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Bitcoin / Re: Current Bitcoin Price Rally
« Last post by eBlob on November 05, 2015, 06:07:42 PM »
Seems the price has calmed down the last couple days.

If some of the positive indicators coming out of the space are any indication though, it may trend upwards soon again though.

*fingers crossed
Bitcoin / Current Bitcoin Price Rally
« Last post by Travis Patron on November 02, 2015, 03:19:50 PM »
Ladies & gentleman, start your engines because bitcoin may be on the cusp of another rapid price climb.

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Historically, November has been an explosive month for the bitcoin price. In 2013, the price of bitcoin rallied to highs of over $1200 amid positive rulings in the USA on the potential for financial applications to be built using bitcoin technology.

Bitcoin could be in the early stages of a similar price rally to what transpired over the course of late 2013. This time, the exchange infrastructure is at a level where large investment is active in the space.


  • European Union Court of Justice Rules Bitcoin Transactions VAT Exempt – By removing value-added taxation, bitcoin can flow freely between other currencies and is not subject to sales tax when transferred. With this ruling, many of the top bitcoin businesses in Europe are breathing a sigh of relief.
  • Gemini Bitcoin Exchange Targeting Institutional Players – “… we are going after a very large market that is to date completely underserved or not even in Bitcoin at all”, Cameron Winklevoss said about the launch, “I think it’s a good thing that there are multiple efforts trying to build bitcoin infrastructure (including Coinbase) so that we can get this thing to the moon.”
  • Chinese Driven Surge – China recently capped overseas cash withdrawals, signaling a tightening grip on capital controls and an increase in bitcoin buying pressure from Chinese exchanges

How high could bitcoin go this time?
Bitcoin / Re: Can the Lightning Network Scale Bitcoin Sustainably?
« Last post by eBlob on October 28, 2015, 02:31:58 PM »
Joseph Poon:

The current challenges are related to getting in the soft-forks necessary to make it successful. There are several soft-forks necessary in the near-term, and some longer-term.
OP_CHECKLOCKTIMEVERIFY has been merged into bitcoin-core, which means that it will be in bitcoin within several months, which can be used by Lightning (among other projects which need it). OP_CHECKSEQUENCEVERIFY and a relative locktime nSequence soft-fork are also necessary to let one create channels which can last an indefinite amount of time. Longer-term it’s ideal for wallet security to have a SIGHASH_NORMALIZED or SIGHASH_NOINPUT flag which allows one to sign transactions which have not been created yet, this allows for one to outsource the security of watching the blockchain. Additionally, it may be necessary longer-term to have a timestop function for blockchain denial service attacks.
Until that time, the Lightning Network should be used primarily for micropayments and smaller amounts to minimize risk.

I think there’s lots of promise for technological development of Bitcoin as the core basis for money. Bitcoin created the basis for money, and by having an electronic cash system, we need to build the rest of the financial infrastructure as a result. However, by having this monetary base, technologies like Lightning Network can rest atop this base and build out the future of finance.

In other words, it appears to me that LN cannot be relied on to resolve scalability concerns in the near-term (next 1 year). Thus, block size increase may be the only way to deal with near-term scalability.
Bitcoin / Can the Lightning Network Scale Bitcoin Sustainably?
« Last post by Travis Patron on October 28, 2015, 02:22:15 PM »

The bitcoin lightning network is an off-chain payment channel that has the potential to provide instant, high-volume micropayments while removing the risk of delegating custody of funds to trusted third parties.

Could the lightning network technology offer a sustainable way to scale the main bitcoin blockchain?

Recently, we had the chance to ask one of the inventors, Joseph Poon, a few questions surrounding this new technology and how they are planning to use the lightning network to benefit bitcoin users.

Do you think the lightning network required serious consideration?
Bitcoin / EU Has Declared Bitcoin a Tax-Exempt Currency - Not a Commodity
« Last post by Travis Patron on October 23, 2015, 03:07:52 PM »
Wall Street Journal - EU Rules Bitcoin Is a Currency, Not a Commodity—Virtually

This is one step closer to digital money eroding the power of national governments and moving us towards something much more complex. What kinds of implications do you see this having? Is it an accurate ruling, or do you disagree with the EU's top court?
Bitcoin / Re: The BitLicense: Bad for Bitcoin Business?
« Last post by Yoshi Yoku on October 16, 2015, 03:31:07 AM »
Bad for bitcoin business all-around.

And that's precisely why it was put into place ...

And here I thought it was all about 'safe and sane regulation' right?
Bitcoin / Re: The BitLicense: Bad for Bitcoin Business?
« Last post by eBlob on October 16, 2015, 03:09:56 AM »
Bad for bitcoin business all-around.

And that's precisely why it was put into place ...
Bitcoin / The BitLicense: Bad for Bitcoin Business?
« Last post by Travis Patron on October 16, 2015, 02:41:40 AM »
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Agree? Disagree?

What's your take on the BitLicense and how do you see it affecting the landscape of bitcoin in the state of New York?

Further Reading: New York Is Losing Its Battle to Regulate Bitcoin - "It appears the New York Department of Financial Services is serving up regulations which could ultimately hurt a dynasty in what is otherwise a jurisdiction known for its financial prowess."
Bitcoin / Re: Winklevoss Gemini Exchange Is Approved For Launch
« Last post by Derek Teeso on October 07, 2015, 07:10:03 AM »
Good news abound!

Hopefully this can break the price slump bitcoin has been in since the Mt.Gox fiasco.
Bitcoin / Winklevoss Gemini Exchange Is Approved For Launch
« Last post by eBlob on October 07, 2015, 07:08:08 AM »
Finally, after what seems to have been months of delay, the Winklevoss twins have gained approval from the NYSDFS to launch their bitcoin exchange. Already, this seem to has caused some upward price momentum.

It really does seem like the twin duo is seeking to bring on institutional players not just on Wall Street, but from around many different countries!

Winklevoss Gemini Bitcoin Exchange Eyes Institutional Players
Bitcoin Exchange Gemini Approved for Launch in New York
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