Also, does binance prohibit its users from using mixers and such??
we need to make a distinction between binance.com and its more tightly regulated fiat exchanges. there was a highly publicized case in late 2019 where a binance.sg (singapore) user had his account frozen for sending coins to wasabi wallet and engaging in coinjoins. in response to all the drama, CZ published a blog. if you read between the lines, he is saying binance.com is unregulated and as such, doesn't engage in the same practices: As a user, you have choices:
-Use a regulated exchange knowing there will be AML checks running in the background, similar to banks. Please make sure that you're following the laws wherever you reside when it comes to crypto trading. It will save yourself and the exchange a lot of trouble. Moving from one exchange to the next won’t help.
-Use a non-regulated exchange, knowing that there are risks here too. Choose your exchange wisely. if you look in binance.com's terms, they don't mention mixers or coinjoins. i'm not aware of any issues there yet. I have recommended LocalCryptos to multiple people because I know its P2P, but is it actually actually good? in terms of liquidity, it's definitely not like LBC was back in the days, but i've had nothing but good experiences on localcryptos. it's the only place i've been able to find p2p cash trades for the last year or so. |
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Governments and central banks are the real players when it comes to gold. I can't ever see them replacing it with BTC. That still leaves a lot of players elsewhere.
i see governments as laggards, but not unchangeable. they're archaic and inefficient. they move slowly. obviously crazy retail investors and high risk hedge funds are gonna be the early adopters of bitcoin, not governments. but think about it---if the rest of the world (institutions, elites, the masses) start ditching gold for bitcoin, you think governments are gonna wait around forever? "replace" is a strong word. i don't wanna go too far down that rabbit hole. but i could absolutely see governments treating them similarly as reserve assets and moving towards bitcoin over time. when rieder points out how much more functional bitcoin is than gold, he's exactly right. the bullion shortages in march and the sheer ridiculousness of flying bars of gold around and melting/recasting them to settle gold contracts showcase it. at some point, governments will wise up to bitcoin's superiority. |
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government should stop fitting completely new thing into old containers. Its separately new thing that need new container - called cryptocurrency. It's like when first car was invented and people would try to classify it - hmm is it a chaise? locomotive? no! its a car. even if they pass new laws specifically defining and regulating cryptocurrency, i expect the overall trend of increasing restrictions, increased AML/KYC/CFT bullshit for p2p traders and crypto services, increased reporting to tax authorities, etc to continue. any time new crypto legislation or regulation is passed, it's disappointing as hell. we always knew bitcoin wasn't a security---no surprises there. at least under the old laws, we know what to expect. i'm enjoying the wild west while it lasts. |
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i saw an interesting article the other day about the role bitcoin is playing in online poker. i wonder how big of an effect this has on the market: In a Nov. 19 report from Bloomberg, the CEO behind Winning Poker Network, or WPN, said that up to 95% of poker players are currently requesting to be paid in Bitcoin. “We are constantly having to go out and buy Bitcoin — lots,” said Nagy. He estimated that even before this recent price surge, the WPN was paying out more than $100 million in BTC every month, roughly 60% of all transactions on the network. Extrapolated to the 95% of payouts Nagy reports is currently occurring, and assuming the same volume, that would equate to roughly $158 million in Bitcoin each month.According to Nagy, the majority of customers playing poker on the network reside in the United States, which may help explain their preference for crypto as a medium of exchange given that online gambling is legal in only 11 out of 50 states. https://cointelegraph.com/news/poker-network-now-gives-95-of-payouts-in-bitcoin-around-160m-monthly The ICO boom was a big factor in the last crypto bull run, but the majority of that was hype with no substance. DeFi is the ETH based thing that will help drive this bull run, and it is much more real than ICOs because its offering actual financial products rather than hype based on ideas without any real market presence. DeFi should survive long term and will have a far larger impact on crypto as a whole than ICOs did. just like ICOs, the whole space already feels saturated and plagued by constant scams. DEXs have been inundated by scam tokens. i'm also not completely sold on the future use cases. it's all about yield farming and collateral backed lending. i just don't know how big that market is really gonna be in the future. |
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This is something getting too big for the industry to ignore.
it's hilarious considering what their CEO larry fink was saying about bitcoin just a few years ago: bitcoin, clearly taking the world by storm! i'd still like to hear this straight from larry fink. he's up there with jamie dimon in terms of his influence and past skepticism about bitcoin. the "CIO of fixed income" doesn't carry quite the same authority. |
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SEC chairman Jay Clayton stated clearly on CNBC Squakbox that Bitcoin is not securities such as ICOs since it is not being used to raise capital. They have also said that they will come up with regulations to safeguard consumer funds into Bitcoin which they consider as a store of value in 2021. i was excited at first, thinking this was something that might lay the groundwork for an ETF approval. if you look into what clayton said exactly, he implied it won't be the SEC that comes up with new regulations, but other agencies like the IRS, FINCEN, CFTC. Pressed by Sorkin as to why the SEC doesn’t currently regulate Bitcoin, Clayton said, “Well, let’s put it this way: We do not regulate Bitcoin as a security. When people use crypto assets as securities to raise capital for a venture, the SEC regulates that. And what was happening in the ICO craze was people were using ICOs and essentially making public offerings of securities without registering them with the SEC.”
Clayton clarified that the SEC “determined that Bitcoin was not a security, it was much more a payment mechanism and store of value,” before adding, “the government does regulate payments.”
Even if the SEC isn’t regulating Bitcoin, other government agencies, like the IRS and FinCEN (the Financial Crimes Enforcement Network), could potentially expand the ways in which they already do. I think this legitimizes Bitcoin and paves the way for more institutional investment. well it's just talk really, but this is a truly great advertisement coming from a top USA regulator: "Our current payment mechanisms--have inefficiencies and those inefficiencies are the things that are driving the rise of bitcoin." -jay clayton Oddly enough Bitcoin was made for poor people but now the rich are taking it over slowly. i don't think it was made for poor people. it was made so that all people could sidestep banks and other middlemen. |
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that should come as no surprise since WPN is heavily american players. poker rooms are legally prohibited from serving us, and banks are legally prohibited from transferring us gambling winnings. ever since black friday in 2011 it's been pretty brutal for any americans trying to play online professionally. back when i was playing semi-pro there would sometimes be weeks and months-long banking delays. sometimes you'd receive check withdrawals and they would bounce. we started having to sell funds at a 20-35% discount to get instant p2p bank transfers from other players. that's actually how i originally discovered bitcoin---seals with clubs emerged around that time, and they were offering this cool new way to bank ourselves where the government couldn't fuck with us.  |
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for those having CDD surveys sprung on you, or requirements to re-verify ID, are you located in the EU? im in the USA, just logged in, and see no changes or warnings on my account. no pop-ups, and i still have the same $25k daily withdrawal limit as always.
i don't think we have the same verification level system here. i've seen some reddit posts from the past couple years that suggested these types of CDD surveys (about sources of income, employment, etc so they can build a risk profile on you) were required for level 2 verification. it sounds like they're making it mandatory now?
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They announced they reopen: https://www.okex.com/support/hc/en-us/articles/360052758931-OKEx-Official-Announcement-Reopen-of-withdrawals-and-other-related-updatesIt's still quite vague, but it seems to confirm that the issue was the arrest of Star Xu. Their description of the key backup is quite worrisome, still: The reason for the suspension of withdrawals in this specific incident was because a private key holder was not able to authorize transactions. OKEx has always used a backup mechanism for private key holders to ensure that each private key holder can trigger the activation of the backup private key in the event of long-term incapacitation, such as death or memory loss.
However, we unfortunately failed to include other specific scenarios, such as private key holders becoming unreachable due to unforeseen circumstances in our contingency plan. In this specific incident, therefore, the ultimate resolution for the private key holder’s short-term incapacitation was not a technical one. the coins are supposedly retrievable if star xu has memory loss, but not if he's locked up by the police? something doesn't add up.  it's the same as it ever was. ~4 years ago when CZ left okcoin, he said star xu was the sole holder of all private keys. obviously, nothing has changed during that time. we can't say for sure until withdrawals are actually live again, but this is beginning to shape up as i expected. i'll be interested to see the effects this has on okex's reputation and exchange ranking, although it's always tough to tell exactly with all the volume faking they do. |
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I believe it's just matter of time before Binance have market share than Coinbase does. Aside from high fee and strict rule, AFAIK Coinbase have more controversy than Binance does, ranging from lack of SegWit support for long time, doesn't utilize batch transaction to privacy problem (all centralized exchange have bad privacy, but some people think privacy on Coinbase is worse than on other exchange). noobs, casual users, pro traders/market makers who don't pay high fees, etc don't care about any of that. it's only a small but vocal minority of users who regularly criticize coinbase. also, they have been batching transactions for a while now. what many customers and large traders do care about is branding and compliance---and coinbase has a much more "legit" brand. binance is very mysterious, the brand is operated by chinese nationals, USA users are forced onto a .us domain, they have had customer funds compromised, they have had customer KYC documents hacked, etc. all of that may be off putting for new users. furthermore, coinbase has much better spreads/liquidity for their traders. the main advantage binance has is the ability/willingness to list more shitcoins, faster. i dunno if that's a sustainable way to overtake the regulated USA fiat market. they have lower fees for the lowest tier casual traders but tbh i don't think that tips the scales much in terms of total volume. |
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Example: I want $300 in BTC. I can look up the current actual price of a WHOLE BTC; the atm displays the inflated, fee-inclusive price of a WHOLE BTC. What is the smallest number of mathematical steps to determine the amount of $ I need to feed the machine in order to wind up with $300 worth of BTC? (Obviously, the numbers will change while feeding the machine, but should be close enough for practical purposes...)
When I try to google this, I wind up with these long digressions detailing the many factors that go into fee determination--and nothing that actually says: perform these calculations, in this order, to determine your fee...
-(ATM price - spot price) / spot price = % fee paid -% fee * $300 = $ fee paid -$300 + $ fee paid is the total amount you need to feed the machine example: spot price is $18k, ATM price is $20k. so that means the % fee = 0.111111111111 * $300 = $33.33 fee paid + $300 = $333.33 needed. to double check the math: $333.3333333333333 / $20k = 0.0166666666666667 BTC $300 / $18k = 0.0166666666666667 BTC rounding to pennies/satoshis slightly throws the math off but you get the point. |
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Sites like Sportsbet, Stake etc are being lauded for paying quickly which is the right choice. Freebitco etc are being criticised by many gamblers. Who the heck would want to wait for months for their winnings when the result is loud and clear? dude, betfair hasn't paid out bets for the presidential election. they have almost $1 billion in outstanding bets. who cares what little sites like sportsbet do? it wasn't a landslide, the count was rather close in multiple states with recounts happening or likely on the way, trump is not conceding, lawsuits are pending. i think it's rather ballsy to pay out before the projected electoral vote is absolutely certain. Also, Trump's chances of flipping the result are literally zero. What makes you think it isn't zero? because there are historical examples of recounts overturning election results. the supreme court could also potentially play a role. is it likely? no. is the chance non-zero? yes. i'd put the chances at considerably less than 1%. betfair punters say 5%. nobody is right or wrong until the fat lady sings. |
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That's actually Doug and his joking/trolly nature, as far as I can tell. It was just all good that Bill had stated Doug was using solvers, but corrected himself.
From the sounds of it they are still going to their judge/arbitrator who someone said might be Phil Galfond, I don't know this for sure but might be why perkins tagged him.
what a bunch of drama over nothing. it's water under the bridge now, from the look of it:  onto the next session then. People are expecting bloodbath, either Dneg or Doug gets crushed but none really expect an pretty much even game until 2700+ hands
oddly enough, DN's odds keep getting longer---up to 6.35 now on pokershares. |
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Why not add binance coinbase bitfinex and other big custodial services? I would like to know how big step they compared to grayscale
coinbase's bitcoin holdings are roughly double the size of grayscale's. these stats from ~ a month ago shed some light on the current spot exchange situation: https://cointelegraph.com/news/five-mega-exchanges-hold-10-of-bitcoin-s-entire-supplyLikely owing to its custody services, Coinbase holds by far the most, with 944,904 BTC currently spread across approximately 4.39 million different wallet addresses.
Huobi ranks second with 323,665 BTC held in roughly 901,600 unique wallets, followed by Binance with 289,961 BTC across nearly 2.7 million addresses. OKEx has 276,184 BTC in 339,000 wallets, while Kraken holds 126,510 Bitcoin among 672,000 addresses.
The next seven exchanges — Bitflyer, BIttrex, Bitfinex, Poloniex, Coincheck, Gate.io, and Bitstamp — hold a further 210,000 Bitcoins between them. |
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Thanks for the replies. I got more out of those than all of the website(s) I've been reading.
1) I thought I installed Electrum on my PC but I can't find the program after I close the Electrum interface. The only way I can figure to get to the 'interface' (wallet) is to re-run the setup.exe file. Is that the way it is supposed to work? I thought I was installing a program. that sounds fishy. what OS are you running? where exactly did you download "electrum" from, and did you verify the GPG signature? it's possible you downloaded malware. 2) If at this point, what I want to do with cryptocurrencies is to have a means to make payments but be able to move in and out of the cryptocurrency to protect against devaluation, what are the top things I need to do? if you're just talking about accepting an occasional payment, you could just manually transfer coins to your exchange account (kraken, coinbase, etc) and sell them as the payments come in. if you expect a high frequency of payments, you'll probably want something automated. you could pay a company like bitpay or coingate to invoice your customers and liquidate payments, for a fee. or if you're savvy enough, you could use a free open source payment processor like BTCPay server and then use a script/API to send coins to your exchange account and liquidate them. 3) Also, is there a standard fee/commission for buying and selling crytocurrencies?
no, there is a huge range of fees across the whole market. it's highly dependent on region, and also on p2p vs ATM vs spot exchange. i've heard of effective ATM fees in the 30% range. big p2p traders often charge 5-10% premiums to smaller, more casual traders. but if you use a spot exchange like binance.us you'll pay 0.1%. on coinbase pro, you'll pay 0.5%. |
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Actually, most exchanges are reluctant to providing their users the authority of using mixers while depositing on their platform and I have heard so many news about exchanges stopping and freezing the account and some didn't even release the account as of today. that has happened several times publicly with coinjoins......any examples of it happening with centralized mixers? Not deposit, but here's an example: https://twitter.com/PaxosGlobal/status/1222237095009320960that was one of the public examples i was talking about. i know paxos' tweet lumps mixers and coinjoins together, but if you look into the details, the transaction(s) they flagged @RonaldMcHodled for were actually wasabi wallet coinjoins. |
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is it just you and @bitmutiny? how lonely! i've just registered. go team bitcointalk!  Thanks I have already added you to the spreadsheet. And welcome to Team Bitcointalk.org not my best showing! i was playing well through the first break and was at 4-5x the starting stack at the add-on, but blew up in this giant pot with the chip leader at the time---i wanna say it was _Angel_..... i ran AQ into AK in a TPTK vs TP2K spot. oh well! fun game, i'll try to make it by for next week's. it's definitely a better time of day for me than the series on betnomi. i was curious what betnomi's software looked like---i haven't had a chance to check it out yet. my VPN subscription ran out and i need one to play there.  This is how it looked like  Not so fancy but it is decent and you dont have that silly 500 krills requirement to chat and they sponsor the bitcointalk poker series so yeah its all good thanks! |
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Actually, most exchanges are reluctant to providing their users the authority of using mixers while depositing on their platform and I have heard so many news about exchanges stopping and freezing the account and some didn't even release the account as of today. that has happened several times publicly with coinjoins......any examples of it happening with centralized mixers? I'm a privacy conscious person and would like to ask you whether I should still use mixers when depositing on an exchange or not.
exchanges routinely track your blockchain activity several hops out, for both deposits and withdrawals. with that in mind, should you use mixers? you tell me. if you're holding coins withdrawn from a DNM or gambling site and need to cash out through an exchange, mixing them first is a no brainer. if your coins are clean, it's a question of privacy. |
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Show Posts
. Dneg was +90k in the 4th round. Dneg was leading with +180k but he gets too confident and tried to bluff few times by shoving. Doug does some good hero calls and managed to close the gap 
