Woah, spend a night offline and my question is filled with useful advice!


Thanks. I should have been clear that I have no intention of trying to slide this under the radar. Suddenly dumping a million CAD into a bank account will DEFINITELY raise the eyes of the CRA (and probably RCMP), and I'm prepared to own up to it - paying capital gains after maxing out my RRSP. (Also in Canada, anonymous exchanges are very hard to

I just don't think that $15k in withdrawal fees (1.5% at BitBuy) is reasonable; and I don't want to be logging in every day for a third of a year just to withdraw it. (AND I want to avoid scams, since they change frequently, and as I said, I'm out of the loop these days.)

So, given that I'm willing to identify myself to an exchange, are there any specific recommendations on exchanges that meet the above criteria and operate in Canada?

I've been out of the loop for many years now, and have decided to sell some of the bitcoin I've been sitting on for those years.

I've got upwards of 10BTC to sell, and intend to withdraw my proceeds as Canadian dollars. The biggest issues I see for this size of transaction are (a) withdrawal fees, and (b) daily/monthly withdrawal limits.

I don't want to extract my money over the next three months or so, and I also don't want to pay enough in fees to buy a new motorcycle.

Any recommendations on where to start?

Well yeah, but this isn't a free lunch.
I did some scut work, filled in surveys and the like, and the survey owners paid up--to the sponsoring site.
The sponsoring site is not paying back to the people who did the work (me).

I paid for my lunch and the sponsor (betcoin.co) is eating it. That's what bugs me.

I've all but written off my earnings. I just want to make sure everyone knows that this is a scam, and not to waste your time.

Well, after a month of trying to get my (fairly trivial) bitcoins from "survey offers" and the like from these guys, I hereby declare them to be scammers.

There is no contact information.
There is no "request payment" button.
There is nothing but your balance of bitcoins earned (painfully) through "SuperRewards."

Since SuperRewards has acknowledged and paid out to betcoin.co, I can only assume that the site will hold onto them for a while and then one day close up shop, taking all of their patsies' money with them.

From what I've seen (and I'm sure some of this is incorrect or incomplete)...

It is an alternate cryptocurrency which started from a slightly different philosophical platform than bitcoin. Unfortunately, in addressing some of the issues (real or perceived) with bitcoin, it managed to introduce some new issues which had already been solved.

When these issues were pointed out to the developer/creator, he became defensive, belligerent, offensive, and combative. So much so, in fact, that the solidcoin mining pool at btcguild was shut down by that site's administrators. Sometime around this  point, someone attacked the currency (a 51% attack I think?). Mining was stopped, the chain was rolled back, the code was magically reformulated (it's magic, at least until the source code is released), and about a month later (just in the last few days, actually) was relaunched as "SolidCoin 2.0!"

I'm sure there were a few people like me who tried mining of the 'new' solidcoin for a day or so to see how quickly they could generate some coins, but it looks like most people are working hard to either (a) get the hell out and divest themselves of everything solidcoin-related, or (b) trading frantically, trying to make a bit of cash as a cryptocurrency day trader.

In summary, SolidCoin 2.0 is another flawed cryptocurrency with some interesting ideas, but doomed to failure mostly because of the overwhelming arrogance of the lead developer.

I just achieved my greatest accomplishment since Solidcoin1 was launched. I sold all of my solidcoins.

I know, I know - childish. But I'm glad to see the end of that mess.

OK, I know a bunch of us have done 'install this app, fill out this survey, join this website' "offers" for free bitcoins. If you haven't, and are considering, let me tell you this:

Don't.

I did some offers with freebitcoins.betcoin.co first. Every single offer was "pending" for weeks after I completed it, so I contacted the back-line company offering the exchange, SuperRewards. They were polite and quick to credit all of the offers I had completed.

That was a month ago. My balance is still sitting at freebitcoins.betcoin.co, with no way of me getting it out. There is no "pay now" button, there is no "extract my BTC" button, and worse of all--there is no contact information. They have a small amount of BTC that I earned, and are NOT paying it out!

The second site was freebitcoins.org. Same story--complete the requirements, they list everything as "pending", and don't pay out. They have a contact address, but they don't reply to it. They have a facebook page, but they don't monitor it. It seems like they were decent until a few weeks ago, at which point they just abandoned their service.

The annoying thing in all of this is that you are paid SO poorly for your effort (including contacting SuperRewards, etc.) that they have to be making some profit. The model works for them even if thye don't cheat, but they all seem to do so.

Don't waste your time or effort on these sites. They're not worth is.

Really? REALLY? You're actually thinking of this?

Bitcoins has a (slight!) potential to become a real currency, but for now it's magic money! The volatility and low trade volume mean that regardless of what you give them, your staff are going to get paid _roughly_ their salary +/- 50% or so. Furthermore, they won't be able to spend it until they've traded it and extracted the cash.

Ah, yes. Friday night of a long weekend, pay comes in, and...nobody wants to buy BTC for the rate that makes their pay correct. "Hey man, wanna come to the bar with us?" "Nah, I can't. Couldn't trade my BTC tonight, so I'll have to wait out the slump. Sure hope it recovers before I have to pay my rent."

Do Not Do This.

OK, first of all, you're right - and that's one of the fundamental problems with the system.

My three year old can understand money. My 40-something year old self took a week to wrap my head (loosely!) around bitcoins, and I'm far from having a deep understanding of it. Nonetheless, it can be broken down fairly simply.

1) Bitcoins can be bought, sold, traded, or used as pseudo-currency to buy things from some vendors.
2) Bitcoins are created at a constant rate (for now), and their movements recordeded, as the result of magical computing.
2a) In other words, Every creation , transfer, buy, sell, etc., of bitcoins is recorded and tracked by magical computing!
3) For mining: Mining is a lottery. The poeple who "win" get 50 bitcoins. Since there is now so much computing power involved, the odds of being the guy who wins (and gets 50 BTC) are miniscule. Thus, people pool their resources and share the rewards when they win the lottery. This is JUST like a lottery ticket pool in the office, where everyone throws in five bucks and you buy 20 times as many tickets, but split the winnings (if any!) 20 ways.

Do you want some bitcoins? First question to ask is why. Second question is how many. Right now, you'd be hard pressed to justify mining them. A good mining video card is going to set you back $400+, and for that much money you could buy close to 80 BTC. How long will it tale you to mine 80BTC with that card? Many many months - possibly a year.

Just for a bit of perspective, I remember when RedHat went public, and a huge number of geeks were outraged that they couldn't buy options at an IPO as the first stock trade of their life. I honestly think that most of the excitement over BTC is that this time, they can get in on the ground floor - or at least on the first or second floor. The real trick is that nobody knows how many stories the elevator will go up before the cable snaps.

OK, Mythbusters explained this far better than anyone else, and all in 1:34. (including slow-motion replay!)

Go watch this video. This is GPU(parallel) vs CPU(serial).
http://www.youtube.com/watch?v=-P28LKWTzrI

Sure, I can introduce myself.

They call me Mr. Change. Well, "They" is a bit of a stretch. I call myself that. :-)

I'm fascinated by the idea of bitcoins. I disparaged it a few months ago (when I should have been getting into it at $0.10/BTC! ) and am still doubtful about its odds of survival as a viable currency. At the very least, it's a step in the right direction.

Agreed, for the most part. I had to contact SuperRewards for each and every offer that I completed, before they acknowledged it. To their credit, they _did_ acknowledge (and credit) my efforts, and did so quite promptly. In the end, it's not worth the effort - especially if I have to contact them every time I complete an offer.

Nonetheless, I have a bit more than 0.1 BTC actually credited, and appearing on the freebitcoins.betcoin.co site; but they're not paid out yet, and they have no way of contacting the site directly.

Hey all;

So I did a bunch of "install this game, fill in this survey" stuff to earn some BTC, through freebitcoins.betcoin.co. After talking to their back-end supplier of this service (Super Rewards), I eventually got everything due to me, waiting on the site.

That was a month ago. It's still listed as earned, but not paid when I go to the site.

They have no contact information. How do I get a pay out???

Thanks.
C

Does anyone know what happened with cavirtex? I was going to transfer my BTC out  last night and thought "Nah, it's late. I'll do it in the morning."

Well the morning is here, and the exchange is down.

UPDATE: It's back up and behaving fine now.

So hello everyone. Started mining/acquiring BTC and have some questions.

I ran into betcoins.co early on, and got a worker started on it. After a few days, I decided I wanted to switch to a different pool, so started a miner elsewhere, and tried to cash out what I had earned so far on betcoins.

Nope. No dice. My "estimated rewards" keeps dropping with time, and my account balance remains a very firm 0BTC, so I can't get anything back.

How do I move my supposed (estimated?) rewards into my account and cash out? It's hardly worthwhile now that it's dropped half of its value, but it annoys me.

Secondly, I signed up for a bunch of offers on their "freebitcoins.betcoin.co" site. I've gone back and forth with SuperRewards (the company behind the payout), and now have everything owing me waiting, but there is no was I can see to get this stuff paid out either.

Can I get my money out of betcoins, or what?