Bitcoin Loses Dwolla Support; Feds Shut Down Silk Road ...

Dwolla had a change of heart about Facebook privacy invasion?

Dwolla had a change of heart about Facebook privacy invasion? submitted by Cowboy_Coder to Bitcoin [link] [comments]

I almost gave up...

I've been hodling and adding to my stash since 2012. Went through the Gox debacle, Silk Road, inputs.io, slaying of the bearwhale, BitLicense, ETF, and countless ups and downs.
In the beginning, I tried trading on Gox, but always got lost in the FUD, emotion what I began to realize was manipulation. And I realized that I had no skill in playing that game. Except one skill. I had faith based on a deep understanding of what bitcoin was.
I read the whitepaper. I understood the implications and bought in. (Thank you Orlin Grabbe, RIP) So I bought more.
I bought in through dwolla/Gox, bit-instant/ZipZap, localbitcoins, etc. And I kept buying. I mixed my coins (losing a chunk to Coinlender), traded gold for coins on Agora, and kept building my hodlings while putting them in cold encrypted storage. Never sell was my motto, and I watched what was about a $20K gamble/investment grow to much much more. Enough to retire.
I watched the price constantly. Wake up at night, check the price. Wake up in the morning, check the price. And I read all of the news, the blogs, reddit (both /btc and /bitcoin, and others). I invested my Roth in GBTC. My wife's as well. I told my mainstream friends about bitcoin. All who told me I was crazy. Maybe a little I admitted.
Satoshi said it would either be worth 0 or be very valuable. I chose to believe the latter.
But recently I got discouraged. The civil war was real. Both sides bloodied, with hidden agendas following hidden money. Sock puppets manipulating opinion, threats by miners to fork and jump ship. Doom and gloom. Price crashes, big bear predictions, doom is nigh!
And I almost gave up. Almost imported my cold coins to sell. Then I saw through the fog of war. Bitcoin is anti-fragile. ANTI-FRAGILE. Weak hands sell. Traders and whales sell/buy. Manipulators buy/sell. Maybe after the next halving, I'll sell. But not now. I'll continue to hodl. Maybe even buy some more.
Just thought I'd share.
submitted by drs254 to Bitcoin [link] [comments]

Am I "secure enough"?

Currently, I'm using tails from a usb stick. On this stick, I have two partitions- one is encrypted and used for storage, while the OS partition is not encrypted.
I've read through the security guides on the TOR website; should I be doing anything else? I've altered my browsing behavior, but should I encrypt the OS partition? Anything else I should do?
submitted by atlookie to onions [link] [comments]

Peter R’s Theory on the Collapse of Mt. Gox

TL/DR: A young man had a secret. To keep it hidden, he kept digging until the hole was a billion dollars deep. This is a speculative tale of a great bitcoin theft from MtGox in 2011 and the efforts that this man undertook to fix it. The tale explains the bitcoin bear market of 2011, the explosive rally of 2013, delayed fiat withdrawals, malled transactions, and a bot named Willy.
By the time you realize that real life has begun, you are already three moves in.”—Author unknown
It was June 19, 2011. Mark, a 26 year-old young man—a boy really—was ecstatic. He had recently purchased MtGox—a small, online exchange for trading virtual tokens—and business was booming. These virtual tokens were called bitcoins and Mark loved them.
Bitcoins were an obscure curiosity: a peer-to-peer electronic cash system that allowed users to store and exchange credits with any other user in the world, nearly instantly, and without the assistance of a third-party or the permission of an authority. All that was needed was a 78-digit secret number—a key if you will.
In order for his customers to withdraw their bitcoins over the internet, MtGox stored some of these keys on its online server. The remaining keys were stored on USB drives and backed up on paper to prevent theft should the server be compromised.
But theft was hardly a concern. In October of 2010, bitcoins were trading for $0.10 and the half a million bitcoins held by MtGox was worth only $50,000. But still Mark took precautions, diligently moving bitcoins to offline storage and leaving only what was necessary for customer withdrawals online. He truly wanted both his business and bitcoin to succeed.
By April, the bitcoin price had risen to $1 and by June it had exploded to $30. Between June 1 and June 15, an additional one million bitcoins were sent to MtGox and immediately sold, crashing the price back to $10. It was a hectic time, with hundreds of customers needing help, visits from the FBI related to the Silk Road black market, and stress related to the recent market crash. Young Mark was becoming a victim of his own success: there simply wasn’t enough time to get everything done. On this very day in June 2011, the keys to the recently-deposited 1,000,000 BTC were still sitting on his server.
Later this day, a group of hackers gained access to MtGox servers and executed fake trades that the world could see, driving the nominal price of bitcoin near $0. Mark was frantic. He quickly regained control of the servers and learned the dark truth: the million bitcoins that had recently flooded in earlier that month were gone. Mark admitted publically to the hack, rewound the false trades, but kept the truth of the missing coins a secret.
How could this 26-year old explain to his customers that he had lost their bitcoins? And if the world found out, would this kill the thing he loved so dearly? Would he go to jail? Or worse yet, would someone kill him? Mark decided that he would do what he thought was right: he would slowly earn back the lost bitcoin with MtGox trading fee profits and eventually make his customers whole again. He still had over 500,000 BTC left—he moved 424242.42424242 BTC between bitcoin addresses and convinced the community that MtGox was solvent. As long as withdrawals didn’t exceed deposits over a long period of time, no one would ever find out the truth. Or so he thought.
Meanwhile, the bitcoin thieves slowly mixed their coins with other coins, obfuscating the chain of ownership, and then re-selling these coins on MtGox using sock-puppet accounts. Mark tried to stop them, but there was no way he could know for sure which accounts were fraudulent—he even accused innocent people of bitcoin laundering. The constant selling of these stolen bitcoins drove the price down to $2 in November 2011. Mark faithfully used all of the MtGox profits to purchase coins back during this decline. But he would never use customer funds—that was a line he swore not to cross.
The selling of these stolen bitcoins continued at a diminished rate over 2012, and Mark continually purchased coins using the MtGox trading fees. The bitcoin economy was growing and new exchanges were opening up across the world. His bitcoin reserves weren’t building fast enough but the price of bitcoin kept rising (along with the dollar value of the missing bitcoins). He was worried that other exchanges would suck coins out of Gox and reveal his secret. He decided he needed to take decisive action: for the first time, he used customer funds to purchase real bitcoins. These large purchases by Mark further increased demand and ignited the great rally of spring 2013 when the bitcoin price shot from $20 to $266. Mark had reduced his liability in bitcoins, but in dollar terms the coins that were still missing were worth more than ever before.
On May 15, 2013 the US Department of Homeland Security seized millions of dollars from the MtGox Dwolla bank account. MtGox dollar reserves were already depleted at this point, and with the recent seizure, Mark could no longer make good on customer withdrawals in US dollars.
Under the guise of “banking problems,” MtGox slowed US dollar withdrawals to a trickle in the summer of 2013. Customers became increasingly worried and began to bid up the price of bitcoin on MtGox, as this was the only way to escape with their funds. MtGox had little fiat and very little bitcoins, but it learned one thing: as the price differential between Gox and BitStamp grew, the outwards flow of bitcoin slowed dramatically.
And so Willy was born. Willy was a bot, discovered by Wall Observers from bitcointalk.org and named by Opet on Bonavest's trading show, who would consistently purchased bitcoins at regular intervals between November 2013 and February 2014. Evidence that Willy belonged to Mark was revealed when both web and API trading at Gox was disabled for a brief period of time, exposing Willy as the only one left buying.
Willy served two purposes: he drove the price of bitcoin on the MtGox exchange high, thereby slowing and sometimes reversing the outward flow of real BTC, and he reduced the number of GoxBTC held by clients. Of course, this meant that Willy eventually became the owner of a huge number of GoxBTC (that were of course no longer backed by real BTC).
By December, the situation at MtGox was grim. In a desperate attempt to attract more funds, Mark offered reduced trading fees under the guise of celebrating their 1,000,000th customer. This partially worked, but Mark knew it was too late. If MtGox collapsed, it must appear that he didn’t know about the theft until now—for it was better to appear incompetent than criminal.
It was time to cover his tracks.
He purposely mixed immature coins into bitcoin withdrawals to delay the outward flow of coins, and later began malling his own transactions. He added the Gox malleability weakness not as a bug, but as a feature, so that it would seem plausible that outsiders had recently stolen the coins without his awareness. No coins were actually lost to malleability.
The MtGox coin supply dwindled to 2,000 BTC and on February 7, 2014. He had no choice but to disable bitcoin withdrawals. The end was near.
The problem Mark faced was that his customers had $150,000,000 credited to their accounts, yet the MtGox bank account only contained $38,000,000. He could blame the missing bitcoins on transaction malleability, but how could he explain where the fiat money went?
He shifted Willy into reverse and cranked the throttle. Willy relentlessly dumped bitcoins into the open bids. The price fell further and further, eventually dropping well below the BitStamp price. But still not enough people were buying! He needed his customers to buy the GoxBTC. Willy kept dumping coins until finally the price dropped below $100. MtGox even acquired new USD bank wires from customers looking to purchase the cheap coins. By this time, the majority of Gox customers had converted their dollars into bitcoins.
On February 28, 2014, Mt Gox filed for bankruptcy protection in Tokyo, reporting 6.5 billion yen in liabilities, 3.8 billion yen in assets, and 750,000 of customer bitcoins missing. Willy had failed to completely close the fiat solvency gap and Mark finally admitted to having lost the coins.
Now we watch the rest of the story unfold. A story of how an oversight during a hectic period, an untimely theft, and an attempt to cover it up, lead to the greatest loss in the history of bitcoin.
Cross-posted from: https://bitcointalk.org/index.php?topic=497289.0
submitted by Peter__R to Bitcoin [link] [comments]

How to buy these cheap coins right now

Since we've all been goxxed now is the time to buy those $50-60 coins floating around and profit from everybody else's misery. Or you could wait for Gox to come back online and crash down the price even further but good luck trying to do any trading there to buy coins, the trading engine is already broken I don't expect the new one to work flawlessly due to epic 3yr history of GOXXING
BTC-E.com
To pay into this exchange, you need a BTC-E code, PM or Okpay. Take pics of your ID and utility bill and pay the $10 to Okpay for 'quick verification'. You can pay bitcoins directly into your Okpay account for initial funding or wait and see how long it takes for reg verification.
Now either wire money, or instant money transfer (MoneyPolo, Contact-sys, Unistream) to fund your account or find an Okpay exchanger somewhere. Or Ukash/CashU. Just because contact-sys is Russian doesn't mean there aren't sending points in every country in the world.
BTC-E codes you buy on #bitcoin-otc from verified gpg authenticated traders with good ratings, or on bitcointalk.org forums in the currency exchange forums.
Perfect Money is a shady HYIP digital currency run by Russians much like Liberty Reserve. You sign up for free, and load your account with wires (if verified) or you use an exchanger. This is what talkgold.com is for to find legit exchangers. I use wm-center.com to wire WU/Moneygram and get PM. Click on 'Interkassa' payment method in BTC-E and select Perfect Money. Instant load.
You can also obviously dump Litecoins you bought on Vircurex to fund the account, or a gagillion PPcoins
Bitfloor.com
Fastest way to deposit is through CapitalOne P2P or cash deposit https://bitfloor.com/docs/#funding-deposit
Be aware Bitfloor is insolvent due to owing 25k bitcoins that were stolen last year but they have a repayment schedule that may or may not bankrupt them. Use at own risk but most ppl trade there everyday with no problems.
Bitstamp.net
Great exchange in Slovakia? I think. You have to pay with Euro SEPA wire, then for some stupid reason they convert the money to USD. You can pay in here using transferwise.com if you're from UK, or XEtrade and other Forex online money transfer companies. Google 'free money transfer fx' and review your options. Most don't charge you anything if over a certain amount of money. They take your internet billing or other local payment, convert to EUR and send SEPA for you if you request it. If they don't then check with Bitstamp what a SWIFT wire costs (probably nothing, I think they use Latvian banks that charge no receiving fees). If you want a bank account in Latvia then sign up here: http://www.rietumu.com/ if you have a local corporation or business where you live you can, maybe a personal account too. You can always incorporate a dirt cheap Delaware LLC or Oregon LLC from anywhere in the world and use it to open up worldwide bank accounts.
Bitcoin-24.com
Takes direct wires, all sorts of other methods: https://bitcoin-24.com/fees You can also use Liqpay if you have a USD or EUR card. Sign up to liqpay.com, then they block a small verification amount you have to sign into internet banking (for the card) to check. It's usually $1.something or less. After that you are verified to load $1-100 or so, but I'd just try $50 at first. Any more than that and Liqpay will seize the funds and ask for your bank to authorize a fax they send which no bank will do because of privacy reasons, so pointless to load anymore money. Liqpay may also call you to verify card details this is normal. Liqpay is meant for Russians and CIS countries to use like Ukraine so due to epic fraud of credit cards don't expect to load too much this way unless you find a Liqpay exchanger, but what's the point when you can just wire money to bitcoin-24 anyways.
Vircurex.com
Good exchange, had some problems due to DDoS but so did all exchanges. They only accept BTC, altcoins and VouchX for payment. You buy Vouchx here: https://www.aurumxchange.com/ or from somebody on Bitcointalk, or IRC (with rep). You can buy a bunch of litecoins anywhere to fund this exchange such as the bitcointalk forums or IRC. Warning: the so-called official twitter account is fake, don't use it.
Cavirtex.com
Can only fund if in Canada, they accept cash deposit and internet billing. Price has been steady at ~$90 all day though no panic selling.
LibertyBit.com
https://www.libertybit.com/funding various easy methods, new exchange in Canada that takes intl wires and shockingly Interac deposits (easily frauded).
Bitcoin China
https://btcchina.com/ fast growing exchange, you pay in with Alipay or Tenpay both Chinese methods that westerners can't use or figure out due to no translation. You can probably use Alipay if you find and exchanger to load it, they do exist. **Edit they now support Liberty Reserve deposit and withdrawal
Check english forums to see if anybody exchanging Alipay or taking wires.
CampBX.com
Accepts money orders, and CapitalOne P2P payments. Also accepts Dwolla but you need to be verified.
Bitcoin-central.net
Just had a major outage due to instawallet hack, appears to be back online. You get your own quasi-bank account when you verify here much like how ecardone.com (liberty reserve) does banking so can transfer to other users legally with vouchers. You can buy a voucher p2p on Bitcointalk forums or IRC or send a bankwire.
VirWoX.com
You can pay with Paypal to get Second Life "Linden Dollars" then convert to BTC, or at least you used to be able to. I have no idea if this is still the case I've never used them.
Or course there's all the fixed price exchangers
https://en.bitcoin.it/wiki/Trade and https://bitcointalk.org/index.php?board=53.0 for everything from Moneypak to Skrill. You can also risk buying coins on Silk Road with moneypak
==============R U L E S ================================
Enjoy buying all the way down the crash once Gox comes back online and the great sell off begins! Hold them for a year and they'll be worth 10x as much just like the 2011 crash. Bonus points if you speculate on Litecoin, rumor has it Gox will be trading them when they come back online but again, this is MtGox we are talking about so the site could implode on the zerg rush of people trying to get into their accounts or trading engine could sell all your coins for $0.0001 again like they did in 2011.
Great successez!
submitted by Derpcoin to Bitcoin [link] [comments]

Battle Over Bitcoin: China Backs US Startup Coinbase And US Falls Behind In Virtual Currencies.

Indeed, virtual currencies are nothing new to the Chinese. For example, more than 100 million people on the social platform QQ have used the Q coin for more than 10 years. And after China’s state-run China Central Television, or CCTV, ran a half-hour-long documentary on bitcoins, downloads of apps for processing and “mining” bitcoins soared in the world’s second largest economy.
Bitcoin, long the plaything of the Western ubernerd, now appears poised to grow substantially in China and other markets, like the euro zone, where government meddling in native currency valuations has left many distrustful of the money in their bank accounts.
Americans don’t have this problem -- yet. And that may be a problem in itself. According to bitcoin proponents, if the U.S. tries to ignore the nascent currency, writing it off as a financial fad with less value than the seemingly stable dollar, Americans risk ceding to the Chinese and others control of the future of what could be the most disruptive force in monetary exchanges since the credit card. In turn, the dollar and the ability of the U.S. to navigate global currency conflicts could be seriously weakened.
“Here’s the bottom line: Bitcoin has much higher popularity outside the U.S. and much higher potential outside the U.S.,” observed Andreas M. Antonopoulos of the Bitcoin Foundation. “If you go to an American and say, ‘Hey, there’s this new thing, bitcoin,’ they say, ‘Well, what’s wrong with the dollar?’ That question is different in other countries.”
Bitcoins are a finite, Web-based currency created in 2009 by a group of hackers working under the nom-de-Internet Satoshi Nakamoto. Exactly 10,952,975 bitcoins are in circulation, all of which have been purchased on exchange networks or mined. The currency is mined using software that processes transactions on the bitcoin network, adding groups of transactions, called blocks, to the chain. Miners are paid about 25 bitcoins per block. That digital money can then be used to purchase a variety of goods online, from legitimate software to heroin on the infamous virtual black-market Silk Road.
Bitcoin surged in value to $266 last month, thrusting the currency into the mainstream spotlight as investment poured in from sources as diverse as the hapless Brothers Winklevoss (of Facebook infamy) and Union Capital Ventures principal Fred Wilson (an early investor in Zynga, Twitter, and Kickstarter). Suddenly, everyone was talking about buying bitcoins. But the bubble burst in late April, and in the U.S. at least, bitcoin faded from the news. That was not the case in China, where Antonopoulos said downloads of bitcoin clients have eclipsed those in the U.S.
Bitcoins are mined in several steps. After downloading a bitcoin client, such as Coinbase (which serves as a wallet in which to store the bits of code that constitute the digital money), miners often join pools where they share computing power to decode algorithms in which bitcoins are hidden. The concept of bitcoins and bitcoin mining is cryptic for many people, even some otherwise forward-thinking American investors. The irony is that, for now, American startups are leading the bitcoin charge, and the U.S. government was the first to issue guidance on using the currency as payment -- a seemingly tacit recognition of bitcoin’s validity as legal tender.
Why China Poses A Threat
Feng Li, the IDG partner who chose to fund Coinbase, said the Chinese have yearned for access to a virtual currency since the central government cracked down on the use of Q coins.
Q coins were introduced in March 2002 by Tencent Holdings Ltd. (HKG:0700), the parent company of the country’s most popular instant-messaging service, QQ , and they currently average an annual transaction value of more than 1 billion yuan ($163 million). That value is growing at about 15 to 25 percent each year.
Q coins, purchased with yuan, are predominantly used to buy virtual products and services in QQ and its related online games and social media. Originally, Tencent regulations prevented Q coins from being traded between users or converted back to yuan, but allowed users to trade points and purchase Q coins with their game accounts, then use the black market to convert them into cash. That caused concerns at the People’s Bank of China, China’s central bank. In January 2007, converting game points to Q coins was banned, and Tencent reiterated that Q coins constitute a product, not a currency, which seemed to satisfy the concerns.
“There has already been proof with the Q coin,” Feng said of the Chinese likeliness to start using bitcoin. “It’s been very well circulated and very well adopted.”
Already, shops on Taobao -- the Chinese equivalent to eBay Inc. (NASDAQ:EBAY), owned by Alibaba.com Ltd. (HKG:1688) -- accept bitcoins as payment for goods, as does the similar service, Tencent’s PaiPai.com.
The Chinese are embracing bitcoins in other ways. The first bitcoin fund began to raise money in June, with the goal of raising 20 million yuan. The fund’s investment threshold is 10,000 yuan, and it will mature in four years.
Q coin’s popularity isn’t the only reason bitcoin has appeal in China. As it turns out, China is the perfect place for bitcoin mining. While much of the developed world is well into the transition from personal computers to mobile devices, China’s PC market is still thriving, which provides the necessary computing power to run a successful business converting electricity into mined coins. Price caps on electricity already create wasteful use of energy in China, so running a code-crunching computer for hours on end isn’t as costly an investment as it would be in the U.S. And so-called “gold-mining” or “gold-farming” businesses already exist in China’s cybersphere. None of that will come as a surprise to any “World of Warcraft” player: Gamers in Chinese urban sweatshops are known to sit in front of glowing blue screens for hours, slaughtering players in the game for their spoils or mining gold deposits found in the sprawling milieu of Blizzard Entertainment’s international blockbuster. Those treasures are then sold to players in the game for real money.
China has a heavily controlled currency, which also makes bitcoin attractive.
“The more controlled the currency is, the harder the transactions are, the more friction there is in the national currency, the more appealing the coin is,” Antonopoulos said, noted that the most appealing place to use bitcoin would be a country whose economy is a veritable train wreck -- like Zimbabwe, except that the southern African nation lacks the necessary technology. “I would say China is perfect,” he said. “It’s got the penetration, it’s got the smartphones, it’s got the Internet and the people are familiar with virtual currencies. And, it’s got the not-as-appealing national currency.”
Regulation In The U.S.
Guidance issued in March by the U.S. Treasury Department said that companies issuing or exchanging online cash, including bitcoin, would be subject to the same scrutiny as traditional firms such as the Western Union Co. (NYSE:WU) to prevent money laundering.
Less than two months later, the Department of Homeland Security proved that edict had teeth.
Federal officials obtained a warrant Tuesday to seize an account tied to Mt.Gox, the Tokyo-based exchange company that handles about 80 percent of all bitcoin trades. Authorities accused Mt.Gox’s U.S. subsidiary, Mutum Sigillum LLC, of failing to register as a money-services company with the Treasury’s Financial Crimes Enforcement Network. An account held by the online-payments firm Dwolla was subsequently seized.
Many feared the warrant execution could cast a chill over the bitcoin industry as a sector centered on a borderless, decentralized money came under the scrutiny of the federal government.
That proved not to be the case, Coinbase’s Ehrsam said. “For bitcoin to go mainstream, or as it goes mainstream, it will be used in a higher and higher amount of transactions,” he said, adding that Coinbase is registered as a money-services firm. “There’s no way there will be all this money flowing through an unregulated system.”
Chris Larsen -- the CEO of OpenCoin, a fellow San Francisco-based payment platform that processes most national currencies as well as bitcoin and its own virtual cash, Ripple -- agreed. “They definitely are regulating them, [and] we actually think that’s a really good thing for the industry,” he told IBTimes. “I thought the guidance was a good idea. One of the things the guidelines seem to make clear for the first time is that a virtual currency could be used for goods and services.”
The Price Of Regulation
But such regulation is a slippery slope, said Jerry Brito, a senior research fellow at the Mercatus Center at George Mason University.
Perhaps it begins with measures to prevent money-laundering, he said. But what measures would the government take to prevent the untraceable currency from being used for child pornography or human trafficking?
“Bitcoin has the potential to be a disruptive technology that would be beneficial to the economy, and we don’t want to kill off that potential to get at the other potential for bad stuff,” he observed. Brito, who plans to speak next month at a conference on virtual currencies organized by the National Center for Missing and Exploited Children, added: “We’re already the first country to enforce money-laundering laws against bitcoin. But the U.S. would be shooting itself in the foot if it went too far [with regulations] and either outlawed bitcoin or made the legal guidelines impossible to comply with.”
Will China Step In?
So far, Chinese bitcoin merchants have little to fear. For many, the CCTV segment on bitcoin seemed to be a signal from Beijing, which heavily controls the channel’s content, that the currency is worth exploring.
Some of those interviewed speculated that the Communist Party wants to see bitcoin stockpiled in China, allowing the government to invest in it if, or when, the dollar is shaken from its perch as the world’s reserve currency.
It remains to be seen whether -- or, more likely, when -- China will intervene in the trade of bitcoin in its own economy. But for the U.S. to experience widespread adoption of the currency, which is considered a necessary step for gaining a grasp on the bitcoin market, limited government control will have to allow the money, like the Internet that birthed it, to develop organically.
submitted by kazzZZY to Bitcoin [link] [comments]

Can we as a community put together a list comparing the different ways to get BitCoins, the times involved, etc?

I'm not sure what format would be the best. Maybe we could get it added to the Reddit SilkRoad Wiki. Since these services come and go, it is quite interesting at times how to get BitCoins.
Things to include: -Country -Method of original payment -Time for payment to clear -Time for BitCoin transaction to cleat -What percentage of money is taken by BitCoin transaction -Total Time of Transaction
Here is what I have used in the past:
BlockChain cash deposit through BitInstant in the USA - Blockchain accesses ZipZap payment service, ZipZap then instructs user to use MoneyGram express. Moneygram express is used anonymously at a WalMart, which excepts debit for purchase. ZipZap payment goes through BitInstant, finally BitInstant transfers to BlockChain account. Total time 30mins to several hours. Requires driving to Moneygram site. Fees - ZipZap $3.95. BitInstant 3.99%
CoinBase by bank transfer: Create a CoinBase account (USA only). Confirm back account wiring. Since buying BitCoins is legal, I see no problem with this. Coins can be ordered through CoinBase at a 1% fee. Once the account is set up the transactions take 3-5 business days to be confirmed. Small fee, longer wait time than BitInstant.
I would like to know more methods of transfer and how they work. I also signed up for a Dwolla account, but would have to go through BitInstant (I believe). I feel like this would be massively beneficial to the community! I am also looking for a method that could be done within a day, preferably use bank transfer, and have a percentage loss at about 2% or less. Lets hear the methods and get a permanent working source going!
submitted by takingajourney to SilkRoad [link] [comments]

speculation: MtGox was closed because of SilkRoad investigation

This theory was pretty quick to build some steam after the closure but hardly any evidence was ever used to support it (besides the fact that it would fit with MK behavior). Today nytimes broke the story of JTAN having hosted silkroad servers (http://dealbook.nytimes.com/2014/03/04/silk-road-had-digital-outpost-in-pennsylvania/). In this article we get a perfect example of just how the FBI will treat a company when they are involved in the silkroad investigation. First of all this was all secret until very recently
The search warrant on JTAN and the company’s involvement in the Silk Road case had remained a secret until a few weeks ago. On Feb. 18, federal prosecutors asked a United States magistrate in federal court in Philadelphia to unseal the matter so authorities could begin providing Mr. Ulbricht’s lawyer with information to begin planning a legal defense.
From this we know that IF mtgox has their assets seized and are forced to play a part in the investigation then they would be forced to stay quiet. The article also says
Mr. Nadovich has not been charged with any wrongdoing.
If this is a good parallel then we have no reason to believe that MK might be implicated. This is all backed by the quote from MK on IRC
03:13 <@ne0futur> 2014-02-20 10:40 le gouv. US veut pas qu'on disclose hein 03:13 <@ne0futur> US gov doesnt want us to disclose
He also stated that
Well, technically speaking it’s not “lost” just yet, just temporarily unavailable
and from the following article one can read that http://thegenesisblock.com/mt-gox-seizures-linked-silk-road-fed-testimonies/
Recent testimonies by federal agencies indicate that the account seizures were in fact related to the multi-year pursuit of Silk Road operators, rather than a crackdown on money transmission infractions for their own sake.
This refers to the dwolla seizing. So it is clear that MtGox is under investigation from the US government and they have had their dwolla account seized because of the silkroad investigation. MK does not want to talk about the source of the missing or "temporarily unavailable" bitcoins because of "le gouv" and here is the kicker:
Just days after the F.B.I. served the search warrant on JTAN, Mr. Nadovich began taking steps to close parts of his business. In a Sept. 14 online notice to JTAN customers that still appears on the company’s website, Mr. Nadovich said he was terminating the firm’s “dedicated server” business. Mr. Nadovich gave no explanation but said “the business situation we find ourselves in does not allow continuing this service.” On Oct. 30, he posted another notice, telling JTAN customers the company was struggling financially and could file for bankruptcy protection in 2014.
So after JTAN became a part of the silkroad investigation they saw themselves unable to continue business as usual and filed for bankruptcy protection citing financial trouble.
submitted by throwaway43572 to Bitcoin [link] [comments]

My recent experiences with Bitinstant, Mt. Gox, Silk Road, and BTC in general

I just wanted to take a few moments to talk about my recent experience with bitinstant and the recent troubles that we’ve all seemed to be having when trying to exchange fiat for bitcoins.
I began exchanging for bitcoins in order to purchase the wekk known nootropic Modafinil over the internet. Over the course of a couple days of serious research, I felt comfortable enough making my first transaction. The process was simple on both the front and back end. Bitinstant worked like a charm and I was able to send the payment to receive my product from the vendor.
I became intrigued because of how well everything went. I knew that soon I would be getting involved as a buyer on the Silk Road so I began making a few more deposits via bitinstant, and soon after I made my first purchase on the SR. Life was good and so was the product… Until I needed to order again.
Around June 18th I tried to do a deposit via Bitinstant, and that’s when I ran into every error possible. Bitinstant seemed to be having issues with one of their “third parties”. I began looking into reasons why this issue could be happening. I tried a lot of different things to remedy this, including registering for an account.
Even after registering for an account I kept getting problems, so that’s when I decided to look at alternative methods of obtaining bitcoins. My first plan of action was to wire transfer money to the evil Mt. Gox. I used them because I had previously been verified after creating an account there when I first got into bitcoins when I didn’t know what I was doing. I personally bank with a credit union and the cost for international wire transfers are $40 USD. I have maintained a great relationship with my credit union and have accrued enough member points to waive the fee for the wire transfer. (hint: banking at a credit union is FAR better than a bank). I was actually able to complete the wire transfer online through a secure portal while communicating via online chat with my credit union rep, cool eh?
Anyways, two days later I got an email and my money was in my Mt. Gox account. I then exchanged the money for bitcoins, moved the bitcoins through a few wallets, and I was ready to go again. That’s when I began looking even further into alternative methods of obtaining bitcoins after having the transaction go through successfully with Mt. Gox. I have since created an account with both coinbase and dwolla as backups. I don’t really see myself using dwolla, but coincase looks very promising to me. I have also heard that coinbase is working on getting a system in place like Bitinstant where customers can make cash deposits for bitcoins.
Now, I set up a secondary checking account to accommodate any future transactions with coinbase. Setting up a secondary account that is exclusively used for online purchases is always a smart idea. If you ever run into any issues, it isolates the problem to an account that doesn’t receive things like direct deposit or have automatic bill payments. I worked many years in a bank and would advise this to everyone.
Though I had a relatively painless experience when using Mt. Gox, I don’t foresee myself using them in the future because of all the negative things I keep hearing about them.
With everything being said, yesterday I was able to successfully transact for BTC via Bitinstant for the first time in nearly two weeks!!!!! I had been in communications with their support staff for over a week because I was having issues with getting my account validated and verified. In hindsight, I’m kind of still pissed off a bit because of how slow they were in responding to my inquires, but I’m sure they had thousands of people flooding them asking for help. There are a lot of things going on behind the scenes that I don’t fully understand, so I don’t want to jump to conclusions.
I don’t really consider myself somebody who should be providing advice to others in regards to bitcoins because I have limited experience with them. The intention of this post is to provide a semi detailed look-in to how my recent experiences have been when trying to get bitcoins.
Hopefully bitinstant continues to work like it did yesterday, as I feel that making a cash deposit is the easiest way for me (and many others) to obtain bitcoins. In the back of my mind I do indeed wonder about the future of BTC as Governments are getting more and more involved in trying to control this beautiful currency.
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Neue Folge des besten deutschen Bitcoin-Podcast!

Bitcoin Umsatzsteuer geklärt?
Coinlab Antwort an Mt. Gox
BTCChina im Aufwind
Neues Preismodell von BitPay
Silk-Road crash vorbei, Bitcoin stark wie eh und je
Wetten auf die Bitcoin Hashrate
Dwolla stellt jegliche Geschäfte mit elektronischen Währungen ein
Bundesverband Bitcoin gegründet
http://bitcoinupdate.com/index.php?id=38
submitted by Harryburli to BitcoinDE [link] [comments]

Bitcoin & the Silk Road Connection - Joe Rogan Experience Currency of the Dark Web  Rise of Bitcoin & the Silk Road ... Silk Road Gründer: BITCOIN auf 100k DOLLAR in 2020 ! VeChain Hack  Ripple & SendFriend  Tezos Moon Silk Road Founder DPR's Bitcoins Would Now Be Worth Over ... HAPPY BIRTHDAY SILK ROAD!!! Bitcoin's First Use Case :)

The Silk Road Balance Sheet Discrepancy: Bitcoin Worth $4.8 Billion Still Missing The original Silk Road marketplace has been shut down for well over seven years now and to this day, 444,000 ... The original Silk Road marketplace has been shut down for well over seven years now and to this day, 444,000 bitcoin worth $4.8 billion is still missing. Just recently, a report focused on those ... Silk Road was an anonymous online marketplace that mainly enabled the buying and selling of drugs for Bitcoin. Over 2 years, the marketplace generated $1.2 billion in transaction revenue. Read: The Fall of Silk Road “It is with great joy that I announce the next chapter of our journey. Silk Road has risen from the ashes, and is now ready and waiting for you all to return home,” wrote a ... Any better bitcoin exchange sites out there other than MtGox that accepts funding from Dwolla? I was unaware that MtGox requires a verified... jump to content. my subreddits. edit subscriptions. popular-all-random-users AskReddit-news-funny-pics-aww-worldnews-gaming -todayilearned-television-gifs-Showerthoughts-Jokes-videos-tifu-mildlyinteresting-TwoXChromosomes-OldSchoolCool-space-creepy ... Bitcoin Loses Dwolla Support; Feds Shut Down Silk Road (Oct. 15, 2013) Written by FinTech Futures; 15th October 2013 ; In the latest setback to the Bitcoin craze, Dwolla announced it will phase out all Bitcoin-related operations by the end of this month, citing “uncertainty and confusion” around the virtual currency. Bitcoin accounted for only 0.1 percent of its merchants, according to ...

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Bitcoin & the Silk Road Connection - Joe Rogan Experience

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