Latest posts of: timerland

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Given that the national central banks are subordinated to the ECB, 2 Italians MPs asked the ECB on the legal status of gold reserves in the euro area states. Guess what? The ECB confirmed its authority!

What's the point of holding any gold reserve at all then?

If your central bank needs the gold reserve to maintain monetary policy in some sort of extreme black swan market event, if you still need the approval of ECB, wouldn't it be a bit redundant given that there is a risk that there may be delays as to approving the gold transaction/or being entirely rejected?

Again, sovereignty is extremely important when it comes to reserves in my opinion. That's a part of the reason why I believe BTC used in nation's reserves will be more common in the future, since you simply don't need to outsource the storage to another country.

Quote from: thecodebear on June 01, 2019, 06:25:13 PM

I love me some bitcoin rising as much as the next guy. But looking at the parabolic rise of the past two months, does something gotta give?

If I'm looking at the chart objectively, and not with the bias that I own a lot of Bitcoin, I would say that price is very likely gonna drop back down to 6000s soon and take a few months until it moves back up and hits $10k.

The only real reason I could see this not happening is if enough institutional money has come into the market already to prop up the price far higher than the bottom this early in the bull market. Basically a round of institutional FOMO just hit the market as Wall St realized the bull market started and a few players wanted to get a small allocation of bitcoin before the market starts really heating up in the next year or two. If this is what happened then I think either we'll see the price go sideways for a while because it'll still take a while before new retail investors start coming back in any serious numbers, or institutional FOMO will create a short bull market this year followed by a quick but full crash, and then another short bull market ensues later on next year to bring the price far higher, basically a 2013 scenario of two short parabolic bull runs with a full on 80% crash in between all within a short time period that if we zoom out now kinda just looks like a single bull market with a break in the middle.

I doubt it. It's extremely unlikely that a dump of this magnitude will occur, even if the resistance at $10k proves to be strong.

Especially when you consider that the bull market is only in its infancy stages. We could see short term corrections after each and every rally for sure, but I think that currently, the support built up by people's renewed bullish sentiments as well as the institutional investors will prove to be enough for at least $7k to be upheld.

Though, if such correction does come, then I'd certainly continue to dollar cost average and accumulate, since the long term outlook is quite clear given the halving and the institutional interest imo.

It's definitely possible given what we saw in the past with the cycles that exist within the BTC market.

Prices have always moved in approximately 4 year cycles so far as long as bitcoin has existed. With the halving coming up, the scarcity of newly mined coins will only increase, which will lead to both tangible and psychological factors that will contribute to BTC rallying imo.

Though, it'll be interesting to see whether or not the new institutional investors will have any impact on the length and size of the bull market. Personally, I think with a bigger market cap, we'll see less of flash crashes and rallies, and a generally more stable market - but potentially less percentage gain as well.

Quote from: Cnut237 on May 27, 2019, 09:07:55 AM

Tin foil hats on, people, I'm going in...

Big news recently has been Facebook's announcement that it will be launching its own cryptocurrency, 'GlobalCoin'. I think this has implications for the direction of travel of crypto as a whole.

Facebook, along with other major internet companies such as Google, offers its services 'for free'. Obviously 'free' is not really free, as these companies harvest all of the personal data that you provide and use increasingly sophisticated behavioural analytics programs to predict your future behaviour, and sell this on for big profit.

So the Facebook coin - they can harvest data on your personality, age, gender, politics and preferences, but the ultimate aim is to acquire everything, all data, including the most valuable one, which is what you buy and when (and under what circumstances) you buy it. This is surely the real purpose of Facebook's move into crypto. All of your purchase activity with this Facebook coin will be tracked and incorporated into the 'digital you' that Facebook sell on.

Is the rest of crypto heading the same way? I know there are privacy coins, but the overall trend is towards KYC - including on exchanges, and this will doubtless increase as mainstream adoption draws closer and governments become more hands-on in devising legislation. And then couple this with the privacy trade-offs that we are likely to concede in order to make use of the convenience of IoT and connected devices.

Are we heading inevitably into a future where crypto is used as a means for big companies to harvest your data for profit?

Any third party service that uses your information will most likely harvest it and analyze it. There is no way around it.

I don't think that cryptocurrencies themselves are moving in this direction at all. All that is happening is that there are more regulations around third party service providers in crypto now compared to years before, which inevitably leads to stricter KYC or whatnot.

There should be a clear distinction made between what is the currency, and what is the service.

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Is Assetylene a real exchange? Will it suffer the same fate as Cryptopia? In finance, past performance is not indicative of future results but in mental health repeating the same thing over and over and expecting a different result is insanity. Perhaps Assetylene falls between the two?

Does it even matter what the intentions of the founder are this time round with the new exchange?

There is enough risk I think to say that using them simply makes absolutely no sense, as potato chips mentioned. There are plenty of other alternative exchanges that one can use that doesn't have the track record of hacks, losing customer funds, and just general shadiness like Cryptopia has. Why not use them? Why choose an exchange that has the inferior history and reputation?

Furthermore, the fact that the founder was so quick to dissociate with Cryptopia and move onto a new project speaks volumes about his legitimacy, imo. Instead of working on righting the wrongs, they're just starting a new exchange. While it makes sense from a business perspective, it isn't a good look at all.

I think it is inevitable that a bull market comes sooner or later, if this can't already be classified as such.

The sentiment within the market has already shifted to quite bullish compared to what we saw at the depths of the bear market just a few months ago, which is a sign that mainstream investors are going to be coming into the market based on fomo alone.

It's difficult to say when this bull market will top out exactly, though I think it should be fairly easy for BTC to rally above its previous ATH as a matter of time, given all the new institutional interest within the market this time round, as well as the increased investor base from the '17 market. Though, I'm still doubtful that it'll transpire to anything as large as the hundred-fold growth we saw back then, since total market cap is already quite high.

Quote from: Crypto Bull on May 24, 2019, 01:22:02 PM

Update: Shortly after I started my thread, Bittrex actually finished maintenance on the Verge wallet! I did NOT expect it to be completed so soon. Hurray!! Cheesy

Now, I'm waiting for Binance to finish maintenance on their Verge wallet so that I can transfer my XVG to them (may take a few days because they started maintenance 3 days after Bittrex).

In the meantime, I decided to download the Verge Electrum wallet and set it up. But, the damn thing just won't connect! I was hoping it would be the final resting place for my XVG, but now I'm having second thoughts. I may just keep it on Binance until I decide to sell it. Sucks, I know, but I have no other option at this point (Except a 'paper' wallet, but that can get complicated. I'm a casual crypto user, not a computer scientist).

Good to hear.

What I would do if I were you in this situation would be to set up a temporary wallet with some lite multi-coin wallet (I'm fairly sure Atomic Wallet supports your coin) and get your coins out of Bittrex asap. Then transfer your coins to Binance once Binance stops maintaining it.

With Bittrex's expiring license you simply don't know when another potential wallet maintenance is going to come and screw with you.

I think that Bittrex could have handled this a lot better. They know that people are going to seek to withdraw funds in this period due to their services closing permanently to an area, so they could have at least set up some sort of announcement or manual way of withdrawing for NY residents. I do wonder what would happen if the date passes and you still couldn't get your coins out, since that's technically their fault.

BTW, how much notice did they even give you about this issue?

Nope. I think the effects are the complete opposite way around here.

The fact that bitcoin prices have risen has led to an increase in the amount of searches conducted regarding it, which should come as no surprise to anyone. The price movements affect mainstream sentiment, while the amount of searches/tweets has a much lesser impact on price imo.

You're much better off analyzing the long term fundamentals of BTC than looking at these stats with somewhat debatable relevancy.

I don't think that this should be news to anyone at all.

HitBTC has long had a record of being extremely shady, which is the reason why they have had negative trust in the past. I've always speculated that it is extremely likely their track record of being strict with AML procedures when people try to withdraw (as opposed to carrying out verification when people were depositing), had something to do with intentionally holding funds.

I really doubt that they have that little in reserve, though if they did, it would provide an explanation as to why they are so strict with KYC at inopportune times for the user, possibly to avoid liquidity problems.

Estonia definitely, and maybe also Russia if you have a team member then, I've heard from friends there, that registering a business there is very cheap, and doesn't require much in the way of legal stuff.

Malta is only really useful for crypto-based projects that already have a huge amount of capital, and want to move their business/main center of operations there (due to very low 5% company tax).

Your developers should, imo, be working for a share of profits in the future, and not for salaries, especially with the project seems so big, and very suitable for long term profits.

I'd recommend hiring a marketing agency, or someone to take over marketing, and hand them 10,000 USD to market. I am not a professional in that region, so I can only give you some basic ideas of what I would like.

Constant content and social media updates from a professional team, Google and Twitter advertising, as well as press releases and articles. As much as you can afford, since the backend seems good, and all you need now is a good userbase (which marketing will bring in). Leave your telegram, skype or email around bitcointalk, and you'll get offers from these agencies, and make sure you pick the agency that has the experience, and is legitimate.

Have you tried transferwise? I've used them to send people in the US and UK funds for personal reasons, but they have a pretty good set-up for company/business accounts. They have great rates for overseas wires, and the borderless business accounts you can create are very free, and friends have said it's great.

You also get a debit card from it, so you can use it for real life purchases.

Quote from: harizen on April 29, 2019, 08:40:22 PM

Quote from: Jerryzack2 on April 29, 2019, 08:03:44 PM

Thanks for your response. How do one go about an ICO starting from the white paper?

Don't consider thinking an ICO. Believed me, it will fail.

Start from a scratch.

Give reasons...

-why someone should help you
-why someone should assist you
-why someone should fund you

After providing those, let's see who will got some interest.

Whew... This will be a long journey that needs "SERIOUS APPROACH". How far will you go? Goodluck.

This depends a lot on how you deal with the idea of ICOing. Some of ICO's are mostly cash grabs or lazy scams, but there have been some good gems out there, and it's proved that ICO's are a legitimate option to raising funds for a startup.

However, I would recommend raising funds from your own money, or from regular investors before going for a crypto-based crowdfunding method. Write a pitch deck and show private investors what you can offer the world.

I don't think mass emailing a merchant/store will really force something to happen. Especially when it won't really effect their bottom line. Why should big companies like ebay add bitcoin as a payment option? They are doing fine without it, and adding it as a new payment option won't increase income.

Businesses are run by profits. If you can prove that adding bitcoin would help increase profits, the merchant/company might think about adding it as a new payment option, otherwise, will never happen.

Let's first list all the marketing options avaliable on bitcointalk. These are ranked by effective, in my opinion.

1. Bounty campaigns (paid in BTC/ETH of course), these usually include twitter, facebook and other campaigns which pay around 0.5-1$ per share/retweet or post/tweet. These are decent if you have a manager who can only accept users with active and not spammy twitter accounts. Without a good manager, I'd say this is the least effective way to market on the forum.

2. Ad space on bitcointalk. Follow this link - https://bitcointalk.org/index.php?topic=5137422.0

3. Signature campaigns.

Quote from: naetis on April 29, 2019, 08:39:13 AM

I work with numerous agencies as a creative writer (WPs, press releases, stuff like that), and the trend I'm seeing is that they are now rebranding themselves from ICO promotion agencies into IEO agencies. So very soon you'll see dozens of them promising to get you listed on the largest IEO exchanges, "package" your project and team, and so forth. Substantially, nothing changes - it's still the same people doing the same thing - but under a different name and for a higher price tag, since IEOs are supposed to be more costly.

Half of these agencies are based in Russia. This doesn't mean that they offer a poor service - I know dozens of talented people who work for them. But their business model is typically Russian: earn as much as you can, as quickly as you can, and with as little effort as you can. What you should understand is that IEO agencies employ freelancers (writers, designers, marketers, SMM people, etc.) and slap a huge commission on top of these freelancers' rates. So for example, I charge about $1000 for a White Paper, and the designer I work with charges a further $200, but the agency's client will pay upwards of $3000 for the WP package. So if you are planning an IEO, I see no reason why you shouldn't assemble your own freelancer team - it will save you tons of money!

Would agree with this post. Finding freelancers on bitcointalk, or fiver even is way cheaper than hiring a special marketing/consultation/advisory firm.

There are cons and pros to this though, 100 percent. Freelancers are much unreliable than an actual company, and in many cases, aren't as high quality then hiring a full firm. Firms are much more stable, less to cause issues and reputable then single individuals. If you can get a decent price on a full package from a marketing firm, I'd recommend you to go with that.

You don't need a big understanding of programming to be able to create a social media platform. There are lot of options out there for users to chase their dreams. ICO's, crowdfunding, and investors all exist for a reason and don't be scared to use them.

Here's an idea. Create a pitch deck. Put all these ideas you have for the next big social media platform onto paper, add budgeting, how will development work and a timeline. Then go talk to some venture funds, investors or even hold a crowdsale for it. An idea isn't valuable unless there is work put behind it.

Good luck!

They operate in costa rica, so looks like you'll need to pay that 30% tax. I don't like the way they are dealing with you emails, I'm assuming you've gambled and used their service a lot, and they way they are just pushing you away and dodging quite simple questions.

Do they have a gambling license? It seems like they might be avoiding these questions since they don't have an official license. Would be pretty shocking though, a pretty big gambling site without a license, and has active for years.

Reposting this in altcoins discussion would probably be a good idea, or the press section of altcoins. This would be great information if shared correctly.

I've been following ternio for a bit now, and have always been a bit too scared to invest, but this is great news. I've always thought crypto debit cards based on already existing networks (Visa, Mastercard), since that means' crypto is crawling it's way into the mainstream world.

Why not a website? I've been looking for a tracker that I can keep open and I'll get a notification whenever I receive BTC. I've been keeping blockchain.com open, but constantly refreshing the tab when I want updates is annoying when I want to get a notification for a transaction?

Browser extensions are super suspicious. There's been multiple crypto and other scams involving it and I would never download one that isn't fully verified.