Coinapult (OP)
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October 08, 2014, 03:36:22 PM |
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Our Locks Plugin is now available to Payment Processors across the globe Protect your customers from price swings with our new Locks plugin. Locks can now be integrated seamlessly into your wallet / payment platform, offering your customers a way to Lock and unlock Bitcoin to USD, GBP, EUR, Gold and Silver. Protect them from Bearwhales today! Contact: Rob@coinapult.com See how Electrum have done it. https://medium.com/@Coinapult/electrum-locks-plugin-beta-9d8f724af19a
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cryptworld
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October 08, 2014, 03:54:19 PM |
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so, with this you can lock the fiat value of your electrum bitcoin wallet,isn't it?
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allthingsluxury
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October 08, 2014, 03:57:05 PM |
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Will have to take a look. Thanks.
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Gold & Silver Financial News: Silver Liberation Army, Gold & Silver News, Geopolitical & Financial News, Jim Rickards Blog, Marc Faber Blog, Jim Rogers Blog, Peter Schiff Blog, David Morgan Blog, James Turk Blog, Eric Sprott Blog, Gerald Celente Blog
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LiteCoinGuy
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In Satoshi I Trust
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October 08, 2014, 05:22:44 PM |
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so, with this you can lock the fiat value of your electrum bitcoin wallet,isn't it?
i guess it is. circle and most other exchanges will adopt this.
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justusranvier
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October 08, 2014, 05:38:17 PM |
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This is an extremely strange service being offered.
A customer of this service provides an interest-free loan to some unknown counterparty, denominated in something other than Bitcoin, only using Bitcoin as the payment mechanism for issuing and repaying the loan.
That's fine if that really is a service that people want, but why is the marketing for Locks so incredibly vague and imprecise about what is actually going on?
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Connor936
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October 09, 2014, 01:34:12 AM |
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This is an extremely strange service being offered.
A customer of this service provides an interest-free loan to some unknown counterparty, denominated in something other than Bitcoin, only using Bitcoin as the payment mechanism for issuing and repaying the loan.
That's fine if that really is a service that people want, but why is the marketing for Locks so incredibly vague and imprecise about what is actually going on?
Silk Road did this in it's early days. They allowed people to lock in the US dollar price of a transaction when the funds were being held in escrow. When the buyer would release escrow the seller would receive more or less bitcoin depending on which direction bitcoin went. This may have been how Ross was able to amass so much bitcoin as the price of bitcon was generally rising
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jmw74
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October 09, 2014, 09:38:21 AM |
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This is an extremely strange service being offered.
A customer of this service provides an interest-free loan to some unknown counterparty, denominated in something other than Bitcoin, only using Bitcoin as the payment mechanism for issuing and repaying the loan.
That's fine if that really is a service that people want, but why is the marketing for Locks so incredibly vague and imprecise about what is actually going on?
Because they don't want to call it "selling with no option to withdraw", which is what it really is. Exchanges let you withdraw either fiat or bitcoin. Locking services only let you withdraw bitcoin. I am not sure why there would be demand for this kind of crippled service, when exchanges already exist and do more.
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sgk
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!! HODL !!
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October 09, 2014, 09:58:47 AM |
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Something doesn't sound right.
I watched their demo video. Here's how they say the locking works "If you lock 1000 EUR worth of Bitcoins, you'll always have 1000 EUR worth of BTC, whether the price is 1000 EUR/BTC or 1 EUR/BTC."
BUT
What it doesn't tell is - what happens if 1 BTC is worth 2000 EUR in future. You will still have 1000 EUR worth of Bitcoins?
I THINK YES.
So if you believe in a bright future of BTC, you should NOT lock your BTC.
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seriouscoin
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October 09, 2014, 10:11:25 AM |
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LOL what a deceiving tactic.....
OP why didnt you include your "hidden" fee?
Yeah at 8% , fck NO!
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Coinapult (OP)
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October 13, 2014, 12:56:04 PM |
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Regarding fees: We apply a small spread, typically 1-2% on the exchange price quoted. When Locking you are taken to a confirmation page where you can choose to accept the exchange rate, or not. I am not sure where the idea of an 8% fee came from, which would be high indeed! When we say 1-2%, that is to cover all eventualities. The most you will pay is 2% but usually the rate quoted is lower. Locks is useful anywhere a stable balance is needed for example, for savings, wages or rent payments. The service is useful where people don't have an exchange account and perhaps aren't into Bitcoin for speculative reasons. Please do join our wallet demo on Thursday where you can put queries directly to the team: http://tinyurl.com/ljqjn77
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Coinapult (OP)
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October 13, 2014, 12:57:30 PM |
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so, with this you can lock the fiat value of your electrum bitcoin wallet,isn't it?
Hi Cryptworld, Yes, that is exactly right.
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Coinapult (OP)
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October 13, 2014, 01:13:03 PM |
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This is an extremely strange service being offered.
A customer of this service provides an interest-free loan to some unknown counterparty, denominated in something other than Bitcoin, only using Bitcoin as the payment mechanism for issuing and repaying the loan.
That's fine if that really is a service that people want, but why is the marketing for Locks so incredibly vague and imprecise about what is actually going on?
Hi Justusranvier, The following interview with CEO Ira Miller covers the service in depth. https://www.youtube.com/watch?v=8_Y15iqQA9g
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MsCollec
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October 13, 2014, 01:19:30 PM |
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I will wait for users review before downloading.
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btckold24
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★Bitvest.io★ Play Plinko or Invest!
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October 13, 2014, 01:31:11 PM |
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personally if you believe in bitcoin why would you want to have no upside to your bitcoin. If you lock in and it goes up your stuck at the old rate.... I can see how this would be smart if you were dealing in a lot of btc though protecting some money.
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Phrenico
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October 13, 2014, 02:24:59 PM |
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personally if you believe in bitcoin why would you want to have no upside to your bitcoin. If you lock in and it goes up your stuck at the old rate.... I can see how this would be smart if you were dealing in a lot of btc though protecting some money.
At or near bubble peak, I would give this a shot. I would just wonder what the tax consequences of this are; more options to trade while avoiding taxable events is always a good thing.
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inBitweTrust
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October 13, 2014, 02:39:49 PM |
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Regarding fees: We apply a small spread, typically 1-2% on the exchange price quoted. When Locking you are taken to a confirmation page where you can choose to accept the exchange rate, or not. I am not sure where the idea of an 8% fee came from, which would be high indeed! When we say 1-2%, that is to cover all eventualities. The most you will pay is 2% but usually the rate quoted is lower.
In coinapult's defense, I can verify the spread is indeed 2% as I just verified - https://api.coinapult.com/api/ticker?filter=smallGranted this is a larger spread than bitstamp, circle or coinbase. Coinbases is 0.3% , coinapult still fulfills a important role in countries outside the US .
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inBitweTrust
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October 13, 2014, 02:45:14 PM |
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Because they don't want to call it "selling with no option to withdraw", which is what it really is.
Exchanges let you withdraw either fiat or bitcoin. Locking services only let you withdraw bitcoin. I am not sure why there would be demand for this kind of crippled service, when exchanges already exist and do more.
As someone who is a longterm bitcoin bull, I see no use for this feature either, outside of a tool for day traders , but than again other exchanges have lower fees. If you don't want to ride on the volatility roller coaster than just cash out and hold the fiat yourself instead of with a third party. This being said, coinapult is an important provider for interacting with banks outside the US.
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LiteCoinGuy
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Activity: 1148
Merit: 1014
In Satoshi I Trust
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October 13, 2014, 03:52:15 PM |
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Something doesn't sound right.
I watched their demo video. Here's how they say the locking works "If you lock 1000 EUR worth of Bitcoins, you'll always have 1000 EUR worth of BTC, whether the price is 1000 EUR/BTC or 1 EUR/BTC."
BUT
What it doesn't tell is - what happens if 1 BTC is worth 2000 EUR in future. You will still have 1000 EUR worth of Bitcoins?
I THINK YES.
So if you believe in a bright future of BTC, you should NOT lock your BTC.
these bastards ! (by the way: nice tool coinapult)
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cbeast
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Let's talk governance, lipstick, and pigs.
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October 13, 2014, 04:18:28 PM |
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This is a hedging tool prototype. It's a good concept. I imagine many of these tools will become available through Bitcoin 2.0 apps where you can lock many assets with various triggers.
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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Coinapult (OP)
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October 13, 2014, 04:32:03 PM |
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personally if you believe in bitcoin why would you want to have no upside to your bitcoin. If you lock in and it goes up your stuck at the old rate.... I can see how this would be smart if you were dealing in a lot of btc though protecting some money.
Hi btckold24, I'm sure you realize capital gains is only one aspect of Bitcoin's upside. Instant, irreversible, global payments is of course another significant upside to the technology. Locks is designed to be an easy way for individuals interested realizing the value of the blockchain to do so, without the cumbersome process of learning to deal with exchanges. Locks lowers the barrier to entry for new users because they can think in terms of assets they are used to and simultaneously spend where ever Bitcoin is accepted. We anticipate by lowering the barrier to entry and making new users more comfortable, more people will experience how seamless Bitcoin transactions are and thus have greater insight to Bitcoin's upside and hold Bitcoin
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