It is still sinking in (what is happening here). You really cant make this stuff up. If I had not seen the blockchain with my own lying eyes, I would never have believed it.

Yes they are processing withdrawals. I acted (withdrawing BTC) out of an abundance of caution but the trader who wants to buy whilst Crypti is cheap may be acting optimally in the medium to long term. I am rethinking the position but may with hindsight have made a serious error as I lost a non-trivial amount of BTC by selling XCR cheaply.

I confess I have withdrawn BTC from BTER until the vector of the attack is known and protected against. With a heavy heart I sold my XCR cheaply and withdrew BTC. We need to know more about this hack. But it will only delay XCR.

rofl. That is too funny man.

They needed a password with 8 characters. They chose 'snowwhiteandthesevendwarfs'

? Explain please. I have the utmost respect and affection for other traders regardless of their countries of origin. I made no reference to persons from one jurisdiction or another. I merely iterated that the most likely explanation for anomalous selling at this point (just before a bull run as wallets go live and the blockchain kicks in) is that some traders do not understand information disseminated on this forum.

However, I reserve the right to discriminate against trollers who make unfounded and deeply disturbing allegations without foundation. You have been added to my ignore list. Good day.

The Occam's Razor explanation is that people selling at this key point do not understand English. They are selling because they have no clue the wallet is about to go live and that the tokens are about to be converted into coins. Information is important when making investment decisions. But they have no access to information.

An alternative explanation is that Bitcoin is underpriced at the moment. A volcanic rise in the value of Bitcoin is becoming overdue. Some investors may be moving their Crypti holdings into BTC because they think the BTC rise will happen in the next 24 hours (Personally I think BTC will go to $800 to $1400 but that it will take 3 months or so for this to happen).

But getting back on point, most likely explanation is that sellers dont understand English.

Nice

I suspect some sellers cannot speak English and are therefore oblivious to the fact the wallet goes live tomorrow. They may be basing investment decisions solely on price fluctuations (extraordinary). However, the real underlying 'value' is the sum of innovations that makes Crypti a unique first rate (second generation) currency.

Note also that the British Chancellor of the Exchequer recently announced he would like the UK to become a hub for Cryptocurrency trading. All good stuff.

 If people who cant read English wanna sell, go for it dude.

If I had more to invest I would invest more. But I have put all of my available money into Crypti, except for some cash currently floating around in centralised banking limbo (due to the fact that an exchanger called Technocashier has taken 5 days to make a dollar payment to my paypal account which they contracted to transact within 48 hours). Sheesh. This is why we need to get away from rapacious and slothful exchangers and go completely digital with our currencies.

I bought into the Genesis shares which was a good decision. I bought 60k more at prices ranging between 1650 and 2140 satoshi. Frankly it never occurred to me to sell at 2500 satoshi which was approximately the peak because I think Crypti could match Darkcoin per unit in the coming months. In summary, I think it would be unwise to sell right now. Whilst I cannot see Crypti hitting crazy numbers such as 0.075 BTC per Crypti (inter alia due to BTC market cap) nonetheless I suspect values of between 0.001 and 0.003 BTC per Crypti are theoretically possible given enough elapsed time. Enjoy the ride Check out Litoshi's advice on Cryptocurrency trading, in particular his advice about not trying to predict peaks with any sort of precision. Trading is all about Judgement and Judgement is about ignoring those two imposters, fear and greed.

deleted.

I could not agree more. We have been held to ransom by insolent rapacious financial institutions for far too long. Total freedom from the tyranny of banks and Fiat currencies is just around the corner and we will all benefit from it, even the dreary public servants who do not understand it yet (whose tropisms demand they oppose anything new) will benefit from it.

Deleted because Technocashier eventually paid me

Over 60 hours later. No action and no reaction to my email and internal mail concerns. I decided not to try and contact Technocashier again. In the event they pay I shall let you know. I will prepare a highly detailed review of my experience with Technocashier when it becomes clear how this transaction concludes.

The Technocashier website confirmed my order would be processed within 48 hours.

49 hours have now elapsed and nothing has happened yet. I will keep you posted.

Edit: 51 hours have elapsed. The order has still not been processed. My first email to support at technocashier remains unanswered after more than an hour.

Edit: 53 hours have elapsed. The order has not been processed. There has been no response to my email to technocashier support.

Edit: 54 hours elapsed. No payment. No email response from support

Edit: 59.5 hours elapsed. An admin apparently 'viewed' my order 25 minutes ago but still no payment.

Edit: 60 hours have elapsed. No movement.

Edit: 61 hours have elapsed. Payment is now 13 hours over the contractual maximum waiting period and counting. No email response. No movement on payment. No responses to two internal messages to the admins. I am merely reporting the facts. I express no opinion at this time.

Edit: 72 hours and 37 minutes have elapsed. Payment has not been made. I have had no response heard from Technocashier.

I had not thought about any of this before. The unbanked percentage is stunning and therefore what you say makes perfect sense.

Perhaps XCR is best placed to be a candidate solution, provided, as you point out, that there is price stability.

My thoughts drifted towards the idea (however currently unworkable it might seem) of a single currency such as XCR with two tier or multiple tier price fluctuation parameters. What I mean to say is that XCR, having a BTC linked value on the one hand (as traded on international forex) might also have a parallel domestic fluctuation capability on the other, wherein fluctuations of value in certain jurisdictions may take place only at predetermined increments...depending upon the gross GDP of the country in question (as identified by the smartphone hardware). So for example if the forex price of XRC were to fall (or rise) dramatically (versus BTC) by say 10%, smartphone hardware having established the geographical location of the user could nonetheless adapt (within that specific jurisdiction) to retard price fluctuations (keeping them as low as 1000th of actual forex fluctuations) in low GDP countries to create stability for poorer people which might otherwise arise from non-trivial forex fluctuations. Just thinking out loud. The idea in current form is unworthy of those here present not least as there will always be some who would seek to exploit systems aimed at ensuring price stability in low GDP countries.

You got me thinking Litoshi, though perhaps I should keep poorly formed ideas to myself.

Edit: Neo-classical monetary theory is relevant here, that is to say, so called 'trickle down economics' wherein all are supposed to benefit from quantitative easing, even those at the base of the champagne fountain...whereas the truth of the matter is that those at the base of the fountain do not benefit at all because the money (the purchasing power of the money) has continued to devalue on its journey downwards even as more money is poured into the top of the fountain.

Neo-classical monetary theory (still taught in some Ivy League Universities) is nonsense. The poor get poorer because the money that eventually trickles down to them following quantitative easing, is worth less...has less purchasing power due to effluxion of time and constant replenishing of newly created money. Real monetary stability (stable purchasing power) is theoretically possible using cryptocurrencies and the serious minds here present may wish to give the matter their attention.

Excellent advice on investment tactics Litoshi. The only point on which I disagree is the price of BTC. Yes indeed it has stabilised recently at circa $600, however, I reasonably believe it will rise sharply over the next 3-4 months. This is because major retailers and companies such as Dell now accept BTC. The reason it has not yet caused price rises is that, by way of example, serious tech people do not use Dell computers running windows and as many of us are electronic engineers, we are not as much in thrall to fancy expensive gadgets as the general population are. Why spend thousands of dollars on fancy looking kit from a retailer who now accepts BTC if you can build it yourself from stuff in your parts bin? In point of fact, geeks never run MS windows at all if they can avoid it, preferring to buy state of the art motherboards and modding them for relevant applications. Accordingly they normally build their own rigs and run Ubuntu, Linux distros or maybe Mint Cinnamon.

Conclusion: Powerful reasons for BTC to rise sharply in price have had little impact on committed geeks. However, allowing a 3-4 month time lag between geek awareness and general population awareness, this indicates to me that BTC will rise sharply in 3-4 months. I estimate a 75% probability BTC will hit $800- $1100 in that time frame. Regretably this is intuitive on my part and cannot be demonstrated empirically.

Thanks again for the excellent trading tips.

Edit: Dell began accepting BTC within the last week or so. A bunch of other mainly tech retailers also announced they accept BTC very recently. What impact does this have on real tech-heads? Nil. What impact will it have on the general population who have no clue how to build electronic gadgets and no real sense of how much integrated circuits, capacitors inductors and resistors really cost and no real sense of how to assemble them into useful devices? Significant impact even though they are much slower to react, having lost the 'guidance' of the tech heads they normally mimic who have responded to these announcements with riproaring indifference. Geeks may be outnumbered millions to one. Hence BTC price rise as soon as the herd has had enough time to react suboptimally to that to which geeks have already reacted optimally.

Note the following press release from EGOPAY dated February 2014.


14/02/2014 - U.S. accounts about to be closed
Due to the current United States laws, all EgoPay accounts that belong to U.S. Citizens/Residents/U.S. Companies will be locked on the 28th of March. You can still implement your operations the same as before until 14th of March. Please note, that after 14th of March you will not be able to receive any funds and will only have an option to send or withdraw your funds.
Please manage your payments and withdraws in time.

Technocashier have the following to say (on their homepage for added emphasis):

ATTENTION:We do not accept registrations from individuals or companies based in the United States of the America, Puerto Rico, American Samoa, Virgin Islands (US), American Samoa, Guam, Northern Mariana Islands.
This includes US citizens residing overseas. If you fall under the above mentioned category or a US resident, please do not register an account with us nor place any kind of exchange at all. We apologize for inconvenience caused.

There appears to be some domestic US legislation which has had the effect (whether or not it was the intention) of shutting down 'offshore' cryptocurrency trading by US citizens (whatever 'offshore' is intended to mean in the context of decentralised non-Fiat currencies). Specifically it appears to affect the 'getting your money out' phase following cryptocurrency trading. I have not researched the legislation (no doubt intended to prevent people failing to account for taxes and/or offshore assets) and I am not qualified to comment on matters of US law but the answer is that neither EGOPAY nor Technocashier will accept US accounts.

It would probably be a very bad idea for US citizens even to try to open such accounts. First, they would have to mislead the service provider (they would have to lie by pretending to be a non-US citizen). Lying is not recommended when it comes to financial matters.

Secondly, such persons would appear to be acting in violation of serious US legislation intended to prevent tax evasion (at least I think that is the objective of it though it might also be intended to prevent moneylaundering linked with other 'non-tax related' criminal activity).

If I were a US citizen I would not open such an account because it would appear to be unlawful under US domestic law.

Edit: Failure to declare taxable income is a criminal offence in the US. In other words, you would have to be mad.

After some modestly lucrative trading on BTER I wanted to see if I could somehow withdraw US dollars. Sure enough, BTER are linked with EGOPAY.

First off, I had to convert my optimistic retard coins (ORCs) into US dollars on BTER. Then came the BTER dollar withdrawal which seemed to take an eternity and an open ticket to get it moving though BTER seem pretty decent overall.

An hour or two later, after some (earlier) non-trivial fucking around to register with EGOPAY and have the BTER funds deposited there, I discovered I then had to register with another entity (Technocashier) to extract the money to my paypal account.

Technocashier charged me $72 dollars to transfer $960 to my paypal account, which seems on the high side.

But the thing that really pisses me off is that they take 48 hours to make the transfer. WTF. Why in the world do they need 48 hours to move money to Paypal when it is already in cleared funds? They dont. They use slush fund monies for 48 hours like any other bank. They keep you waiting so that they can earn interest for themselves using your money. How very 'centralised banking' of them.

It is notable that the more they stuff you with transfer charges, the less efficient they are. Contrast digital wallets. ALmost instant and extremely low transfer fees.

I still do not know if Technocashier will eventually make the transfer but I shall be sure to let you know if they do not. So far, ruinously slow.

Conclusion: Cryptocurrency is revolutionary but unless we can dispense completely with theoretically otiose middlemen, crypto will only be partially effective.

I concur. I am indeed a tool. Specifically, a fine instrument calibrated for economic self improvement. How prescient of you to notice.

Apologies. I understood the IPO was sold out after 48 hours or so whether or not BTER waited about a week to see if any investors pulled out to allow others access to an otherwise oversubscribed IPO. In terms of profit percentage, I was trying to be conservative.

Edit: I have looked at earlier posts by Zzyz. He is getting ready for some sort of trolling exercise.

Edit: I iterate that I have no special or inside knowledge concerning cryptocurrency trading. It is volatile and to a large extent unpredictable. You can make a hell of a lot of money but you can also lose your hat. If you lack the money, the intelligence or the balls, stay away from it.