Bitcoin Ubuntu 14.04 - Mining Calendar Definitions To

Invest in Bitcoin and cryptocurrency: high risk investment, big potential.

Invest in Bitcoin and cryptocurrency: high risk investment, big potential.

https://preview.redd.it/2kk6nqhntdn31.jpg?width=1280&format=pjpg&auto=webp&s=0b067b4f9660b2d05379f2808993936b1dd27b3e
After the bursting of the speculative bubble of Bitcoin and other cryptocurrencies, many investors moved away from this currency. Nevertheless, it is always possible to earn money if you have a taste for risk. The point is to understand that it is possible to grow your investments even when the value drops, and not invest what you can not afford to lose.Summary.Nota Bene: the cryptocurrency trading is to be reserved for those who want to spend a lot of time, to learn, to learn and especially able to keep the head on the shoulders. A matter of experts.On eKonomia, we know that many of our readers, who have money problems, would be tempted to get into the world of trading, and why not in bitcoin and other cryptocurrency. This is most of the time a gross mistake, which we will explain.We believe very strongly in cryptocurrencies, and hope that they will someday replace our fiduciary currencies (euros, dollars), but for now, it is clear that attempts at scams and speculation reign supreme.This article is a highly speculative approach to cryptocurrency trading, here you are!The runaway for cryptosThe entire economic sphere, including investors in traditional sectors, has been interested in cryptocurrencies when they have demonstrated their unparalleled potential for returns. By taking the train at the right time, some have indeed multiplied their investment by 10 or more, all in less than a year. This is where the banks, the states and the media began to take an interest in this sector, which is as little known as it is lucrative. Regulations and smear campaigns were then put in place to dissuade investors from placing their money elsewhere than in the traditional sectors of the economy.The rapid fall of Bitcoin, following the bursting of the bubble, helped to support the demonstration, thus dissuading the neophytes to look further into the issue. In fact, it is not so simple because it is quite possible to take advantage of a bear market, as well as a bull market. As you can see, some have multiplied by 10 in one direction, then in the other. However, where gains are maximal and fast, so are the losses.To convince myself of the volatility of cryptocurrencies, I invite you to regularly check CoinMarketCap. I go there every day, and seeing a motto take 10 or 20% in a day is something banal, just like losing 10 or 20%!A Japanese candlestick, a graphic used in technical analysis. If its gibberish for you, then you measure the length of training you have to do before you start trading, let alone the cryptos!What about todays potential of cryptocurrency in terms of placement?There is no ready-made answer to the meaning of the evolution of the latter, but the possibilities of taking advantage of it remain intact. To understand how these investments work, we need on the one hand a global vision of the cryptocurrencies themselves, and on the other hand an understanding of the risk which remains the counterpart of the potential of gains.The risks associated with investing in cryptocurrencies.One of the main risks of investing in a cryptocurrency is its outright disappearance. Many small cryptocurrencies, alt coins (alternative to Bitcoin) have indeed a limited life. They do not find takers on the market and their disaffection leads either to their disappearance or to the stagnation of their prices. Regarding major currencies, starting with Bitcoin, their disappearance seems more than unlikely.Trusted third parties, ie platforms that buy, sell or trade in digital currency markets are also a crux of the problem. The case of MTGox, whose bankruptcy has resulted in the disappearance of thousands of accounts and therefore the placement of all its users, is one of the most glaring examples. Whoever says trusted third party also says security, and security remains a major problem in the cryptocurrency sector.One way to minimize the risk is to store your own cryptocurrency on a wallet, a virtual wallet protected by a complex password. However, any security has its flaws, and cybercriminals redouble their ingenuity to achieve their goals. Thus, scams are multiplying on social networks for example. Pseudo specialists offer juicy placements or advice, their only goal remaining to steal people naive enough to trust them.The opinion of specialists in finance.The classic actors of finance will tell you (practically) all: investing in cryptocurrencies is a bad idea. For example, the banker will offer much safer investments with attractive earning potential. It is sometimes these same specialists who were enthusiastic before the bursting of the internet bubble. The use of a stock portfolio gives them money, so it is quite normal that they try to sell their products.It is also obvious that these people discover the cryptocurrency and that as long as they will not have a product to offer on which they can take a margin, they will advise against this sector of investment. In addition, one can also think that if their expertise on the sector was so brilliant, they would certainly not work anymore as financial advisers.What solutions to invest in cryptocurrency by minimizing risks?On the other side of the Atlantic, where we are more reactive on the opportunities, the banks have already set up futures linked to the Bitcoin course. Here, the product is safe from the risk of hacking, theft and is completely regulated. Because this is the problem for the institutional actors of finance, cryptocurrencies are deregulated and non-centralized: no central bank decides the market, it self-regulates itself, according to the very principle of the hand invisible, so dear to capitalism.If the share of technical protection is ensured, it is amusing to note that this is done through futures, product that does not exclude the intrinsic risk part of trading. Trading Futures requires the opening of a dedicated account to intervene on the US market. The gains realized will be taxed as capital gains.CFD trading on Bitcoin.CFD brokers did not wait to invest in the cryptos market. These professionals know that there are good investments to make, despite the risks. For a common person, it is tempting to get into it too, but we must not forget that it is necessary, before throwing himself into the arena, to have at least fairly advanced skills in trading.CFDs or Contracts For Difference thus make it possible to invest in an asset (currency pair, index, share, commodity ...) through a contract defined upwards or downwards. In fact, the investor does not own the asset, just the contract. When he resells his contract, it is the difference between the purchase price and the selling price which constitutes the gain or loss.This type of financial product has several advantages:The trader can use a leverage effect. A lever x10 on a CFD at 100 € is worth 1000 € for an investment that remains 100 € The brokers are regulated by European organizations.Finally, before becoming an apprentice trader, I recommend a video of the excellent Thami Kabbaj. He explains the reasons that lead us to lose money.Do not invest money in trading until the tools are fully mastered! All the interest of using a trading simulation platform is there, there is no easy money, there has never been, and even less on the stock market.For further.The opinion of eKonomia.Cryptocurrency trading, yes, but only after a very good training.Attention: we remind our readers that trading should be reserved for very well-trained people, who know exactly what they are doing. Too many people shout at the scam because of significant money losses, when they simply did not master the tools of trading. The advantage of demonstration accounts is there, it allows everyone to learn, take the time to embark on these risky investments, but with great potential.Again, never invest what you can not afford to lose!I quote Vestle.fr:86% of retail investors accounts lose money by trading on CFDs with Vestle. You should evaluate if you can afford to take the risk of losing your money.So there is no easy money. The very sharp rise of Bitcoin in 2018 attracted a lot of people who were not prepared for the world of finance, let alone cryptocurrency, by definition very volatile. The fall of the cryptocurrency has confirmed, those who knew what was happening have won on all fronts: by betting on the rise at the right time, then down. We understand that the nerve of war is above all information, and to be aware of what is happening on the markets.Before venturing into trading, it is better to train and spend a lot of time thanks to a platform for simulations. Keeping in mind that while its easy to keep a cool head when there is no risk, investing your savings for real can make very bad decisions. not on the rational.Leverage allows considerable gains, but also considerable losses, hence the importance of training, if only to learn how to implement stop loss ...What did you think of this article?Compare the best credit offers for free.All our a>Read also on eKonomia.Investing with Bondora, inter-home loan In a world where bank interest rates are at a standstill, lending between individuals has a bright future. The Estonian investment platform Bondora thus offers high returns, thanks to credits available to all.Physical gold: a viable investment as well as a reliable investment In a crisis, buying gold in bullion, bars or coins is a reflex. Gold gives absolute security to the one who possesses it, sheltered from the vagaries of the world of finance, war or inflation. Profitability is not the main objective, even if sometimes good capital gains can be made. To talk to us about it, we called on Godot & Fils experts.Investing in coins: numismatics, safe haven? To save money, buying old coins is an alternative to banks. In the face of crises, it is better to invest in gold coins rather than libret A. To talk about it, we called upon the experts of Godot & Fils, long-standing specialists in numismatics and precious metals.Lending and borrowing in bitcoin: P2P credit The use of bitcoin cryptocurrency makes it possible to get rid of banks. Bitcoin credit is becoming more popular, thus avoiding bank charges. However, the high speculation that this virtual currency raises does not make it possible to establish a necessary climate of confidence on very long-term loans.eKonomia - credit comparator - advocates the financial extension, advising and explaining all you need to know about money, savings or credit, so that everyone can make the right decisions when it comes to budget and savings.A credit commits you and must be repaid. Check your repayment capacity before you commit. The responsibility of the eKonomia authors can not be accepted in the event of a bad financial decision resulting from the information published online.The eKonomia credit comparator is offered by AssurAgency. N ° ORIAS: 14001578.© In Aciem Unipessoal Lda 2019, all rights reserved Rua de Tânger, No. 1226, 3eq 4150-721 PORTO, PORTUGAL. +33.6 51 78 37 93 (FR)
submitted by hussainarif to u/hussainarif [link] [comments]

The New Crypto Order & Escaping Financial Repression

The Vigilante’s View
It is our first issue in months that bitcoin hasn’t hit an all-time high! And it’s the last issue of the year. And what a year for cryptos it was.
To put it in perspective, bitcoin could fall 90% from current levels and it will still have outperformed stocks, bonds and real estate in 2017.
Bitcoin started 2017 at $960.79.
At the time of this writing it is near $13,000 for a gain of 1,250% in 2017.
And, bitcoin was actually one of the worst performing cryptocurrencies in our TDV portfolio in 2017!
Ethereum (ETH) started 2017 at $8. It has since hit over $800 for a nice 10,000% gain in 2017.
That’s pretty good, but not as good as Dash which started the year at $11.19 and recently hit $1,600 for a nearly 15,000% gain.
I hope many of you have participated in these amazing gains! If not, or you are new, don’t worry there will be plenty more opportunities in the years ahead.
It won’t all be just home runs though… in fact, some of the cryptos that have performed so well to date may go down dramatically or collapse completely in the coming years.
I’ll point out further below why Lightning Network is not the answer to Bitcoin Core’s slow speeds and high costs. And, I’ll look ahead to 2018 and how we could already be looking beyond blockchains.
Yes, things are moving so fast that blockchain just became known to your average person this year… and could be nearly extinct by next year.
That’s why it is important to stick with us here at TDV to navigate these choppy free market waters!
New Years Reflection On The Evolution Of Consensus Protocols
Sooner or later crypto will humble you by its greatness. Its vastness is accompanied by a madness that is breathtaking, because you quickly realize that there is no stopping crypto from taking over the world. The moment you think you have everything figured out, is the moment the market will surprise you.
We are for the first time living and witnessing the birth of the first worldwide free market. Throughout this rampage of innovation, we all are implicitly aiming for the best means of harnessing consensus. As we leave this bountiful 2017 and aim at 2018, it is important for us to meditate and appreciate the progress we have made in transforming the world through the decentralization of consensus. It is also important to reflect on the changes in consensus building we have partaken in and those yet to come.
Consensus is the agreement that states “this is what has occurred, and this is what hasn’t happened.”
Throughout the vastness of history, we humans have only really had access to centralized means for consensus building. In the centralized world, consensus has been determined by banks, states, and all kinds of central planners. As our readers know, any centralized party can misuse their power, and their consensus ruling can become unfair. In spite of this, many individuals still praise the effectiveness of consensus building of centralized systems.
People from antiquity have had no other option but to trust these central planners. These systems of control have created still-water markets where only a few are allowed to compete. This lack of competition resulted in what we now can objectively view as slow innovation. For many, centralized consensus building is preferred under the pretense of security and comfort. Unfortunately, these same individuals are in for a whole lot of discomfort now that the world is innovating on top of the first decentralized consensus building technology, the blockchain.
Everything that has occurred since the inception of bitcoin has shocked central planners because for the first time in history they are lost; they no longer hold power. We now vote with our money. We choose what we find best as different technologies compete for our money.
What we are witnessing when we see the volatility in crypto is nothing more than natural human motion through price. The innovation and volatility of the crypto market may seem unorthodox to some, because it is. For the first time in history we are in a true free market. The true free market connects you to everybody and for this reason alone the market shouldn’t surprise us for feeling “crazy.” Volatility is a sign of your connection to a market that is alive. Radical innovation is a sign of a market that is in its infancy still discovering itself.
In juxtaposing centralized consensus building with decentralized consensus building, I cannot keep myself from remembering some wise biblical words; “ And no one pours new wine into old wineskins. Otherwise, the new wine will burst the skins; the wine will run out and the wineskins will be ruined.” – Luke 5:37
The centralized legacy financial system is akin to old wineskins bursting to shreds by the new wine of crypto. Decentralized consensus building has no need for central planners. For example, think about how ludicrous it would be for someone to ask government for regulation after not liking something about crypto. Sorry, there is no central planner to protect you; even the mathematical protocols built for us to trust are now competing against one another for our money.
These new mathematical protocols will keep competing against one another as they provide us with new options in decentralizing consensus. As we look unto 2018, it is important that we as investors begin to critically engage and analyze “blockchain-free cryptocurrencies.”
HASHGRAPHS, TANGLES AND DAGS
Blockchain-free cryptocurrencies are technologies composed of distributed databases that use different tools to achieve the same objectives as blockchains.
The top contenders in the realm of blockchain-free cryptos are DAGs (Directed Acyclic Graphs) such as Swirlds’ Hashgraph, ByteBall’s DAG, and IOTA’s Tangle. These blockchain-free cryptos are also categorized as belonging to the 3 rd generation of cryptocurrencies. These technologies promise to be faster, cheaper, and more efficient than blockchain cryptocurrencies.
Blockchains were the first means of creating decentralized consensus throughout the world. In the blockchain, the majority of 51% determine the consensus. The limits of blockchains stem from their inherent nature, whereupon every single node/participant needs to know all of the information that has occurred throughout the whole blockchain economy of a given coin.
This opens up blockchains to issues akin to the ones we have been exposed to in regards to Bitcoin’s scaling. It is important to make a clear distinction in the language used between blockchains and blockchain-freecryptocurrencies. When we speak about blockchains it is more proper to speak about its transactionconsensus as “decentralized”, whereas with blockchain-free cryptocurrencies it is best if we refer to transaction consensus as “distributed.”
Swirlds’ Hashgraph incorporates a radical and different approach to distributing consensus. Swirlds claims that their new approach will solve scaling and security issues found on blockchains. They use a protocol called “Gossip about Gossip.” Gossip refers to how computers communicate with one another in sending information.
In comparison to the Blockchain, imagine that instead of all of the nodes receiving all of the transactions categorized in the past ten minutes, that only a few nodes shared their transaction history with other nodes near them. The Hashgraph team explains this as “calling any random node and telling that node everything you know that it does not know.” That is, in Hashgraph we would be gossiping about the information we are gossiping; i.e., sending to others throughout the network for consensus.
Using this gossiped information builds the Hashgraph. Consensus is created by means of depending on the gossips/rumors that come to you and you pass along to other nodes. Hashgraph also has periodic rounds which review the circulating gossips/rumors.
Hashgraph is capable of 250,000+ Transactions Per Second (TPS), compared to Bitcoin currently only allowing for 7 TPS. It is also 50,000 times faster than Bitcoin. There is no mention of a coin on their white paper. At this moment there is no Hashgraph ICO, beware of scams claiming that there is. There is however a growing interest in the project along with a surge of app development.
IOTAs DAG is known as the Tangle. Contrary to Hashgraph, IOTA does have its own coin known as MIOTA, currently trading around the $3 mark. There are only 2,779,530,283 MIOTA in existence. The Tangle was also created to help alleviate the pains experienced with Blockchain scaling. IOTAs Tangle creates consensus on a regional level; basically neighbors looking at what other neighbors are doing.
As the tangle of neighbors grows with more participants the security of the system increases, along with the speed of confirmation times. IOTA has currently been criticized for its still lengthy confirmation times and its current levels of centralization via their Coordinators. This centralization is due to the fact that at this moment in time the main team works as watchtower to oversee how Tangle network grows so that it does not suffer from attacks.
Consensus is reached within IOTA by means of having each node confirm two transactions before that same node is able to send a given transaction. This leads to the mantra of “the more people use IOTA, the more transactions get referenced and confirmed.” This creates an environment where transactional scaling has no limits. IOTA has no transaction fees and upon reaching high adoption the transactions ought to be very fast.
Another promising aspect about IOTA is that it has an integrated quantum-resistant algorithm, the Winternitz One-Time Signature Scheme, that would protect IOTA against an attack of future quantum computers. This without a doubt provides IOTA with much better protection against an adversary with a quantum computer when compared to Bitcoin.
ByteBall is IOTA’s most direct competitor. They both possess the same transaction speed of 100+ TPS, they both have their own respective cryptocurrencies, and they both have transparent transactions. ByteBall’s token is the ByteBall Bytes (GBYTE), with a supply of 1,000,000; currently trading at around $700. ByteBall aims to service the market with tamper proof storage for all types of data. ByteBall’s DAG also provides an escrow like system called “conditional payments;” which allows for conditional clauses before settling transactions.
Like IOTA, ByteBall is also designed to scale its transaction size to meet the needs of a global demand. ByteBall provides access to integrated bots for transactions which includes the capacity for prediction markets, P2P betting, P2P payments in chat, and P2P insurance. ByteBall’s initial coin distribution is still being awarded to BTC and Bytes holders according to the proportional amounts of BTC or Bytes that are held per wallet. IOTA, ByteBall and Hashgraph are technologies that provide us with more than enough reasons to be hopeful for 2018. In terms of the crypto market, you don’t learn it once. You have to relearn it every day because its development is so infant. If you are new to crypto and feel lost at all know that you are not alone. These technologies are constantly evolving with new competitive options in the market.
As the technologies grow the ease for adoption is set to grow alongside innovation. We are all new to this world and we are all as much in shock of its ingenuity as the next newbie. Crypto is mesmerizing not just for its volatility which is a clear indication of how connected we are now to one another, but also because of the social revolution that it represents. We are experiencing the multidirectional growth of humanity via the free market.
Meanwhile Bitcoin Is Turning Into Shitcoin
It is with a great degree of sadness that I see bitcoin is on the cusp of destroying itself. Bitcoin Core, anyway. Bitcoin Cash may be the winner from all of this once all is said and done.
Whether by design or by accident, bitcoin has become slow and expensive.
Many people point out that IF the market were to upgrade to Segwit that all would be fine. I’ll explain further below why many market participants have no incentive to upgrade to Segwit… meaning that the implementation of Segwit has been a massively risky guess that so far has not worked.
Others say that the Lightning Network (LN) will save bitcoin. I’ll point out below why that will not happen.
Lightning Networks And The Future Of Bitcoin Core
If you’ve been following bitcoin for any length of time, you’re probably aware of the significant dispute over how to scale the network. The basic problem is that although bitcoin could be used at one time to buy, say, a cup of coffee, the number of transactions being recorded on the network bid up the price per transaction so much that actually sending BTC cost more than the cup of coffee itself. Indeed, analysis showed that there were many Bitcoin addresses that had such small BTC holdings that the address itself couldn’t be used to transfer it to a different address. These are referred to as “unspendable addresses.”
In the ensuing debate, the “big blockers” wanted to increase the size of each block in the chain in order to allow for greater transaction capacity. The “small blockers” wanted to reduce the size of each transaction using a technique called Segregated Witness (SegWit) and keep the blocks in the chain limited to 1MB.
SegWit reduces the amount of data in each transaction by around 40-50%, resulting in an increased capacity from 7 transactions per second to perhaps 15.
The software engineers who currently control the Bitcoin Core code repository have stated that what Bitcoin needs is “off-chain transactions.” To do this, they have created something called Lightning Networks (LN), based on an software invention called the “two-way peg.” Put simply, the two-way peg involves creating an escrow address in Bitcoin where each party puts some bitcoin into the account, and then outside the blockchain, they exchange hypothetical Bitcoin transactions that either of them can publish on Bitcoin’s blockchain in order to pull their current agreed-upon balance out of the escrow address.
Most layman explanations of how this works describe the protocol as each party putting in an equal amount of Bitcoin into the escrow. If you and I want to start transacting off-chain, so we can have a fast, cheap payment system, we each put some Bitcoin in a multi-party address. I put in 1 BTC and you put in 1 BTC, and then we can exchange what are essentially cryptographic contracts that either of us can reveal on the bitcoin blockchain in order to exit our agreement and get our bitcoin funds.
Fortunately, it turns out that the video’s examples don’t tell the whole story. It’s possible for the escrow account to be asymmetric. See:. That is, one party can put in 1 BTC, while the other party puts in, say, 0.0001 BTC. (Core developer and forthcoming Anarchapulco speaker Jimmy Song tells us that there are game theoretic reasons why you don’t want the counterparty to have ZERO stake.)
Great! It makes sense for Starbucks to participate with their customers in Lightning Networks because when their customers open an LN channel (basically a gift card) with them for $100, they only have to put in $1 worth of Bitcoin. Each time the customer transacts on the Lightning Network, Starbucks gets an updated hypothetical transaction that they can use to cash out that gift card and collect their bitcoin.
The elephant in the room is: transaction fees. In order to establish the escrow address and thereby open the LN channel, each party has to send some amount of bitcoin to the address. And in order to cash out and get the bitcoin settlement, one party also has to initiate a transaction on the bitcoin blockchain. And to even add funds to the channel, one party has to pay a transaction fee.
Right now fees on the bitcoin blockchain vary widely and are extremely volatile. For a 1-hour confirmation transaction, the recommended fee from one wallet might be $12 US, while on another it’s $21 US. For a priority transaction of 10-20 minutes, it can range from $22-30 US. Transactions fees are based on the number of bytes in the transaction, so if both parties support SegWit (remember that?) then the fee comes down by 40-50%. So it’s between $6 and $10 US for a one hour transaction and between $11-15 for a 15 minute transaction. (SegWit transactions are prioritized by the network to some degree, so actual times may be faster)
But no matter what, both the customer and the merchant have to spend $6 each to establish that they will have a relationship and either of them has to spend $6 in order to settle out and get their bitcoin. Further, if the customer wants to “top off” their virtual gift card, that transaction costs another $6. And because it adds an address to the merchant’s eventual settlement, their cost to get their Bitcoin goes up every time that happens, so now it might cost them $9 to get their bitcoin.
Since these LN channels are essentially digital gift cards, I looked up what the cost is to retailers to sell acustomer a gift card. The merchant processor Square offers such gift cards on their retailer site. Their best price is $0.90 per card.
So the best case is that Lightning Networks are 600% more expensive than physical gift cards to distribute, since the merchant has to put a transaction into the escrow address. Further, the customer is effectively buying the gift card for an additional $6, instead of just putting up the dollar amount that goes on the card.
But it gets worse. If you get a gift card from Square, they process the payments on the card and periodically deposit cash into your bank account for a percentage fee. If you use the Lightning Network, you can only access your Bitcoin by cancelling the agreement with the customer. In other words, you have to invalidate their current gift card and force them to spend $6 on a new one! And it costs you $6 to collect your funds and another $6 to sell the new gift card!
I’m sure many of you have worked in retail. And you can understand how this would be financially infeasible. The cost of acquiring a new customer, and the amount of value that customer would have to stake just to do business with that one merchant, would be enormous to make any financial sense.
From time immemorial, when transaction costs rise, we see the creation of middlemen.
Merchants who can’t afford to establish direct channels with their customers will have to turn to middlemen, who will open LN channels for them. Instead of directly backing and cashing out their digital gift cards, they will establish relationships with entities that consolidate transactions, much like Square or Visa would do today.
Starbucks corporate or individual locations might spend a few USD on opening a payment channel with the middleman, and then once a month spend 6 USD to cash out their revenues in order to cover accounts payable.
In the meantime, the middleman also has to offer the ability to open LN channels for consumers. This still happens at a fixed initial cost, much like the annual fee for a credit card in the US. They would continue to require minimum balances, and would offer access to a network of merchants, exactly like Visa and MasterCard today.
This process requires a tremendous amount of capital because although the middleman does not have to stake Bitcoin in the consumer’s escrow account, he does have to stake it in the merchant’s account. In other words, if the Lightning Network middleman wants to do business with Starbucks to the tune of $100,000/month, he needs $100,000 of bitcoin to lock into an escrow address. And that has to happen for every merchant.
Because every month (or so) the merchants have to cash out of their bitcoin to fiat in order to pay for their cost of goods and make payroll. Even if their vendors and employees are paid in bitcoin and they have LN channels open with them, someone somewhere will want to convert to fiat, and trigger a closing channel creating a cascading settlement effect that eventually arrives at the middleman. Oh, and it triggers lots of bitcoin transactions that cost lots of fees.
Did I mention that each step in the channel is expecting a percentage of the value of the channel when it’s settled? This will come up again later.
Again, if you’ve worked in the retail business, you should be able to see how infeasible this would be. You have to buy inventory and you have to sell it to customers and every part that makes the transaction more expensive is eating away at your margins.
Further, if you’re the middleman and Starbucks closes out a channel with a $100,000 stake where they take $95,000 of the bitcoin, how do you re-open the channel? You need another $95,000 in capital. You have revenue, of course, from the consumer side of your business. Maybe you have 950 consumers that just finished off their $100 digital gift cards. So now you can cash them out to bitcoin for just $5700 in transaction fees, and lose 5.7% on the deal.
In order to make money in that kind of scenario, you have to charge LN transaction fees. And because your loss is 5.7%, you need to charge in the range of 9% to settle Lightning Network transactions. Also, you just closed out 950 customers who now have to spend $5700 to become your customer again while you have to spend $5700 to re-acquire them as customers. So maybe you need to charge more like 12%.
If you approached Starbucks and said “you can accept Bitcoin for your customers and we just need 12% of the transaction,” what are the odds that they would say yes? Even Visa only has the balls to suggest 3%, and they have thousands and thousands of times as many consumers as bitcoin.
The entire mission of bitcoin was to be faster, cheaper and better than banks, while eliminating centralized control of the currency. If the currency part of Bitcoin is driven by “off-chain transactions” while bitcoin itself remains expensive and slow, then these off-chain transactions will become the territory of centralized parties who have access to enormous amounts of capital and can charge customers exorbitant rates. We know them today as banks.
Even for banks, we have to consider what it means to tie up $100,000/month for a merchant account. That only makes sense if the exchange rate of bitcoin grows faster than the cost of retaining Bitcoin inventory. It costs nothing to store Bitcoin, but it costs a lot to acquire it. At the very least the $6 per transaction to buy it, plus the shift in its value against fiat that’s based on interest rates. As a result, it only makes sense to become a Lightning Network middleman if your store of value (bitcoin) appreciates at greater than the cost of acquiring it (interest rate of fiat.) And while interest rates are very low, that’s not a high bar to set. But to beat it, Bitcoin’s exchange rate to fiat has to outpace the best rate available to the middleman by a factor exceeding the opportunity cost of other uses of that capital.
Whatever that rate is, for bitcoin, the only reason the exchange rate changes is new entry of capital into the “price” of bitcoin. For that to work, bitcoin’s “price” must continue to rise faster than the cost of capital for holding it. So far this has happened, but it’s a market gamble for it to continue.
Since it happens because of new capital entering into the bitcoin network and thus increasing the market cap, this results in Bitcoin Core becoming the very thing that its detractors accuse it of: a Ponzi scheme. The cost of transacting in Bitcoin becomes derived from the cost of holding bitcoin and becomes derived from the cost of entering bitcoin.
Every middleman has to place a bet on the direction of bitcoin in a given period. And in theory, if they think the trend is against Bitcoin, then they’ll cash out and shut down all the payment channels that they transact. If they bought bitcoin at $15,000, and they see it dropping to $13,000 — they’ll probably cash out their merchant channels and limit their risk of a further drop. The consumer side doesn’t matter so much because their exposure is only 1%, but the merchant side is where they had to stake everything.
If you’re wondering why this information is not widely known, it’s because most bitcoin proponents don’t transact in bitcoin on a regular basis. They may be HODLing, but they aren’t doing business in bitcoin.
Through Anarchapulco, TDV does frequent and substantial business in bitcoin, and we’ve paid fees over $150 in order to consolidate ticket sale transactions into single addresses that can be redeemed for fiat to purchase stage equipment for the conference.
For Bitcoin to be successful at a merchant level via Lightning Networks, we will have to see blockchain transactions become dramatically cheaper. If they return to the sub-$1 range, we might have a chance with centralized middlemen, but only with a massive stabilization of volatility. If they return to $0.10, we might have a chance with direct channels.
Otherwise, Lightning Networks can’t save bitcoin as a means of everyday transaction. And since that takes away its utility, it might very well take away the basis of its value and bitcoin could find itself truly being a tulip bubble.
One final note: there are a some parties for whom all these transactions are dramatically cheaper. That is the cryptocurrency exchanges. Because they are the entry and exit points for bitcoin-to-fiat, they can eliminate a layer of transaction costs and thus offer much more competitive rates — as long as you keep your bitcoin in their vaults instead of securing it yourselves.
Sending it out of their control lessens their competitive advantage against other means of storage. It comes as no surprise, then, that they are the least advanced in implementing the SegWit technology that would improve transaction costs and speed. If you buy bitcoin on Poloniex, it works better for them if it’s expensive for you to move that coin to your Trezor.
In fact, an exchange offering Lightning Network channels to merchants could potentially do the following…
1) Stake bitcoins in channels with merchants. These coins may or may not be funds that are held by their customers. There is no way to know.
2) Offer customers “debit card” accounts for those merchants that are backed by the Lightning network
3) Establish middle addresses for the customer accounts and the merchant addresses on the Lightning Network.
4) Choose to ignore double-spends between the customer accounts and the merchant addresses, because they don’t actually have to stake the customer side. They can just pretend to since they control the customer’s keys.
5) Inflate their bitcoin holdings up to the stake from the merchants, since the customers will almost never cash out in practice.
In other words, Lightning Networks allow exchanges a clear path to repeating Mtgox; lie to the consumer about their balance while keeping things clean with the merchant. In other words, establish a fractional reserve approach to bitcoin.
So, to summarize, Bitcoin Core decided increasing the blocksize from 1mb to 2-8mb was “too risky” and decided to create Segwit instead which the market has not adopted. When asked when bitcoin will be faster and less expensive to transfer most Bitcoin Core adherents say the Lightning Network will fix the problems.
But, as I’ve just shown, the LN makes no sense for merchants to use and will likely result in banks taking over LN nodes and making BTC similar to Visa and Mastercard but more expensive. And, will likely result in exchanges becoming like banks of today and having fractional reserve systems which makes bitcoin not much better than the banking system of today.
Or, people can switch to Bitcoin Cash, which just increased the blocksize and has much faster transaction times at a fraction of the cost.
I’ve begun to sell some of my bitcoin holdings because of what is going on. I’ve increased my Bitcoin Cash holdings and also increased my holdings of Dash, Monero, Litecoin and our latest recommendation, Zcash.
Other News & Crypto Tidbits
When bitcoin surpassed $17,600 in December it surpassed the total value of the IMF’s Special Drawing Rights (SDR) currency.
Meanwhile, Alexei Kireyev of the IMF put out his working paper, “ The Macroeconomics of De-Cashing ,” where he advises abolishing cash without having the public aware of the process.
Countries such as Russia are considering creating a cryptocurrency backed by oil to get around the US dollar and the US dollar banking system. Venezuela is as well although we highly doubt it will be structured properly or function well given the communist government’s track record of destroying two fiat currencies in the last decade.
To say that the US dollar is being attacked on every level is not an understatement. Cryptocurrencies threaten the entire monetary and financial system while oil producing countries look to move away from the US dollar to their own oil backed cryptocurrency.
And all this as bitcoin surpassed the value of the IMF’s SDR in December and in 2017 the US dollar had its largest drop versus other currencies since 2003.
And cryptocurrency exchanges have begun to surpass even the NASDAQ and NYSE in terms of revenue. Bittrex, as one example, had $3 billion in volume on just one day in December. At a 0.5% fee per trade that equaled $15m in revenue in just one day. If that were to continue for 365 days it would mean $5.4 billion in annual revenue which is more than the NASDAQ or NYSE made this year.
Conclusion
I never would have guessed how high the cryptocurrencies went this year. My price target for bitcoin in 2017 was $3,500! That was made in late 2016 when bitcoin was near $700 and many people said I was crazy.
Things are speeding up much faster than even I could have imagined. And it is much more than just making money. These technologies, like cryptocurrencies, blockchains and beyond connect us in a more profound way than Facebook would ever be able to. We are now beginning to be connected in ways we never even thought of; and to some degree still do not understand. These connections within this completely free market are deep and meaningful.
This is sincerely beautiful because we are constantly presented with an ever growing buffet of competing protocols selling us their best efforts in providing harmony within the world. What all of these decentralized and distributed consensus building technologies have in common is that they connect us to the world and to each other. Where we are going we don’t need foolish and trite Facebook’s emojis.
As we close a successful 2017 we look with optimism towards a much more prosperous 2018. The Powers That Shouldn’t Be (TPTSB) can’t stop us. As we move forward note how much crypto will teach you about ourselves and the world. In a radical free market making our own bets will continue to be a process of self discovery. Crypto will show us the contours of our fears, the contours of our greed, and will constantly challenge us to do our best with the knowledge we have.
Remember, randomness and innovation are proper to the happenstance nature of a true digital free market.
Happy New Year fellow freedom lovers!
And, as always, thank you for subscribing!
Jeff Berwick
submitted by 2012ronpaul2012 to conspiracy [link] [comments]

Mtgox Claims Update - Approvals

Just got this sent to my email. Having trouble accessing the list on the site though.
To all creditors,
On the date of the investigation of claims which took place on February 17, 2016, I approved or disapproved a portion of the claims against to MtGox Co., Ltd. (“MTGOX”) regarding the refund of BTC and money which were filed by the users of MTGOX’s Bitcoin exchange (the “Bankruptcy Claims Related to Exchange”). On the other hand, this time, I reserved my right to approve or disapprove filed claims which need further investigation or those for which the filed amounts of the Bankruptcy Claims Related to Exchange that was filed are greater than the amounts of the deposit balance that we are aware of. In addition, I reserved my right to approve or disapprove all claims filed by creditors who filed Bankruptcy Claims Related to Exchange based on the deposits of money (including creditors who filed Bankruptcy Claims Related to Exchange based on deposits of BTC), since it is necessary to further verify user information, etc. remaining at MTGOX and, at present, I am not in a position where I can approve or disapprove the above. I uploaded the results of the approval or disapproval given on the date of the investigation of claims to the system under which you can file Bankruptcy Claims Related to Exchange through the website (https://claims.mtgox.com/assets/index.html#/), so please confirm the results by clicking the icon which states “Confirm the Results of Approval or Disapproval of the Claims” after logging into the said system. In addition, if you click the link to the PDF file of the “List of Approval or Disapproval of the Claims” after logging into the system, you will be able to browse through my statements of approval or disapproval that set forth the contents of filings and the contents of approval or disapproval thereto with respect to all Bankruptcy Claims Related to Exchange (they are partly masked).
If the table of results of approval or disapproval that is displayed by clicking the icon that states “Confirm the Results of Approval or Disapproval of the Claims” after logging into such system shows that all the amounts that you filed have been approved, all claims that you filed have been approved and you do not have to do anything in particular at this stage. I will contact you with respect to future procedures when we have progressed to the stage of making distributions. On the other hand, if you cannot find your results of approval or disapproval even if you click the icon that states “Confirm the Results of Approval or Disapproval of the Claims”, I reserve my right to approve or disapprove the claims that you filed. I will conduct further investigations in the future in respect of the Bankruptcy Claims Related to Exchange for which I reserved my right to approve or disapprove this time, by the date of the next investigation of claims that is scheduled for May 25, 2016. The reason for the reservation of my right to approve or disapprove the claims that you filed may be due to the possibility that the filed amount is greater than the amount of the deposit balance that we are aware of, and in such case, I may request you to change it by decreasing the filed amount. If I make such a request, I will approve the filed amount after decreasing it as of the date of the next investigation of claims that is scheduled for May 25, 2016, if you change the filed amount by decreasing it in accordance with such request.
EDIT: Thanks Redditcoin
For those wondering whether their claim has been decided, read this sticky in /mtgoxinsolvency here: >https://www.reddit.com/mtgoxinsolvency/comments/46hy9b/update_find_out_if_your_claim_has_been_accepted/
Specifically this part for the lazy:
If your claim HAS been accepted (or rejected), you will see this icon at the bottom: http://i.imgur.com/ii2V8Wj.png
If your claim has NOT been decided yet, you will see only this at the bottom: http://i.imgur.com/CVeUYxb.jpg
submitted by omeganemesis28 to Bitcoin [link] [comments]

BTC-e Statement regarding MtGox possible insolvency

Dear BTC-e.com participants,
We are concerned by MtGox shutdown and would like to assure you that:
  1. MtGox losses do not affect account balances or the operation of BTC-e in any way.
  2. We confirm the Bitcoin system operation and its exciting prospects, and MtGox bankruptcy has not been caused by any underlying technical problems of Bitcoin. Bitcoin international peer-to-peer network and cryptocurrency are independent of actions of a single market participant. Bitcoin protocol continues to function exactly as it should. The cryptocurrency maintains its stability and the network will continue to develop and exist as long as required by its users.
  3. At BTC-e we are constantly monitoring Bitcoin accounts and FIAT reserves. At BTC-e we continue to maintain all clients’ assets in full – both Bitcoin and FIAT.
  4. BTC-е has no vulnerabilities during client transactions as we use safe and proven transaction protocols. All transaction issues reported by our clients undergo a thorough check.
The safety of client funds and transactions is of ultimate importance for the company, and this is the reason why we have been an industry leader for the last three years.
  1. BTC-е is at its peak of financial strength with the record levels of clients and capital adequacy. The company plans to start publishing financial statements, verified by an external audit, on a regular basis.
  2. The highest levels of security are already in place at BTC-e, and the company regularly uses external professional advice to further increase the security of our clients.
  3. BTC-e is the only exchange to offer a modern trading platform, MetaTrader 4, to its clients, and many other exciting projects and further upgrades are in the pipeline.
submitted by lopethcik to BitcoinMarkets [link] [comments]

MtGox claims have been approved or disapproved

債権者 各位
平成28年2月17日の債権調査期日において、当職は、株式会社MTGOX(以下「MTGOX」といいます。)のビットコイン取引所のユーザーから届け出られたMTGOXに対するBTC及び金銭の返還に関する債権(以下「取引所関係破産債権」といいます。)のうち、一部の債権について認否をしました。 一方、さらなる調査を要する届出債権、又は取引所関係破産債権の届出金額が当職が把握している預かり残高の金額より多い届出債権については、今回、認否を留保しました。なお、金銭の預託に基づく取引所関係破産債権を届け出た債権者(BTCの預託に基づく取引所関係破産債権もともに届け出た債権者を含みます。)については、MTGOXに残されたユーザー情報等をさらに確認する必要があり、現時点で認否できる状況ではないため、全て認否を留保しています。 当職が同債権調査期日において行った認否の結果を、ウェブサイト上で取引所関係破産債権の届出をできるシステム(https://claims.mtgox.com/assets/index.html#/ )にアップロードしましたので、当該システムにログインし、「債権認否結果を確認する」のボタンを押して、ご確認ください。また、当該システムにログインし、「債権認否一覧表」のPDFのリンクをクリックすれば、取引所関係破産債権の全てについての届出内容とそれに対する当職の認否内容が記載された認否書を閲覧することもできます(一部の内容はマスキングしています。)。
当該システムにログインして「債権認否結果を確認する」のボタンを押して出てきた債権認否結果の表で貴殿の届出金額が全て認められている場合、貴殿が届け出た債権は全て認められましたので、貴殿は認否につき特段行うべきことはありません。今後の手続については、配当手続に進んだ時期にご連絡する予定です。 一方、「債権認否結果を確認する」のボタンが表示されず認否結果を確認できない場合、貴殿が届け出た債権についての認否は留保されました。当職は、今回認否を留保した取引所関係破産債権については、今後、平成28年5月25日に予定されている次の債権調査期日までに、さらなる調査を行う予定です。貴殿が届け出た債権の認否が留保された理由として、届出金額が、当職が把握している預かり残高の金額より多い可能性があり、その場合、当職は、追って、貴殿に対し、届出金額の減額変更を求める連絡をする可能性があります。当職が当該連絡をした場合、当該連絡に従って届出金額の減額変更をしていただければ、当職は、平成28年5月25日に予定されている次の債権調査期日において、減額変更後の届出金額を認める旨の認否をする予定です。 認否については、ウェブサイト(https://www.mtgox.com/ )でもお知らせしていますので、ご参考下さい。
破産者株式会社MTGOX 破産管財人弁護士小林信明
To all creditors,
On the date of the investigation of claims which took place on February 17, 2016, I approved or disapproved a portion of the claims against to MtGox Co., Ltd. (“MTGOX”) regarding the refund of BTC and money which were filed by the users of MTGOX’s Bitcoin exchange (the “Bankruptcy Claims Related to Exchange”). On the other hand, this time, I reserved my right to approve or disapprove filed claims which need further investigation or those for which the filed amounts of the Bankruptcy Claims Related to Exchange that was filed are greater than the amounts of the deposit balance that we are aware of. In addition, I reserved my right to approve or disapprove all claims filed by creditors who filed Bankruptcy Claims Related to Exchange based on the deposits of money (including creditors who filed Bankruptcy Claims Related to Exchange based on deposits of BTC), since it is necessary to further verify user information, etc. remaining at MTGOX and, at present, I am not in a position where I can approve or disapprove the above. I uploaded the results of the approval or disapproval given on the date of the investigation of claims to the system under which you can file Bankruptcy Claims Related to Exchange through the website (https://claims.mtgox.com/assets/index.html#/), so please confirm the results by clicking the icon which states “Confirm the Results of Approval or Disapproval of the Claims” after logging into the said system. In addition, if you click the link to the PDF file of the “List of Approval or Disapproval of the Claims” after logging into the system, you will be able to browse through my statements of approval or disapproval that set forth the contents of filings and the contents of approval or disapproval thereto with respect to all Bankruptcy Claims Related to Exchange (they are partly masked).
If the table of results of approval or disapproval that is displayed by clicking the icon that states “Confirm the Results of Approval or Disapproval of the Claims” after logging into such system shows that all the amounts that you filed have been approved, all claims that you filed have been approved and you do not have to do anything in particular at this stage. I will contact you with respect to future procedures when we have progressed to the stage of making distributions. On the other hand, if you cannot find your results of approval or disapproval even if you click the icon that states “Confirm the Results of Approval or Disapproval of the Claims”, I reserve my right to approve or disapprove the claims that you filed. I will conduct further investigations in the future in respect of the Bankruptcy Claims Related to Exchange for which I reserved my right to approve or disapprove this time, by the date of the next investigation of claims that is scheduled for May 25, 2016. The reason for the reservation of my right to approve or disapprove the claims that you filed may be due to the possibility that the filed amount is greater than the amount of the deposit balance that we are aware of, and in such case, I may request you to change it by decreasing the filed amount. If I make such a request, I will approve the filed amount after decreasing it as of the date of the next investigation of claims that is scheduled for May 25, 2016, if you change the filed amount by decreasing it in accordance with such request.
Please also refer to the website (https://www.mtgox.com/ ) with respect to approvals and disapprovals.
Bankrupt Entity: MtGox Co., Ltd. Bankruptcy Trustee: Nobuaki Kobayashi, Attorney-at-law
submitted by jaka_juka to btc [link] [comments]

The Future of Bitcoin

It's another one those “let's have a rational discussion about Bitcoin” posts.
As something of a believer I am not interested in trashing Bitcoin, but it's clear that not everyone's vision of the future for Bitcoin is the same, so here is mine.
First the negative.
Bitcoin is terrible for in person transactions, and I suspect it always will be. What Bitcoin excels at is being “Internet Money”. No average Joe wants to wait 10 minutes for a confirmation whilst buying a cup of coffee. The main arguments against this are a mixture of “zero confirms is good enough” and “services on top of Bitcoin facilitating off chain transactions”.
Merchants do care about small value losses, the CCTV cameras in most small convenience stores prove this, whilst the Satoshi client does not let you double spend easily with zero confirms, in terms of the protocol it is trivial. If Bitcoin adoption grows and zero confirms start to become common we should assume we will see alternate clients designed to make double spending as easy as possible.
As for services facilitating off chain transactions, what is the difference from the consumers point of view between this and a Credit Card?, add in the fees for this off chain service and you are likely at the same cost as a CC payment. Bitcoin adds little value over cash or CC in the real world, fiat currencies for transacting locally are difficult to beat.
The enthusiasm for Bitcoin is impressive, but Bitcoin's future does not lie in Subway, bars, coffee shops, etc.
Bitcoin has also conclusively proved that not everybody is ready to be their own bank, here are some examples.
The last point about security is important, I consider myself to be fairly technical but find the task of securing Bitcoins daunting. The most difficult scenario is where someone has a lot of coins but needs to spend some of them frequently. The community could really do with a dedicated guide about security listing the options and trade off's, the Bitcoin wiki page currently is a bit too focussed on the Satoshi client.
Note that simply blaming the user isn't good enough, CC and cash offer a much better consumer experience (lost your credit card?, call your bank and get it cancelled and re-issued).
Now the positive.
I see lots of scenarios where Bitcoin is incredibly successful but the average Joe knows nearly nothing about it.
The last point is also important, one common theme I see in the Bitcoin community is that of banks hating Bitcoin. For investment banks in particular this is likely to false, they currently trade and speculate on a large number of commodities every day and would welcome a global instrument like Bitcoin.
Retail banks don't have much to fear either, as previously mentioned even Bitcoiners love to be able to reverse payments in some circumstances (BFL pre orders).
I suspect the reason the banks are not all over Bitcoin yet, is due to a combination of regulatory worries and inertia. Banks have become risk averse since the 2008 financial collapse and it would be disingenuous to suggest that Bitcoin is without risk.
One final point about inflation versus deflation, roughly speaking most western countries were on the gold standard for about a 100 years, and we have been off it for nearly as long. What is often ignored by newcomers to Bitcoin (but I have seen raised in the community) is that a monetary system is not independent of the world it exists in. The last hundred years have seen a huge increase in the planets population and this will inevitably bring with it resource scarcity. There may be a perfect one size fits all monetary policy, I doubt Bitcoin will be it, but Bitcoin may be exactly what the world needs to get the world through leaner times.
So to summarise, I find it hard to envision Bitcoin replacing fiat completely, if Bitcoin is really successful fiat could be commonly measured against Bitcoin.
submitted by btcthrowaway12 to Bitcoin [link] [comments]

Bitcoin Currency Futures Exchange -- Preview

hi
I was working on bitcoin currency futures exchange servers as I've mentioned here and here.
Now it is ready for a preview, which means it is far from perfect, but kind of works.
Current version works with a single kind of contract -- capped futures bitcoins<->USD settled in bitcoins.
Here's how it works: Let's say Alice wants to sell 100 BTC for 30 USD each on 2011-06-10 and Bob wants to buy it. However they do not want to deal with USD because it is messy and instead settle in bitcoins. I.e. instead of giving Alice 30*100 = 3000 USD Bob will give her an equivalent in BTC.
Of course they need to decide what is equivalent. For example, they can agree on smoothed out MtGox price.
If MtGox price goes to 40 by the settlement date then Bob owes Alice 3000 USD / 40 = 75 BTC.
If it goes to 25 then it is 3000 / 25 = 120 BTC.
So Bob gives Alice 75 BTC and she give him 100 BTC back (amount of BTC sold). So if Bob agreed to buy at 30 BTC/USD but price went up to 40 BTC/USD he have earned 25 BTC and instead of sending money back and forth Alice can send him this sum.
Likewise, if price goes down (Bob bought BTC for higher price then real price is) Bob has 20 BTC loss and needs to send this to Alice.
But as bitcoins are kinda anonymous it is hard to enforce this contract (if Bob have lost the bet he will pretend he is dead), so Alice and Bob ask a trusted 3rd party -- let's call him killerstorm -- to make sure that agreement is enforced.
Killerstorm will take money both from Alice and Bob and hold it as a reserve. At the date of settlement he will compute who owes whom how much and will move money, returning unused reserves. But now we have to deal with situation that reserves are finite and need to be available at date of agreement, not at date of settlement. Each party's profit is limited by reserve his counterparty have made and his loss is limited by reserve he made. So each party is interested in making reserve as small as possible. (Also it is possible that they don't have that much BTC on agreement date so reserve percentage limits contract amount.)
Reserve amounts define price range in which settlement will be exact. For example, if Bob reserves 20 BTC and Alice reserves 25 BTC then they can settle exactly as long as price is in 25..40 USD-per-BTC range. If it shots to 45, for example, Bob will get only part of his possible profit. This is why we call them capped futures.
Note that it doesn't make sense to reserve more than 100% of contract amount for seller -- seller never takes loss higher than what he sells. Buyer's loss in BTC is potentially unbound, though -- if BTC price drops to, say, 0.01 he would need lots of BTC to settle the contract.
I hope it is clear enough how it works, now let me present the exchange: http://killerstorm.xen.prgmr.com:31337/st/main.html
Current version works with TESTnet, not real bitcoins and also it does not allow withdrawals.
EDIT: Due to apparent lack of interest in testnet it now works with real BTC, but I urge you not to deposit more than a few cents because software is not well tested! Withdrawals still do not work yet.
Settlement is done on each day around 00:00 UTC (GMT). Spot price is price quoted by MtGox averaged out for last 24h.
So here's how you can try my service:
  1. Go to http://killerstorm.xen.prgmr.com:31337/st/main.html, choose login/password and click register.
  2. It it works you'll see your account (empty) and address to fill it. Note it is a TESTnet address, not Bitcoin address. If you don't have testcoins you can get them from the Faucet. Then you have to wait for a single confirmation, ~10 minutes and hit 'update balance'. (Note: if server sees your transaction address will change, but it will show money only when 1 confirmation is made).
  3. Meanwhile you can explore 'order book' (probably empty at start) and spot price sections.
  4. Once you've got money on balance go to My Orders and hit 'place new order' button. You will see a dialog which is fairly obvious. Maturity is in days, e.g. +1 is next day. Price is how much USD you think one BTC will cost. Sellebuyer reserve percentage is relative to order amount in BTC, e.g. 100 BTC contract with 50% percentage means that 50 BTC is reserved. Placing order costs you 0.0001 (t)BTC. Once you place it it can be filled partially from orders currently in order book and the rest will show up in 'my orders'. When exchange sees orders in different directions which agrees in price it destroys them and creates corresponding contracts. Go to 'my contracts' to see them.
  5. At around 00:00 UTC (GMT) settlement will be made. Orders and contracts will be wiped, you will get money on balance and you'll see how much you've earned/lost.
So, testing will take about 10 minutes to move money and <24h to see settlement.
If there is an interested in playing with real Bitcoins rather than test ones I can launch another server (EDIT: done, real server replaced test server), but I cannot guarantee that it works correctly and you won't lost your money.
submitted by killerstorm to Bitcoin [link] [comments]

We could use a few more Spartans. Here's what you can do to help Bitcoin today!

BTC is being tossed around like a sex slave by traders lately. This is a guide to quickly investing in a small long position in BTC on Mt. Gox. This essentially raises the ante for the players. If you believe in BTC bu don't have any, this is how to put your money where your mouth is, and now is as good a time as any. On e person with deep pockets is nowhere near as powerful as a multitude of little people in this scenario, and the market is on an enforced pause.
If you have Bitcoin but don't want to sell them(or even open your wallet), this method will also work for you. If you have Bitcoin and do want to sell them, it doesn't surprise me that you are reading a wall of text that.....well, what can i say.
First the disclaimers.
First, there are some who believe that BTC dropping in value could be the best thing for it. I see why that is a possibility, but my counter is that i don't care about the price, i care about stability. Increased stability will lead to more adoption on all fronts (anyone want to do a merchant guide?) and increased likelihood of success. I am not encouraging day trading, i am explaining how to take a long position (a long term bet that BTC will go up vs. $USD). We are just trying to build a decentralized 'floor' to ease the sharp drops.
Second, i am not a financial or legal expert. I have read the so called 'guidance' and am very sure that this method is well within the law. I am just describing what has worked best for me so that you can hopefully avoid some of the many missteps i have made along my bitcoin journey. YMMV.
Third, yes i know that Mt Gox is having trouble lately, and not the best place to put your money. However, like it or not, Mt Gox is currently the public face of BTC value and where the battle for public opinion is being fought. That's where we nee d the Spartans the most.
Last, please post how long this process took you in the comments so that we can get a solid estimate on how fast Spartans can be added to the line in the future.
You will need: Pen & paper, cell phone, computer(not smartphone), two hours of time and a little money that you are willing to lose. DO NOT make a bigger bet than you can afford to lose. This is NOT A SURE THING, but every extra Spartan helps, especially right now.
Step 1. Go to Mt. Gox and create an account.
It's been a while since i made mine, so i don't know how long this takes these days. Don't bother with verification or anything you don't have to. The object is to acquire a Mt. Gox account number. It will be in the form of M********X, where *=numeral.
Step 2. Move some money in to the account.
If you live outside the control of the US gov't, just do what any normal person would do and move the money into an exchange with a debit or credit card. Enjoy your freedom. Otherwise......
This is the pain in the ass part where you will start to understand what 'freedom' really means. Some will disagree with me, but IMO right now BitInstant->Moneygram->Zipzap->Mtgox is the quickest way. It is the difference between 2 hours (24/7) and two business days. If you want to use a different method, more power to you.
Go to bitinstant.com, select your country, and select 'Cash Deposit' on the left. The drop down menu will list Moneygram vendors (CVS, Jewel/Osco, 7/11,Stater Bros, WalMart, etc). Select a vendor that is convenient. The right side should be defaulted to 'Mt Gox',which is what we want.
Call the Moneygram vendor to A) ensure that they are open B) ensure that they have a dedicated RED PHONE at their Moneygram station. If they have a kiosk instead of a phone, you're gonna have a bad time, so select another vendor and try again. Grocery stores seem to be the best. While you are on the phone you can continue with the dat entry.
Enter your information. They will ask for your Mt Gox account #, your legal name, a contact e-mail, and your date of birth. Don't lie, it's important to follow the law to the letter in a public environment. If you are looking for anonymity, this is not for you.
Enter the amount you wish to move. Low numbers are easy, big numbers are problematic. The butter zone seems to be $500. Anything higher and you are likely to get rejected further down the line, and have to start the process all over. The transaction limit seems to be 2/day. The truth is that there has been a lot of 'variance' in people's experience with this transfer, and there i no rhyme or reason to it. I am trying to show you what has worked for me. At $500 your transaction fees will end up at 4.75%, at other amounts it will vary because of the $3.95 fixed fee per transaction. If you have a better deal than 4.75% that can be done in less than 2 days, i would love to hear about it.
Play the little game to prove you are human by clicking and dragging the objects around. Vote for your favorites in the comments; i just got 'Put the animals on the ground' which i hereby down vote. There are much better ones.
Once you are certain that you Moneygram vendor will meet your needs (RED PHONE!), click the send funds button to move onto the next screen, which redisplays the info and gives you some transaction codes. Take a screenshot or copy the info(or not) and click 'Go' to move to the next screen.
Now we are at ZipZap. Enter your phone number and your area code and hit search. You will see a google maps style interface displaying Moneygram vendors. If you select any vendor other than the one you selected back at Bitinstant, you're gonna have a bad time. If your vendor is not available on the list, take note of the ones that are and go back to Step 1. Click 'Pay Here' next to your vendor and then click 'Create Payment Slip'.
The two most important numbers are the AMOUNT ($503.95 in my example) and the ACCOUNT NUMBER OF BILL TO PAY, the 9 digit number. If your 9 digit number contains any letters, stop and go back to Step 1. You will not be charged any money if you stop now, but if you try to use letter in the account number you're gonna have a bad time. The 4 digit RECEIVE CODE is also important, but it is a constant 9611.
Go to the Moneygram vendor. Tell the cashier you are there to pay for a money order, and ask if they are going to need a manager to complete the transaction, i.e. make sure they have their shit together BEFORE you pick up the red phone, otherwise your gonna have a bad time. If the transaction times out because they aren't ready to take your money, congratulations, you get to go back to Step 1 (tens timeouts seem to be getting longer, around 10 mins, but again, YMMV. My budget is 5 mins, just to be sure. the fine print is something ridiculous like 120 seconds or something).
Pick up the red phone and get ready to take the red pill.
Follow the prompts with the keypad to enter all your information. This will include your phone number, the amount, the receive code (9611) and the 9 digit acct #. Most likely that will not be good enough (you may get lucky, but definitely not your first time) and so you will be connected to a live Moneygram operator. They will repeat all the info you just entered back to you verbatim and ask you to confirm it. They will also ask for your address. They are looking to check against the address your driver's license (your tax dollars hard at work, the irony is delicious) before the send the money on to Ukraine, who will send it to Japan. They will also ask if you iive in a house or an apartment, IDK why but they do. Once they are satisfied, they will tell you to pay the cashier.
Pay the cashier. Cash, debit or a combination of the two. Credit cards may work, too, but idk for sure.
Go back to the Mt Gox website. Log in and click on Settings. The second menu item will allow you to be notified every time a trade is completed, which is what you want.
Wait for the money. IME it has been 10 to 30 minutes. If you missed ANY detail in the previous steps (i.e. omitted a middle initial in you name as it appears on your debit card, incorrect address spelling, etc...) you're gonna have a really bad time. You will get your money eventually, but you are going to end up in the customer service queue, and they are a wee bit busy at the moment due to this complicated process. You will be waiting a while, and your money will be trapped in transit.
Step 4. Set the position. I don't want to get into the details of trading or Mt Gox, i just want to keep it simple. Feel free to expand the discussion below. Here is the gist: you are going to buy low and sell high. Novel concept, i know.
Set your floor. This is the crux move. The floor is the price below which BTC will not drop, no matter what, its minimal market value. We want that to increase so that the volatility that just shut down Mt Gox goes away, and sane people start to consider entering the market. Your floor price is your floor price, and every individual person is different, but we can floor $100 if 1,000 follow these steps. Last time the floor was $5. It could get really ugly. That is what we are trying to prevent.
So, using my $500 example, i immediately spilt the position, meaning i buy $250 in bitcoin. I know it sounds crazy, but the price doesn't matter. You can duke that out in the comments, but it is true.
Now i have $250 in bit coin and $250 in cash, and i'm going withdraw the bitcoin out of mt gox to somewhere else (newbs seem to like blockchain.info). Now i have a minimal (but not zero) investment in bitcoin that is not on mt box.
Using my example again, i am going to bid(try to buy) 2 bitcoins at $100. If i am successful, i will still have $50 left, and therefore some cash in reserve. Now it doesn't really matter whether i buy a bitcoin or not at this point, because i have succeeded in establishing the THREAT of buying at $100, which the speculators can see. If enough people do this (and there are already a ton, maybe even enough, but it is too close to call, hence the volatility and the market shutdown) they won't even try to push that low, and we have established a floor. Pick your own floor number. Seriously, you have to pick the number that you really believe in for this to work, that way everybody's floor number is a bit different from everyone else. Now instead of a hard floor at $100 (speculators push price to $101 and then allow growth again) we have a soft floor that is more difficult to see and react to. It is the advantage of being decentralized, which we must continue to use.
The last piece of the puzzle is to ask to sell 10 bitcoins. You have none to sell, but mt gox will let you place to order all the same. Don't be greedy here! $60 is plenty of reward for your effort. If you try to take $100 out each time right now, you're gonna have a bad time.
The last important point is that every time you get an email that says a trade has been completed on Mt Gox, go back and reset the EXACT SAME trade, even if you lack the funds.
So, in my example, i have a bid of 2 coins at $100 and an ask of 10 coins at $140, and $250 cash and 0 BTC in my account, along with some BTC in reserve.
Let's run through all the possible scenarios.
PRICE goes DOWN and STAYS DOWN. I end up buying 2 BTC. PRICE goes DOWN and then UP. I buy two coins at 100, then sell them at 140. I pocket the $80. If the price goes down again, we can do it again. PRICE goes UP and STAYS UP. We win. There are more fights ahead but they are of a different nature. Cross that bridge when we get there. PRICE goes UP and then DOWN. I end up buying 2 BTC. PRICE dosn't move. This is what we want most.
As long as they keep manipulating the price, you keep pocketing $80. This is how the tool that is BTC works. You can't stop them from manipulating price, but they can't stop you from extracting money from them when they do. The less stable the market, the more
WARNINGS!!!! Here are the best ways to fuck this up! 1. Getting greedy. If you don't sell at 140 and try to hold on, you risk not having the funds to maintain your floor. don't be greedy. 2. Forgetting to reset the trades. Once a trade is made, you have to reset it to have it available again. 3. ????? Am i missing something? Let us know???
OK, my head hurts form typing, but that't the gist of it. I am sure i missed some details, particularly about Mt. Gox, cuz it's really not my thing, and i appreciate any clarifications y'all may have. Also, i'm not going back and proofreading this, so i am sure the grammar police will visit, and i thank them in advance.
If 1,000 do this in the next 8 hours we can start to be taken seriously as a currency, and we will surpass silver in terms of fixed value. Once BTC are worth more than silver, it's only one more step to being worth more than gold.
submitted by holyoak to Bitcoin [link] [comments]

[Table] IAmA Owner of MTG Internet Retailer Untapped Games (Also Yu-Gi-Oh & Pokemon TCG)

Verified? (This bot cannot verify AMAs just yet)
Date: 2013-07-14
Link to submission (Has self-text)
Questions Answers
1: can you hook me up with some free yugioh cards? 1: We do give away some free stuff on our monthly facebook contest. There are usually only a couple hundred entrants so you odds are pretty good!
2: How do u deal with potential scammer? Ex: They got the card but say they didnt, card was damaged, etc. 2: It's always a challenge. Large orders have signature confirmation which is usually adequate proof. Large international orders go registered with a physical return receipt. Once things are signed for we are usually fine. Smaller orders we refund sometimes, but if we think it is fraud we will blacklist the buyer.
3: How big of a staff do you keep? 3: There are currently 10 of us including myself. I usually add a couple people before the holidays.
4: What do you think about the future of TCG's? 4: I think the future looks great. It really depends on the game. Right now MTG, Yu-Gi-Oh, Pokemon, and Cardfight are all going strong.
What do you, as a card retailer, wish we consumers knew or did differently? 1) I wish more people would buy directly from our site so we can avoid fees that are usually around 10% to 15% of the purchase. Our prices on our site are thus typically lower and we also almost constantly have coupons to save more. We really pass most of the savings on to the customer in the hopes of future direct business! A lot of people do switch to buying direct from us, but even some big buyers don't. Some repeat eBay buyers could have saved hundreds over time if not more just buying direct from us.
2) Pricing. Sometimes people get upset if something is more than retail. We value collectables in real time. Just like any normal person we aren't going to sell a box of Modern Masters for $168. It's especially frustrating because most of our prices are so much lower than retail. We charge only $87.95 for a Magic 2014 booster box pre-order currently when the retail is like $144. Those hot products that go above retail are really how MTG shops make their money to stay in business today. Pricing is determined by the internet.
Have you thought about putting a post card in with the orders with a coupon directing them to the site? I did this and it has been wonderful. Thanks for the suggestion! We do include coupons with every order though :)
If we went directly to your site to buy singles, we would almost always be paying more than if we were to go to TCGplayer.com and buy from the lowest price on their (which is sometimes you guys). We love selling on TCGPlayer and I think it is a great place to shop especially if you are buying a lot of rarer cards that we might not have every one in stock of.
Our prices on TCGPlayer are already higher than our direct prices though! Plus, we almost always have 10% off coupons that work for standard MTG sets and recent sets from other games! If you enjoy shopping on TCGPlayer though definitely don't stop! Great deals can be found!
M14PREORDER - Save 10% on an order containing only MTG singles with at least one M14 single.
NUMBER10 - Save 10% on an order containing only YuGiOh singles with at least one Number Hunters single.
What is the worst example of you being burnt by speculative investment in a MTG card? What set has been the most popular of all time for you? Which card has been the most popular? Have you ever been lucky with a speculative investment in a card/set? How much did you make? 1) I can't really say we have made any investments in a particular card that turned out so poorly I remember it. MTG is usually pretty safe, but card values obviously fluctuate. 3) Black Lotus seems to be the most well known MTG card, but for what is selling it is often based on our supply. Popular cards from new sets can be hard to keep in stock. We sold out of our pre-order allocation for Archangel of Thune. We were pre-selling them for $13.95 originally and now we sold out, but they were up to $29.95. 4) Every new set is a speculative investment! A lot of the time you have to order product before it is fully revealed. Yu-Gi-Oh is more volatile than MTG. Some sets you make thousands of dollars in profit and other sets you lose thousands of dollars!
I have a small cache of Magic and Pokemon cards in my attic. 1995-2000 highlights like (a few) dual lands, Mox Diamonds, and cards of similar caliber. I also have some non-Charizard 1st edition foils. What's your recommendation on liquidating these and still doing my childhood justice? I agree with Beerblebrox's post below! MTG is enjoyable at any age! If you really don't plan to play ever again though I personally keep a couple of my favorite items from each era of my childhood and that has worked out well! That said I meet a lot of MTG players who play the game quit and then play again. Buying cards and then selling them back to the shop just to buy them again is not good for your wallet!
How do I go about acquiring a whole sale license so I can buy boxes for cheap and circumvent the middleman? To buy Magic: The Gathering product you need to have a brick and mortar store and a sales permit.
As a retailer how do you feel about the reserved list for mtg? We don't have large numbers of older cards, but I think it is a good idea. I don't know if a particular list is required. I just hope that Wizards refrains from reprinting too much. It's really easy to make a massive amount of money quick with good reprints (Modern Masters), but I'm not so sure it is good for the long term.
Yu-Gi-Oh seems to reprint everything and they kind of encourage a culture where vendors can't hold onto product for long because it will devalue. I know vendors who have stopped selling YuGiOh because their inventory would just be constantly devalued and when there are less vendors there are less places to play the game.
I don't know if a particular list is required. I just hope that Wizards refrains from reprinting too much. I'm not sure if they realize what the impact would be. If a card is valuable that card's value is held by the players and stores who own those cards. When they reprint something those cards all go down in value and the value of the reprint mostly just goes to the manufacturer.
Don't mention this over at /MagicTCG. That subreddit tends to want everything to be reprinted so every card is insanely cheap. I'm not doubting players would like MTG to be more affordable. Lowering the price on everything is certainly not what any company is going to want to do though. If Wizards of the Coast pursued an aggressive reprinting policy what would happen is you would have cards at least as expensive as you do now when new sets come out. Then once everyone bought those who could months later they would reprint them and destroy the value of that investment. Personally, I don't think standard is difficult to keep up with if you do some smart trading and play any type of limited format even semi-frequently.
Why is Solar Flare Dragon the greatest Yu-Gi-Oh card ever? 1) Everyone has a favorite!
What's your favorite of the TCGs? 3) I enjoy Magic: The Gathering the best. It is what I played during my childhood and what I still play today. I have played some Pokemon TCG and Yu-Gi-Oh as well and they are both enjoyable games.
How have profits changed in the last decade? Has the popularity dwindled as much as I expect or am I just getting old? 4) A decade ago, I was beginning college and only doing this part time. I didn't realize how good it was. Margins are lower today, but the market is tremendously larger! I think it is much tougher to get into this market than it was years ago and I wouldn't be able to build up to what i have if I had started later (or at least not as easily). If you want to retire early you might want to look for a more profitable career lol. I just love what I do! I don't know why you perceive the popularity as declining. Game popularity changes, but overall the market is strong. Obviously, Pokemon was a fad many years back and it is no where near what it was, but even it is doing solid.
How did you get started in the business? It's hard to say what was really the starting point. It's like a lot of things coming together. My interest in MTG started as early as elementary school and I played (incorrectly) on and off until high school. I used to sometimes sell some cards on eBay and it kind of just grew from there!
I'm considering a career change from kitchens and have been toying with the idea of starting an online re-selling business around one of my hobbies. I considered MTG, lately been revolving around Lego, both being products I'm familiar with. My plan at this stage is to just buy a few sets each of the next release (Lego), sell them individually through eBay and other local online classifieds, then re-invest the proceeds into more sets, using the first few batches to determine how feasible this will be and to not sink too much money into a pipe dream. 3) I'm slightly OCD when it comes to collectables, always thought that if I were in the Magic business I'd keep one of each card that passed through my hands, keep the first black lotus, sell the second on. How extensive is your personal collection? 1) I pretty much started my business in high school selling cards I traded for. I just did it on eBay and it was profitable immediately, but it was pretty much just like a small allowance of $10 or $20 per week. 2) If you plan to just sell on Ebay I think it is pretty easy if you can compete on pricing. I know that it would be very difficult for me to start my business as it is today. For MTG you need to have a brick and mortar store to buy from wholesalers, so I think you would have to stick with legos if you are considering just selling new product. It might be difficult to compete too. I'm able to buy product for good prices from distributors because I buy a large volume. They also know I'm likely to do future business since I have a history of selling the types of items I do. I don't think someone would be able to offer to buy the same volume and get the same price without that history. 3) That's a dangerous attitude to have lol. You want to make sure you sell the product that runs your business. I don't have any personal collection except my decks which I sell back to my business when I'm done with them.
What is my Fog of Gnats card worth? Lol.
What us the most expensive purchase someone has made on your site? I'm not sure the most expensive purchase, but we regularly have people who buy about $1000 worth of cards when a new set comes out. It is especially true for YuGiOh where we have a lot of Japanese customers. I suspect they are probably vendors who sell the cards themselves in Japan.
Do you feel like there are more Magic players nowadays than ever before? I've been a casual player for the past 5 years and rarely go into a store anymore but I read the other day that the number of MTG players tripled since Shards of Alara. Do you feel like it? The growth has been incredible. I'm not sure how to measure the number of MTG players there are, but I wouldn't be surprised if tournament attendance was at least 3 times what it was during Shards of Alara. Our online sales have definitely at least doubled in the past 3 years.
In my local area; I moved to Providence, RI in 2006 and there were no shops I could find that had tournaments in the immediate local area. Now my shop exists and there are at least 4 other MTG retailers running tournaments within 10 miles.
Hows business? Business is good this year! MTG, Yu-Gi-Oh, Cardfight, and Pokemon are all doing fantastic.
How do you feel about some of the best card games out right now (Netrunner, AGOT, Star Wars) being LCGs. Do you think the living format is the future of card games and have you seen a shift in costumers from big money games like mtg to fixed priced games? I thing CCGs are here to stay. I haven't noticed anyone who has quit MTG, YuGiOh, Pokemon, or Cardfight Vanguard specifically to instead play an LCG. I definitely think there is a place in the market for them especially on a less hardcore level.
I think that the formula for CCG's is more profitable for manufacturers. I can't imagine any LCG bringing in the revenue per player to have the development budget that MTG has. I also think the luck aspect of opening boosters and the ability to trade cards has appeal to many players especially younger ones.
Could you take a guess at what most of your buyers are like? Do you see more younger or older people, male vs. female? It really depends on the game. Being a seller specifically of TCG's we probably reach a different audience than say Walmart does when they sell cards. YuGiOh and Pokemon both have tournaments scenes that even attract a lot of college aged adults. Obviously, a lot of our sales for those two games are to kids as well. Most MTG players we see in our shop are adults in their 20s or older, but there are still a lot of kids who come play that too! MTG has just been around a while and people have stuck with it over the years!
Most players in tournaments are male, but I think people often underestimate the number of female gamers. They just tend to not come to tournaments as much.
When selling booster packs, do you do any tricks to figure out what's in them (look at them through bright light, analyzing the pack/booster box product id, etc.) to figure out if it has an expensive rare? No. That would just result in negative feedback and unhappy customers. We are in the business for the long term and aren't shutting down our site to make a new one or remaking eBay accounts every month. When we have cards we don't need from new sets we make booster box repacks...
YuGiOh Lord of Tachyon Galaxy Booster Box Repack
MTG Avacyn Restored Booster Box Repack
Although you aren't going to get any $10 cards in these they are popular, especially for MTG where you can use them to draft for less than $3 per person (depending on the set).
Has anyone tried to buy a bulk amount of seemingly bad cards like Wood Elemental? How about Tibalt? Our site has a maximum quantity people are allowed to buy of any particular card, but it is not uncommon for people to amass collections of one bad card as a hobby or because they like the artist. I have met many players who just pick a card and try to get as many copies of it as they can!
If I'm looking to open my own Magic: The Gathering brick and mortar store in the near future, what are the most important variables to consider? How important are online sales in keeping the doors to your store open? Location and having a friendly sociable person at the counter are both extremely important. I think there is a lot of luck involved! How much money you need depends on how you live and probably where you are opening. I don't want to hypothesize on a number because we didn't really start from scratch since we had a strong online operation before opening our brick and mortar store.
Our online sales are absolutely vital to keeping our normal store open the way we have it set up now. However, there are many shops that have great tournament organizers and are quite profitable without online operations. Just my skill is really in the online market and I treat our store like a community establishment. I honestly don't try to make money off it. If it does make a lot of money one day that would be great, but I just want people to have a fun and comfortable place to play!
What's the best way to get back into MTG? I've been out of the scene for about 9 years, and it seems like it's changed drastically since then. The core game is still the same! It depends on what format you want to play and how much you know, but the Duals of the Planeswalkers 2014 video game has an excellent tutorial on how to play!
Other than that you can easily find out about recent happenings on different forums like MTG Salvation, Wizards of the Coast's own forums, and even here on Reddit!
If you want physical product, the upcoming M14 Core Set that releases on July 19th is probably a simple start. I personally think something like a M14 fat pack is a good choice because you get some basic lands, a life counter, and a nice box to put some cards/decks in.
How do you see the recent developments in online card games? Magic 2014, Blizzard's Heartstone to name the one's I know. The free to play model works extremely well for them and their execution is AAA. Do think they will impact your business negatively? Are you preparing to move into online trading? I actually was initially worried that these types of games would eat into our business, but it turned out to be the opposite. A lot of people play games like Duals of the Planeswalkers 2014 and then start playing MTG for real. I think DotP 2014 is a great way to learn the game, but being in a room with real people I think that is social experience that online TCG's can't replicate yet and I don't see them doing in my future as a vendor. Online TCGs keep getting better, but they have been around for years and the physical TCG industry has continued to grow tremendously. As someone mentioned below MTG just had their biggest tournament yet! Even with Hearthstone, when it was revealed our limited remaining inventory of World of Warcraft card sales skyrocketed.
There is certainly a market for online trading and we have thought about it, but haven't taken any action yet.
What are your thoughts on the World of Warcraft TCG? You don't claim to carry it, so I'm curious if there's a reason or something. I played it a bit and think it is a fine game, but it definitely does not have an extremely large hardcore following and its popularity seems to be directly derived from how well the video game is doing.
The card game was initially very popular when it came out, but even then people were buying it for code cards to unlock stuff in the video game primarily. Now, there are many unlockables in WoW through different means, so there is not as much interest in buying packs of the TCG for codes. Since Cryptozoic has taken over the game they seem to be trying to build a strong gaming community so perhaps that will help, but for now we are at max capacity selling other games.
How is your relationship with other MTG retailers? Are you a large TO as well? Although we are all competitors I think most MTG retailers get along pretty well. I do a lot of business with other vendors, so we certainly help each other as well as compete.
On a local level, the Providence, RI area has a great TCG gaming scene and I think a lot of that has to do with the wide selection of shops. There really is a place for gamers of every type! I think all the events and happenings have really led to growth in the gaming scene in the area. I don't know how much better or worse it would be for us if our competition wasn't there. However, I do believe the gaming scene would be much smaller.
We aren't a large TO presently, but maybe one day! Our core business is currently online and just revenue wise it is hard to imagine our physical location could ever come close. Our online site sells all over the world! That said our physical store might be expanding soon!
Do you have / have you ever considered a "deck-building" feature on your website where customers can build a deck made of singles and then be given a quote on the price for it? I always felt like that would be useful when I played TCG's some 7 or 8 years ago. That sounds like a great idea! We have a feature called deck builder which essentially lets you search a list of cards, but it doesn't automatically give you a total for all of them. I may check and see if we could implement a feature that does!
Are you moving a lot of Modern staples right now (fetch lands, Dark Confidant, Tarmogoyf, Vendilion Clique, Thoughtseize, etc.)? How does the demand for these staples compare with prior years? 1) Those cards all sell out pretty quick when we get them in. I would say Modern as a format is more popular than ever and that the release of Modern Masters really boosted it.
How has the release of Modern Masters impacted your business? 2) Modern Masters is extremely popular, but was tightly allocated. We didn't receive an extremely large amount. However, I'm sure our return on our investment is higher than any other MTG new release. It's intense popularly I think did reduce demand for Dragon's Maze and possibly M14 though.
What game is most profitable in single sales? 1) I wouldn't say there is a wide deviation between them typically as we buy single restocks on the secondary market using similar buy pricing. Each new set is a different story. For YuGiOh, I at least doubled our investment on Legendary Collection 2, but then I probably lost half of our investment if not more on Hidden Arsenal 5.
Have you done anything with kaijudo (new version of duel masters)? 2) I have researched it quite a bit, but Cardfight Vanguard was getting big at the same time as Kaijudo was being pushed to me. Cardfight seemed like a better way to expand, so we decided to invest more in that instead. I don't notice much demand at our local physical shop for Kaijudo, but most of the kids who come in are 12+, while Kaijudo packs say 8+ on them.
Do you play yugioh? 3) I have played it to learn how to play. Honestly, I didn't expect it to be as deep, strategic, and fun as it was. However, I already am more of an MTG player and mostly stick to that.
Personally, do you love the pokemon games? I do enjoy the Pokemon games. I played a ton of Pokemon Blue & Red years ago. I feel like they continue to refine them, but they don't hold my interest as long anymore. I played a bit of Pokemon Black & White, but the formula just isn't as fresh and exciting as it was to me back in Blue & Red.
What is the single most expensive card you have sold? We don't carry many of the older extremely valuable MTG cards, but we do sometimes acquire and sell cards in the $200 to $300 range.
What advice would you have for someone who is looking to start playing Magic but has no idea how to play? Download Duels of the Planeswalkers 2014! It has a great tutorial!
You guys run a fun weekly draft, just wanted to say thanks. (You are the ones in Providence RI, right?) Technically, our tournament area is right over the border in Pawtucket! We do run weekly Thursday night drafts at 7:00 PM though!
(1) Is there any sort of format that you can see being "the future of card games" ? For instance, since Magic was the first game, it seems we're moving away from power creep to a more balanced card game, but is there going to be another progression from this? 1) I think the internet and game communities are shaping the future heavily and will continue to do so. I wouldn't be surprised if MTG picks up more officially supported formats like EDH as people create new ideas.
(2) Do you think more games like The Penny-Arcade board/card games will ever take over sales due to their cheaper price? 2) I think there is a place in the market for these, but I don't think people are going to quit MTG to play them and MTG is not really difficult or expensive to get into on a casual level. I also think MTG's huge revenue at this point gives it a very healthy development budget that keeps the game continually fresh,exciting, and balanced.
(3) Is there any card game that you loved and wanted to see successful? I miss Magination, personally. 3) I pretty much grew up playing MTG so it is the game I like. As a kid I used to enjoy Overpower and I'm kind of sad that didn't work out. I haven't played as an adult, but I'm guessing it wasn't as strong of a TCG.
I have read that a brick-and-mortar storefront is a requirement of ordering booster boxes at wholesale prices. How do you operate around this? You can't! We have a brick and mortar store! Come visit us! Learn about our store HERE!
Worst customer you have ever had to deal with? Are all your orders in the US, I live in the uk and have barely seen card games existing. The worst customers don't always have the biggest problems. It's really how they interact with my people.
Recently, we had one guy buy a bunch of YuGiOh packs and before they got there he requested to return them. We told him that was fine as long as they were still sealed. He ended up opening the packs though and then still wanted to return them, which obviously is a no go in a collectable card game with cards of different values and rarities. These types of problems happen every so often, but it was really how he was just screaming and swearing at my employee for not wanting to take back his open product. If people treat my people badly I'm less inclined to help them out.
We sell all over the world. We definitely ship some orders to the UK, but most of of our customers are in the United States. We don't send enough shipments there to have a set idea of how big a market it is.
Do you feel like video games an online games based off TCGs have or could have a threat toward the sale of the physical product? Someone below had a similar question... Here is my response from that...
I actually was initially worried that these types of games would eat into our business, but it turned out to be the opposite. A lot of people play games like Duals of the Planeswalkers 2014 and then start playing MTG for real. I think DotP 2014 is a great way to learn the game, but being in a room with real people I think that is social experience that online TCG's can't replicate yet and I don't see them doing in my future as a vendor. Online TCGs keep getting better, but they have been around for years and the physical TCG industry has continued to grow tremendously. As someone mentioned below MTG just had their biggest tournament yet! Even with Hearthstone, when it was revealed our limited remaining inventory of World of Warcraft card sales skyrocketed.
How much do you take out of you booster box repacks? They look like a good deal but i wouldn't want to purchase one and get nothing but 50 cent or lower cards. You get a lot of great commons, uncommons, and bulk rares from the set of the repack! However, you probably aren't going to find many if much if anything worth more than $1. That is what you should assume you will receive. However, we do make most of the repacks when the sets come out so if cards change in value later it might be possible to snag some good cards. I know we had some Craterhoof Behemoths in the Avacyn Restored booster box repacks because it wasn't a valuable card when the set came out, but then it skyrocketed to over $20 for a little while before coming back down. That kind of price movement is uncommon though and you shouldn't buy expecting to receive anything like that.
Is your staff local based or do you hire people online as well? All of my staff is local, but we do utilize many services from other companies that have employees elsewhere. It is certainly possible for us to hire a non-locally based employee, but for coordination and communication it's a lot easier to have everyone in one place. I have noticed even when people have jobs that can be done at home it is still good to have everyone in one place. This way if our e-mail customer service rep finds out someone needs a refund they can just say 'Hey, John Doe needs a refund' directly to the person in charge of refunds and etc.
Do girls look hotter in yoga pants or jeans? I think it depends on the girl!
Magic the gathering online exchange (mtgox) switched to Bitcoin a few years ago, and have made millions. Are you miffed that you didn't get into Bitcoin too? Lol, I actually didn't know that. I don't know near enough about bit coins to have done anything like that and I'm certainly not miffed! It's great that they had the foresight to see that opportunity!
Do you ever open any of the packs yourself and what kind of cards do you collect personally? When new sets come out it can be pretty busy and I often help open packs myself! I play MTG, but don't really have a separate collection from my store inventory.
Did you ever sell mechwarrior clicks? I LOVED the game, but it didn't catch on very well :( Sorry, we pretty much concentrate on trading card games! I dabbled in some Warhammer minis a few years ago and we do sell a small amount of HeroClix.
Do you have a buy list and do you buy bulk cards, i got yu-gi-oh cards i wanna unload, the coolest card is properly an original left arm of the forbidden one, and most of the cards are first edition if that matters? Our buy list is here. We do buy bulk cards! We mostly concentrate on newer sets though for singles!
I noticed that you haven't updated prices on fetchlands in quite some time. But then, you also appear to be out of stock on them all. Were you caught unaware by the price spike, and was your stock bought out? There was no specific price spike that caught us by surprise. We just mostly concentrate on standard cards. The fetch lands are in sets that aren't on our buy list, so we don't get restocked. Most popular cards on our site would sell out within a couple weeks if were weren't constantly restocking them. We open hundreds of boxes per month and probably receive even more singles from people selling to us through our buy list! I'm hoping to expand our buy list into all modern sets very soon though!
Last updated: 2013-07-18 23:00 UTC
This post was generated by a robot! Send all complaints to epsy.
submitted by tabledresser to tabled [link] [comments]

How to check if you received bitcoins to your wallet WARNING POLONIEX NOT PROSESSING WITHDRAWS What Is Bitcoin? Coca Cola Bitcoins Double Spending Testing - YouTube Bitcoin Rises, Economic Contraction, Western Union + XRP, Tezos Staking & Fake Crypto Extensions

Bitcoin’s promise of frictionless finance is drowning in the ever more immense cost of mining, user-friendly infrastructure, and appeasing regulators. “Being your own bank sounds cool in theory,” Swanson says, “but it’s a pain in reality.” Beyond Bitcoin, episode #27: An Architecture For The Internet Of Money at Let’s Talk Bitcoin. hypnosec writes "BitInstant's CEO Charlie Shrem and Erik Voorhees were invited to speak about virtual currency at the NACHA (the North American Payments Association) Annual Global Payments Forum held in Rio de Janeiro.At the conference the duo stated that the world operates 'on an inferior monetary system'.One of the more interesting parts of the whole forum was how Bitcoin as a currency and Bitcoin is a crypto currency that allows you to send and receive money anywhere in the world and is decentralized not owned by any one person Power Mining Pool is a Brand New opportunity that mines 7 of the most profitable crypto currencies and pays you in Bitcoin every 3 hours You don’t need any experience to start and earn a passive income Bitcoin crazies forget about the original genesis of Bitcoin. For example, they talk about adding features to stop fraud, reversing transactions, and having a central authority that manages that. This misses the point, because the existing electronic banking system already does that, and does a better job at it than cryptocurrencies ever can. Dash. Layered network & not Perfect. Dash (formerly known as Darkcoin and XCoin) is an open source peer-to-peer cryptocurrency. On top of Bitcoin's feature set, it currently offers instant transactions (InstantSend), private transactions (PrivateSend) and operates a self-governing and self-funding model that enables the Dash network to pay individuals and businesses to perform work that adds

[index] [10789] [24099] [3188] [19027] [23502] [27065] [17218] [2321] [30772] [24973]

How to check if you received bitcoins to your wallet

Convert Bitcoin into Ether, Litecoin, or any other Crypto Easily ... We've seen MtGox, Cryptsy, and countless other exchange's do the same thing right before they closed. ... And yes, I have ... Coca Cola Bitcoins Double Spending Testing . Oudoor BTC Cookouts Fast-Learning Investing; 213 videos; 65 views; Last updated on Nov 24, 2019 ビットコインBitcoinチャンネル(youbitvirtual)です。ビットコインや仮想通貨全般について解説したチャンネルです。 『ドバイ猫氏 第10回マウント ... Amazon Affiliate Link - (If You Buy Something On Amazon, I Get A Small Commission As A Way To Support The Channel) - (There is NO extra cost for you) https://amzn.to/39MXp4q Computer I Use To ... Banking on Bitcoin YouTube Movies. 2017 · Documentary; 1:23:41. Desk Booking & Reservation Power Apps Template - Duration: ... Swift GPI & Universal Confirmations - Duration: ...

Flag Counter