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Thread: Cryto Currency

  1. #121
    I'm part of the furniture Club Member Sheefa's Avatar
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    I've used Coinbase multiple times and never an issue. Hell I just bought 0.2 BTC and transferred it to my Ledger within 1/2 hour. It's user error here not the platform.

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  2. #122
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    [QUOTE=Sheefa;4249602]Rider - Please don't comment on this being a bubble like all the mainstream media and sources. Do you know anything about crypto currencies, the technology behind Ada and Neo for example? I doubt it.

    This is a currency revolution not a bubble. We've not even started getting to the bubble stage yet.

    /QUOTE]

    People comment about it being a bubble because it has all the facets of being a bubble. I looked into crypto currencies a long time ago. Can't remember how long ago but a mate of mine invested 100 at that time that he cashed in half a few months back for 50k so you can work it out when if you really want to. I decided not to invest, not because I couldn't see it was a great money making scheme unfolding but because I felt its only tangible value was to avoid tax or launder money. Anonymity has a significant value and that is the bedrock of virtual currency values we see today frothed up with get rich quick aspirations of short term investors. If trading anonymity is removed, and its looking more like when, then that bedrock upon which all virtual currencies rest is also removed. I wasn't comfortable investing in something with obvious appeal to those seeking to hide illicit earnings or to avoid taxation. That was purely a moral choice and not one I would seek to apply to others who are happy in speculating in currency movements because it was a personal choice I took that doesn't have me sitting here today thinking I $#@!ed.

    Beyond the obvious appeal to the criminal fraternity on Bitcoin mining it was reported recently, the mining activity consumes more electricity that the country of Ireland does. Its strange that a virtual currency has a larger carbon footprint than 4.8 million humans. Its not just looking like a bubble its a heavily polluting bubble that will have a place but anyone thinking they can relive the 100 to 100,000 days has almost certainly missed the boat and anyone investing should expect anything that goes up and down 20% a day is not a stable vehicle for investment and anyone investing should know that tax authorities have virtual currencies on their radar so tax avoidance will become somewhat harder on any currency trading profits realised. any losses are always tax free of course.

    Having said that, if I didn't have any qualms I think there is still plenty of scope to make serious money on virtual currencies though that'd be on the lesser know ones, rather than the Bitcoin variant. The other virtual currencies could see a lot of the Bitcoin value leech their way as Bitcoin trading is what government authorities are focussed upon.

  3. #123
    Thread killing Club Member scorling's Avatar
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    Quote Originally Posted by Sheefa View Post
    I've used Coinbase multiple times and never an issue. Hell I just bought 0.2 BTC and transferred it to my Ledger within 1/2 hour. It's user error here not the platform.
    Out of interest have you sold any assets, converted them back to "real" currency and withdrawn those funds? I tried investing several months ago and Coinbase wasn't functioning properly due to high volumes of transactions.

    I wondered then that if you couldn't buy at times of high volumes, was there a risk that it would be just as difficult to sell when the time came if the exchanges were equally busy. And even if you managed to sell, was there a risk of funds not being released. As I understand it Coinbase and other exchanges are not regulated by any authority we would recognise.

  4. #124
    I'm part of the furniture Club Member Sheefa's Avatar
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    Quote Originally Posted by scorling View Post
    Out of interest have you sold any assets, converted them back to "real" currency and withdrawn those funds? I tried investing several months ago and Coinbase wasn't functioning properly due to high volumes of transactions.

    I wondered then that if you couldn't buy at times of high volumes, was there a risk that it would be just as difficult to sell when the time came if the exchanges were equally busy. And even if you managed to sell, was there a risk of funds not being released. As I understand it Coinbase and other exchanges are not regulated by any authority we would recognise.
    Yes I have and do.

    Ultimately I transfer BTC from Bittrex/Kraken or Coinbase to Gdax which is under Coinbase ownership, sell the BTC on gdax, transfer the sterling/euros back to Coinbase and then withdraw to bank account. That means practically zero fees.


    Greg

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  5. #125
    Thread killing Club Member scorling's Avatar
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    Quote Originally Posted by Sheefa View Post
    Yes I have and do.

    Ultimately I transfer BTC from Bittrex/Kraken or Coinbase to Gdax which is under Coinbase ownership, sell the BTC on gdax, transfer the sterling/euros back to Coinbase and then withdraw to bank account. That means practically zero fees.
    Thank you, good practical experience. Had I been successful in buying I would have been in at about $2,000 so I've missed out of a five fold gain in a few months, but I would have probably sat on my hands as the price came down just as quickly!

  6. #126
    I'm part of the furniture Club Member Sheefa's Avatar
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    Quote Originally Posted by scorling View Post
    Thank you, good practical experience. Had I been successful in buying I would have been in at about $2,000 so I've missed out of a five fold gain in a few months, but I would have probably sat on my hands as the price came down just as quickly!
    Well yes and no. There will be minor price corrections with Bitcoin and other Alt currencies but ultimately the value will continue to rise and I believe it will surpass 10k by the end of the year. Significant price movements northwards as the public hear more about it in the press and lool to invest. I'll be getting out of the "bubble" when I know EVERYONE is getting into it. We're a good couple of years off yet.

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  7. #127
    Yes, I'm a Moderator Pete's Avatar
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    Giving large sums of money to unregulated companies and systems which can disappear at the drop of a hat is outside of my comfort zone. High risk = high gains I suppose. Good luck to ya.
    I think you're right, whilst it remains a technical challenge it will continue to be used by the black market holding it artificially high. Isn't there a risk that governments don't want this anonymous uncontrolled trading and could order take down requests or block traffic at any time crippling the ability to trade?
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  8. #128
    I'm part of the furniture Club Member Sheefa's Avatar
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    Quote Originally Posted by Pete View Post
    Giving large sums of money to unregulated companies and systems which can disappear at the drop of a hat is outside of my comfort zone. High risk = high gains I suppose. Good luck to ya.
    I think you're right, whilst it remains a technical challenge it will continue to be used by the black market holding it artificially high. Isn't there a risk that governments don't want this anonymous uncontrolled trading and could order take down requests or block traffic at any time crippling the ability to trade?
    Cold Paper wallets or Hardware Wallets like Nano Ledger avoid storing cryptos on exchanges and therefore are safe from these "disappearing corrupt" platforms.

    Agreed it is still be used by black market and even drug dealers have been using Bitcoin ATM machines to launder drug money and then transfer to other exchanges and leave a trail of anonymity. So what? There's plenty of other illegal means out there and the key of digital currency is to enable peer to peer payments in Less Economically Developed Countries.

    The majority of users will use it for its true intention, just like we all do with FIAT currency.

    This isn't going anywhere people, the crypto market isn't going to come to a grinding halt. It is the future and all the technology behind it will pave the way for better communicative systems, audit and risk control and most of all a more open trading world.

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  9. #129
    Yes, I'm a Moderator Pete's Avatar
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    Quote Originally Posted by Sheefa View Post
    Cold Paper wallets or Hardware Wallets like Nano Ledger avoid storing cryptos on exchanges and therefore are safe from these "disappearing corrupt" platforms.
    I'm thinking more about the companies that do the conversion. I look at https://bittylicious.com and think "Would I want to give 10k to this website?" That's a whole lotta trust - something I'm not good at.
    I also didn't use the word corrupt. They could cease trading for a number of reasons - not just corruption.

    Quote Originally Posted by Sheefa View Post
    This isn't going anywhere people, the crypto market isn't going to come to a grinding halt. It is the future and all the technology behind it will pave the way for better communicative systems, audit and risk control and most of all a more open trading world.
    Blockchain is a revolution that's going to be used in many areas for transactions and documentation (passports, birth certificates, data storage etc). There was a lot of buzz about it at Web Summit when I was there a couple of weeks ago. What isn't necessarily here to stay are many of the currencies themselves.

    The tech around storing and transacting is very simple, basic cryptography. What scares me are blips like this: http://fortune.com/2017/11/11/ethere...et-web-summit/
    One guy had the power to halt the currency in its tracks. Should a currency end/fail/whatever - what use is a paper wallet then? My money is safe...but I can't sell it for something that will buy me a loaf of bread.

    I also look at the CVEs for Bitcoin which although old, indicate past vulnerabilities in the core.

    I predict that current currencies will have an expanding fan base and growing worth for the next 3-4 years whilst governments rush to keep up and launch sovereign blockchain currencies which consumers will have greater confidence in and some form of regulation/guarantees. I know that will defeat the whole idea of "it's open and uncontrolled" - but that was the idea of the Internet in the first place, it didn't stop governments from ruining that did it?

    What are your thoughts on this: Governments and the old boys club hate new money, if they can't control it they will do anything they can to kerb it.
    You've worked in the insurance industry long enough to figure out it's pretty much underwritten and run by just a few old boys in London. Are we really seeing an end to "the establishment"? (As an aside, now they'll no longer be shackled by the chains of EU regulation they can do whatever they like)
    Last edited by Pete; 04-12-17 at 21:42.
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  10. #130
    Yes, I'm a Moderator Pete's Avatar
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    If it is a lot of illegal activity spurring the usage of Bitcoin - then why wouldn't these traders start to prefer Monero as it offers greater anonymity?
    https://www.reddit.com/r/Monero/comm...hing_you_need/

    My money would be on Monero or Golem I reckon from what I've read on a tech point of view.
    Last edited by Pete; 05-12-17 at 07:50.
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  11. #131
    I'm part of the furniture Club Member Dnk's Avatar
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  12. #132
    1.21 Gigawatts Club Member Wez's Avatar
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    At current prices BTC is going to be a huge target for hackers.
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  13. #133
    I'm addicted now! Club Member
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    Quote Originally Posted by Pete View Post
    If it is a lot of illegal activity spurring the usage of Bitcoin - then why wouldn't these traders start to prefer Monero as it offers greater anonymity?
    https://www.reddit.com/r/Monero/comm...hing_you_need/

    My money would be on Monero or Golem I reckon from what I've read on a tech point of view.
    They are moving to Monero.

  14. #134
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    Briefly hit $19k today, been feeling dizzy just watching the numbers. At one point went to make a sandwich and came back to find it had jumped $1,200.

    Doesn't seem like anybody has a clue any more.

  15. #135
    I'm part of the furniture Club Member Sheefa's Avatar
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    Quote Originally Posted by Wonga Spar View Post
    Briefly hit $19k today, been feeling dizzy just watching the numbers. At one point went to make a sandwich and came back to find it had jumped $1,200.

    Doesn't seem like anybody has a clue any more.
    And why doesn't anybody seem to have a clue anymore.....?

    Greg

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