I think Western Union is possible the bigger news of the two, but from what I have been reading, the WU deal with BTC might seem a bit more likely (if at all).
BitCoin - Intellectual Fraud or a Stunning Idea??
- Thread starter gmst
- Start date
I think Western Union is possible the bigger news of the two, but from what I have been reading, the WU deal with BTC might seem a bit more likely (if at all).
On a rainy Sunday afternoon, if somebody wants to decide just which virtual currency to prefer:
http://coinchoose.com/
https://en.bitcoin.it/wiki/List_of_alternative_cryptocurrencies
In other news, this week brought us another exchanges to be closed down.
Relevant article:
http://arstechnica.com/business/2013/04/study-45-percent-of-bitcoin-exchanges-end-up-closing/
"A study of the Bitcoin exchange industry has found that 45 percent of exchanges fail, taking their users' money with them. Those that survive are the ones that handle the most trafficâbut they are also the exchanges that suffer the greatest number of cyber attacks.
Computer scientists Tyler Moore (from the Southern Methodist University, Dallas) and Nicolas Christin (of Carnegie Mellon University) found 40 exchanges on the Web that offered a service changing bitcoins into other fiat currencies or back again. Of those 40, 18 have gone out of businessâ13 closing without warning, and five closing after suffering security breaches that forced them to close. Four other exchanges have suffered serious attacks but remain open."
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Bitcoin-24 was closed down last week. The guy running the exchange looks to be a complete amateur, but he still managed to collect 7+ million euros before the bank closed him down for suspicious activity.
http://coinchoose.com/
https://en.bitcoin.it/wiki/List_of_alternative_cryptocurrencies
In other news, this week brought us another exchanges to be closed down.
Relevant article:
http://arstechnica.com/business/2013/04/study-45-percent-of-bitcoin-exchanges-end-up-closing/
"A study of the Bitcoin exchange industry has found that 45 percent of exchanges fail, taking their users' money with them. Those that survive are the ones that handle the most trafficâbut they are also the exchanges that suffer the greatest number of cyber attacks.
Computer scientists Tyler Moore (from the Southern Methodist University, Dallas) and Nicolas Christin (of Carnegie Mellon University) found 40 exchanges on the Web that offered a service changing bitcoins into other fiat currencies or back again. Of those 40, 18 have gone out of businessâ13 closing without warning, and five closing after suffering security breaches that forced them to close. Four other exchanges have suffered serious attacks but remain open."
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Bitcoin-24 was closed down last week. The guy running the exchange looks to be a complete amateur, but he still managed to collect 7+ million euros before the bank closed him down for suspicious activity.
Fun times...
"UPDATE FROM SIMON: Little Update! As some of you know, I had some problems with the German bank accounts in the past. I have solved the problem with moving to Poland and we had also never problems with them. Why does this all happen? The "Deutsche Bank" in Germany had some phishing attacks / hacker and some funds where send to my bank account. This attacks does not stop on the "Deutsche Bank", because it seems, that it is a very stupid bank! So they closed my bank accounts in Germany and I got an invite from the German police, to tell them, what I am doing. After that I had no problems but my Bank accounts where closed. (this all happen in the start time of bitcoin-24) In my opinion the problems where fixed. I moved to poland and make all business on the BZWBK. The Germans are now fighting against me and the "Deutsche Bank" has still the same problems, that people are sending me money from stolen bank accounts! THATS NOT MY PROBLEM! The only thing I can do now is to not accept payments from the "Deutsche Bank". The Germans think now, that I am trying to get money with this methode. So they look now, where I have money and try to close all bank accounts. Why in Poland? The Germans think, I am a criminal guy and they will stop the crime. They asked the poland for help and they closed my bank account in poland. I have 7 days to make something against this, otherwise my bank account will be closed for the next 3 month! I am very sure, that we can get back the bank account in the next time. I will not give you a promise, but it is possible, that I will get back the bank account in the next week."
http://www.reddit.com/r/Bitcoin/comments/1cbrjt/for_everyone_worrying_about_bitcoin24_please_read/
Best part:
" The exchange is run by 2 German citizens as Ltd in the UK with a liability of 1 EUR. "
You can be the best coder, but you still need to know the law:
" you need to be licensed to hold EUR funds for your customers. That's why bitcoin.de holds only Bitcoins (but no funds in EUR) and bitcoin-central.net is cooperating with a licensed company."
Also, you could be completely clean, bit if your customers are dirty:
" It's just the account was having defrauded funds sent to it. Automatic alarms go off in the banking system: result, bank account closed."
"UPDATE FROM SIMON: Little Update! As some of you know, I had some problems with the German bank accounts in the past. I have solved the problem with moving to Poland and we had also never problems with them. Why does this all happen? The "Deutsche Bank" in Germany had some phishing attacks / hacker and some funds where send to my bank account. This attacks does not stop on the "Deutsche Bank", because it seems, that it is a very stupid bank! So they closed my bank accounts in Germany and I got an invite from the German police, to tell them, what I am doing. After that I had no problems but my Bank accounts where closed. (this all happen in the start time of bitcoin-24) In my opinion the problems where fixed. I moved to poland and make all business on the BZWBK. The Germans are now fighting against me and the "Deutsche Bank" has still the same problems, that people are sending me money from stolen bank accounts! THATS NOT MY PROBLEM! The only thing I can do now is to not accept payments from the "Deutsche Bank". The Germans think now, that I am trying to get money with this methode. So they look now, where I have money and try to close all bank accounts. Why in Poland? The Germans think, I am a criminal guy and they will stop the crime. They asked the poland for help and they closed my bank account in poland. I have 7 days to make something against this, otherwise my bank account will be closed for the next 3 month! I am very sure, that we can get back the bank account in the next time. I will not give you a promise, but it is possible, that I will get back the bank account in the next week."
http://www.reddit.com/r/Bitcoin/comments/1cbrjt/for_everyone_worrying_about_bitcoin24_please_read/
Best part:
" The exchange is run by 2 German citizens as Ltd in the UK with a liability of 1 EUR. "
You can be the best coder, but you still need to know the law:
" you need to be licensed to hold EUR funds for your customers. That's why bitcoin.de holds only Bitcoins (but no funds in EUR) and bitcoin-central.net is cooperating with a licensed company."
Also, you could be completely clean, bit if your customers are dirty:
" It's just the account was having defrauded funds sent to it. Automatic alarms go off in the banking system: result, bank account closed."
I sure suck at timing this, but anytime I switch position, the price sure moves...Supposedly there was big volume selling what caused the selloff....
Here one can see the order book and it is pretty bearish:
http://bitcoin.clarkmoody.com/
Who knows where this shit is going, seriously.
I can't believe that this insanity tempts me but it seems that it does. I guess when I look at a 4 hour chart and see any instrument move from 146.50 down to 91.20 in fewer than 20 bars it gets my attention.
I assume I can simply throw up a few hundred and trade the damn thing to get a feel? Does anyone have an opinion on what is the shortest practicle time frame? I'll have to check on comissions, spread, ability to post in between the spread etc. but if anyone has any comments I would appreciate them.
I assume I can simply throw up a few hundred and trade the damn thing to get a feel? Does anyone have an opinion on what is the shortest practicle time frame? I'll have to check on comissions, spread, ability to post in between the spread etc. but if anyone has any comments I would appreciate them.