|
I think it means that Xapo is now legal in Switzerland - complies with Swiss financial regulations, and probably has to have reserves and audits and so on, just like any other debit card supplier.
|
|
|
|
http://www.investopedia.com/news/wa-regulators-considering-bitcoin-ban-marijuana-industry/Washington state has introduced a measure to ban the use of Bitcoin in transactions with its burgeoning legal marijuana industry.
According to GeekWire, a state senator has introduced the bill claiming that the cryptocurrency is not transparent enough for marijuana sales.
Marijuana businesses have flocked to Bitcoin as an alternative to holding on to large sums of cash, since many banks will not service the pot industry as marijuana is still classified as an illegal substance at the federal level, despite being legal for medicinal and recreational use in many states. The ban on Bitcoin would force marijuana entrepreneurs back to square one when it comes to holding on to cash, which brings with it security risks and expenses.
|
|
|
|
http://fortune.com/2017/01/27/bitcoin-firm-switzerland/Bitcoin wallet provider Xapo said it has received conditional approval from Switzerland's financial market watchdog to operate in the country in a regulatory breakthrough for companies that provide safekeeping for the virtual currency.
"After almost two years of substantial effort and investment, Xapo has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in Switzerland," Xapo CEO Wences Casares said in a blog on the company's website.
The approval depended on several factors, including membership of a "self-regulatory organization," Casares said, but added that the company was optimistic of meeting the conditions and being able to serve non-U.S. customers from Switzerland.
|
|
|
|
|
The market cap of bitcoin is too small for them. Also some of the exchanges bitcoin is traded on are either too small or too shady.
They are mostly waiting for the Winklevii ETF to get approved by the SEC - once that gets the green light, a whole bunch of other investments into bitcoin will be deemed safe as well.
|
|
|
|
It seems Chinese exchanges volume is getting under 25%.
I also dont know what was actually reason behind those huge volumes in past beside that some exchanges wanted to look super big to attract more traders.
It was fake. I think the Chinese exchanges were engaged in a competition for "face" where they each felt they had to have the biggest volumes and were frantically faking it to try to win. |
|
|
|
Faucets as a bitcoin earning way are dying. Many faucets owners banned on AdSense from where earn the largest part of the profit.
This is the right answer. The faucets weren't making profits, which meant they couldn't pay much to faucetbox for their service. That whole business model went south once Adsense banned them because other advertisers don't pay much. |
|
|
|
|
It will be interesting to see what he does with remittances to Mexico and elsewhere. I imagine western union to lobby congress hard to thwart Trump, and I expect some bitcoin remittance companies to try to gain market share.
|
|
|
|
It is bouncing between $870 and $930, and with luck will stay in that range for a while. It is known as consolidation.  |
|
|
|
Why is it that the Bitcoin community is full of these people? Every imaginable way of stealing, cheating and scamming is done on the blockchain. Every imaginable scam is being deployed in conjunction with Bitcoin. People going to jail left and right. How did it come to be that Bitcoin people are so damn dishonorable? Will that ever change?
This community is poisoned.
Lack of regulation. Also because it is a small market under the radar of govts, which makes it an ideal ground for criminals to work. They avoid the more eyecatching asset markets because they don't want to draw attention to themselves. Bitcoin is perfect for them because it has a lot of idealists, and a lot of young people who haven't had any experience of being scammed and are perfect marks. |
|
|
|
I use the Kraken app on my iPhone. It's very easy to use and because of their API there's no messing about with login sessions. I recently read Kraken missed some stop losses when Bitcoin price dropped hard, and apparently that wasn't the first time. It seems the site can't handle the traffic right when Bitcoin's price is most volatile. All the exchanges come under pressure when there is high trading. It is poor really, you'd have thought they would have increased capacity so they could cope, especially as they know full well that we get trading frenzies at least once a year. |
|
|
|
It is discouraging to see the price of bitcoin fluctuating but if the inspection was to get rid of hoax volumes of bitcoin and can control and stop the market manipulation then its good for bitcoins and to the bitcoin users. Market manipulation and fake volumes was no longer a theory I guess but its more of a reality. The chinese government will not investigate these things if there are no problems on that area. This is just speculation on my part, but I think the main aim of these inspections is to prevent shadow banking happening. Here is what I think was happening on the Chinese exchanges: they were operating a bank, where they were lending money. They pretended that they were really lending for margin trading, when the loans were actually going to shadowy parts of the Chinese economy, and the fake volume bots were there to give the impression that lots of margin based trading was taking place. The PBOC clamped down on the lending, so the only way they can make money is trading fees, and we now see the real level of trading that was happening on those exchanges - which is pretty small. |
|
|
|
Ha ha. Now we will find out what the actual volumes in the Chinese exchanges are. But I don't see any direct correlation between Bitcoin's price and volumes. If anything, it will assure traders that there is sufficient market depth.
I think it is good for bitcoin itself. With no fake volumes, we are sure that what the current price of bitcoin is the real price and there is no danger of manipulating price through fake volumes. I like the introduction of fee in Chinese exchanges as it is on other exchanges making competition even. It will stop all those press reports saying "Bitcoin is controlled by China, they have 90% of the trading volume". It really put people off adopting it. |
|
|
|
|
I think speculators on the western exchanges were fooling themselves that something big was happening in China, and they sort of followed every Chinese move up or down. Now they realise that it was all an illusion, and we will probably get back to trading on western news. The next big news will be the fate of the Winklevii ETF.
|
|
|
|
|
It is because a year ago, Coinbase sided with Gavin Andreeson on the big blocks issue, and when it couldn't get resolved, they started to add alts to their services.
The core people were particularly incensed that Coinbase added alts because if alts have access to all the infrastructure built around bitcoin such as merchant apps and so on, it makes it easier for an alt to take bitcoin's place.
People talk about network effects, but if you plug in alts into bitcoin's network, then you don't need bitcoin anymore. Coinbase is a big part of the infrastructure as it links crypto wallets to bank accounts in the US, has merchant apps and other infrastructure stuff.
|
|
|
|
it'll fall further and maybe all or most of the chinese exchanges will close their doors.
I guess it depends on how much they were making from margin lending. Looking at those trade volumes, they won't make the money up with trading fees, so there will likely be some mergers. |
|
|
|
Hi Red-Apple The image is from the following site: https://data.bitcoinity.org/markets/volume/30d?c=e&t=barPlay around with the options on the left side, plus the times at the top. At the bottom you have the option to change it from bars to expanded area charts. Once you have the chart you want, if you hover your mouse over it, you can see the breakdown. |
|
|
|
The Chinese exchanges applied trading fees of 0.2% for the first time on January 24th 2017. You can see the effect in the following chart:  |
|
|
|
it is always expected for weak hands to start panicking at some point and start thinking about "cashing out" that is why other traders are making profit. if things like this don't happen then bitcoin market becomes boring to a point that there wouldn't be enough profit in it.
I hate this talk about "weak hands". Every trader is different because their entry point is different. If you cash out at a profit, you arn't a "weak hand", you are a successful trader who has realised an actual profit. Theoretical profits are for the birds. Each trader should do whatever is comfortable for them, don't let people panic you with talk about holding on for their reasons. |
|
|
|
People, stop to write crap about Trump and his effect on bitcoin.
Yup making America great = making the dollar great. He has no interest in anything that undermines the almight dollar. He is a 70-year old who is old school in his thinking. He doesn't do tech, he does real estate and is interested in manufacturing. A million miles away from fintech, which is what bitcoin is. |
|
|
|
Keep a good eye on poloniex and news that isnt al over the net yet.
And join all the slack channels where developers and speculators chat. If a coin markets itself well it usually gets a boost once it hits one of the bigger exchanges. |
|
|
|
|
Show Posts
