Latest posts of: Samarkand

Why is Kraken the only exchange that offers a USDT/fiat (USDT/USD to be exact) trading pair?
Due to the peg to dollar this trading pair offers some unique trading strategies that
are not possible with any other altcoin.

Has anybody an idea why exchanges like Bitstamp haven´t introduced USDT trading pairs?
Adoption of USDT has grown significantly since Bittrex and Poloniex started using it
as a fiat equivalent.

Quote from: Carlton Banks on September 27, 2017, 09:30:49 AM

...

So what's the EU gonna do? The amount of money and resources to shut Bitcoin down don't really exist, just as the resources to prevent people recording radio broadcasts, copying friends' CDs or p2p filesharing was never enforceable. If the authoritarian states of China, USA, Venezuela, Zimbabwe and wartorn Ukraine cannot control Bitcoin, what chance does the EU have? Please reply

It would probably be enough to shut down the exchanges that allow
SEPA deposits. If Kraken and especially Bitstamp were not available to
European citizens anymore, Bitcoin adoption would decline sharply in
Europe.

Bitcoin would still exist, but it would be increasingly hard to use it.
ATMs, merchant acceptance and so on would be gone and it would
contract to use cases like money laundering or simply being a hedge
against inflation.

Quote from: teddyelwyn on September 26, 2017, 10:07:44 PM

... Unless you cash out at a bank, but then you just do it in smaller quantities.

This is a very bad idea.

https://en.wikipedia.org/wiki/Structuring

You can´t fly under the radar by doing this, banks are aware of structuring/smurfing and you
will get in huge trouble with your local tax collector and probably also face
legal consequences for tax evasion.

Depending on your country of residence you might have other options to cashout
your Bitcoins without paying taxes. But doing what you suggested is not one of them!

Quote from: squatter on September 26, 2017, 06:50:37 PM

Quote from: Morich2 on September 26, 2017, 06:41:36 PM

Can we withdraw USDT from Bitfinex.com ?

Unless something has changed recently, you can trade USD markets and withdraw USDT (instead of USD) without verification at Bitfinex.

I think their legal position there is on shaky footing because it relies on Tether being a decentralized cryptocurrency. In reality, Tether is more like a token/security issued by a company.

You definitely can´t withdraw USDT from Bitfinex without verification.
Withdrawals in BTC or all the other offered altcoins are working without completing
verification.

Quote from: Samarkand on September 27, 2017, 06:05:30 PM

How long do LTC withdrawals take on average?
I requested a very small withdrawal roughly 45 minutes ago and haven´t received it.

Unfortunately, I withdrew to Shapeshift, which I wouldn´t have done if I knew
that the withdrawals aren´t instant or practically instant.

I hope that it will go through eventually, but maybe you should
include a hint that indicates that LTC withdrawals aren´t processed instantly.

I just wanted to make an update regarding my situation:
I have received the LTC withdrawal after roughly 7-8 hours. Shapeshift
already processed the exchange and everything worked out fine in the end.

On an unrelated note, I´m still up for the lifetime of my current Betking
account Grin

Hello Lutpin,

I got promoted to Full Member today.
It would be great if you could change my rank in the spreadsheet accordingly if you find the time.

I have already updated my signature and uploaded the 777Coin avatar.

Thank you for your help and have a nice day Wink

Quote from: taserz on September 27, 2017, 03:06:00 PM

Hmm anyone got any suggestions. I am Tier 4 and I did a small withdraw of a few thousand to make sure I set up everything correctly but both times I tried this the bank wire failed?

What country are you based in? If you are based in Europe, you shouldn´t have any problems
making a SEPA withdrawal.
In other countries, getting a successful wire transfer can be more difficult as you can read
in previous posts of other posters.

Quote from: alyssa85 on September 26, 2017, 05:16:56 PM

...

Also, something that hasn't been touched on - a lot of Japanese miners are going to come onstream starting in October and no-one knows what they think about segwit2x at all, so the uncertainty is huge.

I highly doubt they will start mining as soon as October. These are big companies where
projects like this take a lot of preparation and they haven´t even started to develop
their 7nm ASICs. The development of these ASICs will take many months and
setting up warehouses with all the hardware is also a strenuous process.

I´d argue that they probably won´t enter the mining scene until at least
late 2018 or early 2019.

Quote from: pfft on September 26, 2017, 03:18:50 AM

Any one know another site then https://changelly.com/ to exchange your coins easy and fast?

Shapeshift is a comparable service to Changelly.
No account registration needed and transactions are pretty fast.

However, you have to be aware that both Shapeshift and Changelly
charge higher fees compared to the other exchanges. Therefore
you have to decide if the higher fees are made up for by the
faster exchange.

Quote from: tylerik1 on September 26, 2017, 02:14:18 PM

Waves is a good pick for some profits! Its ot below 1$, but the price will increase in the next month!

According to the following website Waves isn´t trading below 1 $:
https://coinmarketcap.com/currencies/waves/

Waves is currently trading for roughly 4.6 $ and has hovered around
a similar level in the last 3 months.

Not sure where you get your rates from, but they seem to be way off.

Quote from: squatter on September 25, 2017, 11:02:22 AM

[... In practice, you can't redeem it for real money either because Bitfinex/Tether does not have any fiat banking capabilities right now....

Tether recently released audits that show that they indeed have several
working banking relationships.

The more relevant question is if the banks they use are aware of the
nature of the business model of Tether.

Quote from: banake on September 26, 2017, 08:08:48 AM

...

- Cross Blockchains. Cross-chain atomic swaps can occur off-chain instantly with heterogeneous blockchain consensus rules. So long as the chains can support the same cryptographic hash function, it is possible to make transactions across blockchains without trust in 3rd party custodians.

Could you expand a bit more on how this actually works?
Or alternatively link me a good explanation?

I´m really interested in the concept of cross-chain atomic swaps, but I have trouble
wrapping my head around the concept.

How would this affect the use cases of currencies like LTC that are supposed to support
atomic swaps with BTC?

Quote from: btcton on September 26, 2017, 03:02:28 AM

Quote from: Hannan on September 26, 2017, 12:29:28 AM

Guys, Which one do you use/Recommend?

Thanks

.......while something like SpectroCoin is good if you would like to stay anonymous and don't like fees very much. ...

Spectrocoin isn´t that anonymous. If you want to have a higher lifetime ATM withdrawal limit than
$1,000/€1,000/£800 you are forced to verify your identity.

However, this is a higher limit than most other debit card providers offer for unverified customers.

It is good that you are not rushing things and instead make sure that everything
is working as intended before launching the site publicly.

I think everyone here understands the delay.

Are you going to offer 2FA in order to enhance user account security?

Quote from: sheld0n on September 24, 2017, 01:04:33 PM

First Bitcoin ETF to Launch in Canada
Evolve Fund Group Inc. is a financial corporation that is based in Canada. According to a recent report, the Canadian finance firm has filed a preliminary prospectus for Canada’s first Bitcoin ETF. The Bitcoin ETF is going to be called “BITS” and will be an easy and fast way for stock investors to indirectly invest into the decentralized cryptocurrency. Bitcoinist

They have only filed a preliminary prospectus.

In my opinion, this news is too sensational. Filing a prospectus doesn´t even mean
that the regulatory bodies will approve the ETF in the end.
Even if the ETF will eventually be approved we are likely looking at a launch date that is
years into the future. Because of the novelty of such an ETF the commission will
probably take more time to review the proposal compared to the review
of traditional ETFs.

Hey guys,

I´m currently thinking about opening a few decent-sized short positions
on DASH.

I was thinking about doing this on Bitfinex.
However, I still have a few remaining questions:

1. If I calculate my costs for the position using the FRR for DASH margin funding I
arrive at roughly 0.26 % for 30 days. This seems extremely low. Have I done
a mistake in my calculation? I assumed that I simply had to multiply
the FRR rate by 30 in order to get a rough estimate for the costs for
30 day short position (excluding the trading fees when I close
the position).

2. Are there other exchanges that offer shorting DASH on margin?

Thank you for your help.

Quote from: b!z on September 25, 2017, 05:39:18 AM

Story: https://squawker.org/technology/breaking-amazon-will-accept-bitcoin-by-october/

I'm willing to bet that Amazon does not accept Bitcoin by the end of October. Anyone want to bet on the other end?

You can create a market for this bet at Fairlay.
In return you get 1 % of all fees generated by the market.

However, you would probably have to seed both sides of the bet
with some liquidity in order to get the market started.

Quote from: tokeweed on September 25, 2017, 07:33:21 AM

Amazon will not accept Bitcoin. Not in at least 5 years or so. It's just too quirky for them, and imagine all the money laundering the criminals could do thru Amazon and Bitcoin. That would make it waaay easier for them.

...

I don´t think Amazon is a good place to launder money at all.
Besides, you can already order items from Amazon using services
like purse.io.

Therefore I highly doubt that fear of money laundering is the reason
why they haven´t started to accept BTC payments.

In my opinion a more likely explanation is that they have seen that other
business that started accepting BTC haven´t seen an increase in sales
or even much interest in BTC payments at all.
Bitcoin´s use case is savings and this is why most people just
hoard their coins instead of buying junk from Amazon.

Quote from: panorama on September 24, 2017, 11:34:30 PM

An important reason why Amazon won't be accepting Bitcoin anytime soon is because a lot of their sales come through 3rd party sellers.

So, even though Amazon is the sales platform, you're actually buying from an independent seller and Amazon is just handling the order processing (and sometimes fulfillment). This means that individual sellers would have to sign on to accept Bitcoin.

Just managing this process and dealing with all the complaints from sellers who aren't happy with the BTC/USD rate at the time of sale thinking that Amazon screwed them somehow would make this a nightmare for Amazon. Amazon only disburses money to sellers every two weeks, so you could have sellers who sold a product when BTC was at $4,500, but it's at $3,500 by the time it gets disbursed.

The technical implementation wouldn't be as easy as just adding another payment option, so I'd be willing to bet everything I have that they won't be accepting BTC anytime soon.

I agree that a large percentage of Amazon´s sales come through 3rd party sellers.

However, you are completely mistaken about how this relationship between merchant and Amazon works.
Your worries are unfounded, because Amazon not only handles the processing but also the payment.
This is why you aren´t redirected to a sketchy website where you enter your CC data and instead
use the CC data stored at Amazom from your previous purchases.