The Bitcoin Thread

[MrGray]

Well on the bright side Bitcoin didn't plummet to the $200 levels seen in the last price collapse and actually looks increasingly resilient to negative news. It's stabilized nicely in the $800-$900 range which is actually a higher base than before the $1000+ surge. To my mind, that indicates some strength, but who knows, developments could take it either way. If it follows past patterns it will sit around the same level for some months before suddenly surging in a matter of days and then dropping again when the mania subsides. I think the volatility disguises a long term growth trend, but don't take my word for it, I'm not a technical analyst nor are the long term fundamentals crystal clear. The thing with Bitcoin is it's hard to get hard data on where the demand is coming from - investors, consumers using it to purchase, or as conjecture has it, people buying Bitcoin to pay off ransomware hackers.

 

[saor]

Selling & buying on the Luno/bitx marketplace - are there worthwhile savings / profits to be made vs. just buying & selling via the Luno / bitx platform?
Never really ventured into the marketplace.

 

[Lunomoney]

Selling & buying on the Luno/bitx marketplace - are there worthwhile savings / profits to be made vs. just buying & selling via the Luno / bitx platform?
Never really ventured into the marketplace.

Greetings

Entirely depends on what you're comfortable with. The instant buy/ sell options make buying and selling easy and straight forward, all that's required is an amount be entered and you're set

Using the exchange can be fun, but does add a layer of complication. There, you'll be required to enter a price amount, how much you'd like to buy/ sell and whether or not you're wanting to do a market/ limit order.
I've linked in some reading on how our exchange works below, shout if you have any other questions!

https://www.luno.com/help/en/folders/11000004959

 

[Thor]

Getting certificate issues when I open your app.

Send a mail with the screenshot on Friday.

 

[Lunomoney]

Getting certificate issues when I open your app.

Send a mail with the screenshot on Friday.

Sounds like an odd one, not able to replicate it on Android.
Mind PM'ing me the ticket ref# so I can take a look?

 

[Thor]

Done have a ticket. I'll forward the mail

 

[Lunomoney]

Done have a ticket. I'll forward the mail

Just found it Ticket ref# 105900 - I'll have our Engineering and iOS guys check this out ASAP.
Are you still seeing the errors?

It's querying our API, so should be safe from our end.

EDIT: Just chatted with our Engineers, the certificate is definitely valid from our end, you can also double check this via a browser.


How are you currently connecting to the net?

 

[hschutte]

Any of you used BitSquare (https://bitsquare.io) to sell / purchase Bitcoin for ZAR? Looks quite interesting.

 

[saor]

Any of you used BitSquare (https://bitsquare.io) to sell / purchase Bitcoin for ZAR? Looks quite interesting.

There's unfortunaltey very little info available on that site. You'd think they'd mention how payment works. If it's a bank transfer / eft to an international account it's gonna be more hassle than it's worth imo.

You installed their app yet?

 

[C4Cat]

There's unfortunaltey very little info available on that site. You'd think they'd mention how payment works. If it's a bank transfer / eft to an international account it's gonna be more hassle than it's worth imo.

You installed their app yet?

Depends who you're buying from as payment is done directly between the buyer and seller:

Bitsquare does not hold any national currency. National currency is transferred directly from one trader to the other.

 

[hschutte]

There are many ways to pay, and the payments are P2P directly. So once you've accepted an offer you would get the details of the peer you need to pay. Then once they confirm payment the bitcoins are released. They make use of a 2-of-3 multisignature address to store the bitcoins so arbitration is possible. International payments would be a pain, I agree.

 

[Defiler]

So friends and family have been giving me cash to trade Bitcoin on their behalf, I predominately trade on Luno and Bitfinex, I purchase BTC on Luno via EFT, send some BTC to Bitfinex so I can trade in dollars, make profit and send the BTC back to Luno and trade some more.

Let's say I'm withdrawing R50K a month when friends and family want to cash out, is it safe from a tax perspective to withdraw the whole amount into my bank account and then just pay everyone who put in via EFT? Would it be better to have everyone rather create their own accounts on Luno, I pay BTC into their account, sell it and then withdraw it into their own bank account?

Is this safe to continue to do?

 

[balky]

So friends and family have been giving me cash to trade Bitcoin on their behalf, I predominately trade on Luno and Bitfinex, I purchase BTC on Luno via EFT, send some BTC to Bitfinex so I can trade in dollars, make profit and send the BTC back to Luno and trade some more.

Let's say I'm withdrawing R50K a month when friends and family want to cash out, is it safe from a tax perspective to withdraw the whole amount into my bank account and then just pay everyone who put in via EFT? Would it be better to have everyone rather create their own accounts on Luno, I pay BTC into their account, sell it and then withdraw it into their own bank account?

Is this safe to continue to do?

R50K a month into your bank account will definitely be flagged by SARS, regardless of the corresponding payments.

Do you find trading in Dollars as apposed to Rand beneficial in certain circumstances?

 

[Defiler]

R50K a month into your bank account will definitely be flagged by SARS, regardless of the corresponding payments.

Do you find trading in Dollars as apposed to Rand beneficial in certain circumstances?

Thanks, I thought so. I haven't withdrawn such a large amount. Probably the best way to go about this is to create multiple accounts on Luno for said friends and family and just transfer the BTC to them.

Trading in Dollars is definitely beneficial but you will take a bit of a knock initially as the exchange rate will be working against you. What I actually did was I purchased Ethereum with BTC when it was super cheap, around the $7 mark and sold it around $11, then bought BTC in Dollars and transferred it back to Luno.

 

[balky]

Why is the Luno app showing the bitcoin price as about R1K more than the XE app ?

 

[Lunomoney]

Why is the Luno app showing the bitcoin price as about R1K more than the XE app ?

Good question
Our market, as most are, have a price set based on supply and demand and are unique to the regions currency.

There are a few factors at play here, but some regions trade at a premium compared to others. You can check the price movement in our presence countries here https://www.luno.com/en/price - this also happens to be my favourite part of the site!

 

[Thor]

@Lunomoney

I seem to see what causes this.

Everytime I climb onto medi clinics wifi luno throws the certificate invalidity error on both iOS and Android

So I'll just use the app when I'm at home and not on their network.

How much control does Naspers have over your company, do they make big picture decisions as for the direction of your company and do they have operational input?

 

[Lunomoney]

@Lunomoney

I seem to see what causes this.

Everytime I climb onto medi clinics wifi luno throws the certificate invalidity error on both iOS and Android

So I'll just use the app when I'm at home and not on their network.

How much control does Naspers have over your company, do they make big picture decisions as for the direction of your company and do they have operational input?

Ah, that'll be it! Public WiFi can do strange things, I'd recommend staying clear of it if you don't trust the network

Naspers have invested in our company during our Series A funding, I've linked in some reading below with the details. Marcus and co runs the ship though.

https://www.luno.com/blog/en/post/bitx-series-a
https://mybroadband.co.za/news/banking/132681-naspers-to-invest-in-bitcoin.html
http://www.fin24.com/Tech/Companies/Naspers-throws-weight-behind-BitX-20150721

 

[Thor]

Ah, that'll be it! Public WiFi can do strange things, I'd recommend staying clear of it if you don't trust the network

Naspers have invested in our company during our Series A funding, I've linked in some reading below with the details. Marcus and co runs the ship though.

https://www.luno.com/blog/en/post/bitx-series-a
https://mybroadband.co.za/news/banking/132681-naspers-to-invest-in-bitcoin.html
http://www.fin24.com/Tech/Companies/Naspers-throws-weight-behind-BitX-20150721

Sweet man, thank you.

 

[balrog]

OK, so what's up with the bad gateway error when trying to load Luno.com?