monomotapa wrote:
The world isn't sovereign but individual states are. So where does this Bitcoin root from?


BestCloserKenya wrote:
i dont think Bitcoins have much of a future. They will only hit in the Geek world and wont be used much in the mainstream world. It is highly unstable if you buying to sell in the BitXchange. i once bought @ $96 and it fell to $49 and hasnt risen much since then,



Quote:
Other technologies that bypass the bank are popping up all over the place – peer-to-peer foreign exchange, open source software to analyse financial market risks or an interplanetary payment system for the space tourists of the future. But Bitcoin is today's flag-waver for distributed, accessible finance. I hope it's around for a while. It's an interesting experiment in negotiating how to trust digital technology. And if technology can help us do anything, broadening the financial powerbase is not a bad place to start.


Link:
Live and learn; and don’t forget, nothing ventured, nothing gained.
Museveni
#17 Posted : Tuesday, July 30, 2013 9:55:48 PM
Rank: Member


Joined: 8/16/2012
Posts: 657
Bank of Thailand bans Bitcoin:
Buying and selling Bitcoin banned, mining them still okay


Quote:
....Initially the Bank of Thailand had bypassed the company’s money exchange license on the basis that Bitcoin was not a currency, however the company was invited back, on July 29th, 2013, to participant in a conference about how Bitcoin works in general, and business operations of Bitcoin Co. Ltd. The conference was held with about 15 members of the Bank of Thailand in attendance. During this conference, managing director of Bitcoin Co. Ltd. gave a presentation about the workings of Bitcoin, the benefits of Bitcoin, insight into the company’s operations and future implications of Bitcoin.

At the conclusion of the meeting senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets the following Bitcoin activities are illegal in Thailand:

Buying Bitcoins
Selling Bitcoins
Buying any goods or services in exchange for Bitcoins
Selling any goods or services for Bitcoins
Sending Bitcoins to anyone located outside of Thailand
Receiving Bitcoins from anyone located outside of Thailand

Based on such a broad and encompassing advisement, Bitcoin Co. Ltd. therefore has no choice but to suspend operations until such as time that the laws in Thailand are updated to account for the existance of Bitcoin. The Bank of Thailand has said they will further consider the issue, but did not give any specific timeline.


Source
Live and learn; and don’t forget, nothing ventured, nothing gained.
Museveni
#18 Posted : Monday, August 12, 2013 3:11:30 PM
Rank: Member


Joined: 8/16/2012
Posts: 657
New York Issues Subpoenas to Firms Tied to Bitcoin

Quote:
(Reuters) - New York's top banking regulator has issued subpoenas to several companies associated with Bitcoin as part of an inquiry into business practices of the virtual currency industry, the Wall Street Journal reported, citing people familiar with the matter.


Quote:
WSJ, 12 August 2013:

Regulator Examines Bitcoin Practices

New York Issues Subpoenas to Firms Tied to Bitcoin

By ROBIN SIDEL

New York's top banking regulator has issued subpoenas to roughly two dozen companies associated with bitcoin as part of a wide-ranging inquiry into the business practices of the fledgling virtual-currency industry, according to people familiar with the matter.

The subpoenas, from the New York Department of Financial Services, seek information on a range of topics, including antimoney-laundering programs, consumer-protection measures and investment strategies, according to the people.

Subpoenas were sent to firms backed by high-profile Bitcoin investors such as Cameron and Tyler Winklevoss.

The department, led by Benjamin Lawsky, also plans on Monday to issue a memo expressing concern that virtual-currency companies aren't complying with the state's money-transmission laws. As a result, the state is considering setting new guidelines that are specifically aimed at virtual currencies.

"We believe that—for a number of reasons—putting in place appropriate regulatory safeguards for virtual currencies will be beneficial to the long-term strength of the virtual-currency industry," wrote Mr. Lawsky in a draft of the memo reviewed by The Wall Street Journal.

Companies that received subpoenas include some of the best-known names in the nascent industry, including Coinbase Inc., BitInstant and Coinsetter.

Executives from Coinbase and BitInstant couldn't be reached for comment on Sunday. Jaron Lukasiewicz, chief executive of Coinsetter, said in an email that the information request is "an opportunity for companies in our space to open up a much needed dialogue with regulators."

He added, "They'll quickly find that most companies are working to legitimize Bitcoin and want to build bridges that help regulators understand and support these financial innovations."

The state agency also sent subpoenas to companies backed by high-profile Bitcoin investors, including venture capitalist Marc Andreessen, and twins Cameron and Tyler Winklevoss, who are best known for battling Mark Zuckerberg over ownership of Facebook Inc. FB -0.10% Mr. Andreessen and the Winklevoss brothers couldn't be reached for comment on Sunday.

Bitcoin, the best-known of a crop of virtual currencies, are created in a computer process called "mining." They also can be traded on a number of exchanges or swapped privately among users. Most bitcoin are traded on a Tokyo-based exchange called Mt. Gox, where one bitcoin was valued Friday at roughly $102.

A subpoena is a legal demand for information and doesn't signal wrongdoing by the recipient. The New York banking department sent the subpoenas late last week, according to the people familiar with the matter.

The subpoenas come amid heightened scrutiny from state and federal regulators into the world of virtual currencies. Because virtual currencies aren't backed by a central government like traditional ones are, regulators are worried they can be used for illegal activity or can violate laws involving money transmission.

Federal regulators earlier this year issued guidelines placing virtual-currency exchanges under the same comprehensive antimoney-laundering requirements as traditional money-transmission businesses such as Western Union Co.

Although a growing number of bitcoin exchanges have registered their businesses with the U.S. Treasury Department's Financial Crimes Enforcement Network, they have moved more slowly at the state level. In part, that is because the process of getting a license in each of the 48 states that require them is complicated and lengthy. In addition, states also typically require companies to put up a bond that could run as much as several million dollars.

New York has been one of a handful of states aggressively examining the industry. Mr. Lawsky has assembled a team to assess the issue and already sent a warning letter to BitInstant, a New York company that allows customers to buy and sell bitcoins.

"If virtual currencies remain a virtual Wild West for narcotraffickers and other criminals, that would not only threaten our country's national security, but also the very existence of the virtual currency industry as a legitimate business enterprise," according to the memo.

The round of subpoenas also are aimed at gleaning information about how the companies are dealing with individual investors who may be attracted to the novelty of virtual currencies, but may not be sophisticated enough to understand the risk associated with them.
Live and learn; and don’t forget, nothing ventured, nothing gained.
Museveni
#19 Posted : Thursday, August 15, 2013 2:21:20 PM
Rank: Member


Joined: 8/16/2012
Posts: 657
Museveni
#20 Posted : Tuesday, August 20, 2013 12:23:26 PM
Rank: Member


Joined: 8/16/2012
Posts: 657
Feds seized $2.9M in Bitcoin funds from Mt. Gox, court docs show
Live and learn; and don’t forget, nothing ventured, nothing gained.
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