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According to multiple reports on Tuesday, South Korean regulators have rubberstamped the ban on anonymous cryptocurrency trading through anonymous virtual bank accounts in the country. Strictly speaking, the long-anticipated move will not allow traders to make deposits into their wallets at domestic cryptocurrency exchanges unless their names on their depositing bank accounts matches the account name at cryptocurrency exchanges.
I'm sorry but what are anonymous virtual bank accounts? Aren't banks supposed to demand you to disclose your identity before you can open an account in a bank? Or is it something which is applicable only to South Korea? If this is the case, I see nothing wrong with the Korean authorities banning the use of such accounts for crypto trading. I believe that there was loop hole in laws which was used. For example some time ago it was possible in my country (EU) to buy MasterCards in local shops and with it came virtual bank account for this Mastercard and it was used in the same manner, for laundering money. Regarding the Korea. I am glad that it will be sorted out , it will help market to rebound and Korea to trade soundly again. Oh, yeah, you mean prepaid cards issued by both Visa and MasterCard, and who knows by whom else, which are ready to use immediately and don't require submission of personal info. Given this, you could use such cards to transfer money to your exchange account and start buying coins there. Thanks for the lead, now I understand what they mean by "virtual bank accounts". |
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According to multiple reports on Tuesday, South Korean regulators have rubberstamped the ban on anonymous cryptocurrency trading through anonymous virtual bank accounts in the country. Strictly speaking, the long-anticipated move will not allow traders to make deposits into their wallets at domestic cryptocurrency exchanges unless their names on their depositing bank accounts matches the account name at cryptocurrency exchanges.
I'm sorry but what are anonymous virtual bank accounts? Aren't banks supposed to demand you to disclose your identity before you can open an account in a bank? Or is it something which is applicable only to South Korea? If this is the case, I see nothing wrong with the Korean authorities banning the use of such accounts for crypto trading. |
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I think we should first ask ourselves how legal is that? I'm curious how the bank can ever demand that, it is just not their business by any metric. It is like your employer telling you that you should not spend your money on things that he doesn't quite like. You may love apples and he may love oranges. Did anyone sue the bank yet? Or is this real?
When it comes to banking lots of employees will sign contracts agreeing that they can't have personal trading accounts on regular markets. There's no reason why they'd allow them on irregular ones either. There may be a division between retail banking and investment banking employees but restrictions are there. Okay, now I see what you are trying to say, but what does simple ownership have to do with trading? Are investment banking employees restricted from buying stocks or bonds, or even precious metals and foreign currencies? As I understand it, there is a difference between passive investment like buying and holding crypto, and actively trading them. |
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We say that the Lightning Network will solve scalability issues.
Let's assume for a second that the Lightning Network is deployed to the mainnet in its final form and that hundreds of thousands of users start using it.
In this scenario, we would most likely have thousands of channels open and each user would be able to reach any other user or company with one or more hops.
How likely it would be that, at this stage, all Bitcoins will be migrated over to the Lightning Network, that channels would be kept open all the time, and that, basically, we would trade with a token issues on an alternative network (the Lightning-Bitcoin traded on the Bitcoin network)?
I suspect your assumption doesn't hold. If your point is that all bitcoins will be tied to payment channels which are to be kept open at all times, then what are you going to transfer through them anyway? I'm strongly inclined to think that it makes no sense to open the channels just for their own sake, so it should be a self-balancing system of sorts. In other words, payment channels are utilitarian in their function and no one will keep them open unless there are some coins flowing through them. |
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I think we should first ask ourselves how legal is that? I'm curious how the bank can ever demand that, it is just not their business by any metric. It is like your employer telling you that you should not spend your money on things that he doesn't quite like. You may love apples and he may love oranges. Did anyone sue the bank yet? Or is this real?
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If pump and dump comes from traders, it shouldn't be illegal....
... what will happen to them if they were caught and said that they're part of the group that pumps and dumps?
It's difficult to determine if certain pump and dump in prices were actually orchestrated...
It is clear that many people don't know what a pump-and-dump scam is. That is unfortunate, because their ignorance may lead them to join a pump-and-dump group, not knowing that they are the intended victims. Pump-and-dump is not a rise in price followed by a fall in price. That is the result of a pump-and-dump. If I quoted you, please read this: "Pump and dump" (P&D) is a form of securities fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements...
But Bitcoin is not a stock nor a commodity. It may be illegal at regular exchanges like CBOE or Nasdaq, but how is that illegal at Bitcoin ones? We don't even know what these exchanges are doing themselves, and whether they are not doing things like front-running the orders of their clients or similar stuff. Bitfinex is rumored to be printing virtual dollars out of thin air just like that. I don't know how legal that could possibly be. Though I agree that P&D groups are mostly scams, but I still don't get what's wrong with a tightly-knit group of people to exert influence on prices by massive buys or sells. |
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It is better to use one of fast altcoins for transactions bitween exchainges. It's cheaper and faster. I use Dogecoine for this
There are no dogecoins at Bitfinex last time I been there. But you can use LTC which is traded on both of these exchanges and still more so if LTC exchange rates are higher at Cryptopia. But beware of the "small deposit fee" that you may have to pay when withdrawing funds from Bitfinex. |
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What are your three Bitcoin New Years Resolutions (2018)?
My only resolution is not to miss on any chances offered to me. Let's also hope that 2018 goes exponential for all of us as 2017 was, and the progress in the new year will be as enormous and amazing. There was a lot going on in the crypto arena in 2017 and we can expect that 2018 will be even better. So far so good! |
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Is pump and dump illegal or not?
if not can you share a link of it ?
If pump and dump comes from traders, it shouldn't be illegal. But if it comes from exchanges themselves, then it should be prohibited. Regular exchanges are punished for this sort of activity, but they still do it anyway. With crypto, it is a wild West. |
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Once they do, we'll even forgive and forget that all these services deliberately decided to wait - I know it's not an easy nor a simple task to port over all their systems and wallets to SW, but they should realise, the sooner they deal with the pain, the better for them in the long run. Take the losses from consolidating all that legacy dust now, while Bitcoin price is still recovering.
I'm pretty sure that services like Coinbase are deliberately sabotaging SegWit adoption to participate in pumping altcoins by keeping Bitcoin fees higher than they could have been. Coinbase and Bitpay were actively supporting SegWit2x, claiming that people will abandon Bitcoin if fees will be too high, but now that they for 5 month already have the ability to lower fees for their customers and still refuse to do so, it's clear that they don't really care about fees and their customers. And what is worse, they also don't batch their withdrawal transactions, which could have reduced fees for them by 80-90%. This perfectly demonstrates why centralized systems can't be trusted and tend to abuse their power, which is why Bitcoin was created in the first place, and we as a community should not let it slide - we should tell newcomers to stay away from Coinbase and other services that support SegWit2x or Bcash. But what does Coinbase have to do with Bitcoin transaction fees really? I remember that they didn't charge any fees at all at first. When the price as well as the fees rose exponentially earlier the last year, they began taking the transaction fees, but aren't these fees what miners receive, not what Coinbase puts into their pocket? I don't get it. |
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You should give the source (a link to the article) whenever you copy paste stuff.
Going all in on Bitcoin is only something the fool hardy might try now. Peter Thiel might be able to afford to do this, given his background. For ordinary investors, it is better to take limited exposure, which they really wouldn't mind losing. My personal view is that cryptos shouldn't account for more than 5% of your portfolio.
I agree with you mate. But proper diversification like investing in bonds, stocks, gold, whatever is only possible when you have accumulated really big capital already, on the order of many thousands of dollars and more. If you don't have that much, diversification is meaningless and won't give any worthy returns unlike what going all in on crypto could potentially offer. Well, that's what I think. |
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What is the best way for a newbie to start earning money in a cryptocurrency community?
What is the simplest project that could be easily made and potentially scaled to a bigger one?
I'll be happy to hear any positive advice, tip or insight on the subject
You can earn money by simply buying some coins and then waiting patiently till the price rises. But if you are interested in starting a project related to crypto, you don't need to be a newbie for that. You only need to have a nice idea which will be interesting to a cryptocurrency community. But it might be a hard challenge to find a valuable one today. |
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Hello guys,happy to be here. Could you give me your knowledge about the reason why newbie like me is not allow in the campaign.
Apart from limitations on signatures as others have already pointed out, I think it is also because campaign managers can look through a member's posting history and see if they are a valuable forum member or just posting rubbish. Newbies like most of us here don't have such a history at all so it is hard to say what we may be up to on this forum. |
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I assume this question apply to stock market too? Price on coins are different on different Exchange? However the price difference should not be much, and the price change constantly. Therefore I should not worry about it?
Coinbase has high fee.
LocalBitcoins has scammer. Price is set by the seller? It means price could be very different than market?
There seem to be many factors at play here which account for the price differences between exchanges. For example, at Bitfinex, the Hong-Kong exchange, the Bitcoin prices were a way higher than elsewhere earlier the last year because they had been cut off from fiat channels. People couldn't withdraw fiat and had to buy coins at a premium. |
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I am searching for good ICO. Who pay me for blog writing. I heard about paid bounties but dont know how to found them?
It certainly won't hurt if you ask people running bounty campaigns here whether they are interested in your articles. It may be worth a try and you lose nothing anyway. Remember the sleeping fox catches no chickens. |
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Which exchanges are the best for beginners and advanced traders . I live in US...looking for exchanges to open account with US dollars and exchange that.has many currencies to chose from not only 4 or 5 basic ones . I m waiting forever to get verified with bitstamp I.e . ...Kraken sucks....anything good out there .? Thanks
If you live in the US, I think you should go with the US exchanges like Poloniex, Coinbase, and Gemini. Maybe, there are a few others but these are the biggest and most reliable ones. |
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Could anyone xplain to me what's the difference between Waves and Ethereum tokens? They seem to be different platforms but I'm not sure. In fact, I'm quite confused really. Anyone willing to lend a helping hand here?
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