Ben Lawsky Live Bitcoin News

With Sheila Bair on the board and a license from Ben Lawsky, itBit opens the first charted US Bitcoin exchange

With Sheila Bair on the board and a license from Ben Lawsky, itBit opens the first charted US Bitcoin exchange submitted by nathanielpopper to Bitcoin [link] [comments]

who else feels that the Rocket count down just started ?

i have a good felling from my reading to the charts and news and discussions that we just starting from getting out this deep beer market very soon maybe few days and the rocket engine is switched on and the takeoff count down is just started and remember what you afraid to happen on 2013 and earlier years is already happens in 2014 it can't never be worth than - mtgox Bankruptcy - china ban(s) and this bitcoin monster still alive with more users / companies / innovation flooding to the system it do not collapse but just getting bigger and bigger and stronger than ever .
now the smart money " big investors / banks / market makers" is just waiting on the doors for BitLicense to open its doors which will happen in few days and i am sure that it will be positive according to the last speech of Lawsky about BitLicense in DC .
also the weak hands is just gone from bitcoin market after they just report their loss on their TAX papers for year 2014 and now only the stronger hands holds .
so please lock your seat pearl and enjoy your trip to Mars, 2015 will never be like any other previous year and try not to get hart attack when you see the bitcoin price much over 100,000 USD on 2015 .
call me mad , call me a dreamer , but only time will tell and i am sure i am not alone .
submitted by inbtcwetrust to Bitcoin [link] [comments]

Bitcoin 2017 a Comprehensive Timeline

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submitted by BitcoinChronicler to btc [link] [comments]

A few thoughts - Monday, August 4, 2014

Good afternoon! A few thoughts for lunch today:

Regulations will have another effect

Suppose that you agree with all the New York regulations and don't think that they will hurt small businesses. Or, you think that the bitcoin industry would be better served by large corporations that have compliance programs and insurance and all the other things that big banks do. However, if the New York regulations pass, bitcoins will actually become more expensive to use than dollars will, because the number of regulations proposed for bitcoins is higher than the number of regulations currently required for many types of banking activities.
Bitcoins are useful largely because they can allow anyone to transact with very low fees. Even if the 1MB transaction limit is resolved, it will be expensive for payment processors to accept bitcoins when they have to comply with hundreds of pages of regulations. It seems difficult to imagine that Bitpay could continue to operate with their current fee structure if they have to hire people to push the massive amount of paperwork demanded by Lawsky.

Hardware wallet launched

The greatest positive news this week was the launch of the TREZOR hardware wallet. The launch is significant because the wallet is the first device which is immune to the standard viruses that spread on cell phones and computers. Since the code on the TREZOR is far simpler than the code of an operating system like Linux, the wallet is far more secure. Linux has thousands of packages, and any one of them could contain a security vulnerability which allows access to a hacker. Nobody understands all the Linux packages, but it is possible for one person to understand the firmware in the TREZOR. The ability for one person to understand the entirety of the code for a hardware wallet makes it less likely that there was an oversight allowing remote code to execute on the wallet.
These are the devices that will expand bitcoin usage to people who don't know how to secure their money properly. Being able to plug one of these into a terminal at a grocery store is the end goal. They are more secure than cash, because they are useless to a hacker who steals them. Once the device is stolen, the person simply transfers the funds out of it before the hacker figures out how to break the password on the device.
Unfortunately, the TREZOR will not result in any immediate bitcoin uptake and will remain a curiosity because of its high price. They are charging $119, which is unattractive to most people. Knowledgable people are not going to spend so much on something they can do themselves, and lazy people are not going to spend so much to start using bitcoins because they don't have to pay anything to open a credit card. The TREZOR is only important as a proof of concept that will hopefully be supplanted by a company who manufactures these at a lower price.

Russia banned bitcoins again

While everyone was wondering why the price of bitcoins dropped so much last week, it turns out that Russia banned bitcoins again. I guess that these bans still have some impact on the price.
What's interesting about this is that the news was not reported anywhere - not in the press, not in /bitcoin, not on bitcointalk.org, but yet the price still went down a lot. That shows a few things: first, it's confirmation that people who hang around /bitcoinmarkets are not moving the market, and second, it means that the things that people around here pay attention to are not relevant to price.
I read a lot of posts discussing theories of price rises and falls. Some reasons given are that people get paychecks on certain days, they are saving for Christmas, it's August, which means it's the vacation month in Europe, and so on. These reasons are off the mark. Bitcoin is big enough that people who put in a few dollars from each paycheck are not going to be the cause of $50 rises and falls.

VC bubble is accelerating

While most people are paying attention to bitcoin prices, the venture capital bubble surrounding bitcoins is accelerating. The amount of investment in bitcoin companies last quarter was more than all of last year combined. This rate of investment is clearly unsustainable and most of the VCs are going to be burned.
It seems like there is a classic supply and demand problem here. There is a huge supply of money, with people wanting to throw millions into in anything that comes their way. On the other hand, there aren't that many products available for investment that require money. Most of the VC money has gone to mining hardware and exchanges, two types of companies that need money to get started. The cost of manufacturing ASICs is enormous, and complying with regulations is expensive. But there are only so many exchanges that the market can support. Eventually, the VCs will need to look for other companies to buy in to, like colored coin implementations and legal contracts and altcoin development.
The problem, however, is that software development is not expensive. You don't need huge fabrication plants to start programming a new application of bitcoin technology. And software is what is most needed, as the great challenge now is providing killer applications for users to adopt bitcoins. Innovative software applications don't need millions of dollars in VC money to get started, so software companies don't accept the money because they have no reason to give away 90% of their companies.
That creates the bubble. The VCs are squaring off against each other in fields which are saturated with competitors. Not only that, but the money going into those fields will push those businesses ahead of the curve. The VC-backed exchanges and payment processors will open, but the software that makes bitcoins useful to people won't be there yet. Most of those companies, which (like Circle) are burning cash at unsustainable rates, will collapse until the software applications catch up to them, and the VCs will lose a lot of money.
moral_agent should create a "VC bubble" chart. I wonder if it is inversely correlated to the usual bubble chart.

An unbelievable waste of money

As another example of this bubble, the domain BTC.com was sold for $1.1m last night. If anyone reading this note can justify such spending, please let me know.
Domain names are important, of course, but there is no possible way that a company can make $2m more by having BTC.com than a more branded domain name. Note that I say that the opportunity cost of purchasing the domain is at least $2m, because the $1.1m could have been invested in some other aspect of the buyer's business. Of course, the company can make more than $2m total, but to justify this purchase it would have to make $2m more than if it had an alternate domain name.
On the other hand, like all bubbles, the buyer might be talking up his plans for the site just to hold on to the name for a while longer, so that he can sell it right before the VC bubble pops, so that the next sucker can lose all his money.

Other

submitted by quintin3265 to BitcoinThoughts [link] [comments]

A few thoughts - Monday, August 18, 2014

Good afternoon! A few thoughts for lunch today:

bit_by_bit's thoughts on "social capital"

bit_by_bit made an interesting post on the idea of "social capital," which I thought was worth mentioning here. At http://www.reddit.com/Bitcoin/comments/2ds548/what_is_going_on_with_the_rise_and_rise_of/cjsmm5q, he talks about the death of his grandfather, for which I offer my sincerest condolences. Having attended the funeral, he mentions how friends and family have caused him grief about his support of bitcoins. bit_by_bit is incorrect in his posts where he writes bitcoins off as "dying." At the same time, if bitcoins were "dying" right now, then my least concern would be about what my friends think of me.
What bit_by_bit says about "social capital" is completely true. If your goal is to make lots of friends, then you can approach the problem scientifically by following rules. For example, a good way to make friends is to talk to lots of people and to never share controversial opinions. Toastmasters has a good template for this in one of their advanced communications manuals; there is a four-step process they suggest on how to introduce yourself to someone you've never met before. Following the process, you can move from talking about the weather to politics to discussing your divorce in ten minutes. I imagine it would be possible to attend lots of parties and use this technique on many people, making lots of people one might misinterpret as friends.
Once you have those friends, then the best way to keep them is to agree with them as much as possible. Some people are shallow creatures and turn against their friends easily. I mentioned the situation with the family member and the damaged property in a previous post, and the core issue in that situation preventing action was the family member's worry of what friends of friends would think should a stand be taken on repayment.
For good or bad, unlike bit_by_bit, I don't worry about "social capital." I worry about whether I treat people fairly and about what is right and wrong, not about how many friends I will lose or gain by taking actions. People who live their lives worrying about what other people think end up with legions of shallow acquaintences, like the people I know who do little with each other except go out on Fridays and get drunk. Even if bitcoins were dead, friends and family members who would make rude jokes at someone's expense are lesser people who aren't worth associating with. Why should bit_by_bit (or you or I) place the same level of credence in what they think as in someone who is caring and treats others with respect? Rather than losing respect, bit_by_bit has actually gained valuable information, because the respect of such people doesn't matter, and because he now has a smaller number of friends who he deserve more of his time and attention.
If bitcoins were to die, I would not be concerned whatsoever about what colleagues or friends thought of my discussions about them. I would be profoundly disappointed that I live in a world where people are so stupid and closed-minded that they were not able to recognize how bitcoins could have improved the lives of everyone so dramatically.

Some comments on the recent decline

sqrt7744 has an interesting comment about the ongoing decline at http://www.reddit.com/BitcoinMarkets/comments/2duufu/daily_discussion_monday_august_18_2014/cjti1za. In it, he mentions that markets are irrational and also talks about how the falling prices make it difficult to convince newer people to invest. But I don't think that this selloff is irrational like he does.
One thing that's noteworthy about his comment is where he discusses the impact of Ben Lawsky on bitcoin prices. It's reasonable to make a case that this decline was directly caused by Lawsky's regulations. There are some issues with the timing of that argument, so readers can consider for themselves whether Lawsky singlehandedly caused these declines.
The selloffs during the last cycle every time there was some Chinese news were irrational, because bans in China never represented a fundamental threat to bitcoins. While there are still a few posts that continue to claim the fundamentals have not changed (moral_agent has firmly sided with the people who think that we are still in the previous cycle by not changing his charts), some people in /bitcoinmarkets are finally starting to wake up now. The current selloffs are rational, because they are based on fear of one of the two things that can cause bitcoins to fail: that people simply don't want to use them. The question for this cycle is not whether governments will allow bitcoin usage but whether people will use them, and the cycle won't end until that is proven one way or the other months from now. What happened is very simple: people aren't using bitcoins at the same rate as before, July 24 came without adoption having increased, and people who see they can make more money in stocks and other investments left.
As an aside, I should note that the transaction volume has remained unchanged compared to the number of transactions, so it looks like the increasing number of transactions is a false indicator. Anyone can increase the number of transactions by spending a small amount to send a little money to lots of people. The chart to look at is "transaction volume," which hasn't moved.
My bottom line: I remain bearish, just as I did at every step since $620. This downturn does not end tomorrow or next week and because this crash was caused by a change in the fundamentals, there needs to be another change in the fundamentals before recovery begins. The only exception to this rule would be if the price reaches $150 or some unlikely absurd value in a matter of a day, in which case it would make sense to buy huge even if it is just to make short-term gains.

Redefining "speculation"

I think it's worth redefining the term "speculation" to mean "wealth storage." People who buy bitcoins and don't spend them are not leeches upon the network. In addition to providing liquidity, they are using bitcoins for one of their intended purposes: storing their wealth away from the hands of governments and everyone else so that it is available anywhere in the world.
Spending bitcoins on products and services is only one use of the bitcoin network. People who say that bitcoin is "overvalued" for its current uses based on spending alone are adhering to a very limited view of the network's usefulness. I argue that the most useful feature of the network is its ability to store huge amounts of wealth, and that is even more useful than the transactional features. When we redefine the value of bitcoins to include wealth storage, then we have to also redefine the "basic value" of the network to determine whether it is overbought or oversold.

PETA "changes its mind" about switching to P2Pool

On Friday, PETA changed its mind about switching to P2Pool, stating that its hardware wasn't compatible and that they could achieve lower variance by not switching. Such an action is likely illegal, as over 90% of shareholders voted for the switch. If I owned shares or had any association with them whatsoever, I would be selling and would get out immediately with whatever I can salvage.
The company made headlines a few months back when they announced that they would be switching to promote decentralization, and received huge support (and huge money) from the community. A post on Friday attracted quite a bit of negative publicity, so hopefully people who read it will stop supporting them and the company will pay for its duplicity.

Gavin Andresen makes over $206,000

I wanted to make a quick note that it was revealed last week that gavinandresen makes over $206,000 for his work as a bitcoin developer. I've never heard of a software engineer who makes anywhere close to that much; it's almost three times what I make.
As a genius, this is the one case where I can say that he deserves every cent he makes. Most of the time, you hear about stories of CEOs who earn $3m or $10m in cash and bonuses and stock options - but these CEOs don't actually produce any work for the company. Andresen works hard and actually produces meaningful stuff that advances the purpose of his organization. A company can survive without a CEO, but it can't survive if it doesn't have deveopers producing a product. It's good to see the right people getting rewarded for their work, rather than CEOs leeching off others' hard work.

Other

submitted by quintin3265 to BitcoinThoughts [link] [comments]

New York Encounters Bitcoin Backlog

New York has enforced digital currency companies doing business there to get a BitLicense to hold clients reserves and exchange crypto coins for dollars and other regular currencies since 2015. The Department of Financial Services (DFS) was managed by Benjamin Lawsky when it developed those regulations, acting as an campaigner of virtual currencies when other regulators were still in doubt. Even though it stays vague whether such currencies will ever gain dominant approval, they are now part of a broader, promptly-increasing business that combines finance and technology, and which leading financial centers are keen to draw attention. For Corporations, a trademark of approval from a tough regulator cited a chance to win over clients who stayed reluctant about the product. With New York, it was an opportunity to get ahead of rivals around the world that were also trying to charm fintech industries.
After the regulations came into charge, Lawsky quit the agency. Few leading personnel with BitLicense expertise soon followed him. DFS has released just two BitLicenses. Another 15 operations are still pending, with four others retreated and four refused. Two virtual currency companies have received trust charters, which treat them more like traditional financial institutions. Patrick Murck, a lawyer and fellow at Harvard University's Berkman Klein Center for Internet & Society, said "by putting the managements together and having key staff members leaving almost thereafter, they really put the business behind the eight-ball in terms of competing with traditional service providers". Nearly all firms that were operating in New York when the regulations took effect can still do business there while waiting for a license. However, start-ups may face trouble raising money or expanding their business.
The digital-currency business is very small compared to traditional finance, but it has grown rapidly since bitcoin's launch in 2009. There are now other virtual currencies, and broader uses for underlying technologies that create and distribute them. The bitcoin market is now worth about $10.7 billion, compared to less than $1 billion just three years ago, according to the information site CoinDesk. Financial markets all over the globe have competed vigorously to entice new business, as the market has developed while some have depend on light-touch regulation, the appeal of New York's BitLicense was that it offered a clear permissible foundation. Nevertheless, the slow licensing process and strict requirements are driving some companies away. Application worth $5,000 to file, and once completed, can run 500 pages including everything from compliance manuals to executives' fingerprints. Regulators then drill deeper, asking for details of business models, organizational charts or ownership information. Washington State, has issued seven licenses to virtual currency companies since 2013 under its longstanding law for money transfer industries. North Carolina has licensed two. A uniform virtual currency law that any state can opt into is also in the works, and there has been talk of a possible federal charter.
More from ttm.news
submitted by abbyreedere to Bitcoin [link] [comments]

How Ben Lawsky's Future Affects Bitcoin

Y'ask me, the Bitcoin community should watch Ben Lawsky closely after he departs the role of superintendent of financial services in New York. It has been reported that he is going into Bitcoin consulting.
If he successfully charts a course to consulting/board memberships/lobbying on cryptocurrency, that will signal to others in government that they can also spread FUD about Bitcoin and regulate like a blind bull in a china shop, then cash in.
It may be hard to believe, but I say this without antipathy to Mr. Lawsky, who I hope has a successful career in the productive sector. But I prioritize the success of Bitcoin, so I want people now in government to see that those who have done net damage to the Bitcoin ecosystem are not rewarded for doing so.
Here are some more thoughts.
The "LawskyWatch.com" domain is available...
submitted by JimHarperDC to Bitcoin [link] [comments]

Bitcoin price bullish thanks to BitLicense

The bitcoin price hasn’t moved much over the last 24 hours. It continues to trend relatively sideways, as trading volume continues to drop further. The movement illustrates cautiousness, but nonetheless, it looks like traders are simply waiting for a breakout towards either side. The upcoming waves will influence future trade positions.
The future of bitcoin however seems bullish, thanks to the recent update from Benjamin Lawsky’s office regarding BitLicense. The NYSE-Coinbase partnership last week gave us an over reactive spike towards 315. Now if the market is in the mood to play yet another hype-game on upcoming events, we are surely looking at a bull run towards long-term key resistance levels. 320 perhaps!
February 5th Bitcoin Trading Session
The BTC/USD opened at around 226 while continuing the prevailing sideways trend. During the day, the price seemed to be under a little influence of sellers, going downwards following little pushes. However, a big candle appeared out of nowhere after the 8th hour and price fell down around $10 within just four hours. It attempted a quick pullback in the name of correction and went on continuing the previous sideways trend - trading between a Bollinger band.
At press time, the BTC/USD is valued around 216.
What to Expect Today?
The BTC/USD has been sliding downwards since the start of the year. It has once tested 165 as its lowest bottom. By looking at the current scenario, it seems like the price is once again going to retest the same bottom in the upcoming days.
The technical indicators meanwhile are also indicating a rather stronger bearish bias in the market. As you see the 4H Bitfinex chart above, you’ll notice a near-perfect inverse Head-and-Shoulder forming; imperfect because the right shoulder looks quite weak at this point of time. This simply means the price is targeting some more downward movements, possibly to retest 200, maybe 165 at worst case.
To regain the lost bullish momentum, price would be focusing on breaking the neckline around 245 at this point in time. In the last few hours, the BTC/USD has already tested the 210 bottom successfully, and its arrow is now pointing upwards. A smooth correction however depends on the buying volume. Traders may long towards 245 at press time. But the extension of bullish momentum could only be confirmed once price breaks above the 320 upside risk. It’s a long shot.
A drop below 165 meanwhile signals a bearish breakout where price may even go as low as 100.
Conclusion (On Daily Charts)
Current Mood: Strongly Bearish Technical Indicators: Strong Sell (0 Buy 7 Sell 4 Neutral) Moving Averages: Strong Sell (0 Buy 12 Sell)
https://www.coinarch.com/Info/Blog?Page=2015/02/daily-bitcoin-price-analysis-5th-february/
submitted by Kimba_Coinarch to BitcoinMarkets [link] [comments]

[Table] IAmA full-time Bitcoin day-trader, blogger, and explainer. I was a pro TCG player. Here until Midnight EST. AMA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2014-02-20
Link to submission (Has self-text)
Questions Answers
Let's say someone was looking for a stay at home computer job, would you recommend doing what you do? Is it something you can hop into, or is it something a lot of time must be put into before considerable income comes? You handle risk and pressure well, and you don't let your emotions guide your decision-making. Professional Poker and TCG players often develop this skillset.
You have experience working with stocks, bonds, derivatives, foreign exchange, or other financial instruments. If you have a strong mathematical background, that would also likely fulfill this.
You can invest significant capital into trading while remaining financially secure if it all suddenly vanishes.
You are capable of constantly monitoring a situation, waking up in the middle of the night if an alarm goes off, etc. It requires serious dedication.
You are good at keeping up with news, understanding market psychology, and "feeling" shifts in attitude and perception among other market participants.
Of those, I'd be most cautious if you don't meet no. 3. Going bust is a real possibility--day-trading a volatile commodity is inherently extremely high-risk. Nos. 2 and 4 are the easiest to learn or force through routine. No. 1 requires a person who approaches things in an emotionally detached manner. No. 5 is something that comes with investing enough time.
Second question: I'm answering this after that big block of text because this answer will come off like a get-rich-quick scheme. Yes, you can hop into it very quickly, and you can start making very high profits very quickly. I put in a small initial investment to test the waters, and made 10% on it in a few days. If you have the right skillset, composure, and resources, yes. It is a potentially very lucrative and exciting stay-at-home job. It is not for everyone, though.
As much as it would be beneficial for me (being in the industry and all), to tell everyone it's easy and that it will help them provide for themselves I feel that people need to know the real risks that are involved. Regardless, that's all a little irrelevant. We're not playing the house, and we're not flipping coins. We're playing other investors, and we're making actual decisions. You keep saying things like "98% lose money" and "Go onto any FOREX forum, and you will see from the users posts that they pretty much all lose money" but you don't back it up. Cool, yeah, it's a zero-sum game with a rake: a little more than half of the players will lose. That's expected. They'll probably complain about it, too, huh?
Retrospect can have a very positive effect. Got any real account trading statements I can have a look at? Let's see how fast you can come up with excuses not to show me ;) I only have and need one: I have chosen not to disclose my personal valuation for privacy reasons. Same reason I've had all along. I instead publicly disclose my trades, as they happen, on my website. The posts are timestamped, and the ones that are the start of a position contain the price I entered at. Go check the posts, then go check the charts, then go check my archive. But feel free to continue to arbitrarily call my credibility into question--that makes your argument better!
What leverage do you use? In Australia the leverage is typically 100:1, perhaps that's why your not seeing how risky I deem it to be. First, our argument so far has had nothing to do with risk. Second, I told you I am leveraged 2.5:1, two posts ago. Third, you realize I'm trading Bitcoin, not ForEx, correct? And that no one in their right mind would offer 100:1 leverage on Bitcoin due to its volatility?
What's your last year's hourly salary? A year ago I was finishing up college and extricating myself from the TCG business I'd co-founded. I took very little in take-home pay over that period, but kept part ownership of the continuing business. Money isn't just about the number on your bank account--it's also about residual future income.
How many hours a week are you typically on a computer? On a computer, probably 50-55, if you add in time I spend on my phone, I'd say 65-70. Day trading takes constant watchfulness. I imagine it's like an easier version of taking care of a baby.
What are your favorite to sources of news besides waiting for it to get to the front/hot page of /Bitcoin when it's several hours old? I have an IFTTT for /BitcoinMarkets and /Bitcoin that notifies me early on about some posts.
What's the weirdest thing about your mom? She started a bookselling business online in her 50s and makes more money than me.
Or.
She's a little old lady who loves gadgets and technology.
What are your thoughts on Dogecoin and other bitcoin competitors? Do you think any have staying value? LTC.
DOGE.
NXT.
VTC.
Coins that offer something different or that have a strong community to them can be valuable prospects.
LTC is the first-mover scrypt coin - DOGE has the most non-techies interested in its success and is spreading quickly as a result - NXT is a cool generation two coin that has a lot of features BTC doesn't have - VTC is ASIC-resistant
Ok, let me spell it out to you. The retail forex market only makes up 5% of the total forex markets liquidity. The other 95% is from hedge funds and institutions. Therefore, 99% of the retail market losing their money is very possible, as that only makes up 4.95% of the whole market. Is it possible that 4.95% of the market generally loses? Yes. How is that infeasible? Nope. That's a false equivalence. It is possible that 4.95% of the market loses. It is not feasible, that, say, 99% of people with blue eyes lose. What, exactly, in empirical terms, is the difference between retail investors and hedge/institutions that causes this INCREDIBLE disparity? Would you care to respond to my above empirical argument that demonstrates that a zero-decision system is flipping a losing coin? Do you consider it feasible for 99% of people playing a 45-55 game to lose?
Are there options and/or futures markets for Bitcoin? Not really yet, but there will be more prominent ones soon. I hear about a new one pretty regularly, it seems, but nothing that seems truly legitimate has come out. I'm certainly excited for them, though.
Eventually, once Mr. Lawsky and co. get things sorted out, I'm certain we'll see a big-name investment bank start offering them.
From the time you started trading until today, what is your overall percentage return? In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
Ben, i told you I'd be here and asking about Hearthstone first. If there's one class that needs a bit of tuning, up or down, which is it and why? I think Mage needs basic, class-level tuning. I'm not sure what needs to be done exactly, but I don't like what the Mage class power does to gameplay. I've thought some about how different it would be if it could only hit minions, and I'd want to know if Blizzard had tried that out. The Mage power is too versatile, and over the long-term I think it will prove to be problematic.
What's your favorite card? Lord Jaraxxus is my favorite card. He has a truly legendary feel to him when you play him, but your opponent can still win, even though he's very powerful.
So, where do you think we go from here? I'm currently short, but I don't expect to be so for a lot longer. I don't think we'll get past 550. I also don't expect this drop to hold on for a really long time.
I haven't seen a good, substantive rationale for what the MtGox situation really has to do with Bitcoin price. Yes, it looks bad, it certainly doesn't help with our legitimacy, but is it really worth the incredible price declines we continue to see? I don't think so. I think we are seeing these impressive declines because the price on MtGox (which is a reflection of trust in MtGox relative to Bitcoin price, not just Bitcoin price) has been declining heavily. I don't expect it to continue forever, especially not with things like the Winkdex and the accompanying ETF launching.
MtGox is basically dead to me, for now at least. The sooner everyone stops paying attention to it, the sooner we can all get back on track, which I, for one, will be quite happy about.
Do you think that it's a good thing for a game when the developers of that game discourage certain playing styles (e.g. mill decks or decks that try to win in unconventional manners) whether in hearthstone, MTG, or other TCGs? It can be. I don't want the developers metaphorically over my shoulder outlawing strategies, but I don't mind if the strategies that are "less fun" for your opponent (Draw/Go, Mill, or Hard Combo from MTG, for example) are also less powerful. Most players prefer a game where the best decks are also among the most fun, because it means that they are playing against fun decks more often. Clearly the 2-cost 3/3 will be played most often. If you fix this by making both 2-cost guys 2/2s or 3/3s, or by making one a 2/3 and the other a 3/2, then you've done something--but it's not that interesting. If you instead make the 2-cost 2/2 have text that says "While you control the 3-cost 3/3, this gets +2/+2" and you give the 3 cost 3/3 text that says "While you control the 2-cost 2/2, it has Taunt" you now have more complex cards that reward players for doing something other than just playing the best stand-alone card.
Which do you think is a better option to encourage diversity in TCGs; improving/buffing cards/decks that hardly see any play versus weakening/nerfing cards that are overwhelmingly played? This is obviously a very simplistic example, but I hope it makes the point. Games are more fun when you give players more relevant choices: buffing and nerfing cards tends not to do that as well as promoting synergies does.
Where/what is the actual money behind bitcoin? If it does exist. You might need to rephrase your question for me to understand what you're asking. If you're asking why a Bitcoin has value, the answer is the same as any other good: because someone is willing to pay it.
If you're asking why someone is willing to pay that amount, my answer would be utility.
I just got started on Bitfinex (using your referral link) and am a little intimidated. What types of trades would I recommend I try as a beginner? From there, just keep careful watch, and see what happens. Be neutral and objective toward your own hypothesis, just like in science. Don't be biased by your hopes, be focused on the reality.
So far I've only done a liquidity swap offer to try it since it seemed (nearly) risk free. Have you done any liquidity swap or is it too low in profit? If I'm not going to be able to check my computer for a day or two, or I'm uncertain of what's going to happen the next few days, I do use the liquidity swap function. It's actually very profitable, relative to traditional investments. And you're right, it is low-risk. I'm a fan. Good job selecting it if you were intimidated--that's a good place to start. As far as actually starting trading, do science. Start with a hypothesis. If you were up at 5 AM today when MtGox published their announcement, a good hypothesis might have been something like: "This announcement is going to be a blow to their credibility, and might panic the markets. We'll probably drop by some amount as a result." Invest based on it, figure out around what price you want to take profits, and at what price you'll cut your losses and get out. Stick to those determinations unless something substantive changes. The time you tell yourself you can afford to not close your position because it will "rebound" back to where you want is also the time you lose your shirt.
Is it true that you like Balloons? No, I <3 them.
Lol to the question about your mom... Ben, from my understanding Bitcoin is anonymous, does this mean that you can avoid taxation when receiving payment? Bitcoin isn't anonymous. That's actually a common misconception. It's actually pseudonymous, like Reddit. You end up with an online identity--a wallet address--that you use with Bitcoin.
If I walk up to you on a street corner and buy Bitcoin with cash, then I'm pretty much anonymous. If I buy it from a large institution like Coinbase or some other company, they will have records of the address my Bitcoin was bought for. As a result, you can trace them down, generally speaking.
As for avoiding taxation, that's a general no.
What do you think Bitcoin's biggest hurdle is and how do you think it can be overcome? Are there any misconceptions about Bitcoin that you think people have? The biggest hurdle for Bitcoin to overcome is governments. Governments have a variety of reasons not to want an alternative currency. We seem to have done pretty well on that front here in the US, but for other countries (China) that is not the case. Past that, the other major hurdle is something I consider an inevitability: consumer adoption. Business adoption has begun in earnest, consumer adoption hasn't. It will when enough businesses take Bitcoin to give it sufficient utility for the average customer.
What trading platform do you use to daytrade Bitcoin? What is the standard margin that Bitcoin brokers offer? what's the typical ask/bid spread? I primarily use Bitfinex.
Very few Bitcoin brokers currently offer leverage, Bitfinex offers 2.5:1. Over time, I anticipate it will become more like current Forex, where 10:1 or greater leverage is common.
It varies by exchange depending on their fees. Huobi charges 0% fees, so their spread is generally tiny. Some exchanges can be as wide as 1.5%. Typically, I see spreads between .5 and .7%.
Do you invest in any other type of cryptocurrency? if so, which is your favorite besides bitcoin? I currently have no other holdings, but I've held DOGE and LTC at points and am considering VTC and NXT. DOGE is probably my favorite, because if the community can keep this up for a little longer it will snowball into amaze.
Can you trade me a Jace? TMS WWK, TMS FTV, Beleren, MA, or AoT?
Beleren. M10, M11, LOR, JVC, JVCJPN, or Book Promo?
M10 and if not possible then M11. Sure.
I've been reading your blog for quite some time and especially like your summaries for recent events. Keep up the good work! Do you use strict stop-loss orders for your trades? When do you decide to close a trade? Especially in situations where you can basically see you profit/loss grow by the minute. When is enough? Do you have a longterm bitcoin investment you don't touch or do you use everything you have for trading? I do use relatively strict stop losses, but they're not stop loss orders. My conditions usually aren't just the price hitting a certain point, but instead it sustaining for a brief period, or hitting it with a certain volume, or with a certain amount of resistance to retreat. I don't want my stop loss to be triggered by some idiot who dumps 300 BTC and temporarily drops the price 15, but only ends up really dropping it 3. I am very strict with myself about this, though, generally speaking--if I can't trust promises I make to myself, what good am I?
Let's say for example you have a sum x dollar and a sum y bitcoin on your trading account. How much % of x or y do you risk at every trade? I've seen a formula for the max. amount of investment and read numerous times that traders shouldn't risk more than one or two percent of their "bankroll". Do you generally have dollar and btc or just one of them at any given time? 100% of funds in every trade, so long as all funds are easily moved into the position. Common exceptions are lack of liquidity and funds being on other exchanges. My reasoning for being all-in all-the-time is that it's a profit-maximizing move. It is also risk-maximizing. My risk tolerance is infinite; most people's isn't. Only ever one. Generally BTC if I'm long, dollar if I'm short. I prefer to double-dip, as otherwise it would be in contradiction to the 100% plan. I use everything I have for trading. Again, profit-maximization, infinite risk tolerance.
I decide a closing price when I'm near either my stop loss or my profit aim. I place a limit order or multiple limit orders wherever I need to. I avoid market orders whenever possible. Enough is when I hit my goals or my loss tolerance. I decide these at the start, but I frequently re-evaluate them as news and market conditions develop.
What is a typical bid/ask spread for Bitcoin? It depends what exchange you're looking at, but generally .5-.7%.
What's the best way to popularize Bitcoin among the masses? Add your own but would love your thoughts on: -microtransactions developing nations -gift economy (tipping) I would suggest just running around shouting "You get to be your own bank" is probably the best way.
In all seriousness, though--we don't need to try. It's going to happen on its own from now on, as the news media slowly starts to pick up the story. People will start appearing on TV talking about it with more and more frequency. Things like the Dogelympic teams are great PR and help boost it up, as well, of course, but in general it's just going to follow the adoption curve of every other technology.
If it picks up in a few developing nations that have stable internet, it will be a massive revolution for them. Self-banking can do a huge amount of good for an economy like theirs. We might see reports on that. If a major newspaper decides to run a permanent paywall like what the Sun-Times tested recently, that could be big as well. The slow PR from tipping on Reddit is another way, to be honest. Every bit helps, but the cryptocurrency community is now large enough that we're going to do a significant amount of organic, word-of-mouth style growth.
Do you think that a magic game could beat harthstone? If they do a good job, absolutely. They have to focus on the right things. It needs to be mobile-available, easy to pick up and play, and fun.
Is there a good crypto currency to get in on now, before it explodes like bitcoin did? There are plenty of options. Check out coinmarketcap.com. Fair warning, there are plenty of horrible things there--treat it kind of like penny stocks. I like BTC, LTC, DOGE, NXT, and VTC.
Also, why is it such a pain in the ass to buy them with actual money? Like you have to have bitcoins to buy other crypto currency. It's such a pain to buy them with USD because no one has made a good system to do it on, like Coinbase. If you think there's a desire, go do it!
Well the way I look at it, is how the hell else would you be able to buy them? Not everyone has piles of bitcoins lying around and I really don't want to spend $600+ on a single bitcoin just to buy some other currencies. Ah, I see the problem! You can buy fractions of a Bitcoin using Coinbase--I think .01BTC (~$6) is their minimum.
The March 2013 appreciation was from American and European investors and November 2013 was mainly from Chinese investors. Which group of people do you think will be the next to buy (I hate using the word invest when talking about bitcoin) bitcoin for investment purposes? American institutional and hobby investors. That is, Wall Street and people who pay attention to Wall Street.
Which do you think will be a better long term (~5 years) investment, Bitcoins, Litecoins, Dogecoins, Fetch Lands, Shock Lands, or Original Dual Lands? Does it change for ~10 years? Either Bitcoin or Fetch lands for 5 years. For 10 years, Bitcoin. I'd be worried about the 10-year view for paper MTG.
Ive been mining Bitcoins for years now, i have a good sum im my wallet but i never plan to use them. Does this make me a bad person? Approximately yes.
Ben, I should've simultaneously copied and pasted all of my questions from the Spreecast over to here but here are a few... It seems like the conspiracy crowd has really latched onto the idea of Bitcoin as being a discreet form of currency. If Bitcoin is backed up by the internet why would people choose having a currency that's being tracked over say cash, gold, different commodities? Having a currency be tracked has negatives and positives, but it's overwhelmingly positive for the average consumer. Because it's tracked, you don't need to pay someone to move your money for you. There also are no chargebacks, which means merchants aren't getting scammed and passing those costs onto consumers. Theft costs everyone money. It's also very fast--transactions confirm in just 10 minutes, regardless of size or where it's going. Transferring dollars from here to China is very difficult--transferring Bitcoin? Just as easy as from anywhere else to anywhere.
My job is a mix of voodoo, intuition, science, and news. In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
No, just gambling. In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Anyway, how have the profits been from start to finish compared to the market? Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
Are you willing to disclose how much you have in your trading portfolio/what kind of profit you turn both % and $ wise? In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
What would you say is the easiest method of shorting bitcoin or any other coin? For shorting Bitcoin or Litecoin, check here.
For other coins, there isn't really a good way yet, to the best of my knowledge. A few exchanges have plans to add short-selling, but Bitfinex is really the only one I know of that has.
What did you have for breakfast today. Didn't breakfast, was delicious.
Hey Ben, I know next to nothing about Bitcoin. I went to /bitcoin after seeing this AMA on your FB, and I noticed that everyone is going apeshit over "Gox". I have no idea what that means or why everyone is so sad/angry/suicidal. MtGox (which originally stood for Magic the Gathering Online eXchange) was the first prominent Bitcoin exchange. They've been going through some rather rough times lately, some of which I was an early cataloguer of here. In short, everyone is freaking out because the exchange may be insolvent. It's not really a big deal to Bitcoin as a whole, but it's certainly an obvious blow to credibility. In my view, people are primarily upset because MtGox has been a part of Bitcoin for a very long time, and it can be hard to let go of what we're used to. I expect that they will either fix the issues or will go out of business officially very soon.
Please explain what happened.
Tell me every artist in your iTunes. Daft Punk, detektivbyrån, Kid Cudi, Matisyahu, The White Panda.
Spotify for life, yo.
Follow up question, what % are you in BTC vs Fiat and when you are on the losing side of a trade do you find your self dumping in more to get right or do you pull the cord Unless my positions are on different exchanges or in different coins, they're all always 100% of what I'll put into that trade at entrance and exit. As a result, I end up with a binary choice: stay or reduce/close. I very rarely reduce position size, nearly always preferring to just end the position instead.
Last updated: 2014-02-25 04:57 UTC
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ETHEREUM dont forget about it! MadBitcoins - YouTube XRP Update  Lawsky Is Ripple and XRP A SCAM? This Will Trigger Karens. Coinbase, Paypal, Bitcoin, Bit License, ApplePay, Hong Kong, and Hoverboards

Benjamin M. Lawsky Superintendent of Financial Services New York Department of Financial Services One State Street New York, NY 10004-1511 August 5, 2014 Dear Superintendent Lawsky: The Bitcoin Foundation is pleased to offer this preliminary, procedural comment on DFS-29-14-00015-P, “Regulation of the conduct of virtual currency businesses.” Es wird nur bei zwei anderen Gelegenheiten unter 100.000 USD fallen. Teilweise ist es der verbleibende Optimismus in Bezug auf Kryptowährungen, institutionelle Gelder, die in den Krypto-Geldhandel fließen, und Bitcoin, das Gold als grundlegendes, politisch immunes „Wertaufbewahrungsmittel“ abschafft. 22 Zeigen Sie Event #110 auf Chart an. Bitcoin News Benjamin Lawsky Clears the Air about His Intentions behind BitLicense. Benjamin Lawsky, the former superintendent of the New York Department of Financial Services known for ... Bitcoin News Final Version of BitLicense Is Out. Not Many Impressed. Ben Lawsky’s much awaited BitLicense update in finally out. The final version of licensing regulations for Bitcoin and other ... Jun 12, 2015 - Ben Lawsky is having a hard time winning over the bitcoin crowd. ShapeShift, a Switzerland-based exchange for digital currencies, slammed the outgoing...

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ETHEREUM dont forget about it!

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