Official CryptoCurrency Thread (Bitcoin, Litecoin, Ethereum & More)
- Thread starter irishfury
- Start date
Damn man
You can still hop on the LTC and PPC waves, it aint too late...I aint got no money though
usopp
Pro
enjoy BTC while it lasts my dudes 
The best thing at this point probably would be to take about $1000..cop some LTC and PPC and with the remaining spread it out around the rest (Quarkcoin, Tickets, BitBar, Junkcoin, Infinitecoin) and hop for the best
88m3
Fast Money & Foreign Objects
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Bitcoin needs to learn from past e-currency failures
By Stephen Foley
©Getty
Before Bitcoin, there was e-gold. In 1999, the Financial Times called it “the only electronic currency that has achieved critical mass on the web”.
As it kept growing through the next decade, users ultimately opened more than 4m accounts, with more than $60m in deposits, backed by almost 4 metric tonnes of precious metal, and millions of dollars of transactions on a typical day.
More
On this story
The founder of e-gold, an oncologist and economic history buff in Florida called Douglas Jackson, had hoped his gold-backed electronic currency would become a new base money to rival flawed fiat currencies.
Instead, it became a tool for hackers and drug dealers. The FBI and Secret Service raided his offices in December 2005, and he wound up spending three years on probation, including six months under house arrest, after pleading guilty to running an unlicensed money transmitter business and aiding money laundering.
Mr Jackson has spent months tracking down former e-gold customers in order to return cash from their accounts, even calling up parish priests to chase down relatives of deceased customers. Under the eye of a court-appointed administrator, users are often getting back far more than they put in, since the gold price has soared over the past decade.
And as he has wound down e-gold and consulted for a 2.0 version, he has watched with some irritation as a new generation of entrepreneurs evangelised Bitcoin, Ripple, Litecoin and other innovations.
Despite being one of the pioneers of alternative currencies, Mr Jackson has rarely spoken publicly since his conviction and never before on Bitcoin. In an email interview with the Financial Times he had a blunt answer to whether he thought any of the virtual currencies since e-gold hold particular promise: “No.”
The story of e-gold provides a cautionary tale and a slew of lessons for virtual currency entrepreneurs, as they wrestle with how to operate legally amid a thicket of financial regulations and regulators.
In depth
Bitcoin
Increased trading in the decentralised virtual currency has begun to attract the attention of regulators
The fatal flaw that doomed e-gold, Mr Jackson says, is that it would sign up new users without checking their identities.
“It had things backwards. Permissions would be restricted or revoked reactively in the event unusual activity was detected. It was great at finding bad guys after they did something.”
The US Treasury has been warning Bitcoin businesses since March that they must comply with “know your customer” (KYC) laws that require stringent identity checks, monitoring of accounts and reporting of suspicious activity. They must also register as money transmitters with most of the 50 US states.
The difficulty and expense of meeting those obligations has led to several Bitcoin US exchanges and brokers shutting down, including Tradehill and Bitinstant. Regulators in New York and California are among those to have subpoenaed early Bitcoin companies for investigations into the currency.
“It appears many digital-currency firms may have underestimated their regulatory obligations, the anti-money laundering risks presented by their business models and the degree of law-enforcement concern surrounding those risks,” Adam Shapiro, consultant at Promontory, wrote in a recent client note.
The rules have also made banks and other companies wary about dealing with Bitcoin companies. Jaron Lukasiewicz, whose Bitcoin derivatives trading platform Coinsetter is due to launch around New Year, took many months to find a bank willing to take his firm as a customer, but he is optimistic that entrepreneurs have absorbed the lessons of e-gold and the pronouncements of regulators.
It appears many digital-currency firms may have underestimated their regulatory obligations, the anti-money laundering risks presented by their business models and the degree of law-enforcement concern surrounding those risks
- Adam Shapiro, consultant at Promontory
“The entrepreneurs have moved. Bitcoin companies are taking steps towards compliance and introducing KYC,” Mr Lukasiewicz said.
Bitcoin, whose price topped $1,000 for the first time this week, differs from e-gold in that it does not rely on a single company to manage the system. Transactions are recorded instead on a peer-to-peer network of computers.
Mr Jackson believes that currencies and payments systems with central management authorities are more likely to succeed, since regulators and customers demand protections against hacking, fraud and errors.
And this, he argues, is the biggest lesson from e-gold: the superior value of an asset-backed currency. His company has begun paying out what will be more than $20m of claims, after liquidating vaults full of gold that backed the currency, something that will not be happening for users of today’s virtual currencies, should anything go wrong.
“Suppose that someone has 1 Bitcoin in their wallet, which they regard as having the equivalent value of $500 or $900 or, give it another day or two, $20,000, and then suppose that some circumstance emerged that effectively prevented it from ever circulating again,” Mr Jackson says.
“Who, after six years of non-circulation, would pay that $500 or $20,000 or even so much as a nickel?”
http://www.ft.com/intl/cms/s/2/6d51117e-5806-11e3-a2ed-00144feabdc0.html#axzz2lx6QT6U2
Bitcoin needs to learn from past e-currency failures
By Stephen Foley
Before Bitcoin, there was e-gold. In 1999, the Financial Times called it “the only electronic currency that has achieved critical mass on the web”.
As it kept growing through the next decade, users ultimately opened more than 4m accounts, with more than $60m in deposits, backed by almost 4 metric tonnes of precious metal, and millions of dollars of transactions on a typical day.
More
On this story
- The Short View Gold’s hold is beginning to loosen
- Speculators push Bitcoin above $1,000
- Christopher Caldwell The Bitcoin mystery is all about trust
- FT Alphaville Alleged digital criminal masterminds have assets and liabilities too
- FT Alphaville China, Bitcoin and the EM transfer problem
- E-gold founder backs new Bitcoin rival
- Letter China falls in love with Bitcoin
- Bitcoin hits $785 with help from Bernanke
- NCA warns on Bitcoin ransom cyber attack
- Poor growth and low oil sales hit rouble
- Yen tumbles to lows as shorts grow
- Australian dollar’s vigour begins to fade
- Week in Review, November 23
The founder of e-gold, an oncologist and economic history buff in Florida called Douglas Jackson, had hoped his gold-backed electronic currency would become a new base money to rival flawed fiat currencies.
Instead, it became a tool for hackers and drug dealers. The FBI and Secret Service raided his offices in December 2005, and he wound up spending three years on probation, including six months under house arrest, after pleading guilty to running an unlicensed money transmitter business and aiding money laundering.
Mr Jackson has spent months tracking down former e-gold customers in order to return cash from their accounts, even calling up parish priests to chase down relatives of deceased customers. Under the eye of a court-appointed administrator, users are often getting back far more than they put in, since the gold price has soared over the past decade.
And as he has wound down e-gold and consulted for a 2.0 version, he has watched with some irritation as a new generation of entrepreneurs evangelised Bitcoin, Ripple, Litecoin and other innovations.
Despite being one of the pioneers of alternative currencies, Mr Jackson has rarely spoken publicly since his conviction and never before on Bitcoin. In an email interview with the Financial Times he had a blunt answer to whether he thought any of the virtual currencies since e-gold hold particular promise: “No.”
The story of e-gold provides a cautionary tale and a slew of lessons for virtual currency entrepreneurs, as they wrestle with how to operate legally amid a thicket of financial regulations and regulators.
In depth
Bitcoin
Increased trading in the decentralised virtual currency has begun to attract the attention of regulators
The fatal flaw that doomed e-gold, Mr Jackson says, is that it would sign up new users without checking their identities.
“It had things backwards. Permissions would be restricted or revoked reactively in the event unusual activity was detected. It was great at finding bad guys after they did something.”
The US Treasury has been warning Bitcoin businesses since March that they must comply with “know your customer” (KYC) laws that require stringent identity checks, monitoring of accounts and reporting of suspicious activity. They must also register as money transmitters with most of the 50 US states.
The difficulty and expense of meeting those obligations has led to several Bitcoin US exchanges and brokers shutting down, including Tradehill and Bitinstant. Regulators in New York and California are among those to have subpoenaed early Bitcoin companies for investigations into the currency.
“It appears many digital-currency firms may have underestimated their regulatory obligations, the anti-money laundering risks presented by their business models and the degree of law-enforcement concern surrounding those risks,” Adam Shapiro, consultant at Promontory, wrote in a recent client note.
The rules have also made banks and other companies wary about dealing with Bitcoin companies. Jaron Lukasiewicz, whose Bitcoin derivatives trading platform Coinsetter is due to launch around New Year, took many months to find a bank willing to take his firm as a customer, but he is optimistic that entrepreneurs have absorbed the lessons of e-gold and the pronouncements of regulators.
It appears many digital-currency firms may have underestimated their regulatory obligations, the anti-money laundering risks presented by their business models and the degree of law-enforcement concern surrounding those risks
- Adam Shapiro, consultant at Promontory
“The entrepreneurs have moved. Bitcoin companies are taking steps towards compliance and introducing KYC,” Mr Lukasiewicz said.
Bitcoin, whose price topped $1,000 for the first time this week, differs from e-gold in that it does not rely on a single company to manage the system. Transactions are recorded instead on a peer-to-peer network of computers.
Mr Jackson believes that currencies and payments systems with central management authorities are more likely to succeed, since regulators and customers demand protections against hacking, fraud and errors.
And this, he argues, is the biggest lesson from e-gold: the superior value of an asset-backed currency. His company has begun paying out what will be more than $20m of claims, after liquidating vaults full of gold that backed the currency, something that will not be happening for users of today’s virtual currencies, should anything go wrong.
“Suppose that someone has 1 Bitcoin in their wallet, which they regard as having the equivalent value of $500 or $900 or, give it another day or two, $20,000, and then suppose that some circumstance emerged that effectively prevented it from ever circulating again,” Mr Jackson says.
“Who, after six years of non-circulation, would pay that $500 or $20,000 or even so much as a nickel?”
http://www.ft.com/intl/cms/s/2/6d51117e-5806-11e3-a2ed-00144feabdc0.html#axzz2lx6QT6U2
I'm way late to the thread, but the worst part about this market is getting any money in there. I finally got linked up with Coinbase, but with how volatile the market is, who has 4 business days to transfer money to purchase BitCoin at a price that might plummet in a few days?
I'm sick at how much I was planning on investing in Litecoin and Namecoin a few days ago and seeing where they're at now. I would have had hundreds of thousands of dollars at this point.
I'm sick at how much I was planning on investing in Litecoin and Namecoin a few days ago and seeing where they're at now. I would have had hundreds of thousands of dollars at this point.
same but it isnt too late, I don't know much about all this. But I highly doubt this will all crash in the next month or somthing
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This shyt is way too unstable to be considered a serious vehicle for investment.
- Joined
- Apr 30, 2012
- Messages
- 42,423
- Reputation
- 3,805
- Daps
- 152,087
- Reppin
- black love, unity, and music
I'll be doing this, but focused mainly on LTC. Wish me luck brehs..
sounds like a bubble to me 
still might try to hop on though
still might try to hop on though
It's most definitely a bubble, but there's so much money to be made short term.
fukk a Thanksgiving. I'm about to go pick up 4 BTC locally and dump them into NMC or maybe PPC in a few hours when these Chinese go to sleep and prices dip.
Looking for some mining equipment to pick up too.
fukk a Thanksgiving. I'm about to go pick up 4 BTC locally and dump them into NMC or maybe PPC in a few hours when these Chinese go to sleep and prices dip.
Looking for some mining equipment to pick up too.
@Brady Hoke's Artery
How do you do the whole local bitcoin? Im sure there's plenty of posts in here but Im lazy and its Thanksgiving
How do you do the whole local bitcoin? Im sure there's plenty of posts in here but Im lazy and its Thanksgiving
heisenburrr
Have Fun Staying Poor
I got in at $20 and $67
Wonder where the haters at now
would you recommend buying LTC ?