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Having a bitcoin bank in itself is a good idea with the implementation which is going to run more like an escrow but in this case on a larger platform, however, how it will work out is where my concern is because the moment the discussion is on like this, then someone somewhere is already thinking of implementation. In the sense that we all have our individual wallets which is more like our banks, the encouragement to put money in another place to serve as bank is to get a form of return on such. What are what this institution will engage in to make the return available?
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What are good investments outside of crypto?
It is very unfortunate what is happening in venezuela. I wish the united states would forget about north korea for a second and make some attempt to re-establish stability in south america.
As things stand there is nothing I could do to help venezuelans.
Looking at venezuela's currency devaluation there could be opportunities for profit there. Shorting the bolivar. Buying bolivar when its nearer to making a recovery could both yield decent gains if someone could get the timing right.
What are good opportunities for investment outside of crypto? Is it moral to profit off of the unfortunate conditions of people in venezuela and other countries? What do ppl think about this?
Every country with its own peculiarity and what works in Venezuela might not work in another country. Over here, if I am thinking of any other investment outside the crypto, then Real Estate will be my priority because the law here allows individual to own houses and rent it out without any difficulty. Doing that in the right environment, the return will start coming in from the first month of completion of the project till forever. |
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I hope the cryptocurrencies are better because the first cryptocurrencies that do not work offline and moreover the transaction costs are very high, and this can not be used for small transactions because the cost is very high.
The cost in recent times has been lower compared to what was witnessed in the past few months which even led to the August 1 saga but I hope we will start reaping the benefit of such very soon. On the other hand, I feel the two should coexist to take care of the needs of the categories of people we have in the society. For example, there are some people who are very conversant with the use of the internet, they wont have to struggle with bitcoin usage while others on the other hand will need Fiat to carry out their normal financial transactions. |
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It does not make any sense ...
the coins are doubled and 300-600$ is added to the value
does not make sense imo
It does not need to make sense to you. In short the whole market does not make any sense because based on our individual analysis, one would think the market will behave in certain ways but its always on the opposite which means that one cannot really predict the direction with enough accuracy rather we should just swing with the tide as we cannot have answers to everything at every time. |
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Hi!
I'm a market maker on LocalBitcoins.com, buying and selling bitcoins. I started out doing this in Norway. In my country, a lot of banks have taken a positive or neutral position on bitcoins, allowing people to trade and own bitcoins, but warning against volatility and fraudulent abuse. I have reported my activities, that I operate as a market marker on LocalBitcoins to my banks and my government in Norway, and this have been approved by all. I'm writing this to give a backstory of my experience with banks and bitcoins before I established a TransferWise account in good faith.
Since I was doing good market making in Norway, I wanted to expand to a bigger market. Euro was attractive, and I established a TransferWise account because it was fast and cheap to use. After a couple of months trading BTC using TransferWise they called me wondering about what I use my account for. I said I traded bitcoins. She didn't say anything more, but a couple of hours later, my account was blocked and they cancelled all my incoming and outgoing transactions, causing some troubles to say the least. To my surprise I was notified that transactions of any kind involving bitcoin is not allowed. I did find this stated in the acceptable use policy - "We do not provide our services to businesses or support transactions which involve (...) bitcoin or any other cryptocurrencies". I should have investigated the terms of agreement carefully before opening an account with TransferWise. Up to this point, I was not aware that my activities was not allowed. I have been very naive to say the least.
Anyway, what can I expect? Will I get my funds back, will I get some back or will they confiscate everything? Will they sue me? What kind of legal action will I face? This was most of my lifesaving's from work and profits from market making. It was about 30k euro in my account when they shut me down.
Any tips on what I could do is highly appreciated. Thank you.
From the look of things, I don't think they have the right to confiscate your earnings all they should have done is to allow you withdraw your money and deny you their service because you violated their terms which you unknowingly entered into. I think you should write them or study their terms to know your options. I don't think they would sue you. Its a pure case of offer and acceptance and if they are denying you, they should refund your money back to you. |
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Based on what is happening and what you have explained here, I guess there is nothing you can do than to wait on them and as someone has suggested you keep on sending the mail and tickets until they respond because I sense you sent them one and hoping they would have resolved it. They have a lot of customers asking them for several things at the same time and this might be due to the delay but don't give up and keep trying.
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There is no point beating yourself about the past or what you have missed what really makes the difference is what are you doing about changing the situation in which I believe everyone who have found his/her way into bitcoin at any point in time has realized that. Even me, I wished I had been here very much earlier than when I joined but I still have the consolation that I am earlier than someone who joined today and it goes on and on. The future is what everyone should focus on now. |
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I am sure what he did was just to see bitcoin as a means to earn money online no knowing he is willingly violating any rule but the punishment is mild if you ask me because if it were to be a private organisation, he light have lost his job especially if its violates the employee policy he willingly signed to before joining. But I still feel the punishment is just to serve as a deterrent rather than being punitive.
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It's funny how a year ago we were calling people who said this idiots but now it seems like a possibility within reason.
That's always how things go with Bitcoin. I remember how people were doubting to ever see the $1000 level again, back in 2015 when the price just wouldn't go over the $300 level for quite a long time. It's two years ago, but it feels like it is something that happened back in the 90's.  It once again shows how rapidly things can change in the Bitcoin world. In 2020 we'll look back at current levels in the exact same way we look at sub $1000 levels right now. The only thing people need to do is leave their coins offline, and that's really it. If you're not a trader, then don't trade - people shouldn't explose themselves to unnecessary risks. Enjoy the ride. For me, the risk is what makes everything fun and encouraging people to just put their coins in their wallet is not the right way to go because it means everyone should just see bitcoin as a store of value and wake up in 3 years to become rich which in most cases not going to happen. I feel active participation is what is needed to get to that point and with the right combination of decisions the mark can be quite achieved quickly and even beyond the ceiling of $5000. |
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Everyone is just feeling sorry for OP with nobody except one that have offered an advice to get to the root of the matter. He knows already he has made a mistake and there is no need to rub it on its face by feeling sorry for him. But unfortunately, there is no one to report to rather is there any way to apprehend the individual. One further disadvantage of the crypto world. Wow, that is crazy to hear. The site is an absolute scam and everyone should report it. 45 BTC is quite alot. I think your best bet would be to email abuse@namecheap.com and ask for the owner of the registered domain electrum-wallet.com Maybe put a small hint that you have been robbed off of 45 BTC equal to XXX amount of USD and that you are pressing legal charges and will inform your authorities of this, also whoever registered the domain is using Namecheaps service WhoisGuard for anonymity which you could question and threaten that you report this to ICANN for their view on this matter. According to ICANN, "The Internet Corporation for Assigned Names and Numbers (ICANN) broadly requires the mailing address, phone number, and e-mail address of those owning or administrating a domain name to be made publicly available through the "WHOIS" directories." Which means that anonymous domain registrations aren't allowed and that mailing adress, phone number and email to the person administrating the site should be public information. It is a long shot, but my best bet would be to email the domain provider and explain the matter and question how they are currently supporting criminal activities and also witholding important information on the person who is scamming users. This is a route to go at this time and I wish it will serve as an eye opener to other people as well. |
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Many countries seem to have a hard time defining and regulating Bitcoin. The current legal framework is not enough to deal with cryptocurrency revolution, thus most countries still have not considered Bitcoin to be an additional legal tender just like the function of their central bank issued fiat money.
However, the Bitcoin revolution is fast reaching the nooks and crannies of many countries all over the world, what with the use of the modern gadgets and the internet. Sooner or later, financial authorities have to come up with the necessary framework with which cryptocurrency can work with.
For now, let us just enjoy the "not yet legal but not banned" status which can anyway fine with me so I can still avoid paying taxes.
This is actually true for most countries largely because calibre of people in the law making business dont even understand bitcoin itself for them to have a fruitful discussion on the matter and equally come with a position what they will rather do is to give delegated legislation to agencies of government in charge of securities who will in turn set up a body or hire a consultant to come with recommendations. However, that is never enough as the popularity of bitcoin increases on a daily basis. But for me, it high time my country came with a position on the right way to go. |
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BTC-e is Russia based exchange operator which was accused by the FinCen enforcement law authorities for money laundering and being linked with drug sales, AML and stole bitcoins from MtGox. Their press release says: BTC-e also processed transactions involving funds stolen between 2011 and 2014 from one of the world’s largest bitcoin exchanges, Mt. Gox. BTC-e processed over 300,000 bitcoin in transactions traceable to the theft. FinCEN has also identified at least $3 million of facilitated transactions tied to ransomware attacks such as “Cryptolocker” and “Locky.” Further, BTC-e shared customers and conducted transactions with the now-defunct money laundering website Liberty Reserve. How is that a Russian-based exchange could be shut down by US authorities? What are the basis to do it? It does not matter if they dont have direct jurisdiction but they will have legal backing as a result of several treaties and agreements signed by both parties. If it were to be another third world country then we could argue that US government just use their domineering power but definitely not Russia and even with their counter sanctions against each other, those agreement still stands and they will still collaborate of several other issues. |
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The title says it all, sick of reading questions about BCC. There is alt subforum, why re these threads here? If I d post something about Etherum here, the entire thread would be moved, right?
Your assumption and conclusion is right but the issue at the moment is the confusion in which people are coming to know more about what is going. And even me, if I want to get an update, I just come to bitcoin discussion rather than the alt section of the forum but I believe in few days everything will become clearer and everyone will know its rightful place without the need to tell them. |
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I guess both split and fork sagas are finally finished. I hope the community has blown out some steem, trolls and speculators have been busy these days and I hope now we can get back to the growth and relative stability we have had before.
What do you expect next in crypto? Do you think we re finally going to see $3k BTC? Will alts start bouncing again? Will we see waves of new users flocking into crypt? Maybe another fork?
Its really a long journey to achieve all this and I cant wait to start reading testimonies about how this whole exercise has payed off in several ways starting from the reduction in transaction fees and the increased confidence in the price of bitcoin which should metamorphose into increase in its price couple with other adoptions around the globe. All these, I am expecting to happen in due course for all this to worth it eventually. |
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So is it safe to claim BCC now if we have BTC on Electrum !? Or we should wait for the first BCC block to do so !
I know the steps : Is it safe to start it now ?
1. Install Electron Cash on a machine that does not have your
Electrum wallets.
2. Wait until the BCC hard fork has taken place, and a few BCC blocks
have been mined.
3. Move all your Electrum funds to a new Electrum wallet. This will
move only your BTC, and not your BCC, because the BCC blockchain has
replay protection. Wait until the transaction is confirmed.
4. Enter the seed of your (now empty) old wallet or private keys in
Electron Cash. Since the BTC have been moved to a new wallet,
entering your old seed in Electron Cash will not put your BTC funds
at risk.
All the process is understandable to me except the bolded part in the sense that, Is it compulsory that the funds be moved to another Electrum wallet? Be cause that will mean installing two Electrum wallet on the same gadget except one have 3 gadgets to use for all this process. Also, what if the funds is transferred from the original wallet to another online wallet like blockchain.info will that affect the process? |
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I don't think I would bother myself about when its the right time to start trading again others will do the job. Even the forum has announced that its safe to start making btc transactions on a high level but the exchange sites that release a statement about suspending transactions due to August 1 will equally release another statement for its resumption and if the exchange site you want to use does not have issues about suspensions then go ahead. The coast is clear just come back and testify.
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I cant wait for the transaction fees to drop significantly and even be sustained long-term because if it doesnt, then all the panics and discussion that have taken over the forum including hardfork and soft work in the past few weeks will be all for nothing. I tried making some transactions now and realised that both the fees for priority and normal confirmation time is still the same which is something to be happy about and wished it continues whether fork or no fork.
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Hello everyone.
I was just wondering, if is it a good idea to give away small amount of loans to trusted forum members to get some reputation?
I mean, what if i open a service which would allow senior or trusted forum members to take loans from me (around 0.02btc each, considering my current budget) if they need. Will that make a good impression on people for me or not? Will i get some trust or reputation by doing this?
Your thoughts? or, suggestions?
Going out through that means will mean trying to influence your trust system which is more like buying and at the same time frown at over here and aside that, land your account in red by the forum 'police officers'. If you give a loan because of trust, then I doubt if those Senior Member will want to do that considering that accounts are bought freely so you might lose your money and at the same time lose the trust you are looking for. Why not open your service, do your thing right and one trust worthy member can do that for you willingly. |
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I think there should be a tutorial on this issue of moving to BCC in the event that the fork happens which is few minutes from now because all this process seems confusing to someone like me who is not any where been a techie to understand how it works even the statement release by Electrum does not help matter. Is there no way where you generate address on a wallet then send your BTC to which will then divide it into BCC and BTC and from there you choose which one you want to spend. Or in the case of electrum, it just show the break down of both BCC and BTC just like having two wallets in one identifier.
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It seems the price is getting to feel the impact of the few hours left for the activation from the $2900+ back to the $2700+ currently and this post comes to mind because when panic sets in, decisions are made which most times one will end up regretting and this is something everybody must try to avoid at this time. We have hold on for so long, keep holding, few hours left for light at the end of this long tunnel that I cant wait for it to be over.
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