According to the following article, regulations will be released in June: http://btc-times.com/chinese-bitcoin-exchanges-can-resume-withdrawals-in-june/It also said the following: However, China’s Bitcoin exchanges will not get off scot-free too. BTCC, OKCoin, and Huobi will all obtain an economic penalty. This is not unexpected, as the People’s Bank of China hinted at how a few Bitcoin and Cryptocurrency platforms were not adhering to Anti-money Laundering recommendations properly. It is uncertain what kind of penalty they’ll face ultimately. I presume that means the exchanges will get fined for breaking various laws. It remains to be seen how much the fine will be, whether they can afford to pay it, and whether they'll try to get the money for the fines from their customers. |
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What good is a "coin" if too many are created ?
How do you side step that glaring critical issue ?
If you are going to use a coin as a currency instead of as an asset to hoard, then creating "too many" is a virtue. People don't mind spending doge or tipping doge precisely because it is cheap and cheerful. Whereas they avoid spending bitcoin like the plague. If a coin was to actually supplant the dollar for everyday use in commerce, it is more likely to be doge than bitcoin. Bitcoin is like gold - a shiny object to be hoarded, nothing more. |
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There are other exchanges you can try, such as hitBTC, Allcoin etc...
Go to coinmarketcap, sort by exchanges, and then check them all out till you find one that suits your needs.
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The number of users online at a given time on Polo used to be about 20,000 a month ago. A week ago they jumped to about 30,000 and their engine started to lag.
Today it jumped to 40,000, and guess what, their engine is lagging again.
People - there are other exchanges you can trade on. Ripple can be traded on both bitstamp and kraken. Kraken does ether and stellar lumens as well. Bittrex and Hitbtc do most of the other alts.
Don't log into Polo if there are more than 30,000 people online - you'll only be frustrated as all your orders and withdrawals go wrong.
I really really don't understand people KNOWING that Polo is under pressure with traffic and volume, but piling in anyway, making things worse, and then complaining.
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Whenever I hear about things like this it makes me shudder thinking back to mintpal. There's a reason why many try and adhere to the saying "if it ain't broke, don't fix it".
The Mintpal "upgrade" to their interface happened only because the owners sold the site, and the new owners naively hired Moolah who had to try to justify his fee by redoing the interface. Bittrex is still owned by the same people, so if they're just sprucing up. I agree with others who said that in order to compete with Polo they need to offer margin trading and lending. |
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Bloomberg has done an article about it: https://www.bloomberg.com/gadfly/articles/2017-05-15/bitcoin-s-just-too-tempting-when-you-re-being-extortedBehind the rise of ransomware lies the rise of Bitcoin, the virtual currency of choice for hacker blackmailers who steal huge amounts of sensitive data. That doesn't mean Bitcoin is inherently to blame, but it does suggest that business has a Bitcoin problem. Buying the currency has become a form of short-term protection, however dicey, against attacks.
The logic is twisted but tempting. Hoarding Bitcoin to pay off hackers may seem a better option for companies that either don't or can't make the heavy investments needed to see off the attacks in the first place. |
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Don't worry, it will drop back down again once people realize no-one actually uses Ripple for anything!
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Markep cap doesn't mean anything.
What matters is the number of transactions in the lst 24 hours. As long as bitcoin is #1 it's status is secure. The coins like Ripple which are being pumped at the moment, will dump, because no-one actually uses ripple.
At the moment the only coin that might catch BTC is ETH because it's doing about 120,000 transactions a day and the amount is continually rising, which means people are using it.
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Segwit was a good news story, which is why it pumped. But... no-one uses Litecoin. There were only 9,753 transactions in the last 24 hours: https://bitinfocharts.com/comparison/litecoin-transactions.htmlThat means that people arn't switching to use litecoin, even though there is a transaction backlog on bitcoin. If this continues and no-one uses it, there is no reason for the price to rise. |
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Whats up with the ridiculous loan offers on ETH, 0.0001%  was around 0.0030% a week ago. The rates for alts like ETH will only go up if there is shorting activity (where the trader has to borrow ETH to sell on margin). |
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For some weird reason, the price seems to be not affected by this attack. It seems to be hovering around $1800.
That's because the "demand" for bitcoin due to the hack was only about $30,000 worth, not enough to move the price. Large orgs have back-ups. The NHS shut down lots of stuff as a precaution on Friday, most of it was unaffected by the hack and is back up and running. Big businesses like Renault and Nissan also have back-ups - so all they need to do is wipe their servers and rebuild from scratch and they're good to go, no need to pay any ransoms. So there was no benefit for bitcoin from this, and plenty of downsides in terms of negative press. |
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wonder where they will sell their coins, some big exchanger must verify id right? even in my country some fiat exchanger ask user to verify their ID and must selfie to make sure it is real person
If they're smart they'll just sit on them for a decade or so, until most of the mixing services don't have their address on a blacklist. At that point, they'll sell. |
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ive been lending at polo for a few months, no problems. i set most to not renew so go in every couple days to see the rate and modify them based on the market.
i typically only have under 0.5 btc out and break it into several 0.1 and 0.2 loans for 2 days.
what do most of you do?
I set most to auto-renew, but keep a daily eye on things - if the rates are higher than my auto-renew rates, i turn the auto-renew off, and manually set a new rate when the existing loan expires. I try to lock in high rates for a long time. So if I can lend at a decent rate, I'll set the loan for about 10 days. If I'm lucky, it'll run for at least 3-4 days - it's a nice way of cashing in on the high rates. |
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Does this new law apply just to bitcoin, or to all digital and cryptocurrencies?
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Some people on Reddit are reporting the same thing: https://www.reddit.com/r/BitcoinMarkets/comments/6az4sx/people_trading_on_polo_read_this/It seemed to be mainly linked to margin trading. My advice to people: Polo obviously can't handle the volume, so start trading on other exchanges, and steer clear of Polo till they resolve their issues. Check the number of users online (always shown at the bottom of the Polo site) - if it is over 25,000, the site starts to get laggy, so don't even bothe to log in, do your trading elsewhere. |
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If these guys get their 1000's of BTC they are demanding from the NHS they will likely be the ones selling it to them, then receiving it back to their wallets before reselling it on the market. IDK.
Sketchy. The ETF is 100% sure to be disapproved.
That ETF portion doesn't even make sense. Why would the ETF not be approved because there are some people who clicked on something they shouldn't have or got everyone's machines infected by bringing something in? Considering that they were only asking for $300 it shows it wasn't a targeted attack and was a generic ransomware that infected their systems. The SEC was worried about the pricing of the ETF - it would have been based on the price on the many exchanges, and those exchanges were unregulated. Now throw into the mix that the price might be manipulated upwards by ransonware attacks (where people are forced to buy bitcoin). Yes, some ransomware demands cash, but that cash is such a small proportion of all the dollars in circulation, it has no effect on the USD/EUR level. But there are so few bitcoins, and it has such a low market price that a small amount of buying due to ransomware can move the price. So they're going to refuse on the grounds that the price can be manipulated by criminals. |
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We need more diverse choice of exchanges. For ERC20 tokens things are easier (and will get even more easier after Bancor protocol gets released on Ethereum), but what about other projects?
There are plenty of exchanges. Both Bittrex and HitBTC have a lot of alts listed that you can trade. Litecoin, ether and doge are on most exchanges, and Kraken does things like Stellar Lumens. Thete is nothing stopping people using the other exchanges - liquidity will increase as people migrate. |
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