Is Bitcoin the Next Big Thing?

[Admin]

Hunting? Google will show it if you just search btc price

 

[RobM]

I always found conflicting values with google and other places like coinbase. I also got fed up with long loading times. Again I was looking into maybe dipping my toes in but every single place seems to want me to send photo ID and/or a scan of any cards used - this is just not acceptable if crypto is using anonymity as one of its features. Considering how often these places get 'hacked' I'm certainly not giving them a copy of my passport. I wonder how many other people are put off by this.

 

[ian]

I suspect it puts off a lot. I had to validate with Coinbase (which I didn't like) but refuse to with any other. Fortunately most exchanges don't require ID, as you trade in existing crypto (Bitcoin) rather than Fiat.

There is probably a nice market for an individual to sell BTC to other individuals with a 10% mark up....hmmmmm

 

[RobM]

Imagine how much identity information went along with the bitcoins in the mt gox 'hack'. Just not worth it.

 

[Admin]

I suspect it puts off a lot. I had to validate with Coinbase (which I didn't like) but refuse to with any other. Fortunately most exchanges don't require ID, as you trade in existing crypto (Bitcoin) rather than Fiat.

There is probably a nice market for an individual to sell BTC to other individuals with a 10% mark up....hmmmmm

Let me know

 

[Edwin]

I always found conflicting values with google and other places like coinbase. I also got fed up with long loading times. Again I was looking into maybe dipping my toes in but every single place seems to want me to send photo ID and/or a scan of any cards used - this is just not acceptable if crypto is using anonymity as one of its features. Considering how often these places get 'hacked' I'm certainly not giving them a copy of my passport. I wonder how many other people are put off by this.

Yes. The first exchange to be taken down with electronic copies of all the ID verification documentation still on its servers, and consequently widely disseminated, will lead to the unmasking of millions of Bitcoin users. Think Ashley Madison, but for dodgy dealers not adulterers...

 

[ian]

Let me know

I'd consider doing this, 10% in my pocket and buyers don't have to disclose their ID to an exchange. Buyers would perhaps be better buying Monero though if they want complete privacy.

 

[RobM]

Well if someone wants to sell me a couple of hundred pounds worth paypal let me know. I used to have a wallet but I paid zero attention to everything when setting it up so I guess I'll have to create another one.
*edit* actually I'll wait until it drops again.

 

[jbworldwide]

I'd consider doing this, 10% in my pocket and buyers don't have to disclose their ID to an exchange. Buyers would perhaps be better buying Monero though if they want complete privacy.

I believe that the second that something is traced, e.g. for organised criminal activity, and it is found you sold it then be prepared for a bumpy ride. I honestly think it isn't worth the risk. Through the reading I have done (may be things I have missed) it has been asserted that Bitcoin is not truly untraceable through the blockchain and therefore could be exposed by some cleverer people than me.

And I mean of course if this was done at any sort of volume. Exchanges want ID for a good reason.

 

[dee]

I believe that the second that something is traced, e.g. for organised criminal activity, and it is found you sold it then be prepared for a bumpy ride. I honestly think it isn't worth the risk. Through the reading I have done (may be things I have missed) it has been asserted that Bitcoin is not truly untraceable through the blockchain and therefore could be exposed by some cleverer people than me.

And I mean of course if this was done at any sort of volume. Exchanges want ID for a good reason.

Yep. They take people profiting off other peoples misery pretty seriously. Look at Ulbricht , the silk road founder and the lengths they went to to get him.He's currently doing life in the US.

 

[RobM]

I believe that the second that something is traced, e.g. for organised criminal activity, and it is found you sold it then be prepared for a bumpy ride. I honestly think it isn't worth the risk. Through the reading I have done (may be things I have missed) it has been asserted that Bitcoin is not truly untraceable through the blockchain and therefore could be exposed by some cleverer people than me.

And I mean of course if this was done at any sort of volume. Exchanges want ID for a good reason.

And yet it is exchanges who want our trust. I suppose eventually the parasite can't eat itself.

 

[ian]

I believe that the second that something is traced, e.g. for organised criminal activity, and it is found you sold it then be prepared for a bumpy ride. I honestly think it isn't worth the risk. Through the reading I have done (may be things I have missed) it has been asserted that Bitcoin is not truly untraceable through the blockchain and therefore could be exposed by some cleverer people than me.

And I mean of course if this was done at any sort of volume. Exchanges want ID for a good reason.

Absolutely understand those risks, though not convinced it would be the case. As mentioned though, perhaps those looking to buy are after as much autonomy as possible, beyond just supply an exchange with ID; in which case, that is why I suggested buying Monero instead, the true privacy coin!

 

[dee]

Good day at the office for Bitcoin / crypto then.... tanked on Binance rumours.

@RobM Looks like you'll get your drop

 

[ian]

Massive volume since though, second biggest in history helping the recovery. Lot of talk that Binance hack is specific to those handing over their API keys the a third party app that then sold all their ALT coins for Bitcoin. Not sure whether they then got the BTC out, I assume so, but Binance have reacted quickly and prevented all withdraws.

 

[dee]

Massive volume since though, second biggest in history helping the recovery. Lot of talk that Binance hack is specific to those handing over their API keys the a third party app that then sold all their ALT coins for Bitcoin. Not sure whether they then got the BTC out, I assume so, but Binance have reacted quickly and prevented all withdraws.

I think the hack converted loads of alts to btc then bought lots of hugely overpriced via coin off the hackers. Or something like that it seems

 

[ian]

I think the hack converted loads of alts to btc then bought lots of hugely overpriced via coin off the hackers. Or something like that it seems

Yep, sold to BTC as cannot be exchanged for VIA directly. No crypto has been withdrawn it seems, just a case of using a hack to inflate the price of VIA so the ppl behind it could sell what they had at the top. Still a concern for Binance I'm sure.

 

[Edwin]

US investors may be facing new tax liabilities as a result of Bitcoin (including for crypto-to-crypto trades that are no longer profitable!)
https://www.theguardian.com/technology/2018/mar/18/cryptocurrency-bitcoin-irs-tax

I imagine the folks at HMRC may be reading that with great interest over their morning cornflakes...

 

[Admin]

So Binance is moving to Malta.

Any further news or rumours on the Tether situation?

 

[martin-s]

Re Tether, saw this yesterday:
https://www.newsbtc.com/2018/03/19/tether-primary-reserve-bank-puerto-rico-says-bitmex/

Suggests it might be legit with 1-for-1 funds in Puerto Rico?

 

[ian]

So Binance is moving to Malta.

Any further news or rumours on the Tether situation?

Malta favour crypto, but boy, I'd not like to handle discussions with the Maltese government!!! I suspect plenty of cash (or crypto) changed hands in that one!