I'm not by any means saying its not a viable option, I'm just saying its nowhere near as risk free as people would like to believe.
Bitcoin cracks US$100
- Thread starter PhenoMenal
- Start date
i do see that is possible, the dealer side of the silk road could be sloppy in their security, i.e. names/addresses lying around
but i have to think the chances of a follow up on that are not big, if they bag the dealer it's LEO heaven, that gets the write up in the local news feeds
the lowly user? not so much
but i have to think the chances of a follow up on that are not big, if they bag the dealer it's LEO heaven, that gets the write up in the local news feeds
the lowly user? not so much
The problem is they could just forward the info to the respective jurisdictions, and furthermore, if the buyers are big enough it absolutely could beget federal action due to quantity and use of the postal system to ship drugs.
definitely not zero risk, and if you're a BIG buyer that would send a 'dealer' message
The only confirmed SR bust I was able to find in a web search was one in Australia. The guy was buying from SR and vending locally. They had a record of his text messages, it looked pretty straightforward/old school. Someone that he knew IRL got caught and/or told on him.
I have this matter well in hand. Got the grow going and I am expecting to have meds in her hot little hands this week. It is all good...
Thank you for your kind words.. K++
added a live tracker of the 24-hour weighted average to my icmag signature *rolls eyes* sooooo lame 
Benjamin Check
Member
Unbacked currency dependent on the amount of money and members involved? It may be worth getting in while the getting is good, but this 8:1 flip will bring a bubble. Right now millions of people are reading the articles about it being x amount of dollars in January and y in March. As soon as the international bankers smell a profit/threat they will pressure vendors to not accept it, or charge high user fees. Or, they can pull their typical shenanigans and just pay a congressman or revolving door bureaucrat to pass some new stringent regulation or law that targets the weakest aspect of the entire system.
FinCEN regulation
On 18 March 2013, the Financial Crimes Enforcement Network (or FinCEN), a bureau of the United States Department of the Treasury, issued a report regarding centralized and decentralized "virtual currencies" and their legal status within "money services business" (MSB) and Bank Secrecy Act regulations.[38] It classified digital currencies and other digital payment systems such as bitcoin as "virtual currencies" due to them not being legal tender under any sovereign jurisdiction. FinCEN cleared American users of bitcoin of legal obligations by saying, "A user of virtual currency is not an MSB under FinCEN’s regulations and therefore is not subject to MSB registration, reporting, and recordkeeping regulations." However, it held that American entities who generate "virtual currency" such as bitcoins are money transmitters or MSBs if they sell their generated currency for national currency: "...a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter." This specifically extends to "miners" of the bitcoin network who may have to register as an MSB and abide by the respective requirements of being a money transmitter if they sell their generated bitcoins for national currency and are within the United States.[36]
Additionally, FinCEN claimed regulation over American entities that manage bitcoins in a payment processor setting or as an exchanger: "In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency."[37][38]
Patrick Murck of the Bitcoin Foundation criticized FinCEN's testament as an "overreach" and claimed that FinCEN "cannot rely on this guidance in any enforcement action".[45]
Basically, they are gonna get their money if it gets big enough, and do their best to stop it before it does.
FinCEN regulation
On 18 March 2013, the Financial Crimes Enforcement Network (or FinCEN), a bureau of the United States Department of the Treasury, issued a report regarding centralized and decentralized "virtual currencies" and their legal status within "money services business" (MSB) and Bank Secrecy Act regulations.[38] It classified digital currencies and other digital payment systems such as bitcoin as "virtual currencies" due to them not being legal tender under any sovereign jurisdiction. FinCEN cleared American users of bitcoin of legal obligations by saying, "A user of virtual currency is not an MSB under FinCEN’s regulations and therefore is not subject to MSB registration, reporting, and recordkeeping regulations." However, it held that American entities who generate "virtual currency" such as bitcoins are money transmitters or MSBs if they sell their generated currency for national currency: "...a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter." This specifically extends to "miners" of the bitcoin network who may have to register as an MSB and abide by the respective requirements of being a money transmitter if they sell their generated bitcoins for national currency and are within the United States.[36]
Additionally, FinCEN claimed regulation over American entities that manage bitcoins in a payment processor setting or as an exchanger: "In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency."[37][38]
Patrick Murck of the Bitcoin Foundation criticized FinCEN's testament as an "overreach" and claimed that FinCEN "cannot rely on this guidance in any enforcement action".[45]
Basically, they are gonna get their money if it gets big enough, and do their best to stop it before it does.
Not going to be pretty for those holding at the top of this move regardless of the long term outlook of bitcoin.
Moppel, re-read: 24-hour market-weighted average. Bitcoin can fluctuate a lot in a very short space of time, so 24-hour average gives a better overall view of where it's at
My dear fellows, this is the classic bubble. The value is getting higher, because people expect that and they buy. As long as people expect the raise, it will raise to the point major investors jump out and the price fall begins. When this happens, bitcoin will die and no one will accept it anymore. Someone has to pay the price. Once you are into bitcoins you have to find somebody who wants them otherwise you will keep them. Read about the Ponzi Scheme.
The clever ones go out early.
The clever ones go out early.
Any bubble with investors will burst eventually, but then you can get in again and ride the next wave ... (if it's gone from $10 to $140 in just a few months why can't it happen again after the bubble bursts? ... gold goes up and down too)
It also helps that more and more businesses are adding Bitcoin support to their sites, including some biggies like Reddit, WordPress etc
It also helps that more and more businesses are adding Bitcoin support to their sites, including some biggies like Reddit, WordPress etc
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only 4 bc's for 420 euro to become my invest back and become a good plus. a half year ago i bought for 150 euros 10 bc's. that's 250€+
the rest of the bc's i'm still holding back in my wallet to make experience with a bitcoin trading bot.
i think the rise of the bc will not stop the next time because butterlfy labs is starting to send the asic miners to the customers slowly now. and with every asic miner at work the difficulty become higher and higher. that means that the price for bc's will rise,too.
with the last double of the difficulty november 2012 the price for bc's was increased threefold after some months!
ok, maybe butterlfy labs with the asic miners is a scam and the bubble collapse in the near future, but no problem, too. then i 'll buy more bc's at a lower price again and wait for the next rise
and if ...no problem for me. i have learned a lot about trading crypto currencies true bitcoin, made some money and have a lot fun to hold my money away from the banksters. i don't do this to become a billionaire
the main point i started with bitcoin are the fucking banksters. i'd never give my money to this mafia!
tea
$129.8 at 18:40
$141.9 at 19:20
$141.9 at 19:20
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Problem with MtGox at the moment ... (not ideal at 11:30pm Japan time, where they are based)
One of my monitor programs that checks MtGox every 5 mins has detected that MtGox stopped at 21:10 at $141.32000, and 5 minutes later at $141.32001
For the next 60 minutes the same value was reported ($141.32001) -- a clear indication that something is broken, and after that, and to this minute, the site simply responds with "Database access error, please retry later"
I have no idea about why it's down, but to speculate I can't help but wonder if attackers are hitting mtgox to try to bring buying prices back down (mtgox is the largest bitcoin bank, something like 80%)
One of my monitor programs that checks MtGox every 5 mins has detected that MtGox stopped at 21:10 at $141.32000, and 5 minutes later at $141.32001
For the next 60 minutes the same value was reported ($141.32001) -- a clear indication that something is broken, and after that, and to this minute, the site simply responds with "Database access error, please retry later"
I have no idea about why it's down, but to speculate I can't help but wonder if attackers are hitting mtgox to try to bring buying prices back down (mtgox is the largest bitcoin bank, something like 80%)
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question for sam the skunkman on the original haze- Latest: LostSoulsofHaze
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Latest posts
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question for sam the skunkman on the original haze
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