It was an example... No terms... I would get much more than 8/1 on certain terms, much less on others.

Starting to become very obvious why there's so much blind investment in Bitcoin with the intelligence level of some of you guys, jesus.

aka:

yes, i haven't spouted a nonsense opinion either way, because i'm not an idiot like you. there is uncertainty both ways, so i'm not gonna pretend like i'm some know it all like you. i will observe and when i have an opinion, i will make my trade/bet.

you just rehash nonsense that you've read in your 15 mins of article research,and waste everyones time, because when it comes down to it, you dont even believe your own spew. so just shut the fk up.

your main arguments seem to be, zomg its just gambling. and, well, none of the tv pundits and "experts" think it is worth anything.

those are really really bad arguments.

lately you have been mentioning you think the govt will shut it down. thats a bit better. regardless, you have not presented anything remotely compelling so its kinda funny to see you calling others out for that.

PART 1:
Here is what I thought I was going to have to do.

1. Sign up for a bitcoin wallet such as bitcoin QT
2. Sign up for Mt.Gox
3. Fund my Mt.Gox by linking it to a bank account (do I need dwolla for this and does dwolla work for Canadians)
4. Begin buying and selling bitcoins through Mt.Gox
5. When I want to cashout to my home currency I use Mt.Gox to put it back in my bank.

In relation to part 1 here, why do I need a wallet if its all done on Mt.Gox? Does Mt.Gox just move it to and from my wallet for me?

If I have an error above let me know.

PART 2:

My big concern came after reading this: http://www.reddit.com/r/Bitcoin/comm...anding_change/

Questions

1. I can take my coins offline by writing down their hash? But, if I get any part wrong I am screwed right?
2. What is a paperwallet?
3. Do you have to have a paperwallet?
4. If I dont move my change to a new wallet the information left behind by the partial change transaction can allow others to see my account info and steal my money?
5. If i do have to move my change to a new wallet how do I track that?
6. I undertand there are 21million individual coins. So if someone sends me a coin I get coin XXXXXXXXXXX. If I use only a portion of that coin how does it get split? Each portion gets its own hash
7. From question 6. How do those fractions of coins ever get reunited?

Thanks for any help.

i sell locally at 3-5% above gox

only buy on gox and acquire via mpex.

rJ_,

In relation to part 1 here, why do I need a wallet if its all done on Mt.Gox? Does Mt.Gox just move it to and from my wallet for me?

You don't need one. However, you don't sign up for bitcoin-qt, it's just an app you download and run. Do it and post your address and I'm sure somebody will send you 0.0001 of a bitcoin so you can marvel at the technology.



1. I can take my coins offline by writing down their hash? But, if I get any part wrong I am screwed right?

By writing down the private key and its associated bitcoin address. Yes, you are screwed if you get it wrong. They would usually be printed instead of written.


2. What is a paperwallet?

That is a paper wallet


3. Do you have to have a paperwallet?

No. So, I probably shouldn't be answering this in the first plac.e

4. If I dont move my change to a new wallet the information left behind by the partial change transaction can allow others to see my account info and steal my money?

I don't think they're intended to be used like this. They're more long term offline storage.

5. If i do have to move my change to a new wallet how do I track that?

As above. You can just transfer it to the new address. As I said I haven't played around with this so I'm unsure what software support there is.

6. I undertand there are 21million individual coins. So if someone sends me a coin I get coin XXXXXXXXXXX. If I use only a portion of that coin how does it get split? Each portion gets its own hash

You don't really have to worry about this, but when you receive bitcoin the transaction will have a list of inputs and a list of outputs (you won't see this). When you go to send the bitcoin you actually send these outputs not just any coin assigned to the address. When you use an output in a transaction you must use all of it, which is why the change situation happens above. The client doesn't show you any of this.

7. From question 6. How do those fractions of coins ever get reunited?

You can send your entire wallet to an address. Or, they don't and it doesn't matter.

Want to buy 10 btc's, paying 6% vig. pm if interested

are you ever worried about accepting like $10k in counterfeit bills?

gox verification queue = early adopters who have sold and trying to cash out to real money?

Thanks, that answered everything I needed for the Part 2, but I have a couple questions in relation to the quote.

1. When you say post my address is this from the Mt.Gox or from bitcoin-qt?

2. If Bitcoin-qt is just an app is that all a wallet is?

3. If I dont need a wallet, why do people have them?

4. If i wanted to just speculate and trade is all I would need Mt.Gox?

5. If I wanted to play on sealswithclubs would I need a wallet, or just an address? (hoping I get the answer on where to get an address from question 1)

Thanks

1. You will have addresses at both both Gox and your personal wallet. This is how those accounts are able to receive btc.

If you don't have a personal wallet, then you have to trust Gox or whoever else is holding your coins. Your Gox account could be hacked and emptied.

To play at Seals, you need to send btc to your Seals accounts address. You could ship straight from Gox to Seals, and vice versa, or you could keep your coins in your personal wallet and ship back and forth from that.

first time buyers i keep at 200-1000 orders.
once i know them i have gone up to 3k.

so far, everyone is like you and me?, friendly, a bit hesitant, a bit geeky. totally nice and no worries.

You travel to meet someone in order to make a $10 profit? ($200 @ 5% vig.)

1. When you say post my address is this from the Mt.Gox or from bitcoin-qt?

I meant qt, and although it might theoretically work with gox you can't trade less than 0.01 anyway.

2. If Bitcoin-qt is just an app is that all a wallet is?

A wallet is basically a list of public and private keys, or put another way addresses and keys to control them. Bitcoin-qt will generate them automatically for you.

3. If I dont need a wallet, why do people have them?

You don't have coins while they're on gox, and Mt gox has them. You do not have the private key for whatever address they're stored in and so you need gox's Ok to do anything with them. If they're "in your wallet" the then you have complete and sole control.

4. If i wanted to just speculate and trade is all I would need Mt.Gox?

Yes, a lot of people have their entire balance on gox. Obviously you're trusting the gox with whatever you have on there.

5. If I wanted to play on sealswithclubs would I need a wallet, or just an address? (hoping I get the answer on where to get an address from question 1)

You could have gox send coins there for you but all this is much easier if you just get bitcoin qt. If you're worried about security on your computer then remember that your interactions with gox would be hit by that too so therefore also wouldn't be safe if your computer was compromised.

I think I got it.

Essentially every account is just an address. Seals address, mtgox address, personal wallet address. I can have btc in all or none of these at any given time. I can move money freely from one to another with no fees. My personal wallet is the only one that I am wholly in control of, so if it is in mtgox it is kind of like having money money in pokerstars and trusting they dont keep it.


Final questions. Which one links to a bank to get your money back out? What typical fees are charged for that?

I appreciate the help.

I have Coinbase linked to my bank account, I sell there and they deposit USD in my checking account.

If you use Gox, you will also have to use Dwolla as an intermediary between your bank and Gox.

Fees vary, I think I pay a 1% fee to cashout at Coinbase.

I was thinking this! I've looked at the local bitcoin site and it seemed like people near me were charging that much, but there's some store downtown that I think does currency exchange and sells bullion or something, and they are currently charging $215 (and have 4 reviews, so people ARE using them).

Are the people doing it for 5% just trying to spread bitcoin adoption cause they believe in it? It definitely doesn't seem worth it otherwise, and I don't see how they can't get a higher vig. People on here are constantly wanting to buy BTC for poker site money and nobody will take them up, seems like the actual vig should be pretty high.

they travel to me. and no need to make assumptions on profit margins. (i bought coins in the low single digits and i play poker and trade options. i sell coins at 3-5% above gox because that is basically gox price (0.6% fee plus international wires)). just trying to get coins in peoples hands. and if i can sell 2.332 btc for 300 and 10 min work, sure.

very possible. the way btc is going, its looking much more likely, lol.

You don't include the rise in value as part of your profit on the commission of a BTC sale obviously, since you can make that profit with or without that sale anyway.

That said, you give out your address to random people so that they can come to you?

edit: It actually sounds like you're just lying/have not actually made any sales.

the commish is to match other local rates, and to beat the price of buying via gox.

and geez... i sell near to my work or home. at the local coffee shop/pizza place. just today i sold twice. 17.5 btc. and 30 btc. at about $99/btc and 101/btc, respectively. not sure why u care to question.

no reason not to believe you imo

Krugman's latest Bitcoin op-ed: http://www.nytimes.com/2013/04/15/op...l-network.html

Probably awful (conclusions) but important nonetheless.

Lol Krugman.

Seriously, it's like he's not even trying.

There's no way he spent more than 5 minutes of his life total on that piece.

Does anybody have any good threads to recommend at bitcointalk?

I've looked around a bit over there but all I've seen is mostly terrible threads.