Bitcoin discussion and news
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ymu
Niall Ferguson's deep-cover sock-puppet
Excellent. Now connect that thought to the question and why it was asked.
Imagine a world in which all transactions were performed via bitcoin. Would it be possible to verify any financial records whatsoever? I don't think it would.
What would the consequences be of not being able to verify any financial records? Ever worked in any kind of audit role? Tax? Financial forensics of any kind?
What would the consequences be of not being able to verify any financial records? Ever worked in any kind of audit role? Tax? Financial forensics of any kind?
fredfelt
Mostly unknown member
Perhaps the 'traditional' exchanges are requesting ID - but decentralised exchanges are now popping up. Localbitcoins for instance put sellers and buyers directly in touch with each other. The site offers an escrow service, along with user comments to reduce risk of being ripped off.
fredfelt
Mostly unknown member
I assume law enforcement would really want to trace transactions. Do you know if any drug dealers have been traced and busted from transactions in Bitcoins?
Idaho
blah blah blah
I don't know. I think the law enforcement usually start by finding drugs and then work back from there to try and seize assets. I don't think they ever start by looking for transactions.
The situation in the US is pretty unbelievable. If you get caught with any drugs in sellable quantities, they rob you of all your assets.
The situation in the US is pretty unbelievable. If you get caught with any drugs in sellable quantities, they rob you of all your assets.
fredfelt
Mostly unknown member
Their value has risen around 20% in the last 5 days (and making the post above). The bubble has to burst soon.
Naturally I'll put the unearned income on my tax return.
fredfelt
Mostly unknown member
A story on the BBC about Bitcoins continuing to increase in value. http://www.bbc.co.uk/news/technology-21601608
Idaho
blah blah blah
Yeah - it's interesting.
The market seems to be affected by two main factors. Speculators buying it - which is making them scarce. And SR buyers needing them for transactions, providing some liquidity. Also the gambling thing is starting to take off, and that will be huge in the US.
It is a bubble, but I wonder if it has a fair amount of room to grow yet.
The market seems to be affected by two main factors. Speculators buying it - which is making them scarce. And SR buyers needing them for transactions, providing some liquidity. Also the gambling thing is starting to take off, and that will be huge in the US.
It is a bubble, but I wonder if it has a fair amount of room to grow yet.
Fez909
toilet expert
I don't see how it can be a bubble where it's getting harder and harder to generate new coins*, so supply should stay below demand. SR and gambling are increasing more and more, and there's a few legitimate websites taking them as payment now (although this will be a fraction of the total transactions).
*I read that people are manufacturing special chips which are optimised for mining.
*I read that people are manufacturing special chips which are optimised for mining.
Sunray
Its sunny somewhere.
I don't see how it can be a bubble where it's getting harder and harder to generate new coins*, so supply should stay below demand. SR and gambling are increasing more and more, and there's a few legitimate websites taking them as payment now (although this will be a fraction of the total transactions).
*I read that people are manufacturing special chips which are optimised for mining.
Just because there are a maximum limit of 21 million coins, each coin can be divided up to 8 decimal places. So if the btc becomes ever more expensive, they just get divided up into ever smaller pieces.
Sunray
Its sunny somewhere.
The only way you could cause problems with bitcoins is have more hooky clients than there are standard ones.
ExtraRefined
Better than you at everything you love
Any bitcoin competitor might well fork the blockchain too, rather than creating a new genesis block.
Fez909
toilet expert
That doesn't affect the number of bitcoins in circulation. It just makes them more practical to use.
Idaho
blah blah blah
Tax dodging might not seem so unethical if you were a Cypriot of Italian pensioner right now. Especially as the corporations, sitting on record cash reserves, aren't even remotely threatened by these taxes. I wouldn't begrudge them moving their life savings out of the accessible banks.
The irony being that if they converted their savings into shares of the bank they would also be untouched.
The irony being that if they converted their savings into shares of the bank they would also be untouched.
pinkychukkles
Feed Your Head
Could Bitcoin become a viable alternative to PayPal in anyone's opinion? If so, would it be essentially be costless for me to say, pay someone via Bitcoin in another country for something purchased online? Obviously, this is already happening on sites like the Silk Road but what I'm asking is if Bitcoin has the potential to supplant something like PayPal in mainstream eCommerce.
Idaho
blah blah blah
Yes it *is* a costless way to pay someone in another country. I think that Silk Road will soon become a very minor element of it, and transfering funds from country to country will be the mainstay. I can imagine foreign workers sending money home without banks taking a % cut will be a big part of the appeal in the next year or so.
pinkychukkles
Feed Your Head
I suppose that in order for it to be useful to accept payments in Bitcoin if you were looking for an alternative to PayPal, would be the ease with which you could extract the value in Bitcoins back to your local currency and this could be the area where costs would be incurred.
joustmaster
offcumdun
Well it's not really costless.
Mtgox takes a cut when you change it. Then your chosen banker takes a cut when you take the cash out to your account.
Cheaper than western union.
Frumious B.
Well-Known Member
A quick divert to Silk Road if I may...wiki says you can buy 'writing services' there. What sort of thing? Cheat on your homework?
Mapped
London town
I can't be doing with SR, I don't care about TOR (absolute pain in the backside to use), it's way too in the open and bitcoins are a headache to deal with IMO.
here's one I found
Sounds great, I've an MSc dissertation to hand in in Sept on a really technical subject that I'm sure an English Teacher would be brilliant for.
here's one I found
Sounds great, I've an MSc dissertation to hand in in Sept on a really technical subject that I'm sure an English Teacher would be brilliant for.
junglevip
Marijuana leads to heron
I caught the first bump, but missed most of this one. Buying in late again now, just in time for the bubble to burst
No bubble kidda
(they always say that though..)
junglevip
Marijuana leads to heron
Idaho
blah blah blah
The transfer is cost free.
The transaction fee when converting from other currencies there is a cost and at the moment the exchange rate is very volatile, so holding capital in btc in a business context is tricky. I think in the future when the rate stabilizes, there will be the less need to transact in and out, minimising this expense.
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