The fact personal information are shared between parties before the transaction happens solves nothing. So easy to get fake ID's these days..
How would you scam anyone with fake ID? Why would buyer/seller need your ID at all? |
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We are registered on this forum since 3 days. On day 2 a Bitcoin-Foundation member
gave us a extremly negative trust-rating. We gave him no reason for this!
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And here my question again: Is Bitcoin-Foundation a socialist operation? Do the murder everything bitcoin is standing for?
So you feel attacked by the Bitcoin foundation just because qwk has "Bitcoin Foundation Member" in his profile? If he had "I like turtles" in his personal message, would you claim that turtle-loving socialist are plotting to destroy bitcoin/marijuana/free market? You know he doesn't represent TBF? You know that anyone can become member? |
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Coins.ph BUY price is actually $9-$10 more per BTC so I guess that's how they make money
But their fees is zero for sending money. However they benefit from the 9-10$ like you said. They should just charge a small fees instead. You cannot say they're overcharging $9-$10 for 1 BTC. The buy price, displayed on their website is PHP 10,037 (~$225.85, compared to $222 at BitStamp), sell price is 9,840. So the difference is PHP 197 (~$4.43). If that's all they're charging for the transfer, I'd say it's pretty good deal. |
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Lesson learned: The house is very likely to get nice profit with the presence of house edge, but it may not be the case for bankroll investors.
What do you mean by that? Are you suspecting operators to somehow steal the investors' earnings? If so, that shouldn't be difficult to prove. Care to elaborate? Or are you just trying to increase your post count? |
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So it really happened ?
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Yes, but probably it's not even bitcoin related. From coindesk article: Ponzi scheme suspected
Adding to the mystery are reports the company never operated as a genuine bitcoin business at all. Testimonies from customers describe an operation more like a Ponzi scheme that used the veneer of bitcoin trading as its lure. So basically they just targeted a group of wealthy but gullible older people to make them 'invest' in the ponzi. They had to give them some bullshit explanation on how they're going to make them such unrealistic ROI, so they just used "Bitcoin" for that. |
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Thinking about WU-like service I came to these conclusions:
How do you plan to receive and give money to your clients? If you want to compete with WU you need an offline places (small kiosks will do).
Say you have 1 kiosk in Madrid and 1 in Tokyo. Person A gives you 100 Euro in Madrid. You convert them to Bitcoin and make a transaction. Person B comes to your office in Tokyo and receives Yens.
1. Bitcoin works like any other ecosystem. If you stay inside it - you are good (have small Tx fee). If you convert Bitcoins to fiat - you always loose more %.
2. In the scheme above when person transfers money from Madrid to Tokyo - why do you need to use Bitcoin? You can have some cash in Madrid and some cash in Tokyo. Office A accepts money in Madrid and Office B gives money directly to client from their pile of cash.
3. Money transfer in WU costs a lot less then you think. Their profits go to office rentals, staff, salaries etc. If you wish to do you business in few countries and open 5-10 offices in different cities, hire people, pay taxes and earn money for yourself - you might end up with same fees as WU.
Obviously bitcoin remittance companies managed to figure out transmitting with fees lower than WU. I don't know how it works 'under the hood' and not sure how Rebit can operate with zero fees, plus different companies can have different solutions. Anyway, you don't need to open physical offices and hire staff in every city in the world. Even WU uses affiliate 'agents' (working for % of fee). I think the key factor here is that with Bitcoin network you don't need any central system of IOUs, transactions can be fully completed much faster and there's no need of any international bank transfers. |
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HOLY SHIT! IT´S CRASHING. IT LOOKS LIKE MOST OF THE CHINESE HAVE FINALLY READ THE NEWS! IT`S LOOKING TERRIBLE!
Fail. Try again with red font + bigger size |
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Was most of the amount lost due to scams or was it investment loss ?
Scams. 3 out of 8 sites run away with the funds. It's close to impossible to lose 100% investment if the site is legit. All the other 5 sites returned some profit. |
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She is clueless. According tho the article Bitcoin is corrupted because it's being used by criminals. Isn't cash even more popular among the criminals? How can this be a negative factor?
The article also tries to point to the possibility of a hack in the system, but the same hack can happen in your bank. Your credit card can be hacked as well and used without you even knowing about it, this can't be shown as a negative thing, as there are no completely safe ways of storing wealth and sending payments.
I don't really know what she meant by "hackers breaking into controlled system..." But to be fair, the article itself is rather neutral and the last paragraph looks as pretty reasonable advise (at least compared to all the other FUD out there): My conclusion, as a Baby Boomer who has been through the ups and downs of many “sure-thing” markets, this could be the same. What’s the best advice to Millennials from this Baby Boomer? If you must, put a small toe in the Bitcoin water. Try it out. Just know that, like in any large body of water, there may be sharks lurking. |
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OK, I've just checked the "Compare us against other remittance providers" section on Rebit: https://rebit.ph/compareThey're not charging any service or exchange fees (total fees: zero). Anyone know how do they make money? Is this info misleading? "How it work" shows this: Depending on how you want to receive your money, additional service fees may also apply. These fees are paid directly to the provider you select. For example, Cebuana Lhuillier cash pickup will charge an additional PhP240 for a PhP10,000 transfer. Meanwhile, a bank account deposit within Metro Manila is free. As you fill in the rebittance form, the pricing display on the sidebar changes to show you what the total cost of the transfer will be. So fees (if any) are payable to 3rd party providers. But what's in it for Rebit? Are they getting % of fees (affiliate system)? Edit: @Newar - thanks for the answer |
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Isn't coins.ph an already existing platform for this ?
Heard good things about it, and they are now expanding into new countries.
Yup, coins.ph not only do remittance but also exchange and provide online wallet. I wonder how these 2 compare against each other in terms of fees etc. |
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On what occasion did he say this? Was it an interview conducted by this
site bitforum.info? To be honest, this article seems to leave out a lot..
Bitforum seems like a small site and I doubt they do any interviews themselves. They really need to start putting source links for every article. Otherwise you cannot even assess how trustworthy is the news you're reading, or what's the wider context. |
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Once again bull scammers tried to betray everyone by denying the truth. Be careful with any advices of these three people above. They are just trying to unload their bags @ higher prices, waiting for the next bigger fool to buy them out, just like dozens of other bull scammers on this board!  Lol, why didn't you include a link to the article? Here it is: http://www.scmp.com/news/hong-kong/article/1707565/investors-fear-hk3b-losses-closure-bitcoin-trading-companyAccording to it, Mycoin was just another investment ponzi, not a trading platform. Probably they didn't deal with a single satoshi, just used "bitcoin" as a lure (explain potential unrealistic ROI). Have you ever asked yourself a question how's it possible that 'exchange', that no one heard about, is dealing with 1/6th of total market cap? HK$3 billion is based on info from Mycoin, so probably the real figure is much smaller. This tells everything about that 'exchange': Investors said they were lured by promises of a HK$1 million return in four months for buying a HK$400,000 bitcoin contract which would produce 90 bitcoins on maturity. Extra profits and prizes such as a Mercedes car or cash prizes would be paid if an investor found more new clients. |
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But how do you know the person selling you isn't a fed setting a honeypot?
You don't. Same as you don't when selling IRL for cash. From whitepaper: Limitations
● The duration of the payment transfer limits the speed of the trade process
● Only non-reversible payment transfer methods will be supported (risk of chargebacks)
● Personally identifying information will be leaked between trading partners as part of the
payment transfer
● Should not be used in jurisdictions where Bitcoin is illegal (risk from trading with
undercover agents)
● You must already have bitcoin to pay small registration and trade fees and for security
deposits So if buying/selling bitcoins is illegal in your jurisdiction it will not guarantee you're 100% safe. unless you do the transaction p2p IRL there is a chance that you are getting scammed.
The are mechanisms protecting from scams. Check the whitepaper. I don't know how will this work out in practice and how secure will it be. We'll just have to wait and see. |
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Yes, I've noticed that more and more of the sig campaigns are requiring signups and then they do payments to their websites. I can see why they do this, but it's not exactly pleasing for the signature ad bearer unless you really wanted that account anyway. And I can't even join bit-x campaign because they want a bunch of personal, verifyable details so that's just off the table for me.
Bit-x only require you telephone number. You don't need to provide any other personal info to be able to withdraw. Of course if you want to trade, you'd need to upload scan of your id doc etc. Does it need to be valid, I mean, do you need to confirm it? Obviously, it need to be a valid telephone number. Each time you log in the site, it is required to put a code ( sent with a SMS). Correct. Although you can always use some cheap pre-paid number, if you don't want to share your main one. And I'm pretty sure marcotheminer mentioned that they'll be switching to some other 2FA soon, so tel numbers won't be required |
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Yes, I've noticed that more and more of the sig campaigns are requiring signups and then they do payments to their websites. I can see why they do this, but it's not exactly pleasing for the signature ad bearer unless you really wanted that account anyway. And I can't even join bit-x campaign because they want a bunch of personal, verifyable details so that's just off the table for me.
Bit-x only require you telephone number. You don't need to provide any other personal info to be able to withdraw. Of course if you want to trade, you'd need to upload scan of your id doc etc. |
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Is this correct? Prizes:
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#3. 20 random participants will get 0.005BTC preloaded link to your wallet. Draw will be made on 12th Feb, with all enrolled participants till date.
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Will you be sending prizes directly to the wallets, or to SD account (tips on chat)? |
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OK, I'd like to participate.
Username: hkloss23
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Have anyone contacted cryptsy (or other exchanges)? Are they OK with migrating to v2.0?
If not, this will end up as just another coin and would need a different name
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