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May 28, 2020, 07:35:21 PM *
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1  Bitcoin / Legal / Re: Crypto Exchange and Anti Money Laundering Question on: Today at 06:32:32 PM
So, brand new website as hugeblack pointed out, the contact address is @yeah.net which I understand is a free service, no phone, no address although they have tens of offices around the world. Yeah, legit!!!

The exchange felt legitimate at the time because it requires KYC, and I had to provide my driver license and bank information.

So because they ask for your info they are legitimate? If I ask you for you driver license would that make me trustable?

However, when I try to withdraw $5000 or $10,000, the exchange rejected my requests. After contacting their customer support, I was told that they flagged my account as suspicious money laundering activity because I was withdrawing large sum of money too frequently. They also said that they submitted my info to a US agency to validate my identity in order to verify that I am not involved in money laundering.

So right now, it all points to a possible scam. Let's say it was not a bait move and that they indeed found something suspicious, no real exchange will tell you they are investigating your account with an US agency, nor will an exchange that is based in Seychelles submit this info the Fincen and then inform you they did it.

Due to a friends' referral, I was trading Bitcoin contracts with leverage at a foreign exchange

It is possible that you met this friend of yours on some social platform? Just asking!




2  Economy / Scam Accusations / Re: Apoolex SCAM? on: Today at 05:44:55 PM
This looks very scammy. Their website is made less than 3 months ago, and they claim to have tens of thousands of users.

What's shadier is that they are replacing with apoolex with sionstore as I'm writing this

http://archive.vn/wip/OoxzF
http://archive.vn/wip/7taQv

The same number of users, same bla bla bla

And by the way, sionstore is also shady, the domain name might be older but it's a dropped domain
https://whois.domaintools.com/sionstore.com
2 registrars with 3 drops

And it was a Spanish web design and hosting business a year ago:
https://web.archive.org/web/20180110014916/http://sionstore.com/

Anyhow, financial advice on tinder? Common, it doesn't have to be cryptos, any business from selling cookies to raising cows proposed there is a scam.
3  Bitcoin / Bitcoin Discussion / Re: Crypto's utility as a payment tool on: Today at 05:03:12 PM
By way of example, I'm trying to show that bitcoin's mechanisms makes so there's a direct connection between price and fee-value.
Yes, in a real world scenario there are more variables, but what evidence do we have to support that if prices were to go up that much, the value of fees wouldn't follow suit?
For the record, I wasn't trying to imply that there would be perfect correlation. But rather to show what bitcoin's fundamental's can lead to for fees.

There is none:
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html
https://bitinfocharts.com/comparison/bitcoin-price.html

Average fees from May 2017 till November were constantly over 2.5$, with the price being well below 6k$.
In May 2018 till October, with the price constantly above 6k the average fee was below 1$.
In January this year with prices over 10k we were still below 1$, now with prices below that we're at around 3-5$.

Even if the price does go way up and the correlation between price/fee value isn't great, but it's still there.

Nope, it's not.  Grin
4  Bitcoin / Legal / Re: Bitmain co-founder in legal war against shareholders of the company on: Today at 01:38:01 PM
You will need lots of popcorn for this

So, everything is a mess with Bitmain Technology Co., Ltd part of Beijing Bitmain Ltd being owned by Bitmain Technologies Limited based in Hong Kong but managed by BitMain Technologies Holding that also held the business license and there are two more subsidiaries which are not under this management control but part of Beijing Bitmain ...
Yeah, everything is pretty clear ...

I wonder how long it will take till the courts get tired of all this end advise them to stop playing games or they will all end in a stadium, with no matches being played.


Had there been an IPO and stuff I wonder what their respectable shareholders would make of stuff like this.

If Bitmain had an IPO a lot of pretty shady stuff that is going around there would have been exposed, and if respectable people would have invested in it even with those probably all the previous leadership would have been retired or assigned some nice paid jobs but with no decisional power left.
Anyhow, bad times for this infighting with the best gear going to ROI in one year assuming 2c/kWh and no other expenses, really really bad timing.



5  Bitcoin / Bitcoin Discussion / Re: Crypto's utility as a payment tool on: Today at 11:29:36 AM
For this example I'll set the sat/byte fee as a constant of 193 sats per byte. Amount of money (in monetary value) intended to reach the recipient can be any constant.

This is a very poor approach at it...
Let's continue your example but increasing the value a bit more:

Quote
At a hypothetical price of $9.000 per BTC, the cost of the transaction would be $4.3425.

So for 90k$ per BTC we will have 43$ on average.
And for 900k$ we will have 430$ on average.

You realize that this extrapolation is pretty lame, even if bitcoin would be worth x amount, people are not going to spend thousands in fees if there is nothing to gain from it.
Excluding a massive FOMO with rising prices when everybody is rushing his coins around there is really no incentive to move your coins at such fees.

Just as demand for transaction space drives the price up, so will a higher price drive demand down.



6  Economy / Trading Discussion / Re: Latoken will charge you 5USD monthly, if you are not active. on: Today at 09:54:25 AM
~

I see it the same way, and I am frankly surprised that Exchanges did not start covering their running costs through user fees (apart from trading fees) much earlier.

They did, latoken is not the only one:

coindirect
https://www.coindirect.com/terms

Quote
You must not use your Digital Currency Wallet for the purpose of storing Digital Currency. Where any Digital Currency in your Digital Currency Wallet is not used for a period exceeding 90 (ninety) days, Coindirect may charge and obtain from you an Inactivity Fee of EUR 5.00 per month (or the equivalent in your Local Currency), which shall be collected from the Digital Currency held in your Digital Currency Wallet.

coinsbank
https://coinsbank.com/fees

Quote
Inactive account maintenance
49.95 EUR (or equivalent) per month

crypto.com
Quote
Inactivity fee 12 months  5£

And.......drumbeats.... Grin

Bitfinex
https://www.bitfinex.com/legal/terms
Quote
9. Inactivity Fee: Where you have not traded on the Site or engaged in any funding activity on the Site for an uninterrupted period of one year, Bitfinex thereafter reserves the right to charge and obtain from you an inactivity fee of $5.00 per month, with or without notice to you.


But as I said before, nobody reads the terms!
7  Economy / Trading Discussion / Re: [2020-05-27] How a Trader Lost $1,200 in 100 Seconds on: May 27, 2020, 01:38:55 PM
Looking at the compromised address‘s transaction history, we can see the rogue transaction sending out 0.038ETH. That is roughly $1,000 at the time of writing.

What conversion rates are you (or the author) using  for ETH?  26 000 $/ETH?
That transaction is worth 7$!


8  Economy / Trading Discussion / Re: Latoken will charge you 5USD monthly, if you are not active. on: May 27, 2020, 12:13:17 PM
I do not see any reason why I should start using Latoken exchange. I do not trust them at all, look how they behave, fake IEOs, fake volume and now charge for nothing?

Neither do I but you're the one receiving emails from them.

Binance is the biggest and most safest exchange and its free!

There is no such thing as most "safest", and I wouldn't trust Biannace with a satoshi, especially after their flight from Japan and then from Malta when they couldn't abide the laws, nor will I trust any exchange with anything, I go by the principle "not your keys not your coins".

That is why we should read first the "TERMS OF USE AGREEMENT" in every exchange platform.

Funny thing is that the fee is not mentioned anywhere in their Terms or in the Fee panel.
https://cdn-new.latoken.com/common/files/terms-of-use-v2.pdf
https://latoken.com/fees

But let's be serious, who read the terms before signing up? 0.0001%?
9  Economy / Trading Discussion / Re: Latoken will charge you 5USD monthly, if you are not active. on: May 27, 2020, 11:25:59 AM
I think that they officially bury themselves.

Im seeing their platform will go down soon or will close eventually due to this move.

Why do you guys think so?
Who are they going to lose, clients that are not making a trade/deposit/withdraw fro 6 months? How can you even call them clients?
From the start, why would you leave money there for more than 6 months and do nothing, why leave coins on an exchange for that long?

Its like they imposing some ground for not being actively trading there, so by any chance that you not logged in to do some trade, they will automatically deduct $5 fee every 6months?

It's 5$ per month, every month after the 6 inactivity months. And only if you have a balance.




10  Bitcoin / Bitcoin Discussion / Re: Miners are happy, while we suffer? on: May 27, 2020, 10:11:24 AM
~

Now I see. Thanks for the explanation!

But still ... I just checked the last 10 blocks, and most of them have around 1 BTC or above in transaction fees. So we can't say, at least these days, that "fees are just a small part of the reward", right?

Of course, it pales in comparison, for example the maximum in fees this month was around here

Quote
14 May from 00>24   114 Blocks > 145.5926338 in fees
Last 24h (this was on may 18th,                  127  Bloks > 123.5550215

Comparing with 2017, with 1276.387354 in 24 hours, 60% of the reward.
Now the best we did was around 10-15%

The only difference is that what was then a huge income on an already huge reward is now offering a breathing with hundreds of miners clicking to cents when it comes to revenue.

Miners logically should slightly increase the commission, because their number has decreased after halving, which means that transaction processing may take longer than before. Therefore, the growth of the commission was quite expected.

Miners don't have a commission and they have no way to impose one.

I still have no idea of how this fee system works in bitcoin. Sometimes minimum transaction fee is 1.1 usd while at times its 0.5 usd. It's very complex, will be happy if somebody can teach me this in simple words.

As simple as possible.
There is a limited amount of blocks that are mined daily with limited space for transactions.
When there are more transactions waiting to be confirmed than space the ones with higher fees get in, the ones with lower fees do not.

Think of it like the scalper thing, there are no tickets resellers when the stadium is empty, but at the Superbowl you pay three times the price to get in.
11  Economy / Economics / Re: US is so poor that president trump constantly attack China. on: May 27, 2020, 09:54:48 AM
~

Seriously, go see a vet about your eyes and comprehension as it seems you're way off in everything.

I'm giving numbers you're giving me a crapload of text with nothing but stupid discussions between two or more morons and some youtube channels?
Do you know what the ironic part is in that? That those clickbaitish clips are done for one purpose alone, clicks and views than transform in good old us dollar who everyone on this planet is after, even the Chinese.

US debt held, by Chinese? 5%. Nothing! What about the Chinese 10 trillion debt? Crickets!

Before barking like a mad dog and posting another wall of text with no meaning come with numbers! Number!!
Like the debt China has. Like its budget deficit! Like its inequality! Like the numbers of Chinese fleeing it for the US! Like the billions, they come with!
Numbers, not bullshit propaganda and rumors spoken by two lonely guys in a basement full of tin foil.

Are you a Chinese citizen?
I think He is Chinese

He is not Chinese, he is a nutcase, and those have no citizenship or race.
12  Economy / Economics / Re: Is it possible to live without banks? on: May 26, 2020, 10:15:15 AM
The problem is loaning money - it can be only trough the banks, loan sharks, family/friends and investors. Banks of course guard themselves from loss trough collaterals and laws.

Oh, what a surprise...do you know how loans work on bitcointalk?
[EDU] The Rule of "No Collateral, No Loan" - IGNORE AT YOUR OWN RISK!
Everyone is going to ask for a collateral, nobody is going to give you money for free without first securing a method of getting them back, be it banks or crypto lenders.

Right, I didn't even consider the volatility side but as for the Bitcoin lending industry, seeing how it's currently developed it won't really work.

Let me explain: Currently, if a person is looking to borrow money and try to use a lending platform such as Nex.io, Celsius, or any others he needs collateral. It's almost impossible for a company not yet launched to provide any, otherwise, there is no use to borrow money if the company already owns the funds. Better for the company to sell the collateral and start with it. But as I said companies rarely have collateral, they have perhaps 10% and a money machine idea.

I never understood the lending model on those platforms and I will never will

For example, on celsius, if you want to get 10k$ you have to deposit at minimum for the most unfavorable conditions 2.241805 BTC.
Why would you do that?


13  Bitcoin / Bitcoin Discussion / Re: Miners are happy, while we suffer? on: May 26, 2020, 08:46:56 AM
I'm personally surprised that blocks with lees number of transactions are getting higher fee rewards, but that's how it is.

Full blocks with fewer transactions mean wither a large number of inputs or output, since in this time no normal user is consolidating his wallet those mostly come from exchanges doing their payouts or moving their coins, and since for them time is essential and users already pay for these fees they afford to pay more. For example, one of my deposit waited for 12 hours before being confirmed at 10sat/b  but in the next blocks the exchange consolidated some 30-40 deposits and moved them with a fee of 50sat/b, more than triple what it would have taken to confirm it anyway.

I got sent about $500 with 4 sats/byte, it took a whole week to clear, but it cleared! Low fee transactions are definitely still possible, just manage your expectations for clearing times Smiley

For private stuff yeah, but you can't run a business like that.
Imagine a gambling site or exchange on which both deposits and withdrawals would take a week, nobody would use it.
14  Bitcoin / Bitcoin Discussion / Re: Craig Steven Wright is a liar and a fraud - Tulip Trust addresses signed message on: May 25, 2020, 02:56:08 PM
So, with this, we might have finally seen the end of this nonsense with satoshi's vision and CSW.
Although knowing that scumbag he will probably come with some new story on how he was raped by an elephant yesterday in the parking lot and somebody took the keys he has just received from his source..

But with this, we open another pandora's box, who the hell is the guy that has all those keys? Is the guy behind this really satoshi drama starts!
At least he doesn't claim he is,..yet! Also, why now??

One more thing, out of all that dump, which is the oldest address and from what date?
15  Bitcoin / Legal / Re: Kremlin vs bitcoiners. on: May 25, 2020, 02:36:55 PM
i asked my russian friends about this yesterday. they both laughed.

Yeah just like people laughed when BTC-e was first in trouble...Nothing can stop us...Russsssssia!!!!

what makes you think this time is different?

Nothing, we're just talking about possibilities.
If they want to stop it or if they are just passing laws out of boredom to make them look like they are doing something.
There are laws against driving on the sidewalk in Russia but enforcing them is a hobby, just as there are a lot of other laws that nobody cares.

The problem starts when they really want for some reason to enforce this, like some infighting in the FSB for example, when the last clean up of the FSB happened billions of $ were involved as there was simply so much they could tolerate, even if the higher-ups were involved money was flowing out of the country way to fast, so they squashed everything.
If for one moment they will have the feeling money that they can grab are flowing out of the country through cryptos they will enforce it.

If not, nothing, as I said before, it will be a law that will simply collect dust.
16  Bitcoin / Bitcoin Discussion / Re: Gold Medalist Bought Bitcoin on: May 24, 2020, 07:24:50 PM
I can also see how something bad can come out of this - laymen rushing to buy BTC without doing their research, and ending up getting rekt by many of the common pitfalls in this field - leaving coins on exchange and getting hacked, downloading fake wallet, losing their seed, etc. I'd prefer if at this stage people learned about Bitcoin from good sources that guided them through all the dangers.

I don't think it will have that much influence..
An influencer is good when it comes to simple things, buy that cream, tweet that, watch that movie, that girl is hot.
When it comes to anything more difficult than throwing a pizza in an oven 99% of them quit, they give a like or a thumb up but will never take the advice.

And this is financial advice, we will have to cut a lot of their fans who are following her for different reasons, a lot with no financial means to invest and out of the few that remains most of them will do a bit of research. So I will think that the negative effects and unwanted situations will be negligible.

Yeah, I would prefer the same as you but there is one thing, the ones that wanted to and are able to deal with those problems have mostly already heard and bought, the ones not convinced already are the guys either too lazy or that are have no trust in the coin at all. Once mass adoption finally happens to prepare for a wave of situations like that, it's just like with the aviation industry, planes are quite safe, till you let everyone fly one .....




17  Bitcoin / Bitcoin Discussion / Re: Miners are happy, while we suffer? on: May 24, 2020, 07:00:28 PM
i think the halving contributed to the current fee situation and the mempool bigger backlog but it is not the biggest reason. the main reason remains the price rise and traders flooding the network and i wouldn't dismiss the possibility of an orchestrated spam attack against bitcoin right after halving.

The halving has cut the reward for miners, it happened in the middle of an epoch so the difficulty retarget wasn't accurate as it reflected a drop for only half of the period and we have to wait for another one so the block time will start coming closer to the designed 10 mins.
Right now, in the lasts 24 hours, there are 124 blocks mined instead of 144 which means on average around 40k less transactions capacity for the day.
Since the start of this era on the 20th, we're down almost 130 blocks, that's close to a day lost of transactions in 5 days.

There is no spam attack happening, it's just diminished capacity, and it will go like this if the price doesn't increase for another 10-12 days.
Fortunately for us a spam attack right now won't solve anything for the other shitcoins either, I think they have learned their lesson, if bitcoin goes down so will they! Besides, they run also really tight margins with their mining operation, at attack would really kill the golden goose.

A slight jump in price to 12k might convince a few miners to turn back on older gear and we could go over this retarget faster, till then...nothing to do but wait.

18  Bitcoin / Legal / Re: Kremlin vs bitcoiners. on: May 24, 2020, 06:15:37 PM
You went from this:

a ban on bitcoin would be like a ban on gold---unenforceable, and would make the government look very impotent.

to this

cool, lemme know when russia bans bitcoin. they've been threatening to do it for 6+ years.

Two different scenarios, what can they do it if they really want, and if they will even do it in the first place.
If you would have bothered to actually read what I'm posting you couldn't have missed this:

If Putin approves, it will be done, and once he does its a matter of how much do they really want to curb usage in the country.
There are hundreds of laws in Russia but enforcing them it's another thing, if they will simply use it as a means to target individuals most of the users can still fly below the radar and will not get in trouble. If it's an all-out crackdown on it, then it's simply game over.

But I'm used to it, if you don't stick your tongue deep down satoshi's......code and treat bitcoin as the supreme invincible undefeatable unbannable perfectionist entity you're spreading FUD.
19  Bitcoin / Bitcoin Discussion / Re: China electric issue causes Bitcoin to pull back on: May 24, 2020, 04:19:17 PM
It was also reported that Sichuan has been contributing not more than 10% of China's Bitcoin hash power.
 Source : https://www.google.com/amp/s/www.financemagnates.com/cryptocurrency/news/local-chinese-authority-seeks-to-curb-bitcoin-mining/amp/

I can find you 300 articles each quoting Sichuan with anything from 10% to 107%.

Here is 54%:
https://thenextweb.com/hardfork/2019/12/11/bitcoin-cryptocurrency-mining-hash-rate-china-renewable-energy-blockchain/

Here is 70%:
https://news.bitcoin.com/chinese-miners-flock-to-sichuan-for-cheap-electricity-during-the-wet-season/

Everybody is just throwing figures around with no real basis.

Quote
Obviously, Sichuan eletrical issues has been one of the reason why the hash rate drops 33% EH/s, together with some miners who temporarily suspend their activities due to the halving difficulty adjustments.So, it has been over 3 days now since the electric interruption occured in Sichuan, fits perfectly with how Bitcoin price moved from the past 3 days.

No, it's not obvious and it doesn't match anything.
The only thing that matches with the reduction in hash rate is the block reward and I'm getting tired of repeating it:

The first block of this epoch:
628992  Mined on  2020-05-05 04:00
https://blockchair.com/bitcoin/block/628992

The halving block:
630000  Mined on  2020-05-11 19:23
https://blockchair.com/bitcoin/block/630000

The last block mined:
630576 Mined on  2020-05-16 09:11
https://blockchair.com/bitcoin/block/630576

So, before the halving we were doing for 6 days:
1008 blocks  in 6 days, 15 hours, 23 minutes  9383 minutes  9.3 mins/b

After:
576 blocks 4 days, 13 hours, 48 minutes 6588  11.43mins/b

Just before the halving the difficulty estimator was:
Quote
... between +4.3774% and +6.0926%
now is
Quote
between -1.8704% and -1.7868%


What's the correlation between mining hash rate and Bitcoin price?

Price dictates hashrate, simple as that.


First of all, the hashrate has never been higher. The recent drop due to the halving plus the events you have described have only taken us back to the same levels we were at at the end of last year, and remains higher than everything from September last year back to the genesis block. When we were pushing $14k back in June, the hashrate was only around 63% of what it is now. When we peaked at $20k in 2017, the hashrate was approximately 15% of what it is now. There is no real correlation between hashrate and price.

Unfortunately, you're missing something, just as the world was missing something, ... mining gear
An s9 went for 3000$ (twice more than at launch!!! and we were already 2 years later and we're talking about used gear)
Simply there was no way for the hash rate to grow, there were no machines left, there was nobody capable of producing them, nobody could produce 20 times more miners that had been produced in history in a matter of less than a year. That's why the hash rate couldn't keep up.




20  Bitcoin / Bitcoin Discussion / Re: Gold Medalist Bought Bitcoin on: May 24, 2020, 10:32:29 AM
More like Binance is paying celebrities to "organically" promote their business, which also means they are promoting Bitcoin. Imo it's not such a great thing, people shouldn't be getting their cryptocurrency opinions from Olympic athletes and other celebrities, they have zero qualifications on the subject and can be shilling for altcoins just as easily.

I had the same feeling on reading the hashtags

"I talk with somebody from BINANCE, and ..I also bought some bitcoins"
vs
"I bought Bitcoins! after I had a talk with a friend!

Anyhow, as much as I dislike both shilling and binance, maybe something good will come out of this. After all, it's better than nothing!

I really hope that such celebrities also get convinced to buy a hardware wallet, else the news may turn bad sooner or later.

You can't store these

in a hardware wallet.  Grin
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