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That is based on various factors. Considering the current miner fees of 50 cents to 2 bucks per byte that too give and take based on how fast you want the transaction to be executed. Keeping this in mind you can easily own 5-10 bucks without any trouble. Surely, $30 is easy to get started with it.
You can also check up with dollar conversion rate of your country. If you are from fairly good country with equal conversion rate then above rates are just fine for you. If you are having higher conversion value then you can reduce accordingly.
Bitcoin is really something which you can keep buying in chunks that is sats and have bigger investment with the time.
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There could be many thoughts to this. Primarily one can assume we are so rich that we can keep spending all the time. However, there would be someone else who might put the money at work and keep multiplying but at the same time keep enjoying the life by spending it.
Now, there could be another thinker who would use money wisely. He may not spend it vigorously but smartly. For example they may think about their generations ti come. The family which is prospering under their roof. They might make plan to leave handsome amount of money behind so that their children’s and their children’s and may be further gen can enjoy it as well.
It’s up to you how you wanna use the wealth you have. You got all the options. Also don’t forget, you can spend as much as you want but money is something that never makes you stop spending it.
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Brian Armstrong says, UK and Europe could take it slow on the crypto regulations and have proper framework so that it can become center for the eased crypto regulations. Considering what is up in the USA, that is bans, SEC getting stricter about various exchangers, failed crypto associated banking and what not. Brian thinks, its an opportunity for the developed regions like UK to up lift the blanket bans from the crypto purchasing and trading. In his tweet, Brian portrayed himself alongside the UK for building up the framework that would help them shape the up coming crypto infra. For example, Sky news reportedly stated that Financial Taskforce in UK is exploring various blockchain based projects specifically web3 application within the country. This is in the hope that it will boost the fund industry and other benefits. Europeans are actually all set to caste a vote in the upcoming Markets in the Crypto Assets (MiCA). This can up lift crypto regulations to the positive side of balance. Coinbase’s CEO Brian Armstrong appears as bullish as ever on crypto regulations in the UK.
“The UK is moving fast on sensible crypto regulation to both drive economic growth AND consumer protection,” he said in a tweet picturing himself alongside the UK’s Economic Secretary and City Minster Andrew Griffith. “Excited to keep investing in the UK.”
The crypto exec also took the occasion to boost a bit of thought leadership from the exchange, which describes the UK as a “Web3 innovation hub.”
Griffith, for his part, has reportedly revived a body called the Asset Management Taskforce.
Sky News reported that the body will be investigating how to deploy blockchain technology across the fund management industry, among other objectives.
Coinbase has also provided nine recommendations that would cement the "UK as a leader in the sector."
These recommendations included ensuring that banks remove blanket bans on purchasing crypto, establish a good regulatory framework, and to set out a plan to bring decentralized ID into fruition.
The post also read that “things are happening in Europe that are edging the region ahead when it comes to embracing the digital economy,” citing the upcoming Markets in Crypto Assets (MiCA) regulations up for vote this week. UK ‘Moving Fast’ on Crypto Regulations, Says Coinbase CEO |
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Market manipulation can happen with two things:
1. If you have lot of money, so much that it can contribute to enough pump or dump. Sometimes also called as bulls and bears of the market. The later term is highly popular in the normal share market (non-crypto).
2. If there is government based manipulation or powerful influencer or rich person whose statement matters a lot to the general public.
Let us pick any of them, we can say that it is insider job. The manipulation is actually a illegal activity and its NOT THE WAY to give with it.
We have live example of this and almost the whole world experienced it - Elon-DOGE manipulation. Everyone was into it and got sucked up as if they were getting into the black hole. No escape.
Everyone kept putting money at various prices. That was the perfect manipulation of the market. However, the result? It was disastrous and many people lost alarming amount of money with this.
Better yet say its worst trap for the regular traders like you and me. Understanding it within time is the best practice to follow.
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Yes it’s usually starts with crypto ban news from the governments office but soon they realise that it’s just imaginary thing. There is no possible way to ban every website/exchanger/wallet available out there and put the users down with it. In fact peer to peer transactions have proven a cryptos private network time to time thus keeping them in loop with the entire blockchain. There is simply no possible way to ban it and that’s what power of public ledger mean in broader sense. If it wasn’t for blockchain through millions of computers then it should have been for nothing. The technology is literally being explored and used by various governments for their own purposes. Let’s say data vault. So this is sure, they not gonna do anything about blockchain in the first place. It thus proves that there if blockchain is going to exist then bitcoin and other coins forever to the infinity.  |
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Gold existed since thousands of years. It was being used since AD and BC era of the human history. It’s logical to think that humans have extra ordinary attachment with the Gold for sure. Over the time we are putting huge efforts into extracting the gold from earth crust. We have heavy machinery, putting high amount of investment to acquire the lands, put huge time and efforts in the entire process.
It’s definitely costly process which adds up value to the Gold. The second most important factor that is giving value to the Gold is: it’s elemental properties making high use of Gold in technology and people around the world having its possession.
This gives demand to the next biggest factor when it comes to the value addition.
Moreover the predominant asset always becomes thing of social status and that’s what Gold has done so far.
When it comes to Bitcoin, things are relatively naive. People are just understanding the technology and its use case fairly slowly. It will take time for mega adoption of the bitcoin just like what I explain about the Gold above. I think we should never compare thousand years of history with the decade old technology.
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I think first and two are just best combination of going with it. Primarily, HODL is something I’m always into so that I can keep depositing more and more into my cold storage. What you stated in the first point that’s stacking would be impressive & I am working on the same simultaneously. I’m not sure how many of you doing this but it’s really good idea.
For example, working with the faucets. Now some believe it’s waste of time. But over my journey I have accumulated $130 bucks worth sats. Isn’t that’s good thing in the “stacking” version. 😃
It is surely a slowest way but it’s free and all you have to do is work on bunch of faucets as well as online work sites. Believe me its best to see your faucet pay account go up with that balance.
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I was thinking new kind of plan to buy bitcoin every month from my salary immediately my company paids me but I still have other responsibilities to carry with family so am skeptical about it especially now that the price has no direction. If can afford storing every month in a long run I may realizes half of bitcoin unit and that's a big achievement to buy but to you is funny because you have enough of it. So advise me on what to do! Should I hold on because of the instabilities in price? Or I should buy and store? Over to you
If it is fixed income then obviously you should plan and execute your purchases. When we are on fixed payroll we know what’s incoming. Apart from that you can easily figure out expenses for your family. Divide your salary in three basic needs. One is daily expenses which shall include food, water, clothes and rents if any. These are fixed expenses which occurs every month to us. Secondly you can proceed to save up money for illness, insurance or medical stuff basically. Third one is chunk of your salary which should be something that you can use for whatever you want. Now this is where bitcoin comes. It’s up to you how much you are saving for this last chunk and how much you want to spend it on other stuff really. For some it could be mutual fund while others might be all into the bitcoin/crypto investments. |
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That’s true story everywhere. Not just America but every corner of the world has been injected by the traditional banking system. Credit cards are the worst in all of it because user thinks he has lot of money but in reality they are spending more than their salaries and income. It’s ok to be used in emergency cases but it’s really bad if someone is using it regularly. There are ways to manage it but it could be dangerous if not a managed well enough.
Apart from this, the whole problem starts at our own record keeping. I have seen families cutting down their needs to insane levels. But they have sense of reality, they don’t fall for the traps of unreal attractions or what can I say, an artificial fun?
Borrowing below your income is completely fine but it should be on bigger things. Such as home, education, medical emergencies. These are the things which matters so that’s completely fine.
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This is my first posting in this discussion, and I'm really happy to take part in it.
I am very pleased to see that there are people who still believe in the development of Mixers, because Bitcoin is just the beginning of a journey, but without an adequate mixer it will not be possible to have the complete result of perfect privacy. In the next few days I'll start doing some test operations and I'll post (as I already do for other services) my impressions and suggestions.
Welcome to the YoMix fellow visitor.  Yeah you can try it out and show us your reviews. I have already played around the website with different combination of features. You can have multiple keys and different time slots of mixing. The higher the time you set the more confidence it puts on your output. Do try out the three days time slot which is the highest one. If you want to build more confidence on your transaction then you can always chose TOR browser to do the operation. |
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My friend loves opening different trades at a time, most at times is difficult for him to control what's should be. Trading on free chart with multiple opening can be very dangerous. Yesterday he experience unusual hit when bitcoin price drops again, four trades loss at once when the market go against him. Personally I don't advise multiple trade especially when you're not familiar with trade
There is nothing wrong with the multiple positions and if a trader is professional then he knows what to expect from such multiple positions. Fun fact, you can actually make decent amount of money over such trades and also overcome the losses better way. Imagine in your friends case, if they would closed the positions at perfect time he could have saved his money. I am not able to guess it right but it does not seem that they are highly professional in the trading. There are always pros and cons of the multiple positions. Imagine reverse situation here, and bitcoin pumped higher than his position then he could have 4x his profits in no time. That kind of risk you have to take all the time in the crypto world. Perhaps, trying out new strategies is always good as long as you know what you are doing there. |
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As we all know G20 happened, and all the 20 countries gathered to discuss various agenda's about current and past schemes that are underway in terms of national and international developments. G20 houses one of the highly developing/developed countries and with classic economic status. So what they discuss and what they propose does matter to the world in some way or the other. In the recent news interview India Finance Minister Mrs. Nirmala Sitharaman, clearly stated that all the 20 nations should also involve rest of the world on deciding new framework of the crypto. She thinks that crypto poses various threat to the economy and it is not the issue of one nation or 20 but it's an issue related to the entire global economy. Speaking of which, she added it's far better to have Global Framework for the crypto and we should have collective rules and regulations for the same. Day by day, they are getting stringent about Crypto usage. India's Finance Minister Nirmala Sitharaman participates in a news conference at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S.(REUTERS)
"I am glad to say that there is a greater acceptance among all G20 members, that any action on crypto assets will have to be global. The G20, I think, has responded fairly with alacrity (on the crypto challenge)," Sitharaman told reporters at a news conference after a meeting of G20 finance ministers and central bank governors.
"The G20 and its members agree that it's not going to be possible to have an independent, standalone country dealing with the crypto assets," the minister added.
Sitharaman told reporters that the group has willingly responded to the issue. A "synthesis paper" would be taken up on matters related to crypto assets during India's G20 presidency.
India has maintained it wants a collective global effort to deal with problems posed by cryptocurrencies such as bitcoin, and the finance ministry back in February said it had held a seminar for G20 member states to discuss how to come up with a common framework.
Earlier in February, Sitharaman had said, "We are going through the study process so that there can be informed discussion. International Monetary Fund (IMF) and also the Financial Stability Board (FSB) have been doing their own little work on the crypto matter and progressing on their own. We've now asked them to do the papers and give it to us and the rapidity with which these papers have been already from IMF given and from FSB which will be given in time for the July meeting. I feel that we are progressing in this direction. So something should develop."
She made the remarks while responding to a question regarding a consensus among the G20 nations on crypto assets during India's Presidency.
"Recognising the risks attached to the private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with the crypto assets by considering macroeconomic and regulatory perspectives," she said. Need global coordination to regulate crypto assets: FM Nirmala Sitharaman |
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There's no cracking of Bitcoin's anonymity because there's no Bitcoin anonymity in the first place. And it has been proven time and again that Bitcoin's pseudo-anonymity could be cracked.
Anyway, I can only read what's made available in the OP. It seems that Mr. Zhong is even lucky that the prosecutors are seeking a prison sentence of less than two years only. Or is it only for his case of wire fraud for which he pleaded guilty? Surely, he'll have another case of theft, for example, or of buying illegal drugs.
@all, yes definitely he is lucky dude considering the amount of money he has in his wallet and sweet punishment that he is going to receive. The same pseudo anonymity of the bitcoin will save him from the drug dealings or any illegal activities that he may have done because they may not reach the end source and may not prove him guilty for that part of act. He will just do the 2 years for tax fraud and enjoy rest of his life freely. He may change himself later hopefully and just stay away from the illegal shit and go on with the life to fullest. This story literally reminds me about the movie "Wolf of Wall Street". This guy is rich, he is billionaire rich and may have hidden asset elsewhere. He will definitely pay high toll and stay away from the prison in the future. |
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I like this story and so much to take from it. Recently so many negative news coming from the crypto world regarding scams, suicide and what not. People are going nuts about investing their money into Bitcoin and they think its get rich quick scheme. They are literally taking loans, swiping their credit cards, lending money from friends and family, and some I read using pensions from their mum and dad. In the end when situation gets out of hand due to the volatility they start losing money and get stressed about it. Sooner whole investment gets out of hands and they get no choice but ruin their own life and relations. It's so true that if you don't have money then you should not be thinking about investing. First have proper accounting. Get yourself proper balance sheet where you know how much money you can afford to lose and spend on investments. That could drive proper channel. |
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Starting new?
Then very first brainwash yourself from any strategies or old trading ways that you may know. Because when starting with trading you should acquire skill set in Technical analysis and Factual analysis. Former one you should get from paid course with reputable reviews. You will find many of them over the internet. The second one however, no one will teach you. That will you have to work on and learn as you go with the trading flow.
Use demo accounts. Make full use of it and never forget to use strategies that you learnt from the trading class. Many people would go for actual trading directly. But that’s not the way. Practice and perfection.
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James Zhong surprisingly possessed more than 50,000 Bitcoin and you would not believe how he got them all. By stealing the Bitcoin with Silk Road website, which was involved in criminal transactions. There was a catch on the website. Zhong used to buy cocaine from the Dark Web, and when he accidentally clicked withdraw button twice on one of the sites, he received double the amount of bitcoin that he deposited with them. This was shocking for him. He became $600,000 worth rich in just a few hours after working out some strategy behind it and stole 50K bitcoins in no time. By 2021, his Bitcoin became worth $3.4 billion and he was a billionaire of the time. He lived a lavish life, with beach homes, Ferrari at the door, a $150,000 Tesla, and partying all the time. Zhong was arrested after Warrant was issued by FED. They seized his computers and keys and also traced down the world of criminals with that information. His transactions linked back to every crime that he might have done or someone who was a criminal as well. After the USA seized many transactions like that (~ $10 billion in the past two years), many investors believe blockchain is fun and serious stuff at the same time. “If there’s one thing the blockchain does really well, it preserves evidence perfectly,” said Jonathan Levin, a pioneer cryptocurrency sleuth and one of the founders of Chainalysis. I would recommend reading the whole story in the article linked. IT walks you through Zhong's life and how he committed this crime from the young age of 21 years old! James Zhong appeared to have pulled off the perfect crime.
In December 2012, he stumbled upon a software bug while withdrawing money from his account on Silk Road, an online marketplace used to hide criminal dealings behind the seemingly bulletproof anonymity of blockchain transactions and the dark web. Mr. Zhong, a 22-year-old University of Georgia computer-science student at the time, used the site to buy cocaine.
“I accidentally double-clicked the withdraw button and was shocked to discover that it resulted in allowing me to withdraw double the amount of bitcoin I had deposited,” he later said in federal court. After the first fraudulent withdrawal, Mr. Zhong created new accounts and with a few hours of work stole 50,000 bitcoins worth around $600,000, court papers from federal prosecutors show.
Federal officials closed Silk Road a year later on criminal grounds and seized computers that held its transaction records. The records didn’t reveal Mr. Zhong’s caper at first. Authorities hadn’t yet mastered how to track people and groups hidden behind blockchain wallet addresses, the series of letters and numbers used to anonymously send and receive cryptocurrency. One elemental feature of the system was the privacy it gave users.
Mr. Zhong moved the stolen bitcoins from one account to another for eight years to cover his tracks. By late 2021, the red-hot crypto market had raised the value of his trove to $3.4 billion. He still lived in a modest house in Athens, Ga., and dressed in shorts and T-shirts. He also had a lake-house getaway in Gainesville, Ga., a Lamborghini sports car and a $150,000 Tesla.
In November 2021, federal agents surprised Mr. Zhong with a search warrant and found the digital keys to his crypto fortune hidden in a basement floor safe and a popcorn tin in the bathroom. Mr. Zhong, who pleaded guilty to wire fraud, is scheduled to be sentenced Friday in New York federal court, where prosecutors are seeking a prison sentence of less than two years.
Mr. Zhong’s case is one of the highest-profile examples of how federal authorities have pierced the veil of blockchain transactions. Private and government investigators can now identify wallet addresses associated with terrorists, drug traffickers, money launderers and cybercriminals, all of which were supposed to be anonymous.
Law-enforcement agencies, working with cryptocurrency exchanges and blockchain-analytics companies, have compiled data gleaned from earlier investigations, including the Silk Road case, to map the flow of cryptocurrency transactions across criminal networks worldwide. In the past two years, the U.S. has seized more than $10 billion worth of digital currency through successful prosecutions, according to the Internal Revenue Service—in essence, by following the money. Instead of subpoenas to banks or other financial institutions, investigators can look to the blockchain for an instant snapshot of the money trail.
......continue reading The U.S. Cracked a $3.4 Billion Crypto Heist—and Bitcoin’s Anonymity |
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I did not withdraw the bitcoins but sent a small chunk of around 23 USD to a casino and made 84 USD there. However, my bitcoin which was received initially was around 14 bucks and most recently took an opportunity to withdraw it to the gambling site and play my favorite games. As per my goal, I was able to turn my 14 bucks all the way up to 84 bucks. Now I have got 70 bucks more in bitcoin as compared to what I had during the pump.
I see this as win-win situation for me. It does not matter if someone is selling or exchanging their bitcoin for another service during the pump. All it matters is, you are using your bitcoin rightfully and keeping the ecosystem functioning.
Just holding bitcoin is not a target here. You can decide what portion to hold and how much to utilise for various things.
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Coco is such a sneaky sweet guy and is now richer after disappearing. i think old women are prone to scams since they are the loneliest person when their kids are already grown and they have none to talk to. and having a new friend would give them something to do.
i wouldn't really blame the greed, everyone wants to make more money for their kids. the prob is just that she also entrusted her money to someone she had not met.
That’s the point mate. If you are grown then you should be able to think twice before proceeding with something like that. How can she trust someone that is also not from here country and contacting with accidental message. I can’t even digest that thought. If I ever get any text or social media notification like that, then dude it’s deleted without any second thoughts to it. L People like these are making crypto look really bad and insecure. I’m so frustrated to read such news again and again every week. There is someone ending their life, there is CEO running away with peoples money, there are banks getting bankrupt and what not. Media literally use such incidences to showcase how bad crypto is. I just hope this image changes with the time. |
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Any skilled trader would chose any of the market as long as the trading asset is having enough volume, proper project path and decent future. What else does anyone need in the world of crypto? You can easily get the job done whether it’s day trading, arbitrage or futures-option. The only difference we have in both types is “volatility”. Where crypto is highly volatile, the other assets that is commodities, stocks, shares etc are highly stable. They are stable in terms of controlling power. They take longer time to reach to higher levels but they do it step by step as the market rises for that particular company.
You can imagine all the buzz based on this. However, as I opened up with one statement: it depends on what Are the skills and mastery in the field.
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The news related to scams are never ending and sorry but they are always laughable incidences. I can't digest what happened to the victimized woman but I just laugh at it. This is not the first time someone got scammed with the "Book of Friendship" role play. So this news is from an Arabian country, Shrajha, and the woman in the news lost over a million Dirham. That's sad to hear but what is sad is that she lost it in greed and with the unknown person who mates here online via WhatsApp. Seriously guys, how can one believe a stranger who just texted you randomly, calling it a sweet accident, telling some sweet stories with you, and luring you into the world of scams!! What's funny is, she is a 51-year-old woman with all kinds of experiences she might have had in her lifetime. This guy contacted her from Hong Kong. Made up some stories, and shown her proof of investment and how he is earning millions of dollars. One day he sends her a fraud email which she believed is part of the process and sends away $73,000 in a single click. The other day, everything vanishes. Her virtual friend is gone, that website vanishes and nothing is traceable. That kind of stupidity is there in the world. An Arab businesswoman in Sharjah is reeling from the aftermath of a crypto scam that swindled her out of over a million dirhams.
The loss was even more devastating for Sara (name changed), a 51-year-old confectionery business owner and mother of six, as she had saved the money for her son’s wedding and to buy a house.
Sara recounted her traumatic experience with Khaleej Times, saying that it all began in mid-2022 with a seemingly innocuous WhatsApp message that read, “Hello, is this Mr John? My assistant recommended you to me. Are you still selling beauty equipment? I’d like to buy a batch of equipment from you.”
Sara quickly texted back to clarify that she was not the intended recipient of the message. The person on the other end responded by asking, "So what can I call you dear?" Sara gave her name. Much to her surprise, she received a friendly message in return that read, "Nice to meet you. I hope this is a beautiful accident. I am Coco from Hong Kong. Where are you from?"
The brief exchange quickly escalated into friendly conversations about their work and family. Coco said that she was divorced and had a flourishing skincare business in Hong Kong and London. Sara was impressed and the two began chatting regularly.
Not long after striking a friendship, Coco began telling Sara about her aunt who was supposedly helping her make money through cryptocurrency trading.
Despite her initial scepticism, Sara became interested when Coco told her that she could be operating her own account.
In October 2022, Sara made an investment of $12,000 in the crypto trading platform recommended by Coco. Initially, Sara saw some returns, but Coco kept pushing her to invest more and more money to maximise her profits.
By March 2023, Sara had forked out around $200,000 (Dh734,000) including Dh100,000 borrowed from her 26-year-old daughter.
Investigations have since revealed that the crypto trading platform was fake. It was designed to simulate trade activity and mislead investors into believing they were making huge returns.
Pipe dreams
Sara was thrilled when the platform showed that investments had swelled to $400,000.
“I was excited and started planning about all the wonderful things we would do with the money.”
Sara said when she tried to withdraw the money, she got an email asking for $73,000 in taxes. “Coco assured me that this was standard practice so I wired the money.”
However, a few days later, the website disappeared and Coco stopped responding.
Sara was a victim of a long-term fraud scheme.
Scammers involved in the racket initiate contact through social media, dating apps, WhatsApp, or text messages, often by pretending to have made a mistake. They persist in striking up a conversation even after being informed they've reached the wrong person. Over several months, scammers build trust with their victims and then encourage them to invest in cryptocurrency trading, offering insider tips or investor knowledge. They direct victims to download an app or visit a website and sometimes offer to trade alongside them. Unknown to the victims, the platform is controlled by scammers.
“My total loss exceeds one million dirhams,” said Sara who has since filed a police complaint.
“I have only myself to blame. I regret not making an attempt to talk to Coco verbally. We just exchanged text messages I thought she was a friend and genuinely wanted to help me make money.”
Sara reached out to Khaleej Times last week after discovering a report about a similar scam in the newspaper, regretting not reading it earlier. A previous report from January this year featured the story of an ex-IT director in Dubai who lost Dh650,000 in a crypto-romance scam after receiving messages from a fraudster who also identified herself as Coco. Last year, Khaleej Times reported how an Ajman resident lost $47,000 to a similar scam.
Dad-of-five Sajjad Khan, 40, was sweet-talked into investing the money in a dodgy crypto trading platform by a ‘woman’ he met on a popular dating app but never in real life.
Law authorities in the UAE has repeatedly urged the public to remain vigilant when using social media.
Huge costs
Cybercrime is expected to cost the world $10,5 trillion annually, according to Cybersecurity Ventures, the world’s leading researcher and publisher covering the global cyber economy.
BIlionaire businessman and philanthropist Warren Buffet calls it the number one problem with mankind and cyberattacks are a bigger threat to humanity than nuclear weapons.
The scammer’s playbook
Initiate contact with the target by sending a “wrong number” text message or through a dating app.
Build a relationship through friendly, romantic messages over several months
Encourage the target to invest money in a crypto trading platform
Gain trust by letting the person withdraw small amount as supposed profit.
Seek bigger investment.
Disable the website and disappear with the money Sharjah mum of six loses over million dirhams to crypto scam after being befriended by cybercriminal on WhatsApp |
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