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1281
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Economy / Exchanges / Re: Coinbase closed my account after 1 week!
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on: December 27, 2015, 04:17:16 AM
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Coinbase is known to do that sort of stuff... They close down anything that breaches their Tos.
that means regulation(financial license) which all the exchangers should have it. if coinbase is not respecting the AML, they will go to jail and their biz will be closed, money seized and so on. the law is strict. again, this is a normal financial business not(strict rules, AML implementation and so on) not what exchangers are doing. those exchangers will dissapear in a relative short time if they won't change their way to make business  I am not Coinbase fan at all but these people invested millions to get their licenses which means A LOT of rules. Soon , we will hear that many US based exchangers will be closed. Why? Because they are out of law. All of them need financial license. How many do they have? Maybe 2-3. |
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1282
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Bitcoin / Mining speculation / Re: State of mining
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on: December 27, 2015, 03:54:34 AM
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based on my observations, it seems that only somehow profitable way (over buying bitcoin directly) is to run some Chinese mining farm next to energy grid with direct contact to ASIC manufacturers.
home mining is definitely dead for majority of world because of electricity expenses. USB gadgets are fine to play with cgminer and linux, but they will not even ROI..
+1 this Home mining is for the most part basically dead unless you have free or near free electric. And the situation is going to get quite a bit worse in < 6 months when the block reward drops from 25/BTC to 12.5/BTC (*) (*) If bitcoin price isn't well over $420-$450 by around 07-24 of next year it's going to get really interesting (not in a good way) in the mining community...even for the larger farms running the most efficient gear currently available! Particularly if bitcoin difficulty continues along it's current path. no worry, the price can be easily manipulated so, it will be how much it's necessary |
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1283
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Other / Off-topic / Re: Why would customers use Bitcoins?
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on: December 26, 2015, 04:30:21 PM
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I think Bitcoin's having many features which encourage many users to use it as payment method online, especially it's lowest fee comparing with fiat
the credit/debit cards has NO fees for online and offline purchases and also they are instant. you don't have to wait 15-20 min for a transaction confirmation. |
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1284
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Economy / Economics / Re: Ok Coin , Huobi and other chin exchange..they are cheating all of us.
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on: December 24, 2015, 07:56:28 PM
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If they are making fake transaction volume than is the price of bitcoin is just the made one by those exchangers ?
If robots are doing trading than it can be counted as real but if exchangers are making this bullshit, why don't they get punished. It will be scary to bitcoin if they are in real making fake volumes.
yes, this is what they are doing and of course and the BTC price reflects that The price is made by the exchangers. ALL the exchangers are doing this shit(maybe less those with financial license because they are audited but I think it is a way to cheat that too). Fake transactions made by robots...this is what you can see on their websites. Who can "punish" them if most of them are not regulated(no financial license)? Nobody. That;s why I said that they would be in jail if they would do that in a regulated market. The market manipulation is a big crime. They may not be registered exchanges, but they can still be prosecuted for fraud in the US, and it is also illegal to run an unregistered securities exchange. Being not regulated is not a license to do whatever you want; you still can't break the law. That's why you're seeing US-based exchanges registering with regulators. It's only a matter of time before foreign-based exchanges have to register too with their local jurisdictions, and a giant scandal by one of these Chinese firms would hasten the process. Agree with you. IN EU is the same law. You have to be financial licensed if you want to exchange or issue e-currency. The EU exchangers are breaking the laws too(those without financial license). Bitstamp is one of them.They have fake volumes too. As I said before, there are not exchangers without fake transactions because the people won't use them. The average clients are thinking like "if this exchanger has so many transactions, it's good.let's put some money in it " Again, there is a HUGE volume of fake transactions. Look yourself to BTC China or Bitfinex; order after order(robot after robot) |
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1285
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Bitcoin / Bitcoin Discussion / Re: Buying Bitcoin was a worst decision of my life
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on: December 24, 2015, 03:29:08 AM
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The thing is when to buy and when to sell and on those two sides being able to grow your portfolio,some people had invested xxx ammount with fiat and the buy and sell they had taken those money,soo now they play with pure profit.Bitcoin will keep grow as its interest keeps growing and mining getting harder day by day.
Ofcourse it is all about moment to buy/sell, but when bitcoin was running up to $1200 came to the community many people how was looking for fast and easy money. Then when price follow down they just escape with losses. It is mistake because Bitcoin have a bright future and price will be growing.. It is just matter of time.. bs. time is money ! i cashed it all out when it was a grand a coin glad i did too. you guys don't know squat ! waiting 3 or 4 or 5 or 10 years for it to go back to $1,000 a coin is retarded. why do you think banks charge interest on loans ? the time you sit on your Bitcoins hoping to one day get rich is time wasted away and it's costing you. your money can be put to work for you instead of sliding in reverse. Bitcoin is perishable.. it goes moldy and rots. LOL ALL of you need to speak to a real investment professional about basic common sense when investing. It's really simple here kids.. you invest in something the longer it takes you to get a ROI the worse off you are. TIME IS MONEY ! wake up guys and stop spewing moronic bitcoin fanboyism (because your clueless desperate bag holders) the worst thing you can do with Bitcoin is sit on it (if you want to profit) If you are a supporter or something then that is a whole other thing. If you are a supporter it won't matter what the exchanges say the price is. IF you came to siphon profit from the bitcoin machine and it bit you then too bad.. that is what you get for being greedy. You only lose when you click sell. And the guy on page 1 made a good point about doubling down. If your in it for profit you should be able trade your way out of the mess (if you didn't do too much damage) wanna play the money game then you better be skilled and have your game face on and be ready to battle to the end. or cash out for a loss and cry like a bitch LOL very good point ! moronic bitcoin fanboyism is something very common on this forum.many people are looking to BTC like being a god |
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1286
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Economy / Economics / Re: Ok Coin , Huobi and other chin exchange..they are cheating all of us.
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on: December 24, 2015, 12:58:22 AM
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If they are making fake transaction volume than is the price of bitcoin is just the made one by those exchangers ?
If robots are doing trading than it can be counted as real but if exchangers are making this bullshit, why don't they get punished. It will be scary to bitcoin if they are in real making fake volumes.
yes, this is what they are doing and of course and the BTC price reflects that The price is made by the exchangers. ALL the exchangers are doing this shit(maybe less those with financial license because they are audited but I think it is a way to cheat that too). Fake transactions made by robots...this is what you can see on their websites. Who can "punish" them if most of them are not regulated(no financial license)? Nobody. That;s why I said that they would be in jail if they would do that in a regulated market. The market manipulation is a big crime. |
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1287
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Bitcoin / Bitcoin Discussion / Re: What would happen if BTC was Banned?
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on: December 22, 2015, 04:58:50 PM
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I think a lot of people would still use Bitcoin no matter what. Anyway, how are they going to catch us? All I can say is, good luck to the cops trying to crack down on Bitcoin.
"a lot" = up to 1,5 mil-2 mil active traders(users). in comparison with small payment systems or other e-currencies like Perfect Money, it is a joke despite the media that it has. Bitcoin is a very small system. I know you think otherwise but make your own researches. |
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1288
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Economy / Economics / Re: Ok Coin , Huobi and other chin exchange..they are cheating all of us.
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on: December 22, 2015, 12:01:01 AM
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Yep, in terms of trading volume displayed by thrse exchanges. That isn't new for us and they've been doing that for almost a year now. Sometimes, I just get surprised how these exchanges achieve a volume that big compared to what Western exchanges can collectively.
I thought the Chinese exchanges didn't charge trading fees, unlike the western exchanges, so there is no financial penalty to churning out trades. The volume might be legitimate. There are some analysis about the trading volumes in the Chinese exchanges. Some analysis claim there are robots working in those exchanges. All the exchangers are doing the same. Bitfinex, Bitstamp, Kraken, etc....fake volumes. that means price manipulation, market manipulation. These guys would be in jail on a regulated market |
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1289
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Bitcoin / Bitcoin Discussion / Re: What do people around you think about Bitcoin ?
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on: December 21, 2015, 10:52:58 PM
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I am from India . my friend and relative actually don't know much about bitcoin , but when I try to explain them they said that it was stupid as instead of using bitcoin we can use PayPal and skill which has more security and the fraud people can easily be caught. They feel that there money is safe in there but according to me keeping the money in your account where it grows 5-6% anually we must invest some portion of our earnings in bitcoin because no one exactly konws what future holds for bitcoin.
Bitcoin is a VERY volatile e-currency which depending alot of the black market. Someone who put the money in BTC, must know that he can lose them. Paypal and other similars are payment systems. bitcoin isn't depending a lot on the black market. like fiat currencies, black markets are always part of the economy. it's not just bitcoin. beside that, doing a bit research before investing will give you a decent amount of knowledge about whether it is a good time or a bad time to invest. you will only lose money if you sell at a loss. Oh yes, BTC depends on the black market A LOT. When Silk Road was closed, the BTC price went down a LOT (over 25%). Also, all the ponzi schemes(HYIPs) are using BTC.All the hackers, crackers are using BTC as payment method. So, BTC is based on black market. A very small part of people are using BTC for speculation. E-gold and Liberty Reserve was the same a while ago. BTC is not different. Only the way is made is different. The black markets migrated from E-gold to Liberty Reserve and now to Bitcoin. They will go where the anonymity is high. When the anonymity is no longer possible, the black markets are going to other places(other e-currencies). So, BTC regulation (in fact, the exchangers are regulated; the GOVs requires financial licenses for exchangers) = the end of Bitcoin |
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1292
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Bitcoin / Bitcoin Discussion / Re: What do people around you think about Bitcoin ?
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on: December 21, 2015, 02:47:23 PM
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I am from India . my friend and relative actually don't know much about bitcoin , but when I try to explain them they said that it was stupid as instead of using bitcoin we can use PayPal and skill which has more security and the fraud people can easily be caught. They feel that there money is safe in there but according to me keeping the money in your account where it grows 5-6% anually we must invest some portion of our earnings in bitcoin because no one exactly konws what future holds for bitcoin.
Bitcoin is a VERY volatile e-currency which depending alot of the black market. Someone who put the money in BTC, must know that he can lose them. Paypal and other similars are payment systems. |
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1293
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Bitcoin / Bitcoin Discussion / Re: 2016 - Bitcoin or Blockchain?
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on: December 20, 2015, 07:43:55 PM
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Blockchain will survive as tech. Bitcoin will sink(value almost none) once another big exchanger will go down. It's just a matter of time.
Instead, blockchain will be developed further by big companies like IBM and it will be implemented in many sectors.
Bitcoin is just a speculative e-currency where the black market is preponderant(over 90%).
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1294
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Economy / Economics / Re: Ok Coin , Huobi and other chin exchange..they are cheating all of us.
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on: December 20, 2015, 07:30:12 PM
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We all know the fake volumes in some exchanges. There is no effect from these exchanges. We do not care anymore.
what you mean "There is no effect from these exchanges" ? Of course, there is a huge impact. Many people are thinking that there are a lot of transactions and that there is a dynamic market when it is not. Those who want to put some money in this shit call BTC trading are cheated because of that. Also, it's not in "some" exchanges. All the exchangers have fake exchanges(maybe a small volume of fake transactions has those with financial licenses because they have to be audited). But there only few exchangers with financial licenses(2-3) so the rest of them are doing whatever they want. "You" must be very obtuse to think there is no impact. All the BTC market is manipulated but these exchangers. They can go the price up and down; depending of their interest. They make fortunes on your money. |
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1295
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Economy / Economics / Re: Ok Coin , Huobi and other chin exchange..they are cheating all of us.
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on: December 20, 2015, 04:10:14 PM
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So i think that chinese BTC traffic is completely false,the bitcoin that are on their sites are not real,they are present only on their systems, they do not really exist.
So all the pump of the last 2 month are fake, the price of BTC is in the hands of these scammers with no regulation.
no one says anything, perhaps because it benefits everyone this fake bull...
very good point. I said that 2 years ago too . yes, nobody is saying a word because it benefits. new stupid "investors" are attracted by having these huge price fluctuations. The whole BTC market is manipulated by the big exchangers. Again - there is no regulation on *any BTC exchanges*. So why are you just picking on the Chinese ones? I have also pointed out that just because you have zero fees doesn't mean that you can easily "fake volume" due to the order matching risk. If you guys would like to present a logical, well thought out answer to these things please do (but I am pretty sure that isn't likely to happen). It's not only about Chinese exchangers. All the exchangers are doing the same (Bitstamp, Bitfinex, Kraken, BTC-e and so on). Fake volumes, fake transactions. Fake volumes = manipulated market. you should be very interested about that if you are a BTC player. Take a look here : http://bitcoincharts.com/markets/currency/USD.htmlHow is is possible in a so called decentralized market to have almost the same price? |
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1296
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Economy / Economics / Re: Ok Coin , Huobi and other chin exchange..they are cheating all of us.
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on: December 20, 2015, 04:02:25 PM
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So i think that chinese BTC traffic is completely false,the bitcoin that are on their sites are not real,they are present only on their systems, they do not really exist.
So all the pump of the last 2 month are fake, the price of BTC is in the hands of these scammers with no regulation.
no one says anything, perhaps because it benefits everyone this fake bull...
very good point. I said that 2 years ago too . yes, nobody is saying a word because it benefits. the BTC media belongs to them (same shareholders as exchangers) and the new stupid "investors" are attracted by having these huge price fluctuations. The whole BTC market is manipulated by the big exchangers. Look to their buying/selling prices. How is it possible that all of them has almost the same prices?! They are supposed to be independent and the sell/buy price should reflected the clients` orders.... Fake volumes, fake transactions so that everythings appears as being BIG. Instead is a big shit almost nobody is using BTC in real life. the whole BTC (over 90%) is from black market like ponzies, so called forex, buying/selling illegal things. fake IDs, stolen credit card infos and so on.... |
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1297
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Bitcoin / Bitcoin Discussion / Re: What do people around you think about Bitcoin ?
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on: December 20, 2015, 03:58:36 PM
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Most people around me don't understand how it works, no matter how many times I've explained it to them.
Some do understand but don't feel comfortable taking this risk of getting into bitcoins.
why would they try to understand if they are not "players"? The normal people are using credit/debit cards. They are protected, worldwide accepted, instant and free transactions. if they run a "black" biz , I am sure they already use BTC. |
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1298
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Bitcoin / Bitcoin Discussion / Re: What would happen if BTC was Banned?
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on: December 20, 2015, 01:43:49 PM
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It is not necessary to ban BTC. The GOVs will requested the BTC exchangers to be regulated and done. That means financial licenses. AML, compliance, a lot of costs for exchangers and their clients. Also, the BTC market is formed by over 90% black market who is not happy to provide documents and so on. These guys will find other solutions like it was with Liberty Reserve or E-gold. E-gold and LR were closed and the whole black market who used them, migrated to Bitcoin and Perfect Money. Once the Bitcoin exchangers will be banned or hard regulated, the whole black market who sustain BTC will migrate to systems that allow them to make their "black" biz. This is what many people do not understand. The most of the Bitcoin users are not the "normal" people or even speculators. The real BTC users are using BTC for black markets(including the ponzi schemes, cloud mining, buying/selling weed, credit cards details, stolen IDs, etc...) Do not believe what the BTC media is presenting. The BTC media is owned by the same shareholders who are behind some big exchangers too. They have no interest to present the real facts because there will be no more "investors" stupid enough to put money in their "projects". They only present that BTC is great and it is "adopted". By whom is it adopted? It's just a simple manipulation. Make some searches and you will see that. |
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1299
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Bitcoin / Bitcoin Discussion / Re: Illegal bitcoin exchange Coin.mx busted in NYC
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on: December 20, 2015, 12:50:13 PM
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The question now is.. Did they have a BitLicense?  Of course not because they are not based in NY. Florida does require a Money Transmitter license for any Bitcoin exchange. A such license is very expensive(over 500K) and I don't think it's worth it based on the BTC tradings that a company can get these days. Don't be fooled by the bots you see in actions on any exchanger platform.I am talking about real transactions. It's hard to maintain a licensed company. You need staff (employees) and the salaries are not low in USA. Example: you need a compliance officer. A salary for a such position is around of 3000-4000 usd/month without taxes which are not small at all. You need a collaboration with lawyer. This should be around of 1000-3000 per month(depends on lawyer). you need yearly audit. the cost is around of 10,000 USD or more(depends on how many transactions you have), advertising, common bills (electricity, phones, internet, rent), taxes. For a small company, a such license is useless.The costs per month can easily reach at 20,000 usd or more. So, first you need to make 20,000 usd and then to think about a net profit for "yourself"(owner). Very hard to make these money. Do not look at Coinbase and others like them. They were/are financed by shareholders with millions of USD; otherwise they would be bankrupted. A compliance officer only making $36k-$48k a year? Maybe if he's a teenager. lol My companies controller made $120k annually and the compliance officer was in the 90s. Both are VP level positions. Yes, but it is not required to hire someone with high experience if you own a small company. We are not talking about Chase bank:). He/she can learn along the way...but you are required by law to hire someone on this position. That's why I said around of 45K/year. The lack of a professional trained compliance officer leads to the BitInstant scenario. Agree, but once the company grows you can hire a skilled compliance officer. Imagine that a small company cannot afford to pay someone with 10K per month +taxes. Also, that company has many other expenses as well. Again, we are talking about a small company and not about something like Coinbase who had a lot of connections in the millionaire's world from California. What I am saying is that a Bitcoin exchange (small company with a low budget; lower than 30,000 USD per month) has no chance to success in USA because it cannot cover the functional costs. |
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1300
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Economy / Trading Discussion / Re: Bitcoin exchanges (cryptsy in particular)
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on: December 16, 2015, 04:08:51 AM
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Cryptsy already turned scam. Say goodbye to your coins and move on.
I think it's because they're out of funds, these exchanges convert the bitcoins to fiat and vice versa and when the price is up they don't want to buy because they will lose money and which is why they hold withdrawals. Exchanges are the biggest scams in Bitcoin world, run one legit for some time, let the bitcoiners think it's trustworthy and when you have enough, make up a story that it was hacked, wait a while then come back with a new name. The thing is whenever you send bitcoins from your wallet to anywhere, there is no assurance that you will get them back. There are legit services/exchanges but it's so hard to know which is which. True. I lost a fortune with Mt Gox. Since i am very sceptic about exchanges. what does mean a fortune for you? give some numbers. |
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