Well it's really only China. ICOs are still legal basically anywhere else in the world.
But yeah, this move from the Chinese government has significantly undermined the current pump. Price was almost at $5000 before the correction came that brought it down to around $4700, and when the news came out again the price went down to sub-$4000 territory.
Though price seems to be rebounding back and i think that this is going to be the start of another bull wave - albeit the new regulations. Even though this brought crypto investors nothing but bad news, it actually helped bitcoin get out of a pretty big bubble that was just waiting to be popped.
Yes, and China is only one country. Most of the wealth in the world is in the west, and the west is still pouring money into cryptocurrency. |
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Anyone who has been in cryptocurrency for a few years has seen these "china bans bitcoins/icos/whatever" stories over and over.
China is important, sure, but it is only one country, and most of the money pouring into cryptocurrency is coming from the west. So there will be panic selling, and then in a week or two people will have forgotten about it. The prospect of a fork in November is a bigger threat to bitcoin than China.
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But Bitstamp works and always has. I think I could part with another 81c for the use of an exchange that didn't fail constantly. I dunno how deep their market is there though. I find it really weird how Kraken continue to blow it. They're well positioned and have a decent enough track record. Maybe someone'll buy it out and make it work. If you want to do alt trading and then cash out into fiat and withdraw using SEPA, Kraken is the only place you can do that. Bitstamp is resistent to alts (though they enabled Ethereum trading last year). |
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The trouble is, they are the only exchange that allow SEPA withdrawals for a small fee (just 9 cents). Others like HITBTC charge 35 euros.
I keep hoping Kraken will solve their problems. I'm sure they're working on it, but have just been overwhelmed by the number of new users.
What about Bitstamp? or Bitcoin.de? Even when the markets were quiet there was no shortage of people moaning when Kraken buckled if there was a minor blip of excitement. It's quite clearly never been fit for purpose. Bitstamp has a 90 cents fee. See https://www.bitstamp.net/fee_schedule/Kraken is literally the cheapest and most efficient for SEPA withdrawals. It's a shame the rest of their engine lags. |
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In dollar terms, doge is at a pretty good value (higher than it's been for several years).
It's never going to die - that's because it's low fee and fast confirmation make it ideal to move coins from exchange to exchange without being stung by fees.
This is news to me. Ive been using LTC after noticing it was cheaper than BTC to move from exchange to exchange. Is Doge really cheaper to move from exchange to exchange than something like LTC? Thanks in advance. Yup. It costs 1 doge to move coins (some exchanges charge 2 doge). I doge = 44 satoshis. At most you will pay 88 satoshis to move your coins. |
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Kraken's always been shit. Now it seems extra shit with a dollop of particularly pungent shit on top. They may never have been hacked, but they've certainly screwed enough people with their non functionality.
The trouble is, they are the only exchange that allow SEPA withdrawals for a small fee (just 9 cents). Others like HITBTC charge 35 euros. I keep hoping Kraken will solve their problems. I'm sure they're working on it, but have just been overwhelmed by the number of new users. |
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https://www.cryptocoinsnews.com/south-korea-tightens-bitcoin-regulations-will-punish-icos-report/South Korean regulators are reportedly strengthening the regulation and monitoring of digital currencies including bitcoin.
South Korea’s digital currency task force – a group comprising of the country’s central bank, financial regulators and digital currency companies – have discussed increased regulatory oversight into trading and business practices as a means to further consumer protection efforts.
According to Business Korea, the task force held a joint meeting on Sunday where authorities planned to introduce these increased regulations for trading among the country’s domestic exchanges. The meeting, which was attended by the National Tax Service (NTS) and the Korea Fair Trade Commission (KFTC) also saw plans drawn toward strengthening user authentication procedures at exchanges as well as ‘suspicious transaction reporting’ systems at banks for transactions related to digital currencies.
Financial Services Commission (FSC) chairman Kim Yong-beom, who chaired the task force meeting, reportedly stated:
At this point, digital currencies cannot be considered money and currency, nor financial products. It looks like this is being co-ordinated with China. South Korea has some huge exchanges (and most of bitcoincash trading is done over there).
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but, chinese goverment had declared that ICO are illegal just today
Ding, ding, ding! The Chinese govt is also investigating some of the minor exchanges (the big ones like Huobi and OKCoin got investigated earlier this year). I wouldn't put any faith on Waves being listed in China any time soon. |
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Besides the Chinese ICO ban news, I think 5k is a pretty big psychological barrier in terms of just the bitcoin price. Might take longer than a lot of people expect for bitcoin to break 5k.
Yes. People were looking for an excuse to sell because the price was getting toppy, and when the Chinese news came out, they sold. |
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Kraken's trading engine cannot cope with heavy loads.
So whenever trading gets intense (like now with the falling bitcoin price), it starts to lag badly. Worse it's hard to put manual trades on, after 30 seconds of spinning it gives an error.
They've been trying to fix things - they've increased the minimum trade values so that low transactions arn't clogging up their engine, and they've removed the advance features, so their engine doesn't have to think about too many things before executing a trade, but it's obviously not enough.
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Just imagine if Uber, Lyft or Paypal would incorporate the acceptance of bitcoin onto their respective platforms? This would be a great step in the right direction and it would definitely bring a whole new group (millions of people) into the crypto world. Or am i completely off here?
What if it takes a shit long time for the transaction to confirm? Like what is the policy if the transaction does not go through? Should the driver wait for the confirmation before they start driving? What if the passenger sent it with super low fees or no fees at all? Another thing is, will the rider and driver be anonymous? Too much things to consider there. This. Companies like Uber and Lyft won't adopt cryptocurrencies while this is a problem. But they may go with a more reliable alt that is easy to use and quick to confirm. |
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https://www.forbes.com/sites/kenrapoza/2017/09/03/russia-opens-first-criminal-case-involving-bitcoin/#5c2dd77d5b6eLast week, Russian police arrested three businessmen for illegally trading in 500 million rubles worth of bitcoin, or around $9 million worth of the crypto-currency. The arrest marks the start of the first-ever criminal case against bitcoin sales in Russia, Vedomosti business daily reported on Sept. 1. The Russian government has a balancing act to do: they want to show that crypto-currencies will not be tolerated as a money laundering unit, on one hand, while on the other hand want to show they are rolling out the welcome mat for bitcoin and similar technologies. It's the latter, or risk losing out on major, global, life changing opportunities going forward.
According to Ministry of Internal Affairs press officer, Irina Volk, the three defendants illegally cashed the millions in bitcoin and are being brought up on charges of "Illegal Banking". Their names have been concealed. Arrests were made approximately 260 miles northeast of Moscow in the city of Kostroma. The exchange came to light after investigators found an unusual amount of activity in bank accounts stemming from 300 bank cards and sim cards used to store the digital currency. The money was being shifted into different accounts owned by family members, prosecutors believe. They haven't bought drugs or guns - they've just been trading, and that is enough to be charged with money laundering in Russia.
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In theory mixing services are used to disguise the origin of the coins. In practice - not sure if this works. The FBI has been using software to track coin movements. There are lots of start-ups that track bitcoins, and some might be able to track mixing services too: https://bravenewcoin.com/news/bitcoin-tracking-platforms-gaining-traction/it is a large task to track and trace the movement of every bitcoin. A blockchain startup, called SABR, claimed that its software could have completed the task in a matter of days.
SABR describes its product as a “Palantir” for the blockchain, a name used by revered author J. R. R. Tolkien. The author gave the name to crystal balls used for communication, and as a means of seeing events around of the world.
SABR’s mission is to provide law enforcement with a view beneath the surface of multiple blockchains, to ensure digital currencies are not being used for illicit purposes, and to bring legitimacy to digital currencies. The surveillance team explained that blockchain technology, in conjunction with a distributed and aligned transaction confirmation network, has the potential to be the most useful innovation of the 3rd millennium.
The New york based startup raised US$1m in seed funding for its patented technology, and said it will use the investment to develop its blockchain monitoring and identification system.
Another startup which intends to identify illicit activity, United Kingdom based Elliptic, is also tackling the situation. Having already raised US$2m, from Octopus Investments during 2014, the company recently announced an additional US$5m had been secured for development.
Elliptic’s bitcoin transaction identification software implements an artificial intelligence-based technology, which can explore the Bitcoin blockchain. Elliptic will use the technology to expose patterns in the network which may be suspicious transactions or activities.
The European Cybercrime Centre (EC3) has also taken an interest in taming the Wild West of bitcoin transactions. EC3 has partnered with blockchain company Chainalysis, an official investigator for the creditors of the collapsed bitcoin exchange, Mt Gox. Chainalysis will provide the law enforcement agency with access to software which detects suspicious activity in real-time, alongside other investigation tools.
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I'd stick with Doge if I were you.
With gambling, people find it easier to play with a coin they don't mind losing. And because Doge is fun and inflationary, there is no harm losing.
People who own bitcoin and ethereum tend to hoard the coins because they think the dollar value will climb - and therefore might not be willing to risk gambling with them.
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Its because of Chinese ICO regulations. Theyve banned it at this point (the banks).
This surely explains NEO and ADX being down so strong but not btc and others. From time to time huge dumps happen and provide a good opportunity to buy some coins. I know it's a tough time when you see all your investments costing a lot less than a few days ago but this will change and eventually you'll see 'em all green again. Well, perhaps not the Chinese ones and icos which are already launched on Neo. I made a stupid mistake of listening to what others were saying. I bought adx hoping for the big pump to occur in September and lost 30% of invested money already. China hasn't just stopped all ICOs being sold in China. They have announced that they are going to do an inspection of 60 chinese exchanges. My guess is that users of those exchanges are hastily liquidating and getting their funds out. And that is what is causing the sell-off of everything. |
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Want to ask is there any ETC and BCH gambling site? There are so many site opened but most of them are crypto that already on sky high, like doge, ltc and others. ETC and BCH sure worth to gamble with, if anyone know please mentioned it here with some link if you guys need to or their thread will do
Why do you want gamble with ETC and Bitcoin Cash?You can exchange it to more popular coin BTC, ETH, LTC and enjoy playing. Many peoples don't use ETC also.. Maybe he has some legacy coins that he just wants to have a bit of fun with. |
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According to the following article, they've decided to crack down on exchanges as well, which is probably the reason alts are falling so much: https://techcrunch.com/2017/09/04/chinas-central-bank-has-banned-icos/A notice from a committee led by China’s central bank [link in Chinese] today announced an immediate ban on ICO funding, which has “seriously disrupted the economic and financial order.”
Financial news site Caixin reported [link in Chinese] reported that the committee has prepared a list of 60 exchanges which will be subject to inspection and a report. In the meantime, there will be an ICO freeze in China. |
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Hi everyone. New in crypto and very enthusiastic about it. Have some questions as lately bought some btc. How do you think guys will present correction of btc take much time? As I hopped to buy some eth also before the Metropolis. Can this correction of btc influence eth price so that metropolis release will have no effect on eth price? Thank you for any thoughts.
Regarding bitcoin - it will test the support at around $4000. Because it's currently at $4300, it could take about two weeks to drift down to $4k. After that is anyone's guess. If the support proves robust, it will shoot up again. If it falls through the support, it will test $3800. |
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If I have like less than a few hundred in BTC on Bittrex, I tend to convert to DOGE as the withdrawal fee is like 10 cents compare to $5 for BTC.
Hence there is a use for it.
Yes. Most people use it for micropayments, tipping and moving money for very low fees. It has a well-defined niche. |
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