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This story was from a few days ago. Looks like Chinese regulators dropped the hammer on bitcoin exchanges providing clients with borrowing to fund bitcoin investment. Makes you wonder how much leveraged buying offered by the exchanges helped push up bitcoin price.
China's Bitcoin Exchanges Quietly Made Policy Updates Overnight
http://www.coindesk.com/china-bitcoi...olicy-updates/
Saw the BTCC CEO Bobby Lee in the article above.
Margin trading gets curbed. Yawn. The bigger story that was posted years ago in this thread involved the fake trades that go on with Chinese exchanges. The biggest red flag was the zero commission. Wash trades where the exchange sells to itself, lol.
How does one make a profit on zero commission. You get creative.
The story below is just something I grabbed quickly. This isn't news - the story has been out there forever. This article is kind of good cause Bobby Lee makes the bold claim and an ex CTO confirms the practice exists.
Chinese bitcoin spot exchanges OKCoin and Huobi are faking most trading volume
https://bitcointalk.org/index.php?topic=1415808.0
It's fast & loose and a game of musical chairs.
As the Doors, Jim Morrison wrote:
" When the music's over. Turn out the lights. "
touching $900- don't think the music has stopped yet, LAAAAAAAAAADS
If you've never witnessed a triple top then you're in for a real treatQuote:
Originally Posted by Starbucks Spunk Bucket
Quote:
Originally Posted by Sanlmar
on the rise...$956
You have been given adequate warning in this thread already.
As Bitcoin ETF Nears, Analysts Warn of Trading Frenzy
https://www.wsj.com/articles/irratio...tfs-1486350601
I guess tine is the micheal angelo of bitcoin.
:lol2
Seriously folks, as long as trump is in office those chinks know what time it is, bitcoin hitting 1400 for sure this year, maybe more.
You were warned at $40, $200, $400
It is rare that you get a second chances like this to save your ass.
Sometimes the most earnest effort to be helpful falls on deaf ears. Don't blame the messenger.
I sent 2.5 btc from a wallet to another. Didn't really pay attention to fees.
Turns out the fee was automated at 0.0001469 (0.19 usd). It has been hours and it hasn't gone through.
I looked at other transactions going through and it appears had I put another 5-7 cents into it, it may have already went through.
Now I'm left in an endless waiting game where I just hope & pray.
SanImar:Quote:
Originally Posted by Sanlmar
Do you believe this article and the possibility of a potential frenzy?
Have you stocked up on btc?
As an informed person on these kind of things I trust your unbiased opinion- I believe you are hinting at a huge price rise soon but I just want to check to make sure I understand this correctly.
TIA
My understanding is if it doesn't get processed the transaction will drop off the network after 72 hours.Quote:
Originally Posted by simpdog
Who is going to all at once sell off their BTC because of this ?Quote:
Originally Posted by Sanlmar
You're on the 'everyone get out of BTC because it will fail' ? It is still 1/25th the size of a large international company.
It will keep going up until it no longer goes up. This ETF thing says we're headed towards volatility, I don't see why it means BTC is headed down. If anything, it is just more reason to be bearish?
No need to pray. The BTC will just time out and be back in your wallet. It is sorta shitty how that stuff works, but this is still totally normal behavior. If the payment doesn't go through, it is never spent and will revert.Quote:
Originally Posted by simpdog
BTC plummeting and changing wildly as we speak
As a follow up it did go through in the end.Quote:
Originally Posted by simpdog
But it did leave a sour taste in my mouth. I want the security of blockchain technology but increased speed.
gee, you think?Quote:
Originally Posted by donkdowndonedied
Uh, oh.
Two of China's Biggest Exchanges Stop Bitcoin Withdrawals
http://www.coindesk.com/two-chinas-b...n-withdrawals/
Quote:
Pete Rizzo (@pete_rizzo_) |Published on February 9, 2017 at 13:00 GMT NEWS
UPDATE (9th February 16:22 BST): This article has been updated with new information regarding BTCC’s bitcoin and litecoin withdrawal policy.
Two of China's most widely used bitcoin exchanges have announced that they will suspend bitcoin and litecoin withdrawals for one month effective immediately.
Yuan recharge, withdrawals and other services will not be affected, the exchanges said.
In public posts that showcase the increasingly coordinated nature of exchange policy in the region, both OKCoin and Huobi said today that the move was a bid to bolster their anti-money laundering (AML) capabilities and prevent "illegal transactions". In the case of OKCoin, only it's OKCoin.cn portal is affected.
Both OKCoin and Huobi indicated that their platforms would now go through an “upgrade” to combat “money laundering, exchange, pyramid schemes and other illegal activities”, though no further details were provided.
Following the publication of this article, BTCC announced that it would also upgrade its internal systems. In the meantime, the exchange said, bitcoin and litecoin withdrawals will take 72 hours to process.
All told, the move comes amid a rocky period for local exchanges that began with the wider scrutiny of major bitcoin exchanges by the People's Bank of China (PBOC), the country's central bank.
Earlier today, China's central bank issued a warning to domestic exchanges, going so far as to state it would move to shutter startups that violated its guidance through the necessary government channels.
In statements provided to CoinDesk, Huobi indicated that the move was a proactive one that found the two exchanges seeking to "promote bitcoin industry self-discipline".
Quote:
Originally Posted by MumblesBadlyUh, oh.
Two of China's Biggest Exchanges Stop Bitcoin Withdrawals
http://www.coindesk.com/two-chinas-b...n-withdrawals/
Quote:
Pete Rizzo (@pete_rizzo_) |Published on February 9, 2017 at 13:00 GMT NEWS
UPDATE (9th February 16:22 BST): This article has been updated with new information regarding BTCC’s bitcoin and litecoin withdrawal policy.
Two of China's most widely used bitcoin exchanges have announced that they will suspend bitcoin and litecoin withdrawals for one month effective immediately.
Yuan recharge, withdrawals and other services will not be affected, the exchanges said.
In public posts that showcase the increasingly coordinated nature of exchange policy in the region, both OKCoin and Huobi said today that the move was a bid to bolster their anti-money laundering (AML) capabilities and prevent "illegal transactions". In the case of OKCoin, only it's OKCoin.cn portal is affected.
Both OKCoin and Huobi indicated that their platforms would now go through an “upgrade” to combat “money laundering, exchange, pyramid schemes and other illegal activities”, though no further details were provided.
Following the publication of this article, BTCC announced that it would also upgrade its internal systems. In the meantime, the exchange said, bitcoin and litecoin withdrawals will take 72 hours to process.
All told, the move comes amid a rocky period for local exchanges that began with the wider scrutiny of major bitcoin exchanges by the People's Bank of China (PBOC), the country's central bank.
Earlier today, China's central bank issued a warning to domestic exchanges, going so far as to state it would move to shutter startups that violated its guidance through the necessary government channels.
In statements provided to CoinDesk, Huobi indicated that the move was a proactive one that found the two exchanges seeking to "promote bitcoin industry self-discipline".
http://i.imgur.com/nqNJ0XG.jpg
I'm surprised it hasn't dropped lower at this stage.
Absolutely frigging fascinating
Quote:
Chinese authorities are scrutinizing the cryptocurrency amid concerns it’s being used to spirit money out of the country, undermining official efforts to clamp down on capital outflows and prop up the yuan.
Keep in mind 98% of all BTC traded is Chinese. It is amusing to see you guys pasting Bitstamp charts.Quote:
...the number of bitcoins traded on the three exchanges slumped from 13.6 million on Jan. 6 to just over 120,000 on Feb. 9.
Chinese trading volume is now on par with ROW.
So now you have a light volume situation where anything is possible - especially when the shorts are piling on. In light volume maybe you try to fuck with the new weak shorts.
What's next long term? I dunno you'd like to gauge the temperature of investor sentiment but you can't get a rectal thermometer in puckered sphincters. It's not good. Once OKC & Huobi relax their restrictions and try to resume under new rules it'll be a shit show.
The game has changed. But if you thought fee free trading, exchanges trading their own accounts, illegal capital flight was gonna go on forever you're special.
Prattle on about the virtues on Bitcoin but the above is all Bitcoin's price has been about and it's over.
For everyone else Bitcoin is just low fee PayPal and nobody gives a shit what the current price is.
Will the blockchain survive a poor volume environment? Who knows. Someone else will cook up another block chain scheme. Dodgecoin anyone?
Lol the Winkelvii. Always late.
Definitely has changed. Want to give odds BTC trading below $500 for a month before the end of the year? I'm sure Mintjewlips will take the other side if the odds are reasonable given his prediction last month.Quote:
Originally Posted by Sanlmar
http://pokerfraudalert.com/forum/sho...l=1#post622013
Quote:
Originally Posted by MintjewlipsObviously, i thought that was well known.Quote:
Originally Posted by Sanlmar
Trading battles will ensue and china will be on the losing end.
Hold on to those coins boys(and girls, if any), it's going to hit 1,400 by the end of the year.
Always trust a triple top. Lol, $1400. It wasn't bloody likely given the history of trading.
Wondering if this exchange is *now* reporting volume honestly.Quote:
Originally Posted by Sanlmar
:popcorn
That bitpay visa is a really useful card for me that I just recently obtained for $9. Having the ability to load up to 25k directly from blockchain wallet on it and withdraw 3k in a day out of ATM is preferable to having to always carry a wad of cash to a casino. It's a bit of a rip off having to do 4 $750 withdrawals consecutively and incur the $2 per transaction in addition to ATM surcharge, but still cheaper than most other options for grabbing $3k quickly. Ftr, I havent ever loaded 25k on it, but that's listed limit. Most I've put on it is a little over 8k. Just a nice quick backup if you're going to play 2/5 or 5/10 game and only feel like bringing a few grand on your person for safety. Also limits the volume of coinbase to bank withdrawals if you have a nosey bank.
With cards like that you can usually walk into your bank and ask them to pull it off which they can do the maximum the ard will let you do per withdrawal. They usually won't charge you a fee but the card itself will do whatever it is, however, if you have ATM's that only let you grab a few hundred bucks this is easier.Quote:
Originally Posted by BCR
Some people rather not go that route even tho the bank shouldn't hassle but can have your transactions logged so for people who don't want that they might avoid going this route. From what I've been told you can also walk into Walmart and go to the service desk to withdrawal the max amount for cheap.
I just recently ordered the bitpay card myself but I'm still waiting for it to arrive. I'm not sure why I waited so long because these cards give you that extra option if an exchange gives you problems or you want access to your money immediately.
Quote:
Originally Posted by BeerAndPokerWith cards like that you can usually walk into your bank and ask them to pull it off which they can do the maximum the ard will let you do per withdrawal. They usually won't charge you a fee but the card itself will do whatever it is, however, if you have ATM's that only let you grab a few hundred bucks this is easier.Quote:
Originally Posted by BCR
Some people rather not go that route even tho the bank shouldn't hassle but can have your transactions logged so for people who don't want that they might avoid going this route. From what I've been told you can also walk into Walmart and go to the service desk to withdrawal the max amount for cheap.
I just recently ordered the bitpay card myself but I'm still waiting for it to arrive. I'm not sure why I waited so long because these cards give you that extra option if an exchange gives you problems or you want access to your money immediately.
Yeah, I don't know if I can walk into bank and use card that way. I don't think so, as they want the surcharge, but it's beside the point. I can always walk into my bank and get $3k for free. It's the convenience of not having to carry $5k in a Cleveland parking garage at 4 AM. The real bonus is not having a shit ton of coinbase>bank transfers if you have a heater. Lot easier to just grab cash through ATM. It's through real bank, so it's not going to evade taxes, but it seems a lot of banks start questioning people after they have a number of strange transfers from btc sites. I haven't ran into this problem, but it seems many do.
Quote:
Originally Posted by BCR
this sort of convenience could be a real game changer about mass adoption, the problem i see off the bat is it takes us well into the sorts of areas where the government, especially this one, would begin to turn up their war machines. like, i remember the beginning of the end for neteller was their atm cards, for example.
Quote:
Originally Posted by sonatineQuote:
Originally Posted by BCR
this sort of convenience could be a real game changer about mass adoption, the problem i see off the bat is it takes us well into the sorts of areas where the government, especially this one, would begin to turn up their war machines. like, i remember the beginning of the end for neteller was their atm cards, for example.
*rep-challenged conclusion*
Like the old days where you could move money around with bovada going 1-2 day btc withdrawals and being able to flip it onto card and go play live or convert to cash quickly. I hope the government doesn't get involved. The fluctuations don't touch me because I'm always converting btc to usd the minute they hit wallet. I was too late to the game for btc speculation.
Just like that btc back over 1k
Forgive my ignorance, but is it possible to have a reliable method for depositing and withdrawing USD to Bitcoin and vice versa, and using the Bitcoin to deposit and withdraw from online card rooms or sports books, such that the card room or sports book will not be able to know my identity?
Quote:
Originally Posted by hongkonger
There's a strictly bitcoin bookmaker called nitro or something similar. That still doesn't solve the btc to usd part. Maybe someone more technically savvy will have a workaround. The problem is the poker sites and sports books that have real player pools require ID and utility bill when you make withdrawals randomly,
particularly early. So unless you use your wife, you're looking at being confined to strictly btc poker and books, and then selling the btc for cash, which is probably a headache depending on exactly where you're at atm. There isn't any big poker sites that aren't going to require verifying your ID at some point that I'm aware of.
Quote:
Originally Posted by hongkonger
There are a two main, reliable ways of doing this, in my estimation. This is, of course, in the US only, as tax and identification regulations in other countries differ and tend to be less strict than the US.
1) Purchase things that can be easily flipped. Use a wallet (not linked to a real bank account) to briefly hold the coin and bounce it off to a retailer that accepts BTC. The list has grown, but I would suggest using one that sells gift cards. Then you can either use the gift card or sell them.
2) Sounds daunting, but if you are amounting enough BTC that you are worried about the IRS or taxation (or you are in the middle of a divorce and trying to hide funds from your wife's lawyer), you could always become a vendor on a bitcoin exchange like Paxful. You end up basically selling 80% of your coin to prostitutes, because they use BTC to purchase ads on sites like Backstage (yes, they still do), etc. Again, annoying, but you usually end up with gift card - only this time you are selling your Bitcoin anywhere from 39-80cents on the dollar.
I am sure there are other methods.
ALSO, to everyone who STILL thinks Bitcoin is going to tank. YOU ARE WRONG. It'll go above $1500 before the Summer, but afterwards they also might crash again and go near or sub 500. Generally trending upwards, undoubtedly, look at them on a biannual scale. I would hold on to them, especially right now.
A lot of people in poker are looking to buy and sell BTC.
Just look around.
Gringo or anyone else
Does egifter.com still work? They took Bitcoin but they used Coinbase to process.
The whole Coinbase thing has changed since I did this a long time ago. Coinbase got all militant and I wanted nothing to do with them.
Once you deposited to egifter.com you could buy from about 250 gift cards including Amazon.
Occurs to me that with Druff's reputation he could parlay that into becoming a small exchange himself.
Light regulation and money laundering charges are annoying though.
The world as a whole is too stupid to use bitcoin or should I say trust it. On the flip side the math and computer guys out of Russia and China are too smart.
Bottom line, trade and play with this tulip as you wish but never forget it is only a gate way to something else.
Quote:
Originally Posted by Sanlmar
You can make hundreds/thousands a week selling bitcoin on exchanges, but especially to those purchasing with gift card value.
I am not sure about egifter, you'll have to check it out, but there are literally hundreds of places that accept BTC. You can check out "Gyft" which sells gift cards for btc, but if you are planning on doing it regularly you might as well find a place like Paxful and become a vendor because you will actually make profit in the exchange rather than losing it to transaction fees and fluctuating value during transactions/processing, etc.