The US chief financial watchdog, the Financial Stability Oversight Board (FSOC), claims that Bitcoin and other cryptocurrencies do not pose a threat to existing financial systems around the world. In its 152-page report, the FSOC stated that virtual currencies are only utilized by a very small number of consumers and their underlying Blockchain technology offers potential in various industrial applications.
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According to the Financial Stability Oversight Board (FSOC) Bitcoin doesnīt pose a threat to the existing financial system. Also the FSOC: Writing a 152-page report on exactly this topic. They still donīt understand the huge ramifications of the availability of a cryptocurrency like Bitcoin. Bitcoin has 99.99 % uptime since its launch, is transacting bigger and bigger amounts of money and mining is finally becoming more decentralized (huge corporations are starting to get into Bitcoin mining in the US and Japan). Besides, new derivatives like Bitcoin futures are being introduced, which will finally pave the way for Bitcoin ETFs. Bitcoin has entered the mainstream and these US authorities are still clueless. |
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Such a practice will further reduce the liquidity of bitcoin, because if France levy a high tax rate of 60%, most people will not often trade bitcoins, which will also lead to more scarce bitcoins, and the price will continue to increase.
France wonīt levy a high tax rate of 60 %. Bitcoin profits will be taxed at your personal income tax rate. Therefore you will only have to pay really high rates if you fall into one of the high personal income tax brackets. Most people will not make enough money to be in one of the top tax brackets. |
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However, there is still nothing officially decided about the exchange operations between different cryptos and the profits coming from it. As we all know, prices can move very quickly, it is (I think) impossible to know precisely at which price Mister Smith bought Coin X and traded it for Coin Y.
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I donīt understand why this seems to be a problem according to you. The french tax offices will simply require you to attach your trading histories from the exchanges that you use alongside your tax return, which obviously includes the exact prices at the time of the individual trades. If you are lucky and have no history of fraudulent behavior in your tax return they might also accept an Excel sheet that includes your exchange transactions. |
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That is to ignore that CBoE is a very small futures exchange and the contract is only supported by one broker so far. Also, it rather misses the purpose of futures. They are an instrument for trading and hedging primarily and are not used by investors.
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One broker? I count at least 4 at: http://cfe.cboe.com/cfe-products/xbt-cboe-bitcoin-futures#tradenow-Advantage Futures -Interactive Brokers -Straits Financial -TradeStation TD Ameritrade (one of the biggest US brokers) is going to start trading the futures on Monday, too. I agree that futures are intended for a different purpose. However, they still allow investors to speculate on the price of the underlying asset. I would argue that it may actually be a better way for institutional investors, because they donīt have to worry about cold storage, malware, inside jobs of "rogue employees" and so on. |
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Active Margin Funding is over 921M $ right now.
Since the 11th of December a staggering 305M $ Tether have been issued.
The pace of this development is accelerating. Total Tether issuance has already
crossed the billion dollar threshold.
Does anyone actually believe Tether received 305M $ in wire transfers in the last 5 days?
This just seems highly unlikely to me. Institutional investors are even hesitant about the
regulated futures so far and the trading volume at the CBOE has been pretty dismal. Yet
people claim that investors are wiring 305M $ to buy Tethers in order to buy cryptocurrencies
in just 5 days?
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Sweden is using the technology to test a land registry where property buyers and sellers, their banks and land registry authorities can all view and approve transactions on a blockchain in real time. Dubai has set the ambitious goal of running its entire government on blockchain by 2020, digitizing all public documents onto this ledger to speed and increase capacity for new transactions. Estonia has been heralded as the first government to embrace blockchain, initially with a focus on cybersecurity, but now also for citizen services like e-voting.
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This is a really interesting application of blockchain technology. However, I wonder whether this is really going to be introduced in most Western countries. In most Western countries property deals are made through a licensed notary. These guys earn a ton of income in fees and wonīt let go of this privilege easily. Besides, the current system works rather well and nobody experiences any problems with property deals. I think blockchain based land registries are a great advancement for 3rd world countries, where corruption is rampant (e.g. Honduras). However, I think the current system in most 1st world countries works well enough that a blockchain-based land registry isnīt really that much of an advancement. |
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...I also think that this whole thing will bring Bitcoin to a higher price.
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Iīd argue that the opposite is even more likely. My two major reasons: 1. Institutional investors donīt like to buy an asset at the top. Bitcoin has made several new all-time highs in the last weeks and therefore they will most likely wait for a correction before committing serious money. It is possible that some might invest smaller sums though. 2. The Bitcoin futures are the first regulated way to effectively short Bitcoin. Many people have voiced doubts about Bitcoin and now they can finally put their money where their mouth is. Previously, you had to use more or less sketchy exchanges in order to short Bitcoin, which deterred professional traders. |
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Effectively, on bustadice, you have to pay 10% to even be able to invest (which should be covered by people who invest after you, but that's another topic)...
This only works in theory. If everyone is deterred by the 10 % dilution fee, there are no new investors (or only 1-2 odd investments by people, who donīt know or donīt care). I concede though that RHavar is right, the limiting factor is not really investments at the moment and the bankroll is probably big enough. ...
well, thank you for clearing that up for me. i still think that is a high fee for investor to exit.
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The dilution fee is not charged when you divest. It is charged at the start of your investment. What you are talking about would be a divestment fee (I admit that I originally thought the same as evidenced by a post in this thread a few weeks ago  ). but yeah 10% of what you invested doesn't sound right. plus investors are -50btc now. so you lose btc on investing and then lose 10% of your remaining funds.
Just so it's clear, the 10% fee goes to the investors (as opposed to the site). So the investors who are at a loss are the ones who benefit from any dilution they are getting. Imagine on a site without a dilution fee: a whale starts playing, wins a lot from the bankroll, new investors see the good volume and decide to invest. Then the whale busts, and the site profit is at 0. Well the original investors would actually be a loss. On one hand I'd am starting to think the 10% fee might be a bit too high, but on the other hand the limiting factor that bustadice has right now is players not investors. Having a bankroll bigger than strictly necessary is a really liability. So if I'm being honest, I think with the current volume and size of the bankroll bustadice has it's not worth investing in. But that's not a problem per se, it's a casino not a ponzi =) As I said I actually do like the general idea of the dilution fee. I just think 10 % is way too high and the investors, who were able to take advantage of the intial period where you waived the dilution fee are at a disproportionate advantage (which is not necessarily a bad thing, because they might as well be rewarded for their initial trust and funding of the bankroll). |
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-Bitfinex swap lenders. While they don't stand to make as much money as the exchange competitors, they are probably the first to gain from Tether uncertainity by it fueling the high swap rates (currently 0.07%/day or more). With $700+ million in swaps, lenders are making $140+ million/year. Now they are unlikely to sustain these high swap rates when the market cools down (or goes bearish). I haven't heard anyone talk about this group of interested parties.
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Interesting aspect that I didnīt think of before. Regarding the impact of the end of the tax year, I think wealth tax in European countries is a non-issue. E.g. in Norway, one of the countries with the highest tax rates, the wealth taxes doesnīt even amount to 1 %. A Norwegian citizen has to pay 0.7 % to their local municipality and 0.15 % to the state after a crossing certain threshold of wealth ( http://www.skatteetaten.no/en/Rates/Wealth-tax/). Capital gains tax is the more important influencing factor in my opinion. |
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I just had an interesting idea.
We all know that GMO Internet is going to enter the Bitcoin mining arena in the next months.
Every miner needs to liquidate a certain part of their mining profits in order to pay for hardware,
staff, electricity and so on.
Instead of having to actually trade their mined Bitcoin OTC or at an actual Bitcoin exchange they can avoid
this step by using some of the mined BTC in order to make salary payments to the employees, who opt-in to
receiving parts of their salary in BTC. By doing this GMO Internet saves on exchange fees and frees up fiat
money that was previously used to pay the salaries.
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... those who get involved in negative activities are caught immediately with the help of the blockchain...
"Immediately" is a bit of stretch. Nonetheless, blockchain analysis is evolving fast due to increasing interest by law enforcement and tax offices all over the world. Regarding the original question of the OP: Why would anyone want a corruption-related transaction on an immutable, public ledger? It really makes no sense. I guess when Bitcoin was in its infancy it was suitable for this purpose, but nowadays there are simply more anonymous and secure options available. |
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Have you thought about removing or at least reducing the "dilution fee"?
I I were to invest 3 BTC right now with 10x leverage, I would pay a dilution fee
of 3 BTC. I understand that this is a redistribution to existing investors in order to
compensate them for getting their investment diluted. However, I think the fee is
simply too high. I would be paying ~51k $ worth of BTC just to invest, which is
completely crazy. Investing in a site bankroll is risky anyway (every Bustadice investor, who has been
invested since the site launch is still in the negative due to players running above EV) and combined
with the dilution fee it gets even more unattractive.
Iīd really like to invest in the Bustadice bankroll, but the dilution fee simply is too
daunting. I assume most other potential investors feel the same, because the bankroll size
hasnīt really increased in recent weeks. The current level of the bankroll is basically still comprised of
all the investors, who took advantage of the introduction period where you waived the
dilution fee. Donīt get me wrong, I actually do like the general idea of the dilution fee, I just wholeheartedly
disagree on the amount.
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...I remember there was a restriction with you can't actually send neteller funds deposited with bitcoin to other users, you actually need to spend it with a merchant.
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This isnīt true (maybe it was in the past, but P2P transfers with Neteller funds that were deposited with Bitcoin work flawlessly). Bitcoin deposits can be used to make P2P payments and payments to merchants. However, debit card withdrawals with the Net+ Mastercard are not possible if the source of your funds is a Bitcoin deposit. I assume they still have this restriction, because they donīt want people to use them as Bitcoin debit card provider, because they earn much more if the user spends their money in a P2P transaction or makes a payment to a merchant. |
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I am getting the same problem, Error 520 on login. 2 Days ago I was able to get inside, but after clicking on withdraw euro or BTC,... you guessed right, error 520.
This thing makes me feel pretty nervous and worried, I am afraid for my funds and coins. I think I am done with them after I withdraw everything (hope I will be able to).They are going to lose like half of their customers. This is taking for too much long.
They acknowledged the serious problems with a recent blog post: This blaze is on fire.
The recent, unexpected explosion in demand has been overwhelming.
Each of the past few days has produced 50,000 new account registrations and 10,000 new support tickets
an order of magnitude above where we were just last quarter. Concurrent users, daily trades and volumes are
also hitting new all-time highs. We are struggling to keep up.
Kraken.com performance is extremely degraded and unreliable. Clients can expect severe latency and
difficulty interacting with all web and API services. Requests will frequently timeout and fail.
At the moment, the only solution is to wait and try again later.
Next week we will be rolling out a major systems upgrade which should resolve these scaling and load issues.
The upgrade is long overdue and has been substantially delayed by the diversion of resources toward
the protracted fire fighting effort required to deal with the last several months of unrelenting growth. I hope that the roll out of the "major systems upgrade" will finally fix these issues once and for all. I understand that they are overwhelmed by the surge in account registrations, but their platform has been an unusable mess even before the recent surge in trading activity. At the moment I canīt submit a trade and get a Cloudflare error literally every second pageload at Kraken. |
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Another possible way to use ETH to fund a debit card is a Bitcoin debit card.
You can simply order one of the many available Bitcoin debit cards (e.g. Bitpay in the US
or Bitwala in Europe) and then convert your ETH using Shapeshift or Changelly in order to fund your card.
Of course you have to take into account that this likely results in another ~1 % in exchange fees in addition
to the fees charged by the Bitcoin debit card provider.
Nonetheless, this seems like an easy solution, which would really expand your possible options.
Because as the previous posters pointed out there arenīt really many Ethereum debit cards as of now.
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I think especially the older people, who make predictions like this are doing it due to their age.
They are not as tech-savvy as younger generations, who grew up with Social Media and instant
messaging services. Younger people pay digitally without any issues and therefore have an
easier time understanding and adopting a new technology like Bitcoin.
As people grow older their views are less flexible and therefore they are not embracing technological
change as easily as the younger generations. In my opinion this is one of the main reasons why
these predictions of guys like Buffett and so on always seem to turn out wrong.
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Yeah, sell BTC to get a 7.04% growth on investment..
If I knew the casino was going to be operating in FIAT and not in crypto, I would have never invested.
If you invest in a cryptocurrency casino, the increase in value of those cryptocurrencies would increase your investment too.
Though, I guess, maybe it's not that bad?
I mean, the bankroll could double after a year and a half or so, and we could get our money back..
I could be wrong on this, but basically the BKB tokens could suddenly look like a great investment if the BTC price would drop sharply? Letīs say BTC falls to 2k $ / BTC for some reason. Suddenly you would be glad that the exchange rate of your BKB tokens is locked in at the exchange rate from the ICO. Therefore I wouldnīt rule out completely that the BKB tokens might still prove to be a better investment than buying BTC directly. I obviously agree that at the current BTC price the BKB tokens look like a bad investment even though they returned 7 %. |
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...I heard that GMO Japan has already implemented it...
Yes, they did. But according to the articles that Iīve read they imposed certain limits for getting your salary in Bitcoin (If I recall it correctly the upper limit was roughly 880$). This is obviously great news and illustrates the increased acceptance of Bitcoin among big corporations. However, we still have to wait until people can actually receive their full salary in Bitcoin and not just a small percentage like the employes at GMO Japan that will participate in this offer in the future. |
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Very smooth trade, Iīm not looking for any additional BTC at the moment.
Thank you @Vibez1Tv.
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