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Old 11-14-2017, 06:39 AM   #22851
ThinkItThrough
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Re: Bitcoins - digital currency

About UK, i think it has been mentioned somewhere else:

1) Use revolut app, fund gbp to gbp
2) Revolut allows monthly 5k conversion at spot price. GBP to Euro. After that you pay 0.5%. For bigger amounts you can always use transferwise clones that are cheaper.
3) Send euro to kraken/bitstamp

Pls share with your friends, revolut is amazing from what people say (i'm not a user), i read they will allow holding BTC as well. Probably buying through an exchange will still be better. But imagine them integrating shapeshift/changelly... that would be nuts.
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Old 11-14-2017, 07:58 AM   #22852
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Re: Bitcoins - digital currency

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Originally Posted by ThinkItThrough View Post
Well done, in that case i stand corrected.

I always thought that whenever there were price differences it was because an exchange not doing cash outs, aka, you might have made a paper gain in USD, but the only way to get the money out is by trading it into crypto and then losing that gain again.

So you're doing this without automated trading/bots? And i assume you have a way to keep international wire costs very low?

Feel free to not answer if you don't want to share, my interest is purely intellectual and i'm curious about the risks involved.
There's also the counterparty risk of getting Goxed.
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Old 11-14-2017, 08:10 AM   #22853
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Re: Bitcoins - digital currency

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Originally Posted by HeardARumor View Post
Sucks to suck.

The sum of forks is at an all-time-high.

Current Bitcoin Price = $8114.06 --- Includes Sum of Forks, Core $6448.30 + Cash $1418.83 + Gold $246.93
This is a bit misleading, as the supply of the different coins are not the full 16.5 million. Bitcoin Cash has a lot of supply removed by exchanges and wallet providers that haven't implemented support for accessing your coins yet.
Gold doesn't even have replay protection yet. No one is even trading it, they are trading futures for it, and the only coins available to buy are the ones that were deposited on certain exchanges at the snapshot date.
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Old 11-14-2017, 09:10 AM   #22854
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Re: Bitcoins - digital currency

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Not true. There are some merchants out there that accept BTC. It isn't wide spread, but they are out there. Also, it is an excellent way for depositing on gambling sites.
I'm a merchant that accepts it. No one is buying anything with bitcoin.
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Old 11-14-2017, 01:43 PM   #22855
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Re: Bitcoins - digital currency

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I'm a merchant that accepts it. No one is buying anything with bitcoin.
So am I and people use it. But way below 5% to state the obvious.

A more objective metric would be to look at bitpay and supposedly they are growing despite BTC in it's current form being anything but e-commerce friendly.

Once that beloved 2nd layer comes, adoption could grow again at rates it did pre full blocks.
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Old 11-14-2017, 04:02 PM   #22856
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Re: Bitcoins - digital currency

https://amp.businessinsider.com/bitc...-group-2017-11


Also mike novogratz is launching a merchant bank for crypto & fintech businesses
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Old 11-14-2017, 06:31 PM   #22857
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Re: Bitcoins - digital currency

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Originally Posted by synth_floyd View Post
How much bitcoin is actually used as a means to buy and sell things, rather than just a speculative currency for investors?
We have an idea of the volume of BTC that was passing through Silk Road which was the biggest marketplace and an actual real world use of bitcoin and it was quite a small.
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Old 11-14-2017, 06:37 PM   #22858
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Re: Bitcoins - digital currency

half the threads in the this forum are crypto related. lol. totally not a bubble!
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Old 11-14-2017, 06:44 PM   #22859
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Re: Bitcoins - digital currency

https://www.youtube.com/watch?v=XbZ8zDpX2Mg
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Old 11-14-2017, 06:44 PM   #22860
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Re: Bitcoins - digital currency

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Originally Posted by OmgGlutten! View Post
half the threads in the this forum are crypto related. lol. totally not a bubble!
Because something that is popular has to be a bubble.
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Old 11-14-2017, 06:59 PM   #22861
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Re: Bitcoins - digital currency

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Bitcoin will likely crash again but you have no way of telling where the high will be. You could get in a little before the crash and you could still come out ahead after the crash. The people who bought before all of those crashes are still very rich today assuming they held. This is a long term investment.
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Old 11-14-2017, 08:45 PM   #22862
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Re: Bitcoins - digital currency

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Originally Posted by rubbrband View Post
Bitcoin will likely crash again but you have no way of telling where the high will be. You could get in a little before the crash and you could still come out ahead after the crash. The people who bought before all of those crashes are still very rich today assuming they held. This is a long term investment.
The vid is making exactly this point.
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Old 11-14-2017, 11:52 PM   #22863
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Re: Bitcoins - digital currency

What happens to bitcoin cash when coinbase adds it? Coinbase WILL 100% ADD IT. They are going to be giving all their customers their BCH January 1st. The chance of them telling them they have to go trade it else where would have to be 0.

There are a couple very different scenarios. Everyone might dump their coins right away for their free money, or like 95% of people on coinbase will see CHEAPER BITCOIN.. OMG, and it will rip. LTC ripped like a bandit when it was added to coinbase, and it had already been previously announced weeks before.

Curious to hear other people's thoughts, and what % of people think there's even a remote chance they won't add it. The volume is massive on it right now, they just won't pass it up. I like the gamble. The timing is tricky.
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Old 11-15-2017, 12:13 AM   #22864
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Re: Bitcoins - digital currency

Bitstamp & Gemini didn't add it, they simply allowed customers to withdraw.

I'm probably a little biased, but I believe this is the best method, keep it simple for everyday customers.

Or instead allow customers to instantly exchange for more BTC.
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Old 11-15-2017, 12:17 AM   #22865
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Re: Bitcoins - digital currency

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Originally Posted by TheMVP View Post
Bitstamp & Gemini didn't add it, they simply allowed customers to withdraw.

I'm probably a little biased, but I believe this is the best method, keep it simple for everyday customers.

Or instead allow customers to instantly exchange for more BTC.
Bitstamp was slow as **** to add ETH and Gemini still doesn't have LTC. Coinbase always leads the way. I'd be willing to bet even money on it. They also gave the BCH to the customers before it was gaining traction. Hell, Ignition accepts it.
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Old 11-15-2017, 12:20 AM   #22866
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Re: Bitcoins - digital currency

Ignition accepts it because Calvin Ayre is one of the scumbags pumping it.
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Old 11-15-2017, 12:30 AM   #22867
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Re: Bitcoins - digital currency

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Ignition accepts it because Calvin Ayre is one of the scumbags pumping it.
Or he prefers cheaper faster transactions? Only benefit of BTC right now is less volatility. However, he should just add ETH if he wants the cheapest fastest transactions.
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Old 11-15-2017, 06:20 AM   #22868
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Re: Bitcoins - digital currency

I'm sure this is probably covered here somewhere and apologies if I'm an idiot asking but my brother has invested $20k in what he says is a bitconnect investment platform that seems to guarantee a ~1% return per day. He claims that he has knowledgeable contacts who recommended this platform.

I've read a bunch of stupid testimonials about these sorts of things (assuming it's something similar) but is there anything legitimate along these lines? He says he's been able to transfer $300-$500 a day back to his bank account but is this bs?

I feel kind of stupid asking.

Edit - this was his response when I pressed him on it:
the coin is bitconnect
they have an investment scheme
you give them bitcoin for bit connect coins.
You then loan your bitconnect coins to them for the relevant $ amount and that loan amount is locked away for 120 days
They say you will probably end up with about 1% interest on average per day
They say it is possible to give those high returns because they have a trading bot which is an algorithm that goes and buys and sells the bitcoin that you gave to them for bitconnect. They say it is very effective

It is not mining. One of three things is happening

a. They are telling the truth. Their trading bot is making a lot of money and they give you a cut
b. They might be paying the interest out of the profits they make from Bit connect and bitcoin going up in price
c. It is ponzi scheme where they are only paying everyone from the money of new investors which would eventually crash and everyone will lose their money

Last edited by <"))))><; 11-15-2017 at 06:42 AM.
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Old 11-15-2017, 06:47 AM   #22869
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Re: Bitcoins - digital currency

Sounds legit:

https://thenextweb.com/hardfork/2017...zi-investment/

Ponzis work fine while new money is coming and the underlying is going up.
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Old 11-15-2017, 06:55 AM   #22870
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Re: Bitcoins - digital currency

I think he said he thought it was probably a ponzi which didn't bother him if he gets out but his mates have been into it for a year or two with success. I don't know.
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Old 11-15-2017, 06:59 AM   #22871
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Re: Bitcoins - digital currency

That's the nature of ponzis. The early entrants get paid out reliably so they rave about it to their friends, who pile in too. Add in an underlying that's appreciating hundreds of percent and it can go on for a while. Bernie Madoff managed a 30+ year ponzi with the most careful people in New York for tens of billions of dollars.

Once the crypto bubbles collapses a little and the <"))))>< money like your brother stop piling into these schemes enthusiastically, these kind of guys run with your friend's money.
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Old 11-15-2017, 07:06 AM   #22872
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Re: Bitcoins - digital currency

Just google "bitconnect scam"
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Old 11-15-2017, 07:14 AM   #22873
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Re: Bitcoins - digital currency

Yeah bitconnect is pretty widely recognised as a scam.

Onchainfx, an alternative to coinmarketcap, even lists it as a scam project.
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Old 11-15-2017, 08:54 AM   #22874
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Diamond Re: Bitcoins - digital currency

Quote:
Originally Posted by Pinkmann View Post
Haha, nice satire. I did not edit this post either.

Quote:
Originally Posted by <"))))>< View Post
I'm sure this is probably covered here somewhere and apologies if I'm an idiot asking but my brother has invested $20k in what he says is a bitconnect investment platform that seems to guarantee a ~1% return per day. He claims that he has knowledgeable contacts who recommended this platform.

I've read a bunch of stupid testimonials about these sorts of things (assuming it's something similar) but is there anything legitimate along these lines? He says he's been able to transfer $300-$500 a day back to his bank account but is this bs?

I feel kind of stupid asking.

Edit - this was his response when I pressed him on it:
the coin is bitconnect
they have an investment scheme
you give them bitcoin for bit connect coins.
You then loan your bitconnect coins to them for the relevant $ amount and that loan amount is locked away for 120 days
They say you will probably end up with about 1% interest on average per day
They say it is possible to give those high returns because they have a trading bot which is an algorithm that goes and buys and sells the bitcoin that you gave to them for bitconnect. They say it is very effective

It is not mining. One of three things is happening

a. They are telling the truth. Their trading bot is making a lot of money and they give you a cut
b. They might be paying the interest out of the profits they make from Bit connect and bitcoin going up in price
c. It is ponzi scheme where they are only paying everyone from the money of new investors which would eventually crash and everyone will lose their money
They probably do have a bot so that they are less likely to get into legal trouble. Whether this bot actually works is another thing. The bot is probably effectively random and only rides the bitcoin success. In other words, it is a fancy disguised Ponzi.

Bitcoin may be a giant bubble, but who knows when it will pop. Maybe it never will. The dollar is a bubble that isn't likely to pop. Its support is very strong because of the psychological value that everyone gives it. As long as it is +EV to stay in Bitcoin it makes sense to keep them.

The fact that there are so many shady characters involved with bitcoin make me side more with Toothsayer's Ponzi idea. The BCH pump was helped fueled by Gavin Anderson. Wasn't that guy someone Satoshi trusted? Roger Ver was involved too and others. What is the motivation? Inovation? No it wasn't, it was greed.

Another part of me wants to believe that Bitcoin will increase in price because it is revolutionary, but what if some of the big holders decide to dump it for another coin. Oh wait, they may have just done that. Good thing they failed this time.

There really isn't anyone stopping governments from making their own cryptos similar to Tether. Bitcoin has a lot of struggle to get through, but a lot of people think it is invincible which is dangerous financially speaking.

Last edited by TheGodson; 11-15-2017 at 09:07 AM.
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Old 11-15-2017, 08:59 AM   #22875
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Re: Bitcoins - digital currency

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Originally Posted by TheGodson View Post
You can tell that this guy got burned by bitcoin pretty badly. He looks as if he wants to cry or break into a rage. He probably tried to time the market. If only he had just held.
The guy was being sarcastic.. he's a bitcoin enthusiast /faceplam
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