Buying bitcoins

Bloomberg - Binance opening an office in Malta and going to introduce a fiat gateway.

The company, founded last year in Hong Kong, is planning to open an office in Malta, Chief Executive Officer Zhao Changpeng said in an interview. Binance will soon start a “fiat-to-crypto exchange” on the European island nation, and is close to securing a deal with local banks that can provide access to deposits and withdrawals, he said, without providing a timeframe.

Is there any exchange that specifically forbids wash trading? I was having a quick look at GDAX, bitfinex and Binance in the last hour, and it looks like there’s absolutely no organic trading taking place - just bots wash trading. Is there anyone actually buying bitcoin at the moment, or are they all just playing around with the magic money created by Tether?

Kuva wrote: »

Malta, part of the lands of shut up shop when a sufficient customer base is built and run with the money?

Arent we still paying extra tax out of our pay cheques and insurance premiums for the various insurance scams emanating from Malta?

Even the tether magic dollars can’t keep the price of bitcoin up. Might get messy if it drops below 8k.

Tinder Surprise wrote: »

Just has and looks to have triggered a hell of a lot of automatic sell orders cause look at those red candles!!!

It’s actually holding up better than I expected, at least for the moment. Some soft support at 7900.

Such a low volume of real trading going on that when any significant volume is pushed out the bots rush the price.

Yeah we are well below that I think. We are below November prices.

[QUOTE=Tinder Surprise;105916621not confirmed but some put the recent slump in Bitcoin prices last Tuesday down to the futures market, and there is another batch due to expire this Friday 26th so we're about to see if that theory is correct...


[/QUOTE]

Yesterday was the 29th :rolleyes:

https://www.ccn.com/did-the-futures-market-negatively-affect-bitcoin-price-and-the-entire-industry/

https://www.coindesk.com/crypto-exchange-okex-to-roll-back-trades-after-irregular-futures-plunge/





We're merely puppets in someone elses game.

Tinder Surprise wrote: »

We're merely puppets in someone elses game.

So true !!!!!!

Remember when Bitcoin ETFs, Institutional money and Wall Street bonuses were the fuel to light the rocket and Bitcoin was a store of wealth!
On a serious note, I have bought back in over the last few days and on previous dips!
Hoping that each dip would be the bottom but its just been a downward spiral.
That said, I've reduced my cost per coin across the board and should we have an upswing I'll see a benefit that much sooner.
I'm in an ok position and the funds will not disposable, arent needed anytime soon so rather than trade out and crystallizing any loss I'm happy to try and HODL through this phase.
I've consolidated my holdings to a mix of BTC/BCH/ETH/ETC/XRP/LTC with smaller holdings of ADA and ICX.

I still have faith in crypto, we need some market clarity to allow the USDT issue to be resolved.
I've posted before about how difficult a market driven by sentiment is to judge or predict and this dip only confirms that belief for me.
So much good news for the utility and adoption of certain coins, that in a rational market would drive prices up and yet the dip continues.

h0neybadger wrote: »

it can't hit 2-3k. no miner can possibly run if that price happens due to overhead costs.

It realistically can, for a short period a lot of miners will keep going on the assumption they can sell the coins later for more than the current price. Over a longer period some may drop off until it recovers. Bitcoin or any other crypto can go to €0, miners can stop mining the network can collapse and thses coins can cease to exist as easily as they started.

Kenya Bewildered Pony wrote: »

Have you never heard mining difficulty?

In short:
Miners drops off - difficulty reduces - mining becomes profitable again

It’s not that simple. Difficulty changes every x amount of blocks. If the bulk of miners shutoff, the block solving time increases. Until that x amount of blocks has been solved, the difficulty remains the same.
That’s why there was a fear before that if a very large portion of miners did shutoff together, it would freeze the block chain.

smacl wrote: »

Is this a problem primarily for Bitcoin as the most difficult coin to mine?

Pretty much. But I believe it could happen to any coin if the number of miners dropped enough.

When BCH launched, there was fear too many miners would move over under Bitmain’s attempt to stall Bitcoin mining.
If they succeeded, and enough miners moved to the new coin, bitcoin would have stopped there and then.

But thankfully, people were smart enough to realise what they were trying to do, and faith in bitcoin didn’t drop.