sgornick
Joined 17 years ago
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Member since
Dec 29
http://www.twitter.com/sgornick
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Comment · 13 years ago
Also, http://PirateMyFilm.com is for bitcoin-powered crowdfunding.
Then there is another type of crowdfunding ....equity crowdfunding. Instead of donation-based such as KickStarter, equity investing is where the contributors can earn profits if the project's revenues does more than just cover expenses.
Cyber-equity exchanges include BitFunder.com and BTCT.co.
One problem, however, is that there might be jurisdictions where this type of crowdfunding isn't allowed. In the U.S. the JOBS act signed by President Obama means offering this type of investment will be made legal when certain rules are followed (e.g., use of a crowdfunding portal). The type of anonymous investment occurring of BitFunder.com and others is not likely to be an acceptable method by the SEC with regard to their rules for the JOBS act.
Comment · 13 years ago
Comment · 13 years ago
How can I see what level my account is at?
What are the limits for Level 1?
Comment · 13 years ago
More commentary from Reddit:
Comment · 13 years ago
If the rising dollar volume crossing the blockchain outpaces the rising exchange rate, then it is sustainable. The blockchain output cannot be estimated with certainty though so that will always be a best guesstimate.
But certainly the bulk of the value remains from speculative interest rather than organic demand for the coins for use in commerce.
Comment · 14 years ago
And how many also are OCD?
Comment · 14 years ago
"Autosell" is the term Mt. Gox uses as the name for the parameter in the shopping button API to sell immediately once the transaction has confirmed.
But that's the thing. Merchants are worried about the downside risk, and basically ignore that there is an upside gain possible as well. Sure, the merchant shouldn't be speculating with revenues that go to employee's salaries and inventory purchases, but if there's 10% profit, keeping 10% of revenues without converting that to USDs might be beneficial.
BitPay is a merchant processor that lets the merchant specify what percent of revenue to convert and remainder of bitcoins are paid out without conversion.
Comment · 14 years ago
You bought them and sent them to your CoinBase wallet, or did you actually buy them from CoinBase? (I didn't think that had started selling coins themselves yet.)
Comment · 14 years ago
A bank blocking access to a provider of anonymous VPN services. Makes sense.
Comment · 14 years ago
Consumer-grade mining is a temporary phenomena. In a few months, the block reward will be dropping in half, and most people with GPUs will no longer be able to operate them profitably for mining. This is because FPGA mining hardware has been shipping in volume.
In addition, if ASIC hardware starts shipping, GPU is completely out of the game and FPGAs will be hard pressed to stay powered on.
GPU mining had a good run for nearly two years, but it is about to be obsoleted.
Comment · 14 years ago
If silver was a nice addition to a gold based money system, how isn't Bitcoin a nice addition to the existing monetary system just as well?
It isn't an either/or scenario. Parallel currencies for the win!
Comment · 14 years ago
Since this is just one of the many options available for spending bitcoins or cashing out, the criminals are probably not planning on using these.
Comment · 14 years ago
Miners are receiving nearly $100K USD per day but the share to the smaller operators is often just small amounts, oftentimes $20 or so per month. The cost for them to cash out using the bank system is often expensive. This provides an economic method to cash out small amounts without incurring high fees.
Comment · 14 years ago
Really? SR is the reason why?
Sales volume is estimated at two million dollars a month: http://www.forbes.com/sites/andygreenberg/2012/08/06/black-m...
Let's say it takes a week between when a person buys bitcoin and when those coins are spent.
That mean about half a million dollars of currency is tied up for these users. That's about 50K BTC. That's less than one week's production from mining.
This marketplace has almost no impact on the exchange rate directly. What it might be doing is introducing a number of people to bitcoin. They might then speculate on the exchange rate (simply by buying more than they plan to use for purchases, in anticipation of the exchange rate rising), or use bitcoins for purchases or for person-to-person payments.