Capital controls aren't bans!
You just need to follow the rules, declare everything, and pay your fees and taxes and nobody will bother you.
As long as you have a legit company, and an SK bank account and you can provide them with everything they need, in most cases the proof of income for the amounts you're transferring then you're all set.


It's pretty simple!
You look for the opportunity to arrive, at that point you buy $50 BTC on Coinbase, you send them to Bitthumb, you sell at a 5% premium, you withdraw your money to the SK bank, then to your US bank, and then you try again.
There is actually not a big difference between this and taking advantage of any other high commodity prices, traders do this with full tankers of LNG or oil when the price are better in Europe than in Asia, the same happened with the onions in Philipines.

There are some problems:
- you need a huge capital to make it worthwhile, you can't play with one BTC as the fees will eat all your profit.
- the money flow from inside Korea takes time, a lot of time, so don't think you can do this daily, it's not SEPA.
- sometimes the kImchi premium turns to a discount, you don't want to be caught in one so you might be forced to wait, sometimes even for weeks

Oh, but they can! The only thing is that you need more than 500 000 a day, if we look at block 788766 which had nearly the same fee/reward ratio you will see the median fee was 20$. So in order to get the same revenue that would guarantee the same level of protection you will need to have 4000 users paying on average $20 since the reward is gone.
OR!!!! You could have 40 000 and pay $2. Or 80 000 pay $1.

But that would imply every node would need to spend $100 on a 2 TB SSD, so let's go with a $20 per tx cause it's cheaper!
 

Exactly!
This wasn't supposed to be an investment form where you daily trade or open long positions it was most important of all a service that would take a percentage of the sum involved. It didn't matter if BTC was at 1000 or 10 000, if somebody was trying to send $500 of remittance they would still be taxed, it's not like suddenly they would make 10 times less.

If it were like this all casinos would be bankrupt also, but they don't seem to care about a bear or a bull market too much.

Abra tried to maximize its earnings, they tried to give very cheap loans with high collateral rates, you could get the cheapest on the market with a 1:5 ratio, then they would not only get money from the interest but also they played with your collateral by investing it in now-defunct platforms.So when the time was for liquidation to cover the not paid loan they had nothing to liquidate.

So did people think of MtGox, Cryptopia, Bitconica, Thodex, Quadriga, Celsius, FTX,  and the list can go on and on and on
Your experience is meaningless, all you know is that things have worked in the past, it's not a guarantee that it will work in the future also, this is not learning to drive or learning to hunt, this is blindly trusting someone to honor its part of the agreement and there is no way to know for sure when it will top doing so!

Furthermore, and this is actually funny, to whom will you report?
For example let's say Biannce will shut down and disappear, to what authority will you report?
Do you know where Binance is registered or licensed?
You have to know something, you're the perfect gullible victim material!


So this means you know by heart the full bio of every coin and banknote in your wallet from the moment they exited the mint? Right?

It was one of  the largest remittance gateway then crypto lenders of the old generation that didn't go bust in the previous waves of bankrupcies, most users have seen it like the killer app that as needed in 2014-2015, then it really expanded into exchange, shitcoins interest and so on, probably their peak moment of glory in 2017 having enough money to bribe celebrities into advisory roles
https://www.forbes.com/sites/laurashin/2017/08/02/bitcoin-startup-abra-adds-gwyneth-paltrow-as-advisor-is-featured-in-apple-reality-tv-show/

It's way older than most members here 


Actually, if they would have just stuck to that business model they would have been fine, you don't need to expand in every direction if you have a solid business base, see how WU is thriving for decades and not going into anything else, lending money to a shitty business with shitcoins collateral is a recipe for disaster. And no sane person would deposit 10 BTC worth $300k to be able to take a $150k loan.

No, it's worse than that!

Banks are usually insured up to 100k euros or $100k in most developed counties, funds that are insured and that can't be touched, besides it's really hard for an "owner" to grab all the money in those accounts and do what with them? Withdraw at the rate of 1000 euros per take from an ATM and un with a bag full of banknotes to some 3rd world country with no extradition?

Just think for a bit, how many "owners" of banks have you seen doing this and how many times have exchange owners done it?
Besides, for example, who is the "owner" of Deutsche Bank? Or of Bank of America? ING?

No, I'm the owner, I'm also the admin, the moderator, the advertiser, and all the users combined!
I forgot to mention I'm also Satoshi!


Yeah, that's what a gambling website is about, if you have a problem with gambling then stop visiting a gambling website that offers you free satoshi!


It's a captcha problem, if they would have a problem with your account they would have banned it in the first place and not allowed you log in even with an Egyptian ip if that would have been on a blacklist.
Take it with the support team or write in their topic ETFbitcoin mentioned!

And how will this affect freebitco.in?
It will lose a few hundred or thousands free rollers and that's it, people that played with money will keep playing with, and those who stack satoshi with free rolls will be a blessing in disguise for them to leave and stop milking the website over hundreds of clone accounts!
Also, reality check, 10 million people with $10 dollars to spend means less than a guy who has 100 million to throw away, it's not about how many you are but how much purchasing and spending power you have!


They didn't ban a thing, if they would have it would be all over the news and besides OP wouldn't be able to access the site in the first place, not log in and not see his balance either.

I can get to the website with an Egyptian ip from my VPN provider, so there is no IP range ban!

Nothing   I just love when somebody else tries to get this herculean task done!
Also, I enjoy imagining the Pikachu faces those reading it are making!


In normal highly profitable times, of course, they wouldn't think of this!
In not-so-profitable ones and with no perspective other than bankruptcies, who knows!
Thinking of, 788769
vs  794641 11.433 BTC vs ‎6.519 BTC, I wonder in which situation would the miners be less eager to sabotage the network!


Yeah, but keeping an eye on it does nothing, and even if you realize the exact moment when they will do what they are planning on it will be too late. Without full control over the nodes or at least enough hashrate to make their challenge meaningless, so over 80-90% we will just sit and watch it happen!

Yeah, it doesn't sound nice, paints a really gloomy picture but right now this is reality. And if something hasn't been done about ordinals or blocksize or a ton of other things don't even dream about a change in mining!

There is no legitimate fund that has all contact over telegram, has no name, has no physical presence anywhere, has no registration, has no license, actually that has nothing, just like you do!


What records? Lol! Photoshopped pictures of you owning more coins than Satoshi?


The fact is that you haven't probably seen $250k in your life, you act like somebody who hasn't had even 1k in his pocket!


I told you, he is dead serious! After all, 5 minutes of gibberish a month versus a possible victim is pretty lucrative.
You obviously know that there are guys here who have been trying for ages to get a $50 no-collateral loan, so no surprise!

 


How could you even try to block "their" nodes, it takes only one node to accept those blocks to spread them and you will need to actively blacklist every single one of them. The interconnectivity that prevents a small player to launch a cybill attack against the network is also preventing this blacklist from working

Second, Foundry from which the topic started is not an open pool, it's basically an alliance of large US miners, so if they decided to go rogue there is no threat of losing hashrate for them. Same for Antpool, some estimate more than 2/3 is Bitmain alone.


Hmm, Enron, Sheel, Nestle, Johnson, VW, Microsoft, and thousands more every single one of them had a solid business and it didn't prevent them from acting like that. Should we go with Bitcoin-related examples? How many exchanges, lenders, and payment gateways turned out to be assholes fleecing their customers, getting "hacked" and scamming their own clients? How many times have mining gear manufacturers turned to sell shitty products just for an extra $? Do you think miners are different? If facing bankruptcy with income barely covering cost do you think they will not think of trying anything?

Crypto Lender Abra Has Been Insolvent for Months, State Regulators Say
https://www.coindesk.com/policy/2023/06/15/crypto-lender-abra-has-been-insolvent-for-months-state-regulators-say/

TLDR
It has funds on paper only, as most of its funds are in bankrupt businesses, like Genesis and 3AC.

Filling here:
https://www.ssb.texas.gov/sites/default/files/2023-06/ENF_23_CDO_1873_NOH_Actions.pdf

I've just opened a topic about another lending platform being silent in SK, Haru, so what a surprise to have another one that was offering,

Again, probably a little too late to remind for a thousand times the thing about not your keys not your coins and to stop chasing huge returns trying to get rich doing nothing. The only thing I'm actually curious about is if we will have any of those "earning and earning" platforms alive by the end of the year!

Yeah, sounds made up!
He got his first bitcoins from the profit he made with his farm work and he plans on buying more and "save it", but before that:


He got the timelines wrong! 

I don't know what you've smoked before coming up with this question but don't do it again!
If that is the best, the pinnacle of what we humanity can ever think of then we're done for as a species!


Not by all and decentralization doesn't work in everything, just look around you and see if you would love to have decentralized everything, start with every cop doing independently his job, every bus driver having his own schedule and deciding his own route, every school teaching whatever they want, every hospital deciding on its own treatments with no regulation, very street having its own mayor, and you could go on like this indefinitely. It will not be a miracle it will be chaos and you can see it happening everywhere it has been tried.


There are just 6 million addresses with a balance of over $1000, let's go way lower,  $100, that would be 16 million at maximum, probably way less by at least 1/5 since a lot of users have funds in multiple addresses.
So, we either agree that less than 0.1% of the world owns Bitcoin, or....that the majority still hold their coins on centralized platforms.

It's something only a south korean would be familiar with and could gather more relevant information about, so that would probably be x10 times the amount earned from ads  .
I posted that link because that's how I've stumbled upon the story, otherwise, meh!!
Now that I'm browsing more news about seems like they were quite bg in SK, it's an almost closed market there so you won't hear too much about their exchanges and platforms although some could rival in volume with Bitstamp or Kraken for example.


It's a platform where you earn numbers on a screen while you lose bitcoins!

Crypto Earn Platform Haru Invest Freezes Withdrawals, Citing Service Partner Issue
https://decrypt.co/144354/crypto-earn-platform-haru-invest-freezes-withdrawals-citing-service-partner-issue


https://haruinvest.com/blog/statement/


Meanwhile it seems they have deleted their Linkedin and YT profiles 

Seems like we might have a small chain effect in SK since another lending platform has paused withdrawals
https://cointelegraph.com/news/south-korean-bitcoin-lending-platform-delio-pauses-withdrawals

Should I add the not your keys, not your coins stop chasing 25% APY offers line? Not that people learn or are even willing to!

Yup guys, it's just FUD!
Have some more FUD, fresh one:
https://www.cysec.gov.cy/en-GB/entities/crypto-asset-services-providers-casps/casp-register/93362/

Binance has just exited Cyprus over MiCA regulations, which basically means that the whole EU is going to be off-limits for them
Oh wait, it's not FUD, it's s fact!

I wonder if they will be able to keep their operations alive in Bartovia at least!

The moment you ask yourself why is somebody posting something it's the moment you quit being open-minded!
Sorry, but you're one of the last guys that can claim this here, look back at your own posting habits where you see only the doom of the Western world and the crumble of the US and the US dollars while you have no problem being a member of a campaign which, what as surprise has its payout pegged to the USD, not the yuan, not ruble not rupee, see the irony here?!?

So before asking yourself why is somebody spotting something you should actually check the post itself and criticize that if you find any flaw with it! And I have some news and update, specifically for you:

China’s exports plunge by 7.5% in May, far more than expected
https://www.cnbc.com/2023/06/07/chinas-exports-plunge-by-7point5percent-in-may-far-more-than-expected.html

How do you call facts in tinfoil land, oh yeah FUD!


I didn't create a topic to shoot down something, I created a topic about a complete proven beyond-a-word-of-doubt failure!

Not their money invested, not their concern! 

We're just below 3%, 102.9569% so this means the third consecutive rise of ~10 exa,  10k average gears every two weeks, I'm starting to wonder how much they still have contracted. What would have happened if that bank stare that triggered the pump didn't happen and we would still be below 20k?
And despite this, Mara shares are up 50% yoy and 250% ytd, Riot is even better gaining almost 100% yoy!

Furthermore the best efficiency s19xp hydro is at $33 per th/s, assuming free everything it's 450 days at 7 cents per th/s for ROI.
Again, glad I switched to hobby-size mining! 

If you allow enough time before invalidating it you risk another miner mining them just 5 seconds after so you just lose money and achieve zero.


20 was just a thrown-out number because I didn't know the size of the parent, but still no!
The most important thing is that you're trying this to block the tx from getting confirmed but at the same time rise the median fee of the next block and it doesn't work:
- if you throw like you said 201 tx with the above fees they will simply get confirmed in the next block and the rest of the fees in the mempool will have no time to pick up, but you just wasted 1 btc to the competition
- if you push 1000 highly paid tx at 200sat/b and you try chain them to the mempool forever with parents twice their size but with 1 sats the mempool will not show 200sat/vb since that tx are ~66at/b and they will still get confirmed as they wills till be the first in line.

Either you try to maximize the fees and you risk having them confirmed in minutes, or you either chain them by reducing their overall fees in which case they will obviously not raise the mempool fee average or next block fees.
Again, you can't rise the fees for the next block estimation without putting their tx that will get confirmed in the next block, so gifting bitcoins to other mners for nothing!

It will be far easier to just mine for like 12 hours empty blocks blaming some glitch and then "solve' the issue!