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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
Neuro
Wow that is around $5 a week! Not bad for 50-60 hours a week, and you still have time to post your progress here...
I do not do this for 50-60 hours a week. I spend my free time (after leaving my full-time job) at home getting free bitcoin from the internet faucets. During the week I might spend about 1-2 hrs in the morning before i go to work and after I get home from from my job, I will spend 3-4 hours at night getting free bitcoin while listening to Internet talk radio. During the weekend, I will spend about 6 to 7 hours on sat and 8 to 9 hours on Sunday doing this. Of course that will vary on the weekends if I go out of town or just spend time outside.
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
1970 silver art
I do not do this for 50-60 hours a week. I spend my free time (after leaving my full-time job) at home getting free bitcoin from the internet faucets. During the week I might spend about 1-2 hrs in the morning before i go to work and after I get home from from my job, I will spend 3-4 hours at night getting free bitcoin while listening to Internet talk radio. During the weekend, I will spend about 6 to 7 hours on sat and 8 to 9 hours on Sunday doing this. Of course that will vary on the weekends if I go out of town or just spend time outside.
Ok so only 35-45 hours a week...
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Re: The Bitcoin Tracking Thread
Hey, everyone needs a hobby. Most other people spend their free time and get nothing for it, Josie at least gets some bitcoins and silver!
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
madfranks
Hey, everyone needs a hobby. Most other people spend their free time and get nothing for it, Josie at least gets some bitcoins and silver!
That is exactly it. I am making that free time work for me and this is how I am going about doing that while still doing the things that I usually do on the Internet. Essentially I am getting free bitcoins for spending my free time surfing the internet and listening to internet talk radio which eventually results in me getting some "free silver". Free silver in the sense that I did not have to spend any FRNs out of my wallet but gained a few oz's to add to my collection. A win-win for me as far as I am concerned and will continue to obtain free bitcoins from the faucets since it works for me. Jmho.
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Re: The Bitcoin Tracking Thread
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Re: Right now the Bitcoin price is at par with Silver Spot price...
Mt. Gox Creditors Seek Trillions Where There Are Only Millions
$2,411,412,137,427.
That figure — $2.4 trillion for those with an untrained eye for very large numbers — is in the same ballpark as the annual economic output of France.
It is also exactly the amount that people around the world claim they lost when Mt. Gox, the Tokyo-based virtual currency exchange, collapsed into bankruptcy in 2014, after huge, unexplained losses of the volatile digital currency Bitcoin.
As with most of the people who lost money with Bernard L. Madoff, the investment manager who was convicted of running a Ponzi scheme, most of those who put their Bitcoin in Mt. Gox will be disappointed: The Japanese trustee overseeing the case said on Wednesday that only $91 million in assets has been tracked down to distribute to claimants — a small portion of the more than $500 million in assets that Mt. Gox claimed it had in the weeks before it went bankrupt in February 2014, and a tiny portion of the amount that claimants have requested.
The giant gaps between those numbers are an indication, if nothing else, of the sheer number of dishonest people who have been drawn to the fiasco around Mt. Gox and Bitcoin. They are also the latest reminders of the topsy-turvy nature of the digital-currency realm. A currency designed to bring computer precision and traceability to money has been marked by multiple unsolved mysteries swirling around it.
Journalists and others have made many unsuccessful attempts to determine the true identity of the creator of the Bitcoin technology, a programmer or group of programmers going by the name Satoshi Nakamoto.
Bitcoin experts and law enforcement officials have spent over two years trying to figure out how hundreds of thousands of Bitcoins disappeared from the Mt. Gox exchange. There have been lots of conspiracy theories but few solid answers.
The amount that claimants have requested from the Mt. Gox bankruptcy estate is absurd on its face, given that all the Bitcoins in the world today are worth about $7 billion, or 0.3 percent of the $2.4 trillion being claimed.
Most of that huge number is an outsize claim by one individual — but even after that is taken out, the rest of the claimants said they lost some $27 billion, or 54 times what the exchange claimed it held before it went under.
The trustee said on Wednesday at a meeting with creditors that $414 million of the claims appeared to be legitimate and have been approved. Each of those claimants will get some portion of the $91 million. It is not yet clear how much because of outstanding lawsuits and investigations.
Bitcoin investors have complained about how long it has taken to work through the claims, not to mention the legal and accounting costs. The trustee reports that those costs have added up to about $55 million so far.
“I am disturbed by the amount of money which the bankruptcy process has burned through,” Kolin Burges, one of the most outspoken creditors, said on Wednesday. “We have seen very poor results from the investigations, and the details have been constantly shrouded from the creditors.”
http://www.nytimes.com/2016/05/26/bu...ions.html?_r=0
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Re: Right now the Bitcoin price is at par with Silver Spot price...
Quote:
Originally Posted by
Jewboo
Mt. Gox Creditors Seek Trillions Where There Are Only Millions
$2,411,412,137,427.
That figure — $2.4 trillion for those with an untrained eye for very large numbers — is in the same ballpark as the annual economic output of France.
It is also exactly the amount that people around the world claim they lost when Mt. Gox, the Tokyo-based virtual currency exchange, collapsed into bankruptcy in 2014, after huge, unexplained losses of the volatile digital currency Bitcoin.
As with most of the people who lost money with Bernard L. Madoff, the investment manager who was convicted of running a Ponzi scheme, most of those who put their Bitcoin in Mt. Gox will be disappointed: The Japanese trustee overseeing the case said on Wednesday that only $91 million in assets has been tracked down to distribute to claimants — a small portion of the more than $500 million in assets that Mt. Gox claimed it had in the weeks before it went bankrupt in February 2014, and a tiny portion of the amount that claimants have requested.
The giant gaps between those numbers are an indication, if nothing else, of the sheer number of dishonest people who have been drawn to the fiasco around Mt. Gox and Bitcoin. They are also the latest reminders of the topsy-turvy nature of the digital-currency realm. A currency designed to bring computer precision and traceability to money has been marked by multiple unsolved mysteries swirling around it.
Journalists and others have made many unsuccessful attempts to determine the true identity of the creator of the Bitcoin technology, a programmer or group of programmers going by the name Satoshi Nakamoto.
Bitcoin experts and law enforcement officials have spent over two years trying to figure out how hundreds of thousands of Bitcoins disappeared from the Mt. Gox exchange. There have been lots of conspiracy theories but few solid answers.
The amount that claimants have requested from the Mt. Gox bankruptcy estate is absurd on its face, given that all the Bitcoins in the world today are worth about $7 billion, or 0.3 percent of the $2.4 trillion being claimed.
Most of that huge number is an outsize claim by one individual — but even after that is taken out, the rest of the claimants said they lost some $27 billion, or 54 times what the exchange claimed it held before it went under.
The trustee said on Wednesday at a meeting with creditors that $414 million of the claims appeared to be legitimate and have been approved. Each of those claimants will get some portion of the $91 million. It is not yet clear how much because of outstanding lawsuits and investigations.
Bitcoin investors have complained about how long it has taken to work through the claims, not to mention the legal and accounting costs. The trustee reports that those costs have added up to about $55 million so far.
“I am disturbed by the amount of money which the bankruptcy process has burned through,”
Seems like the lawyers will get the remaining 91 million instead of the Bitcoin account holders at Mt Gox. First Mt Gox defrauded them, then the lawyers...
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Re: The Bitcoin Tracking Thread
how would you verify your claim? What physical evidence could you muster to establish your standing as a claimant?
so the single claim of 99.3% amounted to 2.393 trillion? Clearly included in the report for titillation purposes. My guess is people valued it based on the price they paid, not the trading value.
I wonder if anyone just walked away and are not included in the claim? I guess there will be people in that category. Too risky or too open to being contacted by the local tax people for a please explain.
And did Gox actually have the number their are claiming they had? I assume these people bought paper and not actual bits?
I've been planing my own digital currency. I'm going to call them Tinkerbits. They come with special sparklie dust. The best part is, to get them all you need is my soon to be patented Tinkerbits stick. It has a little star on the end and when you wave it around you can make new Tinkerbits.
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
Glass
how would you verify your claim? What physical evidence could you muster to establish your standing as a claimant?
so the single claim of 99.3% amounted to 2.393 trillion? Clearly included in the report for titillation purposes. My guess is people valued it based on the price they paid, not the trading value.
I wonder if anyone just walked away and are not included in the claim? I guess there will be people in that category. Too risky or too open to being contacted by the local tax people for a please explain.
And did Gox actually have the number their are claiming they had? I assume these people bought paper and not actual bits?
I've been planing my own digital currency. I'm going to call them Tinkerbits. They come with special sparklie dust. The best part is, to get them all you need is my soon to be patented Tinkerbits stick. It has a little star on the end and when you wave it around you can make new Tinkerbits.
Good luck getting your tinkerbits to trade on the open market for ~$450 each.
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
madfranks
Good luck getting your tinkerbits to trade on the open market for ~$450 each.
A lot of people believe in never never land. If they can believe in bitcoins they can believe in anything.
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
Glass
A lot of people believe in never never land. If they can believe in bitcoins they can believe in anything.
Bitcoins make far more sense than federal reserve notes or AU$
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Re: The Bitcoin Tracking Thread
Bitcoin up over 4% today, trading around $475 each. I wonder what prompted this rally?
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
madfranks
Bitcoin up over 4% today, trading around $475 each. I wonder what prompted this rally?
Glass decided to convert his fiat script into bitcoins? ;D
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Re: The Bitcoin Tracking Thread
Now Bitcoin is up licking at $550!
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Re: The Bitcoin Tracking Thread
Bitcoin above $740 as of this post. Now there's no doubt in my mind that this is the market pricing in the halving (which is due in a few weeks).
Once the block reward halves, there was really two possible outcomes. One, the price stays the same and due to lost profitability the network hashrate falls to around 50% of what it was before, or hashrate stays the same and price doubles to make up for lost profitability. I had wondered for a while what it would be. I suspected we would see a price rise, and I'm glad I bought in once more before it shot up over $500. The halving should cement the new "standard" BTC price between $800 and $1k or so.
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Re: The Bitcoin Tracking Thread
prices should go up again after Judge rules Bitcoin is not money in Money laundering case
Quote:
Judge Rules Bitcoin Isn't Money Because It "Can't be Hidden Under A Mattress"
In a landmark decision, a Florida judge
dismissed charges of money laundering against a Bitcoin seller on Monday following expert testimony showing state
law did not apply to the cryptocurrency.
Michell Espinoza was
charged with three felony charges related to money laundering in 2014, but what appears to have helped to clear him of any and all wrongdoing was testimony given just a few weeks ago by an economics professor.
Quote:
“This is the most fascinating thing I’ve heard in this courtroom in a long time,” Miami-Dade Circuit Judge Teresa Mary Pooler said after hearing Barry University professor Charles Evans present evidence during a May hearing that
Bitcoin was more akin to“poker chips that people are willing to buy from you,” according to the
Miami Herald.
Evans was given $3,000 in Bitcoin by defense attorneys for sharing his expertise, the newspaper
reported.
Judge Pooler found the cryptocurrency, which is based on verified encrypted transactions that are recorded on a public ledger,
did not constitute “tangible wealth” and“cannot be hidden under a mattress like cash and gold bars,” reported the
Herald.
Pooler added that Bitcoin was not codified by government, nor backed by any bank.
Quote:
“The court is not an expert in economics, however, it is very clear, even to someone with limited knowledge in the area, the Bitcoin has a long way to go before it the equivalent of money,” Pooler wrote in her decision.
“This court is unwilling to punish a man for selling his property to another, when his actions fall under a statute that is so vaguely written that even legal professionals have difficulty finding a singular meaning,” she added.
Espinoza, 33, was charged after undercover detectives bought $1,500 worth of Bitcoin from him, claiming they would use the currency to purchase stolen credit card numbers. However, Judge Pooler found the Florida law prosecutors based their case upon to be too
“vague.”
Another man, Pascal Reid, was arrested in tandem with Espinoza. Reid took an early plea deal, pleading guilty to acting as an unlicensed money broker. The deal required him to serve a probation sentence and educate law enforcement on the workings of Bitcoin.
While Monday’s ruling comes as a relief to Espinoza, it remains to be seen what comes next in Bitcoin regulation. States continue to
grapple with the issue, and at the federal level, regulation has
stalled.
But Bitcoin enthusiasts have recently been more optimistic about a price surge, so the powers that be may move quickly if the virtual currency’s popularity resurges.
ZeroHedge
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Re: The Bitcoin Tracking Thread
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
Glass
prices should go up again after Judge rules Bitcoin is not money in Money laundering case
ZeroHedge
I think the judge saw the possibility of being legally bribed if Bitcoin isn't money...
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
osoab
I think they're looking for the handful of "bitcoin millionaires" who probably unloaded millions of $ worth of bitcoins but haven't paid any taxes on the gains.
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Re: The Bitcoin Tracking Thread
Bitcoin price knocking on $800.
Andreas has a good vid:
Andreas Antonopoulos - Currency Wars and Bitcoin's Neutrality
https://www.youtube.com/watch?v=6ZCV...outu.be&t=1756
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Re: The Bitcoin Tracking Thread
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
monty
Litecoin is like silver, a dog!
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Re: The Bitcoin Tracking Thread
Bitcoin hit $900 today! Wow, so what comes next, the moon, or a consolidation back down?
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Re: The Bitcoin Tracking Thread
BTC over $1100 this morning. Is Bitcoin about to overtake gold?!?
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Re: The Bitcoin Tracking Thread
Bill Still; apparently he got burned on "Quark" crypto, and washed his hands of all cryptos. But he may dabble again, considering it.
https://i.ytimg.com/vi/K7Ovk2ig_ag/h...hMnm36XEJ8KJSY
13:16
1508 – BitcoinMeister Show Interviews Me on the Future of Cryptos, 1508
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
madfranks
BTC over $1100 this morning. Is Bitcoin about to overtake gold?!?
Just wanted to let you know that in March, Bitcoin actually surpassed price for the ounce of gold for the first time. So yeah... it's HUGE thing :o
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
goldenguy
Just wanted to let you know that in March, Bitcoin actually surpassed price for the ounce of gold for the first time. So yeah... it's HUGE thing :o
You know, we actually had members here back in '12 and '13 who called this possibility to our attention, but very few of us actually listened... :(
Anyone remember SirGonzo's thread on BTC approacing silver spot years back? Damn if only we weren't all a bunch of retards back then and loaded up.
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
madfranks
You know, we actually had members here back in '12 and '13 who called this possibility to our attention, but very few of us actually listened... :(
Anyone remember SirGonzo's thread on BTC approacing silver spot years back? Damn if only we weren't all a bunch of retards back then and loaded up.
Now litecoin is approaching the price of silver... ;)
$11.60, just give it a couple of days and it will probably overtake silver... ;D
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Re: The Bitcoin Tracking Thread
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Re: The Bitcoin Tracking Thread
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
Jewboo
Sell your litecoins. Provident Metal will give you silver.
http://s19.postimg.org/4v7xzmnc3/IMG_1556.png
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
madfranks
You know, we actually had members here back in '12 and '13 who called this possibility to our attention, but very few of us actually listened... :(
Anyone remember SirGonzo's thread on BTC approacing silver spot years back? Damn if only we weren't all a bunch of retards back then and loaded up.
I remember.
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
sirgonzo420
I remember.
How many BTC do you have?
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
sirgonzo420
I remember.
Holy shit SirGonzo420 is back. Long time no see.
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
madfranks
How many BTC do you have?
I have enough for half of my yearly salary right now. Wife said if it hits 5k per BTC that we'll cash out some buy some land and build a house with it.
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
monty
Sell your litecoins. Provident Metal will give you silver.
Looks like they take bitcoin, but not litecoin.
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
JohnQPublic
Looks like they take bitcoin, but not litecoin.
You're right. They did take litecoin in the past. In July 2015 I bought silver from them with litecoin.
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
madfranks
How many BTC do you have?
Considerably less than 21,000,000. :)*#*
Quote:
Originally Posted by
Ares
Holy shit SirGonzo420 is back. Long time no see.
Good to see you Ares!
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
JohnQPublic
Looks like they take bitcoin, but not litecoin.
Quote:
Originally Posted by
monty
You're right. They did take litecoin in the past. In July 2015 I bought silver from them with litecoin.
In case you guys aren't aware, most all popular cryptocurrencies can be converted via shapeshift.io or changelly.com. So if you have litecoin and want to buy silver, it is trivial to exchange from litecoin->bitcoin->silver.
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Re: The Bitcoin Tracking Thread
Quote:
Originally Posted by
sirgonzo420
Considerably less than 21,000,000. :)*#*
Good to see you Ares!
Welcome back! You have been missed!
