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I don't necessarily agree with this method of speculating. Looking at something that has happened 6 years ago doesn't mean it will happen again.
But you're absolutely right in terms of not panic dumping. I think that it is extremely dumb for anyone to be selling at this stage, because it is apparent that prices are nearing bottom if not already seen the bottom at the lower $3k zone. To me, the flood of institutional investors simply mean that bitcoin is undervalued at this point, with potentially improved fundamentals as well.
With prices below $4k and market sentiment still being bearish, I don't see any reason not to buy if you do have the spare funds to do so. The mainstream media right now is calling bitcoin's death, which is always a sign that the trough is nearly here, if not passed.
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Recently, we are increasingly seeing problems with exchanges. Some may block an account, others may be subject to hacker attacks. As you know, recently, after the death of the founder of QuadrigaCX, millions of dollars were unavailable, because he was the only person who knew the password to the “cold wallet”. It causes some thoughts to me. We do not know who is behind the exchange, and what actions are taken. User funds can be used for criminal activity. Therefore, it seems to me that exchangers, besides the fact that they are simpler to use, are much safer. Now I am looking for an exchanger, and I would like to learn from the community about those platforms that offer the best conditions.
Yep. But this risk comes with pretty much all third parties which hold your funds for a given period of time. Not just exchanges. The fact that instant exchanges (or as you call it, exchangers) holds your funds for only a few minutes before your transaction is delivered does reduce the risk. Though make sure you are able to provide any KYC that they may ask, because this is becoming a trend in recent days. P2P and OTC trading are also alternatives if you're really privacy conscious, you could even find some currency exchangers on this forum. Though obviously, the process may take longer (though if you use localbitcoins it will be streamlined) and rates may be slightly worse. But the main thing isn't about the type of exchange you use - it's about the quality of the service as well as just not storing funds long term on any third party's wallet. |
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What happened: I have seen someone who is sharing a faucet site somewhere in this forum but now is gone. The site is probably scamming people with their ToS. What is the site: BTCsmash.io
Proof of Trickery: In their about page ( btcsmash.io/about.php), they claim that you will get real bitcoin by destroying the virtual items in their game,  But their ToS ( btcsmash.io/tos.php) say different thing,  None of credits, balances or other rewards on the Website have real monetary value. You can see that they clearly stated the anything in their website have no value.
Final note: ToS maybe is super boring to read still, it is worth reading to avoid being tricked by websites. It's a confirmed scam: https://www.scambitcoin.com/btcsmash-io-review/ Even though the site itself doesn't flag it as scam (I suspect that perhaps BTCSmash themselves had paid for this review to be done), the comments suggest something that is completely shady. Apparently people are getting nothing as soon as they get close to the withdrawal minimum. Not surprising tbh, as the minimum itself was set that high in order to allow nobody to get any money out in the first place. .035 BTC is just absurd. Then you also have the TOS which is so obviously manipulative that it's not even funny. Most of the times you just got to use your common sense, you don't even need to read the ToS. Read some reviews of what others say, and see whether what the site claims is realistic or not. Otherwise, you'd be wasting your money and/or labour for absolutely nothing. |
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The price is around $3500 now. Price has only went down. If it does go up, it goes back down later on. Does anyone here think there is no future for btc anymore? When the price went to 5k then 10k then 15k and then close to 20k, i thought... wow i think by end of 2018 it would be 50k at least. And then it dropped all the way down and now its even worst. I had thought mcafee prediction of 1 million in few year was foolish. But i thought by then, 100k would seem very reasonable. Now... it doesn't even look like it will hit 10k even for a very long time.Does anyone here there is no future for btc anymore? Anyone that has bought btc and held it for the last 1.5 year already is down a lot of money unless you are trading and even then most traders are losing.
I had thought wow if btc would go up to 50k, that would be a decent size of money. And if it go to 100k, i would be happy. And if it ever goes to 300k, wow that would be more than good enough. I did thought about hey imagine btc goes up to 1 million, then well most people would be millionaires if they had at least 2 btc etc. So someone with 5 btc would feel very good. But now... it doesn't seem like any of this would happen anytime soon? There is basically no progress at all for btc.. it keeps going down.
I thought to myself... wow if btc goes to a high enough price, i might not have to worry about money anymore. Thus anyone here with a job or no job or low paying job or whatnot, btc might be enough to not worry about money anymore. I mean i'm sure tons of people thought about this right?
I think that the main thing you're completely wrong about here is how price correlates to long term success. Prices are subject to fluctuations because bitcoin is traded on the free market, and prices are bound to be affected by factors such as natural market cycles as well as things like market sentiment. They are in no way shape or form representative of the long term potential or fundamentals of bitcoin. You in saying bitcoin doesn't have a future simply because prices are no longer going up by hundreds every day and markets aren't overheated is completely absurd. What bitcoin's future success should be measured by is adoption, acceptance, and the network underlying the coin. Not price. Besides, we are in a bear market right now so I don't understand what is there to worry about. |
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Seems like someone is trying to copy yobit's business model here.
I'd say that there is pretty much no chance that they are legit with this giveaway. Very likely that they will put out some sort of condition of withdrawal once the funds become withdrawable or simply exit scam before that 60 days even passes. What's there to stop abuse in terms of one person signing up for multiple accounts? Think about that.
The investbox isn't something that I'd get involved with. Yobit has done this as I said, and they are shady as hell. No way this kind of interest is sustainable. They are most likely running a ponzi of some sort, and that is if anyone gets paid at all. Do not use.
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I don't expect markets to be going into recovery mode yet. As I've said before, I fully expect sideways movement to be the dominant price action in the first half of the year.
To be honest, I think that we're still a long way off from the real recovery coming. The article that you cited may have some substance to it but these small articles aren't going to hype anything up, or trigger the market to go into FOMO like it did in 2017. We are simply still not in that stage at the moment.
Having said that though, I do think that we are in the zone for accumulation, and right now averaging out your buy orders will be the way to go.
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I've noticed some sketchy behavior from Binance. They are now suddenly demanding KYC from me. I've not gone over any limits. When asking the support for an explanation they just offer "out of the box" explanations.
A buddy of mine got the same. We've both been using Binance for over 18 months and then suddenly this happens.
Summary:
DO NOT TRUST THAT BINANCE WILL LET YOU TRADE WITHOUT KYC
Nothing you can do. Just got to submit the docs to them. With increasing regulation around the world it's pretty much a matter of time before a centralised exchange forcing people to do KYC. Poloniex had to do it, Bittrex had to do it, shapeshift had to do it. And even though Binance let people trade anonymously for quite a while it's apparent that that will come to an end eventually if they were to continue to offer their services worldwide. That's why I don't store funds on centralised exchanges, it sort of reduces the risks of this happening. Make your deposit, do your trade, and get out right away, unless you are comfortable with providing KYC. |
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Eventually if bitcoin is adopted by the world its volatility will tick way down and it's market will mature. Look at gold it is fairly settled between in the 1200 - 1400 range for the past about 6 years now. Where do you think that point is for Bitcoin? Not saying it won't occasionally have big movements, but outside of some big economic event that causes a big price movement where do you think it will settle?
I'm thinking in the $300k/$400k range.
I don't think that it'll ever settle. Pricing is always relative. If you look at gold now you may get the illusion of prices sticking to the $1.2-1.4k barrier when in fact a multitude of factors including demand for gold as a store of value in the future as well as the fact that fiat is constantly depreciating will mean prices will continue to fluctuate in the future. They won't stay at this value forever. Likewise for bitcoin. I think that it will appreciate in the long run but it's hard to tell nominally how much it's going to go to, when demand has peaked, especially when you're measuring it in fiat. There are just too many variables. But I would say that at this stage, your prediction is still a wild guess. |
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I think that the exchange space has honestly become quite saturated and this point, with Binance obviously holding the majority of the market share.
One would think so, but still, quite a significant number of people continue to look for shitty exchanges while Binance by far is the best available option. It's retarded if you think about it, but it's the reality here. I think that people like the idea of buying unknown coins the larger exchanges haven't listed yet. In most cases when these coins end up being listed, they pump hard and that may very well be what people are after. Greed it is. People will only realize that it's foolish to use these exchanges when they go down with all of their funds. Unfortunately, losing funds is the only way people come to sense.... Again, there are already exchanges that dominate the provision of these widely "unknown" trading pairs as well. Even though theoretically you could still make a new exchange, list new coins that no one else has listed, and in turn get some trading volume, it's going to cost a lot of money and effort. Who is going to come to your exchange to list their coins when there are tons of better alternatives? I think that it's possible with lots of funding, a good team, actual innovation and entering in the market in an opportune time as I mentioned. But if these factors aren't satisfied then I don't think that it's feasible. |
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I have gold bars and coins to exchange for crypto on a permanent basis. I also exchange crypto to crypto. Offers welcome.
What gold bars and coins do you have? And why do you have them on a permanent basis? I'd suggest that if you have anything that is semi-numismatic or may attract a premium to not post here but rather post for individual sale on the collectibles board. You are likely to get better offers there. Also you might want to stick to dealing within your country because anything outside may attract potential customs issues and fees to be paid. Just not very convenient at all. |
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The Banks in my country adds VAT to their Banking fees for every transaction you make. So I am not just paying the Banks to use my own money, I am paying the government too for the same transaction.
Yes, some Banks give you a small amount of transactions for free (Depending on the type of account), but once that limit is exceeded, you start to pay Banking fees for every transaction.
So Banks and Governments are making millions on fees that we have to pay, to use our own money!
Is this not one of the reasons why governments wants to stop Bitcoin and also the leverage Banks have over governments, if they lose the VAT on those transactions?
Please share your information on the way that governments and Banks are charging you to use your own money. How much is your VAT on those transactions and if you know that VAT is being paid as part of your fees?
I'm not sure what bank you're with and what country you are in, but in my country, domestic transfer fees have pretty much been obsolete for years unless you are paying with credit cards/debit cards. In which case, it makes sense for surcharges or banking fees to also be taxed, since that is a service that is being provided. I really don't see a problem there. The main problem with banks right now that makes me still want to use bitcoin instead isn't really this at all, but rather international transactions and the fact that they have total control over your funds (essentially not a trustless structure that bitcoin offers). Bitcoin's fees don't differ across borders, nor are there any exchange rate spreads since bitcoin transactions use BTC as its only native currency. It's also trustless which means that you don't need to trust a third party in order to facilitate transactions for you, but you can do it on-chain. No one can suspend your account, freeze your funds, go insolvent due to fractional reserve etc. That's what's good about bitcoin, and what banks lack. |
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If you were able create a widespread campaign where the vast majority of traders and HODLers could hold their Bitcoin for 30 days, what would be the effect? Would the dramatically reduced trade-able supply boost the price or would low liquidity ultimately hurt the price?
Firstly, how would you be able to create this "campaign"? It's simply unfeasible and impossible to make it work because of the sheer number of people that you have to convince. Add the fact that bitcoin is decentralised, you will never make this work in practice. Secondly, even if it did work theoretically everyone would know that bitcoin's supply has been artificially suppressed, and as a result I expect investors to back out of purchasing altogether, leading to reduced liquidity. Another possible scenario would be that people would speculate and gamble, but that would only be something short term which will eventually collapse. Either way, I don't think that this type of centralised manipulation would ever work, and if it did, it would in fact significantly hurt bitcoin in the long run especially with the public's perception of bitcoin being changed to something that can be easily manipulated. |
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Decentralization is one of the greatest dreams of Satoshi looking at the how the blockchain technology and its immutable distributed ledger has been designed. Well it saddens my heart that the greed of men has led to the abusing of this freedom and liberty that Satoshi wanted us to have in the financial industry. Look at the way people are being scammed and robbed in broad day light just because crypto is embedded in anonymity and decentralization. I think we've all had it to the peak, how about we have some level of regulation with the activities in the crypto industry. Share your thoughts commrades.
The fact that people are getting scammed has nothing to do with bitcoin's decentralisation. Scams will happen regardless of what currency is being used. I don't understand why you think decentralisation is being abused. The irreversibility of bitcoin can also be seen in various other transaction methods, not just bitcoin, and I don't think scammers using bitcoin can count as "abuse of decentralisation". Decentralisation is what makes bitcoin have potential in the first place, and taking away from that makes no sense. I do think though that regulation in bitcoin businesses, in particular exchanges, should be welcomed. Although, the fact that most of these regulations do absolutely nothing in terms of regulating the security, reserves, and customer service of businesses, but rather focuses on draconian KYC/AML measures means that they are pretty much useless at this stage. |
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I'd rather trust the code that is running the bitcoin network than the banks, who can freeze your balance at any time.
Would you rather trust a system where the central entity can very easily abuse its power of currency creation (look at what has happened to Venezuela, Zimbabwe, and many other countries that have unstable governments and central banks), or a decentralised system like bitcoin? Hacks occur not because of the bitcoin network - they happen because of people's lack of diligence to get sufficient security on the device that they store coins on, it's the same as bank hacks.
None of the points that the article mentions are new, they have all been responded to one way or another. Honestly, it has become quite common for mainstream media these days especially within the bear market to spread these types of articles bashing bitcoin to induce panic within the market.
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It does emphasize the point that all currencies are accepted largely as a matter of convention-not necessarily by law.If everyone accepts bitcoin as a currency,it makes little difference if its legal status is defined or not.
The converse is also true, that a legal status does not necessarily make a currency effective,take Venezuela dollar as an example,you will not want to make your transactions in it,despite it being a legal tender in Venezuela. You're absolutely spot on on this. There is nothing that is in the way of people using bitcoin as a means of transaction, even if it isn't recognised as legal tender within a country. Just because something isn't legal tender doesn't mean that it can't be used to transact, as long as the two parties involved are happy, then the transaction can still go through without any legal ambiguities. I find that a lot of people often get confused about this fact, and as a result, believe that bitcoin is somehow unlawful as a currency and that deters them from using it. That's an absurd assumption, and it's obviously not true. The chances of bitcoin being legal tender in any countries any time soon is virtually zero, but yet it can serve as a form of currency and store of value nonetheless. |
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Hey all, I have seen and heard of this software called Bitcoin Mega Mining. Their website www.bitcoinmegamining.com shut down, but they still have their Facebook page at www.facebook.com/bitcoinmegamining. I have tried it out, and it's a pool mining software, and apart from the pool servers, there is the Public Server, VIP Bronze, VIP Silver and VIP Gold servers. There are also the Premium ones. The Public Server used to be free (?) I don't have much information. But I think (according to their replies to comments on the Facebook page, it is now $15? I don't know). The download links on their Facebook page are not working. Anyway, was gonna ask if any of you guys know this software, because lots and lots of people have been saying "SCAM!" and "Cannot withdraw!" while other say it works perfectly. 97% of Antivirus software say it is safe including AVG, ESET, Windows Defender and Norton. But some people say it has a Trojan. As I said, I don't know, guys. It seemed to work on my PC, but I never got the chance to withdraw, as the minimum amount is 100,000 Satoshi. So, do any of you know this software? Is it scam? BTW you can now only get it from 3rd party software as the download links don't work. Please reply as soon as you can. Thank you  Firstly, the website is now redirecting to another one which seems to be some kind of extension that you have to install. Could be malware, so beware. But looking at the facebook, they are literally blatantly promoting a "HYIP", which has become synonymous within the bitcoin world with ponzi. The fact is that no one would be able to generate such high returns on investment without running a ponzi, which would mean that it is illegitimate and has no real business model. If you do see the term "HYIP" being used anywhere else, replace it with ponzi. In the future if you do see these types of sites which pose as cloud mining, mining pools, or trading firms that offer high returns on investment while offering no clarity whatsoever in terms of how the funds are being generated, beware. Furthermore, don't download anything that they tell you to install. |
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I speculate that the Indian government might not be afraid that bitcoin may destabilize the rupee. It is the banks, which are the institutions that control the government, who might be afraid of bitcoin in competition versus their other secret operations. Money laundering. https://en.m.wikipedia.org/wiki/Money_laundering#Notable_cases From money laundering to terror financing, the risks associated with cryptocurrencies are well known. But a high-level panel tasked with drafting rules for India’s virtual currency ecosystem is now obsessed with its impact on a less-explored area.
The committee, led by the top bureaucrat Subhash Chandra Garg is believed to be in a tangle over the impact that digital coins will have on the Indian rupee if they are allowed for making payments.
“If bitcoin and other digital currencies are going to be allowed to be used for payments then whether it will end up destabilising the fiat currency is a major concern for them (the Garg panel),” said one of the representatives from the cryptocurrency ecosystem who recently met the ministers, requesting anonymity. “The overall impact on the financial ecosystem that it is likely to have is still unclear and it has been a challenge to convince them on this particular point."Read in full https://qz.com/india/1539944/india-fears-that-bitcoin-other-cryptocurrencies-may-hurt-rupee/That's as dumb as saying that gold may destabilise the dollar. It simply doesn't make any sense. We all know that the Indian government has been extremely negative in terms of crypto and bitcoin policy, and as a result have essentially tried to restrict all access from inside their country to crypto exchanges and businesses. Has this all along been a concern for the stability of Indian's rupees? I don't think so. There are probably other reasons why they are trying to restrict access to bitcoin to such an extent. Preventing capital flight could be one minor one. Competition with banks is another thing, but I wouldn't say that it's in terms of competition for money laundering. But destabilising the rupee with bitcoin only having a fraction of the market cap that gold has? That's absurd. |
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Hi guys i just wanted to know for those who invested money in genesis mining if this is still work or not?
Im planning to invest my profit from other coins and mine some coin with cloud mining as my passive income. Do you think is it great idea to invest? is it scam?
I wouldn't actually call them as scam. Sure, you'd be stupid to invest in them given all the past experiences that people has had. But they are most likely mining (not sure if they are backing all contracts 1:1 with actual hashrate, though), and they do pay out withdrawals. But that doesn't mean you should invest. Most people get influenced into investing because of youtube affiliates or social media crypto influencers that claim that this is profitable - but it really isn't. The maintenance fees they charge pretty much mean that the only way that you're going to consistently make a profit is if you become an affiliate and refer others yourself. I would suggest you look at the various threads made complaining about Genesis Mining in the past on bitcointalk. This isn't some passive money making method that people tout it to be. Otherwise, why wouldn't they invest in themselves instead of asking for investments? Yep, and it seems like they got rid of life contracts as well. |
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As of right now I have been hodling few thousand worth bitcoin, I didnt cash it out. But because of price drop, I am in loss. How do I file this on tax return?
It really depends on your country. But usually capital loss can only be claimed once you sell the bitcoin, at least in my country. You can't claim it in most cases and most countries unless your loss becomes realised. The asset value dropping itself will not mean that you are capable of claiming this as a deduction, because that's still unrealised P/L. Selling & buying back at the same time could work. But again, you need to consult someone that is professional that will offer you advice based on your own circumstances and the jurisdiction that you are in - not all cases are the same. |
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https://bitcoinist.com/quadrigacx-death-funds-moved/
Quadriga CEO Death – Funds Moved From ‘Lost’ Cold WalletsA company with legal problems; a mysterious death; missing customer funds. The QuadrigaCX story could have come straight from the pen of a hack Hollywood writer. Well now, the internet’s faithful crypto-investigators, claim to have found evidence of transactions initiated from the supposedly ‘lost’ cold wallets. The Litecoin wallets, at least. Let’s Start With a Quick Recap QuadrigaCX is Canada’s largest cryptocurrency exchange, although it has just filed for creditor protection, following months of transaction delays. Customers are naturally concerned about their funds, as all assets are temporarily frozen… supposedly. -snip- Unfortunately, explained Quadriga, and Cotten’s wife, Jennifer Robertson, the $250 million worth of cryptocurrency of customer funds is stored in cold wallets are not recoverable as only her dead husband knew the private keys. Is this for real? Did this guy just fake his death and stole the money? Or did he spent the money long ago and now they were practicing fractional banking? This is terrible news. This may be a good opportunity for everyone out there who trusts binance or bitfinex or tether or whatever to just move your funds to your own wallets!!! Canada is a very serious country, with a very reliable financial system, and it happened there! With its largest exchange!! Imagine what can happen to a chinese exchange. Regardless of whether the news of his death was fabricated or not - it does reveal a very important problem that lies with all centralised forms of exchanges, wallets, etc. I'd say that the a lot of the exchanges don't hold full reserves of what they get from deposits. The reason is simple, they are most likely able to spend this bitcoin elsewhere to finance the development of their own site or invest in things, while paying no interest. Of course, they aren't going to tell the public this, because otherwise people would be rushing to get their funds out. That's what you should expect to be the case when you do come across any stablecoins, any hosted wallet services, and any exchanges. Don't expect them to have every dollar on each deposit, because they probably will not. And also, even if they do, they have the capacity to suspend your account or freeze your funds at any given time as well, which is why in most cases, a trustless bitcoin wallet should be used for long term storage of funds, not centralised exchanges. |
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