Bitcoin Virtual Currency for sale eBay

Certified 2011 Casascius Physical Bitcoin Sells for $28,700 on eBay

Certified 2011 Casascius Physical Bitcoin Sells for $28,700 on eBay submitted by HK_frank to Bitcoin [link] [comments]

A Single Series 1 Casascius Physical Bitcoin (Minted 11/2011) Sells for $1075 at Auction on Ebay

A Single Series 1 Casascius Physical Bitcoin (Minted 11/2011) Sells for $1075 at Auction on Ebay submitted by ViresInNumeris to Bitcoin [link] [comments]

eBay just banned my Casascius physical Bitcoin listings as "electronic currency".

After reviewing your eBay account, it appears that you have violated eBay's Digitally Delivered Goods policy. As a result, we've taken the following action on your account:
Listing digitally delivered goods outside of the Classified Ad format in the Everything Else > Informational products category is not allowed.
The guidelines for digitally delivered goods help prevent feedback manipulation or artificial increases in eBay seller ratings. The guidelines also help protect members by preventing item listings that may infringe on the intellectual property rights of others.
You can list most digitally delivered goods, but only if you use the Classified Ad format and list your item in the Everything Else > Information Products category.
Here's more information on our policy:
http://pages.ebay.com/help/policies/downloadable.html
You have listed a Bit Coin. eBay has made the decision not to allow Bit Coins or any other variation of electronic currency at this time. Please do not try and relist this item.
If you have more questions, contact our policy experts:
http://ocsnext.ebay.com/ocs/home
submitted by runderwo to Bitcoin [link] [comments]

05-21 20:23 - '25 BTC Casascius Coin on eBay' (ebay.com) by /u/darrellcalkjr removed from /r/Bitcoin within 186-196min

25 BTC Casascius Coin on eBay
Go1dfish undelete link
unreddit undelete link
Author: darrellcalkjr
submitted by removalbot to removalbot [link] [comments]

Why are these scams allowed on EBay? "Gold Plated 1oz Bitcoin Casascius BTC 1 Physical Bit Coin"

Why are these scams allowed on EBay? submitted by mojolama to Bitcoin [link] [comments]

Has eBay banned selling casascius coins again? What's their goddam issue? /r/Bitcoin

Has eBay banned selling casascius coins again? What's their goddam issue? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

wheres a good place to sell a loaded 2013 Casascius coin? ebay seems sketchy for this purpose. /r/Bitcoin

wheres a good place to sell a loaded 2013 Casascius coin? ebay seems sketchy for this purpose. /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Funded 2013 Casascius ฿1 Physcial Bitcoin 1oz Silver w Gold B and Rim 1BTC | eBay

Funded 2013 Casascius ฿1 Physcial Bitcoin 1oz Silver w Gold B and Rim 1BTC | eBay submitted by bVector to NSL [link] [comments]

2013 "Casascius" 1 oz Silver Physical Bitcoin 1 0 BTC Loaded New | eBay

2013 "Casascius" 1 oz Silver Physical Bitcoin 1 0 BTC Loaded New | eBay submitted by bVector to NSL [link] [comments]

Funded 2013 Casascius ฿0 5 Physcial Bitcoin Half 1 2oz Silver Rounds 0 5BTC | eBay

Funded 2013 Casascius ฿0 5 Physcial Bitcoin Half 1 2oz Silver Rounds 0 5BTC | eBay submitted by bVector to NSL [link] [comments]

If i was to cast metal Tarkov medallions out of aluminum or Aluminum Bronze (gold colored) what items should I try to make?

My initial thought was the same as what most of you are thinking right now: Bitcoins. There's 2 problems with them.
1 is that there are real physical bitcoins that have bitcoin value.
2 is that the level of detail in them would be extremely hard to get right.
submitted by uNEEDaMEME to EscapefromTarkov [link] [comments]

Casascius Coins, Looking to Buy

Does anybody have experience with Casascius Bitcoins? I am looking to purchase one but can’t find much of a market aside from ebay. Any other places to look? Any things to be aware of, are fakes prevalent?
submitted by anonymouscitizen2 to Bitcoin [link] [comments]

Needing some advice on selling casascius coin

I really wish I could holdl this coin, but vet bills are a bitch.
Anyways I have a 2013 fully funded 1 BTC casascius coin, and I am not sure what the best way to sell this collectible piece of bitcoin history. Should I just sell on Ebay (can I even?) or should I just cash out the BTC on the coin? Are there any other auction like sites that could use to maximize my profits?

Thanks in advance
Link in case you are curious what it is
submitted by Esh911 to Bitcoin [link] [comments]

Lightning Network Will Likely Fail Due To Several Possible Reasons

ECONOMIC CASE IS ABSENT FOR MANY TRANSACTIONS
The median Bitcoin (BTC) fee is $14.41 currently. This has gone parabolic in the past few days. So, let’s use a number before this parabolic rise, which was $3.80. Using this number, opening and closing a Lightning Network (LN) channel means that you will pay $7.60 in fees. Most likely, the fee will be much higher for two reasons:
  1. BTC fees have been trending higher all year and will be higher by the time LN is ready
  2. When you are in the shoe store or restaurant, you will likely pay a higher fee so that you are not waiting there for one or more hours for confirmation.
Let’s say hypothetically that Visa or Paypal charges $1 per transaction. This means that Alice and Carol would need to do 8 or more LN transactions, otherwise it would be cheaper to use Visa or Paypal.
But it gets worse. Visa doesn’t charge the customer. To you, Visa and Cash are free. You would have no economic incentive to use BTC and LN.
Also, Visa does not charge $1 per transaction. They charge 3%, which is 60 cents on a $20 widget. Let’s say that merchants discount their widgets by 60 cents for non-Visa purchases, to pass the savings onto the customer. Nevertheless, no one is going to use BTC and LN to buy the widget unless 2 things happen:
  1. they buy more than 13 widgets from the same store ($7.60 divided by 60 cents)
  2. they know ahead of time that they will do this with that same store
This means that if you’re traveling, or want to tip content producers on the internet, you will likely not use BTC and LN. If you and your spouse want to try out a new restaurant, you will not use BTC and LN. If you buy shoes, you will not use BTC and LN.
ROAD BLOCKS FROM INSUFFICIENT FUNDS
Some argue that you do not need to open a channel to everyone, if there’s a route to that merchant. This article explains that if LN is a like a distributed mesh network, then another problem exists:
"third party needs to possess the necessary capital to process the transaction. If Alice and Bob do not have an open channel, and Alice wants to send Bob .5 BTC, they'll both need to be connected to a third party (or a series of 3rd parties). Say if Charles (the third party) only possesses .4 BTC in his respective payment channels with the other users, the transaction will not be able to go through that route. The longer the route, the more likely that a third party does not possess the requisite amount of BTC, thereby making it a useless connection.”
CENTRALIZATION
According to this visualization of LN on testnet, LN will be centralized around major hubs. It might be even more centralized than this visualization if the following are true:
  1. Users will want to connect to large hubs to minimize the number of times they need to open/close channels, which incur fees
  2. LN’s security and usability relies on 100% uptime of relaying parties
  3. Only large hubs with a lot of liquidity will be able to make money
  4. Hubs or intermediary nodes will need to be licensed as money transmitters, centralizing LN to exchanges and banks as large hubs
What will the impact be on censorship-resistance, trust-less and permission-less?
NEED TO BE LICENSED AS MONEY TRANSMITTER
Advocates for LN seem to talk a lot about the technology, but ignore the legalities.
FinCEN defines money transmitters. LN hubs and intermediary nodes seem to satisfy this definition.
Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies
“…applicability of the regulations … to persons creating, obtaining, distributing, exchanging, accepting, or transmitting virtual currencies.”
“…an administrator or exchanger is an MSB under FinCEN's regulations, specifically, a money transmitter…”
"An administrator or exchanger that (1) accepts and transmits a convertible virtual currency or (2) buys or sells convertible virtual currency for any reason is a money transmitter under FinCEN's regulations…”
"FinCEN's regulations define the term "money transmitter" as a person that provides money transmission services, or any other person engaged in the transfer of funds. The term "money transmission services" means "the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means.””
"The definition of a money transmitter does not differentiate between real currencies and convertible virtual currencies.”
FinCEN’s regulations for IVTS:
"An “informal value transfer system” refers to any system, mechanism, or network of people that receives money for the purpose of making the funds or an equivalent value payable to a third party in another geographic location, whether or not in the same form.”
“…IVTS… must comply with all BSA registration, recordkeeping, reporting and AML program requirements.
“Money transmitting” occurs when funds are transferred on behalf of the public by any and all means including, but not limited to, transfers within the United States or to locations abroad…regulations require all money transmitting businesses…to register with FinCEN."
Mike Caldwell used to accept and mail bitcoins. Customers sent him bitcoins and he mailed physical bitcoins back or to a designated recipient. There is no exchange from one type of currency to another. FinCEN told him that he needed to be licensed as money transmitter, after which Caldwell stopped mailing out bitcoins.
ARGUMENTS AGAINST NEED FOR LICENSING
Some have argued that LN does not transfer BTC until the channel is closed on the blockchain. This is not a defence, since channels will close on the blockchain.
Some have argued that LN nodes do not take ownership of funds. Is this really true? Is this argument based on a technicality or hoping for a loophole? It seems intuitive that a good prosecutor can easily defeat this argument. Even if this loophole exists, can we count on the government to never close this loophole?
So, will LN hubs and intermediary nodes need to be licensed as money transmitters? If so, then Bob, who is the intermediary between Alice and Carol, will need a license. But Bob won’t have the money nor qualifications. Money transmitters need to pay $25,000 to $1 million, maintain capital levels and are subject to KYC/AML regulations1. In which case, LN will have mainly large hubs, run by financial firms, such as banks and exchanges.
Will the banks want this? Likely. Will they lobby the government to get it? Likely.
Some may be wondering about miners. FinCEN has declared that miners are not money transmitters:
https://coincenter.org/entry/aml-kyc-tokens :
"Subsequent administrative rulings clarified several remaining ambiguities: miners are not money transmitters…"
FinCEN Declares Bitcoin Miners, Investors Aren't Money Transmitters
Some argue that LN nodes will go through Tor and be anonymous. For this to work, will all of the nodes connecting to it, need to run Tor? If so, then how likely will this happen and will all of these people need to run Tor on every device (laptop, phone and tablet)? Furthermore, everyone of these people will be need to be sufficiently tech savvy to download, install and set up Tor. Will the common person be able to do this? Also, will law-abiding nodes, such as retailers or banks, risk their own livelihood by connecting to an illegal node? What is the likelihood of this?
Some argue that unlicensed LN hubs can run in foreign countries. Not true. According to FinCEN: "“Money transmitting” occurs when funds are…transfers within the United States or to locations abroad…” Also, foreign companies are not immune from the laws of other countries which have extradition agreements. The U.S. government has sued European banks over the LIBOR scandal. The U.S. government has charged foreign banks for money laundering and two of those banks pleaded guilty. Furthermore, most countries have similar laws. It is no coincidence that European exchanges comply with KYC/AML.
Will licensed, regulated LN hubs connect to LN nodes behind Tor or in foreign countries? Unlikely. Will Amazon or eBay connect to LN nodes behind Tor or in foreign countries? Unlikely. If you want to buy from Amazon, you’ll likely need to register yourself at a licensed, regulated LN hub, which means you’ll need to provide your identification photo.
Say goodbye to a censorship-resistant, trust-less and permission-less coin.
For a preview of what LN will probably look like, look at Coinbase or other large exchanges. It’s a centralized, regulated and censored hub. Coinbase allows users to send to each other off-chain. Coinbase provides user data to the IRS and disallows users from certain countries to sell BTC. You need to trust that no rogue employee in the exchange will steal your funds, or that a bank will not confiscate your funds as banks did in Cyprus. What if the government provides a list of users, who are late with their tax returns, to Coinbase and tells Coinbase to block those users from making transactions? You need Coinbase’s permission.
This would be the antithesis of why Satoshi created Bitcoin.
NEED TO REPORT TO IRS
The IRS has a definition for “third party settlement organization” and these need to report transactions to the IRS.
Though we do not know for sure yet, it can be argued that LN hubs satisfies this definition. If this is the case, who will be willing to be LN hubs, other than banks and exchanges?
To read about the discussion, go to:
Lightning Hubs Will Need To Report To IRS
COMPLEXITY
All cryptocurrencies are complicated for the common person. You may be tech savvy enough to find a secure wallet and use cryptocurrencies, but the masses are not as tech savvy as you.
LN adds a very complicated and convoluted layer to cryptocurrencies. It is bound to have bugs for years to come and it’s complicated to use. This article provides a good explanation of the complexity. Just from the screenshot of the app, the user now needs to learn additional terms and commands:
“On Chain”
“In Channels”
“In Limbo”
“Your Channel”
“Create Channel”
“CID”
“OPENING”
“PENDING-OPEN”
“Available to Receive”
“PENDING-FORCE-CLOSE”
There are also other things to learn, such as how funds need to be allocated to channels and time locks. Compare this to using your current wallet.
Recently, LN became even more complicated and convoluted. It needs a 3rd layer as well:
Scaling Bitcoin Might Require A Whole 'Nother Layer
How many additional steps does a user need to learn?
ALL COINS PLANNING OFF-CHAIN SCALING ARE AT RISK
Bitcoin Segwit, Litecoin, Vertcoin and possibly others (including Bitcoin Cash) are planning to implement LN or layer 2 scaling. Ethereum is planning to use Raiden Network, which is very similar to LN. If the above is true about LN, then the scaling roadmap for these coins is questionable at best, nullified at worst.
BLOCKSTREAM'S GAME PLAN IS ON TRACK
Blockstream employs several of the lead Bitcoin Core developers. Blockstream has said repeatedly that they want high fees. Quotes and source links can be found here.
Why is Blockstream so adamant on small blocks, high fees and off-chain scaling?
Small blocks, high fees and slow confirmations create demand for off-chain solutions, such as Liquid. Blockstream sells Liquid to exchanges to move Bitcoin quickly on a side-chain. LN will create liquidity hubs, such as exchanges, which will generate traffic and fees for exchanges. With this, exchanges will have a higher need for Liquid. This will be the main way that Blockstream will generate revenue for its investors, who invested $76 million. Otherwise, they can go bankrupt and die.
One of Blockstream’s investors/owners is AXA. AXA’s CEO and Chairman until 2016 was also the Chairman of Bilderberg Group. The Bilderberg Group is run by bankers and politicians (former prime ministers and nation leaders). According to GlobalResearch, Bilderberg Group wants “a One World Government (World Company) with a single, global marketplace…and financially regulated by one ‘World (Central) Bank’ using one global currency.” LN helps Bilderberg Group get one step closer to its goal.
Luke-Jr is one of the lead BTC developers in Core/Blockstream. Regulation of BTC is in-line with his beliefs. He is a big believer in the government, as he believes that the government should tax you and the “State has authority from God”. In fact, he has other radical beliefs as well:
So, having only large, regulated LN hubs is not a failure for Blockstream/Bilderberg. It’s a success. The title of this article should be changed to: "Lightning Will Fail Or Succeed, Depending On Whether You Are Satoshi Or Blockstream/Bilderberg".
SIGNIFICANT ADVANCEMENTS WITH ON-CHAIN SCALING
Meanwhile, some coins such as Ethereum and Bitcoin Cash are pushing ahead with on-chain scaling. Both are looking at Sharding.
Visa handles 2,000 transactions per second on average. Blockstream said that on-chain scaling will not work. The development teams for Bitcoin Cash have shown significant on-chain scaling:
1 GB block running on testnet demonstrates over 10,000 transactions per second:
"we are not going from 1MB to 1GB tomorrow — The purpose of going so high is to prove that it can be done — no second layer is necessary”
"Preliminary Findings Demonstrate Over 10,000 Transactions Per Second"
"Gigablock testnet initiative will likely be implemented first on Bitcoin Cash”
Peter Rizun, Andrew Stone -- 1 GB Block Tests -- Scaling Bitcoin Stanford At 13:55 in this video, Rizun said that he thinks that Visa level can be achieved with a 4-core/16GB machine with better implementations (modifying the code to take advantage of parallelization.)
Bitcoin Cash plans to fix malleability and enable layer 2 solutions:
The Future of “Bitcoin Cash:” An Interview with Bitcoin ABC lead developer Amaury Séchet:
"fixing malleability and enabling Layer 2 solutions will happen”
However, it is questionable if layer 2 will work or is needed.
GOING FORWARD
The four year scaling debate and in-fighting is what caused small blockers (Blockstream) to fork Bitcoin by adding Segwit and big blockers to fork Bitcoin into Bitcoin Cash. Read:
Bitcoin Divorce - Bitcoin [Legacy] vs Bitcoin Cash Explained
It will be interesting to see how they scale going forward.
Scaling will be instrumental in getting network effect and to be widely adopted as a currency. Whichever Coin Has The Most Network Effect Will Take All (Or Most) (BTC has little network effect, and it's shrinking.)
The ability to scale will be key to the long term success of any coin.
submitted by curt00 to btc [link] [comments]

questions about 2011 casascius bitcoin

hello, I have an active 2011 casascius bitcoin. It is the first series with the "casacius" spelling error in the hologram. I discovered recently that this coin has sold for as much as $10,000 on ebay and even saw one listed for $100,000 today. I contacted a coin broker, but said they did not know enough about bitcoin to help me and knew of no one to refer me to. I am now wondering about a couple of things:
*Do I need to have the coin graded and encapsulated? If so do you have recommendations of where to do this?
*I have been storing it in a waterproof pelican case for the last few years, but initially it just sat in a drawer. how much would the condition affect the value? I don't know anything about coins, but I would assume that it is not "mint", even though it looks good to me. I've included a picture for some frame of reference.
*Where would be the best place to sell something like this for USD? I have not used ebay before and am hesitant to have this be the first thing I sell.
I'm sorry if this is similar to questions that have been asked before. I really don't even know exactly what to ask about, I am just looking for any advice on what to do with something that seems to be very valuable at the moment.
Thanks for your help, if there is a better place to post about this please let me know.
http://imgur.com/a/ISQef
submitted by casaciusthrowaway to Bitcoin [link] [comments]

Bitcoin Collectible With One BTC Inside Listed on eBay for $99,000

Bitcoin Collectible With One BTC Inside Listed on eBay for $99,000
Bitcoin Collectible With One BTC Inside Listed on eBay for $99,000
An eBay seller with a widely positive rating has recently listed a bitcoin collectible with one BTC (around $11,400) inside it for $99,000.
https://preview.redd.it/6dvqozxcxu831.jpg?width=1000&format=pjpg&auto=webp&s=d0a7df4a927d969d31685a15e3a7781ea845e11a
The collectible, a Casascius bitcoin token that was created in 2011, is allegedly one of a total of 27,834 Casascius bitcoin tokens a cryptocurrency enthusiast created in 2010. Each token contains a specific amount of real cryptocurrency that can be collected through a private key embedded in them.
Some have 1,000 BTC ($11.3 million) in them. The person behind the project stopped creating these coins in 2013. According to a website tracking these tokens, out of the 27,834 that were created 6,432 have already been opened, meaning the bitcoin on them has been collected.
submitted by NYECOIN to u/NYECOIN [link] [comments]

Lightning Network Will Likely Fail Due To Several Possible Reasons

ECONOMIC CASE IS ABSENT FOR MANY TRANSACTIONS
The median Bitcoin (BTC) fee is $14.41 currently. This has gone parabolic in the past few days. So, let’s use a number before this parabolic rise, which was $3.80. Using this number, opening and closing a Lightning Network (LN) channel means that you will pay $7.60 in fees. Most likely, the fee will be much higher for two reasons:
  1. BTC fees have been trending higher all year and will be higher by the time LN is ready
  2. When you are in the shoe store or restaurant, you will likely pay a higher fee so that you are not waiting there for one or more hours for confirmation.
Let’s say hypothetically that Visa or Paypal charges $1 per transaction. This means that Alice and Carol would need to do 8 or more LN transactions, otherwise it would be cheaper to use Visa or Paypal.
But it gets worse. Visa doesn’t charge the customer. To you, Visa and Cash are free. You would have no economic incentive to use BTC and LN.
Also, Visa does not charge $1 per transaction. They charge 3%, which is 60 cents on a $20 widget. Let’s say that merchants discount their widgets by 60 cents for non-Visa purchases, to pass the savings onto the customer. Nevertheless, no one is going to use BTC and LN to buy the widget unless 2 things happen:
  1. they buy more than 13 widgets from the same store ($7.60 divided by 60 cents)
  2. they know ahead of time that they will do this with that same store
This means that if you’re traveling, or want to tip content producers on the internet, you will likely not use BTC and LN. If you and your spouse want to try out a new restaurant, you will not use BTC and LN. If you buy shoes, you will not use BTC and LN.
ROAD BLOCKS FROM INSUFFICIENT FUNDS
Some argue that you do not need to open a channel to everyone, if there’s a route to that merchant. This article explains that if LN is like a distributed mesh network, then another problem exists:
"third party needs to possess the necessary capital to process the transaction. If Alice and Bob do not have an open channel, and Alice wants to send Bob .5 BTC, they'll both need to be connected to a third party (or a series of 3rd parties). Say if Charles (the third party) only possesses .4 BTC in his respective payment channels with the other users, the transaction will not be able to go through that route. The longer the route, the more likely that a third party does not possess the requisite amount of BTC, thereby making it a useless connection.”
CENTRALIZATION
According to this visualization of LN on testnet, LN will be centralized around major hubs. It might be even more centralized than this visualization if the following are true:
  1. Users will want to connect to large hubs to minimize the number of times they need to open/close channels, which incur fees
  2. LN’s security and usability relies on 100% uptime of relaying parties
  3. Only large hubs with a lot of liquidity will be able to make money
  4. Hubs or intermediary nodes will need to be licensed as money transmitters, centralizing LN to exchanges and banks as large hubs
What will the impact be on censorship-resistance, trust-less and permission-less?
NEED TO BE LICENSED AS MONEY TRANSMITTER
Advocates for LN seem to talk a lot about the technology, but ignore the legalities.
FinCEN defines money transmitters. LN hubs and intermediary nodes seem to satisfy this definition.
Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies
“…applicability of the regulations … to persons creating, obtaining, distributing, exchanging, accepting, or transmitting virtual currencies.”
“…an administrator or exchanger is an MSB under FinCEN's regulations, specifically, a money transmitter…”
"An administrator or exchanger that (1) accepts and transmits a convertible virtual currency or (2) buys or sells convertible virtual currency for any reason is a money transmitter under FinCEN's regulations…”
"FinCEN's regulations define the term "money transmitter" as a person that provides money transmission services, or any other person engaged in the transfer of funds. The term "money transmission services" means "the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means.””
"The definition of a money transmitter does not differentiate between real currencies and convertible virtual currencies.”
FinCEN’s regulations for IVTS:
"An “informal value transfer system” refers to any system, mechanism, or network of people that receives money for the purpose of making the funds or an equivalent value payable to a third party in another geographic location, whether or not in the same form.”
“…IVTS… must comply with all BSA registration, recordkeeping, reporting and AML program requirements.
“Money transmitting” occurs when funds are transferred on behalf of the public by any and all means including, but not limited to, transfers within the United States or to locations abroad…regulations require all money transmitting businesses…to register with FinCEN."
Mike Caldwell used to accept and mail bitcoins. Customers sent him bitcoins and he mailed physical bitcoins back or to a designated recipient. There is no exchange from one type of currency to another. FinCEN told him that he needed to be licensed as money transmitter, after which Caldwell stopped mailing out bitcoins.
ARGUMENTS AGAINST NEED FOR LICENSING
Some have argued that LN does not transfer BTC until the channel is closed on the blockchain. This is not a defence, since channels will close on the blockchain.
Some have argued that LN nodes do not take ownership of funds. Is this really true? Is this argument based on a technicality or hoping for a loophole? It seems intuitive that a good prosecutor can easily defeat this argument. Even if this loophole exists, can we count on the government to never close this loophole?
So, will LN hubs and intermediary nodes need to be licensed as money transmitters? If so, then Bob, who is the intermediary between Alice and Carol, will need a license. But Bob won’t have the money nor qualifications. Money transmitters need to pay $25,000 to $1 million, maintain capital levels and are subject to KYC/AML regulations1. In which case, LN will have mainly large hubs, run by financial firms, such as banks and exchanges.
Will the banks want this? Likely. Will they lobby the government to get it? Likely.
Some may be wondering about miners. FinCEN has declared that miners are not money transmitters:
https://coincenter.org/entry/aml-kyc-tokens :
"Subsequent administrative rulings clarified several remaining ambiguities: miners are not money transmitters…"
FinCEN Declares Bitcoin Miners, Investors Aren't Money Transmitters
Some argue that LN nodes will go through Tor and be anonymous. For this to work, will all of the nodes connecting to it, need to run Tor? If so, then how likely will this happen and will all of these people need to run Tor on every device (laptop, phone and tablet)? Furthermore, everyone of these people will be need to be sufficiently tech savvy to download, install and set up Tor. Will the common person be able to do this? Also, will law-abiding nodes, such as retailers or banks, risk their own livelihood by connecting to an illegal node? What is the likelihood of this?
Some argue that unlicensed LN hubs can run in foreign countries. Not true. According to FinCEN: "“Money transmitting” occurs when funds are…transfers within the United States or to locations abroad…” Also, foreign companies are not immune from the laws of other countries which have extradition agreements. The U.S. government has sued European banks over the LIBOR scandal. The U.S. government has charged foreign banks for money laundering and two of those banks pleaded guilty. Furthermore, most countries have similar laws. It is no coincidence that European exchanges comply with KYC/AML.
Will licensed, regulated LN hubs connect to LN nodes behind Tor or in foreign countries? Unlikely. Will Amazon or eBay connect to LN nodes behind Tor or in foreign countries? Unlikely. If you want to buy from Amazon, you’ll likely need to register yourself at a licensed, regulated LN hub, which means you’ll need to provide your identification photo.
Say goodbye to a censorship-resistant, trust-less and permission-less coin.
For a preview of what LN will probably look like, look at Coinbase or other large exchanges. It’s a centralized, regulated and censored hub. Coinbase allows users to send to each other off-chain. Coinbase provides user data to the IRS and disallows users from certain countries to sell BTC. You need to trust that no rogue employee in the exchange will steal your funds, or that a bank will not confiscate your funds as banks did in Cyprus. What if the government provides a list of users, who are late with their tax returns, to Coinbase and tells Coinbase to block those users from making transactions? You need Coinbase’s permission.
This would be the antithesis of why Satoshi created Bitcoin.
NEED TO REPORT TO IRS
The IRS has a definition for “third party settlement organization” and these need to report transactions to the IRS.
Though we do not know for sure yet, it can be argued that LN hubs satisfies this definition. If this is the case, who will be willing to be LN hubs, other than banks and exchanges?
To read about the discussion, go to:
Lightning Hubs Will Need To Report To IRS
COMPLEXITY
All cryptocurrencies are complicated for the common person. You may be tech savvy enough to find a secure wallet and use cryptocurrencies, but the masses are not as tech savvy as you.
LN adds a very complicated and convoluted layer to cryptocurrencies. It is bound to have bugs for years to come and it’s complicated to use. This article provides a good explanation of the complexity. Just from the screenshot of the app, the user now needs to learn additional terms and commands:
“On Chain”
“In Channels”
“In Limbo”
“Your Channel”
“Create Channel”
“CID”
“OPENING”
“PENDING-OPEN”
“Available to Receive”
“PENDING-FORCE-CLOSE”
There are also other things to learn, such as how funds need to be allocated to channels and time locks. Compare this to using your current wallet.
Recently, LN became even more complicated and convoluted. It needs a 3rd layer as well:
Scaling Bitcoin Might Require A Whole 'Nother Layer
How many additional steps does a user need to learn?
ALL COINS PLANNING OFF-CHAIN SCALING ARE AT RISK
Bitcoin Segwit, Litecoin, Vertcoin and possibly others (including Bitcoin Cash) are planning to implement LN or layer 2 scaling. Ethereum is planning to use Raiden Network, which is very similar to LN. If the above is true about LN, then the scaling roadmap for these coins is questionable at best, nullified at worst.
BLOCKSTREAM'S GAME PLAN IS ON TRACK
Blockstream employs several of the lead Bitcoin Core developers. Blockstream has said repeatedly that they want high fees. Quotes and source links can be found here.
Why is Blockstream so adamant on small blocks, high fees and off-chain scaling?
Small blocks, high fees and slow confirmations create demand for off-chain solutions, such as Liquid. Blockstream sells Liquid to exchanges to move Bitcoin quickly on a side-chain. LN will create liquidity hubs, such as exchanges, which will generate traffic and fees for exchanges. With this, exchanges will have a higher need for Liquid. This will be the main way that Blockstream will generate revenue for its investors, who invested $76 million. Otherwise, they can go bankrupt and die.
One of Blockstream’s investors/owners is AXA. AXA’s CEO and Chairman until 2016 was also the Chairman of Bilderberg Group. The Bilderberg Group is run by bankers and politicians (former prime ministers and nation leaders). According to GlobalResearch, Bilderberg Group wants “a One World Government (World Company) with a single, global marketplace…and financially regulated by one ‘World (Central) Bank’ using one global currency.” LN helps Bilderberg Group get one step closer to its goal.
Luke-Jr is one of the lead BTC developers in Core/Blockstream. Regulation of BTC is in-line with his beliefs. He is a big believer in the government, as he believes that the government should tax you and the “State has authority from God”. In fact, he has other radical beliefs as well:
So, having only large, regulated LN hubs is not a failure for Blockstream/Bilderberg. It’s a success. The title of this article should be changed to: "Lightning Will Fail Or Succeed, Depending On Whether You Are Satoshi Or Blockstream/Bilderberg".
SIGNIFICANT ADVANCEMENTS WITH ON-CHAIN SCALING
Meanwhile, some coins such as Ethereum and Bitcoin Cash are pushing ahead with on-chain scaling. Both are looking at Sharding.
Visa handles 2,000 transactions per second on average. Blockstream said that on-chain scaling will not work. The development teams for Bitcoin Cash have shown significant on-chain scaling:
1 GB block running on testnet demonstrates over 10,000 transactions per second:
"we are not going from 1MB to 1GB tomorrow — The purpose of going so high is to prove that it can be done — no second layer is necessary”
"Preliminary Findings Demonstrate Over 10,000 Transactions Per Second"
"Gigablock testnet initiative will likely be implemented first on Bitcoin Cash”
Peter Rizun, Andrew Stone -- 1 GB Block Tests -- Scaling Bitcoin Stanford At 13:55 in this video, Rizun said that he thinks that Visa level can be achieved with a 4-core/16GB machine with better implementations (modifying the code to take advantage of parallelization.)
Bitcoin Cash plans to fix malleability and enable layer 2 solutions:
The Future of “Bitcoin Cash:” An Interview with Bitcoin ABC lead developer Amaury Séchet:
"fixing malleability and enabling Layer 2 solutions will happen”
However, it is questionable if layer 2 will work or is needed.
GOING FORWARD
The four year scaling debate and in-fighting is what caused small blockers (Blockstream) to fork Bitcoin by adding Segwit and big blockers to fork Bitcoin into Bitcoin Cash. Read:
Bitcoin Divorce - Bitcoin [Legacy] vs Bitcoin Cash Explained
It will be interesting to see how they scale going forward.
Scaling will be instrumental in getting network effect and to be widely adopted as a currency. Whichever Coin Has The Most Network Effect Will Take All (Or Most) (BTC has little network effect, and it's shrinking.)
The ability to scale will be key to the long term success of any coin.
submitted by curt00 to Bitcoincash [link] [comments]

Physical Bitcoin For Sale on eBay for $99,000

A physical bitcoin (BTC) is selling on eBay for $99,000, a listing on July 1 shows.

The seller claims the “collector’s must have” is a Casascius brass token that was created in 2011.

According to the listing, the physical coin is loaded with one BTC that has not been redeemed, and all of the seals remain intact.

Payment can be made in crypto or cash, and the seller says they will also consider trading it for real estate. However, the listing adds that “Cars and boats = no.”

The seller says they made the purchase back in 2012 and have kept it in their safe since then, adding: “Only a few hundred remains in the ENTIRE world.”

https://cointelegraph.com/news/this-rare-physical-bitcoin-can-be-yours-for-99-000
submitted by FastSellerService to BitcoinInfo [link] [comments]

Lealana Funded Litecoin

I was about to put one of these coins onto Ebay and wondered if anyone would be interested here before I do?
I live in the UK but can provide proof of ownership in whatever way you would prefer and send nearly anywhere in the world. Definitely not Australia though! I had to send a casascius Bitcoin there a while ago and ended up delivering the bloody thing by hand!!
Anyway, will wait to see if anyone is interested before Ebay. Will send photos by private message if requested.
The last one sold on Ebay for £638 on 28th Jan. The price that day was £137. Open to offers.
Selling due to imminent baby arrival!
Thanks.
Edit: now listed on Ebay where you'll be able to see pictures and check my Ebay feedback
https://rover.ebay.com/rove0/0/0?mpre=https%3A%2F%2Fwww.ebay.co.uk%2Fulk%2Fitm%2F183191357126
submitted by satanslittlehelper01 to litecoin [link] [comments]

'What's wrong with my current cold storage method?' - an examination of potential weaknesses in the most common cold storage methods

Today we are going to discuss cold storage and some specific problems with cold storage. While this applies directly to the Secret Key portion of a key-pair; it also applies to the seed used to back up HD wallets and hardware wallets.
The best way to keep you seed/secret key safe is to have multiple copies in multiple locations perhaps with multiple formats and even better if the keys are split. However not everyone has access to multiple locations, or access to land long term, or more than one place to store their things. This is an examination of faults with individual methods; and not a comprehensive plan, obviously.
Not to say everything is all bad but there are many potential weakness out there, and some in the Bitcoin and crypto community like to know the edge cases of things.
I will also highlight some of the aspects of the Keyois Capsule which is a 'physical bitcoin'.
A physical Bitcoin is a cryptographic key pair, a physical key printed and affixed to what has always been before a coin. The first physical bitcoin coin was the Casascius coin, since then the world of physical bitcoin coins has blossomed as a fun part of the Bitcoin world.
We will focus on mediums relating to cold storage and not ones designed for more everyday use, but this applies to the seed you save to keep your everyday spending wallets safe and backed up.
We will assume you generated your keys securely and that you already have them on some medium. We will also have to ignore endpoint physical security because they can all be carried away the same. Remember your cell phone /hardware wallet/ computer client are only as good as where you put the backup seed phrase, which can be thought of as data much like the SK discussed below.
Written on a piece of paper
Printed on a piece of paper
On laminated paper
Engraved / etched/ ablated/ stamped on a piece of metal
Stored digitally on a computer
Stored digitally on CD, floppy disk, laserdisc, or mini-disc
Stored digitally on a flash drive
Backups are essential for digital data Computer code for performing operations can be corrupted in transfer or in operation. Special systems exist and procedures help data to last longer. For ideas, see this archive.gov page Remember to store in multiple locations. You can lose everything in single structure
A physical bitcoin coin
**What can solve most of these problems? A combination of good backup procedures and encryption. **
If you have permeant access to more than one location (people who live in big cities, without family or cars have a hard time with this) or have people you trust with your money (don't) then look into using some form of Multi-signature option.
The Keyois Capsule is a crypto piggy bank; it can be funded from the outside but you to break it open to get them out. You give me a BIP38 encrypted key pair (well the address not the public key) and I engrave it in this tamper evident and time resistant package. You still have to hold on to the pass phrase that allows you to decrypt it; that is however the same problem as all methods with BIP38 encryption. How to store this without having to trust anyone but still being assured of it's security?
  • Engraving, embossing, or stamping on a sheet of metal is one option; however the metals that are easiest to stamp are ones that melt in a house fire. They could be put in a glass jar that's filled with aerogel and buried. These is the best readily available option for most people but it really can be tedious. - This puts you back at anyone who can see it can steal it so dip in plastic dip, wrap in duct tape, bake in clay, encase in concrete, whatever just don't leave unencrypted keys visible!
  • The cryptosteel is another ready-made option
  • Have the words etched onto glass at home with off the shelf products; but be carful of this idea because the glass can shatter from impact and heat or even sudden temperature changes
  • Anodize the words yourself on a pieces of metal, there used to be a service to help use your home printer to print the words with some chemicals you can buy
  • Bake them in clay, then encase that in epoxy resin so it can't shatter. then paint the outside, in the future you can solvent the paint off and see the written seed
  • Use a combination of techniques to split the seed so that it is safe(because split and separated) and redundant (because backed up).
The most cost effective way for a 'normal' person (without their own land, without more than one location, and who cannot trust anyone else with their funds) to keep their backup seed/ secret key safe from damage from the elements would probably to buy a stamping kit and hammer and some stainless steel sheet or bar, Aluminium can be okay if you have the right alloy but better safe than sorry.
submitted by ProfBitcoin to Bitcoin [link] [comments]

[WTS] Casasicus Bitcoin (2011 Mint | "Casacius" misprint | Fully-funded | 1 BTC/BCC/BTG +)

2011 mint Casascius physical bitcoin
Images: https://imgur.com/a/k8g7G
Asking 1.5 BTC
submitted by Fresh-Prints-of-3D to BitMarket [link] [comments]

PAYPAL formally rejects bitcoin transaction

Correction, Casascius coins were sold with active key, which was within ebays rules. How is this different then selling a gold or even a brass coin, a pog or beanie baby
We have reviewed your PayPal account and found that you have been involved in the sale of electronic media exchange (such as electronic money or digital currency). Per our current Acceptable Use Policy for Money Service Businesses, PayPal may not be used for currency exchange including the sale of Bitcoins.
To continue using your PayPal account, we need some additional information from you. Please provide us with a signed and notarized affidavit stating that you understand and will comply with PayPal's terms and conditions.
The affidavit should include the following language. You can simply copy and paste the text below to a blank document and then print it for signature and notarization:
I, the undersigned, do affirm that I understand and will comply with PayPal's policy regarding the use of PayPal accounts to sell electronic currency. I understand that PayPal may not be used for the exchange of electronic currency. I further affirm that any future violation of the policy may result in immediate restricted access to the account.
Next Steps:
After you sign and notarize the affidavit, please log in to your account and go to the Resolution Center for further instructions on how to send us the document. If we don't hear from you by 01/15/2014, we will limit what you can do with your account until the issue is resolved.
We look forward to hearing from you and thank you for choosing PayPal as your payment provider.
Sincerely,
submitted by ECCENTRICATTORNEY to Bitcoin [link] [comments]

Bitcoin raro vendido por $99 mil, InDeal devendo R$1 bilhão para clientes e mais! Bitcoin News Review: Denarium 1 BTC Patinated Silver Coin 2013 Casascius Bitcoin  Physical Bitcoin Revealed: Volume 1 EBAY Bitcoin coin Real Bitcoin Gold plated COIN Bitcoin Unboxing

A certified Casascius 1 BTC coin just sold for $28,700 on eBay, an amount much higher than the current $14,300 that a single bitcoin is going for. It may be that cryptocurrency is moving into the realm of collectability as well as a means of financial transaction. Casascius 2013 4 Silver and Gold 1BTC each + forks ,1% of 400 ever made , rare. £155,000.00 . Collection in person. Classified Ad. PayPal to bitcoin buy btc with paypal. £20.00. Collection in person. Classified Ad. Got one to sell? Get it in front of 17+ million UK buyers. Love a great deal. Discover prices you can’t resist. Shop now. MICROSOFT Xbox One Wireless Controller - Grey ... A physical bitcoin, a Casascius brass token that was created in 2011, is selling on eBay for $99,000, a listing on July 1 shows. The seller says they made the purchase back in 2012 and have kept it in their safe since then, adding: “Only a few hundred remains in the ENTIRE world.” More about Bitcoin: We Use Coins. Casascius Coin trackers (made by fans) casascius.uberbills.com casascius.appspot.com; I only accept Bitcoins for payment for these items. I do not accept any form of national currency such as Dollars or Euros for my products. However, you may be able to buy Casascius Coins from others on eBay for such currencies. Please note that I am relatively slow to ship ... En eBay encuentras fabulosas ofertas en Casascius Bitcoin. Encontrarás artículos nuevos o usados en Casascius Bitcoin en eBay. Envío gratis en artículos seleccionados. Tenemos la selección más grande y las mejores ofertas en Casascius Bitcoin. ¡Compra con confianza en eBay!

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Bitcoin raro vendido por $99 mil, InDeal devendo R$1 bilhão para clientes e mais! Bitcoin News

video of casascius coins and bitcoin bearer bar for this auction: https://bitcointalk.org/index.php?topic=2075723.0 Selling Bitcoin on Ebay - The Do's and Don'ts - Duration: 13:47. ... Casascius Bitcoin 2013 Casascius Silver Bitcoin 1 of 1,300 - Duration: 1:46. CryptoVice 1,450 views. 1:46 . Physical ... EBAY Bitcoin coin Real Bitcoin Gold plated COIN - Duration: 2:00. CryptoJunky 1,067 views. 2:00 . HOW TO MAKE A BITCOIN GOLD COIN/ Bitcoin is the coin with your hands - Duration: 5:21. Fishki Show ... Casascius Bitcoin 2013 Casascius Silver Bitcoin 1 of 1,300 - Duration: 1:46. ... EBAY Bitcoin coin Real Bitcoin Gold plated COIN - Duration: 2:00. CryptoJunky 1,153 views. 2:00 . Enter the ... Bitcoin - Ethereum - Litecoin. Physical Coins From Ebay.

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