Do you mind telling us what order of magnitude the afore mentioned transactions were ?
With Halifax, it was probably about £10k. With HSBC, it was probably less than that directly related to bitcoin. Other transactions were on that account but they were purchasing parts from retailers, all well above board.
Are they locking your fund with them or just closing the account after giving all your dues ?
No the funds in the account including any interest are just returned to me as a cheque. but, you can use localbitcoin and wire system (to a private seller). or others exchange with thrid party (okcoin, etcs ...). the bank never seen the direct exchange ... fee hell, well ... it's the game, now.  Not true. With Halifax, I had transferred money to BTC-E through OKPAY. However with HSBC, I hadn't, I had only sold / bought a few times on localbitcoins, direct to other user's bank accounts. Never any reference to Bitcoin. This is why the bitcoin community needs to stop waiting for the banks to accept bitcoin and crowd-fund our own fiat bank so we can move fiat to exchanges without getting our accounts closed. I'm not talking about a "bitcoin bank" or any such nonsense, but a regular fiat deposit bank owned by bitcoin users in the form of publicly traded assets. It costs about $12-20 million to start a bank in the USA. I started a thread arguing for this awhile ago: https://bitcointalk.org/index.php?topic=916527.0I really like that idea. I wonder why it hasn't been done already? I suppose it's probably because any bank that sets up and is openly Bitcoin friendly will be shunned by other banks and not able to lend themselves, thus, failing at the first hurdle. This leads me to think a bank blacklist would be an interesting and useful idea, if it doesn't already exist. A bank doesn't play nice with users of bitcoin? Well now they're on the list. Lost business for them, more press for bitcoin "trying" to be "legitimate".
Here you go: List of Bitcoin Hostile (and friendly) BanksVery out of date now??? |
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This is pretty worrysome and makes me wary of doing bitcoin related transactions through normal banking.
Were the BTC transactions via localbitcoins, Coinbase, or some other exchange?
With Halifax, it was sending money to Bitstamp I think, through OK Pay. With HSBC, it's only been LBC so private BACS transfers. It is VERY worrying that the banks have us all by the balls. They can cut us off and ruin our lives with the press of a button. Imagine mortgages, utility bills, loans etc all that couldn't be dealt with (easily). |
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My questions now are:
- Will I ever be able to get a mortgage or bank account now with HSBC (or Halifax)?
- Am I black listed somewhere, if so, where?
- Who is there I can complain to?
- What if Santander do the same, and I can't get a bank account, how do I pay my mortgage, get paid my salary etc?
Scary stuff how the banks are so in control of our lives and can cut us off from civilisation by closing our bank accounts.
You should probably ask your bank or get some proper advice from someone. As a first step I'd make an appointment to see the managers of your bank and ask them what the hell is going on. I think it's bullshit they can just close your account like this but I guess it's probably in the small print somewhere that they can do this at any time so you might be screwed. Best bet is to contact your bank and try calmly get some answers from the manager. Already tried all this with Halifax a year ago. It's like hitting your head on a brick wall. They WILL NOT tell you why it's closed. They just refer you to their T&Cs and say they're within their rights. |
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So last March: https://bitcointalk.org/index.php?topic=519601.0;topicseenAnd now, just gone to log into my HSBC account and found that I couldn't log in. I phoned them, and it's almost exactly the same story as Halifax. I never received a letter they apparently sent, but, she read it over the phone and it's almost exactly the same words, just something about not conducting my account within their terms and conditions. I barely use this HSBC account. I used it in the past to buy a load of computer components, and sell / buy a few times from LBC. Apparently the letter they sent was on the 25th November 14. Around that time, I hadn't used my account for quite a while. Since that date, I used it to sell and buy BTC about 4 times, not knowing the account was being closed. So, I can only imagine that they picked up on some transactions for BTC in the past, maybe people I transferred to or received from have since been investigated and with my account being 'linked' I am suspected too? It seems though that they don't have to tell my exactly WHY my account is being closed, just 'they don't want to do business with me'. I have another account with Santander, and have never used it for BTC sale / purchase. I probably never will. My questions now are: - Will I ever be able to get a mortgage or bank account now with HSBC (or Halifax)? - Am I black listed somewhere, if so, where? - Who is there I can complain to? - What if Santander do the same, and I can't get a bank account, how do I pay my mortgage, get paid my salary etc? Scary stuff how the banks are so in control of our lives and can cut us off from civilisation by closing our bank accounts. |
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If CEX initially sells the mining power for say 0.01 BTC / GH, it presumably receives the 0.01 BTC which it uses to pay for electricity and the miners that are used.
Surely, that 0.01 BTC will soon run out with electricity and maintenance costs, so, where does the other income come from to pay for that, since the mining power GH is then traded between users, not bought directly from CEX.
So then, what about people that have put their BTC into this service and purchased mining power. I presume that currently they're getting 0 returns since the cloud mining service is turned off?
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This is science fiction at best. Dude just calm down sit and relax, in our lifetimes at least, we'll not see anyone cracking the SHA 256 hash. The blockchain is safe my friends.
Saved in my favourites. Personally, I don't really know whether this is a true Quantum computer or not, I just put this here for comment from everyone else. But when SHA is eventually cracked and a thing of the past, I will definitely repost this one :-) |
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That news is a pinned item from December.
Could be nothing, but that was interesting, I hadn't thought of the fact that he has FB in common with the Winklevosses. And the Winklevii aren't going to team up with a guy of that calibre, or total lack thereof, if they have any desire to be taken seriously. This. The Winklevos guys are listing on the NASDAQ....that's not some mickey mouse exchange. It's a very prestigious exchange with serious penalties for misconduct or any sort of illegality. Anyone out there that honestly believes that they would jump into bed with a no-body like this, not to mention one that lost a massive law suit against facebook for spamming and trolling, really, and truly is deluding themselves. |
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And the news is......
HUOBI HACKED
Currently down
Will be an official announcement tomorrow
Kinda follows, this fat guy knew about the Bitstamp hack. He obviously knows his stuff when it comes to hacking, he had a botnet sending out millions of spam posts, and managed to get a load of Facebook account details from phishing attacks.
Wouldn't surprise me if he's somehow involved with the Bitstamp hack, and now the Huobi hack.
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It is not really trustworthy for us! What ppl are thinking is usually the opposite to what they are doing! Espally when ppl heavily invested in it, they would have no clear mind to make the right decision.
Well, yes, on a forum where everyone is basically saying the opposite of what they're actually doing... But as far as I can see, this chart on IG is showing what their traders are actually betting on - putting their money where their mouth is. Read what it says: 75% of IG client accounts with open positions in this market expect the price to rise I.e. their clients actually hold an open position. |
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Oh wait a minute..... Popped already?  |
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Hard to judge.
Massive sell off this last few days, sharp rebound from below $200 and now a steady climb in price.
Looks like a bull trap to me, the calm before the storm....or maybe people falling for the rumours on twatter.
Maybe it's genuine though, and we're going to get a steady recovery followed by another bubble now?
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http://www.ig.com/uk/ig-forex/bitcoin-1Hmm...interesting, client sentiment quite heavily in favour of BTC price going up. Also interesting is the bar at the bottom showing the other markets people who are into Bitcoin are backing: 76% long on gold 62% short on DOW 90% long on Tesco (good news for me, I bought a ton of shares last week)
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What's your point?
Lots of people looking to buy at below $200?
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How can this be right?
See the BFL website, they're apparently up and running again. The court order 23rd Dec put an end to the 'winddown' and let them resume their business, hence I would expect them NOT to be selling all those coins??
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The analogy does seem to fit the whole crypto market quite well really.
A long time ago in Holland people bought flowers pretty much as they do now. By chance a farmer cultivated a tulip whose flowers were unusual, as such his flowers commanded a great premium and the farmer became rich.
Man invents BTC
Other farmers saw this and bought his bulbs so they could cultivate their own. These farmers also became rich
Miners start to mine BTC at a frantic pace
A few intelligent farmers, rather then invest in the original bulb tried to create their own hybrids and many succeeded creating bulbs that were even better than the first. These farmers also became rich.
Man invents LTC/PPC/Nubits/other crap coin
Within a couple of years, there were 500 or so different varieties and traders bought and sold bulbs and with all the excitement and publicity the price went up. These traders also became rich.
Bitcoin booms in 2014
Some people realised that instead of leaving their money under the bed that if they bought a few bulbs and sold them a month later they could double their money. These people also became rich.
Your average Joe starts to hear about BTC and invests in BTC or mining equipment
After 3 years the market was booming, strangely the original bulb was still worth more than the newer, improved varieties. Who knows why?
2015 and BTC is still the most valuable crypto
After 4 years everyone knew that bulbs were worth pretty much the same, you buy them to produce flowers in your garden.
Right now, people seem to be starting to realise BTC doesn't need a high price to work
TL;DR
The ones and zeros that programmers create are there to provide a service, a transaction. They are not for storage of wealth.
The future holds what? |
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I cash out first before i send the coins. So i will never get chargedback, right? I am 16 so i have no creditcard either.
Nope, Paypal just show the chargeback as a negative balance. When you don't / can't pay it, they'll chase you with debt collectors / courts. |
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I can't see anything in the near future that will increase the demand side of the equation....
What conditions would satisfy what you would judge as an increase? Well, something like an upcoming 'upgrade' to Bitcoin's code that would increase its utility. Or maybe an upcoming halving of the mined blocks. I think part of the problem is that in the early days, Bitcoin was mine-able by the enthusiast. Now it's sort of gone 'professional' / 'corporate' and people are losing interest. There was another spike in the price when LTC was mine-able by the enthusiast, but as the ASICs came, the interest of the enthusiast somewhat died away and the price crashed. I wonder, if someone could produce a graph showing 'mine-ability'. E.g. Date on the X axis, and KH or MH of the bitcoin network on the Y axis. A second line with KH or MH of the LTC network on the Y axis also. Perhaps there's correlation between the 'mine-ability' and the spikes in price in 2011 and 2014 |
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hope OP dumped it already. Pretty bloody day.
Yeah....wish I had. Sadly, not. |
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What gives Bitcoin its value?
Supply and demand?
Surely, as more merchants accept Bitcoin, more bitcoin gets sold for $$ driving the price down. The lower the price, the more people will panic and sell their BTC or trade it for goods, thus reinforcing the cycle.
I am getting to the point now where I am so tempted to sell my own BTC. I don't normally waver on things like this, I believed Bitcoin had a bright future, but my belief is shaken now.
I can't see anything in the near future that will increase the demand side of the equation....
Wouldn't more merchants accepting bitcoins give them more value as they (bitcoins) are then given more utility? To the majority of people if you can spend bitcoins at say a walmart, target, etc. they would be much more willing to buy them because of their benefits over USD. In the short term, no, in my opinion, it's exactly the opposite. Early adopters aren't likely to be pro investers. They're likely to be (no offence meant) geeky types. Now we have a load of guys sitting there with 10 - 200 BTC that at one point were pretty much useless. All of a sudden, they're worth quite a bit of money, but hard to turn to cash. So, now that BitPay will accept them on say Overstock, mr geek can buy himself a new PC or whatever with his BTC that he previously had no use for. Problem is that BitPay just sell the BTC for cash straight away, thus increasing supply for BTC and driving down price. Ahh but then what about the people that buy BTC to pay for goods? Lol. Really. Pull the other one. I worked it out once what it would cost for some goods in the UK paid in BTC. I can't remember the exact figures, but it was something like I could buy a GPU/mobo/CPU from Scan and pay £900 in currency, or, I could go to LBC and buy Bitcoins, then use those Bitcoins to buy the same goods. With the markup on the BTC from LBC, then the reduced rate from BitPay at the other end, I would have had to buy about £1,050 worth of BTC for the same goods. Alternatively, I could buy my BTC through BTCE. It would reduce the amount I had to pay slightly, maybe £975 or something, but to get funds into any of the exchanges takes ages. At least 3 days. By that time I could have had the goods delivered and installed. |
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