Where is The Stolen Bitcoins From Mt Gox Exchange Hack?

Bitcoin RO

Bitcoin in Romania
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Always bet on RED

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Bitcoin en Français

Bitcoin est à la fois une devise monétaire et un système de paiement dans cette devise.
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80% of Bitcoin Trade goes through MtGox, We need More Markets! - A User on Bitcointalk has a solution, Poundcoin, A Decentralized Exchange.

80% of Bitcoin Trade goes through MtGox, We need More Markets! - A User on Bitcointalk has a solution, Poundcoin, A Decentralized Exchange. submitted by Litecoin_Messiah to Bitcoin [link] [comments]

Sejarah Asal Usul Bitcoin 2010

https://amsadad.com/analysbitcoin/sejarah-asal-usul-bitcoin-dan-perjalanan-bitcoin/

Bitcoin Diposting di Slashdot – 11 Juli 2010

Rilis Bitcoin versi 0.3 ditampilkan di slashdot.org, situs web berita dan teknologi populer. Mencapai sejumlah besar peminat teknologi, artikel ini membawa banyak orang yang baru tertarik, mendorong nilai tukar bitcoin tunggal naik hampir sepuluh kali lipat, dari sekitar $ 0,008 menjadi $ 0,08 hanya dalam lima hari. Sumber Bukti Terkait Slashdot Post Bitcoin Rilis V 0.3

Mt. Gox Membuka pertukaran burasa crypto pada tanggal 18 Juli 2010

Nilai Harga Bitcoin $ 0,07 selang beberapa hari kemudia kira-kira 10 hari harga bitcoin menjadi $ 0,06 Jed McCaleb seorang programmer yang terkenal karena menciptakan jaringan peer-to-peer eDonkey yang sukses pada tahun 2000, mengumumkan peluncuran Mt. Gox pertukaran bitcoin full time transaksi.
Berdasarkan sebelumnya, proyek McCaleb yang ditinggalkan untuk membuat pertukaran online untuk Magic: The Gathering cards, ia segera berjuang untuk mengikuti tuntutan bisnis dan menjual mtgox.com ke Mark Karpeles pada tanggal 06 Maret 2011. Mt. Gox perlahan-lahan akan tumbuh untuk mendominasi dunia perdagangan bitcoin selama tiga tahun ke depan. Bukti Terkait Pengumuman Exchange Mt.Gox

Hard Fork Bitcoin Pertama 15 agustus 2010

Hardfork Pertama kali bitcoin karena kasus bug pada tanggal 15 agustus 2010 nilai harga Bitcoin $ 0,07 Dengan menggunakan cara khas khusus komputer memproses angka, orang tak dikenal membuat transaksi penipuan yang menghasilkan 184.467.440.737.08554078 bitcoin – hampir sembilan ribu kali lebih banyak dari jumlah yang dapat secara sah ada di seluruh sistem.
Keanehan dengan cepat terlihat oleh pengembang Bitcoin dan anggota komunitas, dan versi tetap dari perangkat lunak Bitcoin dirilis dalam beberapa jam. Pada hari berikutnya, blockchain yang dikoreksi menyusul yang dieksploitasi, dan Bitcoin kembali beroperasi normal – tetapi tidak sebelum pasar terguncang dengan buruk. Sumber Bukti Terkait Thared BitcoinTalk dan Post sourceforge.net
submitted by amsadad to u/amsadad [link] [comments]

I was at the Ross Ulbricht / Silk Road Trial Day 3. AMA.

The defense dropped a bomb on the prosecution today. They were able to get the prosecution's own witness to admit that he had opened an investigation of Mark Karpeles and Ashley Barr as being the duo behind the Silk Road. The trial ended with the prosecution objecting to the defense's mention of Mark Karpeles's ownership of the site Bitcointalk.org, shortly after vehemently objecting to mention of a possible deal with Karpeles out of Baltimore to turn over the name of DPR in return for not facing any further prosecution. Crazy crazy day!
submitted by quodestlicitum to Bitcoin [link] [comments]

Near $1B are currently on the move from a Silkroad related wallet

Near $1B are currently on the move from a Silkroad related wallet
It seems that the owner of a huge #SilkRoad related wallet is moving funds actively since 3 days, dividing it in chunks of 100 coins by subwallets.
The original wallet owned 111,114.62 $BTC / $BCH , which is currently valuated ~ $844M (without taking in account other #Bitcoin forks).
Last movements on these subwallets are 4 years and 5 months old (March 9th, 2014).
The chunks have been divided over time to 60,000 coins then to 30,000 / 20,000 / 10,000 / 5,000 / 500 and now 100 coins.
#Bitcoin: https://www.blocktrail.com/BTC/address/1KyJr2L6CN5XhDfv9Sb5q3kjKwFCrRxTLy/transactions
#BitcoinCash: https://www.blocktrail.com/BCC/address/1KyJr2L6CN5XhDfv9Sb5q3kjKwFCrRxTLy/transactions
Does the owner intend selling it on the market soon?

Update 1
For those who asked, the original wallet (1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a) seems to be related to a SilkRoad address per this post: https://bitcointalk.org/index.php?topic=310600.0.
So it's most probably a wallet owned linked to DPR / SilkRoad. Note that this address is still active with 5 transactions executed in 2018 and 13 in 2017, with really small amount of BTC received/sent.
However, I ran some checks and it does not seem to be linked to the DPR seized coins wallet (1FfmbHfnpaZjKFvyi1okTjJJusN455paPH, there's only a 0.001 BTC link between the 2 addresses), so either the FBI did not sold them yet (last auction was in November 2015) or someone else (linked or not to SilkRoad) has access to it .
Finally, if it's not a SilkRoad related wallet the other options are, by descending probability order:
a) a MtGox cold wallet that has been seized or is still owned by MtGox: in fact the wallet funds moved in March 2014 right after MtGox filed for bankruptcy one month earlier in February 2014; these movements dates are really similar to the 200,000 lost coins "found" by Karpeles which moved March 7th, 2014 (1dda0f8827518ce4d1d824bf7600f75ec7e199774a090a947c58a65ab63552e3), just 2 days before the movements on the wallet we are talking about here.
b) a whale wallet since the major part of the 111,111 coins are coming from a very old deposit of 37,421 coins processed on June 21st, 2011 making this an early adopter's wallet (70d46f768b73e50440e41977eb13ab25826137a8d34486958c7d55c5931c6081)
...
z) CSW's wallet ... https://www.scribd.com/document/372445546/Bitcoin-Lawsuit, credits mishax1

Update 2
This amount of $1B in bitcoins that MtGox is going to return to customers looks pretty familiar, it could match the 111,114-coin wallets we are investigating here: https://btcmanager.com/mt-gox-preparing-return-1b-stolen-bitcoin-affected-users/.
But the methodology of transfer does not match in my opinion, it looks that the owner tries to hide the movements by mixing the coins.

Update 3
Investigating the $1B Bitcoins on the move from a SilkRoad related wallet: https://www.reddit.com/Bitcoin/comments/9bwsaf/investigating_the_1b_bitcoins_on_the_move_from_a/

Update 4
$1B Bitcoins On The Move: Owner Transfers ~$100M to Bitfinex And Binance In 10 Days
https://www.reddit.com/Bitcoin/comments/9ceb5v/1b_bitcoins_on_the_move_owner_transfers_100m_to/

Update 5
MtGox vs SilkRoad origin and September 6th BTC price impact is now discussed here: https://www.reddit.com/btc/comments/9dvaj1b_bitcoins_on_the_move_mtgox_vs_silkroad_origin/

submitted by sick_silk to Bitcoin [link] [comments]

Roger Ver is a well-known scammer.

rbtc-censorship https://gist.github.com/chris-belchec9f4b90bec1b2fbf8caaab178719ac24
"Roger Ver openly admitting that he will promote BCash as Bitcoin" https://de.reddit.com/Bitcoin/comments/7jzpiafter_roger_ver_openly_admitting_that_he_will/
"MtGox is fine" Roger Ver https://www.youtube.com/watch?v=UP1YsMlrfF0 Thousands of people lost their life savings on Mtgox shortly after that.
Vote manipulation: https://twitter.com/brian_trollz/status/887699030901501952?ref_src=twsrc%5Etfw&ref_url=https%3A%2F%2Fs9e.github.io%2Fiframe%2Ftwitter.min.html%23887699030901501952
Astroturfing - "Roger Ver pays a public relations company to astroturf social media with anti-core, pro-BU propaganda."- former mod https://twitter.com/notgrubles/status/842826844311375872
Roger´s sockpuppets: https://de.reddit.com/Bitcoin/comments/87t3ot/delicious_proof_that_roger_employs_sockpuppets/
https://twitter.com/DanDarkPill/status/979325093666082817
Bought accounts to push agenda: https://www.reddit.com/Bitcoin/comments/6uqz6k/markets_update_bitcoin_cash_rallies_for_three/dlurbpx/
MemoryDealers.com founder Roger Ver abuses admin access at Blockchain.info https://bitcointalk.org/index.php?topic=131608.0;all
Roger buying likes on twitter https://twitter.com/Excellion/status/900445557436538880
Roger Ver Lies https://decentralize.today/roger-ver-lies-f5333e152858
Antpool = Viabtc conclusive proof https://www.reddit.com/Bitcoin/comments/6v2fic/in_case_you_still_didnt_believe_it_antpool_viabtc/
The fee lie - Everyone can see that roger ver is lying again when there are literally no txs in the #Bitcoin mempool and 5 sat txs are in the next block https://twitter.com/WhalePanda/status/903866375567007745
More fee lies from "Bitcoin Judas"
https://twitter.com/WhalePanda/status/921994604500709377
Roger Ver lies more often than he tells the truth. This is not an attack, just an objective observation of the facts.
"Mt. Gox is totally fine." (https://www.youtube.com/watch?v=UP1YsMlrfF0) ... shortly thereafter Mt. Gox implodes ... "I am here to 'apologize'. Even though everything I said when I told you 'Mt. Gox is fine' was true, I am sorry that some of you lost money when it collapsed. Buy ether."
"I am banned from posting in /Bitcoin" ... accidentally posts to /Bitcoin ... "Oops. Now I'll pretend like I never claimed to be banned from /Bitcoin, and ignore anyone who asks me about that claim."
"I've dumped a few hundred BTC for BCC"... 2 weeks later: "I haven't sold a single Bitcoin for Bitcoin Cash up until yesterday"
He lies about the subreddit he controls. He regularly lies about his holdings. He lied and scammed his way into the bitcoin.com domain, which he uses to push out FUD about Bitcoin and its developers. He lies on agreements he signs (e.g. "the bitcoin.com pool will mine with NYA/btc1/2x code... whoops just kidding, we're mining bcash instead"). He even had the audacity to lie about what happened in court, when there is a public transcript available which disproves everything he said.
There are more examples of blatant deception that I don't have the time or patience to dig up right now. Make no mistake: the man is, unfortunately, a sociopath.
https://de.reddit.com/Bitcoin/comments/6xpu8j/roger_ver_lies/
submitted by ayanamirs to Bitcoin [link] [comments]

An extensive guide for cashing out bitcoin and cryptocurrencies into private banks

Hey guys.
Merry Xmas !
I am coming back to you with a follow up post, as I have helped many people cash out this year and I have streamlined the process. After my original post, I received many requests to be more specific and provide more details. I thought that after the amazing rally we have been attending over the last few months, and the volatility of the last few days, it would be interesting to revisit more extensively.
The attitude of banks around crypto is changing slowly, but it is still a tough stance. For the first partial cash out I operated around a year ago for a client, it took me months to find a bank. They wouldn’t want to even consider the case and we had to knock at each and every door. Despite all my contacts it was very difficult back in the days. This has changed now, and banks have started to open their doors, but there is a process, a set of best practices and codes one has to follow.
I often get requests from crypto guys who are very privacy-oriented, and it takes me months to have them understand that I am bound by Swiss law on banking secrecy, and I am their ally in this onboarding process. It’s funny how I have to convince people that banks are legit, while on the other side, banks ask me to show that crypto millionaires are legit. I have a solid background in both banking and in crypto so I manage to make the bridge, but yeah sometimes it is tough to reconcile the two worlds. I am a crypto enthusiast myself and I can say that after years of work in the banking industry I have grown disillusioned towards banks as well, like many of you. Still an account in a Private bank is convenient and powerful. So let’s get started.
There are two different aspects to your onboarding in a Swiss Private bank, compliance-wise.
*The origin of your crypto wealth
*Your background (residence, citizenship and probity)
These two aspects must be documented in-depth.
How to document your crypto wealth. Each new crypto millionaire has a different story. I may detail a few fun stories later in this post, but at the end of the day, most of crypto rich I have met can be categorized within the following profiles: the miner, the early adopter, the trader, the corporate entity, the black market, the libertarian/OTC buyer. The real question is how you prove your wealth is legit.
1. Context around the original amount/investment Generally speaking, your first crypto purchase may not be documented. But the context around this acquisition can be. I have had many cases where the original amount was bought through Mtgox, and no proof of purchase could be provided, nor could be documented any Mtgox claim. That’s perfectly fine. At some point Mtgox amounted 70% of the bitcoin transactions globally, and people who bought there and managed to withdraw and keep hold of their bitcoins do not have any Mtgox claim. This is absolutely fine. However, if you can show me the record of a wire from your bank to Tisbane (Mtgox's parent company) it's a great way to start.
Otherwise, what I am trying to document here is the following: I need context. If you made your first purchase by saving from summer jobs, show me a payroll. Even if it was USD 2k. If you acquired your first bitcoins from mining, show me the bills of your mining equipment from 2012 or if it was through a pool mine, give me your slushpool account ref for instance. If you were given bitcoin against a service you charged, show me an invoice.
2. Tracking your wealth until today and making sense of it. What I have been doing over the last few months was basically educating compliance officers. Thanks God, the blockchain is a global digital ledger! I have been telling my auditors and compliance officers they have the best tool at their disposal to lead a proper investigation. Whether you like it or not, your wealth can be tracked, from address to address. You may have thought all along this was a bad feature, but I am telling you, if you want to cash out, in the context of Private Banking onboarding, tracking your wealth through the block explorer is a boon. We can see the inflows, outflows. We can see the age behind an address. An early adopter who bought 1000 BTC in 2010, and let his bitcoin behind one address and held thus far is legit, whether or not he has a proof of purchase to show. That’s just common sense. My job is to explain that to the banks in a language they understand.
Let’s have a look at a few examples and how to document the few profiles I mentioned earlier.
The trader. I love traders. These are easy cases. I have a ton of respect for them. Being a trader myself in investment banks for a decade earlier in my career has taught me that controlling one’s emotions and having the discipline to impose oneself some proper risk management system is really really hard. Further, being able to avoid the exchange bankruptcy and hacks throughout crypto history is outstanding. It shows real survival instinct, or just plain blissed ignorance. In any cases traders at exchange are easy cases to corroborate since their whole track record is potentially available. Some traders I have met have automated their trading and have shown me more than 500k trades done over the span of 4 years. Obviously in this kind of scenario I don’t show everything to the bank to avoid information overload, and prefer to do some snacking here and there. My strategy is to show the early trades, the most profitable ones, explain the trading strategy and (partially expose) the situation as of now with id pages of the exchanges and current balance. Many traders have become insensitive to the risk of parking their crypto at exchange as they want to be able to trade or to grasp an occasion any minute, so they generally do not secure a substantial portion on the blockchain which tends to make me very nervous.
The early adopter. Provided that he has not mixed his coin, the early adopter or “hodler” is not a difficult case either. Who cares how you bought your first 10k btc if you bought them below 3$ ? Even if you do not have a purchase proof, I would generally manage to find ways. We just have to corroborate the original 30’000 USD investment in this case. I mainly focus on three things here:
*proof of early adoption I have managed to educate some banks on a few evidences specifically related to crypto markets. For instance with me, an old bitcointalk account can serve as a proof of early adoption. Even an old reddit post from a few years ago where you say how much you despise this Ripple premined scam can prove to be a treasure readily available to show you were early.
*story telling Compliance officers like to know when, why and how. They are human being looking for simple answers to simple questions and they don’t want like to be played fool. Telling the truth, even without a proof can do wonders, and even though bluffing might still work because banks don’t fully understand bitcoin yet, it is a risky strategy that is less and less likely to pay off as they are getting more sophisticated by the day.
*micro transaction from an old address you control This is the killer feature. Send a $20 worth transaction from an old address to my company wallet and to one of my partner bank’s wallet and you are all set ! This is gold and considered a very solid piece of evidence. You can also do a microtransaction to your own wallet, but banks generally prefer transfer to their own wallet. Patience with them please. they are still learning.
*signature message Why do a micro transaction when you can sign a message and avoid potentially tainting your coins ?
*ICO millionaire Some clients made their wealth participating in ETH crowdsale or IOTA ICO. They were very easy to deal with obviously and the account opening was very smooth since we could evidence the GENESIS TxHash flow.
The miner Not so easy to proof the wealth is legit in that case. Most early miners never took screenshot of the blocks on bitcoin core, nor did they note down the block number of each block they mined. Until the the Slashdot article from August 2010 anyone could mine on his laptop, let his computer run overnight and wake up to a freshly minted block containing 50 bitcoins back in the days. Not many people were structured enough to store and secure these coins, avoid malwares while syncing the blockchain continuously, let alone document the mined blocks in the process. What was 50 BTC worth really for the early miners ? dust of dollars, games and magic cards… Even miners post 2010 are generally difficult to deal with in terms of compliance onboarding. Many pool mining are long dead. Deepbit is down for instance and the founders are MIA. So my strategy to proof mining activity is as follow:
*Focusing on IT background whenever possible. An IT background does help a lot to bring some substance to the fact you had the technical ability to operate a mining rig.
*Showing mining equipment receipts. If you mined on your own you must have bought the hardware to do so. For instance mining equipment receipts from butterfly lab from 2012-2013 could help document your case. Similarly, high electricity bill from your household on a consistent basis back in the day could help. I have already unlocked a tricky case in the past with such documents when the bank was doubtful.
*Wallet.dat files with block mining transactions from 2011 thereafter This obviously is a fantastic piece of evidence for both you and me if you have an old wallet and if you control an address that received original mined blocks, (even if the wallet is now empty). I will make sure compliance officers understand what it means, and as for the early adopter, you can prove your control over these wallet through a microtransaction. With these kind of addresses, I can show on the block explorer the mined block rewards hitting at regular time interval, and I can even spot when difficulty level increased or when halvening process happened.
*Poolmining account. Here again I have educated my partner bank to understand that a slush account opened in 2013 or an OnionTip presence was enough to corroborate mining activity. The block explorer then helps me to do the bridge with your current wallet.
*Describing your set up and putting it in context In the history of mining we had CPU, GPU, FPG and ASICs mining. I will describe your technical set up and explain why and how your set up was competitive at that time.
The corporate entity Remember 2012 when we were all convinced bitcoin would take over the world, and soon everyone would pay his coffee in bitcoin? How naïve we were to think transaction fees would remain low forever. I don’t blame bitcoin cash supporters; I once shared this dream as well. Remember when we thought global adoption was right around the corner and some brick and mortar would soon accept bitcoin transaction as a common mean of payment? Well, some shop actually did accept payment and held. I had a few cases as such of shops holders, who made it to the multi million mark holding and had invoices or receipts to proof the transactions. If you are organized enough to keep a record for these trades and are willing to cooperate for the documentation, you are making your life easy. The digital advertising business is also a big market for the bitcoin industry, and affiliates partner compensated in btc are common. It is good to show an invoice, it is better to show a contract. If you do not have a contract (which is common since all advertising deals are about ticking a check box on the website to accept terms and conditions), there are ways around that. If you are in that case, pm me.
The black market Sorry guys, I can’t do much for you officially. Not that I am judging you. I am a libertarian myself. It’s just already very difficult to onboard legit btc adopters, so the black market is a market I cannot afford to consider. My company is regulated so KYC and compliance are key for me if I want to stay in business. Behind each case I push forward I am risking the credibility and reputation I have built over the years. So I am sorry guys I am not risking it to make an extra buck. Your best hope is that crypto will eventually take over the world and you won’t need to cash out anyway. Or go find a Lithuanian bank that is light on compliance and cooperative.
The OTC buyer and the libertarian. Generally a very difficult case. If you bought your stack during your journey in Japan 5 years ago to a guy you never met again; or if you accumulated on https://localbitcoins.com/ and kept no record or lost your account, it is going to be difficult. Not impossible but difficult. We will try to build a case with everything else we have, and I may be able to onboard you. However I am risking a lot here so I need to be 100% confident you are legit, before I defend you. Come & see me in Geneva, and we will talk. I will run forensic services like elliptic, chainalysis, or scorechain on an extract of your wallet. If this scan does not raise too many red flags, then maybe we can work together ! If you mixed your coins all along your crypto history, and shredded your seeds because you were paranoid, or if you made your wealth mining professionally monero over the last 3 years but never opened an account at an exchange. ¯_(ツ)_/¯ I am not a magician and don’t get me wrong, I love monero, it’s not the point.
Cashing out ICOs Private companies or foundations who have ran an ICO generally have a very hard time opening a bank account. The few banks that accept such projects would generally look at 4 criteria:
*Seriousness of the project Extensive study of the whitepaper to limit the reputation risk
*AML of the onboarding process ICOs 1.0 have no chance basically if a background check of the investors has not been conducted
*Structure of the moral entity List of signatories, certificate of incumbency, work contract, premises...
*Fiscal conformity Did the company informed the authorities and seek a fiscal ruling.
For the record, I am not into the tax avoidance business, so people come to me with a set up and I see if I can make it work within the legal framework imposed to me.
First, stop thinking Switzerland is a “offshore heaven” Swiss banks have made deals with many governments for the exchange of fiscal information. If you are a French citizen, resident in France and want to open an account in a Private Bank in Switzerland to cash out your bitcoins, you will get slaughtered (>60%). There are ways around that, and I could refer you to good tax specialists for fiscal optimization, but I cannot organize it myself. It would be illegal for me. Swiss private banks makes it easy for you to keep a good your relation with your retail bank and continue paying your bills without headaches. They are integrated to SEPA, provide ebanking and credit cards.
For information, these are the kind of set up some of my clients came up with. It’s all legal; obviously I do not onboard clients that are not tax compliant. Further disclaimer: I did not contribute myself to these set up. Do not ask me to organize it for you. I won’t.
EU tricks
Swiss lump sum taxation Foreign nationals resident in Switzerland can be taxed on a lump-sum basis if they are not gainfully employed in our country. Under the lump-sum tax regime, foreign nationals taking residence in Switzerland may choose to pay an expense-based tax instead of ordinary income and wealth tax. Attractive cantons for the lump sum taxation are Zug, Vaud, Valais, Grisons, Lucerne and Berne. To make it short, you will be paying somewhere between 200 and 400k a year and all expenses will be deductible.
Switzerland has adopted a very friendly attitude towards crypto currency in general. There is a whole crypto valley in Zug now. 30% of ICOs are operated in Switzerland. The reason is that Switzerland has thrived for centuries on banking secrecy, and today with FATCA and exchange of fiscal info with EU, banking secrecy is dead. Regulators in Switzerland have understood that digital ledger technologies were a way to roll over this competitive advantage for the generations to come. Switzerland does not tax capital gains on crypto profits. The Finma has a very pragmatic approach. They have issued guidance- updated guidelines here. They let the business get organized and operate their analysis on a case per case basis. Only after getting a deep understanding of the market will they issue a global fintech license in 2019. This approach is much more realistic than legislations which try to regulate everything beforehand.
Italy new tax exemption. It’s a brand new fiscal exemption. Go to Aoste, get residency and you could be taxed a 100k/year for 10years. Yes, really.
Portugal What’s crazy in Europe is the lack of fiscal harmonization. Even if no one in Brussels dares admit it, every other country is doing fiscal dumping. Portugal is such a country and has proved very friendly fiscally speaking. I personally have a hard time trusting Europe. I have witnessed what happened in Greece over the last few years. Some of our ultra high net worth clients got stuck with capital controls. I mean no way you got out of crypto to have your funds confiscated at the next financial crisis! Anyway. FYI
Malta Generally speaking, if you get a residence somewhere you have to live there for a certain period of time. Being stuck in Italy is no big deal with Schengen Agreement, but in Malta it is a different story. In Malta, the ordinary residence scheme is more attractive than the HNWI residence scheme. Being an individual, you can hold a residence permit under this scheme and pay zero income tax in Malta in a completely legal way.
Monaco Not suitable for French citizens, but for other Ultra High Net worth individual, Monaco is worth considering. You need an account at a local bank as a proof of fortune, and this account generally has to be seeded with at least EUR500k. You also need a proof of residence. I do mean UHNI because if you don’t cash out minimum 30m it’s not interesting. Everything is expensive in Monaco. Real Estate is EUR 50k per square meter. A breakfast at Monte Carlo Bay hotel is 70 EUR. Monaco is sunny but sometimes it feels like a golden jail. Do you really want that for your kids?
Dubaï
  1. Set up a company in Dubaï, get your resident card.
  2. Spend one day every 6 month there
  3. ???
  4. Be tax free
US tricks Some Private banks in Geneva do have the license to manage the assets of US persons and U.S citizens. However, do not think it is a way to avoid paying taxes in the US. Opening an account at an authorized Swiss Private banks is literally the same tax-wise as opening an account at Fidelity or at Bank of America in the US. The only difference is that you will avoid all the horror stories. Horror stories are all real by the way. In Switzerland, if you build a decent case and answer all the questions and corroborate your case in depth, you will manage to convince compliance officers beforehand. When the money eventually hits your account, it is actually available and not frozen.
The IRS and FATCA require to file FBAR if an offshore account is open. However FBAR is a reporting requirement and does not have taxes related to holding an account outside the US. The taxes would be the same if the account was in the US. However penalties for non compliance with FBAR are very large. The tax liability management is actually performed through the management of the assets ( for exemple by maximizing long term capital gains and minimizing short term gains).
The case for Porto Rico. Full disclaimer here. I am not encouraging this. Have not collaborated on such tax avoidance schemes. if you are interested I strongly encourage you to seek a tax advisor and get a legal opinion. I am not responsible for anything written below. I am not going to say much because I am so afraid of uncle Sam that I prefer to humbly pass the hot potato to pwc From here all it takes is a good advisor and some creativity to be tax free on your crypto wealth if you are a US person apparently. Please, please please don’t ask me more. And read the disclaimer again.
Trust tricks Generally speaking I do not accept fringe fiscal situation because it puts me in a difficult situation to the banks I work with, and it is already difficult enough to defend a legit crypto case. Trust might be a way to optimize your fiscal situation. Belize. Bahamas. Seychelles. Panama, You name it. At the end of the day, what matters for Swiss Banks are the beneficial owner and the settlor. Get a legal opinion, get it done, and when you eventually knock at a private bank’s door, don’t say it was for fiscal avoidance you stupid ! You will get the door smashed upon you. Be smarter. It will work. My advice is just to have it done by a great tax specialist lawyer, even if it costs you some money, as the entity itself needs to be structured in a professional way. Remember that with trust you are dispossessing yourself off your wealth. Not something to be taken lightly.
“Anonymous” cash out. Right. I think I am not going into this topic, neither expose the ways to get it done. Pm me for details. I already feel a bit uncomfortable with all the info I have provided. I am just going to mention many people fear that crypto exchange might become reporting entities soon, and rightly so. This might happen anyday. You have been warned. FYI, this only works for non-US and large cash out.
The difference between traders an investors. Danmark, Holland and Germany all make a huge difference if you are a passive investor or if you are a trader. ICO is considered investing for instance and is not taxed, while trading might be considered as income and charged aggressively. I would try my best to protect you and put a focus on your investor profile whenever possible, so you don't have to pay 52% tax if you do not have to :D
Full cash out or partial cash out? People who have been sitting on crypto for long have grown an emotional and irrational link with their coins. They come to me and say, look, I have 50m in crypto but I would like to cash out 500k only. So first let me tell you that as a wealth manager my advice to you is to take some off the table. Doing a partial cash out is absolutely fine. The market is bullish. We are witnessing a redistribution of wealth at a global scale. Bitcoin is the real #occupywallstreet, and every one will discuss crypto at Xmas eve which will make the market even more supportive beginning 2018, especially with all hedge funds entering the scene. If you want to stay exposed to bitcoin and altcoins, and believe these techs will change the world, it’s just natural you want to keep some coins. In the meantime, if you have lived off pizzas over the last years, and have the means to now buy yourself an nice house and have an account at a private bank, then f***ing do it mate ! Buy physical gold with this account, buy real estate, have some cash at hands. Even though US dollar is worthless to your eyes, it’s good and convenient to have some. Also remember your wife deserves it ! And if you have no wife yet and you are socially awkward like the rest of us, then maybe cashing out partially will help your situation ;)
What the Private Banks expect. Joke aside, it is important you understand something. If you come around in Zurich to open a bank account and partially cash out, just don’t expect Private Banks will make an exception for you if you are small. You can’t ask them to facilitate your cash out, buy a 1m apartment with the proceeds of the sale, and not leave anything on your current account. It won’t work. Sadly, under 5m you are considered small in private banking. The bank is ok to let you open an account, provided that your kyc and compliance file are validated, but they will also want you to become a client and leave some money there to invest. This might me despicable, but I am just explaining you their rules. If you want to cash out, you should sell enough to be comfortable and have some left. Also expect the account opening to last at least 3-4 week if everything goes well. You can't just open an account overnight.
The cash out logistics. Cashing out 1m USD a day in bitcoin or more is not so hard.
Let me just tell you this: Even if you get a Tier 4 account with Kraken and ask Alejandro there to raise your limit over $100k per day, Even if you have a bitfinex account and you are willing to expose your wealth there, Even if you have managed to pass all the crazy due diligence at Bitstamp,
The amount should be fractioned to avoid risking your full wealth on exchange and getting slaughtered on the price by trading big quantities. Cashing out involves significant risks at all time. There is a security risk of compromising your keys, a counterparty risk, a fat finger risk. Let it be done by professionals. It is worth every single penny.
Most importantly, there is a major difference between trading on an exchange and trading OTC. Even though it’s not publicly disclosed some exchange like Kraken do have OTC desks. Trading on an exchange for a large amount will weight on the prices. Bitcoin is a thin market. In my opinion over 30% of the coins are lost in translation forever. Selling $10m on an exchange in a day can weight on the prices more than you’d think. And if you trade on a exchange, everything is shown on record, and you might wipe out the prices because on exchanges like bitstamp or kraken ultimately your counterparties are retail investors and the market depth is not huge. It is a bit better on Bitfinex. It is way better to trade OTC. Accessing the institutional OTC market is not easy, and that is also the reason why you should ask a regulated financial intermediary if we are talking about huge amounts.
Last point, always chose EUR as opposed to USD. EU correspondent banks won’t generally block institutional amounts. However we had the cases of USD funds frozen or delayed by weeks.
Most well-known OTC desks are Cumberlandmining (ask for Lucas), Genesis (ask for Martin), Bitcoin Suisse AG (ask for Niklas), circletrade, B2C2, or Altcoinomy (ask for Olivier)
Very very large whales can also set up escrow accounts for massive block trades. This world, where blocks over 30k BTC are exchanged between 2 parties would deserve a reddit thread of its own. Crazyness all around.
Your options: DIY or going through a regulated financial intermediary.
Execution trading is a job in itself. You have to be patient, be careful not to wipe out the order book and place limit orders, monitor the market intraday for spikes or opportunities. At big levels, for a large cash out that may take weeks, these kind of details will save you hundred thousands of dollars. I understand crypto holders are suspicious and may prefer to do it by themselves, but there are regulated entities who now offer the services. Besides, being a crypto millionaire is not a guarantee you will get institutional daily withdrawal limits at exchange. You might, but it will take you another round of KYC with them, and surprisingly this round might be even more aggressive that the ones at Private banks since exchange have gone under intense scrutiny by regulators lately.
The fees for cashing out through a regulated financial intermediary to help you with your cash out should be around 1-2% flat on the nominal, not more. And for this price you should get the full package: execution/monitoring of the trades AND onboarding in a private bank. If you are asked more, you are being abused.
Of course, you also have the option to do it yourself. It is a way more tedious and risky process. Compliance with the exchange, compliance with the private bank, trading BTC/fiat, monitoring the transfers…You will save some money but it will take you some time and stress. Further, if you approach a private bank directly, it will trigger a series of red flag to the banks. As I said in my previous post, they call a direct approach a “walk-in”. They will be more suspicious than if you were introduced by someone and won’t hesitate to show you high fees and load your portfolio with in-house products that earn more money to the banks than to you. Remember also most banks still do not understand crypto so you will have a lot of explanations to provide and you will have to start form scratch with them!
The paradox of crypto millionaires Most of my clients who made their wealth through crypto all took massive amount of risks to end up where they are. However, most of them want their bank account to be managed with a low volatility fixed income capital preservation risk profile. This is a paradox I have a hard time to explain and I think it is mainly due to the fact that most are distrustful towards banks and financial markets in general. Many clients who have sold their crypto also have a cash-out blues in the first few months. This is a classic situation. The emotions involved in hodling for so long, the relief that everything has eventually gone well, the life-changing dynamics, the difficulties to find a new motivation in life…All these elements may trigger a post cash-out depression. It is another paradox of the crypto rich who has every card in his hand to be happy, but often feel a bit sad and lonely. Sometimes, even though it’s not my job, I had to do some psychological support. A lot of clients have also become my friends, because we have the same age and went through the same “ordeal”. First world problem I know… Remember, cashing out is not the end. It’s actually the beginning. Don’t look back, don’t regret. Cash out partially, because it does not make sense to cash out in full, regret it and want back in. relax.
The race to cash out crypto billionaire and the concept of late exiter. The Winklevoss brothers are obviously the first of a series. There will be crypto billionaires. Many of them. At a certain level you can have a whole family office working for you to manage your assets and take care of your needs . However, let me tell you it’s is not because you made it so big that you should think you are a genius and know everything better than anyone. You should hire professionals to help you. Managing assets require some education around the investment vehicles and risk management strategies. Sorry guys but with all the respect I have for wallstreebet, AMD and YOLO stock picking, some discipline is necessary. The investors who have made money through crypto are generally early adopters. However I have started to see another profile popping up. They are not early adopters. They are late exiters. It is another way but just as efficient. Last week I met the first crypto millionaire I know who first bough bitcoin over 1000$. 55k invested at the beginning of this year. Late adopter & late exiter is a route that can lead to the million.
Last remarks. I know banks, bankers, and FIAT currencies are so last century. I know some of you despise them and would like to have them burn to the ground. With compliance officers taking over the business, I would like to start the fire myself sometimes. I hope this extensive guide has helped some of you. I am around if you need more details. I love my job despite all my frustration towards the banking industry because it makes me meet interesting people on a daily basis. I am a crypto enthusiast myself, and I do think this tech is here to stay and will change the world. Banks will have to adapt big time. Things have started to change already; they understand the threat is real. I can feel the generational gap in Geneva, with all these old bankers who don’t get what’s going on. They glaze at the bitcoin chart on CNBC in disbelief and they start to get it. This bitcoin thing is not a joke. Deep inside, as an early adopter who also intends to be a late exiter, as a libertarian myself, it makes me smile with satisfaction.
Cheers. @swisspb on telegram
submitted by Swissprivatebanker to Bitcoin [link] [comments]

$1B bitcoins on the move: MtGox vs SilkRoad origin and BTC price impact discussed

$1B bitcoins on the move: MtGox vs SilkRoad origin and BTC price impact discussed
Preamble: it seems that my post was censored and removed on bitcoin... from now I will only publish my articles on btc and crosspost it. Freedom and freespeech matter to me.
--

This is the 4th post of a series of articles dedicated to investigate $1B worth of bitcoins (111,114 BTC/BCH/... BXX) that were dormant since 2014 and started moving actively. The BTC coins were originally located at this address (1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a).
  • The facts that part of this funds (>13%) have been transferred in the past month to Bitfinex, Binance and Bitmex exchanges is discussed here.
  • The origin of the bitcoins was originally discussed here.
  • A deep-dive into the wallet activity was discussed here.

Today I am writing a short update to discuss the origin of the funds and some events that could be related both to this wallet and yesterday's price crash.

Wallet's origin

This question has been discussed a lot by the crypto community in the past year.
Here is a summary of the most probable hypothesis for the 1933p wallet's origin:
  1. a SilkRoad user or DPRs wallet per this post: https://bitcointalk.org/index.php?topic=310600.0
  2. a MtGox cold wallet that has been seized or is still owned by MtGox: in fact the wallet funds moved in March 2014 right after MtGox filed for bankruptcy one month earlier in February 2014; these movements dates are really similar to the 200,000 lost coins "found" by Karpeles which moved March 7th, 2014 (1dda0f8827518ce4d1d824bf7600f75ec7e199774a090a947c58a65ab63552e3), just 2 days before the movements on the wallet we are talking about here.
  3. a whale wallet since the major part of the 111,111 coins are coming from a very old deposit of 37,421 coins processed on June 21st, 2011 making this an early adopter's wallet (70d46f768b73e50440e41977eb13ab25826137a8d34486958c7d55c5931c6081)

Wizsec, a prominent Bitcoin security expert, seems to be pretty sure that the wallet belongs to a MtGox hodler and early investor, who is not a DPR or a SilkRoad user, per his Twitter post: https://twitter.com/wizsecurity/status/1037030003068653569
Finally, Wizsec and I agree that this wallet is not CSW`'s wallet despite it is mentioned in several court documents. Wizsec spent a lot of time debunking CSW's ownership claims earlier this year: https://twitter.com/wizsecurity/status/968337084837781504

What do you think about this wallet origin?
`
BTC price crash

Also, I wanted to report some events that could be related to this 1933p wallet activity:

  • $100M USDT were transferred (reported by u/whalecheetah) while the 1933f wallet owner was in the process of transferring approximately the same amount to several exchanges.
(update) Here is a link provided by u/jesquit: https://www.reddit.com/btc/comments/9cj208/bitcoin_surge_expected_as_100m_tether_goes_to
  • 10,000 BTC buy order was filed last night on Bitmex with 8,030 BTC transferred from a Bitfinex user wallet while the 1933p wallet owner transferred approximately the same amount of BTC to Bitfinex since August, 24th.
(update) Here is the actual BTC transaction: https://www.blocktrail.com/BTC/tx/f2465a1225531d33696380f06034499a52d707f85ee6ae1419885980011f6e25 ,
with its Bitfinex inputs:
1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g (3,000)
1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g (2,000)
1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g (2,000)
1Kr6QSydW9bFQG1mXiPNNu6WpJGmUa9i1g (1,029.98)
and output to Bitmex:
3BMEXqGpG4FxBA1KWhRFufXfSTRgzfDBhJ (10,000).

Was this deal prepared or was the buyer a bitcoin angel?

--
In the light of September 6th price crash, do you think the $100M transferred to the exchanges caused it?

https://preview.redd.it/npazsakt1uk11.png?width=2277&format=png&auto=webp&s=1806829761fb30619b4796961b9616875f1ca602
submitted by sick_silk to btc [link] [comments]

I am the BearWhale: UASF Now!

A signed version of this message can be found here https://pastebin.com/Lp5Djs5R
Hello. I am the BearWhale. After a series of bad experiences with the banking system, I invested most of my life savings into bitcoin when the price was fairly low, around $8. For years I was a HODLer. I was holding when Trendon Shavers ripped everyone off. I was holding when the price was over a thousand, and I held after MtGox imploded. I believe strongly in Bitcoin’s decentralized promise of displacing immoral national currencies.
The price kept drifting downwards until finally at a little over $300 I had enough. I sold off everything, based on an accumulation of information I gathered mostly from social media such as bitcointalk.org and reddit:
At this point I should state that I am a highly technical person. I understand all of the math behind the bitcoin whitepaper and the software that powers it. Although, I am not a security expert nor am I a cypherpunk - only a little experience in the type of adversarial thinking necessary to be a competent steward of the technology. I don’t regret selling, as I made an enormous profit. The decision was a rational one based on available information. However, in 2017 I went all-in on bitcoin again and here’s why:
None of the supposed facts which motivated my decision to sell were correct. It was all a carefully crafted and funded disinformation campaign launched by Roger Ver and his cronies, perhaps Jihan Wu, to discourage improvements to the bitcoin protocol to achieve financial gain at the expense of the community.
Once I recognized the moves to discredit the core developers for what it was, a covertly operated smear campaign fought on social media, funded by enormous enrichment from bitcoin, carried out with sock puppets and appeals to emotion, I looked at bitcoin and the greater community again with a more critical eye and I came to the following conclusions:
Although I am of course an adult fully responsible for my decisions, I want to make it clear that Roger Ver’s agenda was successful at convincing me that bitcoin had a “governance crisis” and was at risk of being overtaken by altcoins.
My reason for this open letter s simple: I want the community to know that I fully support the core developers. I am strongly in favor of UASF as a mechanism for liminating the centralizing effect of miner control illusions. I support SegWit as a sensible technology for moving Bitcoin forward. I reject a block-size increase hard fork at the present time. I reject a phony “compromise.” And I especially resent and reject a consortium of suits coming to an “agreement” on what source-code base will be named “bitcoin” without that code base being thoroughly vetted over a suitable long time-frame by industry professionals. Those industry professionals include Gregory Maxwell and most of the people who participate regularly on the bitcoin developers mailing list and contribute pull requests to the bitcoin-core repository.
tl;dr; I am the BearWhale: I sold Bitcoin for the wrong reasons, and now I am all-in and long bitcoin again.
submitted by the_bearwhale to Bitcoin [link] [comments]

Craig S. Wright FACTS

I’ve seen several people claim that Craig S. Wright (Chief Scientist of nChain) has been unfairly smeared and libeled lately. Let’s stick to the facts:
[1] - This link may be relevant.
[2] - Why would Satoshi do this?
[3] - Sounds like Satoshi, huh?
[4] - I urge you to read the thread and look at the person doing the critique. Compare it with Satoshi’s whitepaper
Now, before the deluge of comments about how ”it doesn’t matter WHO he is, only that WHAT he says aligns with Satoshi’s vision”, I’d like to say:
Is it of absolutely no relevance at all if someone is a huge fraud and liar? If it’s not, then I hope you’ve never accused anyone of lying or being a member of ‘The Dragon’s Den’ or a troll or of spreading FUD. I hope you’ve never pre-judged someone’s comments because of their name or reputation. I hope you’ve only ever considered technical arguments.
That said, I am not even directly arguing against anything he’s currently saying (other than random clear lies). I’ve never said anything about Blockstream, positive or negative. I’ve never expressed an opinion about what the ideal block size should be right now. My account is over 6 years old and I post in many different subs. Compare that with these (very popular!) users who frequently call me a troll or member of the ‘dragon’s den’ (with zero facts or evidence):
submitted by Contrarian__ to btc [link] [comments]

So what exactly is the current situation regarding Mt. Gox? Are there any important milestones or dates coming up that we should be aware of?

How long can we expect to see customers bitcoins at Mt. Gox's stuck? Does anyone know when we will start seeing bitcoins returned, or have any best guesses? Sorry for all of these questions, but it seems like Mt. Gox "went bankrupt" and then there was no news afterwards
submitted by Tom_Hanks13 to Bitcoin [link] [comments]

Is this dump caused by Roger Ver, Jihan Wu and CSW?

Roger Ver apparently has 300,000 Bitcoins or 300,000 BTC worth of Crypto or maybe a but less if he spent it on some things.
(https://bitcointalk.org/index.php?topic=2015141.20) , Craig Wright apparently stole 1M Bitcoins from his previous business partner where they both mined 1M Bitcoins together in 2013. (https://www.google.de/amp/s/www.cnbc.com/amp/2018/02/27/bitcoin-creator-craig-wright-accused-of-stealing-cryptocurrency-from-colleague.html).
Jihan Wu (CEO Bitmain) also probably has and is with Roger Ver on BCHABC vs. CSW with BCHSV.
In order to fund their hash war, they are dumping their crypto to buy hash power.
Is this what happens and are these the 3 biggest whales in crypto? Then they can control the market however they want, since it only takes 35,000 Bitcoin to move the price by 10%. https://data.bitcoinity.org/markets/books/USD
Edit: Ok, so CSW probably only has a few thousand bitcoins, since most of the addresses he claims to own are verified Mtgox addresses. https://blog.wizsec.jp/2018/02/kleiman-v-craig-wright-bitcoins.html?m=1
submitted by galan77 to CryptoCurrency [link] [comments]

The Ver Effect.

I have watched and listened to a number of interviews featuring Roger Ver, the most recent one with John Carvalho. Two things are obvious:
One, Roger Ver is not concerned with the technical aspects of Bitcoin, he is emotionally involved with the concept of spreading Bitcoin across the world. He states it's for philanthropic reasons; I surmise to bring financial stability to nations where people are being exploited by their local economy (eg. Argentina, Sudan, Iran, Ghana, etc..) via gross inflation, or those affected by foreign sanctions. This is where the real meat & potatoes are. Roger Ver does not care about nor understand the technical aspect, and therefore cannot truly appreciate the future of Bitcoin that he is trying to sell today for a quick gain tomorrow. Metaphorically, Roger Ver would rather burn up on re-entry into the atmosphere than keep this thing in orbit. More on that later.
Two: Roger Ver really loves Roger Ver, and he loves the community that he has built. You can hear it in his voice when he talks about all his financial/business successes in life. He wants to cement his legacy in life and he has decided it will be Bitcoin. Since he doesn't have technical capability, he's going to leverage his political, social, and financial means to make it happen, at all costs even if that means ruining others' lives in the process. It is obvious he is lying because of his inability to sway from the scripted agenda that he is pushing, and the clear lack of latitude in any of his discussions. He is desperately running from every misstep in his life, from his felony conviction from selling explosives on E-bay, to declaring MtGox solvent, and all the other lies he seems to propagate.
I am afraid, not for Bitcoin or the future of cryptocurrency, but for all of those who choose to follow him. Roger loves Roger, and he is a man of his principles, most recently the principle of the name B-Cash versus Bitcoin Cash. The thing about people who live by their principles, they die by their principles.
So back to the metaphor. When humans want to put an object in space, it takes an insane amount of planning, theory, mathematics, coding, testing, mathematics and eventually one day, launch. If you get it right, that thing will orbit the earth for a long long time. John F. Kennedy didn't know how to build a rocket, but he understood why it was important, and why it was worth the money and life that it would take to make landing on the moon happen. More importantly, he knew he had a team of experts who could actually do the work to make it happen.
Roger is not John F. Kennedy. Roger is like the head of Mars-One. These folks made headlines by taking applications to identify astronauts who will travel to Mars; but they have absolutely no means to actually make any of it happen. I was sitting next to Buzz Aldrin while these people spoke a couple years ago, and it was a truly surreal and bizarre combination of quality scripted presentation and complete lack of substance. They don't have any money, or experts, but they have a million dollar marketing budget, a great presentation, and a really sweet website. That doesn't keep them from dissapointing thousands of people who think they are actually applying to become the first people to colonize Mars.
So, what is my conclusion. Roger doesn't care about the theory, math, coding, planning or testing that is involved with making Bitcoin happen. He is more concerned with cementing his name in history, trying to overshadow all the missteps of his past. He doesn't care that his rocket isn't going to make it into orbit. Even though everyone is showing him the truth, he's going to strap on his space suit, fuel his rocket, light that baby, and make it into some really screwed up highly elliptical orbit. For a good period Roger Ver will be a hero, the first man to deliver decentralized, fast, cheap cryptocurrency to the wold in a short timeline, forever cementing his legacy. However, eventually the lack of engineering and planning means gravity is going to take its course, and his little ship will come screaming back to the earth in a giant fiery streak across the sky. Meanwhile all of those back on earth can only watch and mourn the loss of all their investments, while they watch a tiny capsule containing a smugly grinning narcissist who represents everything they believed in turn into dust.
I believe in the the current Bitcoin development team because they got us into space. I trust that in a reasonable amount of time, Bitcoin will go to the moon, and then maybe beyond. I trust this because they have a vision that stands the test of time and doesn't simply compromise time for quality. Apollo 1 killed 3 men because they compromised quality for timeliness. One of the leaders of the Apollo program (Gene Kranz, the guy with the home-made vest in Apollo 13 movie) said "We were too 'gung-ho' about the schedule and we blocked out all of the problems we saw each day in our work. Every element of the program was in trouble and so were we."
I don't want to compromise the future of this project in the interest of novel timeliness. We only get one chance at this guys, let's make it count.
submitted by bitcoin___throwaway to Bitcoin [link] [comments]

I've updated the beginners' guide for buying bitcoins in 2017. What are your thoughts?

In September 2016 I wrote up a guide for friends and family asking me how to buy bitcoins: https://howtobuybitcoin.io/ especially with a credit card, or PayPal, bank transfer, and cash (since this was what most people use). I got some good feedback, notably from the community here on reddit and bitcointalk. People also gave some good advice for future modifications. Here is what I've now added & updated:
I would appreciate your thoughts on the improvements and updates. Is there anything I should add or take out?
From a beginner's perspective searching how to buy bitcoin, what do I need to explain further?
submitted by cesmous to Bitcoin [link] [comments]

$1B bitcoins on the move: MtGox vs SilkRoad origin and BTC crash discussed

$1B bitcoins on the move: MtGox vs SilkRoad origin and BTC crash discussed
This is the 4th post of a series of articles dedicated to investigate $1B worth of bitcoins (111,114 BTC/BCH/... BXX) that were dormant since 2014 and started moving actively. The BTC coins were originally located at this address (1933phfhK3ZgFQNLGSDXvqCn32k2buXY8a).
  • The facts that part of this funds (>13%) have been transferred in the past month to Bitfinex, Binance and Bitmex exchanges is discussed here.
  • The origin of the bitcoins was originally discussed here.
  • A deep-dive into the wallet activity was discussed here.

Today I am writing a short update to discuss the origin of the funds and some events that could be related both to this wallet and yesterday's price crash.

Wallet's origin

This question has been discussed a lot by the crypto community in the past year.
Here is a summary of the most probable hypothesis for the wallet's origin:
  1. a SilkRoad user or DPRs wallet per this post: https://bitcointalk.org/index.php?topic=310600.0
  2. a MtGox cold wallet that has been seized or is still owned by MtGox: in fact the wallet funds moved in March 2014 right after MtGox filed for bankruptcy one month earlier in February 2014; these movements dates are really similar to the 200,000 lost coins "found" by Karpeles which moved March 7th, 2014 (1dda0f8827518ce4d1d824bf7600f75ec7e199774a090a947c58a65ab63552e3), just 2 days before the movements on the wallet we are talking about here.
  3. a whale wallet since the major part of the 111,111 coins are coming from a very old deposit of 37,421 coins processed on June 21st, 2011 making this an early adopter's wallet (70d46f768b73e50440e41977eb13ab25826137a8d34486958c7d55c5931c6081)

Wizsec, a prominent Bitcoin security expert, seems to be pretty sure that the wallet belongs to a MtGox hodler and early investor, who is not a DPR or a SilkRoad user, per his Twitter post: https://twitter.com/wizsecurity/status/1037030003068653569
Finally, Wizsec and I agree that this wallet is not CSW`'s wallet despite it is mentioned in several court documents. Wizsec spent a lot of time debunking CSW's ownership claims earlier this year: https://twitter.com/wizsecurity/status/968337084837781504

What do you think about this wallet origin?
`
BTC price crash

Also, I wanted to report some events that could be related to this 1933f wallet activity:
  • $100M USDT were transferred (reported by u/whalecheetah) while the 1933f wallet owner was in the process of transferring approximately the same amount to several exchanges;
  • a 10,000 BTC buy order was filed last night on Bitmex with 8,030 BTC transferred from a Bitfinex user wallet while the 1933f wallet owner transferred approximately the same amount of BTC to Bitfinex since August, 24th. Was this deal prepared or was the buyer a bitcoin angel?

In the light of this yesterday's price crash, do you think the $100M transferred to the exchanges caused it?


graph of transactions originated from 1933f wallet
submitted by sick_silk to Bitcoin [link] [comments]

Breaking Theymos - all you have to do is to follow the money

I know, you guys are tired of hearing about theymos, but the only way to get him removed from power is to prove that he broke some rules and have proof to back it up. Some of you have some real time on your hands. You should use it more wisely. There is something called the blockchain, it's a global public ledger, so where theymos thought he was being slick, he really wasn't, and all his misappropriation of funds over the years is going to catch up with him.
All you need to do is spend a little time following the money bitcoins and then connecting the dots. Then show the proof to reddit admins or heck, just show it to the police, he is in the states, and voila, no more theymos.
Let's take an example and walk through it.
I'm sure if you guys keep on digging you will keep on finding more, but those tidbits might be enough to send him away for what is called embezzlement! look it up, or at the very least, taking redditors money and misusing it for his own personal funds!!!
submitted by Obvthrowaway9999 to btc [link] [comments]

[Anno 2014]However, exchanges are able to create paper bitcoin and as demonstrated by the leaked MtGox data, non-existent fiat currency was created in MtGox's database and used to run up the price of Bitcoin before the MtGox collapse.

Quote:
"Bitcoin has not developed an options or derivatives market yet. However, exchanges are able to create paper bitcoin and as demonstrated by the leaked MtGox data, non-existent fiat currency was created in MtGox's database and used to run up the price of Bitcoin before the MtGox collapse. Bitcoin will likely become subject to the same manipulations and worse."
"An exchange can add a Litecoin to an account in a database and then a user can sell that Litecoin. The litecoin may not exist and the exchange may have to buy the litecoin, to cover a withdrawal. An exchange with withdrawal limits or withdrawal fees, engaged in heavy manipulation, may be solvent indefinitely. An exchange, suffering insolvency may silently and secretly haircut a fraction of users balances and there is no indication to the user that it even occurred. There is no way to prove that reports of stolen funds are real, instead of an anonymous attack on honest exchanges by dishonest competitors."
...A project from 2014 over at Bitcointalk wrote that.
The same line could be used now, 4 years later just with Tether.
submitted by BobUltra to Buttcoin [link] [comments]

Help phase out Mt. Gox.

Ask the main price charts to stop showing Mt. Gox as the default chart, and ask those only showing Mt. Gox to add other exchanges.
If Mt. Gox is no longer seen as the default exchange, we become less reliant on them.
Contact pages for the price charts:
-Bitcoinity
-Bitcoincharts: [email protected]
-The Clarkmoodie one is run by Clark of Bitcointalk. He can be contacted here, or alternatively, on the forum.
-Blockchain, which only shows Mt Gox, can be contacted here.
-Listen to Bitcoin can be contacted at "max at listentobitcoin.com".
-If you're Dutch, contact Bitonic, and ask them to peg themselves to another exchange, rather than Mt. Gox.
-Please add any that I forgot in the comment section, and I'll add them here.
It may also be useful for you to have a look at this list of alternative exchanges.
submitted by accountt1234 to Bitcoin [link] [comments]

What do we know about LCC and the team behind it?

List of LCC team/promoters on reddit (please suggest others if you know of them)
litecoincash (redditor for 21 days) <---- Tanner, lead LCC dev
BreadInTheBucket (redditor for 1 year) <---- Mod of /LCCofficial
mindhunteronline/ (redditor for 6 months) <---- this is https://github.com/ScarletLCC, a dev associated with the GitHub repository, called Michael "Scarlet" Wyszynski on the website
ScandinavianMal (redditor for 5 days) <---- might be just a cheerleader
hashmandu (redditor for 22 days) <---- might be just a cheerleader
More information:
“It confuses people into thinking litecoin is splitting,” Charlie Lee, the founder of Litecoin, told CoinDesk on Friday. “The litecoin community has no interest in splitting. It’s just some people trying to make a quick buck. And calling it litecoin gives them some legitimacy.”
Shout out to jaydoubleu who kicked off the idea with his original post here.
I will collate more info here as I (or other people) find it:
Apparently https://github.com/ScarletLCC is affiliated with the team. They are listed as 'Design Lead, Liason Lead'. They currently have no activity whatsoever on GitHub.
11:13:57 GMT+1100 (AEDT)
litecoincash announced a couple of hours ago that https://mercatox.com/about will be the first exchange to allow LCC trading:
https://np.reddit.com/LCCofficial/comments/7y27de/mercatox_will_be_supporting_lcc/
There seems to be a LOT of negative news about this exchange:
https://np.reddit.com/RaiBlocks/comments/7ng4ac/do_not_withdraw_xrb_from_mercatox/
https://np.reddit.com/0xProject/comments/6uq7zt/mercatoxcom_scam_beware_of_the_exchange_zrx/
https://bitcointalk.org/index.php?topic=1662702.480
https://www.youtube.com/watch?v=nYkGfJO8K0o
https://steemit.com/cryptocurrency/@xiobus/do-not-use-mercatox-exchange-website-is-hacked
https://xrb.life/will-mercatox-become-another-mtgox/
https://www.trustpilot.com/review/mercatox.com
https://bitcointalk.to/index.php?topic=2576857.0
https://forum.raiblocks.net/t/missing-xrb-from-mercatox/3228
Bitcointalk post about the fork:
https://bitcointalk.org/index.php?topic=2876538.0;all
Interview with 'Tanner':
https://smartoptions.io/interview-litecoincash/
submitted by vibrate to LCCofficial [link] [comments]

Roger Ver is a well-known lier.

rbtc-censorship https://gist.github.com/chris-belchec9f4b90bec1b2fbf8caaab178719ac24
"Roger Ver openly admitting that he will promote BCash as Bitcoin" https://de.reddit.com/Bitcoin/comments/7jzpiafter_roger_ver_openly_admitting_that_he_will/
"MtGox is fine" Roger Ver https://www.youtube.com/watch?v=UP1YsMlrfF0 Thousands of people lost their life savings on Mtgox shortly after that.
Vote manipulation: https://twitter.com/brian_trollz/status/887699030901501952?ref_src=twsrc%5Etfw&ref_url=https%3A%2F%2Fs9e.github.io%2Fiframe%2Ftwitter.min.html%23887699030901501952
Astroturfing - "Roger Ver pays a public relations company to astroturf social media with anti-core, pro-BU propaganda."- former mod https://twitter.com/notgrubles/status/842826844311375872
Roger´s sockpuppets: https://de.reddit.com/Bitcoin/comments/87t3ot/delicious_proof_that_roger_employs_sockpuppets/
https://twitter.com/DanDarkPill/status/979325093666082817
Bought accounts to push agenda: https://www.reddit.com/Bitcoin/comments/6uqz6k/markets_update_bitcoin_cash_rallies_for_three/dlurbpx/
MemoryDealers.com founder Roger Ver abuses admin access at Blockchain.info https://bitcointalk.org/index.php?topic=131608.0;all
Roger buying likes on twitter https://twitter.com/Excellion/status/900445557436538880
Roger Ver Lies https://decentralize.today/roger-ver-lies-f5333e152858
Antpool = Viabtc conclusive proof https://www.reddit.com/Bitcoin/comments/6v2fic/in_case_you_still_didnt_believe_it_antpool_viabtc/
The fee lie - Everyone can see that roger ver is lying again when there are literally no txs in the #Bitcoin mempool and 5 sat txs are in the next block https://twitter.com/WhalePanda/status/903866375567007745
More fee lies from "Bitcoin Judas"
https://twitter.com/WhalePanda/status/921994604500709377
Roger Ver lies more often than he tells the truth. This is not an attack, just an objective observation of the facts.
"Mt. Gox is totally fine." (https://www.youtube.com/watch?v=UP1YsMlrfF0) ... shortly thereafter Mt. Gox implodes ... "I am here to 'apologize'. Even though everything I said when I told you 'Mt. Gox is fine' was true, I am sorry that some of you lost money when it collapsed. Buy ether."
"I am banned from posting in /Bitcoin" ... accidentally posts to /Bitcoin ... "Oops. Now I'll pretend like I never claimed to be banned from /Bitcoin, and ignore anyone who asks me about that claim."
"I've dumped a few hundred BTC for BCC"... 2 weeks later: "I haven't sold a single Bitcoin for Bitcoin Cash up until yesterday"
He lies about the subreddit he controls. He regularly lies about his holdings. He lied and scammed his way into the bitcoin.com domain, which he uses to push out FUD about Bitcoin and its developers. He lies on agreements he signs (e.g. "the bitcoin.com pool will mine with NYA/btc1/2x code... whoops just kidding, we're mining bcash instead"). He even had the audacity to lie about what happened in court, when there is a public transcript available which disproves everything he said.
There are more examples of blatant deception that I don't have the time or patience to dig up right now. Make no mistake: the man is, unfortunately, a sociopath.
https://de.reddit.com/Bitcoin/comments/6xpu8j/roger_ver_lies/
submitted by ayanamirs to Anarcho_Capitalism [link] [comments]

Please ask your favorite exchange to prove that they are not running a fractional bitcoin reserve.

Idea comes from gmaxwell and is explained here: https://iwilcox.me.uk/v/nofrac
Here's some more description: http://www.reddit.com/Bitcoin/comments/1yj5b5/unverified_pastebin_gmaxwell_irc_log_mtgox_was/cfkze3p
And as the guy that runs bitcoinity I'd like to promote the first exchange that implements it. Details here
submitted by comboy to Bitcoin [link] [comments]

Contacting the bitcoin foundation on MtGOX withdrawal issues

Hi Guys,
I am too affected by this issue, as most of you in this sub. I've send an email to the bitcoin foundation to clarify whats going on:
Hello,
I would like to get your thoughts on the current MtGOX withdrawal issues. They are occurring, when trying to withdraw BTC from a MtGOX account. Delays of 1-2 weeks shouldn't be tolerated by the members of the Bitcoin foundation for a company, which CEO is a member of it. I would like to ask you to publish a public statement on this issue. Otherwise the Bitcoin foundation members actually support these practices, which can have a negative effect on the image of companies grouped in it.
Numerous users are experiencing these issues and the story is already cover by few media outlets:
http://www.vocativ.com/02-2014/people-cant-convert-bitcoin-cash-theyre-pissed/ http://www.coindesk.com/poll-mt-gox-withdrawal-issues/ http://www.ibtimes.co.uk/cryptocurrency-news-round-vertcoin-surge-continues-mt-gox-frustration-builds-1435175
Some forum threads:
https://bitcointalk.org/index.php?topic=324918.0 https://bitcointalk.org/index.php?topic=431117.0 https://bitcointalk.org/index.php?topic=429769.0
Regards, [signature]
I've sent it to their general email address: [email protected]
Anyone is welcome to re-send/modify the message according to their needs.
EDIT: There is also a forum thread dedicated to this issue on their forum, so anyone who is a member can submit a message there: https://bitcoinfoundation.org/forum/index.php?/topic/700-mtgox-insolvency/
EDIT2: Twitter account of the CEO of MtGOX and his linkedin profile: http://www.linkedin.com/in/karpeles https://twitter.com/MagicalTux, chairman of the foundation board: https://twitter.com/vessenes, http://www.linkedin.com/in/vessenes
EDIT3: as hildenborg mentioned (http://i.imgur.com/fc4Iy69.png): MtGox hot wallet is empty: http://coinsight.org/mtgox.html So withdrawals are now failing instantly, they don't even get a TX.
EDIT4: I want to say thank you guys for the discussion and for the sent out emails. I know that the foundation isn't any official authority as some of you pointed out, but I would like to see some consequences for their behavior to their customers. So if you haven't send an email yet, please consider doing so.
submitted by jokob to Bitcoin [link] [comments]

Peter R’s Theory on the Collapse of Mt. Gox

TL/DR: A young man had a secret. To keep it hidden, he kept digging until the hole was a billion dollars deep. This is a speculative tale of a great bitcoin theft from MtGox in 2011 and the efforts that this man undertook to fix it. The tale explains the bitcoin bear market of 2011, the explosive rally of 2013, delayed fiat withdrawals, malled transactions, and a bot named Willy.
By the time you realize that real life has begun, you are already three moves in.”—Author unknown
It was June 19, 2011. Mark, a 26 year-old young man—a boy really—was ecstatic. He had recently purchased MtGox—a small, online exchange for trading virtual tokens—and business was booming. These virtual tokens were called bitcoins and Mark loved them.
Bitcoins were an obscure curiosity: a peer-to-peer electronic cash system that allowed users to store and exchange credits with any other user in the world, nearly instantly, and without the assistance of a third-party or the permission of an authority. All that was needed was a 78-digit secret number—a key if you will.
In order for his customers to withdraw their bitcoins over the internet, MtGox stored some of these keys on its online server. The remaining keys were stored on USB drives and backed up on paper to prevent theft should the server be compromised.
But theft was hardly a concern. In October of 2010, bitcoins were trading for $0.10 and the half a million bitcoins held by MtGox was worth only $50,000. But still Mark took precautions, diligently moving bitcoins to offline storage and leaving only what was necessary for customer withdrawals online. He truly wanted both his business and bitcoin to succeed.
By April, the bitcoin price had risen to $1 and by June it had exploded to $30. Between June 1 and June 15, an additional one million bitcoins were sent to MtGox and immediately sold, crashing the price back to $10. It was a hectic time, with hundreds of customers needing help, visits from the FBI related to the Silk Road black market, and stress related to the recent market crash. Young Mark was becoming a victim of his own success: there simply wasn’t enough time to get everything done. On this very day in June 2011, the keys to the recently-deposited 1,000,000 BTC were still sitting on his server.
Later this day, a group of hackers gained access to MtGox servers and executed fake trades that the world could see, driving the nominal price of bitcoin near $0. Mark was frantic. He quickly regained control of the servers and learned the dark truth: the million bitcoins that had recently flooded in earlier that month were gone. Mark admitted publically to the hack, rewound the false trades, but kept the truth of the missing coins a secret.
How could this 26-year old explain to his customers that he had lost their bitcoins? And if the world found out, would this kill the thing he loved so dearly? Would he go to jail? Or worse yet, would someone kill him? Mark decided that he would do what he thought was right: he would slowly earn back the lost bitcoin with MtGox trading fee profits and eventually make his customers whole again. He still had over 500,000 BTC left—he moved 424242.42424242 BTC between bitcoin addresses and convinced the community that MtGox was solvent. As long as withdrawals didn’t exceed deposits over a long period of time, no one would ever find out the truth. Or so he thought.
Meanwhile, the bitcoin thieves slowly mixed their coins with other coins, obfuscating the chain of ownership, and then re-selling these coins on MtGox using sock-puppet accounts. Mark tried to stop them, but there was no way he could know for sure which accounts were fraudulent—he even accused innocent people of bitcoin laundering. The constant selling of these stolen bitcoins drove the price down to $2 in November 2011. Mark faithfully used all of the MtGox profits to purchase coins back during this decline. But he would never use customer funds—that was a line he swore not to cross.
The selling of these stolen bitcoins continued at a diminished rate over 2012, and Mark continually purchased coins using the MtGox trading fees. The bitcoin economy was growing and new exchanges were opening up across the world. His bitcoin reserves weren’t building fast enough but the price of bitcoin kept rising (along with the dollar value of the missing bitcoins). He was worried that other exchanges would suck coins out of Gox and reveal his secret. He decided he needed to take decisive action: for the first time, he used customer funds to purchase real bitcoins. These large purchases by Mark further increased demand and ignited the great rally of spring 2013 when the bitcoin price shot from $20 to $266. Mark had reduced his liability in bitcoins, but in dollar terms the coins that were still missing were worth more than ever before.
On May 15, 2013 the US Department of Homeland Security seized millions of dollars from the MtGox Dwolla bank account. MtGox dollar reserves were already depleted at this point, and with the recent seizure, Mark could no longer make good on customer withdrawals in US dollars.
Under the guise of “banking problems,” MtGox slowed US dollar withdrawals to a trickle in the summer of 2013. Customers became increasingly worried and began to bid up the price of bitcoin on MtGox, as this was the only way to escape with their funds. MtGox had little fiat and very little bitcoins, but it learned one thing: as the price differential between Gox and BitStamp grew, the outwards flow of bitcoin slowed dramatically.
And so Willy was born. Willy was a bot, discovered by Wall Observers from bitcointalk.org and named by Opet on Bonavest's trading show, who would consistently purchased bitcoins at regular intervals between November 2013 and February 2014. Evidence that Willy belonged to Mark was revealed when both web and API trading at Gox was disabled for a brief period of time, exposing Willy as the only one left buying.
Willy served two purposes: he drove the price of bitcoin on the MtGox exchange high, thereby slowing and sometimes reversing the outward flow of real BTC, and he reduced the number of GoxBTC held by clients. Of course, this meant that Willy eventually became the owner of a huge number of GoxBTC (that were of course no longer backed by real BTC).
By December, the situation at MtGox was grim. In a desperate attempt to attract more funds, Mark offered reduced trading fees under the guise of celebrating their 1,000,000th customer. This partially worked, but Mark knew it was too late. If MtGox collapsed, it must appear that he didn’t know about the theft until now—for it was better to appear incompetent than criminal.
It was time to cover his tracks.
He purposely mixed immature coins into bitcoin withdrawals to delay the outward flow of coins, and later began malling his own transactions. He added the Gox malleability weakness not as a bug, but as a feature, so that it would seem plausible that outsiders had recently stolen the coins without his awareness. No coins were actually lost to malleability.
The MtGox coin supply dwindled to 2,000 BTC and on February 7, 2014. He had no choice but to disable bitcoin withdrawals. The end was near.
The problem Mark faced was that his customers had $150,000,000 credited to their accounts, yet the MtGox bank account only contained $38,000,000. He could blame the missing bitcoins on transaction malleability, but how could he explain where the fiat money went?
He shifted Willy into reverse and cranked the throttle. Willy relentlessly dumped bitcoins into the open bids. The price fell further and further, eventually dropping well below the BitStamp price. But still not enough people were buying! He needed his customers to buy the GoxBTC. Willy kept dumping coins until finally the price dropped below $100. MtGox even acquired new USD bank wires from customers looking to purchase the cheap coins. By this time, the majority of Gox customers had converted their dollars into bitcoins.
On February 28, 2014, Mt Gox filed for bankruptcy protection in Tokyo, reporting 6.5 billion yen in liabilities, 3.8 billion yen in assets, and 750,000 of customer bitcoins missing. Willy had failed to completely close the fiat solvency gap and Mark finally admitted to having lost the coins.
Now we watch the rest of the story unfold. A story of how an oversight during a hectic period, an untimely theft, and an attempt to cover it up, lead to the greatest loss in the history of bitcoin.
Cross-posted from: https://bitcointalk.org/index.php?topic=497289.0
submitted by Peter__R to Bitcoin [link] [comments]

MtGox Bitcoins to BTC e Bitcoins in 50 seconds - YouTube MTGox and Malleability - Let's Talk Bitcoin Episode 85 Peter Vessenes: The Cause Of MtGox 202k Bitcoin Payout Delay MtGox Bitcoins to BTC e Bitcoins in 50 seconds MtGox Bitcoins To BTC Bitcoins - YouTube

“This Bitcoin address associated with the MtGox [sic] hack has a balance of 75,957.20 BTC, and not a single satoshi has ever been moved out of it.” With today’s Bitcoin price, 79,957 BTCs is worth more than $815 millions. Will the Mt. Gox hacked bitcoins ever be recovered? Aside from mining, the only way to obtain bitcoin in the very early days was by trading it on forums or IRC. This arrangement relied on the other party Bitcoin didn’t have to wait long for its ... Die Bitcoin-Handelsplattform Mt.Gox ist verschwunden und mit ihr wohl Bitcoins im Wert von 300 Millionen Dollar. Das könnte das Ende der digitalen Währung bedeuten. Bitcointalk Bitcoin Forum: Economy: Marketplace: Service Discussion, 6 March 2011. Accessed 23 October 2016. ↑ Block 132749 - Bitcoin Block Explorer ↑ Mtgox is changing owners ↑ Bitcoin operator Mt. Gox resumes withdrawals ↑ MtGox Resigns From Bitcoin Foundation, Deletes All Tweets From Twitter Feed ↑ Mt. Gox Seeks Bankruptcy After $480 Million Bitcoin Loss, Carter Dougherty and ... 11/10/2013 - MtGox Infrastructure and Data Centre Migration. 29/06/2013 - MtGox Registers as a Money Transmitting Company in the US - Great news for US Residents - this could open up doors for new financial partners to get money in and out of the exchange faster and more efficient. Another link here. 25/06/2013 - MtGox Update Magneto Merchant ...

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MtGox Bitcoins to BTC e Bitcoins in 50 seconds - YouTube

MtGox Bitcoins To BTC Bitcoins BITCOIN PRICE , BITCOIN FUTURE in doubt http://youtu.be/eO-yrpQpIT8 What is NAMECOIN BITCOIN'S First Fork http://youtu.be/oBkh... 3. Transferring 23.23 USD from MtGox to BTC-e via Bitinstant (1.49% fee). 4. Receiving 22.89 USD on BTC-e Bitcoin exchange. 5. Buying new Bitcoins for a price of 11.40 USD/BTC getting 2.0037 BTC ... MtGox Bitcoins to BTC Bitcoins in 50 seconds BITCOIN PRICE , BITCOIN FUTURE in doubt http://youtu.be/eO-yrpQpIT8 What is NAMECOIN BITCOIN'S First Fork http:/... MtGox Bitcoins to BTC e Bitcoins in 50 seconds BITCOIN PRICE , BITCOIN FUTURE in doubt http://youtu.be/eO-yrpQpIT8 What is NAMECOIN BITCOIN'S First Fork http... BITCOIN PRICE , BITCOIN FUTURE in doubt http://youtu.be/eO-yrpQpIT8 What is NAMECOIN BITCOIN'S First Fork http://youtu.be/oBkhPhu3_B4 Test Scanning Stainless...

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