The Bitcoin and cryptocurrency thread

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buksida
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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Tue Jan 09, 2018 9:15 am

Not sure what any of that has to do with cryptocurrencies so ...

Bitcoin speculation allowed for Thais

Phillip Securities Thailand has allowed Thai investors to speculate on bitcoin via an international global derivatives trading service, while Thailand's market regulators are in consensus that the move is legitimate.

Such service offers bitcoin futures trading on the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME).

Bitcoin futures kicked off in two of the world's major derivatives exchanges in mid-December.

Managing director Low See Kiong said some Thai investors are interested in bitcoin and able to accept the investment risks inherent in futures.

More: https://www.bangkokpost.com/business/fi ... -for-thais

For me this is pleasantly surprising since the dictator has clamped down on pretty much everything else in Thailand. Crypto is regulated or banned in South Korea, Indonesia, China, Russia and Vietnam so Thailand for once is a beacon of light.
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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Fri Jan 19, 2018 12:41 pm

January market crash was to be expected ...
https://www.newsbtc.com/2018/01/18/can- ... pto-crash/


Why regulation should not mean prohibition ...
http://bitcoinist.com/crypto-regulation ... ohibition/


South Korean crypto traders go batshit crazy ...
http://www.businessinsider.com/cryptocu ... th-2018-1/
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Re: Bitcoin mining and cryptocurrency thread

Post by hhinner » Fri Jan 19, 2018 3:20 pm

Haven't various governments warned that crypto is a bubble waiting to burst and investors will be hurt? And doesn't it seem that various governments are trying make the prophecy come true?

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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Fri Jan 19, 2018 3:25 pm

Governments hate it because they cant control or tax it. Many such as China, Indonesia and Vietnam are trying to completely ban it. Others such as Japan, Singapore and believe it or not Thailand are still open to crypto.

The bubble definition is a strange one, yes markets fell by 40% in three weeks but looking at a three month chart they're still up 2500%. They have now seemed to rebound a little so has the bubble really burst?
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Re: Bitcoin mining and cryptocurrency thread

Post by Bluesky » Fri Jan 19, 2018 4:18 pm

buksida wrote:
Fri Jan 19, 2018 3:25 pm
They have now seemed to rebound a little so has the bubble really burst?
You may very well be looking at what is commonly referred to as a "dead cat bounce" What you are possibly seeing is short sellers locking in some profit and coming out of the market (buying to cover short positions) Probably worth thinking about very carefully. There is nothing worse than trying to catch a falling piano should the bears continue their push.
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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Fri Jan 19, 2018 5:39 pm

Its possible - we'll find out in a couple of days, if it falls further its shopping time again!
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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Sat Jan 20, 2018 2:19 pm

Still no collapse, markets holding steady.
https://www.livecoinwatch.com/


Here is an interesting comparison of crypto millennials today to the yuppies of the 80s.
https://thenextweb.com/hardfork/2018/01 ... the-1980s/
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Re: Bitcoin mining and cryptocurrency thread

Post by johnjar » Sat Jan 20, 2018 10:47 pm

buksida wrote:
Fri Jan 19, 2018 5:39 pm
Its possible - we'll find out in a couple of days, if it falls further its shopping time again!
If you are buying bitcoin at these prices when the main huge economies are banning the trade , good luck! I,de rather sing and whistle while sitting on a thistle! You're a better man than I am Gunga Din :)

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Re: Bitcoin mining and cryptocurrency thread

Post by STEVE G » Sun Jan 21, 2018 9:06 am

buksida wrote:
Sat Jan 20, 2018 2:19 pm

Here is an interesting comparison of crypto millennials today to the yuppies of the 80s.
https://thenextweb.com/hardfork/2018/01 ... the-1980s/
Talk of Bitcoin millionaires ignores the fact that since the currency hasn't actually generated any revenue, every dollar taken out has been put in by someone else plus the cost of electricity to mine it. In other words, the only group that has made a net profit out of Bitcoin are electricity generating companies!

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Re: Bitcoin mining and cryptocurrency thread

Post by buksida » Sun Jan 21, 2018 9:10 am

johnjar wrote:
Sat Jan 20, 2018 10:47 pm
If you are buying bitcoin at these prices when the main huge economies are banning the trade , good luck! I,de rather sing and whistle while sitting on a thistle! You're a better man than I am Gunga Din :)
One main economy has banned it - and the price went up, go figure.
STEVE G wrote:
Sun Jan 21, 2018 9:06 am
Talk of Bitcoin millionaires ignores the fact that since the currency hasn't actually generated any revenue, every dollar taken out has been put in by someone else plus the cost of electricity to mine it. In other words, the only group that has made a net profit out of Bitcoin are electricity generating companies!
The millionaires are the ones that saw the potential when BTC was $100 and bought a bucket load. They then sold it when demand was through the roof and made a bucket load - supply and demand generates the price/revenue. Technically they are dollar millionaires, not bitcoin millionaires. Ether way they've got filthy rich out of it when everyone else is hoping that their governments and banks are going to look after them, good luck with that.

Edit: just re-read this:
STEVE G wrote:
Sun Jan 21, 2018 9:06 am
the only group that has made a net profit out of Bitcoin are electricity generating companies!
What about all the computer hardware companies supplying the mining gear, Nvidia stock went through the roof as they ran out of graphics cards. Mining pools and factories in Asia, crypto exchanges, companies such as Ledger offering hardware wallets, new crypto media outlets and associated advertising revenue, hundreds of new startups innovating solutions on the blockchain, thousands of new jobs created. Crypto is an entire new embryonic industry, just as the internet was in the early-1990s, it is not just about bitcoin.
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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Mon Jan 22, 2018 2:45 pm

Here is an interesting article on how the blockchain is entering real world industries:
https://www.forbes.com/sites/bernardmar ... 32e99743b5
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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Thu Jan 25, 2018 8:21 am

Two more Thai coin offerings in the works

Two more non-listed companies will seek to raise funds through an initial coin offering soon, following in the footsteps of J Ventures' plan to issue an ICO in March, says former Finance Minister Korn Chatikavanij.

Mr Korn, who is chairman of the Thai Fintech Association, refrained from elaborating on specific details and did not provide any names.

Jaymart subsidiary J Ventures hopes to acquire 660 million baht in the first phase of the 100-million-coin ICO, with a price of US$0.20 (6.40 baht) per coin. Plans call for using the raised funds to develop a decentralised digital lending platform integrated with blockchain technology.

Mr Korn is part of Jaymart's advisory team for JFin coin development.

His comment resonates with remarks by a source working in the domestic cryptocurrency industry who said there will likely be two or three ICOs this year initiated by Thai-owned companies.

Full story: https://www.bangkokpost.com/business/ne ... -the-works
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Re: The Bitcoin and cryptocurrency thread

Post by Nereus » Sun Jan 28, 2018 1:43 pm

Hacked cryptocurrency Coincheck to repay millions of dollars

https://thewest.com.au/news/world/hacke ... b88727198z

Tokyo-based cryptocurrency exchange Coincheck Inc says it will return about 46.3 billion yen ($524 million) of the virtual money it lost to hackers two days ago in one of the biggest-ever thefts of digital money.

That amounts to nearly 90 per cent of the 58 billion yen worth of NEM coins the company lost in an attack that forced it to suspend on Friday withdrawals of all cryptocurrencies except bitcoin.

Coincheck said in a statement it would repay about 260,000 owners of NEM coins in Japanese yen, though it was still working on timing and method.

The theft underscores security and regulatory concerns about bitcoin and other virtual currencies even as a global boom in them shows little signs of fizzling.

Two sources with direct knowledge of the matter said Japan’s Financial Services Agency sent a notice to the country’s roughly 30 firms that operate virtual currency exchanges to warn of further possible cyber-attacks, urging them to step up security.

The financial watchdog was also considering administrative punishment for Coincheck under the financial settlements law, one of the sources said.

Japan started to require cryptocurrency exchange operators to register with the government only in April 2017. Pre-existing operators such as Coincheck have been allowed to continue offering services while awaiting approval.

Coincheck’s application, submitted in September, is still pending.

Coincheck told a late-Friday news conference that its NEM coins were stored in a “hot wallet” instead of the more secure “cold wallet”, outside the internet. Asked why, company President Koichiro Wada cited technical difficulties and a shortage of staff capable of dealing with them.

World leaders meeting in Davos last week issued fresh warnings about the dangers of cryptocurrencies, with US Treasury Secretary Steven Mnuchin relating Washington’s concern about the money being used for illicit activity.
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Re: The Bitcoin and cryptocurrency thread

Post by Thistle » Sun Jan 28, 2018 6:18 pm

would like to ask a couple of questions to the people on the forum that are trading/involved in Bitcoin.
Firstly,if you buy a coin at approx 10,000 US dollars,are you buying and selling 1 coin,,,,,,,,,,in other words,the market is so volatile,,,,,,,,,,if for example you bought this morning at 07,15,,,,,,,you could have made a nice profit had you sold at 10,15,,,,,,,,,,,,,,,however,the price is now considerably lower,,,,,,,,,,,,,,,i know this is a sunday,but markets in this type of trade seem to be open 24 hours a day,,,,,,,,,,,,,,,,and yes i am fully aware the stock markets are same,,,,,,,,,but on a Sunday??.Secondly,is this not pure speculation,,,,,,,,,,,,,,,,casino,,,,,,,,,,,BLACK or WHITE?? I am fully aware of how markets can move,currencies/commodities/stocks and shares,however,they tend to have a reason for movement,,,,,,,,,,but,,,,,,,,,i am not aware of a unit,i will use the term,,,,,,,,,,can alter so much,,,,,,,,400 dlrs in an hour,plus or minus.And finally,,,,,,,,,,,,in the UK,i have read some of the major banks will not,i repeat not accept deposits from new first time house buyers if the money has been earned via trading in crypto currencies,!!!!!!!!!!!!!.

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Re: The Bitcoin and cryptocurrency thread

Post by buksida » Sun Jan 28, 2018 6:20 pm

Supply and demand determines the price, and yes it is very volatile.

Regarding speculation I said this earlier which still applies: "That can be applied to every scenario where you put money into something hoping it will increase, be it property, gold, oil, stock markets, forex, classic cars, or a bank fund. It is all a gamble, just the element of risk that varies."
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