The Bitcoin Thread

[Sly21C]

You're not wrong, but the issue is the bitcoin fees. On bitcoin (and other blockchain based cryptocurrencies) you pay a fee for every transaction - transferring a very small amount makes no sense if you have to also pay a fee which is many times larger than the actual amount you're paying. With Iota there are no transaction fees so micro payments make more sense

I hear you, the transaction fees are an issue with bitcoin. Let's see what happens, especially after the bitcoin split decision in August and if that will positively or negatively affect iota.

 

[Ancalagon]

This article about Morgan Stanley's view on Bitcoin is hilarious.... jirre, these old dinosaurs clearly have no clue what they're talking about.

https://news.bitcoin.com/morgan-stanley-regulators-looking-for-a-master-key-to-the-blockchain/

"They want regulators involved so the blockchain can be `adequately´ controlled." - Good luck with that.
“Regulators are looking to have a master key so all transactions are visible to them,” - It's visible to everyone, by design, poephol.
"They believe rampant speculation on crypto markets have driven the price upwards for no clear reason" - LOL, they clearly haven't been reading the news or they're willingly just trying to diss it.
"They would create controlled blockchains only authorized individuals could access. This would allow them to maintain the prominence of their banking industry and adopt streamlined regulations while leveraging blockchain technology." - Centralizing the blockchain and therefore weakening it and ending up right where you started.

:crylaugh::crylaugh:

Quite hilarious.

Its like they got someone to write a report on bitcoin and blockchains, but he didn't bother doing any research at all.

Obviously the dinosaurs are going to want CONTROL, CONTROL, CONTROL. But with China and Japan already adopting Bitcoin as is, and other companies investing in Ethereum, it may not matter that dinosaurs like Morgan Stanley don't understand it.

 

[Sly21C]

Ouch, so much red, my eyeeeees!

I hate it, but love it at the same time . Normally our minds are programmed to buy when we see green, but we should actually be buying when we see red. I'm not going to sell any crypto that I currently hold, even if there's a 50% pull back. It will hurt me tremendously, but I know in future they will rise again.

 

[Awesum]

Its been an Up and Down day. :wtf:

 

[dj2381]

ETH kicking BTC in it's tjops on volume

 

[Mr Scratch]

ETH kicking BTC in it's tjops on volume

the FLIPPENING IS HAPPENING AND WE'RE IN LONG FOR THE RIDE BOIS LETS GO LETS ****

 

[Fulcrum29]

The ETH market today,

https://coinmarketcap.com/currencies/ethereum/#markets

1. Bithumb
- ETH/KRW
- $280,186,000 (24h)
- $379.19
- 15.25%

2. Coinone
- ETH/KRW
- $209,529,000 (24h)
- $379.19
- 11.40%

3. GDAX
- ETH/USD
- $198,496,000 (24h)
- $344.18
- 10.80%

4. Poloniex
- ETH/BTC
- $136,577,000 (24h)
- $356.46
- 7.43%

5. OKCoin.cn
- ETH/CNY
- 108,347,000 (24h)
- $371.24
- 5.90%

6. Kraken
7. Korbit
8. Huobi
9. Bitfinex

BTC

https://coinmarketcap.com/currencies/bitcoin/#markets

1. Poloniex
- ETH/BTC
- $133,798,000
- $2401.55
- 8.33%

 

[etienne_marais]

I checked the last 5 pages, so sorry if I missed previous discussion.

Do you have a strategy for the 1 August bitcoin fork ? (whether soft,hard,segwit or whatever gets decided on) ?

I am thinking of converting everything to eth or perhaps even fiat until the dust settles. Ethereum has survived a couple of forks and came out stronger, I am not convinced that it will be the same for bitcoin. It could be a game changer...

 

[Thor]

Ether is life.

 

[balrog]

I checked the last 5 pages, so sorry if I missed previous discussion.

Do you have a strategy for the 1 August bitcoin fork ? (whether soft,hard,segwit or whatever gets decided on) ?

I am thinking of converting everything to eth or perhaps even fiat until the dust settles. Ethereum has survived a couple of forks and came out stronger, I am not convinced that it will be the same for bitcoin. It could be a game changer...

Remember:
ETH = unlimited supply (for now, with POW, this will change if/when POS goes live)
ETC is the original and BETTER ETH chain (Better, because actually immutable, unlike ETH. ETC max amount capped, will remain POW.)
BTC = 21 million coins max EVER

My take on the fork-situation:
Go all-in on BTC before any situation that looks like a very high probability of a BTC hard-fork. WHY?? Because if BTC hard forks, you have an equal amount of BTC on both chains. If both survive, then you have 2 assets that might appreciate in value. Also, if the fork is successful and does not result in 2 chains, BTC price will rocket.

Again, these are my opinions, use it as you wish, it is NOT trading advice. Research and make you own decisions

 

[Sly21C]

Remember:
ETH = unlimited supply (for now, with POW, this will change if/when POS goes live)
ETC is the original and BETTER ETH chain (Better, because actually immutable, unlike ETH. ETC max amount capped, will remain POW.)
BTC = 21 million coins max EVER

My take on the fork-situation:
Go all-in on BTC before any situation that looks like a very high probability of a BTC hard-fork. WHY?? Because if BTC hard forks, you have an equal amount of BTC on both chains. If both survive, then you have 2 assets that might appreciate in value. Also, if the fork is successful and does not result in 2 chains, BTC price will rocket.

Again, these are my opinions, use it as you wish, it is NOT trading advice. Research and make you own decisions

Will it matter if I have zero bitcoins, but have alternate currencies that I have invested in such as Zcash or other alternate currencies? Whereby I first had to purchase bitcoins to be able to purchase those alternative currencies? Do you think alternative currencies will appreciate in value when bitcoin also appreciates in value? Or will be a situation whereby it is only bitcoins that appreciates in value while other currencies depreciate in value?

 

[Sly21C]

Anyone getting in on the Status ICO on Saturday? It looks like a really cool concept but it is probably good to be a sceptic when doing your DD.. what upcoming ICOs have got you guys excited?

They moved it by 3 days to 20th of June, not sure why. It does look interesting, and I will participate. It will be the 2nd last ICO I will be involved in because of lack of funds . The last one being Civic on the 21st of June 2017.

 

[Sly21C]

Purchasing bitcoin via Luno is unacceptably expensive for me. If I have enough funds, I will purchase another way.

For example, currently (as in right at this moment)
- To purchase 1 BTC on Luno costs R36850.
- While 1 BTC is $2600
- With an exchange rate of R12.8 to 1$, that is R33280.
- That is a difference of R3570.
- That means it costs 10.7% more to purchase BTC at Luno.
I understand that it is an exchange and it's not Luno's (the company) fault that other sellers will only sell at R36800 instead of R33280.

My question is, how can I transfer money to another exchange based in the US of A or a European country if they only accept dollars? Should I change my Rands to Dollars at Bidvest Bank (I don't have an account with them) or can I change it at Capitec Bank from Rands to dollars, and then send those dollars to another overseas exchange? Then use those dollars to purchase BTC or ETH? Thanks

 

[Archer]

My question is, how can I transfer money to another exchange based in the US of A or a European country if they only accept dollars? Should I change my Rands to Dollars at Bidvest Bank (I don't have an account with them) or can I change it at Capitec Bank from Rands to dollars, and then send those dollars to another overseas exchange? Then use those dollars to purchase BTC or ETH? Thanks

Your question should be, how can you make all these exchanges and keep the costs under 10%...

 

[balrog]

Purchasing bitcoin via Luno is unacceptably expensive for me. If I have enough funds, I will purchase another way.

For example, currently (as in right at this moment)
- To purchase 1 BTC on Luno costs R36850.
- While 1 BTC is $2600
- With an exchange rate of R12.8 to 1$, that is R33280.
- That is a difference of R3570.
- That means it costs 10.7% more to purchase BTC at Luno.
I understand that it is an exchange and it's not Luno's (the company) fault that other sellers will only sell at R36800 instead of R33280.

My question is, how can I transfer money to another exchange based in the US of A or a European country if they only accept dollars? Should I change my Rands to Dollars at Bidvest Bank (I don't have an account with them) or can I change it at Capitec Bank from Rands to dollars, and then send those dollars to another overseas exchange? Then use those dollars to purchase BTC or ETH? Thanks

You don't have much of a choice - I have looked into it. Just not worth it with the fees etc. to try and purchase BTC on other exchanges via Fiat.

look at it like this. Once you make some profit, and bring it back via Luno, you will also sell your profit BTC at a higher price.

You will just have to bite the bullet and pay Luno prices - like all of us

 

[Sly21C]

Your question should be, how can you make all these exchanges and keep the costs under 10%...

True, lol.

The thing is I have calculated about 2/3 weeks ago, and instead of 10.7% more today, it was 18% more. It was super crazy. The lowest I have calculated was 7%, which was last weekend (not as in yesterday last weekend ), which I did buy at Luno.

You don't have much of a choice - I have looked into it. Just not worth it with the fees etc. to try and purchase BTC on other exchanges via Fiat.

look at it like this. Once you make some profit, and bring it back via Luno, you will also sell your profit BTC at a higher price.

You will just have to bite the bullet and pay Luno prices - like all of us

You're 100% correct that I'll be able to sell at a higher price once I turn my crypto into fiat using Luno. Let me do some more research, and if I fail then I'll "pay Luno prices - like all of us"

 

[pecano]

Purchasing bitcoin via Luno is unacceptably expensive for me. If I have enough funds, I will purchase another way.

For example, currently (as in right at this moment)
- To purchase 1 BTC on Luno costs R36850.
- While 1 BTC is $2600
- With an exchange rate of R12.8 to 1$, that is R33280.
- That is a difference of R3570.
- That means it costs 10.7% more to purchase BTC at Luno.
I understand that it is an exchange and it's not Luno's (the company) fault that other sellers will only sell at R36800 instead of R33280.

My question is, how can I transfer money to another exchange based in the US of A or a European country if they only accept dollars? Should I change my Rands to Dollars at Bidvest Bank (I don't have an account with them) or can I change it at Capitec Bank from Rands to dollars, and then send those dollars to another overseas exchange? Then use those dollars to purchase BTC or ETH? Thanks

Why do you factor in the dollar exchange rate? They don't convert zar to dollars and then btc. Fiat exchanges offer what the local market will pay in local currency. Do you know in S Korea btc already broke USD4000? Your best option to buy btc might then be in a local market where it's low in demand? But for all the headache and cost that would incur, since you'd probably need a time machine... be like the rest of us.

I wanted to send R100 to an exchange I previously hadn't used as a test amount the other day. Ended up sending R70 worth, and nothing left in my account. They do send fast though, which costs more. I guess exchanges are the house, and the house always wins.

 

[Sly21C]

Why do you factor in the dollar exchange rate? They don't convert zar to dollars and then btc. Fiat exchanges offer what the local market will pay in local currency. Do you know in S Korea btc already broke USD4000? Your best option to buy btc might then be in a local market where it's low in demand? But for all the headache and cost that would incur, since you'd probably need a time machine... be like the rest of us.

I wanted to send R100 to an exchange I previously hadn't used as a test amount the other day. Ended up sending R70 worth, and nothing left in my account. They do send fast though, which costs more. I guess exchanges are the house, and the house always wins.

I see what you're saying and you're correct, I guess I preferred to look at it from a perspective of changing from ZAR to $, then to BTC.

I agree that at Luno if the going rate is R38k per BTC, and let's say I used the exchange rate of converting ZAR to $ and then to BTC it will come to R33k. It wouldn't matter really since I would be able to sell at R38k per BTC at Luno and not R33k. Meaning that at the end of the day I won't make a loss.

Now that you have mentioned the South Korea going rate being $4.5k per BTC, what is stopping us from converting our ZARs to BTCs at Luno (say we buy one BTC worth $2600), and then transferring those BTCs to an exchange in South Korea and selling them at $4.5k per BTC, thereby making a profit (of $4.5k - $2.6k = $1.9k)? Seems like it's a jackpot to me?

 

[pecano]

I see what you're saying and you're correct, I guess I preferred to look at it from a perspective of changing from ZAR to $, then to BTC.

I agree that at Luno if the going rate is R38k per BTC, and let's say I used the exchange rate of converting ZAR to $ and then to BTC it will come to R33k. It wouldn't matter really since I would be able to sell at R38k per BTC at Luno and not R33k. Meaning that at the end of the day I won't make a loss.

Now that you have mentioned the South Korea going rate being $4.5k per BTC, what is stopping us from converting our ZARs to BTCs at Luno (say we buy one BTC worth $2600), and then transferring those BTCs to an exchange in South Korea and selling them at $4.5k per BTC, thereby making a profit (of $4.5k - $2.6k = $1.9k)? Seems like it's a jackpot to me?

Same reason S Koreans aren't flooding luno - changing local fiat needs an exchange dealing in that local fiat. The SK exchanges offering 1 btc at +$4000 are the SK equivalent of luno - except they're dealing with massively more demand.

 

[Archer]

Same reason S Koreans aren't flooding luno - changing local fiat needs an exchange dealing in that local fiat. The SK exchanges offering 1 btc at +$4000 are the SK equivalent of luno - except they're dealing with massively more demand.

Well that and you need to be a citizen of Singapore to trade on their BTC exchanges