The Bitcoin Thread

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weelzSA said:
Ok so transferred cash to my Luno wallet. Now to wait for it to reflect and go buy on the exchange.
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All this commotion with their service and this is when you choose to deposit.
 
Waylander said:
You are full of shit, that is an exchange controlled wallet used by the exchange to distribute coins to many thousands of clients, not theft.
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That is probably correct, but how do we know for sure?

This is exactly why I hate keeping crypto on exchanges. You have no control over what happens to it.
 
garp said:
That is probably correct, but how do we know for sure?
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Ask yourself the question of who owns that wallet.

garp said:
This is exactly why I hate keeping crypto on exchanges. You have no control over what happens to it.
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Same goes for any non-local wallet. Unless you control the private key absolutely, it's not your wallet.
 
Chris_the_Brit said:
Must say I'm shocked at the relative non-movement of the Luno price...
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Actually, it's all a matter of timing and the USD/ZAR rate, I think.

Luno has always been traded at a premium to the USD rate, and leading up to $10k there was already hype, but the added factor was the imminent ratings downgrade, so I think people were partly buying BTC to hedge and anticipating a large drop in ZAR value. This led to a +20% premium on BTC/ZAR.

Except the opposite has happened - the ZAR is actually now ~10% stronger. So the crazy up to 30% premium that was in the BTC/ZAR price at stages is being cancelled out by the stronger ZAR almost in proportion to the rise in the BTC/USD value. Net result BTC/ZAR price on Luno looks like it isn't reacting to the +$10k BTC/USD price.
 
garp said:
Actually, it's all a matter of timing and the USD/ZAR rate, I think.

Luno has always been traded at a premium to the USD rate, and leading up to $10k there was already hype, but the added factor was the imminent ratings downgrade, so I think people were partly buying BTC to hedge and anticipating a large drop in ZAR value. This led to a +20% premium on BTC/ZAR.

Except the opposite has happened - the ZAR is actually now ~10% stronger. So the crazy up to 30% premium that was in the BTC/ZAR price at stages is being cancelled out by the stronger ZAR almost in proportion to the rise in the BTC/USD value. Net result BTC/ZAR price on Luno looks like it isn't reacting to the +$10k BTC/USD price.
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Good insight
 
garp said:
True, but this should be of concern to anyone who uses Luno.
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If you have private concerns with Luno, take it up with them. If they do not resolve it timeously then by all means let us know. If everybody with a private issue with Luno posts here this thread will be a total mess.
 
Sensorei said:
If you have private concerns with Luno, take it up with them. If they do not resolve it timeously then by all means let us know. If everybody with a private issue with Luno posts here this thread will be a total mess.
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+1.
Or else just open a separate luno thread. Mybb servers can handle it.
 
Sensorei said:
If you have private concerns with Luno, take it up with them. If they do not resolve it timeously then by all means let us know. If everybody with a private issue with Luno posts here this thread will be a total mess.
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I agree - for the normal day to day issues. But when a few people start posting about missing BTC, withdrawal issues and website/trading problems it's a gigantic red flag. There are clearly a lot of newbs here who could also benefit from some discussion.

Perhaps the best solution is a separate thread for Luno issues?
 
garp said:
This is exactly why I hate keeping crypto on exchanges. You have no control over what happens to it.
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I learnt my lesson with mt. Gox (lost a little of but almost lost all), since then I've only kept my bitcoins locally with a "paper wallet".
 
manicminer said:
We've all spent enough lol.
Luno or any other exchange's 'price' is not set by anyone but the users based on supply and demand.
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Yeah, I've stopped paying too much attention to the USD price and just focus mainly on the supply/demand on Luno. Also whether the trend is buying or selling. If people are selling I just sit back and wait until things settle down, even if the USD price is going up fast, because by the time they stop selling the USD price might turn and then they start selling even more on Luno.
 
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