This depends greatly on what the business does. Some applications are harder than others.

Could you go further here? Naturally, there are business out there that only take BTC. What processes are steps are involved into building trust? Does an app exist?

Stop using so many wallets imo.

You have coinbase, and then electrum or blockchaininfo.

How you manage the two is really up to you.

No I'm very aware of this, and it is obviously a practice I need to stop. I'm sure by the time bitcoin really takes off, I will utilize a mixing service.

Really my electrum wallet functions as my cold storage because I've only ever sent a few outgoing tx as a test/proof of control when I first set it up. So my exposure to compromise is very low since I never initiate transactions. I used to make paper wallets, but I got too lazy between printing, deciding between bip38, and trips to my security deposit box at the bank.

I suppose you're right and I should start utilizing new addresses in my electrum account at the minimum

It's not convenient to use right right now. Really, BIP38 offers a lot of potential for protecting yourself with address reuse and it's something I'd really like to explore more in the future with designing a good wallet. Especially with the hierarchy parts of it, using multisig, etc...

It depends what that business is involved in doing. How do I prove I provided a service? How do I prove I provided a product? This is not unique to Bitcoin. It's very dependent on what your business is doing.

If I was a Bitcoin gambling site, I could show all the random keys used the next day, for example, and have my addresses public. If I was selling advice, there's no way to prove I actually gave you advice, I suppose, no matter what the medium.

^^^ True. Thanks for the input TC.

Okay can someone explain this?


This in on the winning poker network.


Current btc price is $219.52.


If you want to deposit say $2000 worth of btc, it shows you have to deposit 9.23020 BTC which is equal to $2026.20. So basically you are paying $26.20 to deposit btc into it? So basically they are skimming off the top when you deposit with btc?


However when you withdraw $2000 worth of btc, it shows 9.23745 which equal to $2027 roughly. So basically you are paying a 1 percent fee roughly no matter what whether you deposit or withdraw. Is that correct?


So all the costs are on you with WPN? I assume with other sites they incur the costs though right? Not big deal but when they say bitcoins are free, they still make some money with both deposits and withdraw right?

There's no "official" price. It looks like they are just using a lower price ($216.68 for deposits, $216.51 for withdrawals). Hell, that little of a price difference could just be if you refreshed things at slightly different times.

That's a pretty low spread, and really is only costing you $1.50 or so to deposit/withdrawal. Which isn't bad, since they are having to pay fees likely every time you deposit and withdrawal to convert to currency.

re-posting here since this place seems more active than the other alt currency thread atm:

is coinsetter legitimate/safe? they're offering a free 1-month trading credit for $500 where you keep your profit. want to sign up, but they ask for a ton of **** like driver's license/SSN# which makes me a little hesitant. https://www.coinsetter.com/trading-credits

Any legit place in the US will ask for that stuff because of KYC regulations. I can't speak directly for the site, but it appears to be a legit US site. The CEO's linkedin profile is connected to a lot of the high profile Bitcoin people I know (not saying a huge amount, but it's not a total scam). They could be incompetent and lose your money like any site out there.

What's that old saying? If it's too good....

Hell all you need to do is come up with a couple ID's and go short on one account and long on the other.

I don't know if it's legit or not. I might just have to find out! First I'll have to get me some life lock.

It also looks like they have leverage. Wonder if they allow that with the $500. If they do, you should be a shoe in to make $500 with positions on both sides.

The $500 credit looks like it's for API traders. If you don't even know what that is, don't worry. You'll be a website trader and getting only a $100 credit.

It's not a matter of banning, it's a quesiton of how they'll deter it. For illegal content they tend to go after the distributors because it's impractical to fine the hundreds of millions of end users.

You can't shut down bitcoin like they shut down napster but there're a lot of things you can do, and given that serves almost no purpose (at this point) besides avoiding taxes and facilitating crime it probably will be on their radar at some point.

Develop a system that forges wallet signatures, get microsoft to put it in a windows update that hands them access to the necessary data, and watch it crumble.

No. Not given.

Yeah, you are reading this wrong. Forget about the price you found (there will be different ones depending on the exchange), WPN obviously isn't using that rate. Deposit $2000 worth, you get 9.23020. Withdraw $2000 worth, you get 9.23745. Tiny difference, maybe due to a small fluctuation in exchange rate.

Forges wallet signatures and microsoft update? LOL Windows and Bitcoin. This is just throwing poo at a wall and makes zero technical sense.

How's that shutdown of bittorrent going for the government?

Here in Canada they started mailing letters to people downloading torrents that they will start getting fines if they continue to download. Now just about every person I know that torrents bought and uses a VPN.

Bad example because right now there is only one government in the world that is actively trying to shutdown bittorrent. And they are actually close to succeeding. Doubt the rest of the world will follow China's idea of the internet though. Right holders have not been able to shut down bittorrent because they can't force ISP to block the traffic. Governments can force this if they really want to.

May just be a pump but apparently Pokerstars finishing bitcoin integration: http://coinfire.io/2015/02/12/poker-...n-integration/

There's also the fact that if bittorrent gets shut down somewhere it can just pop up again somewhere else without there being any real consequences. Shutting down a torrent doesn't make the next torrent any less useful - corrupting wallets devalues the currency as a whole. Even the false belief that wallets are being corrupted would have a huge impact.

No idea how it would be done (microft update was stupid) but I can't see why there would be anything unique about the cryptography that backs it. The bitcoin economy is fragile in ways that the drug trade / bittorrent / other examples aren't.

Bittorrent can't get shut down without shutting down the internet. Only the centralized points get shut down (such as pirate bay). They can play whack a mole with people, but it still gets harder with encryption to prove you were even doing anything.

The idea that you can just come up with some "hack" to destroy Bitcoin is no more than throwing poo at a wall. You don't simply destroy Bitcoin through "hacking". Bitcoin is exactly like any other decentralized and censor resistant platform. Hell, you could ban it from the internet and it would work via radio.

This could be pretty big if true.

https://www.cryptocoinsnews.com/goog...ayment-system/



Some other positive news as well.

https://twitter.com/MarkLevineNYC/st...58655783489537

How is it "pretty big"? It gives no reason to adopt Bitcoin and lets people sell them more easily. This is the same kind of "huge" news that has happened for the last year and a half that did nothing. It's useless.

Oh boy, I can pay BitPay Bucks to the government now! How sweet!

there's also the fact that as these technologies get shut down, they are simply reinvented to be less susceptible to government interference. an example of this would be the progression from napster to torrents to magnet links. each progression is designed to be more censorship resistant than the previous one.

if bitcoin were ever to get "shut down," it would just emerge as something else later with increased resistance to censorship.

It does lend legitimacy in the public's eyes. And in some sense, speculation is driven by future prospects of bitcoin becoming more useful. I wouldn't say it's "pretty big" or "huge", but every little bit helps, even if it appears to do nothing to the actual bitcoin price.

One thing that is huge for many poker players will be when PokerStars starts doing deposits and withdrawals in bitcoin. I follow a few of the threads for players in Mexico and other countries, and many of them still do cashouts like PS->Skrill->Mexican bank->Wire to US bank (requires trip to Mexican bank, currency conversion, possibly an interpreter, and tons of fees).

I'm surprised more aren't using bitcoin now, but I'm sure that soon they will love PS->Bitcoin Wallet->US Exchange->US Bank account.