Bitcoin Forum
April 26, 2024, 09:57:24 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 [36] 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 ... 161 »
701  Economy / Exchanges / Re: Coinbase max withdrawal ? on: October 06, 2019, 07:34:34 PM
Suffice it to say, if you needed to exchange €15 million worth of bitcoins, it could be done.
But should still be done in smaller increments to avoid theft and accidental loss of coins. I can't really stress this enough as anything could go wrong when sending that amount of coins to someone especially when using peer 2 peer exchanges where you are not sure if the person on the other side will keep their side of the deal. I'm not familiar with OTC but I am assuming there is a escrow process? 

Not always, but it's certainly recommended. ItBit's OTC trades are always escrowed, and the same is true for some other brokers too:

Quote
By virtue of our Trust Charter, itBit's OTC process is de facto an escrow. We always act in an agent capacity. We will never take a principal position in any transaction to avoid any conflict of interest with the client.

The primary difference between an escrow transaction and an OTC transaction is the addition of an agent or buyer/seller mandates. In the escrow process, itBit acts as a neutral party to settle a trade brought forward by an agent or buyer/seller mandate. In the OTC space, itBit acts as the agent to negotiate a trade between two parties and conducts settlement.

Absent a qualified escrow, significant due diligence on the counterparty should always be carried out. That's one of the reasons to use an established, well-known broker who will have access to buyers and sellers who have already been vetted for AML/KYC and access to funds.
702  Economy / Exchanges / Re: Binance with new partner on: October 06, 2019, 07:21:41 PM
Binance Partners with Coinfirm to Protect the Global Cryptocurrency Economy and Ensure Compliance with FATF AML Rules.

Binance will integrate Coinfirm’s blockchain-agnostic AML Platform to its cryptocurrency exchange servicing users in over 180 countries and regions for ensuring secure trading for its customers and compliance with the FATF’s guidelines to cryptocurrency exchanges around the world.

https://www.binance.com/en/blog/386484403820867584/Binance-Partners-with-Coinfirm-to-Protect-the-Global-Cryptocurrency-Economy-and-Ensure-Compliance-with-FATF-AML-Rules

At least CipherTrace lost their bid. That's the only good thing I can say about this.

My question is, when is Coinfirm's system being implemented? Hardly any country -- let alone Malta -- has begun complying with FATF travel rule. Is Binance planning to apply the rule before it even becomes the law of the land? That doesn't seem like something Binance would do.

The $1,000 threshold is pretty scary.
703  Bitcoin / Bitcoin Discussion / Re: Can crypto Insurance be a next big thing? on: October 06, 2019, 07:05:30 PM
The insurer is, at most at risk here, given the vulnerabilities of some systems and the lack of sense of security some individuals have.

Any risk is justifiable if the premiums are high enough. Any prospective policyholder's system would also be thoroughly vetted by the underwriters. I believe that insurers will dip their toes in the water by further pooling the risk. For example, Coinbase's current policy for its hot wallet storage has multiple underwriters.

Regular people like you and me would never qualify for insurance like this. It's for large scale custodians or extremely high net-worth individuals who can afford the extremely high premiums.
704  Economy / Exchanges / Re: Coinbase max withdrawal ? on: October 06, 2019, 06:30:53 PM
Dear Gents,

For example there’s a hard wallet with an x quantity of cryptocurrency.

Bought for €50k and now worth €15 million. All hypothetical okay!!!!

Now you transfer the cryptocurrency from your nano ledger X back to Coinbase.

There's no reason to use a conventional exchange for this. For trades that large, the best option would be an OTC trade desk where the minimum order size is usually around €100K. It sounds like Kraken's OTC desk could handle an order like that without much of a problem:

Quote
Whether you are trading blocks of $100,000, €10,000,000 or 2,000 Bitcoin, the OTC desk will provide you with execution and settlement services that are discreet, secure and ultra-competitive.

Coinbase also launched its own OTC trading desk late last year. I'm not sure how it compares to more established ones.

Suffice it to say, if you needed to exchange €15 million worth of bitcoins, it could be done.
705  Other / Beginners & Help / Re: HELP the dumb-dumb!! I sent TUSD to a USDT wallet, is there any hope?? on: October 06, 2019, 04:30:18 AM
Progress!! I spoke to someone at the head office and they said to give them another address so they could deposit TUSD. Also, to make a small deposit of ETH in my EXXA wallet to cover any gas fees. This was 4-5 hours ago. I haven't seen my TUSD in my other wallet yet but this is progress. It looks like I might actually get back my TUSD after all🙏🤞🙏

That's awesome! You're really lucky considering the policies some exchanges have for these situations. Take Bittrex, for instance:

Quote
Bittrex will only attempt to recover crosschain deposits that exceed $5000 at the time of deposit, within 7 days of the deposit and will charge a 0.1 BTC for this recovery. Recovering coins crosschain is an inherently dangerous and time consuming process.

Or Kraken:

Quote
If you deposit to a Kraken address that is not listed on your deposit page, it will not be possible for us to return the funds. It is your responsibility to ensure that the address to which you are depositing is listed on your deposit page, and that you are sending the correct cryptocurrency to it.
706  Economy / Reputation / Re: Should DT1 members be editing their histories to mask their prior wrong doing??? on: October 05, 2019, 11:51:47 PM
Well let's not make this specific.. This is ...SHOULD ANY DT1 member or any other members be editing the evidence that demonstrates THEY were clearly guilty of financially motivated wrong doing. There is NO DOUBT on the issue of whether it was financially motivated wrong doing or NOT. There was no doubt in their mind they were guilty of facilitating scams for a price.

It's obvious you have someone/something specific in mind. Why don't you just come out and say what you mean?

Let's not get into specifics. This is a broad rule for consideration.

Scammers and clear financially motivated wrong doing - when the evidence is presented to the board and it is highlighted (perhaps years after the event) does it look shady to go and edit this incriminating post ??

Probably, but context is important, and your post is completely devoid of it.

What rules are you talking about anyway? Last I checked, trust is not moderated. If you want to try to smear someone's reputation, there's a board for that: https://bitcointalk.org/index.php?board=129.0
707  Bitcoin / Bitcoin Discussion / Re: What do you think Bitcoins biggest vulnerability is? on: October 05, 2019, 10:32:06 PM
As for technical, i guess soft-fork/backward-compatibility approach which increase development complexity and potentially add vulnerability.

That's a fair point, but it seems like a necessary trade-off. Hard forks coordinated by miners and developers break consensus and economically coerce users into forking. Working within the consensus rules to achieve backward compatibility was one of the legacies Satoshi imparted, and I think the model he left us is quite elegant:

The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime.  Because of that, I wanted to design it to support every possible transaction type I could think of.  The problem was, each thing required special support code and data fields whether it was used or not, and only covered one special case at a time.  It would have been an explosion of special cases.  The solution was script, which generalizes the problem so transacting parties can describe their transaction as a predicate that the node network evaluates.  The nodes only need to understand the transaction to the extent of evaluating whether the sender's conditions are met.

The script is actually a predicate.  It's just an equation that evaluates to true or false.  Predicate is a long and unfamiliar word so I called it script.

The receiver of a payment does a template match on the script.  Currently, receivers only accept two templates: direct payment and bitcoin address.  Future versions can add templates for more transaction types and nodes running that version or higher will be able to receive them.  All versions of nodes in the network can verify and process any new transactions into blocks, even though they may not know how to read them.
708  Economy / Service Discussion / Re: Bitpay has added Ripple on: October 05, 2019, 06:43:50 PM
I'd be interested to know if anyone actually used Ripple to pay for anything. I guess we shall soon find out - if no-one uses the service, I expect Bitpay will drop them within a year.

What makes you think that? They haven't dropped Bitcoin Cash yet. Tongue

I find this move a bit surprising. I remember hearing that Bitpay sells all their bitcoin OTC -- nothing touches exchanges except for funds needed for day-to-day hedging. When they announced support for Ethereum, I took that as an encouraging sign for Ethereum's OTC markets.

But Ripple, seriously? That makes me wonder if they'll be actively liquidating on exchanges.
709  Bitcoin / Bitcoin Discussion / Re: What do you think Bitcoins biggest vulnerability is? on: October 05, 2019, 06:26:27 PM
The social/political attack vector. The 2x fork attempt by major Bitcoin companies and Bitmain in 2017 may have been child's play compared to future attacks. Next time, it could be governments or Wall Street institutions that are trying to fork and co-opt the protocol.

and on the other side the
The social/political attack vector. The 1mb base stagnation apartheid by major Bitcoin companies and devs in 2017. it was Wall Street institutions that are trying to stagnate and segregate the community and co-opt the protocol.

(1mb=controlling the protocol.. aparthied/segregation= throwing the non COREperate opposition off the network)

yes Barry silberts company that owns most major exchanges of influence and put millions into the dev teams pockets

Actually, Barry Silbert was on your side, trying to push the NYA (2x fork) down our throats. Roll Eyes

The developers did no such thing. Bitcoin Core has never attempted to merge changes that would break Bitcoin's consensus rules -- Segwit certainly didn't. Therefore it's ridiculous to claim they "co-opted" the protocol.

Do you really think Core has an obligation to implement every terrible consensus-breaking idea you want?

You can call that stagnation, fine. But if anything, refusing to split the network by hard forking kept the community together. Instead of a catastrophic hard fork network split, Bitcoin Cash just peacefully splintered off. It was the best possible outcome to a 3+ year impasse.
710  Bitcoin / Bitcoin Discussion / Re: Would Quantum Computer Kill Bitcoin on: October 05, 2019, 06:09:52 AM
Now the issue is that ECC is NOT "quantum-safe" meaning that a quantum computer could theoretically decrypt a user's private keys and forge transaction signatures.
Is this the end of Crypto?
I don't think so, but I'd love to hear your opinions too! (Especially the opinion of a cryptographer)

Here's what Bitcoin developer Pieter Wuille said a few months ago:

Quote
Any unconfirmed transaction in flight exposes public keys, so if a QC exists, at least moving coins around safely becomes impossible. Further, a massive fraction of the currency supply can be taken. Lastly, you likely have exposed your own pubkey already.
https://twitter.com/pwuille/status/1133539556936912896
Quote
If there's ever evidence of theft due to a QC, and 5M BTC are readily available for the taking to such a hypothetical machine, do you think BTC will still have any value left?
https://twitter.com/pwuille/status/1133537183854239745

It sounds pretty grim. I didn't realize that P2PKH outputs weren't really secure against hypothetical quantum computing attacks. On top of that, the pubkey problem is really bad. Anyone who has shared an xpub, used Electrum, etc. has exposed pubkeys. It's not just early P2PK outputs or reused addresses.
711  Bitcoin / Bitcoin Discussion / Re: What do you think Bitcoins biggest vulnerability is? on: October 05, 2019, 05:53:51 AM
What do you think Bitcoins biggest vulnerability is?

The social/political attack vector. The 2x fork attempt by major Bitcoin companies and Bitmain in 2017 may have been child's play compared to future attacks. Next time, it could be governments or Wall Street institutions that are trying to fork and co-opt the protocol.
712  Bitcoin / Bitcoin Discussion / Re: Bitcoin Holders Protection on: October 04, 2019, 11:44:57 PM
In searching for solutions that might convince people that see this as a fatal flaw for Bitcoin, I thought about dao projects that we've seen rolled out with varying levels of success and blazing flames of failure. A dao could be the perfect format for a FDICesque organization that allows holders to pay a small premium for btc protection. Without the shareholder profit prerogative the dao would be able to offer the most competitive combination of high limits for protections and low premium costs.

What's the point of operating it as a DAO? After all, this model boils down to trust-based dynamics anyway -- custodians must be vetted and trusted not to defraud the insurance corporation.

If profit motive is what you're trying to avoid, why not aim for a nonprofit insurance association? That way, custodians could pool their risk together instead of hiring for-profit insurance companies at higher premiums.
713  Bitcoin / Bitcoin Discussion / Re: Bitcoin Nodes in Space? on: October 04, 2019, 07:58:44 PM
As of now, Bitcoin is the cryptocurrency with the most nodes available worldwide. It's been doing well with only 10 years since its inception. However, I believe that in order for Bitcoin to reach true censorship-resistance and reliability, it needs to expand in areas far beyond reach. It would be nice to have Bitcoin nodes distributed across space in order to be prepared for any catastrophic event on Earth. Imagine having Bitcoin nodes on the Moon, as well as, planets like Mars and Venus. This would allow Bitcoin to stand the test of time for generations.

However, it's yet to be proven if this solution is viable after all. What are your thoughts? Huh

There's already the Blockstream Satellite, which perpetually broadcasts the blockchain to most of the world from space. It's not Mars or Venus but it's getting there, and it helps reduce the network's dependency on internet access.
714  Bitcoin / Legal / Re: Bitcoin Tax notices from IRS this year for previous years on: October 04, 2019, 07:51:09 PM
Yeah, but did you use coinbase to cash out bitcoins to USD? that seems to be the common thread among those receiving the IRS letters.

It's not just people who cashed out. There have been reports of people receiving letters who only bought bitcoins on Coinbase. Those people received the 6174 letter, which basically says, "We know you own cryptocurrency. You're on our radar. Here's how to report your cryptocurrency transactions."
715  Other / Beginners & Help / Re: Bitcoin account my mobile on: October 04, 2019, 07:36:32 PM
It's been over a year since I tried it, but at the time it repeatedly crashed on me. It also exhibited some annoying bugs -- this one I remember. I imagine some of the kinks have been worked out but I'm not surprised at its mediocre rating in the Google Play store.

Thanks for the suggestion to try Samourai. I've been meaning to check it out.
Well, the wallet was in its early alpha. Also, about what rating are you talking about? The app is in early access and doesn't show any ratings for me (AFAIK only the devs should be able to see it while isn't not fully released for production).

Compared to every other wallet in the Play Store, I can't find any other better (and their devs are nice and pro-BTC).

The rating in the Google Play store -- I see a 3.6:
https://play.google.com/store/apps/details?id=org.electrum.electrum

Like I said, it was a long time ago. I switched to Mycelium on someone's recommendation and just stuck with it because it worked. I hardly ever use my Android anyway.
716  Bitcoin / Bitcoin Discussion / Re: If not a "store of value" or "medium of exchange" ... on: October 03, 2019, 11:41:25 PM
Isn’t POW going to kill the planet with its waste of electricity?

I'll bite. How much energy do you think the gold mining industry consumes? Some estimates say Bitcoin constitutes just a small fraction of the costs entailed by gold mining: Bitcoin Uses a Lot of Energy, But Gold Mining Uses More



If only people didn't need money -- then we wouldn't need Bitcoin or gold. Wink
717  Bitcoin / Bitcoin Discussion / Re: South Korea precedent ruling allows cryptoexchanges to be sued due to lost funds on: October 03, 2019, 11:25:28 PM
If the exchange broke their own policy then they should indeed cough up. The weird IP thing is a bit different. Some exchanges allow you to specify which IP is permitted. Perhaps they should be clear about that. Plenty of people log in with VPNs et al.

Nobody should assume IP whitelisting is in effect on their accounts. In fact, nobody should be employing it at all -- it's a great way to get locked out of your account.

The customer claimed Coinone should have blocked access to his account because the hacker's login didn't match his usual IP address. That's a massive stretch, and I'm glad the court disagreed.

Allowing withdrawals beyond their own stated limits is just silly. Indeed, they should cough up. That's not exactly a surprising conclusion from the courts.
718  Bitcoin / Bitcoin Discussion / Re: Rant: I am thinking of Quitting my Interest in Crypto Currency on: October 03, 2019, 09:54:57 PM
Coinbase Pro recently raised it's fees so high as to block out ordinary traders.  Binance kicked out USA traders.  Bakkt is not going to be too much different as they just keep raising the bar and implementing more rules and regulations, making crypto boring.  Gemini is just a greed machine too, while the people who own Gemini are already ultra ultra wealthy, and they just want to keep becoming more and more greedy.

It is just one thing after another everyday and it is all really boring news too.  Bitcoin is all just a bunch of greediness and politics now a days.  This is not a fun environment anymore.  It is taken over by greedy exchanges that are already rich, and they do not have to be greedy either, but the people who run the shows just sorta stuck on creating this stuff I guess.  It is taken over by people who's entire focus is just being greedy.

Capitalism being capitalism, I guess. Venture capitalists and shareholders put in capital to get a return. Yes, they're being greedy. "Greed is good" was Gordon Gekko's famous line in Wall Street, wasn't it?

I sympathize with what you're saying but this all seems inevitable if Bitcoin is going mainstream. Companies see adoption potential and they want to monetize it. Meanwhile, it's big enough to be on government radars now. I miss the old days too but it's just the way things go.
719  Bitcoin / Bitcoin Discussion / Re: Why not use Exchange instead of Mixer? on: October 03, 2019, 09:27:31 PM
simple: mixers are created to provide you anonimity, exchanges are not...

Exchanges usually require KYC info, they keep logs of all addresses, ip's, timestamps,... Mixers promise to do none of these things.

Ofcourse I am talking about using exchanges without KYC. Binance allow unverified accounts to make withdrawals upto 2BTC per day which is quite ok.

Binance regularly works with law enforcement agencies and regulators. They also hire blockchain analysis companies like CipherTrace to analyze customer activity. If they flag your inputs or activity as suspicious, they freeze your funds and demand KYC from you.

Mixers don't do any of that.

Exchanges like Binance are fine for things like obfuscating the source of gambling withdrawals. Withdrawing directly from a sportsbook to Coinbase, for example, would put your Coinbase account at risk of closure. It's not against Binance's terms, though, so they're a fine intermediary in this case.

However, I wouldn't risk sending DNM bitcoins or otherwise tainted bitcoins to Binance. That's asking for trouble.
720  Economy / Exchanges / Re: Edge Wallet Partners With Bity to Offer Non-KYC Fiat Exchanges on: October 03, 2019, 09:03:58 PM
It's just the convenience that makes this a better option to some people.... the fact that they have your bank account details is already enough to know who they are dealing with. I hope people don't assume they are private or something.

For years I have been using a local service that only needs your bank account details to allow you to buy/sell thousands of euros worth of Bitcoin on a daily basis. Nothing really new to me or other Europeans dealing with euros.

Do you mind sharing the name of this service? I'm sure other Europeans would like to know. This guy and all the commenters in the thread seem pretty clueless:

Quote
I was trying to buy Bitcoin but I needed to verify my ID on every website.
Are there any websites which allow buying Bitcoin without that?
I would also prefer website that are for my region (Europe - Germany).
Thanks in advance.

With mandatory KYC now hitting Localbitcoins --and the largest SEPA exchanges like Kraken, Coinbase and Bitstamp already requiring it -- it seemed relevant. I'd much prefer not having my passport, SSN, and other sensitive personal information on file with exchanges. That's just common sense.
Pages: « 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 [36] 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 ... 161 »
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!