Latest posts of: audaciousbeing

Quote from: JollyGood on September 26, 2019, 06:09:30 PM

https://novaexchange.com

Nova Exchange has closed and shows this message:

This is purely a Business Decision.
There has been no hack.
There has been no fraud.
There has not been any wrongdoing of any kind whatsoever.
Nova Exchange will not assume responsibility for swaps or forks starting from today onwards.

They are owned by Goobit Group which also runs an exchange called BTCX. Not sure why they felt the need to close but if anybody can shed light it might be helpful to users that used it.

I know they "closed" or were supposed to close once before in November 2017: https://bitcointalk.org/index.php?topic=2349154.0

I don't understand any further information that you might be looking at getting. Except its from an insider who is involved in the top echelon of the company, every other reasons anybody would come up with would simply speculations and nothing else. Businesses close down for several reasons. Thomas Cook as big as it was went under few days back and heaven didn't fall. I really understand for businesses in crypto which could be forced to close down for regulatory authorities but still they have made a statement that they are closing and they should be respected for that. Except they have undischarged liabilities to their customers, it can then be subjected to discussions.

Quote from: Runnert on September 24, 2019, 07:11:56 PM

Dear Everyone,

We have been working on a free to use online casino with zero house egde! After weeks of building we are proud to announce to you we have launched our beta version. But please keep in mind this is only the beta and we will we be continuously working on this project. Make sure you check it out even if you are not an gambler! We appreciate all feedback and suggestions. gl hf
https://www.fifty-fifty.casino

Sincerely,

Fifty-Fifty

Zero house edge caught my attention. As much as you are trying to lay everything in the open which is commendable but a little charge wont be bad because zero edge means there wont be an reserve for the business not to even maintain the site or pay the administrators or to cover any operating expenses. With zero edge, it means as much as you the customer can lose, so also can you lose and what happens when the customer wins on first attempt or on launch, it means you have to go source for funds to pay the customer. Another factor is that when you have zero edge, then it sends a message to the public that something is going on because if you dont get money from there to run the site, you must surely be doing something shady from behind the scene to recover this money.

Quote from: jackg on September 25, 2019, 08:39:24 PM

Is it not enough to download your transaction history and try to sort this out yourself, or better still, keep a running count of how much in value you have put in and how much of value you have taken out.

It's helpful to only use one or two exchanges for depositing cash onto as you can calculate your losses much more easily then (and you don't have to kyc in so many places).

This is the right way and best way to even go about it as relying on third party to handle your tax returns for you is the height of being an unpatriotic citizen and knowing fully well that if anybody is going to be punished for it, its not going to be the third party and the excuse of outsourcing that responsibility of yours will not fly with the tax authority.

Although, I also don't totally agree that what Coinbase will be sending will be inaccurate because to a large extent there will not be manual computations which give room for error especially when there is human intervention in the process and the moment its going to be computed by a software that has been tested to handle the volume of their users and the complexities of their transactions, then its worth to be given a shot rather than shutting it down from the start.

Its as if when the discussion is about exchanges, the discussion is mostly limited to centralized and decentralized whereas there is a third option which is the peer to peer site such as localbitcoin and paxful. In those platforms, there is no issue of maybe the volumes are real or the price of bitcoin is what is really applicable. You get to trade with individuals, you set your prices and you see various prices from others. There is also a review to be left on traders that have distinguished themselves and the unique thing is, there is an inbuilt escrow that seeks to ensure all parties fulfills their own part of the contract in addition to the availability of moderators to come into the matter if things are not done the right way. For me, this supersede whether decentralized exchange or centralized exchange platforms.

Quote from: Pipdips on September 24, 2019, 12:59:57 AM

Is trading crypto on your own with no employees and no storefront categorized as a real business?

If you profit $300 per year from this stuff, is that considered a business?

How about profiting $3,000 per year?

Or profiting $30,000 per year?

Where does trading online take on all of the aspects of being a legitimate and identifiable business?

It actually depends on what the law in the location you are defines as a business but from the look of it in my opinion, it is not. Earning an income does not mean owning a business. Just like employees that works in a company, they are earning money in form of wages and salaries but does not mean they own a business. However, if that employee sets up a business by registering with the body responsible for such, and then invoices to be paid in that regard, then he is running a business which I believe is applicable to other jurisdictions as well.

The difference here is that no matter how much an individual profits from its activities, he is subjected to tax as an individual if he income accrued to him directly rather than indirectly if he had set up a business for that purpose.

Quote from: mindrust on September 25, 2019, 06:58:22 PM

You let the autobet run on a casino with %5 house edge. They don't need fancy algorithms to take your money. You went there and gave it to them willingly. Stop crying.

No need to mention that you would still lose if the house edge was something like %1. The casino makes its money by making you play more. And you just gave it to them by playing on autobet. Sorry but you are a complete moron.

What people fail to understand that when it comes to gambling, a site with as low as 1% house edge, you are sure of losing how much more a site with 5% edge which Freebitco.in is operating on its platform. They don't even need to be shady the edge alone has put them at an advantage over right from the time you make your first attempt and no matter how many times you tried or roll again, it still does not stop them, you just can only win within the allowance that they have provided for you. I don't think there is need to make noise over this, if you are not comfortable with the site, just move elsewhere there are several sites across the forum looking to increase their revenue line and with lower house edge.

When I read the headline of Google claiming to have gotten hold of Quantum computing, even without reading the content of the news, my mind went straight to crypto as we have read in several articles that the undoing of crypto would be the advent of quantum computers which is what is now upon us. Although, I would not wish away the fear because it has been reported that quantum computing is not even upon us in the near future and now google laying claim to it now should cause panic.

For me, this just further show the huge volatility that the market is facing because it does not even react to factual news but also fake news, it goes on to react to tweets by individuals, comments by figures among ridiculous thing any ideal market should react to and such reactions are always fatal. The market will recover, the question is when?

Quote from: babysweetTiger0401 on September 17, 2019, 11:01:39 AM

I read in some articles that binance now operate in US https://bravenewcoin.com/insights/binance-u-s-opens-account-registrations,
I thought US banned crypto, why all of a sudden they've adopted the system of crypto like Binance? Do you think, this will affect the market of bitcoin and crypto could be increase now?

Yes Binance is a big player in the crypto industry but assuming that would lead to increase in the price of bitcoin is same thing as saying a McDonald opening additional retail store overseas would increase the price of flour used for doughnut across the world. It does not follow that pattern. What is going to happen is Binance is making a platform for those who felt left out or who are carrying out their trade via other platforms to start patronising and also to see if they can get some fresh people into crypto by their own effort which eventually primarily increases their own bottom line. If the ripple effect led to an increase in bitcoin price, that's is simply a bonus.

Quote from: buwaytress on September 24, 2019, 06:20:22 AM

On behalf of the UK government: https://www.wilsonsauctions.com/timed-auction/listings?salecode=192398
GBP 500 deposit, passport/ID verification, proof of address, and you can bid on lots starting at 0.25 BTC.

No reserves, no limits.

I've always wondered how much people buy crypto at auctions for, and why police didn't simply just sell them. After 15% commission, the bitcoin must be going for max 80% of average price. Anyone know any info on this?

Would have participated if not for the lot size. Can't afford to bid for 0.25 BTC plus the deposit!

Anyone interested?

Wow, this is another one angle I am reading things would want to understand the rationale because what this means is that they have reduced bitcoin to a commodity and its funny. Just like an event that I have about coins as money in the past which was minted from gold. People then prefer to sell the gold for more money rather than using the coin as money. In this case, I don't see how someone would want to bid higher knowing the current price of btc that can be bought in open market without the hassles of ID and deposit and if bid is low, how someone cannot make immediate profit by selling in the open market. The impact in the market is my concern that the dumping would not further crash the already bleeding price of crypto. But lets look on the bright side as this is publicity in the long run although losses in the short term.

Quote from: Eedward on September 25, 2019, 12:16:47 PM

What you guys are expecting?

(Hope someone will quote my post to show the pic) Cry

If we all know the answer to this question with certainty, I am very sure everyone would have been so wealthy by now that you won't be bother about working as it will only take you the keypads of your phone or laptop and access to the internet to flip wealth and make tons of money because you know what will happen next unfortunately we don't.

The interesting thing about trading and what makes it interesting is that unknown factor because, take that away from the market, it becomes boring and lose its savor. If anybody thinks he can decide or know based on historical analysis, its just a guess which could either come out right or the other way round. No more, no less

Quote from: carter34 on September 24, 2019, 11:14:55 AM

I have read all your clauses in form of guarantee of the player not losing money from whatever way you look at it because he loses, you double his account or whatever but I really doubt some of these services.
How do you now want some people to join when it looks as it is sure bets to make money. Can't you just be making the money all by yourself and maybe send people links to copy without a formal registration of such a high fee of $250 Huh

Any reasonable individual should not even think of liaising with the OP because the money is just going down the drain from the minute a fist confirmation is made. I have seen things like this even on other forums. You see someone claiming to have access to free-tips or fixed games which they are willing to give for free or tell you, you can only pay when you win but you have to register with an high fee. Do that and they block you on all platforms to reach them and that is the end.

Quote from: narcopop on September 24, 2019, 03:15:12 PM

2019 World Athletics Championships starts on Friday what made me thinking of the possibility to bet on this sport at one of the crypto betting platforms.

Do you know which site supports the athletics?

How to bet on this sport after all? What strategies are the best? Does it make sense to bet on the events with dozens of participants?

Is it by and large popular on any of the markets?

If I'm not mistaken, most of the platforms don't have IAAF World Championship in its offer. Correct me if I'm wrong.

I also have not seen this kind of sport on bookies sites but just like someone suggested, Sportsbet.io might be to the rescue. For strategies, didn't think it would matter here as when it comes to athletic, its more of the individual than the team. Its different from football where a trend can be established or there is "big team" and "small team" whose result can be predicted to a high level. Strategy would be doing a research on few individuals participating and understand their past competition and also don't be weary of first timers who are out to impress and would go any length to ensure they are seen.

Quote from: bitrawr on September 24, 2019, 02:07:17 PM

Hey, it's Bitrawr. I've been following the Bitcoin ATM landscape for a while now and recently drew attention to the latest figures.

The number of Bitcoin ATMs from September 2016 to September 2019 has increased by over 500%. As of now, there are currently 5,457 Bitcoin ATMs globally. I believe that this is indicative of the strong demand for anonymously transacting between fiat/bitcoin.

https://twitter.com/bitrawr/status/1174682600834764803

Its a good thing that news is spreading and also to show that some capital expenditure is also being incurred in the industry so also is the collaboration borne out of research between crypto and fiat for the use of ATM to have increased significantly in a period of three years and its something to rejoice about. Although, I have not seen the machine in my current country of residence but I am hopeful that one day it will get here. That aside, there is also the need to discuss the sustainability of such endeavor considering the discount of selling by an individual and the premium on buying which I believe would be higher taking into consideration the cost of installing and maintaining the ATM machines compared to various peer to peer sites that we have abound where payment or sale can be done from the comfort of your phones.

Quote from: Kakmakr on September 21, 2019, 05:34:50 PM

I do not know if you are familiar with the MrBeast streamer on Youtube. The guy has over 24 million subscribers and all he does is making crazy videos , where he and his friends are giving money away for free. I reckon if we can get one of our Bitcoin millionaires to start a MrBitcoin channel and instead of giving away cash, he or she gives away bitcoin. Wink

We could also try to introduce MrBeast to Bitcoin to see if he would be willing to make a Bitcoin video, where he gives away bitcoins for free. Wink

Most of his videos gets millions of views, so this will increase exposure to Bitcoin to people all over the world.

MrBitcoin can fund his channel with the selling of Bitcoin merchandise, like MrBeast is doing at the moment. Well, this and also the advertising income he receives from Youtube.

What do you think?

Example of some of his videos ---> https://www.youtube.com/watch?v=foLlul8Tl3E or https://www.youtube.com/watch?v=3TflpIllQHY

This is one real suggestion though and a good one that can be harnessed because when it comes to increasing the penetration of bitcoin every idea is welcome no matter how little. My concern is if it will make the required impact as that is one thing that frustrate people more especially those who will be committing their resources for such project. 'Free money' tends to attract people who are not serious about the entire project but just interested in the short term returns they are getting and the moment the flow stops, they move on to something else. Alternatively, I think what should be done is crypto service providers should be encouraged to give coupons or discount to used on their platforms rather than cash as this would go a long way in ensuring there is some understanding and get some people keyed in the process.

Initially, I had maintained that there is no way we would have a crypto bank because the initial position of bitcoin and crypto is to ensure everyone is his own bank and there is no authorized body to be the deciding what the funds is being used for. However, with the way things are going, there is no way we wont get to that point because as development continues to happen, there would be need to be a fusion between crypto and fiat and that would be pushed forward by the entrepreneurs which might lead to a crypto bank.

Another point worthy of note is that for an industry to develop there is need to be a coffers where the people who needs funds can approach to raise money for their project for interest while those who with excess funds can get returns on the money. With that, there would be expansion in businesses and real projects being carried out with funds generated from crypto.

Quote from: jdarren on September 09, 2019, 06:22:06 PM

According to Ciphertrace's report on Anti Money Laundering almost all drugs sold on darknet are bought with crypto. The University of Technology Sydney reports that 46% of illegal activity per year is associated with Bitcoin. I found this article interesting because it is a hot topic of conversation for a lot of people who are quick to judge crypto.

While it makes sense to use unanimous money to purchase drugs, cash seems to remain the largest use for carrying out illicit transactions because it is untraceable. Ciphertrace did point out that 76% of transactions on dark markets are still made with BTC mostly due to it being the most widely known.

What are your thoughts on this topic? Do you think it's going to be a better way to track where money is moving?

https://cointelegraph.com/news/crypto-cash-and-drugs-crypto-use-grows-as-drug-trade-digitalizes

Its a long road down really and its also a call for concern for anyone who is concerned about the growth of the crypto market. Today we have heard about several news and how crypto especially bitcoin have been used for series of unholy activities by people who prefers much more to operate in the shadows. The research study no matter how damaging it might be does not remove the fact that there are real elements of truth in it and its on every other person to try within its own limit to push the agenda that irrespective of this damaging news, there are also some good deeds that can be pointed on to have risen from the use of bitcoin.

Quote from: TokenHodlr on September 18, 2019, 03:30:40 PM

Looking for an Altcoin that is backed by something; akin to the Gold standard as opposed to just speculation....

Thanks in Advance

Its going to be really difficult to see one though as there is huge difference between claiming that they have and what is really in play. A lot of alt created make claim of being backed by real assets but there is no way to verify such claim and because there is no regulatory body to ensure that, the moment they can have a tight evidence to back up their claim, its assumed that they are saying the truth.

I would like to see one though most like from already established businesses maybe in retail or production that it won't he difficult to get verification on their claim.

Quote from: Frink on September 21, 2019, 05:37:41 PM

So Warren Buffet is anti-cryptocurrency because he is the single most invested person in the current system. (One reason I think Justin Sun is an idiot.. Buffet isn't going to change his mind)

But just found it very interesting watching the Bill Gates netflix tutorial and Buffet is saying that they are good friends AND that the bill gates foundation is heavily invested into Berkshire Hathaway since they own roughly half of Buffet's stock in the company...

Funny how most of the anti-cryptocurrency people are heavily invested in the current system if you look closely...

Individuals like Warren Buffet and Bill Gates are people who are beyond mere investors while Warren has been known to be a wizard in investment and finance, Bill on the other-hand came to wealth for his entrepreneurial skills which is one of the best we have seen in a generation. For me, I won't blame them especially Warren for maintaining a position because this is a way that they have known all their life and its something that has worked for them against all odds. If I am the one, I would want to protect the base to the best of my ability even though I don't believe in it. Warren investment model is something several people have used and it has worked for them and its grouse against bitcoin is not personal, its just business just what every capitalist and potential capitalist would do if in the same position.

Quote from: Kemarit on September 17, 2019, 11:00:06 PM

Bitcoin Is Still bad? JPMorgan Chase Traders Accused Of Market Manipulation, Again!

Quote

The U.S. Department of Justice has charged top managers at JPMorgan Chase of market manipulation, Reuters reports. For the better part of a decade, according to DoJ charges, traders Gregg Smith, Michael Nowak and Christopher Jordan allegedly manipulated prices of gold, silver, platinum and palladium futures on the New York and Chicago Mercantile Exchanges. JPMorgan Traders Accused Of Market Manipulation

The individuals under indictment hold high-profile roles at JPMorgan Chase & Co. Smith is an executive director and trader on the precious metals desk, while Nowak runs the entire desk as a managing director. Both are still employed at JPMorgan, though they were suspended in light of the indictment.

Jordan left JPMorgan in 2009 but continued to trade precious metals with in other firms.

The trio is accused of spoofing, a practice where the trader places bids to buy or sell contracts which are canceled before execution, allowing them to influence prices to their benefit. The scale involved was massive, with prosecutors alleging that they were conducting thousands of unlawful trading actions while layering orders in rapid succession.

https://thecoinrise.com/bitcoin-is-still-bad-jpmorgan-chase-traders-accused-of-market-manipulation-again/

Oh well, what do you expect from people behind JP Morgan, they made a noise about Bitcoin is 2017 saying nasty things and then manipulating the price in their favor. Now, we see what this company are made of, greedy, manipulators, I'm sure they can pay the fine. But I do hope that their investors would shift their funds to Bitcoin.

There are some takeaways from this extract of a news

1. This has shown a deficiency in the precious metal trading as it is clearly in display how metals that have been traded for years and probably more popular than some countries in modern day world could be manipulated by certain individuals and not in honor to be more than 2 people from their desk. This to me is a set back.

2. Another thing worthy of note is a market that is being regulated and there is some other eyes whose responsibility is just to watch. Nothing else. When you are caught, you will be made to face the music which irrespective of how high and mighty the position you occupy. This is a great development that needs to find its way into crypto at least to bring some level of sanity and make a statement that its no longer free for all.

The point to also note is to for one separate personal opinions from the corporate position in that even if JP Morgan is saying bitcoin is bad, it does not mean their people are not dealing with it. Its just a statement for them to look good in the eyes of those who might be watching.

Quote from: leftgirly on September 12, 2019, 08:21:35 PM

The world economy keeps crashing with many incidence of inflation. What is happening at the moment is a clear indication of a world that has failed the minority. Although the underdeveloped countries could partly be blamed for the high inflation that exists in their respective economies. Would things turn around for good if underdeveloped countries start to add value to their natural resources themselves without selling to the countries with good economy?

Its unfortunate that the underdeveloped countries have been plagued by leaders who are just there because of their own pockets and not anything to do with the masses talk-less of the country. They so much love themselves that they are more concerned with ensuring their family wealth for the coming generation is well secured through any means necessary even at the expense of the people they swore to protect and defend. Its so bad that the leaders of these countries would prefer to patronize the goods and services of the developed economies at the expense of local industries while the companies that manage to set up despite the stiff economic conditions are made to pay via all forms of taxes to finance their luxurious lifestyle either directly or indirectly.

Unfortunately, its not a problem that there is end in sight at the moment as the problem is a fundamental one. Countries have equally learned to managed their inflation effect and the advance countries that have been responsible to a large extent are ready with aids and subventions in other to cushion the effect of such mis-management of the common wealth.