I could say something intended to be funny like "and thank god for that!"
Really though I just want to point out that this is just yet another group of people on the fringe of understanding Bitcoin.
I didn't know Bitcoin was so complicated until I tried explaining it to people, but I'm a software developer, so go figure.
It appears the greatest problem we face if we want the world to adopt cryptocurrency is getting them to comprehend what cryptocurrency is!


Personally, I lead discussions about cryptocurrency rather than Bitcoin. As far as I'm concerned Bitcoin is the prototype to a future system (which might be Bitcoin2.0 or might be SuperMegaUltraCoin, who knows)
In a similar way, The Silk Road was an unfortunate prototype for a global online marketplace.

My question is this:
What is more important: Mass adoption of Bitcoin, OR Continued development of newer technologies? At this point, both with happen, but which is more important, which should we focus on?

Hello, I started using BTCJam roughly a month ago. I have to say that it is an awesome idea. The website could use a lot of work. Same goes for the community. I started out by putting one of my bitcoins on the website. I spent probably two or three days researching the history of the website and all of the people who seemed to be active on the website. Then, I started investing in people. Generally I invest 0.01 and limit myself to that much per-person, even if they have multiple loan requests. On occasion I tried investing 0.1, but I am now much more careful about that because the one bad loan I invested in was a case where I invested 0.1. Sometimes when someone seems honest but for whatever reason seems high risk (they have a good plan, but bad credentials or vice versa) I will invest 0.001, just as a way of following the loan and seeing what happens.

After investing in everything that seemed worth investing in, I still had half a bitcoin left over, so I took that off the website and put it back into my own wallet. So far it looks like I only have one loan that has/will default. Unfortunately, that one is 0.1 or 1/5 of the money I have on the site. I will mention that I don't really like the loans which are linked to the usd/btc rate because I am interested in making bitcoins, not cash. If there is a chance you will get less bitcoins back from an investment, why not just hold onto your coins? Anyway, it looks like I will actually make up my loss because of a few high interest rate loans (which have already been paying, so I know they aren't scammers). Hopefully this website builds momentum. Hopefully the developers improve the website too, because right now there are a lot of problems.

One of the biggest problems with BTCJam is that the late fee is 0.5 bitcoins. This is ridiculous. People who wouldn't be scammers turn into scammers because they can't or don't want to pay the late fee. There are many other problems with the website's technical, and formal design, I don't want to waste my time detailing all the problems in this thread though.

Overall, BTCJam is one of many new platforms in an ever-evolving online marketplace. Bitcoin is not for the average investor, and BTCJam is even less so. You need to dedicate mindfulness and patience if you don't want to get burned. Bitcoin loaning to me is a much more interesting prospect than bitcoin mining or bitcoin securities when it comes to investing, I think more people should be thinking about it.

Thanks for reading my post
--Chase Vasic

New thread with actual details : https://bitcointalk.org/index.php?topic=556869.0

The problem is that you got the bitcoins back. If they were still holding the bitcoins I'd say that they are definitely stealing money. Hopefully you can work things out in court, it is quite ridiculous to need to do that though. I hope you keep everyone updated so we can learn from this. It is unfortunate that things like this happen but I guess that's just the way it goes when you are dealing with an entirely new type of currency.

This coin is going to topple the bitcoin/litecoin duopoly and give way to a new era of crypto-freedom for everyone!

I'm sorry but you will have to elaborate more. There are more and more Coinbase haters every day. I'm not going to argue for or against Coinbase right now. I'm just going to say that although you've interested me, you've failed to give me any reason to go close my Coinbase account. If you really are taking them to court it is understandable that you don't want to share the details yet. But if that's the case, why don't you just wait to post, or come up with some reasons to steer people away from Coinbase? If they really are doing bad business then you'd be doing a service by persuading bitcoiners not to use them.

Look at http://scrypt.cc?ref=baaRO
this website miners other coins than just litecoin too though
payouts are in bitcoin
the admin is generally helpful in the chat

This is an awesome idea! I don't understand how you can fund it though. You aren't giving away that much money, but it will add up over time. I came to this thread expecting it to work something like everyone buys into the game and winner takes all.

I actually agree with you that this sub-forum would be better without the ponzis. However, I am going to point out that you are wrong right here. Ponzi schemes payout more than 100% all the time. In fact, that is why they are so effective and alluring. The early investors pull out their money + profits and say "Look everyone! I made a huge return in barely any time!!" Then more people start investing and the whole thing falls apart once it gets too big because either A) The scheme operator decides he has made enough and runs off. B) Too many people cash out at one time. or C) Someone finds a way to prove that it is a ponzi scheme. .... Some of the "ponzi games" side step C by saying from the get-go that they are a ponzi, then they find ways to make A or B seem unlikely or impossible. The reality is of course that any ponzi scheme/game is going to end with some people getting burned.

I have put a small amount on this website and received payouts. I have not tried withdrawing yet. I am worried because of a couple things. There is no proof of an actual mining operation. All payments and payouts are in BTC even though it's a scrypt mining operation. The owner is completely anonymous. Some people have claimed that the amount you receive from your kh/s don't match the amount you'd receive from a normal mining pool closely enough. Why use a .cc domain? However, this website looks more promising than any other scrypt cloud mining sites I've seen. Seems to be secure-minded. The admin/support post on the chat box a lot.

I want to end this post with one question. If the website is legitimate why wouldn't the owner want to prove legitimacy by posting proof of the mining operation?

Another exchange with anonymous owners. Definitely looks promising, however I am going to be watching rather than participating this time. I sincerely hope that this exchange adds value to the cryptocurrency community!

By the way, I believe this is the wrong section. There is a "Service Announcements" sub-forum

As far as I'm aware you can't even trade on kraken if you are from the US. You will forever be stuck in a "pre-verified" state. They don't have everything setup to trade legally in the US.

I recently received an email from BTC.sx stating that they have resumed operations. Keep watching for your withdrawal and please post about if you ever get it. BTC.sx has always seemed shady but so far I haven't seen them outright steal money.

Hello DKdance, I am very interested in what you are talking about. I am a software developer. Currently I am full-time employed by a finance company. My job is to lead development of a new proprietary system from scratch to manage my entire company. My experience includes C, C++, PostgreSQL, Ruby, and Qt, among other things. I am going to send you a PM with my contact information. I am a very busy person and I cannot take on all programming work. What I can do is devote a few hours a week to bug fixing, and I can also create a custom cross-platform interface for this coin. Interface development is my strong area, so I can do in 10 hours what might take another 40 hours. In addition to all of this, I can donate virtual web servers to the project. These servers can be customized to run whatever software is necessary. If the project takes off I will not be able to continue providing web servers for free however (To put it bluntly: I have servers which can spare resources for this project, however, if the project grows too large we will need to buy servers that are solely for the project)

You seem very serious, however I worry that your english skills will scare away potential team members and investors. May I ask what your native language is, and maybe your home country? If you are as serious as you sound, it would be wise to find a partner who speaks english and your own language (Or improve your english skills, there are many great tools for practicing english these days)

 'I want to link my Bitcointalk name with BTCJam's. Verification code: 56c4c4cd-fc52-41d1-85ba-2dfff5b0aba0'

You would think not, but look at Charlie Shrem

Probably either through logs or blockchain.info
It's easy to find out where bitcoins went
Not easy to get them back

Off topic, but isn't it funny you have to say "Free Libre Open Source" ? To me this is because of a case of political term obfuscation (a.k.a. people changing the meaning of words to hide important information from the masses) Can't say Free Software, can't say Open Source, Libre might catch on but right now you can't really use that either, so we have Free Libre Open Source Software haha


On Topic : I don't think anyone has a problem with MT GOX showing users their trade history, not only for tax reasons but also for personal records. At this point it is clear however than Gox is in "emergency mode." I believe that they realized (they should have realized sooner though, lol) that by leaving the website online they were doing irreparable damage to themselves and their customers. My feeling is that you will be able to get your information eventually (keyword EVENTUALLY). Either they'll try and help their customers or be forced to. There are enough people with enough money in Gox that I think things will become more transparent, not because Karpeles'n'co want them to, but because people are going to take matters into their own hands. (Look at the source code and database leak....)

Look into "captive insurance" I'm sure this particular scheme I'm talking about goes by other names also. The main point is to transfer all or most your companies (company X) net income to another company (company Y) (preferably company Y manages multiple companies and not just company X). Company Y's entire business is creating contracts that state something along the lines of "Pay us a variable amount each year and we promise to allow x amount payed back in the case of a yearly net loss." Company Y will generate very small realized gains, as a result so will Company X.
I am not a lawyer and I am also not a businessman, so my explanation is intentionally vague. In reality this whole setup is more complex and varies depending on local laws and business needs.

 This sort of system is how many companies are able to generate a huge amount of money and pay barely any taxes, you can even use variations of this system to get your money into foreign countries/currencies.

Please note that I have not described an "exit strategy" : i.e. I have not explained how you eventually get your money out of company Y and into a position where you can freely spend/reinvest it. Your "exit strategy" will vary depending on exactly how you set everything up and how you intend to use the money.

What I have stated is not financial or legal advice and should not be taken as such. Do your own research. I am merely sharing ideas which I think relate to the topic at hand.

edit: changed companies to be called X and Y to avoid confusion with OP's idea

I can verify everything written in this thread