at least they have a support rep here responding to forum posts, fwiw. but lots of people have stuck withdrawals there. also, people should be aware that an exmo manager was kidnapped in ukraine and released after exmo paid a $1 million ransom. this happened over the past several days. I'd like to put yobit in tiers 2 but the police investigation in Russia makes it highly untrustworthy; they could be shut down any time and all users would be screwed
i doubt they have servers or registrations on russian soil. i'm sure the government already blocked access to the site long ago. do you really think the russian government has the power to see them shut down? they aren't the USA. Hitbtc Unknown Seychelles Hong Kong? WHOIS protected any info on hitbtc appreciated. i was planning to risk a small amount there but i've seen some worrisome reports recently. |
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Wouldn't a good strategy be sell a certain amount of this coin at the dip and then buy it back the moment you start noticing prices go back up? i prefer to buy the dip itself, with bids on the order book (alt/BTC markets). crashes tend to be fast, with long wicks. you want to catch those wicks, getting your bids filled near the bottom. if you wait until you notice the price going back up, you're probably buying back 50-100% higher. this is typical of altcoin panic sellers: you market sell the bottom and then market buy your coins back much higher. this is why trading altcoins is so profitable. we depend on new traders panicking when there are no bids to dump into. Also if you do this, would selling the btc for usdt be a must or not? Would that be recommended or not? if you actually care about the USD price, then sure. but going along with what i said above, this almost guarantees that you will miss the dip and buy back significantly higher. part of this is about fighting human psychology. waiting until after the alt/BTC price is trending upwards again generally means missing the biggest opportunities. |
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I think the current transaction costs can be said to be very high, but this is a consequence because of the increasing use of Bitcoin. in the scheme of things, it's not that high. for the first time recently, transaction fees amounted to more than the block reward, which bodes well for bitcoin's security model. it needs to be secured purely by transaction fees in the future. but i don't think the current fees are organic. there's definitely a combination of a spam attack and gaming of the difficulty algorithm to encourage higher fees. but i'm realizing that even more than that, the biggest problem is bad fee estimation by major wallets and exchanges. when large economic nodes are pricing us out unnecessarily because they are overpaying for immediate confirmation, this is a problem. there should be some collaborative effort made among the exchanges and major wallet providers like blockchain.info to create sane fee estimation algos. |
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Don’t fight the inevitable: there will be an enormous Gold rush (we haven’t seen the wickedest yet) and yes, the house will burn down eventually. But the tech won’t vanish and the rush comes with essential infrastructure creation and adoption by larger parts of the world population. And I am sure that Vitalik knows all this. maybe, maybe not. ethereum's entire life cycle took place well after the 2013 bitcoin bubble. it's important to remember that the entire cryptocurrency space and the market events surrounding it are 100% unprecedented. nobody can predict what happens next, even if bitcoin has continued to rise to new highs after each bear market. So I take his tweet more as virtue signalling knowing that it will not change anything to what’s coming except for him being able to later on say the words: ‘told you so’. Well, that provides me with zero extra knowledge, Vitalik.
i think that both amir and vitalik are coming from a more noble place. neither of them have any want to accumulate capital, and i think both of them had much higher hopes for some "revolution" ushered in by cryptocurrencies and the protocols that would evolve from them. i was never that hopeful myself. i see cryptocurrencies as a shift in wealth distribution and technology, but they aren't revolutionary. |
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Whatever they said, it's not so important as most people consider bitcoin as an alternative currency, but currently being used as the speculative object of investment.
IRS has stated virtual currency as property for the US Federal tax itsoses What the IRS or any other government agency do or say isn't relevant any more. If someone chooses not to cooperate with them, there's nothing any so-called authority can do. tax evasion is still tax evasion. regardless of how the IRS classifies it, there are surely taxable events taking place (merchant transactions, trading). exchanges and large payment processors like bitpay and coinbase are surely keeping extensive databases on us should the time come where their balls are squeezed into giving it up. the IRS coming after coinbase was the first taste. Why not make new laws and classify bitcoin as a new class of asset?
Shall we make a law that forces water to be wet? Those disobedient drops of H2O better get their act together, the law is coming for them! i hear it, but when i see bills like SB 1241 (which would make it illegal to misrepresent your identity to virtually any business interfacing with BTC, which many of us presently do), i'm not sure how to feel. on one hand, the IRS is surely overstretched and behind on the learning curve with cryptocurrencies. on the other hand, i'm scared of how sophisticated the blockchain analysis companies are now. bitcoin's lack of privacy protocols doesn't help. |
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Please excuse my ignorance as I have only been reading about crypto for less than 2 weeks.
I noticed that about a week ago, binance was listing LTC, ETH, and BTC at prices roughly 10% lower than Gdax did.On binance, BTC = $1k USD cheaper, ETH = about $50 cheaper, LTC, about $30 cheaper.
Today, this gap has been closed to less than 5% price disparity between the 2 exchanges in LTC, ETH, and BTC.
What is the reason for this? Is it globally economic factors, such as a change in exchange rate ratios between major currencies?
GDAX is the exchange for coinbase, and coinbase is the largest and easiest way for US residents to buy BTC, LTC and ETH. because they are the biggest "gateway" for fiat money to enter the system in the US (and probably the west on the whole), their prices sometimes pump much higher than other exchanges. for example, on 12/6 the BTC price reached $19,340 on GDAX. it only reached $16,649 on bitfinex. that huge difference boils down to dollar-heavy traders on GDAX vs. other exchanges. it's much easier to get $$ onto GDAX than bitfinex. so basically, when there are massive amounts of fiat money trying to enter the market, the prices will be higher on GDAX. due to arbitrage, this premium spreads to any markets they offer (LTC, ETH). |
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Right now, price is consolidating around 15K USD, do you believe that a new uptrend will be started soon and a new ATH is just a matter of time?
i don't think $15,000 is a floor at all. in fact, we were below that level just a few hours ago after a $2,000 drop overnight!  i'm guessing the $10,700 test was the first wave in a bullish consolidation. a big triangle or an ascending wedge, perhaps. the panic seems to have subsided for now, but you know bears are going to try for the typical head-and-shoulders pattern. they always do! as long as that head-and-shoulders pattern fails to materialize, i'll be buying more next month. but i plan to buy below $15,000! |
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I've 2x my initial investment already (BTC wise) in 18 days using what I presume is a very aggressive money management strategy and was wondering what is a reasonable ROI long term for your overall portfolio per month? everyone is a genius in a bull market.  some of the best altcoin traders i know have some of the most painful drawdowns i've ever seen. altcoins are seasonal, so it's difficult to think about on a "per month" basis. they spend most of their time consolidating or downtrending vs. BTC. then during a small time window, they drastically outperform BTC. this means you could have several losing months with big drawdowns before making massive gains that eclipse those losses. this is a lot like poker players who specialize in large multi-table tournaments. they grind out long break-even and losing stretches for occasional massive wins. If you started with £/$1,000 and doubled it every month then you'll be a millionaire this time next year. the markets will never allow you do double your money every month. more likely, you'll go broke by being too aggressive without proper risk management. trading is a "slow and steady" job. you need to grind it out. this "get rich quick" talk is the hallmark of someone who is going to blow up their account if they don't wise up.  |
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One guy scanned my QR code with his Ipad and told me to hand over the cash. I did. It looked like he had sent the bitcoins my way. They said that due to heavy traffic the transaction time was 30min to 1h (I had also read about long transaction times and it sounded logical). I made the mistake of not demanding that we wait together for the transfer to hit my wallet before I handed over my money. I asked if they could wait with me but they refused. My pleading did not work. They left.
Since the whole deal was pretty intense for me I sat there looking into infinity for the next 5 minutes. I started my journey back home refreshing my wallet every 30 seconds. By the time I was home it was clear there was no payment coming. I was and still am mortified. that's unfortunate. the network congestion is all the more reason not to accept payment without confirmation. low-fee transactions can be double-spent pretty easily. in a situation like this, you should always have your wallet open. if you don't see an incoming transaction, don't take their word for it. and if you do, but the transaction is unconfirmed, don't pay until it's confirmed. 3800.- Euros (Been saving it up for a while) I am sure the police would investigate and maybe even catch the guys but I am probably not the only one they have scammed and owe money to. If I had to guess they looked like they live a "fast" lifestyle and burn money quick. Usually in the end the police or the courts have nothing to confiscate.
wow, that's awful. sorry to hear that. over that amount, i'd probably go to the police, but you're right. even if they get caught, the chance of recovery is small. the lesson here: take baby steps. 3800 euro is quite a lot to risk when you've never done this before. facebook is a bad venue for this as well. localbitcoins, which has a good reputation system, is a better way to go. |
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I would like to make my first moves with trading altcoins. About 6 month ago I bought Bitcoins (just for fun) for a few bucks wich are now worth around 100 Bucks. I am aware that i have to pay around 20 Bucks transaction fee to transfere the BTC from my wallet to Binance. you can choose the fee you pay. if you can't, you should use a different wallet, like electrum. you don't need to pay for immediate confirmation. right now, the cost for immediate confirmation is 650 satoshis/byte. i'm generally paying 3-4x less than that. i can't tell from your post how many outputs you have. does your wallet just have one incoming transaction? if so, you can send all of your BTC in one transaction that is ~192 bytes. immediate confirmation costs ~0.00125 BTC in that case. i would drop the fee closer to 200 satoshis/byte, paying ~0.00038 BTC. that would probably take 5-10 hours to confirm. But what I don't know is if this fee also applies every time I buy an altcoin with it (Besides the 0.1 % Binance fee). If yes this makes BTC unusable for trading small amounts right? no, trades within binance are done internally. no blockchain fees (which is why they are charging you 0.1%). So the question is: Is it smarter to use my few BTC to buy altcoins and pay ~ 20% fee or should I wait, buy ETH and then use that to buy other altcoins?
it doesn't matter. if you're holding your BTC in a wallet you control, you need to pay the BTC miner's fee to transfer it no matter what. |
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Any suggestions other than Binance?
Also for small/new coins what are your preffered sites? Im thinking on try Livecoin, I didnt find massive problems until now. not really. binance is the best option for mid and large cap altcoins now that bittrex and poloniex have gone down the tubes. shapeshift and changelly are good for low volume trades, but not for day trading (at least with BTC) because you are paying miner fees on every transaction. i use cryptopia and yobit for small coins. i don't risk more than 0.1-0.2 BTC on either exchange. there's lots of complaints about both (especially yobit), but i've never had any problems. etherdelta was my go-to for buying ERC-20 tokens before they got added to exchanges, but after the DNS hack i'm pretty paranoid to use them. |
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Here is my answer.
Bitcoin is backed by the full faith of those who do not trust governments.
in other words, it's backed by nothing. just like gold. that's a feature, not a bug. money being "backed" by anything requires centralization. this is why the idea of a gold-backed cryptocurrency (often floated by gold bugs like peter schiff) is useless. both gold and bitcoin derive their value from their network effect. people value them because other people value them and use them for money. anyone who tells you that gold derives value from industrial use is ignoring the actual market share of industrial gold use. the only thing that matters in both cases is network value. here's a brilliant post from satoshi that explains this phenomenon. (he also explains why bitcoin is more attractive than gold as a value transfer network) bolded for emphasis: As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
- boring grey in colour
- not a good conductor of electricity
- not particularly strong, but not ductile or easily malleable either
- not useful for any practical or ornamental purpose
and one special, magical property:
- can be transported over a communications channel
If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.
Maybe it could get an initial value circularly as you've suggested, by people foreseeing its potential usefulness for exchange. (I would definitely want some) Maybe collectors, any random reason could spark it.
I think the traditional qualifications for money were written with the assumption that there are so many competing objects in the world that are scarce, an object with the automatic bootstrap of intrinsic value will surely win out over those without intrinsic value. But if there were nothing in the world with intrinsic value that could be used as money, only scarce but no intrinsic value, I think people would still take up something.
(I'm using the word scarce here to only mean limited potential supply)
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the reason it's taking so long is that it's a large transaction that used 8 inputs and paid only 103 satoshis/byte. due to high demand, urgent transactions carry a fee of nearly 800 satoshis/byte. that's 8x what you paid. this is a "fee market" where other people are pricing you out. congestion seems to be improving a bit. your fee rate is expected to receive confirmation within 62 blocks or 720 minutes, according to earn.com. but keep in mind that a rush of new transactions could increase the backlog again and leave you waiting for days again. in the meantime, you can try submitting the transaction here: https://pool.viabtc.com/tools/txaccelerator/So I should have done $160 fee? Thats mental lol Hopely it does confirm in 720 mins since the link you provided didn't let me speed it up. yeah, people don't take into account the question of "urgency" with bitcoin transactions. a lot of people today are even paying over 950 satoshis/byte. the good news for you is that congestion is coming down right now. 20 minutes ago, the estimate for confirmation was 720 minutes. now it's 660 minutes. the fee required to get in the next block has dropped about 100 satoshis/byte. hopefully this trend continues and congestion begins to calm down. you can see the current state of things here: https://bitcoinfees.earn.com/your transaction is in the 101-110 band. regarding the transaction accelerator above, you need to submit the transaction near the top of the hour, +/- 10 minutes or so. they only allow 100 spots i believe, so you need to be quick. if your transaction gets accepted, you'll get in the next block mined by VIAbtc. |
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the problem people are complaining about = low-value and consumer payments. in that case, do you really need your bitcoins back? cold storage for long term holding, lightning for short term spending. what's the problem?
and your coins aren't "on loan" when they are locked in a payment channel. they are time-locked. similarly, you can time-lock your BTC right now, making them unspendable on the network until a specific block number has passed.
i'm not convinced the topography is hub-and-spoke. but even if it is, that's more of privacy issue (all transactions processed by centralized entities) than a trust issue. it's still trustless.
How long that coffee shop that you go to gonna wait for thei actual btc and not iou’s? How long your employee gonna wait for their paycheck of actual btc and not the iou’s? How long are you gonna let the person from Craigslist take your item your selling with his iou? they aren't IOUs if they are fungible with bitcoins. anyone who is willing to pay the on-chain transaction cost to close a channel can remove BTC from the time-lock. if anything, it's easier to spend bitcoins you receive in LN. why wouldn't anyone accept them? if they are interested in paying lower fees, they'll use LN. For peer-2hub-2 peer probably work pretty good. If that hub gets shut down by a government, there goes your btc you had in the channel. that's not true. if they get shut down by the government and can't voluntarily close channels, channels have their own timelocks and all BTC is eventually spendable. If that hub charges high fees? There’s goes low fees.
anyone can run an LN node. there is a fee incentive to do so. why would one entity be able to charge high fees when there is competition? |
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the reason it's taking so long is that it's a large transaction that used 8 inputs and paid only 103 satoshis/byte. due to high demand, urgent transactions carry a fee of nearly 800 satoshis/byte. that's 8x what you paid. this is a "fee market" where other people are pricing you out. congestion seems to be improving a bit. your fee rate is expected to receive confirmation within 62 blocks or 720 minutes, according to earn.com. but keep in mind that a rush of new transactions could increase the backlog again and leave you waiting for days again. in the meantime, you can try submitting the transaction here: https://pool.viabtc.com/tools/txaccelerator/ |
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Please remove yourself from this conversation altogether, idiotic comments like that can only hurt your chances (and possibly all our chances) of recovering funds. If we had an address for this person we'd use it to our advantage in a court of law and moving forward you will not be included in any information we recover.
what chances do you think there are of recovery? whether it was legitimately a hack or an exit scam, the money has been gone since 2014. it's openly been a fractional reserve since then, and as such, volume has been completely absent for over three years. even if you could track down the owners, the money is long gone. the fact that you can't seem to find a legal address for service doesn't bode well either. my humble opinion: discovery and legal costs don't justify doing anything at this point. |
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Hello, I'm new here.
I just started trading bitcoin last month. Playing with some change was easy but when I decided that I'm ready to go big, I began to lose. this could be happening for the same reason that paper trading / demo trading doesn't work. when there is no real risk involved, you don't experience the psychological struggles and tough decisions involved with trading for real money. it could also be due to variance. or maybe you badly need to refine your trading system, and you were just getting lucky at first. whatever the cause, it's a good time to take a step back and start learning the basics of technical analysis, fundamental analysis, portfolio and risk management, and all that nitty gritty stuff. I started reading analyst blogs and their guess is always on spot. It is like they can control the market some how.
How can they be so sure? I tried looking back for the same pattern they were talking about but the result afterwards is different. What's really going on here?
who are you referring to, specifically? a common practice is to post multiple ideas and outcomes on the chart, then retweet/repost the the chart that played out correctly. some "analysts" even go back and delete posts that were wrong, to give the impression that they are "always on spot." |
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Lightning will fix everything if you never want your bitcoins back/received. If your/businesses are fine loaning coins forever to the channel than it will solve everything.
Hubs will have no problem doing this for a fee. This will be centralized. So if litghning does work. Decentralizing gone and or your fine having your coins on loan forever.
the problem people are complaining about = low-value and consumer payments. in that case, do you really need your bitcoins back? cold storage for long term holding, lightning for short term spending. what's the problem? and your coins aren't "on loan" when they are locked in a payment channel. they are time-locked. similarly, you can time-lock your BTC right now, making them unspendable on the network until a specific block number has passed. i'm not convinced the topography is hub-and-spoke. but even if it is, that's more of privacy issue (all transactions processed by centralized entities) than a trust issue. it's still trustless. |
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The other one is to use another coin to transfer the money, but this is risky as the prices can change so much within an hour that the result will be the same as if you had paid a normal Bitcoin fee.
This has never been much of a decent alternative, and especially not in current times where markets bounce up and down big time. I honestly haven't even seen anyone that I know who follows that route to avoid paying high fees. i'm actually looking forward to bitpay adding other cryptocurrencies. it doesn't make sense for me to pay high-priority transactions fees with BTC for quick purchases (e.g. an uber gift card to cover several meals or an amazon gift card for an urgent order). but i would be happy to park a few hundred bucks in ETH at any given time if i could widely use it for purchases. but you're right, i wouldn't convert to another currency at the time of purchase. that totally uneconomical. I am not at all a fan of viabtc as business, but I do appreciate their effort to offer people at least a potential chance to get their stuck transactions confirmed for free.
same. but it feels shitty, knowing that viabtc is basically a front for bitmain, and that they are pushing the bcash agenda. |
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I have been using bittrex for normal trading for a while now,but now I noticed that my withdrawal limit reduced from 3 BTC to 0.4BTC. This is really bad. So I some what did a research on a few exchanges and help me out here. Note that I hadn't verified my account.
I know I missed quite a lot of exchanges but can some one please suggest me an exchange which doesn't block anyone's funds and one which has a lot,a lot of coins listed in it.
P.S ,sorry for creating yet another thread for asking which is the best exchange but there needs a good exchange for crypto currency trading otherwise we'll be doomed.
EDIT 1:- Added Bitfinex too.
of all the exchanges listed, binance is performing the best given its increasing traffic and volume. like you, i am weary of these exchanges and prefer not to verify identity, so poloniex and bittrex aren't ideal for me. i like shapeshift but you can't do huge volume there and there's only so many coins. changelly is slightly better with coin listings but they are a less reliable service (stuck transactions/refunds required). cryptopia is a necessity for low cap shitcoins not listed anywhere else. same with yobit, which is an even dodgier exchange--don't risk much BTC there. stay away from cex.io. personally, etherdelta is another necessity for early opportunities on ERC20 tokens. but you should always use metamask, and don't connect your main wallet. you should have a separate trading wallet with lower exposure. |
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