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.
So, I'd only ever really been over to /bitcoin from SRD, so I was only mildly educated on what it was, and I had no real opinion about whether it was a good or bad thing. I didn't really care one way or the other, I just like watching the people who cared get really upset. But omg people. You have GOT to be kidding me with this mess. I tried to buy some BTC last night. I started at 10pm. It is now 1pm and I just finally succeeded. Of course, first I educated myself in the broad strokes of BTC, and that took about an hour. Then I started trying to buy. First, I couldn't get LocalBitcoin to send me a cofirmation email no matter what I tried (that just got solved 15 minutes ago when I gave them my throwaway yahoo address instead of my normal gmail address, and yes, I checked Spam). Expresscoin would only allow a money order or check in the mail, and i was looking to have coin in the next two days. Trucoin looked promising, until I realized it was invitation only, with a waiting list. igot wasn't bad, but now I have to wait three days for them to deposit money into my back account to verify it. Bitinstant is down. Snapcard and Coinbase... oh man. I'm surprised they didn't send people to my house for a cavity search. I sent a picture of my passport. A picture of myself holding my passport. A copy of both my bank statement and a recent household utility bill. And I FAILED at the authentication process for both of those sights. Wat? So, you know how I eventually managed to buy my BTC. I went to ebay and bought some with paypal. I don't understand how you guys think BTC can be a thing when it's 1. hard to understand and more importantly 2. impossible to access. Also, how is it getting away from the government when I had to prove who I was with more documentation than I use when crossing international borders? Not trying to start and argument. I'm overly tired and just really astonished at how difficult that was. If I wanted to go online and buy literally anything else that didn't actively harm other people, I could just do it. This makes no sense. Edit: Well, I finally managed to get some BTC using LibertyX. I should have just used LocalBitcoin instead, though, and will next time. Though, once Circle confirms my account, that will probably be my primary method. Unfortunately, it looks like the ebay seller was a scam. Which is weird because she is a super-seller (or whatever they're called) and had only one negative feedback out of thousands, which she resolved with the customer. I can't get her to reply to me. I'm not sure I can report it to ebay since I wasn't supposed to buying it on ebay in the first place (which I didn't know?). I'm dumb :-( Edit2: Wasn't ripped off on eBay! I guess I got lucky :-) Thanks to all those who helped and gave suggestions.
Buying Bitcoins:An Astonishing Pain in the Dick If you aren't the type to feel at home buying bitcoins followed by praying they still have roughly the same value four days later, you're pretty much out of luck, eh? Debit, credit, and Paypal are all out of the picture when buying bitcoins. Wiretransfers require incredible faith in turning over a LOT of personal information (like, enough to get lines of credit in your name) to "companies" who did not exist 2 years ago and who might shut down in as little as 1 month. The nets are laden with the waste of bitcoin sites -- bitinstant, cryptxchange, bitcoinbymobile, and doubtless dozens of others have failed. For perspective, coinbase has a bank account somewhere, as they need to pay themselves real money, and also use it to purchase hosting services, support, pay their taxes, and grow their business. If they forget the taxes part, or if their bank account is frozen, poof, gone. If you're awaiting processing when they go... Now, you shouldn't be keeping your coins on those sites anyway, as a search of this subreddit will reveal many people who've had their BTC ripped right out from under them either due to their security oversights, or those of the site. You can try local exchange for cash or wester union, but you're asking to get screwed since there is very little chance to be safe in personal dealings. And on account of random people having lives, the transfer is likely to be slow, if you can find anyone will to sell coins to begin with in your area. I saved the best for last. Currency exchanges like MtGox can take more than a week at the best of times to translate dollars into BTC, and only if you create account chains like Dwolla -> Linden Dollars -> BTC (old chain for example purposes only). It used to be possible to purchase BTC by SMS, but those services are down, likely indefinitely, even at blockchain.info. IF you give Coinbase enough personal information for them to take out loans in your name, you can instantly purchase a whopping 0.1 BTC per week for the first 30 days your account exists. This is assuming you have a Visa card, because in my audacity to not have a Visa credit card, I am ineligible for instant purchasing. And this is one of the preferred ways of getting bitcoins, shown in numerous guides. Without laws IMPROVING the liquidity of bitcoin, I don't see it surviving -- in fact, it seems options for purchasing it are getting slimmer. Two months ago, SMS still worked. 6 months ago, cryptxchange was still alive. It appears the momentum is downhill, a quiet defacto isolation of bitcoin from liquid dollars. If I have it wrong, someone please inform me, because I just spent an hour looking around, to no avail.
What do you think will be the most important event in the medium term future that will dramatically increase the worth of Bitcoin?
Unfounded speculation: I think at some point amazon/ebay will find a good reason to support bitcoin, and web stores and independent vendors may find it more convenient to accept bitcoin rather than paypal or credit cards. Popularity will skyrocket and bitcoin will become a household name, synonymous with online shopping. Walmart/CVS will start selling prepaid bitcoin cards. Bitcoin price will increase by an order of magnitude. Share your thoughts. EDIT: Some upcoming events in the near future:
Kim Dotcom's 2 new services (that may accept bitcoin)
poker sites catching up with infinity poker in the making
The question of Reddit Inc accepting BitCoin should be re-considered. It is clearly a decision that will give Reddit Inc more monies.
Revisiting the business logic of Reddit Inc supporting BitCoin TL;DR Bullet Points:
Bitcoin services allow merchants to accept btc from customers and instantly convert to USD.
The BitCoin market has become both stable and liquid; signs that it is beginning to show signs of maturity and critical mass.
Reddit has an active BitCoin community that will likely immediately support Reddit Inc accepting BC for Reddit Gold. Instant monies.
Reddit Inc support for its BitCoin community will likely drive more users to those communities. More eyes balls. More ads. More Monies.
Upside more monies with little downside risk.
So it has been a year since this question was asked. And in that time Bitcoin went through a bubble and pop; but more than that Reddit and Bitcoin are different animals than they were a year ago, so I believe there is value in considering this question again. First, this isn't so random a suggestion. Bitcoin has been receiving alot more coverage and this conversation is a natural flow from that momentum. Reddit's sister site Ars had a great article recently:
Okay. Normally, I would go into my evangelist mode and talk about how Bitcoin is important to maintaining freedom of speech online, how it secures the economic bedrock to an eventual free internet, how it develops P2P further, the importance of anonymity blah blah blah BUT I think there is merit in just talking about the economic reasons for Reddit Inc to accept btc for Reddit Gold. Since accepting btc isn't mutually exclusive to accepting Paypal, this is more a question of how much upside is there for the 1 day it might take to organize. And whether there is enough upside to justify the cost of 1 day? I do believe there is both alot of short and long term financial upside. First, there is very little downside risk. Bitcoin doesn't have a concept for charge backs built in. It also doesn't have a concept of Mastercard screwing everyone for middleman services; and in general your looking at around 1% merchant fees. The risk that crashed the market last year, was the result of speculation and volatility. While the market has become more stable and liquid, services like Bit-Pay allow merchants to accept BC from customers and automatically convert it to USD. This removes the volatility risk associated with accepting and holding btc.
For most businesses there's a valid question about whether its existing customers even use Bitcoin. Usually the driver to accept btc is in the hopes of targeting new growth from the BC community. But this question is alot easier for Reddit Inc, we know Reddit has a dynamic and growing BC community. If Reddit were to accept BC, I think it is a fair gamble that Bitcoin redditors will have a higher % of Reddit Gold users than other communities. More or less because Reddit's Bitcoin community is crazy passionate about supporting the growth of Bitcoin. In other words, its a business decision that should show instant monies.
If the move is supported with a blog post supporting Bitcoin; it should also see interest from the wider Bitcoin community. It should begin a new growth snowball for the Reddit BC subs. This is an interesting spot because Bitcoin is likely to be overlooked as a growth opportunity by the other major social media sites. Reddit might hold its own for now in eyeball sucking AdviceAnimal memes but there's plenty of competition from FB, G+, 9gaga, pinterest, twitter, w.e. So while there are specialist BC community sites, its a market that is likely to overlooked. Which is interesting considering they should be high value users, all they do is talk about money. Should reddit be an early adopter, it should cement its position among the majors social media sites for the BC community. In other words, more users, more eyeballs, more monies. While the argument that Reddit Inc would clearly make more monies is airtight /s. This isn't an argument that the Bitcoin market gone mainstream, which is often how the question is framed. Once it is mainstream, it will be obvious to accept btc. But I think the ground is set now that Bitcoin has all the potential to go mainstream. It only needs consumer and business experimentation and adjustment to get there. I can't attach probabilities to the above; but I think they make sense. But really in the end, this is an argument that Reddit should lead the charge once again for online freedom. Its good for the internet, its good for business. Bonus links:
Coinbase: These buy limits are ridiculous, you guys are missing out on my transaction fees and possibly me and many people as a future customer, allot of people want to buy right now and not 5 days from now when we have no idea what the market price may be. Buying bitcoin should be hella easy, imagine if coinbase/mtgox/bitfloobitinstant accepted moneypak deposits or those prepaid paypal cards you can buy at the store.. Make it easier and bitcoin will definately succeed
I am announcing The Gary Johnson Reddit-PAC. You can now donate towards Gary Johnson ads on Reddit and Facebook.
The Gary Johnson Reddit-PAC will be using donated funds towards diverse and targeted campaign ads on Facebook and Reddit according to /GaryJohnson community consensus. You can donate to the cause through http://mtgox.com payment processing or Bitcoin alone at the following address: 1Cd26uWDGkZTvH57qyJVSqwnUHsdPbh6e6 Transaction history: https://blockchain.info/address/1Cd26uWDGkZTvH57qyJVSqwnUHsdPbh6e6 http://bitinstant.com can be used to donate funds simply by depositing cash at any local bank. Just buy Bitcoins and send them to the address above. Paypal will not be used due to potential legal issues and/or Paypal holding our funds hostage for no reason whatsoever. I can leave the creation of Ads up to you guys or, if deemed necessary, I will use campaign funds to have them created. I will make separate threads for the creation of Facebook and Reddit ads within the day. The consensus of the community will always have final say in this campaign's affairs. Simply, you guys are my boss. I am here to serve. To avoid any restrictive campaign laws, all donation funds will be formally managed and converted in Buenos Aires, Argentina. All affairs will be conducted through my close associate in Buenos Aires, Argentina. As a representative in this affair, you can make any claim at my residence: 125 Cedar Elm Lane Georgetown, TX 78633 Formally, I have a contract between myself and all donators. I guarantee all funds will be used for their stated purpose. Thus, I will include the following legal information in the unlikely case of claims or controversy: Any controversy or claim arising out of or relating to this contract, or the breach of this contract, shall be settled by binding internet arbitration at judge.me in accordance with the judge.me arbitration agreement. The arbitrator's decision shall be final and legally binding and judgment may be entered thereon. Thank you!
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
Why is it so damn hard to buy Bitcoin, and what can be done to speed things up and improve the experience?
I understand the reasons why PayPal and credit cards can be problematic with the charge backs, but it seems that no matter what you do, you've gotta jump through 9 hoops and pay 3 fees in order to buy Bitcoin. I went through the trouble and time to setup a Dwolla account and fund it, only to be hit with errors on Bitinstant when I try to move money. The only success I've had so far is to buy through Coinbase, but even that took over a week to get the Bitcoin into my wallet. Why is it so damn hard to buy Bitcoin? You'd think that something that's been around for a couple years like this has would have had those bugs worked out by now. I know that it's a huge turnoff to new people when they realize that it takes forever to actually get the BTC they just bought or that you've gotta move money from one place to another through a third party that's gonna take a cut.
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:
Set up an account with BTC-E (I wanted to buy some LTC while I was at it because, fuck it, why not)
go there, give the nice lady my slip, she enters the data, and it still doesn't work because... I don't even know. There's some issue.
she gets on the phone with moneygram
get a confirmation that the payment went through
get email from bitinstant
check my BTC-E balance: B1.59
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?
Bitcoin to USD August, 12 rates? Any foolproof way to convert USD to Bitcoin easily? Paypal gone?
I'm new to BTC. Basically looking for ways to easily acquire BTCs, I'd like the easy way through Paypal but I heard of a site called https://www.bitinstant.com/, where I can just get a code a walk away to a CVS store; I don't really know how this works out (if you know please do elaborate!) And 1x BTC is an equivalent of 8-9 Dollars?? Wow, so 4 Bitcoins would basically cost me 40 bucks! The BTC number is small but I didn't think it would be that high up, am I confusing something? Or is this actually true
What are ways to easily acquire BTCs, through transactions of USD, Linden and so on
I am interested in making a purchase on a site that only accepts Bitcoins. I don't have a paypal, but I would like to find a way to convert my cash into usable Bitcoins. I know that there is a way to do this using bitinstant.com and going to a CVS or Walmart to convert cash. Is this the easiest way, or is there something else I can do?
With the large transactions going around, it's been harder to get bitcoins from services like Bitinstant this last month than ever before. Beginners feel nervous when buying their first coins because of the potential to lose their money (not just the coins dropping to low value, but being scammed prior to even receiving the coins). Without experience and trust to large bitcoin services, it is rather frightening to send money through a bank. The usual combat against that fear is to use a service like Paypall, but that doesn't quite work as cleanly in this instance, as it also goes against Paypall's current policy. New buyers would like to see the transaction take place, so a cash transaction with the actual seller makes the most sense. However, this comes with a final barrier to the buyer, meeting up with some random stranger that had info on something along the lines of localbitcoins.com. These barriers are difficult to overcome, especially when this currency is fairly difficult to understand. However, the interest is there and that opens up a great opportunity. If you own/know someone who owns a small business, don't just offer to accept bitcoins, sell them too. Have pamphlets ready or be prepared to show an infographic if anyone asks. A small business owner is typically more trustworthy than someone met over localbitcoins, and can stand to make money if they offer to sell bitcoins at a standard percent above market price (3-5%). It's win-win, an extra venture that any business owner who already has some bitcoins can start and make profit on, and it extends the info and availability of bitcoins themselves.
I know it's generally been considered hard to buy bitcoin using a credit card however there seem to be a number of ways to do exactly that.. I'm wondering if anyone has tried any of these services.. and how much do they cost? I've identified a few different routes into bitcoin but haven't tried them yet.. I'm wondering if anyone has any experience with these or similar.. Firstly using liqpay there appear to be a couple of options... visa/mastercard to liqpay and then liqpay to btc-e or liqpay to okpay to mtgox Secondly western union seems to offer online visa/mastercard payments; visa/mastercard to WU to wm-center.com Does anyone know if this works? It seems too simple.. also has anyone used unistream (http://uk.unistream.com/en/) ? they're another wm-center conduit.. they seem to offer a barclays bank account for GBP deposits which might be a good option for UK users. Thirdly there's the whole liberty reserve ecosystem which I haven't really investigated properly yet, but one site in particular is exchangezone http://www.exchangezone.com/en/welcome which is a p2p auction site that allows paypal <> liberty reserve transactions.. from liberty reserve you can get into a few different exchanges including btc-e and wm-center. We focus a lot on bitinstant here and actually there are a lot of other options for getting money into bitcoin that noone ever talks about.. even if the fees are high they might be worth considering for convenience.
I usually replenish my SR balance via bitinstant/moneygram/Walmart. I'm currently traveling a bit for work and wanted to see what options there would be to get my SR account funded from here. Say, for example, from Paris. I always see people selling bitcoins on SR. Is that an option? Or does a Credit Card/Paypal (all online) option exist yet? Thanks for any tips!
Buying bitcoin issues. Bitinstant not allowing mtgox?
How can I buy bitcoins if I cant use bitinstant to mtgox? I have searched and no one else seems to be having issues with bitinstant? I have bought bitcoins many times and never had any issues. What do I do? :( The options for my destination are only paypal,virwox,bank transfer, debit transfer. Wasn't there an option to send directly to your mtgox account?? THIS is where I am stuck.
Here is my easy way. USA only! Forget it about PayPal and your Credits Cards. All Other services you see in BitInstant require wiretransfer, all Wire-transfers take at least 2 days to a week!! Follow this instruction and you'll have BTC in your wallet fast as BlockChain is operating.
Download bitcoinwallet and litecoin wallet, let them sync up with network.
Goto https://www.bitinstant.com/ choose cash deposit CVS Pay to BitCoin Address. (you can use one @ BTC-E or your wallet) I use the one at BTC-E because bitcoin wallet was taking too long syncing. go thru getting MoneyGram slip via ZipZap.
[ BTC-E > Finances > BTC Make Deposit. Copy Address Bitinstant.com > Pay From CVS > Pay To : BitCon Address ]
Take the ZipZap printout.
Goto ATM Machine and get CASH! CASH ONLY. Yes, CASH ONLY!
Than go to your local MoneyGram location and pay that slip as a bill with CASH (Cash Only, make sure you bring cash).
Drive back home, and look at email from ZipZap and check the information on BlockChain.org and see funds been verify yet. Once they're verify BTC-E should notify you that you have BitCoins deposited.
Click on BTC/LTC button above the graph/chart. choose buy LCT, click on your BTC balance to autofill the amount and buy.
Took me about 10 min to fill the order. Transfer you LTC to your own wallet. DO NOT WATCH THE CHART!!! It will just drive you crazy. I decided to by @ 1.40 on April 1st after looking for way to buy LTC without leaving house wasted a lot of time. so I end up getting them at 1.80! so don't waste time. Donate LTC here LTeqyd5jnS6tqRRavRhSxJfxBSSZzGjUNy English not too good, also suffer from dyslexia. [Mods] feel free to edit this with good English and post it on side bar.
Hi reddit, I'm slow as shit and I really would appreciate some help. I've been wanting to buy bitcoins for a while now, but I keep hearing mixed things about everything and just would like to make sure I have everything clear before I attempt. I was originally going to use bitinstant but they're down for who knows how long, so my next option that wa ssuggested to me was coinbase. I read on this sub that they cancel your order if by the time they process your order the price of bitcoins dropped. I'm looking for a site that I can either pay with a card, do moneygram, or paypal, and a site that doesn't take a while to process or charge huge fees. Thanks.
I had about 0.24 bitcoins left in my blockchain wallet and I sent them to my BTC-E account so I could sell them and send the money to paypal but the minimum amount I could send was $100 so I made a Mt. Gox account because there was an option on bitinstant to send from Mt. Gox to paypal. I made a BTC-E coupon and used the bitinstant option to send my funds to Mt. Gox. Nothing changed until I checked back this morning and saw that my funds in BTC-E had gone but there was nothing in Mt. Gox. Are my funds gone for good and if not is it possible to send that amount of money ($10) to paypal via BTC-E or Mt. Gox?
Im a noob to bitcoins, I just want to make sure I dont make mistakes by linking bank accounts and whatnot... So far, Im looking into BitInstant (wal-mart) and CoinBase. Also, what are the possible dangers of linking your bank account or paypal account (with linked bank account?)
Experienced miner looking to buy ~1 BTC in Australia with <12 hour timeframe... the nightmare begins??? Cash deposit at bank only possibility?
This is my first experience 'buying' bitcoins. It certainly has not been pleasant so far. I can see why a lot of people would give up or find it too complex. I'm not verified at Mt.Gox and would be too slow. No phone or sms services seem to be available / have coins / work in Australia. Blockchain.info wallet gives me no funding options from any services in any currency (thanks!?). BitInstant/zipzap funding seems not available or not possible??? Also bitinstant is doing some kind of maintenance according to their frontpage...? Numerous other shitty sites registered for but never come through. Paypal is a joke because no one trusts me not to do a chargeback (everyone's a scammer and/or a criminal, riiiiight?). Although I do currently have a virwox "Paypal SSL BTC" transfer pending, it will take at least another day to process... (Doing it as a experiment, not because of desperation.) Localbitcoins seems unlikely to be arranged and a done deal in time. Any service involving credit cards seems to have delays/waits of 24-48 hours minimum. Seems my only option is to deposit cash at a bank with spendbitcoins or coinjar. Oh the joy... banks don't open until about 9-10 hours from now... so it'll be cutting it close to my deadline. Is there any options I'm missing? EDIT: ended up using CoinJar... very happy! Crisis averted for now.
judgecorp writes "Virtual currency exchange BitInstant says its BitCoin credit card is still on track. even though Mastercard denied any involvement with the plans yesterday. BitInstant says it is applying through a third party bank which will broker a Mastercard application. BitInstant is still taking signups for the card. 4 Dec 2016 The growth of BitInstant attracted investors like the Winklevoss twins and He started to think about the value of digitizing the prisonBitInstant BitInstant was a service that provided rapid transfers of funds between and into bitcoin exchanges with support for various payment methods. b>Bitinstant Reviews The Bitcoin Card, It's Real ... PayPal, BitInstant strike back against Square. ... "Bringing legitimacy, ease of use, and familiarity to the revolutionary - though often misunderstood - Bitcoin technology is [our] primary goal." ... I did some more digging on bitcoin.it and answered my own question. According to the FAQ and the list of payment methods, the reason that Paypal and Credit Cards are not accepted is to prevent fraud (by doing a fraudulent charge-back).For this reason, none of the exchanges accept these as forms of payment. In short, you cannot (directly) use these to buy bitcoins at exchanges. BitInstant has thus created a way to bring the slow speeds of traditional payment systems into the fast-paced Bitcoin marketplace. BitInstant makes the transfer of funds between exchanges (such as MtGox or Crypto X Change) and payment systems (such as Liberty Reserve or Dwolla) as fast as the Bitcoin transfers themselves, shaving several days ...
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