KUCoin has decided to force KYC for every of it's users. In an attempt to remain as one of the most trustworthy and transparent exchanges in operation, KuCoin will start enforcing KYC checks on users. This measure is to ensure KuCoin remains compliant with the developing regulations in the crypto industry. Forcing KYC was the one of the reason for once number one exchange Bitrex to move down to 7th position at current time. KUCoin is not even in top 30. What will be the effect of such move be on the exchange and cryptocurrency overall? https://news.kucoin.com/en/kucoin-will-enforce-kyc-for-users/I think that a lot of people misunderstood what was being said in the new KYC update: The KYC is not compulsory, which means if client chooses not to complete his/her KYC, the client could always trade without any restrictions. However there will be a limit of 2 BTC on withdrawal amount in 24 hours. The limit on the withdrawal for KYC unverified account will be implemented on 1st Nov 2018.
... A KYC verified account will have access to the Fiat-Crypto exchange services provided on KuCoin platform in the future.
Basically, you can still trade with crypto/crypto pairs without any form of restriction, but there is a 2 BTC limit on your daily withdrawals if you don't get verified by November. Similar to what Binance is doing right now, really. Every exchange once they grow big will face regulatory pressure, and Kucoin is just one of them right now. Even Binance I think sooner or later will start forcing KYC on people, and perhaps lowering their 2 BTC per day withdrawal limit. The lesson is you shouldn't store any sum of money on an exchange for a prolonged amount of time, period. Whether or not you're verified, simply because how quick exchanges have and can change their policies. |
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Most of us have been here many times and see it as a good opportunity to buy more.
But I think the volatility is scaring new investors and can potential kill crypto in the long run.
Not really. It may actually be a positive thing, if you look at it in one aspect. People are coming into bitcoin investing thinking that it's going to make them rich overnight, which is far from the truth. The corrections may not give them financial rewards, but will at least break them out of that delusion that BTC is some magical investment scheme, which it definitely isn't. Plus, these corrections are naturally a part of the bitcoin's price cycles. If there is a huge, unsustainable pump in a short period, just like we saw with prices going up to nearly $10k from the low of $6.6k, then a correction will occur sooner or later. There is absolutely nothing that can stop that, it's the market forces acting. Plus, every single bitcoin investor has experienced at least one major correction in their days with crypto, and I don't see that affecting the long term potential of BTC whatsoever. |
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These days crypto's are having a real tough time or I would say this year so far is not good for cryptos. Earlier this month we got news from UK where MPA's told treasures not to invest in bitcoin followed by harsh reviews from Dr.Doom (Economist in the USA) in a conference held in Los Angeles.
Even with negative thoughts and reviews this strong currency still hold faith in peoples mind because it has the power to change the things, the spirit has risen again 2 days back when "New research from Fundstrat Global Advisors places Bitcoin prices at $36,000 by the end of 2019, co-founder Tom Lee revealed on 10th of may."
Strategist Sam Doctor analyze the relationship of bitcoin mining cost and price and it has led the market research firm to predict the cryptocurrency’s range will fall between $20,000 and $64,000 by 2019 year end.
The calculations focused on Bitcoin Price to Mining Breakeven Cost Metric, known as P/BE, which Doctor says has “proven a reliable long-term support level.”
“We expect the mining economy to grow over the next several years, and project a BTC price of ~$36,000 by year end 2019 based on the historical average 1.8x P/BE multiple,” co-founder Tom Lee.
It's been also predicted by many strategists that the price of bitcoin will jump again to $20k by the end of 2018.
We are hoping for the best!
I'd say that it's probably a bit optimistic, but it's most likely not going to be too far from what is actually going to happen. Bitcoin isn't going to have an ultra bullish year like last year in the year of 2018. 2018 is more likely going to be a year where the markets consolidate at lower levels and eventually find a bottom, where the support is sufficient to put us in position for the main recovery. If that can happen within this year, then I don't see a reason why BTC can't recover to close to its previous all time high given the timeframe of by the end of 2019, though I'd say a price more than double the ATH would be unexpected for me. |
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It's more likely that the $10k resistance was the real reason why BTC actually fell. Mt Gox moving coins could be a part of that, but the lack of upward momentum to push us over $10k right now is still the main reason why BTC is correcting at the moment, actually down to close to $8k.
It seems like traders are really afraid of Mt Gox moving their coins around, for some reason.
There is 0 proof that they've actually dumped any coins, yet traders are panicking about it and making it sound way more than what it actually is known to be. Plus as I said, this dump should probably be attributed to the natural correction of BTC after a big rally, instead of any individual events in particular.
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Like the title says... These theifing scammers will steal your precious Bitcoins once you deposit - so don't give it to them! You have been warned.
Generic background image of anonymous men... Promises of a 1 BTC bonus if you deposit .015 BTC into the system, and a free iPhone if you deposit 0.03 BTC or more into the system... An investment scheme promising you outrageous returns... Apparently over 30,000 total users on the site, I mean, what could go wrong, right? In all seriousness, it is an obvious scam. It's not even a ponzi scheme, because of their promises of huge profits even on the first deposit. There is plenty of these sites wher ethey say that they've found an exploit in the bitcoin code, and that's how they are able to make their money. But just think about it. If they actually are able to make that much money off their system, why can't they just keep doing it themselves? |
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Few days back I was this close to buying BTC when it was around 10k, but halted for some reasons. Now I see the price is around 8.6k and I wonder why the sudden downwards trend! I see no major news out there (or maybe the statements of mr. buffet and gates?). What could be the reason and how dip the price can go?
There is indeed no major news. This means to me that prices dropped most likely, and simply because of the resistance at the psychological $10k figure mark was too strong. Though it wasn't totally psychological, since we did test it a fair amount of times, and failed to breach it in any of these attempts. I've been saying this for a while now, BTC has gone against the overall trend of the market back in April, and started this huge rally. That is normal, however, after these big rallies there will inevitably always be corrections, and that's what is happening right now. |
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Hello miners, traders and everyone else,
I’d need to inform everyone who is trading or plan to trade with cryptocurrencies to avoid YObit.net and YObit.io in wide circle!
Their security is on so low level that even average hacker can hack the market and there is no support at all!
Now I’ d like to explain this accusation:
First, for login on YObit.net I use Google 2FA and Access code received in my Inbox. So, beside password there is two more authentication methods to access to my account. And of course, there is captcha.
After successful login, e-mail with confirmation of Successful Authorization arrives to inbox with some login information’s like time, user, IP etc.
A few days ago, precise on May 4. 2018. on 05:24 AM CET (Central EU time) someone used my 480 USD from my account and bought 0.05 BTC. After that, BTC balance was just withdrawn to another wallet.
Trx:
2018-05-04 05:47:01
0.04901000 BTC
2a3ab0d4581a8bb08a4caaa20166e6a80ac70f74fbfe42e12ddb46c5c12cb3f1
Orders / Bids Deposits / Withdrawals Lotto / Dice YobiCodes
Time Currency Amount Status
2018-05-04 05:47:01 BTC 0.04901000 Completed
At mentioned time I was sleeping, I was not logged in and did not use my account to trade. I did not receive any mail with confirmation of successful login. So, how the hell that happened?
I wrote to their support two times and there was no answer at all!
Is there any other explanation then miserable security or someone inside YObit who have access to user’s information’s users accounts to still?
And please, do not think that I have been phished. I am not that stupid!
SO, STAY AWAY FROM YObit!!!
I still think that you're probably hacked, because as bad of a reputation Yobit has I don't think anyone can consistently reported lost funds without any notification to them. The probabilities of something done on the inside is relatively small, in my opinion. But of course with yobit, you never know what's going to happen. You don't have any proof to prove to anyone that it was indeed done from the inside by Yobit employees, all you have is the fact that you didn't receive the login notification and the verification code, which could have easily been deleted afterwards by the hacker. Avoid yobit, it's a terrible exchange with 0 customer support. But I think it's more than likely that you got hacked, even if you didn't, and it's as you said, an insider job, you have no proof so it's quite futile. Again, best thing is to not use Yobit altogether. |
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Competition between local currencies Vs crypto currencies are in peak now. Crypto currencies have occupied currency market causing local currencies enforce (banks) banning of crypto currencies. We can see number of investors have turned towards to bitcoin and other crypto currencies with large scale. Will there be a chance / time bitcoin and other crypto currencies rule over currency market and local currencies get disappear slowly in a decade or two?
I would not say that bitcoin and other cryptos will make local currencies disappear per se. The central bank is most likely going to exist forever, in one form of another, as long as the government still exists. And fiat currency is probably going to still issued by the central bank, for the benefit of the governments worldwide. Theoretically if enough people adopt bitcoin, then it could prompt the extinction of local, fiat based currencies. However, I believe that what is more likely is probably that bitcoin will exist as an alternative form of currency alongside fiat for those who don't want to use the fiat system. |
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In the study of economics, Investment mean any addition in physical stock as well as stock of finished goods, or you can say any putting money in anything for the motive of profit.I want to know your opinion that what are main challenges for small investors in any type of business now a days, If he/she has nothing after his investment?
The main issue that faces them is the fact that nobody there isn't a lot of investments that have that low of a minimum investment requirement, that is also legitimate in nature and has potential. A lot of investments are restricted to people with a high amount of capital, and that means that the small investors are left behind. This is one of the reasons why BTC will be so attractive to the mainstream, once adoption picks up. Anyone can access it and invest with any amount, whether large or small. That is completely unlike traditional investments, or even precious metals, where big amounts of capital is required. |
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Hello guys,
Does anybody know why BTC is falling like a rock within last hours?
If there any specific reason or just a normal correction?
Thanks and cheers.
The prices didn't even fall to that low of a level. I've been expecting this fall to happen for ages, because there just seemed to be no momentum to push us up above the $10k zone, where resistance was the strongest and there is also the psychological barrier present. When you actually zoom in in the past few weeks, you see growth of almost 50% within a few weeks, which can indicate an overheated market. And whenever markets rise up like this in a short period of time, corrections happen. And that's exactly what's happening right now. Gates and Buffett's comments on bitcoin could have been a catalyst as well, but I don't really see their opinions alone be enough to push prices down this much. Again, this is completely normal. Just because BTC has naturally corrected 5-10% within a day, doesn't mean that it's "dead" or anything, which I'm sure some bears will be quick to point out soon (wrongfully). |
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Do you think that cryptocurrency should be taught in schools or University? Specially in the field of business management?
As a student, I believe it will give us an advantage to this so called cryptoworld, right?
It definitely doesn't need to be. I think that Stanford actually started offering courses in cryptocurrencies and bitcoin, and that is extremely positive news for sure and indicates that bitcoin is indeed going mainstream as a currency. However it's hard to justify that it definitely has to be that way. Anyone that just wants to get into the crypto markets don't need any sort of qualifications or attend any courses, in fact, none of us on this forum have done any "professional" courses. There is a wide range of resources online, both relating to BTC technologically and financially. There is absolutely no need to take a university course in BTC, unless you're planning on building a career out of it. |
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Australia has been a pretty positive country for crypto development in the recent years. However I really doubt that $700k is actually going to do much. Plus, all of these projects are most likely going to be centralized blockchains, not decentralized ones like bitcoin. So don't expect too much out of these projects as a result. But at least they're not entirely discouraging crypto businesses to open up and exist in Australia. In fact, they are pretty supportive if you consider the regulations put out there. A lot of countries are trying to drive crypto businesses or projects out of their country, which makes no sense for themselves. |
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Any users here just want to tell their views about most irresponsible and expensive Exchange with no Support.
I have a Full Website in planned to actually Point out Why HITBTC is so careless and Will try to save many people from using and paying in some cases more than $100 to pay for 1 withdraw and getting full benefits of your forks .
I had NEXT Sitting with them bought on very high Price and they ended up giving me no Ignis for what I holded during the snapshot. After contacting them for more than a Month They have not resolved the issue and not replying to my emails at all.
Its been the worst experience with any exchange .
I had lost money in many exchanges closing Down but HITBTC Support is at worst
PLease share your views about HITBTC
NXT/Ignis seems to be a huge issue with all exchanges, not just HitBTC. Also, to be fair, the withdrawal fees of some coins were extremely high last year due to blockchain congestion, and that is probably not surprising if they haven't adjusted the rates down yet (which they definitely should). Like others said, HitBTC is a pretty bad exchange for sure and one to avoid at all costs. I've only used it once and even then there were some minor delays with my deposit crediting, I never returned to using it again. Their support is probably undermanned and undertrained, which are two of the worst traits you can have. Perhaps it's not the worst exchange ever, but it's among the worst in their customer support department, at least on an efficiency level. |
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Does it consider affiliate profits too?
I made an account there and didn't pass the KYC yet but I got bunch of referrals there , Now I need to pass kyc to withdraw my profits from my referrals?
Most likely not... The restriction that is placed on you after you hit a trade volume threshold only restricts your trading, and doesn't restrict you withdrawing your BTC from the platform. At least, not yet. Plus, I doubt that the bunch of referrals that you have will generate you any sort of significant earning anyways, and right now LocalBitcoins is only targeting users with significant amounts traded over the past 12 months. Again, keep an eye out for new rules etc., LBC has changed a lot over the past few months. |
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All of these reasons are probably more like flaws of bitcoin, some valid, some not. However, I don't think that any of them are actually reasons for bitcoin not able to last long. In fact, it's probably going to be one of the best asset classes to hold in the future in terms of longevity. Yes, BTC is used for illegal things right now. But so is cash. So are credit cards. And plus, it's not a reason why bitcoin won't last long in the future, that just makes no sense. You mentioned in 10 that bitcoin doesn't have a physical form, but isn't that actually a reason why bitcoin is advantageous to hold, and can be held over the long term quite easily? Unlike traditional assets, there is absolutely no storage space or method needed. Overall, as I said, bitcoin will have its imperfections, some of which are mentioned in your list (although a lot of your list can be rebutted easily). But on the larger scale it's going to be a great long term investment for sure. I think you supposed to add ban by government to your list as i always fear if government will ban bitcoin in future..
Governments can't ban bitcoins. They can only ban third party services relating to BTC. |
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Many people compare crypto to gold, and I see so many similarities as well.
I believe one day crypto can be less volatile than gold. If more people adopt, and address values to everyday items, trading in a daily basis, (like for grocery shopping) then crypto will be easier to use, safer, fluctuate less in terms of prices, and a lot more stable.
What do you guys think?
There is definitely the possibility that this could happen. However, it's not guaranteed. As you said, there are similarities between gold and bitcoin that can clearly be drawn quite easily. However, we see that gold is much more stable in value in real terms (inflation adjusted) compared to both fiat currency and bitcoin at the moment. The main thing that makes crypto so volatile in my opinion is still the fact that it's relatively new, and markets are not as mature as the gold market. The number of adopters are still extremely small in bitcoin's case, compared to gold. I would not say that BTC can necessarily ever eclipse gold in terms of short and long term stability, but as adoption rates rise and more merchants start accepting BTC, there is no doubt that BTC will become less volatile over time. We're already seeing that now. The corrections and nowhere as large as a few years before. |
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All very good points.
Centralization to a degree can be healthy and effective, but right now with how the monetary is running central banks & banks have way too much control. Firstly, the USD as well as other fiat currencies do not have a decentralized protocol of releasing new currency into circulation, which means that over the long term you'll see fiat depreciate in value, and eventually collapsing without exception. Bitcoin has a limit to the amount of coins that can ever be in circulation, and thus tackles that problem.
Commercial banks, as we have seen, have absolute control over your accounts. They can suspend transactions, freeze accounts, do all that. We've even seen them do this to crypto related transactions, and say that they don't accept these transactions altogether.
These are all reasons why I'm personally invested in BTC in the long term, and why others are too.
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People seem to despise crypto for the sole reason of it being "too volatile". Yes, it can be very volatile in the short run against fiat currencies, with its value constantly moving around. However, in the long term, I believe that bitcoin will be a much better store for value, since it is decentralized, and there is a limit on the amount of coins that can ever exist, which is something that fiat does not have.
That's why I think people should actually embrace bitcoin's volatility, it means that BTC is independent from the fiat system.
The only thing consistent with fiat is its depreciative nature. Honestly, I don't see any reason for holding fiat in the long term.
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This is not the surprise. Regulation pressure especialy in the KYC part as well as anti-money laundering and terorrism financing is geting stonger and they are actualy forcedto obey such regulations in order to keep their business and to run it legitimately. But this also represents certain level of protection for users, despite the lower level of anonimity.
It's definitely not the surprise, but the surprise is how quickly they switched from "recommending" people with higher trade volumes to verify their ID, to actually requiring them to present ID before they can resume trading. That was surprising to me, I would have expected that process to take much longer than it actually did. Also, it seems like that although I only got the ban a few days ago, people have been getting it as early as a month ago. Makes me wonder if this is actually a universal move across the entire platform. All advertisers had to verify themselves before this anyways, and also since Localbitcoins was already protected by escrow (that's how it works), as well as the fact that LBC accounts will still be traded on the underground markets after this ban, I don't see how it really protects the users any more than it had previously. |
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https://cointelegraph.com/news/nyses-plans-for-physical-delivery-of-bitcoin-pave-way-for-major-crypto-adoption-analysts-sayIf this happens it could be the start of actual Wall St adoption. So far its just been futures, and while a lot of firms are planning on starting Bitcoin trading (like Goldman Sachs) right now it just seems that they are planning on offering investment products for betting on the price of bitcoin instead of actually purchasing Bitcoin, which does nothing for Bitcoin itself. But if this news turns out to be true, this will be the first news we have of a Wall St player actually getting into Bitcoin itself. The RIIIIIIIIISE!! It's probably too early to tell whether this will actually come into fruition or not. But obviously if it does, then it's huge news. And instead of trading just trading "paper bitcoins", apparently this one will be different with the physical delivery of bitcoin, which is a huge leap forward. We're only seeing the start of the institutional players coming into the picture, which is again a reason why I feel like that the long term future of bitcoin is still quite bright, and there are obviously gains to be realised if you were to get into BTC right now. |
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