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[Dargo]

Any idea if Fidor is affected?

Europäische Bitcoin Nutzer im Visier von Europol?
http://cointelegraph.de/news/114647/europ%C3%A4ische-bitcoin-nutzer-im-visier-von-europol

EU Banks Forced to Report Bitcoin-Linked Accounts Transacting Over €1,000
http://cointelegraph.com/news/114659/eu-banks-forced-to-report-bitcoin-linked-accounts-transacting-over-1000

I can't speak for Fidor, but it sounds like all EU banks, including Fidor, are required to adhere to this new EU directive. However, it's not clear to me that the EU directive itself says anything about special reporting, monitoring, or investigation of accounts related to bitcoin. My guess is that individual banks will probably vary as to whether they have a special policy about bitcoin related accounts or not, and this will depend on whether or not they consider bitcoin related accounts as sufficiently higher risk for money laundering or terrorist financing to justify special treatment. All this is just my quick impression, though, after reading the article and glancing at the linked documents.   

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[Dargo]

Any news about the payout of the mtgox coins? Its a month nearly since the last date to claim your lost coins and so far i dont have seen any more news.

Does all things work the way it should?

Things are moving along, slowly, but no news to report right now.

[KrakenTrader]

@Dargo

Any news on when we may see Leverage 10:1 (or larger) as an option for margin trading ?
In that WCHangout https://www.youtube.com/watch?v=zoTvEsA970M from June 11th, Jesse mentioned it might be switched on in the coming weeks.
That was 4 weeks ago.

Thanks

[zinjo]

Is it normal if my withdrawal is on hold? Or its always showing "On Hold" before "sending" status?

[Dargo]

@Dargo

Any news on when we may see Leverage 10:1 (or larger) as an option for margin trading ?
In that WCHangout https://www.youtube.com/watch?v=zoTvEsA970M from June 11th, Jesse mentioned it might be switched on in the coming weeks.
That was 4 weeks ago.

Thanks

We're still considering this, but have grown more cautious about it since early June. 10x leverage is quite a lot with a security as volatile as bitcoin. So the ETA is uncertain at this point.

 

[Dargo]

Is it normal if my withdrawal is on hold? Or its always showing "On Hold" before "sending" status?

No it's not normal, so please contact support to find out why the withdrawal is on hold.

[ICFiedler]

@Dargo

Any news on when we may see Leverage 10:1 (or larger) as an option for margin trading ?
In that WCHangout https://www.youtube.com/watch?v=zoTvEsA970M from June 11th, Jesse mentioned it might be switched on in the coming weeks.
That was 4 weeks ago.

Thanks

We're still considering this, but have grown more cautious about it since early June. 10x leverage is quite a lot with a security as volatile as bitcoin. So the ETA is uncertain at this point.

I am not a fan of any leverage above x5, which I deem quite a lot already. The point is that the costs of one trader going over-broke can well be externalized to either kraken (and then indirectly to other customers) or directly to other traders (see huobi).

[zinjo]

Is it normal if my withdrawal is on hold? Or its always showing "On Hold" before "sending" status?

No it's not normal, so please contact support to find out why the withdrawal is on hold.

Yea, it's fixed now, i tried to withdraw €1300 to my brother bank account because mine has €390 monthly limit .-. But support guy was awesome and passed it after providing mine and my brother ID card picture. Just awesome site

[macsga]

Dargo I need to ask a couple of questions. I know that if someone like me lives in Greece now and wants to withdraw an amount from you to their bank account here, it's virtually impossible since we're on Capital Controls. First of, is there a way to overcome this (and still being legal)? Second, in case I want to sell a big amount of BTC (ie: more than 10,000EUR equivalent) how this will be taxed (I mean will the income be taxed there or here in Greece)? Am I even obliged to income taxes since I mined for them?

Thanks in advance for your answer.

[SebastianJu]

Dargo I need to ask a couple of questions. I know that if someone like me lives in Greece now and wants to withdraw an amount from you to their bank account here, it's virtually impossible since we're on Capital Controls. First of, is there a way to overcome this (and still being legal)? Second, in case I want to sell a big amount of BTC (ie: more than 10,000EUR equivalent) how this will be taxed (I mean will the income be taxed there or here in Greece)? Am I even obliged to income taxes since I mined for them?

Thanks in advance for your answer.

You would need to check this in greece since there you would need to pay taxes. I cant tell how its dealt in greece but when you mined it then normally it will be hard to proove your expenses to put against the profit.

And yes, every additional value you create should be taxable. Though its best to find out which lawyer or tax advisor knows about bitcoin in greece. Then ask him about it.

And cant you exchange btc to fiat in greece? No localbitcoins or so or are the fees now exorbitant? Maybe only withdraw what you need. I guess you want it because of the capital controls?

[macsga]

Dargo I need to ask a couple of questions. I know that if someone like me lives in Greece now and wants to withdraw an amount from you to their bank account here, it's virtually impossible since we're on Capital Controls. First of, is there a way to overcome this (and still being legal)? Second, in case I want to sell a big amount of BTC (ie: more than 10,000EUR equivalent) how this will be taxed (I mean will the income be taxed there or here in Greece)? Am I even obliged to income taxes since I mined for them?

Thanks in advance for your answer.

You would need to check this in greece since there you would need to pay taxes. I cant tell how its dealt in greece but when you mined it then normally it will be hard to proove your expenses to put against the profit.

And yes, every additional value you create should be taxable. Though its best to find out which lawyer or tax advisor knows about bitcoin in greece. Then ask him about it.

And cant you exchange btc to fiat in greece? No localbitcoins or so or are the fees now exorbitant? Maybe only withdraw what you need. I guess you want it because of the capital controls?

It's more of a theoretical question actually. I don't really need to sell any of my stash now (probably not until many years from now). I'm asking because of the SEPA transfers from FIDOR to any bank here in Greece is now "closed" or - being processed after central authorisation. In any case, there's no taxable policy for BTCs in Greece (it's still very very new here).

I guess the best policy (in case of emergency) is to liquidate some on localbitcoins - but I wanted to see if there's an alternative during this harsh period of time.

[Dargo]

Dargo I need to ask a couple of questions. I know that if someone like me lives in Greece now and wants to withdraw an amount from you to their bank account here, it's virtually impossible since we're on Capital Controls. First of, is there a way to overcome this (and still being legal)? Second, in case I want to sell a big amount of BTC (ie: more than 10,000EUR equivalent) how this will be taxed (I mean will the income be taxed there or here in Greece)? Am I even obliged to income taxes since I mined for them?

Thanks in advance for your answer.

You would need to check this in greece since there you would need to pay taxes. I cant tell how its dealt in greece but when you mined it then normally it will be hard to proove your expenses to put against the profit.

And yes, every additional value you create should be taxable. Though its best to find out which lawyer or tax advisor knows about bitcoin in greece. Then ask him about it.

And cant you exchange btc to fiat in greece? No localbitcoins or so or are the fees now exorbitant? Maybe only withdraw what you need. I guess you want it because of the capital controls?

It's more of a theoretical question actually. I don't really need to sell any of my stash now (probably not until many years from now). I'm asking because of the SEPA transfers from FIDOR to any bank here in Greece is now "closed" or - being processed after central authorisation. In any case, there's no taxable policy for BTCs in Greece (it's still very very new here).

I guess the best policy (in case of emergency) is to liquidate some on localbitcoins - but I wanted to see if there's an alternative during this harsh period of time.

macsga - I'm afraid I don't really have any information about the things you ask. Capital controls are part of the legacy banking system and I'm not aware of any legitimate ways to circumvent them. Services like localbitcoins may indeed be your best option right now. I believe you would be taxed according to the tax policies in Greece, but as you say there are no BTC-specific policies in place yet. I've been into bitcoin for so long now it doesn't feel like early days, but it still is. Still waiting for the rest of the world to catch-up. 

[macsga]

macsga - I'm afraid I don't really have any information about the things you ask. Capital controls are part of the legacy banking system and I'm not aware of any legitimate ways to circumvent them. Services like localbitcoins may indeed be your best option right now. I believe you would be taxed according to the tax policies in Greece, but as you say there are no BTC-specific policies in place yet. I've been into bitcoin for so long now it doesn't feel like early days, but it still is. Still waiting for the rest of the world to catch-up.  

Working at a company that promotes BTC now is like having a huge amount of land in Saudi Arabia before the Oil pumps were installed. What the people need is more flexible ways to use BTC than anything else. Ideas like a BTC-loaded visa for instance would've been a great alternative for occasions like the one we're experiencing in Greece right now.

FWIW, I think that what happened in Greece won't stop here. Mark my words, this is only the beginning; and the people who are smart enough to comply with it and provide alternatives will -most possibly- become the pioneers of the future economic system. As a theoretical physicist, I only can talk theoretically, but believe me, if you at Kraken invest into something like that, you will not regret it.

[coinpr0n]

https://www.reddit.com/r/BitcoinMarkets/comments/3dnpmn/ann_kraken_reduces_fees_and_moves_to_makertaker/

Looks like a great idea. All of this is a little over my head but it I'm sure the market-makers will be happy. Keep it up, Kraken!

[peligro]

https://www.reddit.com/r/BitcoinMarkets/comments/3dnpmn/ann_kraken_reduces_fees_and_moves_to_makertaker/

Looks like a great idea. All of this is a little over my head but it I'm sure the market-makers will be happy. Keep it up, Kraken!

A maker taker market means that there are different fees for orders that get filled. For example someone comes in and wants to buy or sell something instantly. He then orders and pays the shares that are offered or sell to the buyers that want to buy shares. Because he instantly gets what he wants he has to pay a higher "taker" fee. The one who buys from him would only pay a lower "maker" fee, because he made the offer in the orderbook that the "taker" took.

Exchanges want to have many offers in their orderbook to have a better price discovery. Thats why maker and taker are paid differently.

[coinpr0n]

https://www.reddit.com/r/BitcoinMarkets/comments/3dnpmn/ann_kraken_reduces_fees_and_moves_to_makertaker/

Looks like a great idea. All of this is a little over my head but it I'm sure the market-makers will be happy. Keep it up, Kraken!

A maker taker market means that there are different fees for orders that get filled. For example someone comes in and wants to buy or sell something instantly. He then orders and pays the shares that are offered or sell to the buyers that want to buy shares. Because he instantly gets what he wants he has to pay a higher "taker" fee. The one who buys from him would only pay a lower "maker" fee, because he made the offer in the orderbook that the "taker" took.

Exchanges want to have many offers in their orderbook to have a better price discovery. Thats why maker and taker are paid differently.

Aha! Thank you. I'm starting to get it - so basically, limit orders will have a lower fee as they are providing liquidity for the exchange? Does it go either way (ie. for buy limits as well as sell limits)?

[Dargo]

https://www.reddit.com/r/BitcoinMarkets/comments/3dnpmn/ann_kraken_reduces_fees_and_moves_to_makertaker/

Looks like a great idea. All of this is a little over my head but it I'm sure the market-makers will be happy. Keep it up, Kraken!

A maker taker market means that there are different fees for orders that get filled. For example someone comes in and wants to buy or sell something instantly. He then orders and pays the shares that are offered or sell to the buyers that want to buy shares. Because he instantly gets what he wants he has to pay a higher "taker" fee. The one who buys from him would only pay a lower "maker" fee, because he made the offer in the orderbook that the "taker" took.

Exchanges want to have many offers in their orderbook to have a better price discovery. Thats why maker and taker are paid differently.

Aha! Thank you. I'm starting to get it - so basically, limit orders will have a lower fee as they are providing liquidity for the exchange? Does it go either way (ie. for buy limits as well as sell limits)?

Market orders are always taker. Limit orders can be taker if they are buys at or above market price (lowest ask) or sells at or below market price (highest bid). If a limit order gets immediately executed against an order already on the book, then it will be taker. If it's a limit buy below the current lowest ask, or a limit sell above the current highest bid, then it won't get immediately executed. Instead, it will stick around on the book, at least for a little while, and get executed against a new order. In that case it will be maker. A limit order can even be part taker and part maker if part of it gets executed immediately against an older order and the other part stays around on the book for a while and gets executed against a new order.

[juiceayres]

Recently I moved to Europe, then I decided to use Kraken.

I did a transfer using SEPA from BNP Paribas. The transfer was completed after two days, no problem.

After a week, my account manager called me about a suspicious operation in my bank account. In fact the Kraken bank account is listed as fraudulent IBAN. (This caused me a hassle)

In overall I am satisfied with Kraken services, I just alert about this IBAN issue which may scary newcomers.

[coinpr0n]

Recently I moved to Europe, then I decided to use Kraken.

I did a transfer using SEPA from BNP Paribas. The transfer was completed after two days, no problem.

After a week, my account manager called me about a suspicious operation in my bank account. In fact the Kraken bank account is listed as fraudulent IBAN. (This caused me a hassle)

In overall I am satisfied with Kraken services, I just alert about this IBAN issue which may scary newcomers.

I think it is a hit or miss largely depending on the bank. The first bank I tried using to send SEPA to Kraken took over two weeks - my bank was not helpful at all. Then a friend recommended that I try with another bank (a specific bank, more modern, internet-based) and I never had an issue. SEPA transfers now get deposited on the very same day.

Not to undermine your statement, it could very well be true that Kraken's bank account is flagged as fraudulent, but I'm more inclined to think it's an issue with your specific bank. If you're in Spain I can recommend a bank that I know works with Kraken transfers.

[peligro]

https://www.reddit.com/r/BitcoinMarkets/comments/3dnpmn/ann_kraken_reduces_fees_and_moves_to_makertaker/

Looks like a great idea. All of this is a little over my head but it I'm sure the market-makers will be happy. Keep it up, Kraken!

A maker taker market means that there are different fees for orders that get filled. For example someone comes in and wants to buy or sell something instantly. He then orders and pays the shares that are offered or sell to the buyers that want to buy shares. Because he instantly gets what he wants he has to pay a higher "taker" fee. The one who buys from him would only pay a lower "maker" fee, because he made the offer in the orderbook that the "taker" took.

Exchanges want to have many offers in their orderbook to have a better price discovery. Thats why maker and taker are paid differently.

Aha! Thank you. I'm starting to get it - so basically, limit orders will have a lower fee as they are providing liquidity for the exchange? Does it go either way (ie. for buy limits as well as sell limits)?

No, not limit orders in general. Only when the price for the limit is so that it does not get executed instantly. Otherwise you could beat the fee system. Only when it stays untraded for at least a millisecond you will pay the lower fee. If you buy or sell into the orderwalls with your order then you have to pay the taker fee.