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1601  Economy / Economics / Re: South Korea, the BTC pump and the household credit problem on: June 02, 2017, 05:36:18 AM

And what does it have to do with Bitcoin?

It looks like you are desperately looking for proofs that would confirm your theory. If the facts don't fit in very well, all the worse for the facts. If some people are trying to earn on the future collapse, Bitcoin wouldn't be not very useful vehicle for that. They would obviously use more reliable tools like the US dollar. If you think that this is where capital flight restrictions kick in, that could be instantly proved by the black market arising for currency exchange operations (or disproved by the lack of one). If there is none (I don't know), maybe, your theory is not as good as it seems to you?

Bitcoin does have a good part to play in the whole scenario of capital flight, assuming its that, because its easy to move large amounts out of the country without alerting the banks

And how are you going to do that?

You would still have to move fiat to these exchanges anyway, so you can't possibly not alert banks unless you move crypto in and crypto out (or just dust). But in that case the whole idea is meaningless. Bitcoin is not very handy because, as I just said, you still have to use banks, and, the point is, you can't secure wealth worth millions of dollars this way. I don't think that the Korean Bitcoin exchanges have that level of liquidity. It looks more like you are searching in the wrong place for the wrong causes (at least, in respect to premiums paid on these exchanges)

Ok. Thanks for the feedback.So would it be safe to assume that its all just speculation and nothing but hype? Why would they pay for such a premium unless fiat withdrawals are not allowed just like what happened to BFX.
1602  Economy / Web Wallets / Re: Is Bit.ac online wallet a scam? on: June 01, 2017, 05:11:23 AM
I was a member of their signature campaign, and its obvious that they dont have any consideration for the people that are trying to promote them. They just stop sending the manager additional BTC for payments without any communication. Thats a warning sign if you ask me.
1603  Economy / Marketplace / Re: How can we encourage local businesses to accept BTC? on: June 01, 2017, 05:03:56 AM
By campaigning massively bitcoin through mass media, local media, newspapers, with the help of banners, posters, etc., I think that way we can encourage local businesses to accept bitcoin and maybe local businesses will grow if more people receive bitcoin as a means of payment.

Thats a face palm suggestion. What is this? Are we marketing a product? Are we that desperate to have the people use it?

You should be asking yourself if those people, you want to get into Bitcoin, really do need to use it. The answer is mostly no. The best they can do with BTC is buy, hoard and hold as an investment.
1604  Economy / Economics / Re: Is Bitcoin A Bubble? Why many people are looking at this through the wrong lens on: June 01, 2017, 04:56:39 AM
The argument that guy in that video is giving solidifies that BTC is indeed a bubble. Hes saying that BTC's price depends on the law of supply and demand. Doesnt he realize that most of the demand in Bitcoin comes from speculation? Theres also some reason to believe that the new ICOs that have accumulated millions have helped increase the price of BTC. There are no fundamentals, its mostly speculation.

That guy just maybe wants to gain followers for his channel.
1605  Economy / Economics / Re: South Korea, the BTC pump and the household credit problem on: June 01, 2017, 04:31:51 AM

And what does it have to do with Bitcoin?

It looks like you are desperately looking for proofs that would confirm your theory. If the facts don't fit in very well, all the worse for the facts. If some people are trying to earn on the future collapse, Bitcoin wouldn't be not very useful vehicle for that. They would obviously use more reliable tools like the US dollar. If you think that this is where capital flight restrictions kick in, that could be instantly proved by the black market arising for currency exchange operations (or disproved by the lack of one). If there is none (I don't know), maybe, your theory is not as good as it seems to you?

Bitcoin does have a good part to play in the whole scenario of capital flight, assuming its that, because its easy to move large amounts out of the country without alerting the banks.

Im not desperate to prove my theory. Its more like because all of the Korean exchanges are overpricing all cryptocurrencies, not just BTC, and I find that weird. Im merely questioning why.
1606  Bitcoin / Bitcoin Discussion / Re: Bitcoin banned in Ecuador on: May 31, 2017, 05:54:41 AM
A third world country like Ecuador can ban anything they want but they will not have the technical know-how and enough man power to enforce the ban. They have other more pressing matters in their country like violent crimes, corruption, poverty and other crimes

We may not know the real reasons behind this ban

Maybe, Bitcoin prohibition in Ecuador is only a pretext for fighting with opposition there. Since it is hard to prove that you actually own bitcoins (and it is next to impossible in a small country like Ecuador as you have said yourself), it may be as hard to disprove that, i.e. that you don't have any bitcoins. In other words, this law might be directed not against actual Bitcoin users there, but against whoever is against the local government (e.g. political opposition), Bitcoin aside, as is often the case in authoritarian or outright dictatorial states

But we do know. Dinero Electrónico. The Ecuadorean government does not want anything competing against their central bank's own and issued digital currency

They don't issue their own currency

Apart from some coins which are mostly collectibles and aimed at numismatists and similar types. Just like a few other Latin American countries (Panama comes to my mind immediately), they are using the US dollar as a legal means of payment. If you mean that they are going to issue their own cryptocoin (a sort of altcoin), that would be, first, too expensive for them, and, second, it wouldn't have any value from day 1 (otherwise they wouldn't be using the American dollar in the first place)

Then whats this Dinero Electrónico nonsense? The news said that after banning Bitcoin they, presumably their government with the help of banks and financial institutions, have issued their own digital currency. Im quite sure its centralized.
1607  Economy / Economics / Re: South Korea, the BTC pump and the household credit problem on: May 31, 2017, 05:47:37 AM
Look at the prices of BTC in all the different exchanges and take notice of the higher price in the Korean exchanges. It was trading at a $2000 premium this week and has lowered to a $1000 premium.

Why? Could there be an ongoing capital flight happening? Their household debt is totaling $1.2 trillion. An all time high

I guess you should first look for simpler explanations

As said before, these exchanges may be locked in, and if you can't deposit or withdraw fiat to and from them (or fees for these operations are insane), you should expect such rates. The same happened at Bitfinex recently. They also had (and still have, if I'm not mistaken) problems with fiat transfers (Taiwanese banks closing payment channels for the exchange), and voila, Bitcoin is traded at an over 100 dollar premium to other exchanges. If you want to find out whether this has anything to do with capital flights, you could as well look at official exchange rates versus black market rates (e.g. Korean Won against the US dollar). If these rates are essentially the same (or there is no black market), then this discrepancy has nothing to do with capital flight

Yeah youre right! I learned something new again today. I havent done some checking online yet but do you know where to find the rates for US dollars in the black market? Assuming those rates arent available anywhere then it would hard to know if it has something to do with capital flight for sure.

I don't really know if a currency black market exists in SK at all

Obviously, I don't live there so I can't possibly know for sure. But if there are some currency controls imposed which aim at stopping capital flight, you can be sure there will be one. Capital flight usually happens when the economic situation in a country is really dire, and that in most cases means that the government will be limiting currency exchange (such things are well correlated if not in the same causal chain). If you are really curious, you may want to ask in the Korean section of the forum (provided there is one, of course). Personally, though, I'm more inclined to think that so high Bitcoin exchange rates at Korean exchanges are due to some locally imposed limitations and restrictions on fiat withdrawals (or due to some issues like those at Bitfinex)

Or maybe there are smart people working in financial institutions that know what will happen months or years from now? Like how the housing bubble was anticipated by a guy who worked in a hedge fund and started betting against those rated AAA derivatives.

1608  Alternate cryptocurrencies / Marketplace (Altcoins) / Re: FootballCoin [XFC] ▐ Signature Campaign ▐ High rates! on: May 31, 2017, 05:41:43 AM
Will this campaign continue after the ICO?
1609  Economy / Marketplace / Re: How can we encourage local businesses to accept BTC? on: May 31, 2017, 05:35:42 AM
Bitcoin should be configured in POS machines of merchants so that they can accept direct BTC payments , and settlement shld be to their local bank accounts

I dont understand? Why is there a need to have the settlement to their local bank accounts? Why not copy the model done online and use that offline? Thats more efficient.

He's saying that Point of Sales (POS) machines should be designed to accept bitcoin. So those shoppers that will pay through credit card, debit card or bitcoin will automatically goes to the bank. But this type of implementation for me seems to be not effective as it needs more time and effort for working with this matter.

If thats what hes saying then theres no need to include BTC acceptance for POS machines. Debit card, credit cards and cash will do just fine. What problem was BTC trying solve by including it there? Do you get the point?
1610  Economy / Marketplace / Re: How can we encourage local businesses to accept BTC? on: May 30, 2017, 07:03:44 AM
Bitcoin should be configured in POS machines of merchants so that they can accept direct BTC payments , and settlement shld be to their local bank accounts

I dont understand? Why is there a need to have the settlement to their local bank accounts? Why not copy the model done online and use that offline? Thats more efficient.
1611  Economy / Service Discussion / Re: Scammer of Bitcoin Script Seller on: May 30, 2017, 06:54:15 AM
www.exchangesoftware.info
www.me4onkof.info

They are same service who sell bitcoin wallet script

But they sell  many errors script and finally you lost money too

So they are nearly scammer

Please avoid them

Thanks



It might be better to give more details on why you think you were scammed and how you came to that conclusion. It would also be good to know who the people behind the service are if available and what the same services as them that are not scams.

We need that just to make everything clear and also to find out if what you claim as a scam is really a scam.   
1612  Economy / Economics / Re: Possible big Crash coming within 10 days on: May 30, 2017, 06:43:38 AM
Quote
Because there is no investment or asset that can increases itw own prices the way Bitcoin is doing, less than a month ago the price was at 1,300 usd and now is at 2,500 usd this is crazy and it is not possible.

Your prediction is unreasonable.

For the last year Bitcoin as an investment instrument attracted attention such news broadcasts Fox, NBC and magazines Market Watch, Time Magazine, Forbes,  Bloomber.

According to  Fibonacci retracement analysis the current situation with the price of 2100 is within the expected range. Next price rally will be aimed to $3,350 and then $4,480 in 2018. All will be well.

If you think hard about it, can we really base what will happen on the Fibonacci retracement analysis? I strongly believe we cant. What if a world war erupts starting with the tension between North and South Korea bringing all the world's economy to a collapse? I dont think BTC will escape that negative implications of that scenario.
1613  Economy / Economics / Re: South Korea, the BTC pump and the household credit problem on: May 30, 2017, 06:38:28 AM
Look at the prices of BTC in all the different exchanges and take notice of the higher price in the Korean exchanges. It was trading at a $2000 premium this week and has lowered to a $1000 premium.

Why? Could there be an ongoing capital flight happening? Their household debt is totaling $1.2 trillion. An all time high

I guess you should first look for simpler explanations

As said before, these exchanges may be locked in, and if you can't deposit or withdraw fiat to and from them (or fees for these operations are insane), you should expect such rates. The same happened at Bitfinex recently. They also had (and still have, if I'm not mistaken) problems with fiat transfers (Taiwanese banks closing payment channels for the exchange), and voila, Bitcoin is traded at an over 100 dollar premium to other exchanges. If you want to find out whether this has anything to do with capital flights, you could as well look at official exchange rates versus black market rates (e.g. Korean Won against the US dollar). If these rates are essentially the same (or there is no black market), then this discrepancy has nothing to do with capital flight

Yeah youre right! I learned something new again today. I havent done some checking online yet but do you know where to find the rates for US dollars in the black market? Assuming those rates arent available anywhere then it would hard to know if it has something to do with capital flight for sure.
1614  Bitcoin / Bitcoin Discussion / Re: Bitcoin banned in Ecuador on: May 30, 2017, 06:27:00 AM
A third world country like Ecuador can ban anything they want but they will not have the technical know-how and enough man power to enforce the ban. They have other more pressing matters in their country like violent crimes, corruption, poverty and other crimes

We may not know the real reasons behind this ban

Maybe, Bitcoin prohibition in Ecuador is only a pretext for fighting with opposition there. Since it is hard to prove that you actually own bitcoins (and it is next to impossible in a small country like Ecuador as you have said yourself), it may be as hard to disprove that, i.e. that you don't have any bitcoins. In other words, this law might be directed not against actual Bitcoin users there, but against whoever is against the local government (e.g. political opposition), Bitcoin aside, as is often the case in authoritarian or outright dictatorial states

But we do know. Dinero Electrónico. The Ecuadorean government does not want anything competing against their central bank's own and issued digital currency.

With the use of VPN and Tor, they will have a hard time if finding and tracking you. https://localbitcoins.com/country/EC
1615  Bitcoin / Bitcoin Discussion / Re: Bitcoin banned in Ecuador on: May 29, 2017, 08:06:46 AM
A third world country like Ecuador can ban anything they want but they will not have the technical know-how and enough man power to enforce the ban. They have other more pressing matters in their country like violent crimes, corruption, poverty and other crimes.
1616  Economy / Exchanges / Re: Why don't exchanges run their own bots? on: May 29, 2017, 07:56:31 AM
Though at poloniex you can configured they bot to suit your trading strategy, you should know that exchangers platform will also what to wash their hand incase of eventuality of loss so you will not began to called their customer care and blame them of being the reason why you loss in a trade places by bot.

Yeah but its not enough. It would be better to have something like the possibility to do simple scripting in the exchange like simple if, else scripts just so it knows what to do if the trades are missed because of the fast movement of the market.
1617  Economy / Economics / Re: South Korea, the BTC pump and the household credit problem on: May 29, 2017, 07:50:01 AM
Look at the prices of BTC in all the different exchanges and take notice of the higher price in the Korean exchanges. It was trading at a $2000 premium this week and has lowered to a $1000 premium.

Why? Could there be an ongoing capital flight happening? Their household debt is totaling $1.2 trillion. An all time high.

http://pulsenews.co.kr/view.php?year=2017&no=344490

Another reason for an ongoing capital flight scenario is the concerns over South Korea's face off against North Korea.

http://ecard.nationmultimedia.com/news/business/EconomyAndTourism/30312620

Maybe theyre using BTC to get money out of their country to bypass the banking system and the regulators that makes it hard to move money.

Or it could be just ordinary Koreans taking a fancy to Bitcoin.
We know that there is increased interest in Japan following favourable regulations; maybe this has spread to South Korea too.  Smiley

In other words youre thinking that the Korean traders are just trying to pump the price? Is that what youre saying? What do you mean that the favorable regulations has spread in South Korea too? Do you know any news about it?
1618  Economy / Economics / Re: Possible big Crash coming within 10 days on: May 29, 2017, 07:41:59 AM
Saving this topic so I can bump it in 10 days and laugh at OP's expense because we'll still be breaking ATH's every hour by them.

See you soon

Guess who was wrong Cheesy


Its going above $2000 again and maybe its beginning to go back to normal. Was the rise of all the cryptocurrencies partly because of Consensus 2017? I noticed they all went down after the convention.

Take notice that the price of 1 BTC is over $2,800 on Korean exchnges. And there's one exchange, I think it's South African, luno, where the price is $2,890. And I think those people know what they are doing, everyone would rather sell their coins to them and thus they will have a lot of coins which will increase in value in the future

Yeah, these people certainly know what they are doing

But that may be not what you think they are actually doing. When you see such a huge price discrepancy between the price at a certain exchange and the average price across the market, there is always some reason for that. Most likely, you can't withdraw fiat from them, or the withdrawal commissions are simply insane. Otherwise arbitrageurs would quickly jump at this profit opportunity and they would quickly level off the price with "the rest of the world"

What about capital flight? Another possibility that might be true is there are smart people in the know that expecting a crash in their economy. I made a thread about it https://bitcointalk.org/index.php?topic=1934056.0

Please drop by and tell us what your viewpoint is.
1619  Economy / Speculation / Re: whoohoo what a dump, now great opportunity to get back in on: May 29, 2017, 07:35:16 AM
I hate to associate the dump with down time of a lot of exchanges. There a lot of buy order cancels during the bounce back. It's a hit on the confident but in no doubt bullish days are ahead of us.


Coinbase said it has 40,000 new customers every day. They will push up the price later.

I really doubt that would be true. Can you post a link that said they said they are having 40,000 new customers everyday? If that is really happening there could be something wrong going on like people making multiple unverified accounts.
1620  Economy / Speculation / Re: whoohoo what a dump, now great opportunity to get back in on: May 28, 2017, 09:56:23 AM
Just buy already and get done with it. If you are here for the long term then who cares if it goes lower. If you keep waiting for the perfect price you'll miss the boat. Look at the idiots that were waiting for $30 after the $1200 crash. They didn't buy and missed the $2700 rally.

Thats easier said than done. Im confident that a lot of BTC holders would give in and sell their coins, or maybe some of them if the wait becomes too long and unbearable. Especially if you see the other coins are moving without you.
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