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Old 01-23-2014, 12:52 PM   #876
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Old 01-23-2014, 06:20 PM   #877
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Why is this Las Vegas developer selling his $7.85 million mansion for Bitcoin?


http://www.theverge.com/2014/1/22/53...ion-in-Bitcoin

Quote:
The largest transaction ever completed in Bitcoin, the virtual currency that approximates cash on the internet, was for $1 million worth of computer hardware. That’s impressive for a currency that’s only been around since 2009, but Jack Sommer hopes to top it — by a lot. The casino-owner-turned-developer is selling his 25,000-square-foot Las Vegas mansion for $7.85 million, and he’s willing to accept the whole sum in Bitcoin.

"It’s very volatile, and of course … there is a lot of speculation," Sommer says, referring to the wild price swings that have made some traders rich. "But there seems to be a growing amount of trade and commerce involving Bitcoin as well. So it gives me the confidence that we can accept it as a viable currency."

Two of Sommers’ seven children have been investing in Bitcoin since around 2010, the very early days of the experimental currency. They convinced their father that the fundamentals were sound even though the currency jumped from around $20 in early 2013 to more than $1,000 by the end of the year. "My kids started picking them up at $5 and then they went to over $1,000 and they were making all this money," Sommer’s wife Laura says. "What makes gold valuable? What makes a diamond valuable? What makes anything valuable? It’s what people want."
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Old 01-23-2014, 06:37 PM   #878
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Paul Krugman doesn't like Bitcoin
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Old 01-23-2014, 07:06 PM   #879
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Originally Posted by Justin80 View Post
Paul Krugman doesn't like Bitcoin
Neither does Jamie Dimon.


That's how you know bitcoin rules.
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Old 01-23-2014, 07:32 PM   #880
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Quote:
"What makes gold valuable? What makes a diamond valuable? What makes anything valuable? Itís what people want."
Now that is a dumb quote. Yes, gold and diamonds are valuable because people want them but people want them because they have very special and unique properties. These unique properties make them both useful for industrial purposes and beautiful to look at. Bitcoins are not special or unique (see Dogecoin etc.), they have no useful industrial purpose and they are not beautiful to look at. People want them because they are a novelty and nothing more.
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Old 01-23-2014, 07:36 PM   #881
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People want them because they are a novelty and nothing more.
Uh, no.
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Old 01-27-2014, 04:30 PM   #882
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http://money.cnn.com/2014/01/27/tech...itcoin-arrest/

Quote:
U.S. government agents have arrested Charlie Shrem, the CEO of Bitcoin exchange BitInstant, charging him with laundering money for customers of online drug bazaar Silk Road.

The U.S. attorney in the Southern District of New York said Shrem helped someone he hadn't met in person, Robert Faiella, sell more than $1 million worth of bitcoins to Silk Road customers. Faiella, a 52-year-old Florida man, allegedly ran an underground Bitcoin exchange using the alias BTCKing.

Shrem was arrested at John F. Kennedy International Airport in New York on Sunday, and Faiella was arrested at his home in Cape Coral, Fla., on Monday, prosecutors said. Both are charged with conspiracy to launder money and operating an unlicensed money transmitting business. Additionally, Shrem faces a charge for not tipping off the feds to what was allegedly going on.

Shrem, 24, is a major player in the Bitcoin world. The BitInstant exchange, based in New York City, lets people buy bitcoins locally at more than 700,000 locations in the United States, as well as Brazil, Russia and elsewhere. It received a $1.5 million investment last year from Cameron and Tyler Winklevoss. Shrem is also vice chairman of the Bitcoin Foundation, one of the currency's biggest advocates.
A look at rebuilt drug bazaar Silk Road
A look at rebuilt drug bazaar Silk Road

The Winklevoss twins said in an emailed statement that they are "deeply concerned" about Shrem's arrest.

"When we invested in BitInstant in the fall of 2012, its management made a commitment to us that they would abide by all applicable laws - including money laundering laws - and we expected nothing less," they said.

According to the criminal complaint filed in federal court, Faiella first appeared on Silk Road as BTCKing in late 2011. The black market website only let people buy and sell goods with bitcoins, and Faiella made a business of exchanging cash for bitcoins. That's where Shrem's bitcoin exchange came in handy.

Shrem sold Faiella the bitcoins that eventually made their way to drug buyers and sellers, according to an investigation by the Internal Revenue Service. Though Shrem knew where the money ultimately ended up, he never reported it to the Treasury Department, according to the U.S. attorney.

Federal documents cite email exchanges between Shrem and Faiella that show how close they worked together. Although Shrem never knew Faiella by his actual name -- only by BTCKing -- the young executive helped the older man avoid trouble. For example, when Faiella's frequent and large cash deposits raised eyebrows at a cash processing company, Shrem advised Faiella on how to avoid sounding alarms.

The IRS claims the partners exchanged $1.05 million in bitcoins over a 10-month period ending in October 2012.

Faiella eventually ended the partnership with Shrem. By 2013, he was exchanging more than $20,000 a week for Silk Road clients.

To gather evidence against Shrem and Faiella, federal agents posed as Silk Road users and bought bitcoins from Faiella. According to the court documents, agents then traced the money they paid, which led them to Faiella and eventually Shrem.

Monday's news is the latest in the Silk Road bust that began in October with the arrest of the website's alleged founder. Federal agents managed to track down the website's server, which housed transaction information and private messages. Some of that information was used as part of the Shrem and Faiella arrests.

BitInstant's website was down Monday after the announcement by federal law enforcement.

Several lawmakers have called for increased regulation of Bitcoin in light of the currency's heightened privacy, given that they can be traded without using names and are difficult to trace to an individuals.

During an interview with Russian media news group RT last year, Shrem called the current financial regulations "crazy."

"They're throwing me under the bus," he said of the U.S. government. "They don't like us." To top of page
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Old 01-27-2014, 04:35 PM   #883
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Silly white people.
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Old 01-30-2014, 08:08 PM   #884
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MaxCoin drops next Wednesday, 2/5/14. Max Keiser's very own crypto currency.

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Old 02-02-2014, 12:11 AM   #885
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Who here is mining and what are you mining?

I am pretty new to the game and currently mining LTC.
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Old 02-03-2014, 06:15 PM   #886
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http://www.theverge.com/2014/2/3/537...s-legal-status

Quote:
The question of how to legally account for Bitcoin is becoming more urgent as adoption of the virtual currency spreads and Bitcoin-related companies come under legal scrutiny. But for users and entrepreneurs, the global legal landscape is murky at best.

More and more governments are coming out with semi-official opinions on how the virtual currency Bitcoin should be treated under the law. Many countries such as Germany have explicitly stated that Bitcoin is not legal tender and cannot be used to pay taxes, while others such as Canada have said that taxes must be paid on income earned in Bitcoin. But most countries are in wait-and-see mode: "At the moment, we’re studying Bitcoin and we have no plan to issue a regulation on it," a spokesperson for the Bank of Indonesia told the Jakarta Globe in December.

At the urging of Sen. Tom Carper (D-DE), the chairman of the Homeland Security and Governmental Affairs Committee, the Law Library of Congress has surveyed 40 jurisdictions and the European Union to see which ones have set down rules for Bitcoin.


--------------------------------------------------------------------------------

Only China and Brazil have made new laws for Bitcoin
The conclusion: not many countries have locked down their legal interpretation of the virtual currency. China and Brazil have the most specific laws to date. The Chinese government has declared it illegal to use as a currency, while the Brazilians set out a framework for its formalized adoption under Law No. 12,865. "Overall, the findings of this report reveal that the debate over how to deal with this new virtual currency is still in its infancy," the report concludes.

The US, where most Bitcoin users live, is at the fore of this legal frontier. The New York State Department of Financial Services, which often sets precedent for other states, is now considering Bitcoin-specific regulation.

"This report has some good news — namely that the United States may not be as far behind the curve on virtual currencies as some have argued," Sen. Carper said in a statement. "In fact, the United States might be leading the way for a number of nations when it comes to addressing this growing technology."
C/N: Other countries says it's illegal and can't be use as a tender and others said it's legal.
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Old 02-03-2014, 06:20 PM   #887
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**** governments, decentralize all the things!
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Old 02-03-2014, 07:39 PM   #888
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I've just started mining Worldcoin with only 1 graphics card (7870).
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Old 02-04-2014, 03:37 PM   #889
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Mining on Multipool.us

Pretty slick pool with a quick and clean interface. The pool automatically switches to the most profitable alt currency. DOGE seems to be the primary mined alt at the moment.

The pool is telling me I am mining at 930KH/s but the miner was reading 720KH/s. Not too shabby for a single R280x.


Tomorrow is all about Maxcoin.
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Old 02-04-2014, 03:45 PM   #890
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I think I'm gonna get a new PC with my tax return. May as well get an uber graphics card to do some mining on the side. Any suggestions?
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Old 02-04-2014, 04:21 PM   #891
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Quote:
Originally Posted by RastaMon View Post
I think I'm gonna get a new PC with my tax return. May as well get an uber graphics card to do some mining on the side. Any suggestions?
Get an AMD graphics card for mining. They are superior. Get either a R9 280, R9 290 or 7970.
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Old 02-04-2014, 04:27 PM   #892
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Quote:
Originally Posted by BlueLGT View Post
Get an AMD graphics card for mining. They are superior. Get either a R9 280, R9 290 or 7970.
Yeah, that's what I've been reading, seems like they're in short supply.
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Old 02-04-2014, 04:30 PM   #893
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Quote:
Originally Posted by RastaMon View Post
Yeah, that's what I've been reading, seems like they're in short supply.
They are. The R270 is about $100 over msrp and the R280/R290 is $150 over msrp.
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Old 02-04-2014, 04:41 PM   #894
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My friends all jumped into this in the last 2 months, one even went full retard spending $6600 on 2 rigs running at like 2.4 megahashes or something, "making" about $1500 in bitcoin (though mining dogecoins and whatever else his poolmaster finds to be most profitable and cashes them out each day for bitcoins) and spending 4 dollars a day to power them.


I think I'm going to start looking for some video cards :x
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Old 02-04-2014, 10:50 PM   #895
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I'm doing okay still mining Bitcoin. In about 6 months I'm moving to another SHA256 currency because even at 7.5GHs it won't make sense or become profitable anymore. I've made back the money I spent on the ASIC miner over and over again.

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Old 02-05-2014, 10:22 AM   #896
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Quote:
Originally Posted by BlueLGT View Post
Get an AMD graphics card for mining. They are superior. Get either a R9 280, R9 290 or 7970.
I have a R9 290 and have been mining LTC since last xmas. It's a good card that sustains ~875KH/s.

Looks like the prices have gone up substantially since mid Dec. I think I paid ~$470 for mine on amazon (prime).
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Old 02-06-2014, 03:49 PM   #897
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I'm tossing around the idea of selling my 2 x 7950s:
XFX FX-795A-TDFC
Sapphire 100352-2L

Using both right now, no issues with them, but I'm not mining and would like to go to a single card for gaming.

If you or someone you know is interested, shoot me an offer via PM.
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Old 02-08-2014, 04:47 PM   #898
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Anyone get in on mining Maxcoin? The launch was a total cluster**** and had to have been designed to be. I am sure Keiser made a few million on this scam/venture.

It was suppose to be a fair launch and only minable by cpu's. But the wallet and miner were initially released just for Mac and Linux machines and the Windows stuff was never officially released by the developers. 3rd parties had to create stuff. Then 12 hours after the release, GPU miners figured out to mine it, GPU mining is like 30x more efficient.

I started mining with my single R280X and mined 32 coins yesterday. Then YPool suspended their Maxcoin pool do to DDOS attacks. Every site associated with Maxcoin seems to be under heavy DDOS attacks. I just hopped on http://max.1gh.com/ and started mining again.


Yesterday evening Maxcoins were trading from $7-6 a coin and today they are still going for $4.50 per coin. If you have a decent graphic card or cards, i recommend mining. Even with the current difficulty I am getting about 1.2 coins per hour. I am sure Max Kieser will be hyping the hell out of this coin for the next few weeks so the price might hold.


Just create an account at mcxnow.com and then download the GPU miner from max.1gh.com. To run the miner just extract it and update the max1gh_start file with the wallet address from mcxnow and then run it.

Pool - http://max.1gh.com/
Exchange - https://mcxnow.com/
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Old 02-08-2014, 08:58 PM   #899
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Hoard. Hoard. Hoard. Drive down that price!
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Old 02-10-2014, 09:59 PM   #900
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Someone had a bad day today.
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