Bitcoins

How do you define "how much actual $$$ is there in the bitcoin ecosystem"?

"Meanwhile, bitcoin has lost just 3% in the last 24 hours, according to data from CoinMarketCap, down to $649 per coin and with a market cap of just under $8.1bn."

i didnt think that question through

what i meant was, if everyone were to 'cash out', how much money would there be that was pumped into BTC for them to get back. of course so much of the same money has gone back and forth and if everyone wanted out the value would obviously be $0 so it's a dumb question

How do you define "how much actual $$$ is there in the bitcoin ecosystem"?

― james franco tur(oll)ing test (Hurting 2), Thursday, March 6, 2014 8:07 PM (49 minutes ago) Bookmark Flag Post Permalink

thought this said 'egosystem,' didn't blink

I wish you could sell chickens and get bitcoins

I have 0.04 BTC, please send chickens

http://www.latimes.com/business/technology/la-fi-tn-bitcoin-founder-la-chased-20140306,0,3692933.story#axzz2vDojDoCt

well he also implicitly claims to be the guy by saying he's "no longer" involved with it or whatever, but it's definitely possible that he's pulling their legs

― james franco tur(oll)ing test (Hurting 2), Thursday, 6 March 2014 19:11 (2 hours ago)

the micha quotes do suggest a crypto background is fairly likely

who knows

hopefully a tv news crew vigil will ensure his security anyway

lol can't believe newsweek doxed a guy who went under his OWN NAME

― socki (s1ocki), Thursday, March 6, 2014 11:00 PM (Yesterday) Bookmark

Listen... when an artist on the magnitude of Satoshi Nakamoto has requested to live a private life, people should respect that. I feel the same way about the greats of the world who have secluded themselves from the turmoil of the modern world.... Salinger, Jandek, and what. Just because you want to laugh at a bunch of fedora wearing cryptogeeks doesn't give you the right to trample all over this man's privacy.

woah...nakamoto is the jandek of pretend money

New interview with Dorian S. Nakamoto in which he claims he had never even heard of bitcoin until three weeks ago when his son mentioned it to him, after the journalist interviewed him, and that he was misunderstood when he said he was "no longer involved in that". He thought the question was about his former classified defense work:

http://www.sfgate.com/business/technology/article/AP-Exclusive-Man-denies-he-s-Bitcoin-founder-5295378.php

could they have really just gotten it so dreadfully wrong? looking back at the newsweek story there's not exactly a smoking gun. Also there's stuff like this: "The punctuation in the proposal is also consistent with how Dorian S. Nakamoto writes, with double spaces after periods and other format quirks."

"double spaces after periods" is one of the signature identifying quirks worth emphasizing?

as someone who has read a lot of Satoshi Nakamoto's writing when i fell down a deep rabbit hole six months ago, i am extreeeemely doubtful that Dorian is the guy.

Man selling home for $135,000 in Dogecoins
http://edition.cnn.com/2014/02/26/tech/innovation/dogecoin-cryptocurrency-tech-irpt/index.html

Dogecoin (pronounced DOHJ-coin)
i thought it was DOHG-AY!

lol dogecoins - anythign can be a coin now

Thomas Jefferson's anuscoins

so the real Satoshi (whose account dates back to 2010) just came out of hiding to say he's not Dorian (which of course proves nothing), but reading about this guy it seems very unlikely that he's the real dude, in which case LOL @ Newsweek for blowing your big comeback cover story, this is such an amazing thing

yeah the more I read the less likely it seems that this guy is satoshi and the more lulzy the whole thing seems

idk getting a ton of attention for a splashy and bad story sounds like they finally did learn how to succeed in 2014

relevant PBF:

http://i.imgur.com/HRJNgLN.jpg

wow prescient

'apologies to pbfcomics.com'

Here's the real one: http://pbfcomics.com/45/

hah didnt even notice it was different

it doesnt matter who invented it - its a dream now we all sahre as one - thats all that mattre

“I’m not involved in bitcoin. Wait a minute, I want my free lunch first. I’m going with this guy,” Nakamoto said, pointing at an AP reporter. “I’m not in bitcoin, I don’t know anything about it.”

i instinctively like this chap, assuming he is just an unfortunate victim of journalistic credulousness and editorial desperation, he plays them much better than an elderly media novice should be able to

"I'm not in bitcoin" is the catchphrase that's sweeping the nation's freshest generation

Salinger, Jandek, and what

too much time on ilx

so the real Satoshi (whose account dates back to 2010) just came out of hiding to say he's not Dorian (which of course proves nothing), but reading about this guy it seems very unlikely that he's the real dude, in which case LOL @ Newsweek for blowing your big comeback cover story, this is such an amazing thing

― frogbs, Friday, 7 March 2014 15:05 (3 days ago) Permalink

Not surprising. Anyone remember this infamous Newsweek cover from 1986?

http://cdn.thedailybeast.com/content/dailybeast/galleries/2011/01/22/women-in-the-world-newsweek-covers/jcr:content/gallery/slide12/image.img.410.273.jpg/1337256000000.cached.jpg

It infamously warned women they better get married young, because a 40-year-old woman had a better chance of being killed by a terrorist than ever getting married (serious - these sorts of stories proclaiming dire conseqences for women who stayed single, weren't stay-at-home moms, etc. were everywhere during the Reagan era when the right wing was powerful). 20 years later, they had to run this apology cover story about how fucked up their statistics and attitudes were in the '80s, after real life proved lots of women who were 40-year-old singles in 1986 did somehow find a man.

http://www.anunews.net/blog/wp-content/uploads/2010/08/aa-Newsweek-cover-on-marriage.jpg

Oh, and let's not forget this one:

http://watchdogwire.com/florida/files/2013/08/hitler.jpg

a few weeks later after this was published, they were proved a forgery

Hitler and the Jews

Hitler and the Jews: Calling it Quits for Good?

Nakamoto and the Jews

Hitler and the Jews: What Was That Relationship Like?

The Jews: What Did Hitler Really Think About Them?

Rethinking Hitler and the Jews

https://pbs.twimg.com/media/BiZbwc2CUAAwAws.png:large

lol

SATOSHI NAKAMOTO'S SECRET DIARIES

https://fbcdn-sphotos-g-a.akamaihd.net/hphotos-ak-frc1/t1/1920451_10151954651046596_124643034_n.jpg

wait ponzicoin is a real thing no wai

https://www.youtube.com/watch?v=fWTICRcmRSQ

A brief history of Bitcoin heists:

http://www.theguardian.com/technology/2014/mar/18/history-of-bitcoin-hacks-alternative-currency?utm_content=buffere1467&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

IRS says Bitcoin is taxable property, not a currency

lol

realistically I can't see the IRS going after yer average bitcoiner (everyone in the online poker community was terrified of this but I don't think they went after a single person that didn't make over say $20k a year on it), but if anything this will make it way harder for any business to ever accept bitcoin (not that anyone was seriously considering this, but holy cow is this a trainwreck)

Why does that make it harder for businesses to accept bitcoin?

I guess it depends to what extent they want to "accept" them. Currently no businesses (that I know of) actually keep any coins - they just use a service like Bitpay to convert them to $$$ immediately. If they actually do for whatever reason decide to keep Bitcoins they're now looking at reporting taxes on all that and they could get massively boned from year to year should the price ever take a sharp dive (as it's been known to do)

j0n posted mt gox source code on twitter

I guess it depends to what extent they want to "accept" them. Currently no businesses (that I know of) actually keep any coins - they just use a service like Bitpay to convert them to $$$ immediately. If they actually do for whatever reason decide to keep Bitcoins they're now looking at reporting taxes on all that and they could get massively boned from year to year should the price ever take a sharp dive (as it's been known to do)

― frogbs, Tuesday, March 25, 2014 4:36 PM Bookmark Flag Post Permalink

I don't think this is correct. They would have to pay taxes (to the extent there is profit in the business) on the value regardless of whether it was treated as "property" or "currency." There are already complex tax rules for treatment of paper gains/losses in the value of an asset, so again I don't know why this would be any different.

There's a good Q&A here that gives better answers than I can obv:
http://dealbook.nytimes.com/2014/03/25/i-r-s-says-bitcoin-should-be-considered-property-not-currency/?_php=true&_type=blogs&_r=0