Dwolla is Back, But Focused on Blockchain, Not Bitcoin

Issuing money by global central banks is a great opportunity for stablecoins," says Digital Gold Advisor Dr. Walter Tonetto

Issuing money by global central banks is a great opportunity for stablecoins,
Last week we talked with our adviser and CEO at Nusantara Trust Dr Walter Tonetto. He answered a number of questions that interest our customers.
How did you land in the cryptocurrency / blockchain space?
I was advising startup businesses in the technology space, and when 2016 came around, I asked Scotty, the feisty chief engineer of the U.S.S. Enterprise, to beam me into the heart of the finance system; I felt more and more the irresistible tug towards remodeling the current toxic financial system. Purposive remodeling, of course, is going on all the time, and it’s a knife that cuts into two directions. The vast majority of the ‘woke’ crowd actually believe that they can ‘disrupt’ the power of the elites that control all money flows. Bathing limestone statues – registering about 4 on the Mohs scale and 0 on the scale of reason -- of past leaders in district waters may give you a feeling of breathing the air of revolution and tiring unknown muscle-groups in your shanks, but think of it like a father watching his child toss around shovels of soil in a sandbox; he smiles benignly from afar, knowing it won’t change a thing; all the luxurious appointments at home won’t get touched. It is a grave illusion to suppose that by playing around with payment systems and technologies we will actually change the role and the emission of money. You may be permitted to become the shoe-shine boy in the royal household, but don’t think you will marry the princess and dilute the royal blood! But understanding the constitutive parts of power aggregation, and working over significant time-frames, allows for approaches and solutions; -- but these should come not from another adversarial position, thus merely marking a displacement of the incumbent, a change of guard, but from an authentic re-orientation, of making benefits much more widely possible and not creating monetary systems that are grossly imbalanced and highly destructive. That, and not building tech stacks, is the challenge!
What was your initial reaction to bitcoin?
Well, I was following the file-sharing service Napster since it started, around 1999 – when the U.S.S. Enterprise was sitting pier-side at Huntington Ingalls Newport shipyard, rusted and gutted, and to me the P2P sharing paradigm was always present in my mind, shining buffed and radiant, so even the centralized Napster was something wholly natural to me – Dr Sheldrake calls it morphic resonance. We live with a great deal of blurriness, though. On the one hand, we think of the virtues of sharing; on the other, there is a seemingly indefatigable impulse to control and dominate. Sean Parker, after founding and floundering with Napster, became a cocaine-snorting egotist and president of Facebook. Collecting money for a charity, he gets aggressive with people who do not follow suit. A control-freak in overdrive. Notwithstanding the technical variations, BTC, seemingly freeing us up from fiscal controls and yet showing our craving for money, exemplifies the flawed perception at the root of things. Monero, which sounds like a much faster, highoctane vehicle, a CV8-Z of the crypto-track, beats BTC in regard to privacy and fungibility, though BTC has advantages in other areas.
Which is a much more common trend nowadays?
It’s hard to make out the shapes of wild-life in the current kangaroo market we’re in. The bulls and bears have mauled one another, and the kangaroo, bereft of oxygen on account of wearing a tight mask, is hopping wildly everywhere. But clearly the possibilities of digital currencies became un-tethered via Bitcoin and the querulous and hidden Satoshi. I like to think of him more as an idea rather than as a person; an idea is generally more malleable and consequential. For instance, rather than laud the benefits of crypto for FX and cross-border payments, the possibilities of a central-bank issued digital currencyENCOMPASS THE POTENTIAL to inscribe new roles for programmable money; for how money is issued, how it is used, and what role custodial mechanisms (traditionally in the hand of commercial banks) might have. I see HUGE potential for private firms to enter the equation here, but we need more open-minded and intelligent regulators that do not always look for the rungs of the career-ladder in any move they make! A DAO could be most helpful here, but we are currently under the terror of algorithms that are not concerned with the welfare of the greatest number of people. If I had the time I would coauthor a book on this theme with a skilful mathematician (perhaps with my son, who is completing a Ph.D in near-term Quantum Algorithms).

In 2018 I was keynote speaker at the BlueWhale forum in Seoul, and I spoke about an Algorithm of Peace. I had a clutch of people approach me straight after the talk, some from Korea, others from the U.S., and ask me to develop my ideas in book form.
Where do you see the price of bitcoin going over the next few years?
I wouldn’t speculate, but since everyone is shilling it, it is bound to keep pushing north, occasional blockages otwithstanding. I always look for twists and incongruities in the usual narratives on offer. Many BTC fans talk about the unbanked, but BTC is held by what will become another elite in due course, and the unbanked will later be serving them the chilled drinks between innings, as usual.
Do you think that there’s a time for altcoins to break out and move away from the movements of bitcoin? What’s that tipping point that needs to take place?
I have some notions under which alt-coins can take the lead and leave bitcoin behind, but it’s too complex to explain the conditions for that to occur. Once very solid use-cases have been established with a clutch of alt-coins, bitcoin might begin quavering in his boots. That alt-coins should take BTC as a benchmark speaks volumes about the lack of maturity of this young and over-eager market. The fuzzy umbilical cord is always present like a foot-tangle; alt-coins must find their own ground, and clip the connection to a vagrant father. Finance needs clarity and not fuzziness. Keep in mind that many sovereign nations bridle at the calamitous influence of the US on payment systems, so nations are building their own messaging systems outside SWIFT, and their own securities exchanges are following. But remember: these are all crumbs: the U.S. can shut down payments to any recipient accounts by informing the payments company and doling out threats. And since all alt-coins and fiat currencies are connected to payment gateways in some form, the U.S. would have to begin reforming its archaic ACH structure to enable efficiencies in the financial pipes, which does not offer real-time payments functionality. This accounts for the relative simplicity (and success) of the PayPal business model (which Venmo and Dwolla later emulated without using credit cards). But understand that the elites will always protect the real crown jewels, and incite wars (or street battles and racial squabbles, as we’re witnessing in the U.S. in mid 2020) so that they can get away with major financial heists in broad daylight. It’s all smoke and mirrors, and scorched talons if you look closely: you cannot trust the reflection you will receive on a smoky pane. Only the big players know the predetermined outcome.
One fundamental misprision occurs amongst alt-coin apologetes: they fail to understand how markets move and what the designated role of money is in markets. Even if you want to displace something, you first need to understand exactly what you’re dealing with, but that is rarely the case. Yes, banks are structurally and constitutionally part of the problem, but no government will dare cross swords with them: there is still too much aggregated power. Ripple and Stellar are two Blockchains that are working with, and not against, banks, and that likely makes them much better candidates for wide acceptance.
What’s one must-read book you recommend to everyone?
That depends so very much on who’s sitting opposite me! I wouldn’t push what is not naturally aligned. But I would push a couple of films urgently, as essential viewing for everyone:
“Vaxxed: From Cover-Up to Catastrophe” (and a sequel), which profoundly shocked me, but confirmed my suspicions. Talking about books: one gets a good sense of the kind of books I would counsel people not to touch, unless an overweening impulse bade them otherwise. For instance Steve Pinker, a favourite author of Bill Gates. Pinker in Gates’ hands explains a lot about the character of the reader, the latter of whom I consider one of the most dangerous people on the planet at the moment. If we stay with Pinker for a moment, since he’s famous and fashionable (Harvard professor with a Medusa hairdo and an effete libertarian air, who in “Better Angels of Our Nature” has affirmed that man is not innately good), we note in his presentation in regard to his ineptly titled book “Enlightenment” that he falls prey to the very flaws he chastises, the classic Münchhausen trilemma (in Jakob Fries’ phrase). Picture Baron Münchhausen pulling himself out of quicksand by his own hair! That he is beholden to neoliberal befuddlement becomes clear when two of the opening images of his talk show Vladimir Putin with a rifle andDonald Trump speaking on a podium. The classic neoliberal Harvard think-tank shows reason to be failing and drowning in pious gestures to the cognoscenti and anointed. I like to look for effective counters for specious and shallow argument: for instance, Rupert Sheldrake’s “The Science Delusion” is a splendid book that bucks the Dawkins’, Pinkers and other materialists of this age. You see, if one listens to Pinker with the head alone, his pedestrian epistemology might not irk, and some ideas might appear plausible enough in a desultory encounter, but if you really want to know the meaning of things, and discover how it relates to the heart, you feel betrayed and given short shrift by him. Among the platitudes he gives out in carefully parsed syllables, the movement of his forehead and eyes betray the spirit behind the façade. Yet I always look, like Yeats, for those who “had changed their throats and had the throats of birds”!
What’s the rainbow trout of the year? Nut-like flavour, the eye still gleaming, with tender, flaky flesh? There are many books I could cite for different genres. The vast majority of modern writers, for all their accomplishments, lack genius, don’t really understand the art of writing, and so cannot hold my attention for long. For those who are open-minded and spiritual, “A Course in Miracles” cannot be bested, but don’t touch it unless you’re really willing to dive deep. There is no need to save the world, since it is nothing but projection; there is no world. You might experience the deepest sigh of relief, as if Atlas had cast off a burden after the Titanomachy. Paul Celan once remarked that “reality is not simply there, it must be sought for and won.” Snorkeling near the surface and blowing bubbles won’t cut it.
We are living in times of great manufactured unrest, which will only heighten in coming months and years, and so I would offer a guernsey to Seamus Heaney. I had met him many years ago, alas cursorily, at a symposium at Waseda University where I was working as a Gaikokujinkoshi, an Associate Professor, where another Nobel laureate, Kenzaburō Ōe and he were giving a reading. Heaney was inspired to write “The Grauballe Man” on the basis of the bog man that he had seen in a book of prehistoric times, but the troubles in Ulster were alive in him, too:
As if he had been poured in tar, he lies on a pillow of turf and seems to weep
the black river of himself. The grain of his wrists is like bog oak, the ball of his heel
like a basalt egg. His instep has shrunk cold as a swan’s foot or a wet swamp root.
Talking of Japan here, methinks, is an aculeate observation of Japan:
Cross the intersection at Shibuya Station in Tokyo on a forbidding wintry evening — touted as the world’s busiest cloverleaf — and you will feel this is Eliot’s London Bridge revisited, with quaggas (think half zebras) preserved in the tar of the five crossings; — flattened ebon bones dreaming the dreams of Pleistocene mammoths — as the mass of the dead mill past you, chasing some mirage, and often accompanied by a revenant that must have been disgorged from a Pachinko parlour. Blanched lilacs float in minarets of light beyond these bituminous quaggas, bidding the odd-toed ungulates in their psychotropic dernier cri and fuddy-duddies in theirstygian suits to sup here or buy over yonder: all tethered to their devices. One might be surprised that no cracks are forming at these arced crossings with strange requisitions folding into the hiemal air. And yet it is still more odd that so few people see this as a primped and pimped potter’s field, a graveyard for those who’ve lost their way. We’re living in an age where the multitude of the dead are pacing among us in perdurable trysts with other zombies.
The above text is from one of my unpublished works; again it speaks to me – and perhaps to you – about the quiddities of this age. There is a distinct sense of zombification taking place on the planet at the moment. Is your lineage that of Dolly, or are you magnificent and free?
Do you have any theories about who Satoshi is?
I don’t really, though I follow the haughty chit-chat at times, especially in the jejune forums LinkedIN provides. I think the person has a good reason to remain concealed (forever), but that is also a major factor why I have never fully trusted bitcoin as an investment proposition.
Keeping the provenance concealed suggests a number of things, none of them conducive to embracing bitcoin as a common form of payment.
What do you think about the prospects of gold in connection with the uncontrolled money printing by different Central Banks?
Gold is what BTC can never become, especially when its provenance remains totally unclear – as well as its likely endgame! Central Banks engage in quasi-criminal activity – and one hopes the future prudent regulator won’t be making it too difficult for people to hold gold bullion. The Perth Mint might be a splendid little dot on the global map, but beware of holding your assets in the form of gold coins: many governments will regard them as forms of payment, and may impose all manner of restrictions on the possession of it.
Let's dream a little. How stablecoins can be used after 5 years from now?
I believe the great RESET is coming – even Davos and the U.N. are alerting us to that. The Covid19 panic has been declared by more than 1500 German physicians as a “global Mafia-style deception”, and while Big Pharma and Bill Gates will likely earn trillions of dollars by the useless and potentially dangerous vaccines that will be foisted on “free” citizens, the finance system as a whole will need to be RESET. We are already receiving an inkling of how draconian and void of reason and concern for the people most governments of the world are reacting to a harmless lab-manufactured virus (virologist Prof Luc Montagnier, Nobel Laureate in medicine in 2008, said that), so it’s possible that regulators may become more tyrannical, and under some pretext or other forbid the use of alt-coins. STABLECOINS can be over-collateralized, allowing absorption of pricing fluctuations, but it will be hard to call. I believe many are bound to fail, and that even earlier, despite all their most valiant efforts: as soon as the RESET comes, which is likely to come with all manner of encumbrances. There are many reasons for the issuance of stablecoins, some having opposing views, but all are dependent on trust – and we don’tknow yet if digital currencies that governments will issue will by regulatory over-reach (including absurd compliance requirements) displace other contenders, but you can assume that the tyrannical forms of governance we are currently experiencing suggest that all kinds of skullduggery are possible.
Do you see the problem of fiat stablecoins in the fact that annual inflation constantly depreciates them? An investor who bought $1000 USDT now and sold these tokens in 10 years for $ 1000 will receive much less money.
The problem occurs if we’re converting things back into payment forms that are fundamentally flawed. Inflation and Black Swan events are the major threats to stablecoins, and tethered crypto-values to natively burdened propositions recalls my earlier idea that we have not yet cut the umbilical cord to bitcoin. On the other hand, stablecoins in their current flavour are perhaps best viewed as transitional schemata that will need later revisitation.
You are a very successful Crypto and ICO Advisor, what is the secret behind this success?
I’m not sure if I’m very successful, but I always try to shoot a straight ball. Here are two instances where my input has not been heeded in any way.
I recall one of the first ICOs I advised. I was sitting with the owner on a Telegram Channel, and after some power Q&A sessions online, we were literally hearing the millions of dollars tumble in neat digital hashes into the inbox within a couple of hours of the ICO opening. He had a bottle of Scotch on his table, and by the end of the session he had reached his hard cap and was besotted to boot! The age of digital money had placed the foolscap on his pate, but the script was no longer legible. I cannot determine if his sobriety ever returned. The prudential advice I had been giving him previously – and that we had discussed in great depth -- was over coming weeks thrown out of the window, and I assume other bottles of Scotch ended up on his desk and didn’t last long.
Here is another example. At one time a well-known ambitious individual in the U.S. cryptospace, a young lawyer, asked me if I wanted to start a crypto compliance organisation with him.
When I think of him now and the feathery assistants he congregated around him, I think of the lines in Dickens’s “Bleak House”: “Mr. Tangle’s learned friends, each armed with a little summary of eighteen hundred sheets, bob up like eighteen hammers in a pianoforte, make eighteen bows, and drop into their eighteen places of obscurity.”
Simply to continue serving wine from the same sour vats won’t do. I saw that as a prospective idea, and offered some important advice to get the ball rolling. Soon we had recruited many eager beavers to the exercise, and there was talk of it becoming an influential body. I was naïve enough to assume at the time that my co-founder, a black college asketballer with body tattoos who had a write-up in a major paper on account of his ambition and aggression, was actually interested in asking some fundamental revisionary questions about compliance in relation to the freedom of the citizen. When I suggested we don’t just copy the traditional compliance template and rather probe more deeply, he became insolent and very aggressive. That confirmed my instinct that most ambitious players in the crypto-space are actually dyed-in-the-wool bourgeois, and don’t care about improving the system itself.
What is your advice for upcoming Crypto startups and investors?
You might know the technology well, but do you know the business? Does it really deeply address, even solve, a problem? How much life experience do you have, and how well do you know the market? Can you create a market for your product or services? If yes, how will you do that? Have you only got yes-men around you, or are you willing to listen to those who speak Tacheles to you? If you’ve come to water the plant of your ego, your business will flounder. Most achievers keep their ego initially in check, and get the work done.
For investors the answer I would give is rather complex, but here’s a brief response: often the mandate of investors is very narrowly girded, and they trust their old boy networks, and rarely venture out and follow their instincts. That is foolish, and also the recipe for a dull life.
Perhaps a general observation that everybody might ponder with profit is the idea that we know really so very little of the world; that the news and information we are are offered and digest, even when it is tendered by so-called ‘experts’, is often seriously ignorant. It seems our perspective is getting narrower all the time, as if our mind is shrinking and we block out knowledge.
Let me give another current reference point. In 2020 everyone is fearful of viruses. Viruses currently have a bad rap! We have no idea what they actually are. We are always hobbling around with our fearful partisan gaze, and what is good today becomes bad tomorrow. Yet viruses are adroit and malleable messengers of inter-species DNA, in some sense regulating vast populations of organisms. Think of them as cellular simpletons: mere protein shells with few genes, but endowed with the ability to replicate easily despite their paucity of genetic instructions! They form alliances, you might say, with other forms of life. And they are deeply mysterious to our acquisitive and ignorant segmenting intelligence: how can the papillomavirus cause horns to grow on rabbits; and at the same time cause hundreds of thousands of cases of cervical cancer every year? Is one good and the other bad? It would seem so. Such simple summary, like Pinker’s reductionist view of the world, might becalm for a moment, but does not offer lasting satisfactions. To read the world along the axes of like and dislike, as the Buddha had warned us, leads to great suffering.
I’m told by someone who met Bill Gates a long time ago that the man was apparently even then obsessively fearful of viruses (imagine a pendant to Lady Macbeth, continually cleansing his hands). But do we have any clue what viruses actually are, and how they benefit us all in so many incalculable ways? When the child crawls around, it picks up antigens (bacteria and viruses) and on that basis builds its immune system. At various points of that contact and exchange new forms grow, and other forms decay and die. Like CO2, viruses are suddenly declared dangerous and that we need to shield ourselves against them. Yet how many people know that marine phages rule the world, and rule the sea? This was not discovered until 1986. An electron microscope showed that every litre of seawater contained up to one hundred billion viruses, almost as much in dollars as BillGates expects to make off vaccines in 2020. If you put these viruses end to end, they would stretch out forty-two million light-years! Viruses offer stunning genetic variety, and they are the very pulse of life! When viruses swallow oceanic microbes, they release a billion tons of carbon every day: imagine squalls of marine snowfalls, powdering the porous sand of the deep. Imagine the white nights of St Petersburg under water, celebrating the magic of life with the same skill and abandon as the Mariinsky Theatre, to an audience of gastropods, deep-water fish and lovelorn mermaids.
Seamus Heaney, when he passed in 2013, spoke the word Noli timere (“Do not fear”) to his wife as he breathed his last. Instead of being fearful, we might do well to assert that we understand nothing of the manifold wonders of this world! Let us cultivate the virtue of wonderment, and fear will find no habitation in our house:
And lonely as it is that loneliness Will be more lonely ere it will be less— A blanker whiteness of benighted snow With no expression, nothing to express.
They cannot scare me with their empty spaces Between stars—on stars where no human race is. I have it in me so much nearer home To scare myself with my own desert places.
Website : https://gold.storage/ Whitepaper: https://gold.storage/wp.pdf
Follow us on social media: Twitter: https://twitter.com/gold_erc20 Telegram: https://t.me/digitalgoldcoin Steemit: https://steemit.com/@digitalgoldcoin Reddit: https://www.reddit.com/golderc20/ Bitcointalk: https://bitcointalk.org/index.php?topic=5161544
submitted by digitalgoldcoin to golderc20 [link] [comments]

Just out of curiosity because I'm a noob but when bitcoin was only like $1-$100 where could you buy it in the US?

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What's the fastest way to buy bitcoin with US dollars currently?

I'm looking to buy $300 worth of bitcoins. I have US Dollars. How can I buy fast since mt gox isn't doing US anymore? Campbx requires 30 day period before you can withdraw bitcoin from them, so I'm not interested in them. Also I've already checked the local bitcoin site and nobody is near me.
submitted by fanoftea to Bitcoin [link] [comments]

Don't be afraid to sell/spend your bitcoins! You'll probably end up making more money.

Everyone is excited about the climb from $2 to $32 over the last two or so months. In fact, there is a lot of hysteria and emotions over what bitcoins are doing. People are viewing this as their breakout, which shows the high potential of this budding currency. But an issue here is people aren't treating bitcoins like a currency, they are trying to hoard them due their limited nature.
Do you really think bitcoins are worth $30? No. What's most likely happening here is someone with deep pockets jumped into the market; an admittedly young one that is rife with liquidity issues. It wouldn't take too much to influence this market and I believe a party(ies) with nefarious intentions have jumped into the game. It is most likely these parties cashing out which is causing this. Then after price falls enough, they will probably start round two of the buying frenzy. Markets move up and down and those who are paying attention should understand buying and holding in this environment is not ideal. No, you are most likely not going to pick a top or bottom, but there is nothing wrong with realizing some profit and letting the remainder run.
Don't be afraid to sell, people. MtGox is showing bitcoins at $13(who knows when you read this, crazy volatility) -- if you sold in the 20s and 30s you would've had ample opportunity to gobble up this supply. But don't worry, this puppy can reach the $3-5 mark again easily. There is no precedent in this market, therefore expect a wild ride for the next few months as price is determined. I can assure you it won't be a smooth curve, nor an exponential climb without hiccups along the way. We need the bitconomy to maintain strong growth to allow for bitcoins to reach a stable value and also to create a stable, more predictable rate of deflation.
As long as bitcoins survive, there will be opportunity to make money. Don't be naive and hoard bitcoins because there is a finite supply -- that hasn't stopped gold or even oil from fluctuating in both directions for the last century. Bitcoins are going to depend on how easy they are to exchange for services or products, otherwise everyone here is investing in a mirage.
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Can someone explain bitcoin to me?

So I'm interested in the bitcoin, but don't quite understand how it works. Could someone tell me, in a simple way, how it works, and a good place I can get some, if I understand it?
EDIT: Thanks guys. I actually kinda get it.
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best place to buy bitcoins?

Hey im completely new to all of this and i would just like to hear what more experienced users use? and any advice?
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Effective October 28, Dwolla will be withdrawing its service offerings to virtual currency exchanges and virtual currency related services.

"Dear
As you know, Dwolla does not sell, accept, mine, value, take possession of, or hold Bitcoin or any other virtual currency product, and none of Dwolla’s users transact business with Dwolla using Bitcoin or any other virtual currency product. However, recent interest involving virtual currency and its exchanges has created uncertainty and confusion around virtual currency, and Dwolla's relationship with a small number of its exchanges. This has forced Dwolla to reassign resources, funds, and services.
As Dwolla gears up for a new stage of growth, we recognize that we can no longer sustain this merchant base (.1 percent of Dwolla merchants) and its unique needs, and that attempting to do so jeopardizes both of our communities' starkly different, but similarly ambitious, vision for improving payments.
Effective October 28, 2013 at 4pm CT, Dwolla will be withdrawing its service offerings to virtual currency exchanges and virtual currency related services.
We intend to work with you in meeting your needs and satisfying obligations to your customers. Here is a timeline of events you should anticipate. Today, October 10 (1500h, Eastern Time): Only existing Dwolla users will be able to send funds to your business. October 15 (1700h, Eastern Time): Your account will be limited to sending money only. You will no longer be able to receive funds from customers. You will be able to issue refunds to customers at this time. October 28 (1700h, Eastern Time): Your account will be suspended. No further activity will be provided. October 29 (1500h, Eastern Time): You will receive a copy of your final statements in .CSV format. We will transfer any remaining funds in the Dwolla system to your linked bank account. If you have more than one bank account linked, we will use the bank account with the most recent transaction, unless you notify us otherwise. October 30 (and subsequent dates): If Dwolla receives a reversal or chargeback, we will notify you by email to the address on file. The email will provide the name of the sender and the dollar amount involved. The amount of the reversal will be debited the next business day from your linked bank account. If we fail to recover funds, we may utilize collections procedures. If you wish to receive an affidavit from the financial institution, you may request one by emailing [email protected]. Please let us know what else we can do to assist with the transition.
Sincerely, Dwolla Support "
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After extensive searching and reading, still have a few questions.

Ok so I have successfully downloaded Tor and can access silkroad. I am currently trying to use MtGox in order to get my bitcoins, but do I need to use a method such as Dwolla? I started setting up my Dwolla account but it is asking for my SS# and I am not sure if I am going through too much trouble in order to obtain bitcoins to transfer to my SR account. Obviously this is my first time using such programs so I would rather not get screwed over from the beginning. The beginners guide was a little vague and I just want to be sure I get this right. Basically I am having trouble using MtGox, and the beginner's guide and various searches didn't much help me so I'm just looking for a little advice. I DID use the search option but maybe I didn't search hard enough so sorry if this is asked on a daily basis.
submitted by johnsjohnson to SilkRoad [link] [comments]

I just launched a new exchange for Gox BTC <=> Real BTC!

Heya!
https://www.bitcoinbuilder.com/ has been re-purposed (I made it two years ago originally as a way to buy bitcoins on mtgox with dwolla!) to a full-fledged "Gox" BTC to "Real" BTC exchange!
It works simply enough.. you deposit "Gox" BTC to the "Gox" address on your account (internal transfers of BTC within mtgox still work) and/or regular BTC to your "Real" BTC address. You can then place bids and asks (there's a 2% fee on all trades) and then withdraw your "Real" or "Gox" BTC (only to a mtgox address will work for "Gox" BTC!). Withdrawals are all manually processed once per day by me around 11pm, for SAFETY!
Anyway, it really works.. already today there have been 11 completed trades it looks like, and hopefully you can trust me. I'm Josh Jones, founder of DreamHost.com, the Los Angeles Bitcoin Meetup, ChunkHost, BitMadness.com, and 310-570-COIN (which I just switched off of the mtgox price)!
Please check it out and lemme know what you think!
josh!
EDIT: Just a note that the order book and trade history (as a json feed at https://www.bitcoinbuilder.com/trades.php) are now live and public on the front page!
submitted by zhoujianfu to Bitcoin [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]

[H] PayPal, Google Wallet, Square, Bitcoin [W] Almost All Gift Cards (5% stackable bonus for students/graduates)

UPDATE 5/15/17

Hey!
It's finally mid/late May, which means that it is finally the season for all the students to either move up a grade, or graduate! This year I will actually be graduating myself, so it is quite exciting :).
Through Friday, 5/19/17, I will be offering a 5% bonus on all my rates for all students (requires proof of student ID or .edu email address for the payment email). This 5% bonus can be stacked with additional bonuses.
If you're graduating (or have graduated this year), congratulations! Obviously you can still receive the 5% graduate bonus :).
In order to receive the bonus, just mention it.

Click Here to start a trade with me!

Buying Gift Cards *, **, ***

PayPal Google Wallet Square Bitcoin
Amazon 79% 79% 79% 76%
Best Buy 79% 80% 80% 75%
Target 80% 80% 80% 75%
Gamestop 72% 72% 72% 68%
Starbucks 70% 72% 72% 67%
Fast Food Places ~65% ~66% ~66% ~63%
Food Places ~63% ~64% ~64% ~60%
Other Retail Stores ~75% ~75% ~75% ~70%
Entertainment ~70% ~71% ~71% ~65%

Bonuses

I am now providing up to a 3% bonus on my rates if you qualify. In other words, if you qualify for two of the criteria below, you will qualify for a 2% bonus on my rate for your gift cards, up to a maximum of 3%. If you qualify for any bonuses, please clarify which you qualify for.
1% 2%
Active on GCX Over 75 confirmed trades Over 150 Confirmed Trades
High Value Gift Cards You are selling me a total of $150+ worth of gift cards You are selling me a total of $250+ worth of gift cards
Repeat Seller You have traded with me at least 10 times in the past. (confirmed on my GCX rep) You have traded with me at least 20 times in the past. (confirmed on my GCX rep)
Beermoney GCs The gift card(s) you are selling me have been obtained through beermoney (see /beermoney) 1%
* I am interested in most gift cards, but not all gift cards. Local stores, I will not be interested in (unless I'm local as well). Some gift cards I am not interested in just in general. Many food gift cards I'm also not interested in. US gift cards only, that do not expire.
** Prices are negotiable only if a '~' is present.
*** If you are selling a gift card worth $10 or less, the rates may be reduced. I am generally looking for a total of high value gift cards. I generally don't accept gift cards worth less than $5.

Additional Info

submitted by Fishering to giftcardexchange [link] [comments]

A msg from Mt.Gox

Yes, we're redditors.
We're absolutely inundated with email right now and have been battling to get Dwolla transactions functioning after they changed their API today. I saw some other threads in /bitcoin that I plan to address later on but we're barely sleeping trying to keep up with everything. Please be patient, if we do not answer emails right away it does NOT MEAN WE ARE RUNNING AWAY WITH YOUR MONEY.
Seriously, we're not.
We want to see Bitcoin substantiated as legal tender just as much as all of you and we aren't going to do anything short sighted, illegal or stupid to jeopardize that.
Thanks for all the support, and to the haters we're planning on putting every dime we can into lawyers, lobbying or whatever is necessary to ensure a place for the Bitcoin economy. Through the 0.65% trade fees you are directly supporting the future of Bitcoin.
EDIT Alright, it seems like you guys care a lot about what we're doing. Let's try to make a place to consolidate all of this feedback. I've created a new subreddit /MtGox where you can organize your feedback, suggestions, criticisms etc.
Viva la Bitcoin!
Adam
submitted by MtGox_Adam to Bitcoin [link] [comments]

I just launched a new exchange for "Gox" BTC <=> "Real" BTC!

Heya!
https://www.bitcoinbuilder.com/ has been re-purposed (I made it two years ago originally as a way to buy bitcoins on mtgox with dwolla!) to a full-fledged "Gox" BTC to "Real" BTC exchange!
It works simply enough.. you deposit "Gox" BTC to the "Gox" address on your account (internal transfers of BTC within mtgox still work) and/or regular BTC to your "Real" BTC address. You can then place bids and asks (there's a 2% fee on all trades) and then withdraw your "Real" or "Gox" BTC (only to a mtgox address will work for "Gox" BTC!). Withdrawals are all manually processed once per day by me around 11pm, for SAFETY!
Anyway, it really works.. already today there have been 11 completed trades it looks like, and hopefully you can trust me. I'm Josh Jones, founder of DreamHost.com, the Los Angeles Bitcoin Meetup, ChunkHost, BitMadness.com, and 310-570-COIN (which I just switched off of the mtgox price)!
Please check it out and lemme know what you think!
josh!
submitted by zhoujianfu to BitcoinMarkets [link] [comments]

List of Beermoney Sites and Apps

Hello! I have been lurking here at /beermoney for quite some time, and have posted a few times recently. I have learned so much here, that I have started a blog about it.
So that I can keep track of everything, I have begun trying to compile a list of most of the sites and apps that I am aware of, with short descriptions. I did not include some that I have not heard enough about to be sure they are legitimate or worthwhile. I have an Android phone, so nothing iPhone only. I have left out sites that are only PTC (Paid-To-Click). I have also not included secret shoppemission apps, sites that pay you to write, and "crowdlabor" sites like Mechanical Turk, as I consider all of these a bit more like little jobs than beermoney tools. Nothing against them, they just don't fit with this list. And finally, I am sure I have simply forgotten to list a few.
Anyway, I thought I should share this with everyone here. I only included ref links for the ones that I have really used, because there are some that I know about and wanted to list, but that I have no actual experience with (yet) -- did not think it would be right to ask people to sign up under me for things I do not even do myself.
I plan to add to this list as time goes on, and my next plan is to put together some standard information about each item, like how much you need to earn to get paid out, an estimate of what you can make in a week/month, etc. I would love to hear suggestions for useful statistics and things!
And, of course, I would certainly not mind if people have any suggestions for apps, websites, or whole categories that should be added. Or what else they think should be covered on a blog about this sort of thing.
EDIT 1/25/2015: Added countries and referral bonuses where I could. Still missing some information. EDIT 1/26/2015: Added GrindaBuck and LootPalace, recommended by clke EDIT 1/29/2015: Added Payout information -- I did my best, but not every service is clear on all of their pay options, so please let me know if you see anything wrong.

THE LIST

Get Paid To (GPT) sites

Surveys

Watch Videos / TV

Paid Emails or Texts

Lockscreens (All mobile, obviously)

For more detailed information on these lockscreens check out Garwald's great post.

App Downloads and Videos (Mobile)

I did not yet write individual descriptions for these because they are all pretty much the same -- Watch a video about an app and get points. Download an app, run it for a few seconds, and get more points.

Shopping (Mobile)

Passive / Data Collecting

Search

That is all I've got for now! Feedback is appreciated!
submitted by dzdnw to beermoney [link] [comments]

[H] PayPal, Google Wallet, Square, Bitcoin [W] Almost All Gift Cards (5% stackable bonus for students/graduates)

EDIT: I've gotten close to reaching limits, so depending on what gift cards you have to sell me, I might not be able to buy your gift cards until a later point in time. This delay could be as short as a day, but as long as a week +. It all depends on the brand, and the value of the gift card(s). There's also a chance I won't require you to wait at all.

UPDATE 5/15/17

Hey!
It's finally mid/late May, which means that it is finally the season for all the students to either move up a grade, or graduate! This year I will actually be graduating myself, so it is quite exciting :).
Through Friday, 5/19/17, I will be offering a 5% bonus on all my rates for all students (requires proof of student ID or .edu email address for the payment email). This 5% bonus can be stacked with additional bonuses.
If you're graduating (or have graduated this year), congratulations! Obviously you can still receive the 5% graduate bonus :).
In order to receive the bonus, just mention it.

Click Here to start a trade with me!

Buying Gift Cards *, **, ***

PayPal Google Wallet Square Bitcoin
Amazon 79% 79% 79% 76%
Best Buy 79% 80% 80% 75%
Target 80% 80% 80% 75%
Gamestop 72% 72% 72% 68%
Starbucks 70% 72% 72% 67%
Fast Food Places ~65% ~66% ~66% ~63%
Food Places ~63% ~64% ~64% ~60%
Other Retail Stores ~75% ~75% ~75% ~70%
Entertainment ~70% ~71% ~71% ~65%

Bonuses

I am now providing up to a 3% bonus on my rates if you qualify. In other words, if you qualify for two of the criteria below, you will qualify for a 2% bonus on my rate for your gift cards, up to a maximum of 3%. If you qualify for any bonuses, please clarify which you qualify for.
1% 2%
Active on GCX Over 75 confirmed trades Over 150 Confirmed Trades
High Value Gift Cards You are selling me a total of $150+ worth of gift cards You are selling me a total of $250+ worth of gift cards
Repeat Seller You have traded with me at least 10 times in the past. (confirmed on my GCX rep) You have traded with me at least 20 times in the past. (confirmed on my GCX rep)
Beermoney GCs The gift card(s) you are selling me have been obtained through beermoney (see /beermoney) 1%
* I am interested in most gift cards, but not all gift cards. Local stores, I will not be interested in (unless I'm local as well). Some gift cards I am not interested in just in general. Many food gift cards I'm also not interested in. US gift cards only, that do not expire.
** Prices are negotiable only if a '~' is present.
*** If you are selling a gift card worth $10 or less, the rates may be reduced. I am generally looking for a total of high value gift cards. I generally don't accept gift cards worth less than $5.

Additional Info

submitted by Fishering to giftcardexchange [link] [comments]

Announcing CoinFueled - The Easiest Way to Buy Gas with Bitcoin

CoinFueled is a new service to make the purchase of gas station cards with Bitcoin effortless. Based in Seattle, WA our mission is to bring life on Bitcoin one step closer for everyone. Now your daily commute can be fueled by Bitcoin.
Why Buy From CoinFueled? We are the easiest way to buy gas with Bitcoin! Selection includes the major gas station brands in the US The exchange rate we use is regularly updated and consistently better than what is available on exchanges Purchase and delivery is simple and professional
How it works 1. Visit our site at http://www.CoinFueled.com 2. Select the gift card that's right for you 3. Pay with Bitcoin and provide shipping information 4. Your gas card will arrive in 3-5 business days
We regret that we are not able to ship cards internationally, to APO/FPO addresses, or to Puerto Rico.
Q & A
Q: Why not use Gyft? A: Gyft does not sell gas cards, presumably because wholesale discounts are less than 1%
Q: Why wouldn’t I use BitSumo?
A: CoinFueled is more convenient. BitSumo can be great for one off purchases that can’t otherwise be bought with Bitcoin but for purchases with a BItcoin option the savings and hassle don’t add up. With BitSumo it looks like they have a flat $3 fee plus a 2.5% service charge. So on a $100 purchase that would be $105.50 plus shipping. Anyone going this route still needs to find a gas card for sale online at face value and then needs to submit the link for it to BitSumo. Shipping also would still need to be added. They then quote you the amount in BTC. Assuming the exchange rate is good you then pay with Bitcoin. They then turn around and place the order on your behalf... alternatively just make it a turnkey Bitcoin purchase on CoinFueled.
Q: Why would I pay face value? / Why would I pay the Shipping and handling fee?
A: Because gas cards are hard to find below face value. There is no discount for resellers that do under $100K buys and finding gas cards at face value are rare and even more so if you want to pay in BItcoin.
Q: Lyoness offers a better price, why shouldn’t I just do that?
A: Lyoness is a multi-level marketing (MLM) business that is a loyalty program shopping network. You need to be invited into the program by a sponsor who is already in. To make a purchase once you are in you then need to cash out Bitcoin at an exchange (variable fee), transfer the coins to Dwolla, then transfer from Dwolla ($0.25) to Lyoness and use those funds to buy a gift card. All this for a 1% discount and you pay still pay $5 shipping unless you spend more than $300... Or keep it easy and buy from CoinFueled.
Q: Wasn’t CoinFueled previously known as Coinoline?
A: Yes but we decided CoinFueled was a better name. We also improved our pricing.
More Questions? More info is also available on our FAQ page at http://www.CoinFueled.com/#!faq/cqh1 or you can reply to this post.
submitted by CoinFueled to Bitcoin [link] [comments]

[H] PayPal, Google Wallet, Square, Bitcoin [W] Almost All Gift Cards (5% stackable bonus for students/graduates)

EDIT: I've gotten close to reaching limits, so depending on what gift cards you have to sell me, I might not be able to buy your gift cards until a later point in time. This delay could be as short as a day, but as long as a week +. It all depends on the brand, and the value of the gift card(s). There's also a chance I won't require you to wait at all.

UPDATE 5/15/17

Hey!
It's finally mid/late May, which means that it is finally the season for all the students to either move up a grade, or graduate! This year I will actually be graduating myself, so it is quite exciting :).
Through Friday, 5/19/17, I will be offering a 5% bonus on all my rates for all students (requires proof of student ID or .edu email address for the payment email). This 5% bonus can be stacked with additional bonuses.
If you're graduating (or have graduated this year), congratulations! Obviously you can still receive the 5% graduate bonus :).
In order to receive the bonus, just mention it.

Click Here to start a trade with me!

Buying Gift Cards *, **, ***

PayPal Google Wallet Square Bitcoin
Amazon 79% 79% 79% 76%
Best Buy 79% 80% 80% 75%
Target 80% 80% 80% 75%
Gamestop 72% 72% 72% 68%
Starbucks 70% 72% 72% 67%
Fast Food Places ~65% ~66% ~66% ~63%
Food Places ~63% ~64% ~64% ~60%
Other Retail Stores ~75% ~75% ~75% ~70%
Entertainment ~70% ~71% ~71% ~65%

Bonuses

I am now providing up to a 3% bonus on my rates if you qualify. In other words, if you qualify for two of the criteria below, you will qualify for a 2% bonus on my rate for your gift cards, up to a maximum of 3%. If you qualify for any bonuses, please clarify which you qualify for.
1% 2%
Active on GCX Over 75 confirmed trades Over 150 Confirmed Trades
High Value Gift Cards You are selling me a total of $150+ worth of gift cards You are selling me a total of $250+ worth of gift cards
Repeat Seller You have traded with me at least 10 times in the past. (confirmed on my GCX rep) You have traded with me at least 20 times in the past. (confirmed on my GCX rep)
Beermoney GCs The gift card(s) you are selling me have been obtained through beermoney (see /beermoney) 1%
* I am interested in most gift cards, but not all gift cards. Local stores, I will not be interested in (unless I'm local as well). Some gift cards I am not interested in just in general. Many food gift cards I'm also not interested in. US gift cards only, that do not expire.
** Prices are negotiable only if a '~' is present.
*** If you are selling a gift card worth $10 or less, the rates may be reduced. I am generally looking for a total of high value gift cards. I generally don't accept gift cards worth less than $5.

Additional Info

submitted by Fishering to giftcardexchange [link] [comments]

How the hell do you buy bitcoins? It's been a fail for me and i've been trying for weeks..

Okay, so I've tried Dwolla to MtGox and I put my money on dwolla to make a purchase through Mtgox and it said I had to be a member for 30 days or I had to have previous transactions. can't really wait that long...
so I tried Bitinstant... giving cash to someone at cvs and after I had a 10 minute long phone call with the machine+operator I went to the cashier and they said they never saw my purchase so I can't pay for it...
I just started looking into bitfloor and I have no idea how to properly send my bitcoins to a certain address..
Should I try a different location for the moneygram (bitinstant)?
or should I use bitfloor? I really need help! Thanks!
submitted by FelineRabies to Bitcoin [link] [comments]

[Discuss] available and useful payment methods / alternatives to Paypal

Hello! Most of you guys seem to use Paypal. Of course, it is the best known company for money transfers worldwide. But there are alternatives. Maybe you're interested, because I can't imagine that everyone wants to pay a lot of fees just for sending money to another person.
Some of you already use bitcoins, litecoins, dogecoins etc.. There you seem to be flexible. But what about competitives to Paypal?
I already wrote it in my one offer - there are alternatives available for everyone. Sure, there are always some pros and cons, but just using the biggest company is not always the best way. Therefore I want to start a discussion/information thread here, where you can post alternatives. Sure, it is some kind of advertisement, but I think everyone should be interested in, because I don't think you like to lose 10+% of your money just because of sending money to other persons immediately (the use of a middleman included). I also think thats why the prices got so high (besides availability and demand of ships). I'd be happy to use a middleman, for sure, and I'm willing to pay some fees for their services. Thats ok! But I'm not willing to lose a lot of money to a credit institute. And 5-10% is a lot of money (maybe just for me?!). Think about it.
Maybe we can make a short list with pros and cons for mentioned alternatives here.
EXAMPLES/ALTERNATIVES:

1. Yapital

A credit institute based in Luxembourg and Germany/EU. It is called Yapital. Some of the Germans might know it already, because Yapital started a big collaboration with the REWE group (and some others) for paying via smartphone at the checkstand (using the Yapital App). The whole progress is still in alpha stage, but the companies force to expand their influence fast.
pros: * much cheaper than Paypal (no costs for money transfer from Yapital -> Yapital); overview see link in text above * easy to use (Paypal clone) * just a single 0.25 Euro fee, if you want to transfer money back to your bank account * somehow the reliability, because it belongs to the Otto Group (big company in Germany) * you're able to classify your account as level 4 account by just writing the support (see disadvantages/cons)
cons: * big disadvantage: not useful for hardcore users, as there's a classification into 4 account levels: level 1: 300 Euro transfer limit per month and year level 2: 450 Euro transfer limit per month and year level 3: 1000 Euro transfer limit per month and year level 4 (maximum level!): 2500 Euro transfer limit per month, max 10,000 Euro yearly transfer limit, 2500 Euro yearly transfer limit from Yapital back to your bank account * available only for EU citizens * as always, most people don't know it * based in Luxembourg and Germany/EU (not physically present in America, Asia or Australia)
additional information: * For registration, you need a valid E-Mail address, a service password (you will be asked for it, when you're calling the service and you have some questions about your account later), a mobile phone number and a bank account.

2. direct bank transfer

pros: * Safest, no third parties implied, can be done from home on your computer depending on your bank/services provided
cons: * Fees, usually higher than paypal, tracability * money transfer is slow; usually takes a couple of days

3. Skrill

Paypal clone (?)
pros: * physically present US, UK, Sweden and Austria. Therefore at least an alternative for UK and US citizens * seems to be a well known and accepted alternative to Paypal (--be aware: the reference for that are Skrill itsself: 40 supported currencies in >200 countries; 36 Mill. customers; >156k traders) * costs/fees: Sending money costs 1% of the amount sent but is capped at a maximum of 10 Euro Receiving money is always free of charge Withdraw funds: approx 3 Euro fee For transactions involving currency conversion Skrill adds a fee of between 2.99% and 4.99% (can putatively avoided by having multiple accounts with multiple currencies (Ivan_SC) more information: https://www.skrill.com/de/privat/fees/ * seems to have high security standards (BUT: reference is just https://www.skrill.com/en/personal/security/)
cons: * no "fee-free" transfer of money (e.g. if you're in the same country)
MORE REPORTS ARE WELCOME!!

4. Google Wallet

no experiences yet - PLEASE REPORT

5. Dwolla

pro: * money transfer very cheap: $0.25 / transfer; below $10 no costs
cons: * only available for US citizens
no experiences yet PLEASE REPORT YOUR EXPERIENCES!

6. Bitcoin

I don't have any experiences yet. But a lot of people seem to use it quiet often here. Therefore, and as there were no complaints till now, it can be seen as an alternative to Paypal. No fees. But be aware - if you want "real" money, you have to change Bitcoins back to your currency. However, PLEASE REPORT YOUR EXPERIENCES! Maybe a short introduction how to transfer money (and change it back to "real" money) and security would be helpful for most people here. And no, "LMGTFY" is no help. (thanks to Loneshade for pros and cons)
pros: * good for the seller, since money is not traceable * no fees (since its comparable to known currencies)
cons: * hard for the buyer to claim a refund if the seller is not cooperative, since he cannot prove a payment was done correctly When using bitcoin, please ensure to have a good virus a anti-malware protection. Since the money is untraceable, its easy to steal off your pc. If you need help with bitcoin, be careful whom you ask.

7. Escrow

escrow.com No experiences yet. PLEASE REPORT YOUR EXPERIENCES! scsecret83 reports: "I've heard a lot of sellers are concerned over chargebacks, especially on larger transactions. If you're ok with paying a slightly higher fee than paypal (or buyer covers fees), you can use escrow.com."
At the end, I want to apologize for my English. I'm not a native speaker. But hopefully you all understand anything which I wanted to say.
(I'll edit this post every time a person shows an alternative to Paypal here. BUT the person has to mention pros and cons of the company, too, so that we're able to discuss about it)
submitted by kellerdrone to Starcitizen_trades [link] [comments]

A simple, comprehensive guide for those interested in quickly acquiring bitcoins

I've been following bitcoin for a few years. Investing in BTC has a learning curve, but hopefully this guide will help you. I'll try to keep it as simple as possible. And please, if you have any questions post them, the bitcoin community is very helpful and I'm sure someone will be able to help. One more thing before I get started, I'd like to remind everyone that bitcoin isn't a get rich quick scheme. Think of it as a way to eliminate the middle men of money, the people that get rich off of manipulating fiat currencies at the cost of the societies and the world. Believe in bitcoin, not just for personal gain, but for positive effect it could have on the world. Check out this guy's great post: http://www.reddit.com/Bitcoin/comments/1bhhjg/any_bitcoin_millionaires_here_on_reddit_if_so/c96rn3p
This method uses 'Mt. Gox' in conjunction with 'Bitinstant' which are both trusted sites. Double check that the Mt. Gox site you use has the https:// in the address bar.
Quickest method, using cash (you will own BTC in a few hours):
  1. Go to https://www.mtgox.com and make a new account. (you don't need to verify)
  2. Go to 'Funding Options' on the left and choose 'Bitinstant'.
  3. Copy the 'Exchange Account' number.
  4. Click on the 'Bitinstant' link on the bottom of the page.
  5. On the 'Bitinstant' page, there will be a drop down box where you can choose a location to make a cash deposit that will go into your Mt. Gox account. There are numerous places you can make cash deposits including: Walmart, CVS, Jewel/Osco, and Albertsons.
  6. After choosing the location to make a cash deposit, fill out the rest of the Bitinstant page, including a test or two to prove you are a human.
  7. Click next and after accepting the terms and conditions on the next page there will be a receipt that you need to print out and take to the store where you're making the cash deposit.
  8. Go to store, deposit, funds will pop up in your Mt. Gox account and you are free to trade! Yay!!
Slower method, setting up Dwolla for use with Mt. Gox (takes about 7 days to buy BTC):
  1. Sign up for dwolla at https://www.dwolla.com. Add you bank account information so that you can add funds to your account.
  2. It will take 2-4 business days to verify your bank account (Dwolla will deposit small transactions into your bank account and you will need to show how much they were), in the meantime sign up for a Mt. Gox account at https://www.mtgox.com
  3. Once your bank account is verified, you should fund your dwolla account, which will take about 3-4 business days for the funds to clear.
  4. Once they're cleared, go to Mt. Gox and click 'fund your account'.
  5. Follow steps '3' and '4' above.
  6. On the 'Bitinstant' site, choose 'dwolla' as the funding source.
  7. Follow the instructions on 'Bitinstant' and you will have money in your Mt. Gox account within minutes and are free to trade. Yay!!
Hopefully this guide has helped guide you through the process of buying bitcoin. It definitely has a bit of a learning curve, but I hope I could help. Now, for the long term, you'd want to verify your information on Mt. Gox so that you can make bank account deposits and without the percentage fee that Bitinstant charges, but that process can take a while, especially now that Bitcoin has increased in popularity. Also, once you have bitcoin, it is important to find a safe 'wallet' that you can keep your bitcoins in. There isn't a bank to protect your money for you, you have to be smart and responsible. There are always a lot of posts about good wallet services in /Bitcoin, make sure to choose one that is trusted.
submitted by andrewforlife to Bitcoin [link] [comments]

Bitcoin noob: How do you purchase anonymously when your address can be traced back to you?

Hello all, I've read the FAQ but I'm trying to work this out: I deposited $ into my Dwolla account, so my name/bank/details are known there, from my Dwolla account I purchased bitcoins on Mt. Gox, so those two can be connected. From here I send the bitcoins to an address, either to the app on my computer Bitcoin-Qt, or to an online wallet like instawallet or blockchain wallet, then I tumble them (?) and then purchase what I want.
So, the address that I send the bitcoins to from Mt. Gox can be traced back to me essentially by following the address(es) back to the source - I'm wondering how the rest of you get around this?
submitted by chaulkywhite to Bitcoin [link] [comments]

Verify on Mt. Gox? Very upsetting.

I have been a member of Gox for almost 2 years, and have used them for all my trades. I have always used Dwolla to get my money in, and when I put $150 in to Dwolla 3 weeks ago, I found out I can't get that money to Gox anmore unless I basically give them everything needed for identity fraud, which completely removes the aspect of Bitcoins..
Not that I care at all, in fact I sent them a picture of my fucking drivers license (with a thumb over my picture) along with a bill to my home address.
They won't verify me because I had a thumb over my picture.
Does that seem a little excessive that I need a picture ID and a home bill in order to put $150 fucking dollars in to their company?
I initiated my verification process the 22 of Dec, and just got a notice yesterday saying it was not approved.
Wow, I am so frustrated because this site has been KNOWN TO BE HACKED multiple times, yet they want to hold a picture ID with all my information, and a copy of a bill to my home address.
Does this seem a little bit over the top and amount to total bullshit?
TLDR -> How do I get money from Dwolla to bitcoins without using Gox since they don't want my business anymore?
Thank you,
submitted by workahaulic to Bitcoin [link] [comments]

How to find wallet bitcoin address with balance 2018 Real 100% working What is a Bitcoin Address? BitCoin: Using Dwolla to get Bitcoins New Bitcoin Transaction Limit What is Namecoin?

Dwolla is an e-commerce business allowing payments and money transfers to be made through the Internet.. A Dwolla account can be funded with electronic debits from a bank account or by receiving a money transfer from another Dwolla member. Funds in a Dwolla account can be withdrawn to a bank account or by sending a money transfer to another Dwolla member. “Dwolla has a very interesting asset in [its] alternative payment network which they’ve had before bitcoin and Ripple,” says Gil Luria, an analyst focusing on bitcoin at Wedbush Securities. Dwolla launched in 2010 and from its meager start in Des Moines, Iowa, with just a few small bank and retailer clients and two employees, it has grown Dwolla has sent over a statement responding to the $2 million lawsuit filed yesterday by the Bitcoin exchange TradeHill. Dwolla says it has not been formally served notice of the lawsuit yet. As of May 2015, Dwolla currently has over 650,000 registered customer accounts and has transferred as much as $5 million a day over its network. A highly networked payment system like the one Dwolla is currently building requires the rallying of millions of merchants to use their system for payments processing and their offerings are making it highly desirable to merchants and customers alike. The platform Dwolla is shutting its doors to virtual currency exchanges and other Bitcoin-related services.. The online payment system warned its customers who operate cryptocurrency-related businesses via email, letting them know that the company is withdrawing its services as of 28th October (at 16:00 CT).

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How to find wallet bitcoin address with balance 2018 Real 100% working

In this video I will show you how to use Dwolla.com to trade money for bitcoins. BitCoin software: BitCoin.org Dwolla: Dwolla.com BitCoinPlus: BitCoinPlus.com Twitter: "TeensTechTalk" E-Mail ... Obviously to have a Bitcoin address you first need a Bitcoin wallet, and if you check my videos here you will see that I have put up one on the subject of choosing such a wallet. https://www ... In this video Jason talks about how to get money into Dwolla. This is the first step in buying bitcoins. What is BitCoin: http://youtu.be/Um63OQz3bjo Dwolla:... In this video Jason shows you how to get a bitcoin wallet. Great for beginners to bitcoin! What is BitCoin: http://youtu.be/Um63OQz3bjo Dwolla: https://www.d... A NEW OPPORTUNITY IN THE WORLD OF BITCOIN Many those who are looking for years of software, blasting, or to generate bitcoins, but without success. In this video I show you a script that allows ...

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