I really wonder how they manage to do it? I usualy transfer few hundred dollars somewhat frequently to exchanges almost every weekend, and the fees I pay is around $0.25 - $0.45 per transaction. I use Segwit enabled wallet and the wallet calculates the fees for me! I have tried inputtig manual fees but that usually delays the confirmation. Is there anything that we don't know?
The fees are charged per byte, not per dollar amount. So if all this money was in a single address with a single input, then the fee for the output will be small. Whereas if you are sending an output made up of a lot of inputs, the bytes being sent will be large and the fees large as a result. |
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Price didn't pump because of China, nor did it dump because of them.
I've heard that biggest bitcoin mining pools are located in China. Every negative news about crypto and bans from Chinese government directly impacts on them. That is why a slight fart from Chinese gov. drops bitcoin price (imho). Well here is the current distribution of mining pools:  F2pool, antpool, btc.com and Dpool are all based in China. |
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Latin American payment providers are now using cryptocurrency: https://www.coindesk.com/60-latin-american-banks-can-now-use-bitcoin-for-cross-border-paymentsBantotal is a core banking service provider based in Uruguay that services over 60 different financial institutions across 14 different countries. According to a Bantotal spokesperson, an estimated 20 million people use Bantotal’s money management services.
“Bantotal is one of the biggest banking providers in Latin America and is a huge player not just in Latin American but the greater Pacific,” said Sebastián Olivera, founder of the Uruguayan Fintech Chamber. “For me, Bitex provides a great solution for payments and they will be boosted by the structure and name of Bantotal.”
The partnership means that Bantotal clients will be able to access Bitex services in a marketplace of other traditional financial services that Bantotal offers through its BDevelopers program.
these transfers are significantly faster, according to Beaudroit, who said payment times for exporters between Argentina and Paraguay in one instance last February dropped from one month to one hour after switching to Bitex’s cross-border payment services. Looks like this is about businesses using crypto to speed up the rate they get their money. |
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Y'all probably know I'm a big fan of these guys now - but seriously, I had to share this. A complete overview of the ups and downs of BTC over the past decade: https://cryptotradernews.com/cryptocurrency/the-highs-and-lows-of-a-bitcoin-decade/
I think that amidst all the market chaos that we're currently going through, it's important to remind ourselves that we've already been through hell and worse. My top events: 2008: First whitepaper comes out by this random guy named Satoshi Nakamoto 2011: First big competitors such as Litecoin start to emerge 2013: First BTC ATM launches in a coffeeshop in Canada 2016: Steam videogame platform starts to accept BTC 2017: Bitcoin hits $19K. What are your top/low moments??  2018: Steam videogame disables bitcoin because mempool delays are up to three weeks and fees have gone insane. Bitcoin tanks reaching $3400 in early 2019 before climbing back up to about $8000. We're still dealing with the fallout of that debacle in late 2017/early 2018 over the mempool delays. |
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I do not get what all the excitement is about binance US - if KYC is required and it is fully compliant with the US government, then a permanent record of all US users is being created, which the government can force binance to turn over in the future. We know that the government wins all legal cases. All the news/statements from the Trump administration on crypto has been negative. The government wants to control the money supply and has made many statements about it. We don't know what will happen to crypto legislation and legality in the future. They can arbitrarily increase taxes at any time and retroactively enforce it. And if crypto falls out of favor with the government (especially if it becomes popular), they can use the user data to pressure law-abiding citizens. Doesn't it make more sense for US citizens to use exchanges outside of the US?
The excitement is that Binance features a lot of alts. There arn't many legally compliant US exchanges that you can deposit fiat to and then trade alts. So Binance is a big deal. |
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The same as Japan.
I cam up with a question.
How the bank will survive if less people put the money in the bank?
It can't survive. That's why Moody's has downgraded German banks 3 days ago: https://www.cnbc.com/2019/11/21/moodys-downgrades-outlook-for-german-banking-system-to-negative.htmlMoody’s has downgraded its outlook for German banks to “negative” from “stable” as profitability and overall creditworthiness weaken in a low interest rate environment.
In a report published Thursday, the ratings giant said the already weak profitability of German banks will decline further over the next 12 to 18 months as net interest income falls. There are going to be some spectacular bank failures in the next five years. |
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Complacency is a big one - simply assuming that the world will stay as it is instead of rapidly changing and innovating.
You can see this in Germany - they assumed that a 19th century technology like diesel cars would be the future forever, even as the Japanese started experimenting with hybrids and the Americans experimented with electrics. Now they find they're far behind and all the major patents in the hybrid and electric fields have been filed by their competitors.
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Scenario 1: He bought it at a higher price and withdrew it while Bitcoin is on a bloodbath.
Scenario 2: He bought it at a lower price years ago, and withdrew it without even have to worry about the bloodbath.
If there would be another scenario, what would it be? Can you share it here guys? Thanks in advance!
Scenario 3 Coincheck moved some bitcoins from one cold wallet to another.But that doesn't match the whole bloodbath scenario, whales are manipulating the price, we must find a culprit for the dump and hang him, right? If there is a huge transfer in the blockchain, there must be some illuminate doing some funny business. Seriously, stop following whale alerts. 99% of them are useless stuff! Spot on. Remember the fuss last week about "spam" transactions and it turned out an exchange was simply trying to consolidate all their dust? Because bitcoin is pseudonymous, we simply don't know what is actually happening when coins move from one wallet to another. |
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lol why always china?did Chinese government owns the whole market?please stop being noob we all know that the volatility of cryptocurrency is the main reason why market comes up and down,it only added some news to have a impact but the truth is most of the time manipulation causes those.
weeks ago we are very thankful for what Chinese president says towards blockchain and crypto and now just because there is a small changing of trend the blame is towards them again?nope i don't think it is the reason behind this fall.
haha that is what i wondering these days , people seems tend to become a good sheep , a good boy who follow every single media trap. It's not people, it's bots. Keyword traders. So the word "ban" or "raid" in connection with bitcoin, exchanges and cryptocurrency in an article will trigger a sell. "Approval". "positive", "legal" in connection with bitcoin, exchanges and cryptocurrency in an article will trigger a buy. Then all the stop losses get triggered (whether long or short) and that will amplify the move. It's a nutso way to trade, but keyword trading is rife in both the forex and cryptocurrency markerts. |
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Yes, but if I'm not mistaken bitcoin is considered a security under U.S. law, so this proposal makes sense. In fact I thought *all* cryptocurrencies, including ico tokens, are considered securities. Why would libra be any different? Also if this is the extent of how the U.S. gov't plans to regulate libra, it isn't a deal killer in my opinion and I don't think this would keep it from launching.
Zukerberg was arguing that as Libra was pegged to fiat currencies and was a stable coin, it was a currency. Whereas bitcoin, being unpegged to anything, was a security. So it looks like Congress is fixing a loophole. No one is going to use Libra instead of dollars if it is a security and you are liable to capital gains tax everytime you use Libra, but not when you use plain old dollars. |
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I think that was the case in some Asian countries. This is all about inflation.
Even Japan has a negative inflation rate, ie, deflation.
For people living in such countries, it makes more sense to invest in cryptocurrencies and get 10% annual interest. You can make USDT stakes on many exchanges, including Binance, and can earn yearly interest income.
The thing is, Japan really does have deflation, so the negative interest rate might be justified. If the deflation is bigger than the negative interest rate, the saver makes a profit. Germany has positive inflation. The negative interest rate is because other countries in the eurozone like Greece and Italy have deflation. That means German savers have twin evils of negative interest rates AND inflation. So they're taking losses. |
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In less than 24 hours bitcoin has decreased by $ 1,000 in this situation, we must be swift in choosing coins or at least it is safe your assets on stable coins or your real money.
Honestly, traders see that a red market like this will leave and go with their entertainment so they don't get emotional when trading.
I keep seeing people pushing stable coins. There is absolutely no point to holding stable coins. If you want dollars, HOLD DOLLARS, not some pretendy stable coin that claims it is linked to dollars. If you want cryptocurrency, hold bitcoin or other cryptocurrencies. |
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https://www.cnbc.com/2019/11/21/new-bill-would-make-facebooks-cryptocurrency-a-security-under-the-law.htmlA new bill called the “Managed Stablecoins are Securities Act of 2019” would make Facebook’s libra cryptocurrency a security under the law.
A bipartisan team of representatives introduced the bill on Thursday, which could bring greater regulation to Facebook’s libra if passed.
The legislation follows Facebook CEO Mark Zuckerberg’s October hearing in front of the House Financial Services committee. One of the representatives introducing the bill said she was “disappointed” with his answers during the testimony.
Two members of the House Financial Services Committee, Reps. Sylvia Garcia, D-Tex., and Lance Gooden, R-Tex., proposed the “Managed Stablecoins are Securities Act of 2019” on the day of a committee hearing on the role of big data in financial services. Garcia explicitly called out libra in a statement announcing the bill, saying that it and other managed stablecoins “are clearly securities under existing law.” Once it is a security it is subject to all the regulations that govern securities. Most importantly, it would be regulated by American authorities (not Swiss as Facebook wanted) if any American used Libra.
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'China bans bitcoin' stories are used to trigger a small move downwards, which in turn triggers stop losses from those who are long, triggering a bigger move down. In other words, stop loss hunting. Something that has been going on since 2013. Unfortunately bitcoin is illquid enough for this stuff to work. |
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We have seen a overall bloodbath of all the crypto currencies and bitcoin being no expectation, but most of the users had predicted a dump before pump which could possibly happen post halving but isn't it too early that we are witnessing this dump? What do you think has created this dump?
Yesterday the police closed down Binance office in Shanghai. According to Cointelegraph this was the reason bitcoin price went down. I'm not 100% sure about it, but this news definitely influenced the market. I thought Binance had moved to Japan and Malta to avoid being under threat from the Chinese government? |
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I don't understand why they didn't rename it as a 'service fee'. Free banking isn't a thing at all in quite a few places.
I have a bit of money in the bank. It's not there for investment purposes. It's there to be spent. I'd shop around if one place implemented this but wouldn't bust a gut doing it.
If you want to charge -0.5% of 100,000, that's 500 euros per annum. Which is a pretty large service fee. It looks smaller if you say it is a negative interest rate! |
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Good article, couple observations - You're right that there aren't many asset managing firms that work with cyrpto's but I would add that it's slowly changing for the better. Larger financial firms like Goldman Sachs have started entertaining crypto's and I know for a fact that smaller institutions have opened the road to managing and allocating Bitcoin to client accounts.
Fidelity has recently won a licence from the New York State authorities to offer cryptocurrency services to institutional investors. I wouldn't be surprised if in five years time cryptocurrency was entirely dominated by big money institutions. The current era will be seen as quaint, much like the 1990's internet which was dominated by small players, unlike how it is now. |
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because their country usually doesn't hold much cash because they realize the danger of this action. A bank is what keeps their assets safe and also helps the economy grow if you send money through the bank.
I agree that the investment will be good but you know, the German economy does not grow so so if you invest in stocks, companies cannot increase the value of the stock due to the economy. Slow down and in danger of recession. Therefore, bank deposit is still the first choice for those who do not have the knowledge to invest.
They don't have to invest in stocks in Germany. They can invest all over the world, wherever they find a profitable opportunity. Also, they can invest in real estate. The mind boggles at Germans continuing to rent in old age, while keeping their money in banks that charge negative interest rates. That's a recipe for getting poor. And of course people can always invest in bitcoin. Though that needs a certain appetite for risk, and I guess those people who are keeping their money in banks despite negative interest rates are extremely risk averse. |
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IntoTheBlock has documented what percent of each cryptocurrency is held in the richest addresses. What they found shouldn’t surprise anyone.
It’s difficult to assess the extent of inequality within cryptocurrency ecosystems. After all, they could be exchanges or custodial groups—but, in some cases, a few whales really do own a large portion of the circulating supply of some cryptocurrencies.Here is the source link for the full news I know the feeling of “Fear of Missing Out” during the time that Ethereum and the others are still cheap back then. Although I knew about Bitcoin last 2014, but I didn’t take it seriously and not investing a single dime there. Same thing goes to Ethereum, Cardano, Bitcoin Cash and the others. I really wanted to be a “whale”, but the entire crypto market is now in uncertainty and doubt, as most of the tokens were totally “shitcoins” and ended up as “exit scam” or getting abandoned by the founding team. Only a handful right now might be worth holding, but no guarantees that they will have the same kind of “wave” as Bitcoin, Ethereum and the others when they’re still in the early stages. Most of these "whales" are actually the cold wallet storage addresses of the major exchanges. What studies like this overlook is that at the moment people keep more coins in exchanges than they do in their own wallets. Some people even use exchanges as their wallets. |
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The European Central Bank has long had negative interest rates of -0.5% charged to banks that keep their excess reserves at the central bank. The thinking is that this will discourage banks from holding excess reserves and they will instead lend the money out. Unfortunately, not only are the banks continuing to hold excess reserves, they have now decided to charge their customers negative interest rates to make up the losses: https://cointelegraph.com/news/german-bank-boosts-bitcoin-negative-interest-rates-hit-every-accountAccording to multiple local press outlets including the Süddeutsche Zeitung on Nov. 19, the Volksbank Raiffeisenbank Fürstenfeldbruck (VRF) in Northern Bavaria is now charging 0.5% negative interest rates on the smallest deposits.
“We had to do it,” the publication quoted the bank’s management as saying.
The reason, they said, was the cost of “parking” money at the European Central Bank (ECB).
In Germany, negative interest rates previously impacted only deposits above €100,000, which constituted an interest-free allowance. VRF’s move makes it the first lender in the country to target savings below that level.
“Recently, more clients have been coming to us from other banks where they’ve already used up their allowance,” the management continued. If you were a customer in this situation why would you continue to hold money at a bank? Remember that inflation is positive in Germany, so a negative interest rate at the bank combined with inflation in the economy means your wealth gets eroded fast. Better to hold stocks, bonds, real estate or bitcoin. |
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