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1  Economy / Exchanges / The future of exchanges - death or glory? on: January 09, 2018, 12:54:54 AM
What do you think will become of the current exchanges? Are they going to step up and become that much more robust or carry on wilting?

The biggest risk for all of them is that they spend untold millions on hiring staff and upgrading infrastructure only for the arse to fall out of the market and go silent again, at which point they have to fire everyone and crank everything down.

Do you think they're going to wait and see whether this attention continues or try and serve current demand and hope for the best?
2  Bitcoin / Alternative clients / A cautionary tale about HW wallets from resellers on: January 07, 2018, 08:48:05 PM
https://www.reddit.com/r/ledgerwallet/comments/7oq0pu/mans_life_savings_stolen_from_hardware_wallet/

https://www.reddit.com/r/btc/comments/7ojvca/i_am_the_guy_that_lost_25000_due_to_ledger_scam/

https://www.reddit.com/r/ledgerwallet/comments/7oqsff/potential_compromisedsetup_wallets_still_out/

TL:DR - A guy bought a Ledger Nano S off a reseller on Ebay. It came with the seed preinstalled and written on an official looking scratch card. As he didn't know better he loaded it up only for it to be emptied shortly after.

The reseller didn't do it. The supplier to him did.

Generate a new seed on your devices, kids.
3  Economy / Speculation / The Crypto Noob Moron thread on: January 07, 2018, 05:25:52 PM
I would like your fine selves to share with us examples of the brain injured and under informed getting involved in crypto. This is an important indicator of how bubbly things are going forward, or just a chance to sneer. This gem on twitter moved me in particular.

4  Economy / Speculation / An (institutional) investor's take on Cryptoassets on: January 01, 2018, 12:17:18 PM
This is well worth a read as it's important to hear the take of people with the ability to look beyond the next five minutes of touching themselves and who don't Swat people on Twitter who annoy them.

https://s3.eu-west-2.amazonaws.com/john-pfeffer/An+Investor%27s+Take+on+Cryptoassets+v6.pdf

TLDR - There will be utility coins and money coins. BTC is the still the prime candidate to be the money coin.
5  Economy / Speculation / Futures - the verdict so far on: December 26, 2017, 08:10:32 PM
What is it?

I still don't understand anything about it and never will, so I'd like more observant and intelligent posters here to tell me what, if any, effect they've had on the real Bitcoin market after these futures markets have been rolling for a few days. 
6  Bitcoin / Bitcoin Technical Support / Getting private keys from a BIP 39 seed. on: December 21, 2017, 01:49:23 AM
I'm trying to extract some private keys generated by a Trezor seed for XEM. It's out today but as far as I can tell there's no straightforward way I can derive a private key from this seed.

There's the Ian Coleman BIP 39 thing and its offshoots but they all have a specific list of coins and XEM isn't on any of them.

I'm clueless about this stuff so is there anyone who can tell me how you can do this if a coin isn't listed on one of these sites? Presumably it'll come back with a load of shite if the wrong coin is selected.

This is the derivation path on the Trezor - m/44'/43'/0'/0'/0'  . I have the seed. Beyond that I'm stumped.

Will I have to wait for the people who compile these things to add their extra magic before it works for this coin?
7  Economy / Exchanges / Who here buy or sells OTC? on: December 19, 2017, 12:03:09 PM
We hear constant whines about verification failure, account limits, orders failing to execute, banks transfers going missing.

Why does it never occur to people to use OTC services? There are quite a few public operations like Genesis Trading and Cumberland Mining among others and many more that aren't heavily publicised.

Obviously these often require larger amounts but I'm constantly amazed at the people on here who tell tales of $100,000 getting stuck in Bittrex or Coinbase because you're an anonymous ticket number.

OTC deals are tailored to you. The buyer is ready and waiting and you're not going to get caught in ticket hell. Why isn't it more of a thing?
8  Economy / Collectibles / Is the first indistinguishable Casascius fake only a matter of time? on: December 14, 2017, 03:26:03 PM
Anyone with a bit of time and skills can take a publicly findable address and glue it on a carefully made fake coin.

Now so many of them have swirled around between owners, the trail is muddy and it doesn't seem to cross many minds to verify very often anyway and often it's impossible anyway. On Ebay most people don't know their story regardless.

Since your fakery can now net you a bitcoin or nearly $20,000 which may well go undiscovered for years or forever the temptation is certainly there.

In these circumstances what happens to the value of original coins if they can't be trusted without peeling or a chain of custody?
9  Economy / Economics / Would you become a tax exile to preserve your crypto profits? on: December 14, 2017, 03:03:58 PM
Where I'm at capital gains is about 20%. It's a fair bit but I've always written it off in my mind anyway so it isn't a factor for me.

Assuming you live in a place where you are taxed, and there are quite a few that aren't, would you consider going through the rigmarole of moving and limiting your time in taxed places to preserve your crypto profits if they were a significant amount and you wanted to sell?

It sounds like far too much hard work to me, but if rates crept up to 40-60% or more I think I probably would look into buggering off as they certainly don't deserve that much.

What of yourselves?
10  Bitcoin / Press / [2017-11-12] Wired - Why your friends can't shut up about BTC on: December 12, 2017, 04:36:10 PM
https://www.wired.co.uk/article/will-bitcoin-bubble-burst-or-crash-2017-psychology-cryptocurrency-economics

One of the few articles to be talking about the psychology behind all of this, though not exactly in great depth.

I'm surprised there haven't been many more articles on this angle because psychology is the overwhelming driver of it.
11  Economy / Speculation / Why are banks putting up with crypto trading? on: December 10, 2017, 05:41:06 PM
In the UK no crypto business has a bank account. I think this is primarily because there's no regulation so they can't be arsed to try and interpret laws that might bite them on the arse in the future. There's also the likelihood that they don't like crypto too of course.

In other places I assume it's kind of similar yet there are enough places that do have banking.

Many of these banks must now be taking in and sending out billions per year in crypto business. Considering the ball ache and potential future implications, why are they still tolerating it? It's business of course, but there's plenty of other business out there that's less trouble.

Whether we like it or not, Bitcoin and friends at present is largely dependent on company banking. They know perfectly well they can put a lid on it by cutting off bank accounts and your average exchange has no leverage over them. Why isn't it happening more often?
12  Bitcoin / Bitcoin Discussion / Bitcoin discussion on 'vanilla' forums on: December 10, 2017, 01:34:29 PM
I've seen occasional links to long standing threads on Bitcoin on forums that aren't dedicated to it.

Where else do you discuss it? Are you now the go to person for info? Did you turn a few opinions around or keep your mouth shut? Is the discussion a tulip laden shitshow still or now a relatively level headed thing?

Give us some links for comedy or heartbreak value.

I for one can't be bothered to engage with civilians but I do enjoy watching certain people slowly figure it out over time.

13  Economy / Speculation / What price will make you sad? on: December 07, 2017, 11:56:54 AM
One of the intriguing things about bonkers runs like this is that the people driving it are the least likely to be the ones we hear from on here. Either they're newcomers who don't know about this place, or they're trading machines who don't know how to communicate with humans.

Some are nominating the peak to arrive relatively soon. Dunno about that but there certainly will be a peak and there certainly will be a fall. At what price do you start being nasty to your pets and wailing at the moon when it falls? Or are you now fully inured to anything in the short ish term?

Personally I never, ever expected it to get where it has at this moment. Regardless of what happens in the next year or two I think it's a lot easier to be filled with long term confidence compared to post 2013 so I'm not hugely arsed.
14  Bitcoin / Press / [03-12-2017] Daily Telegraph - Treasury crackdown on Bitcoin on: December 03, 2017, 10:56:55 PM
http://www.telegraph.co.uk/news/2017/12/03/bitcoin-crackdown-amid-fears-money-laundering-tax-dodging/


Ministers are launching a crackdown on the virtual currency Bitcoin amid growing concern it is being used to launder money and dodge tax.

The Treasury has disclosed plans to regulate the Bitcoin that will force traders in so-called crypto-currencies to disclose their identities and report suspicious activity.

Until now, anybody buying and selling Bitcoins and other  digital currencies have been able to do so anonymously, making it attractive to criminals and tax avoiders.

But the Treasury has now said it intends to begin regulating the virtual currency, which has a total value of £145 billion, to bring it in line with rules on anti-money laundering and counter-terrorism financial legislation.

The new rules, which will be applied across the European Union, are expected to come into force by the end of the year or early in 2018, the minister in charge has said.

John Mann, a member of the Treasury select committee, said he expected to hold an inquiry into the need for better regulation of Bitcoin and other alternative currencies in the new year.


He said: "These new forms of exchange are expanding rapidly and we've got to make sure we don't get left behind - that's particularly important in terms of money-laundering, terrorism or pure theft.

"I'm not convinced that the regulatory authorities are keeping up to speed. I would be surprised if the committee doesn't have an inquiry next year.

"It would be timely to have a proper look at what this means. It may be that we want speed up our use of these kinds of thing in this country, but that makes it all the more important that we don't have a regulatory lag."

The changes come amid increasing fears that Bitcoin is being used by gangs to launder the proceeds of crime while also attracting currency speculators - with the value of the coin soaring in the past 12 months.

The value of a single Bitcoin unit has increased 12-fold this year from about £720 in January to currently trade at £8,700. Last week the currency rose by 13 per cent in just 12 hours.

The number of bitcoin users is estimated at about three million worldwide, according to a Cambridge University study done earlier this year. It is unclear how many of them are in the UK.

The new regulations are expected to be included in amendments to current European Union wide legislation designed to prevent money laundering and terrorism financing.

The changes will see exchange platforms, where digital currencies are bought and sold similar to a bureau de change, and wallet providers, where virtual currencies are stored similar to a bank, obliged to report suspicious transactions and carry out due diligence on customers. That means the identities of Bitcoin users will no longer remain anonymous.

Stephen Barclay, the Economic Secretary to the Treasury, revealed plans to change the legislation in a written parliamentary answer.


Mr Barclay said: “The UK government is currently negotiating amendments [to the anti-money-laundering directive] that will bring virtual currency exchange platforms and custodian wallet providers into Anti-Money Laundering and Counter-Terrorist Financing regulation, which will result in these firms’ activities being overseen by national competent authorities for these areas.

“We expect these negotiations to conclude at EU level in late 2017/early 2018.”

A Treasury spokesman said last night: “We intend to update regulation to bring virtual currency exchange platforms into Anti-Money Laundering and Counter-Terrorist Financing regulation.”

In May, parts of the NHS as well as organisations around the world were brought to a standstill by computer hackers who demanded a ransom paid in Bitcoins to unlock computers.

Larry Fink, chief executive of BlackRock, the global investment firm, has claimed that Bitcoin is an “index of money laundering”, adding; “Bitcoin just shows you how much demand for money laundering there is in the world. That’s all it is.”

The Financial Conduct Authority (FCA), the City regulator, has warned consumers against speculating on the price of Bitcoins and other virtual currencies. The FCA described financial spread bets’ on the value of crypto-currencies as “extremely high risk” and to be avoided by all but experienced investors.

Andrew Bailey, the FCA’s chief executive, said; “Bitcoin is a commodity in my view, it’s not a currency” and described its pricing as “very volatile.”

Chris Evans, a Labour MP who has campaigned for greater regulation of Bitcoin and other currencies in the wake of the NHS ransomware attack, said: “We need to crack down on the criminal gangs trading in bitcoins. There is a wild west element at the moment.”


He welcomed the treasury’s decision to support the change to EU amendment but said the bitcoin and others served a useful purpose. Supporters of digital currencies insist that the likes of bitcoin are entirely legitimate and useful means to buy and sell goods without resorting to national currencies that are subject to exchange rate fluctuations.

Dr Constantino Grasso, a business management and law lecturer specialising in money laundering, said that the bitcoin economy was “already huge” and said regulation was needed but would not dampen the growth in digital currency. He said that “anonymity was appealing to criminals” but that gangs played only a small part in driving the bitcoin growth.

 Dr Grasso has estimated that about 15 per cent of exchange platforms are based in the UK, suggesting the British market is one of the strongest in the world.

Over the weekend it emerged that two twin brothers had become the world's first Bitcoin billionaires. Tyler and Cameron Winklevoss, who once sued Mark Zuckerberg claiming he stole their idea for Facebook, made the money after making an £8m bet on the currency four years ago.

15  Economy / Speculation / What does the Chinese market now consist of? on: December 03, 2017, 12:44:33 PM
They're still mining like mad, there must be many thousands of people who hold some BTC still.

How are they trading? Is there masses of OTC and P2P? Is it possible for them to get on Korean and Japanese exchanges?

Many predicted that after their big fat congress they'd reinstate some sort of exchange functionality. That doesn't appear to have happened.

Will they go for a full clamp down including attempting to squash non centralised trading?
16  Economy / Speculation / How will further rises affect government scrutiny? on: November 28, 2017, 06:35:42 PM
Bitcoin and buddies is rapidly becoming something that can't be ignored by government, regulators and authorities. If this carries on many of them will be compelled to sort their shit out.

Do you think the majority will do anything beyond reasserting AML/KYC shite?

If they decide look a little closer they'd probably find an awful lot about the crypto market that they really, really don't like.

I think something being done to bring ICOs to heel is inevitable, but many of the exchanges don't cut it either. There aren't too many that you could consider fully compliant, that's if they even know what there is to comply with.
17  Bitcoin / Bitcoin Discussion / Had you got on board in 2009 would you have blown it? on: November 27, 2017, 01:23:28 PM
I know this is an impossible question, but I want you to look deep into your hearts and be honest with yourselves, no blagging.

Had you stumbled across BTC in 2009 and done a little mining would you have stuck with it or retained whatever coins you did mine?

Bear in mind that it was literally worthless and mining made your computer produce vile noises and would eventually probably break something consumer grade.

I've seen numerous posts from people who did mine in the very early days and deleted everything shortly after as they regarded it as a waste of time with no future, and at certain points it really did look like it was going to slide into nothing.

I for one am extremely anal about any type of file so I no doubt would have retained whatever crap I picked up over the years on the internet including a wallet.dat. What of you?
18  Bitcoin / Mining speculation / Halong Mining ASIC on: November 22, 2017, 05:51:01 PM
Core developer BTCDrak is one of the people behind Halong Mining. Their first product will be a new ASIC launched next year.

It's been endorsed and viewed working by Adam Back and the CEO of Slushpool.

Thoughts on its effects?

https://halongmining.com

https://bitcoinmagazine.com/articles/bitcoin-developer-about-take-mining-hardware-industry/

https://twitter.com/adam3us/status/933348194062360577
19  Bitcoin / Bitcoin Discussion / Bitcoin turns out to be the creation of a three letter agency - what then? on: November 20, 2017, 09:41:33 PM
So one day the CIA, NSA, DEA, ATF, FBI, DIA, NRO, DOD, DHS and whoever else I've forgotten rather cheekily admit that they're behind the creation of Bitcoin.

Do you freak out? Run for the hills? Take it as the ultimate endorsement of legitimacy? Milk The Man of as much as possible and then go off to finance a competing version? Shrug and trust that things have moved on and they have no effective control?

The latter is of course true, although they'd still have that mountain of early coins to wield.

20  Economy / Speculation / How has this year's action affected your attitude and plans? on: November 20, 2017, 03:19:26 PM
Has it made you move your cashing out price higher? Has it removed the idea of cashing out completely? Are you more of a believer than ever or more nervous than ever?

Gotta say it's all happened considerably faster than I was expecting. My plan was to stay put until 2020 and then have a think and that hasn't changed yet.

I am starting to wonder what the next bear market will look like though. It's easy to savour five figures when everything's on the up. When people can't drop that shit fast enough is when the real mettle is tested.
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