You sure that it's actually bitcoincashout.com? instead of bitcoinscashout.com, which is a pretty well documented scam with a lot of people reporting that they've been scammed. You may want to change your Title and the URLs in the OP if that is the case.

But the site design is a huge red flag already, because obviosuly they haven't put much time and effort into designing this site if they are legit. They are offering @ or above market rates as well, which is strange for a business to do, because they have absolutely no profitable business model.

You're right, always do your research before you send funds to any crypto site. There are tons of scams out there, and this is actually one of the more obvious ones. Sorry for your loss, but at least it wasn't that big.

Bitcoin network can't just be closed. As long as there are nodes on the network that are still operating, bitcoin will still be alive and well, and serve its purpose. Unlike previous anonymous payment processors, bitcoin doesn't have a central point of attack or failure. Governments around the world can't simply shut down the network, like they did to Liberty Reserve.

It'll be unlikely for governments to actually ban bitcoins, let alone for the entire world to ban bitcoins and for the governments to form an alliance on this matter. I think the scenario would be next to impossible.

It would definitely have negative impacts on BTC, no doubt. But I would not be surprised to see if there would still be a lot of people using it as a currency. After all, governments can't shut down the bitcoin network itself.

First of all, either disable crypto payments altogether or change the receiving address. Most likely you have already, but just a friendly reminder. You don't want to focus on trying to get the funds back from WEX that you forget to update your address.

It'll honestly be extremely difficult for you to trace down your funds, and get them to credit your account, at least in a reasonable amount of time. There's a possibility that the addresses aren't even in their possession anymore, even if they are they would need to be manually accessed. You also could need to prove to them that it was indeed your deposit address, since they asked for proof of deposits for a lot of previous BTC-e users.

Also, WEX support was slow as hell ever since they started operating under the name of BTC-e. And even if they respond, it could be completely unhelpful. How much did you lose?

CGT of this kind is pretty much worldwide already established throughout all crypto trades. Most countries already label the sale of crypto to fiat as a taxable event, and if a profit is made, taxes will have to be paid on these trades.

We're seeing clearer cut tax laws regarding crypto recently in a lot of countries, though, and governments are taking a clearer stance for sure.

Does it have benefits? Well, it does for the government and theoretically for the underprivileged. But it's not just crypto that is getting these taxes, pretty much all assets or investments that can grow in the positive direction will be liable for CGT.

If we're only talking about Bitfinex margin lending per se, not taking into account all the risks involved with the exchange itself (going insolvent, going down, etc. etc.), then yes, lending is a great way to earn some money on your BTC or other cryptos for sure. Interest rates are high, and usually there is a lot of room for bigger investments in lending.

I mean your loan is collateralized and automatically liquidated the borrower's position drops below a certain value, so there isn't that much of a risk there. All you need to worry about is whatever you're lending out actually retains its value through the period of time you lent it out, as well as trying to get the best rate that you can(rates fluctuate from time to time).

But you definitely shouldn't discount all the risk factors. I think you know them all already anyways, so I won't repeat them. Just think twice before you invest.

I wouldn't say that it's not a good time to buy, especially if you are planning on holding for the long term anyways and treating bitcoin as a store of value. Prices are still considered to be cheap in my opinion under $10k.

It's just not the best time to buy, prices can be a lot cheaper than what it is right now.

Definitely not the most optimal time to buy considering that we have just came off a pretty bullish rally in recent days, and value of BTC essentially increased by around 50% in a short amount of time. There will always be a correction following that, and we're seeing that starting to happen right now with the $10k resistance being too strong for BTC to push through. There is a high likelihood BTC will retrace further before establishing a bottom.

Of course.

Bitcoin is intended to be used worldwide, and it does not take into account borders. It would definitely save everyone time and money if BTC was used to settle trade balances, since bitcoin is a truly global currency. Of course, it does need two parties mutually agreeing to the terms of accepting bitcoin as a payment, and right now adoption rates are probably too low for this to happen on a consistent basis.

But definitely don't discount the idea of Bitcoin being used worldwide to settle trades in the future, after all, it's one of the things that BTC was built for in the beginning.

Right. But the thing is that not everyone is willing to provide their ID regardless of the amount, and they'd rather stay anonymous. Localbitcoins even used to allow you to put out advertisements on their platform without ID, which is no longer possible. People who wanted to stay anonymous could even get above market price for their coins this way, and now, that is gone.

Also, I don't think that they have released enough information on when you're going to be asked to provide ID. Like what is "significant trade volume" anyways? At least release a precise schedule of at how much volume you'll be asked to provide ID.

All in all, this probably won't affect most established traders anyways, but it's a hassle if you don't want to give out your personal info and you want to trade actively. Also shows that regulations are tightening up on crypto everywhere.

It was a matter of time before the mainstream starts to notice crypto. Buying out exchanges through intermediaries and the like are all going to be very common practice in the future for these mainstream financial firms, just as Goldman Sachs did with Poloniex.

The institutional demand and interest of BTC is definitely going to continue to rise in future years. Whenever there is news of a mainstream financial institutional entering the BTC market, it will shake up the crypto markets for sure. Although I'm very skeptical of the impacts of these instutional firms launching exchanges on the actual bitcoin users, since they are most likely going to be targeted for big time speculators only.

Hopefully these institutions don't trade or issue contracts associated with BTC price, but rather bitcoin itself. That is the main concern that I have.

People make the mistake in my opinion of saying that bitcoin is not a currency, because it's not used in commercial activities as much as the major fiat currencies. That is a misunderstanding, in my opinion. Just because people choose to use BTC differently than what it is supposed to, or able to be used as, doesn't mean that it's not a currency.

The criteria of currency are listed out perfectly here, unit of account, fungible, medium of exchange. Store of value is actually a property which money has, not currency.

Bitcoin absolutely checks all of these boxes, and to me, there is nothing that is saying BTC is not currency. Of course, you can also say that BTC is an asset, and you'd be right, since BTC is indeed a store of value in the long run. But that doesn't take away from the fact that Bitcoin can serve as a currency equally well. Plus, aren't all fiat currencies assets anyways?

We can't dictate what the Filipino government does. But whatever they do, let's hope that it's not an outright ban on cryptocurrencies. I believe that countries who try to restrict people from accessing crypto is just shooting themselves in the foot right now, they are restricting crypto related companies from sprouting up in their countries, which is to their own detriment.

Crypto regulation has become a global trend after 2017's huge bull market, and it's causing some concerns for holders for sure.

I don't see anything intrinsically wrong with regulation, as long as they are not unreasonably strict on the average Joe. The Philippines has a large amount of Bitcoin users already, and hopefully the government is able to take a step in the right direction by implementing positive regulation that makes investors safer, but do not restrict them from investing altogether like we saw in other countries.

I haven't gotten any sort of notifications yet, probably because of the fact that my trade volume is still too low for them to consider my account worthwhile to suspend. It seems to have started to happen gradually, over the past few weeks as more and more accounts have been placed into restriction.

The only reason I use LBC right now is because of the fact that it doesn't require identification. If I'm forced into giving away my personal details, I'm definitely going to find somewhere else to trade.


It could definitely be possible. The amount of info regarding these new rules released by LBC is next to none (or at least I haven't been looking in the right places). Perhaps it's only a region thing, but everyone seemed to have gotten warnings that had significant trading volume, if not a ban (who is not already verified).

To me, I believe we most likely will still hang around the current level for a while. The support is undoubtedly still going to be pretty high, probably at around $9k, and obviously you got the ceiling at $10k that seems to be impenetrable at least for now.

I think that after we consolidate a bit at $9k or so, we will re-test the $10k level again. If that attempt isn't successful then I think there will probably be a pretty sizable correction coming our way, perhaps even going under $8k.

But right now, for the coming days, expect sideways movement. Prices got sent back again yesterday due to the strong resistance, it's really proving to be a huge sell wall right now.

The general principles of investing still applies.

However, I think that it's different to the stock market. Stocks produce dividends, while bitcoin obviously does not. Bitcoin is a currency, while stocks are securities in a company. Two different things, but as I said, the same set of rules with investing in general, especially for the long term, applies to the crypto market.

Bitcoin is a long-term store of value, as well as an asset. So the approach here is completely different to stock market trading. Of course, you could day trade BTC like a speculative tool, but I think the most attractive aspect of BTC is still in the long term ability to hold value.

I would definitely familiarize with the crypto market before making any moves in it, including studying why BTC makes sense on an economic scale.

Gold has been considered to be money for millenniums. This doesn't seem to be changing in the foreseeable future, in my honest opinion. Therefore, I definitely don't disagree with the statement that gold is money, however in the current time it is definitely still a valid investment. It only depends on your definition of what an "investment" is, really.

But gold definitely hasn't really rallied for a long time, and seems to be consolidating and moving sideways exclusively recently.

It could definitely be a good time to buy some, but just like any asset, be prepared to hold it for the long run. Gold is probably more of a store of value for the long term, than a short term speculative investment.

PM credit exchange is literally the most redundant thing ever. They are an anonymous payment processor themselves, and they don't have any sort of restriction on who can ask for loans on their platform. There are absolutely zero collateral as well.

If lend money to strangers, promising 200% per day sort of interest, on a shady platform with absolutely no backing and no verification, then you probably won't get anything in return back. That is the essence of PM's credit exchange.

Don't use it, reputations there don't count as anything. You'll get scammed 100% of the time.

The exact reason why BTC can't cross $10k is unknown, but it's definitely presenting huge resistance for prices to continue its way up right now. It could be a combination of a variety of factors, and not just one specific one.

Prices dipped again today with BTC value dropping to $9550 just a few hours after the $10k level was tested, although unsuccessfully, again.

I personally believe that even if BTC was to make its way up to over $10k during this rally, it's highly unlikely that we'll be able to make it to higher ground without consolidation below the current price levels first. People are already talking about the next all time high coming soon, for some reason, which to me is absurd considering that we're not even fully out of the bear market yet.

We just saw another pretty big adjustment when BTC went up to $9900+ and now adjusted down to $9500. It just demonstrates how strong the $10k resistance is, in my opinion. We may not actually see $10k being broken for another few months as well.

Bulls are back, but only temporarily. This rally is probably not going to last that long, even if the $10k level is actually breached.

It's probably not wise to get too optimistic in the short run, and obviously don't go out of your way to try buy in BTC with all you got when it's clear that FOMO is already a factor in this rally, which again, mean that a correction may be due soon.

These types of scams are quite common, and happens all the time with all crypto related services essentially, whether it be a wallet, an exchange, or even a bitcoin mixer. Always be careful when clicking on google ads. In fact, don't click on them at all.

As Tryninja said, use an adblocker if possible. That's the most direct route.

Google's going to take out these ads I believe in a few months anyways so it's not going to be a concern anymore. But doesn't mean that google is the only route by which phishing links can spread, there can be a multitude of ways, including email as well. Bookmarking the crypto exchange or wallet you frequently visit can be helpful as well, or simply remember the URL.

As Slow death said, please update your post with the relevant details using the correct format.

Is the thread that you are talking about and got scammed by this one?

This user(youtubetv) is not only a serial scammer that is known for his autobuy scams, he also is a probable alt of another scammer. All of this is documented on his trust page that you should have visited before dealing with him. His offers are way too good to be true, and in future please avoid all autobuy links, especially if the sales thread is self moderated or locked. They do not offer any sort of protection for the buyer.