Is Bitcoin the Next Big Thing?

[dee]

I believe that the second that something is traced, e.g. for organised criminal activity, and it is found you sold it then be prepared for a bumpy ride. I honestly think it isn't worth the risk. Through the reading I have done (may be things I have missed) it has been asserted that Bitcoin is not truly untraceable through the blockchain and therefore could be exposed by some cleverer people than me.

And I mean of course if this was done at any sort of volume. Exchanges want ID for a good reason.

Yep. They take people profiting off other peoples misery pretty seriously. Look at Ulbricht , the silk road founder and the lengths they went to to get him.He's currently doing life in the US.

 

[RobM]

I believe that the second that something is traced, e.g. for organised criminal activity, and it is found you sold it then be prepared for a bumpy ride. I honestly think it isn't worth the risk. Through the reading I have done (may be things I have missed) it has been asserted that Bitcoin is not truly untraceable through the blockchain and therefore could be exposed by some cleverer people than me.

And I mean of course if this was done at any sort of volume. Exchanges want ID for a good reason.

And yet it is exchanges who want our trust. I suppose eventually the parasite can't eat itself.

 

[ian]

I believe that the second that something is traced, e.g. for organised criminal activity, and it is found you sold it then be prepared for a bumpy ride. I honestly think it isn't worth the risk. Through the reading I have done (may be things I have missed) it has been asserted that Bitcoin is not truly untraceable through the blockchain and therefore could be exposed by some cleverer people than me.

And I mean of course if this was done at any sort of volume. Exchanges want ID for a good reason.

Absolutely understand those risks, though not convinced it would be the case. As mentioned though, perhaps those looking to buy are after as much autonomy as possible, beyond just supply an exchange with ID; in which case, that is why I suggested buying Monero instead, the true privacy coin!

 

[dee]

Good day at the office for Bitcoin / crypto then.... tanked on Binance rumours.

@RobM Looks like you'll get your drop

 

[ian]

Massive volume since though, second biggest in history helping the recovery. Lot of talk that Binance hack is specific to those handing over their API keys the a third party app that then sold all their ALT coins for Bitcoin. Not sure whether they then got the BTC out, I assume so, but Binance have reacted quickly and prevented all withdraws.

 

[dee]

Massive volume since though, second biggest in history helping the recovery. Lot of talk that Binance hack is specific to those handing over their API keys the a third party app that then sold all their ALT coins for Bitcoin. Not sure whether they then got the BTC out, I assume so, but Binance have reacted quickly and prevented all withdraws.

I think the hack converted loads of alts to btc then bought lots of hugely overpriced via coin off the hackers. Or something like that it seems

 

[ian]

I think the hack converted loads of alts to btc then bought lots of hugely overpriced via coin off the hackers. Or something like that it seems

Yep, sold to BTC as cannot be exchanged for VIA directly. No crypto has been withdrawn it seems, just a case of using a hack to inflate the price of VIA so the ppl behind it could sell what they had at the top. Still a concern for Binance I'm sure.

 

[Edwin]

US investors may be facing new tax liabilities as a result of Bitcoin (including for crypto-to-crypto trades that are no longer profitable!)
https://www.theguardian.com/technology/2018/mar/18/cryptocurrency-bitcoin-irs-tax

I imagine the folks at HMRC may be reading that with great interest over their morning cornflakes...

 

[Admin]

So Binance is moving to Malta.

Any further news or rumours on the Tether situation?

 

[martin-s]

Re Tether, saw this yesterday:
https://www.newsbtc.com/2018/03/19/tether-primary-reserve-bank-puerto-rico-says-bitmex/

Suggests it might be legit with 1-for-1 funds in Puerto Rico?

 

[ian]

So Binance is moving to Malta.

Any further news or rumours on the Tether situation?

Malta favour crypto, but boy, I'd not like to handle discussions with the Maltese government!!! I suspect plenty of cash (or crypto) changed hands in that one!

 

[Admin]

They call themselves...'the blockchain island'

 

[dee]

I know not bitcoin related but figured few reading this might be interested. TRX (tron) is having a run at the moment, and its likely to continue till the 1st march at least. It seems they launch their test network and likely do a coin burn on the same day.Coin burns usually have the impact of significantly pushing up the value of a coin.

Do your own research obviously but could be one to jump on right now

 

[GCHQ]

domains and crypto is for fun....quant trading is the place where you can fulfill your dreams

 

[dee]

domains and crypto is for fun....quant trading is the place where you can fulfill your dreams

On what platform ? And with what strategy ?

I've yet to see an actual profitable MT4

 

[GCHQ]

On what platform ? And with what strategy ?

I've yet to see an actual profitable MT4

You need a stable professional platform like NT..........Focus on Price Action and not time, Price comes before time

 

[Edwin]

There's a suggestion part of the current drop in crypto is down to US investors selling to meet tax obligations (since they have incurred cap gains taxes switching between currencies, as was mentioned a few pages back)
https://www.cnbc.com/2018/03/29/bit...re-than-15-percent-as-tax-day-approaches.html

Whether that means they'll come back into the market on the other side of Tax Day, or stay on the sidelines, who knows... but it certainly hints at two more weeks of weakness.

 

[ian]

Nah, this is completely market manipulation. The irony is if the whales bought now, the price would rocket and they'd make tons of profit, but their greed means they will continue to force the market down for an even lower entry point (and to attract more punters/victims in). It will come back I'm sure, but might take weeks or months more, and I predict we'll see $6100 in the short term, possibly lower after a bounce. I was fortunate enough to get in prior to the December/January boom, so my funds are still relatively positive, but it has helped bring some clarity to my scatter gun approach, now more focused on specifics and I'm hoping for a further dip to increase my holdings.

 

[websaway]

I get the impression that the game was to agressively market to millions of small players ( I know a policeman who invested £200 ) and then siphon off the rises. It seemed like the perfect way to keep making millions. When people question the common sense of it all, just baffle them with science.

 

[RobM]

He didn't invest £200. He gambled it. It may pay off.. it may not. It's phrases like this though, combined with media hype, that make out it's far more high-brow and acceptable intellectually than it really is. I invested £100 at the casino last week. Most of it was invested in blackjack with a little in roulette. I was waiting for the bounce at £75. When that didn't come I waited for the £50 dip. Sadly it went to £0 before I could realise any of my investment. However that won't deter me from investing again. The casino told me it was a sure thing.