[GET] Bitcoin Income Kit

[SubZero]

(02-22-2015 10:50 AM)zimzoom Wrote:  

(02-22-2015 10:09 AM)SubZero Wrote:  Thank you for sharing this nice Bitcoin method. +REP added to you!

I'm sure this works, and I'm gonna try it THIS WEEK and let you guys know how everything goes.
(I just need to setup a US Bank Account 1st)

So I'm assuming you live outside the US (doesn't really matter) and are going to set up a new bank account, then you are going to use Coinbase to buy the coins, and then sell them on localbitcoins? It's called Money Transmitting and is illegal without a license! This is why some are reluctant to share information on here! Some are just lazy (asking for the same password every three posts) don't read thread posts, dont understand the language BBF uses by default, or are just plain stupid/slow learners.

You are going to get NAILED by the US Feds, the state where the bank you are doing business in is located, Coinbase, or all of the above! Do you think if you could flip a bitcoin for $68-$76 a turn, you are the only one privy to it (while ISIS launders money all around us) and a guy selling this information for $10 and has a portfolio of .041 bitcoin is a seasoned, or legit trader? How many times does he cut away in the video? Cheeses, some of you people deserve to be inturned! That clicking you here? NSA!

Thanks for those clarifications. However, I think I'm still confused. What's illegal, exactly? Buying bitcoins, or selling them? Does this imply that all folks on Local Bitcoins have a license?
Also, does this mean the guy in the course (Bitcoin Income Kit) is doing illegal stuff, and making money selling an "illegal" method?

[jsalert]

(02-23-2015 10:02 AM)SubZero Wrote:  

(02-22-2015 10:50 AM)zimzoom Wrote:  

(02-22-2015 10:09 AM)SubZero Wrote:  Thank you for sharing this nice Bitcoin method. +REP added to you!

I'm sure this works, and I'm gonna try it THIS WEEK and let you guys know how everything goes.
(I just need to setup a US Bank Account 1st)

So I'm assuming you live outside the US (doesn't really matter) and are going to set up a new bank account, then you are going to use Coinbase to buy the coins, and then sell them on localbitcoins? It's called Money Transmitting and is illegal without a license! This is why some are reluctant to share information on here! Some are just lazy (asking for the same password every three posts) don't read thread posts, dont understand the language BBF uses by default, or are just plain stupid/slow learners.

You are going to get NAILED by the US Feds, the state where the bank you are doing business in is located, Coinbase, or all of the above! Do you think if you could flip a bitcoin for $68-$76 a turn, you are the only one privy to it (while ISIS launders money all around us) and a guy selling this information for $10 and has a portfolio of .041 bitcoin is a seasoned, or legit trader? How many times does he cut away in the video? Cheeses, some of you people deserve to be inturned! That clicking you here? NSA!

Thanks for those clarifications. However, I think I'm still confused. What's illegal, exactly? Buying bitcoins, or selling them? Does this imply that all folks on Local Bitcoins have a license?
Also, does this mean the guy in the course (Bitcoin Income Kit) is doing illegal stuff, and making money selling an "illegal" method?

I think there is some garage lawyer misunderstanding going on here....

http://www.coindesk.com/fincen-bitcoin-m...nsmitters/

"FinCEN Declares Bitcoin Miners, Investors Aren't Money Transmitters"

Who is to say as a principle in a transaction that does not have a 3rd party, that I'm a money transmitter? How many buy/sells makes me one???? Show me what regulation and in what state.....specifically.....

[Mamen]

(02-23-2015 11:17 AM)jsalert Wrote:  I think there is some garage lawyer misunderstanding going on here....

http://www.coindesk.com/fincen-bitcoin-m...nsmitters/

"FinCEN Declares Bitcoin Miners, Investors Aren't Money Transmitters"

Who is to say as a principle in a transaction that does not have a 3rd party, that I'm a money transmitter? How many buy/sells makes me one???? Show me what regulation and in what state.....specifically.....

I don't think there is much sense in worrying about what FinCEN says or doesn't say. If cashing out Bitcoins is money transmitting, then every dam.n trader on the universe is breaking the law for doing so without a license. What we should be worrying about here is how to implement this course successfully.

[akkiverma]

Is anyone able to earn from it?

[jsalert]

(02-23-2015 04:39 PM)Mamen Wrote:  

(02-23-2015 11:17 AM)jsalert Wrote:  I think there is some garage lawyer misunderstanding going on here....

http://www.coindesk.com/fincen-bitcoin-m...nsmitters/

"FinCEN Declares Bitcoin Miners, Investors Aren't Money Transmitters"

Who is to say as a principle in a transaction that does not have a 3rd party, that I'm a money transmitter? How many buy/sells makes me one???? Show me what regulation and in what state.....specifically.....

I don't think there is much sense in worrying about what FinCEN says or doesn't say. If cashing out Bitcoins is money transmitting, then every dam.n trader on the universe is breaking the law for doing so without a license. What we should be worrying about here is how to implement this course successfully.

Yes...you are right. That is what I was trying to say. Overall this course does not go into all the details that are needed when trading bitcoin. You really need to avoid dealing with untrusted trading partners on localbitcoins when using reversable payment systems like PayPal or Venmo etc.......

[jsalert]

(02-23-2015 04:47 PM)akkiverma Wrote:  Is anyone able to earn from it?

Yes. There are plenty of opportunities right on Localbitcoins. I challenge you to take the time and look at every advertisment and watch the changes over a week and tell me you can't see some arbitrage opportunities. There are many factors behind why people buy and sell. It really depends on what you can bring into the game. I have time flexibility since I'm self employed. I was able to buy from one person via cash deposit in the early morning and sell in the afternoon to another trader. There are lots of people outside the USA who want/need to buy. It's like any free market.

It's all about velocity. How many times can you turn your $$$ around in a week or a month? At what %?

There is a lot to learn in the bitcoin space and sometimes painful when you make a mistake. But you can make $$$$ no question.

[SubZero]

Hey guys,

thank you for adding precious infos to this thread. However, I'm still confused about what's legal or not.
Let's say I found a good place in my country to buy Bitcoins. Then, I go to localbitcoins.com and start looking for folks willing to buy my bitcoins.
However, everyone seems to be offering LESS than what I would pay for a BTC. I would lose money if I do this.

But, if I go to localbitcoins/USA and then I look at some random place, I can easily find some "spots" where I can make a profit.
Will I be able to sell to these guys, even if I'm from another country? And would this be legal?

[jsalert]

(02-24-2015 08:27 AM)SubZero Wrote:  Hey guys,

thank you for adding precious infos to this thread. However, I'm still confused about what's legal or not.
Let's say I found a good place in my country to buy Bitcoins. Then, I go to localbitcoins.com and start looking for folks willing to buy my bitcoins.
However, everyone seems to be offering LESS than what I would pay for a BTC. I would lose money if I do this.

But, if I go to localbitcoins/USA and then I look at some random place, I can easily find some "spots" where I can make a profit.
Will I be able to sell to these guys, even if I'm from another country? And would this be legal?

I can't give you legal advise. And even if I did....why would you take it from some random forum guy?

All I will say is that these "money transmiting" laws (in the U.S.) really refer to 3rd party companies moving fiat currencies of governments for other people (customers). These laws are all over the place depending on what country, province, state etc. you are in. Listening to some random idiot ranting about the imaginary abilities of a U.S. alphabet soup agencies authority and jusidiction over what you do is just so much head noise.

You have found profit opportunity. They are there and real. Find a good lawyer if you need one. Study the law in your country, it's not that hard. Get the real facts and go out and profit!

[larry195]

It's a good idea but it's not going to be as easy as it looks and your are definitely not going to get the profit margins you see in the videos... at least not from my experience

[zimzoom]

(02-25-2015 12:49 AM)jsalert Wrote:  

(02-24-2015 08:27 AM)SubZero Wrote:  Hey guys,

thank you for adding precious infos to this thread. However, I'm still confused about what's legal or not.
Let's say I found a good place in my country to buy Bitcoins. Then, I go to localbitcoins.com and start looking for folks willing to buy my bitcoins.
However, everyone seems to be offering LESS than what I would pay for a BTC. I would lose money if I do this.

But, if I go to localbitcoins/USA and then I look at some random place, I can easily find some "spots" where I can make a profit.
Will I be able to sell to these guys, even if I'm from another country? And would this be legal?

I can't give you legal advise. And even if I did....why would you take it from some random forum guy?

All I will say is that these "money transmiting" laws (in the U.S.) really refer to 3rd party companies moving fiat currencies of governments for other people (customers). These laws are all over the place depending on what country, province, state etc. you are in. Listening to some random idiot ranting about the imaginary abilities of a U.S. alphabet soup agencies authority and jusidiction over what you do is just so much head noise.

You have found profit opportunity. They are there and real. Find a good lawyer if you need one. Study the law in your country, it's not that hard. Get the real facts and go out and profit!

Hey a$$hole, you directing those remarks at me? I was talking about the WSO on it's merit and as presented, read the godamn thread. My credentials are thirty years working for US DOD in various capacities and I'm going to tell you right now there are so many grey areas with this, if there is not a law there will be one, most likely many. They're getting ready to regulate/tax the Internet, so I guess this loophole if there is one is just going on the shelf for now? Having said that, pony up to the bar big shot and trade consistently, then come back here and show everybody how smart you are with said earnings! You sound like some forex currency trader with a paper a$$hole."You have found profit opportunity. They are there and real. Find a good lawyer if you need one. Study the law in your country, it's not that hard. Get the real facts and go out and profit!" Wow, build a rocket, reach out into space, Mars is a great place, you can do it! The air, the food, the fuel, it will all happen dude. There are idiots on here all right! How much have you actually profited there slick?

There are so many regs being created on a daily basis concerning FinCen as a result of shady currency trading and the fact that no lawyer can give you a clear cut answer on how to proceed with Bitcoin is room for caution. Lawyer? Try $350 an hour on the subject, I've called and THEY will tell you it is sketchy! On a side note, there have been 15,345 pages of regs from the EPA alone in six months for $%#^ sake! Another thing, if you ever filed US taxes (now there's a stretch), this is a nightmare when you trade options or any instrument with potential short term capital gains. In addition, I have been talking about those trading in the US, not Belize, so pay attention. The fact that only 24 states are cleared to trade with Coinbase is another reason to go slow. Sitting in some backwater country making accusations on the jursidiction of an "alphabet" soup is typical of an empty head (US envy) with a big mouth, no experience in much of anything and "roided" Google translator muscles.

You have one, just one, US domestic terror event and you will find out how fast they (the "alphabet" gang as you so eloquently phrase it) will reach past your firewall since you know what the buyers on the other end of a BC transaction have done with the BC proceeds right? Twenty two years as a retired Marine Officer taught me one thing, you pull the tiger's tail, you better have an answer for the teeth. Keep that in mind Hadji! Now, go back to playing with yourself in your mom's basement/hut, or better yet, trade Bitcoins, create a WSO for dope money, since you've figured it all out and are obviously way smarter than your parents! And oh, FU! It's just a matter of time before we (USMC) thin the herd again. Clear enough for you?