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Is anyone else starting to become a bit worried? mod note in first post

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    #1382
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    here's a decent article touching on the crypto bubble and the eventual actual utility of blockchain in terms of reducing the "cost of trust"

    https://www.technologyreview.com/s/610781/in-blockchain-we-trust/


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    #1383
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    glasso wrote: »
    here's a decent article touching on the crypto bubble and the eventual actual utility of blockchain in terms of reducing the "cost of trust"

    https://www.technologyreview.com/s/610781/in-blockchain-we-trust/

    and this one why cryptocurrencies replacing fiat would be not a good thing is also a good read (short enough)

    https://www.technologyreview.com/s/610783/bitcoin-would-be-a-calamity-not-an-economy/


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    #1384
    banie01
    Registered Users Posts: 16,568 ✭✭✭✭banie01


    kaymin wrote: »
    Out of interest, roughly how many transactions have crypto proponents completed using crypto in the last 6 months and what was the typical type of transaction? Ignoring investments in crypto obviously.

    I've completed in and around 50 or so since 2012.
    That said upto October last year the transactions were of an immediate nature with no crypto HODL'd.
    In the last few months maybe 4 and my recent transaction was an accidental crypto tx!

    I use my Revolut card to pay for a magazine sub via the UK, as its much cheaper,.
    Forgot to load the card this month and I had some balance in ETH that was converted to pay the sub!


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    #1385
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    banie01 wrote: »
    I've completed in and around 50 or so since 2012.
    That said upto October last year the transactions were of an immediate nature with no crypto HODL'd.

    darkweb?!


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    #1386
    banie01
    Registered Users Posts: 16,568 ✭✭✭✭banie01


    glasso wrote: »
    darkweb?!

    You asking about the magazine or earlier purchase history?:pac:
    Not really, 2 txs there way back when.
    A lot of purchaaes from overseas areas where bank accounts were a luxury and some services from technically minded folk who were much further ahead of the curve than me ;)


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    #1387
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    banie01 wrote: »
    You asking about the magazine or earlier purchase history?:pac:
    Not really, 2 txs there way back when.
    A lot of purchaaes from overseas areas where bank accounts were a luxury and some services from technically minded folk who were much further ahead of the curve than me ;)

    fair enough. just seemed like a high amount of cryto transactions :)

    so tech work is commonly using crypto currency? or just in your case where you had tech guys in places in places where they don't like bank a/cs or hyperinflation or just don't like reporting earnings!?


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    #1388
    lifeandtimes
    Closed Accounts Posts: 2,021 ✭✭✭lifeandtimes


    For Johnny and Paddy

    https://www.coindesk.com/bitfinex-denies-money-laundering-claims-after-internal-investigation/

    The cryptocurrency exchange told CoinDesk on Tuesday that it conducted an "internal investigation of its international organization," and found no connection between its operations and the two shell companies accused of defrauding the Belgian government and laundering funds in Colombia.

    The exchange wrote that "based on all available evidence and information, [it] has concluded that these allegations are untrue and unfounded."


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    #1389
    banie01
    Registered Users Posts: 16,568 ✭✭✭✭banie01


    glasso wrote: »
    fair enough. just seemed like a high amount of cryto transactions :)

    so tech work is commonly using crypto currency? or just in your case where you had tech guys in places in places where they don't like bank a/cs or hyperinflation or just don't like reporting earnings!?

    I can't speak to an estimate of how much outsourced Tech work is commonly settled using crypto but I have experience of it in a small capacity.

    Regarding the Bank account issues, many places outside the EU have onerous charging structures and if you are forwarding a payment using swift via an intermediate bank a charge could be levied that is higher than the actual amount sent.
    Those issues are particularly prevalent with US and Asian banks,
    SEPA has been brilliant for eliminating/reducing charges within the EU but when sending payments outside the EU and in particular any payment that is Time sensitive, or routed via SWIFT intermediaries charges can rack up rapidly.
    Particularly where the tx is low in and of itself.

    Crypto offers a fairly immediate means of settlement to any location with minimal TX costs.
    For low value TX, it is a great value means of payment.
    Granted other payment means such as Revolut have now appeared that allow quick(Within SEPA, and usually 3 days outside SEPA) and free/low cost(Compared to traditional banks) funds transfers between their users and international bank accounts.

    Crypto offers the added benefit of allowing a user make immediate payment to any location or user with near immediate verification of transfer and low TX fees.

    Regarding Hyperinfaltion or tax compliance of the recipient, thats not something I concern myself with.


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    #1390
    Pintman Paddy Losty
    Registered Users Posts: 1,913 ✭✭✭Pintman Paddy Losty


    lifeandtimes wrote: »
    For Johnny and Paddy

    https://www.coindesk.com/bitfinex-denies-money-laundering-claims-after-internal-investigation/

    The cryptocurrency exchange told CoinDesk on Tuesday that it conducted an "internal investigation of its international organization," and found no connection between its operations and the two shell companies accused of defrauding the Belgian government and laundering funds in Colombia.

    The exchange wrote that "based on all available evidence and information, [it] has concluded that these allegations are untrue and unfounded."

    Ah well if the people accused deny any wrongdoing then that's good enough for me. It's not like guilty parties ever deny wrongdoing when accused of malpractice or criminal activity.

    I knew crypto investors were fairly credulous sorts who believe the far-fetched promises of ICO launches, but I don't put much stock in what a dodgy outfit like Bitfinex has to say. Sure Bitconnect swore they were legit right til the end.


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    #1391
    Dohnjoe
    Registered Users Posts: 17,800 ✭✭✭✭Dohnjoe


    Pintman Paddy Losty wrote: »
    Ah well if the people accused deny any wrongdoing then that's good enough for me. It's not like guilty parties ever deny wrongdoing when accused of malpractice or criminal activity.

    I knew crypto investors were fairly credulous sorts who believe the far-fetched promises of ICO launches, but I don't put much stock in what a dodgy outfit like Bitfinex has to say. Sure Bitconnect swore they were legit right til the end.

    Then necks are on the chopping block if info turns up otherwise. A coin is one thing, an exchange is another.

    It also hinges on whether an exchange worked directly with the launderers or indirectly

    If directly - exchange is ****ed

    If indirectly - they have to show they did their due diligence and compliance


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    #1392
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    so what is this saying - that all the "money" coming into tether was from criminals' money-laundering activity?


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    #1393
    makeorbrake
    Registered Users Posts: 4,664 ✭✭✭makeorbrake


    glasso wrote: »
    so what is this saying - that all the "money" coming into tether was from criminals' money-laundering activity?

    It can't be substantiated either way at the moment so it's not 'saying' anything right now....


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    #1394
    Pintman Paddy Losty
    Registered Users Posts: 1,913 ✭✭✭Pintman Paddy Losty


    makeorbrake wrote: »
    It can't be substantiated either way at the moment so it's not 'saying' anything right now....

    I agree with this.


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    #1395
    Dohnjoe
    Registered Users Posts: 17,800 ✭✭✭✭Dohnjoe


    BTC up 13% in an hour on no news that I can see


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    #1396
    banie01
    Registered Users Posts: 16,568 ✭✭✭✭banie01


    Perhaps as a longshot here, just spitballing.
    US based folk were closing/crystallizing positions for tax day next week?
    They've finished their calc's and are now buying back in?

    That said, this my problem with crypto markets.
    News often has the opposite to expected effect, no news can cause a spike either way and the effect of sentiment is near impossible to predict in crypto.
    I find myself looking at market moves and trying to analyse based on my previous investing and professional experience and more often than not...
    I'm still flummoxed by it!


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    #1397
    Elessar
    Registered Users Posts: 5,239 ✭✭✭Elessar


    Prepare for the dump. The bart Simpson pattern has been fooling the market for weeks. Sudden jump in price, leave it sit for a few hours, then instadump back down.


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    #1398
    grindle
    Registered Users Posts: 6,026 ✭✭✭grindle


    I'd put it down to the amount of short positions on Bitmex (highest ever amount of shorts). Some smart rich bastard bet against them, bought a ton of BTC and now they'll get to eke out a little bit of residual FOMO and drop the price again, maybe with their own short position in place.

    Just look at the quantities: https://twitter.com/BitmexRekt


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    #1399
    Tinder Surprise
    Registered Users Posts: 1,462 ✭✭✭Tinder Surprise


    grindle wrote: »

    Just look at the quantities: https://twitter.com/BitmexRekt

    sorry, what the hell is that?


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    #1400
    seannash
    Registered Users Posts: 5,672 ✭✭✭seannash


    Tinder Surprise wrote: »
    sorry, what the hell is that?


    https://twitter.com/thinkingusd/status/958146448339623937?lang=en


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    #1401
    JohnnyFlash
    Registered Users Posts: 7,055 ✭✭✭JohnnyFlash


    grindle wrote: »
    I'd put it down to the amount of short positions on Bitmex (highest ever amount of shorts). Some smart rich bastard bet against them, bought a ton of BTC and now they'll get to eke out a little bit of residual FOMO and drop the price again, maybe with their own short position in place.

    Just look at the quantities: https://twitter.com/BitmexRekt

    That’s it. Bitmex offer 100x leverage, which is preposterous. It makes the market even more attractive for those with the power to manipulate it. So many shorts were liquidated that Twitter have limited the account. Carnage.


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    #1402
    Pintman Paddy Losty
    Registered Users Posts: 1,913 ✭✭✭Pintman Paddy Losty


    My BTC/USD price prediction for May 01st:

    $9100

    My long term outlook is not good however.


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    #1403
    Dohnjoe
    Registered Users Posts: 17,800 ✭✭✭✭Dohnjoe


    Pintman Paddy Losty wrote: »
    My BTC/USD price prediction for May 01st:

    $9100

    My long term outlook is not good however.

    Right so you are obviously going in on it - don't forget to show us the trade tickets ;)


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    #1404
    Thargor
    Registered Users Posts: 17,891 ✭✭✭✭Thargor


    Pintman Paddy Losty wrote: »
    My BTC/USD price prediction for May 01st:

    $9100

    My long term outlook is not good however.
    Jesus take a day off, believe it or not everyone on here knows its a risky business.

    Also in the email notification for this post your prediction is $8750 but you edited it to $9100 the minute you posted, what methodology did you use to revise your predictions upwards in those 30 seconds?


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    #1405
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    Thargor wrote: »

    Also in the email notification for this post your prediction is $8750 but you edited it to $9100 the minute you posted, what methodology did you use to revise your predictions upwards in those 30 seconds?

    Honestly this sounds like it is going personal and isn’t really about the contents of the post.

    Most people on this site have at least once (more than once for me) posted something and then slightly changed their mind and edited. We should probably think things through a bit more before posting, but we just don’t always do and in most cases it’s not a huge deal. What’s the point in picking on it?


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    #1406
    grindle
    Registered Users Posts: 6,026 ✭✭✭grindle


    Thargor wrote: »
    Jesus take a day off, believe it or not everyone on here knows its a risky business.

    Yeah, but nobody knows like he knows that it's going to zero, because he gets it and nobody else does. He's a supremely intelligent individual, the smartest, MOST YUGELY BRAINLIEST, who has probably made billions - trillions maybe, PROVE IT WRONG - from knowing about every up and downtick before it's happened and longing or shorting it as appropriate.

    In all honesty though, Pintscam Pajo - if you have this kind of confidence, this 100% certainty... You'd be an idiot to NOT short the market in the long-term. Serious. Put money where your mouth is.

    Disclaimer:This is not financial advice

    Some here are just having a gamble and think it's a wild goose chase mixed with a tech horse-race, others have a greater belief in some of these projects because they actually bother reading beyond /r/ethtrader or /r/cryptocurrency or the random Twitter spam. YMMV. So may your knowledge.


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    #1407
    smacl
    Moderators, Society & Culture Moderators Posts: 15,729 Mod ✭✭✭✭smacl


    Thargor wrote: »
    Jesus take a day off, believe it or not everyone on here knows its a risky business.

    Also in the email notification for this post your prediction is $8750 but you edited it to $9100 the minute you posted, what methodology did you use to revise your predictions upwards in those 30 seconds?

    Looks like Pintman Paddy Power has lost his bottle. Revising a predicted 9% gain to an 11.25% gain over two weeks for Bitcoin in the current climate is not exactly an adventurous forecast. Throw a bit more warm water over them tea leaves there Paddy :pac:


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    #1408
    Pintman Paddy Losty
    Registered Users Posts: 1,913 ✭✭✭Pintman Paddy Losty


    Thargor wrote: »
    Jesus take a day off, believe it or not everyone on here knows its a risky business.

    Also in the email notification for this post your prediction is $8750 but you edited it to $9100 the minute you posted, what methodology did you use to revise your predictions upwards in those 30 seconds?

    Changed a few variables in the equation based on some of my technical analyses.

    We'll see whether PPL is right come May 01st.

    Anyone here care to make their prediction.

    I'm very bearish about the whole crypto scene as I've outlined once or twice, but there is likely to be a short-lived bull run in the next two weeks.


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    #1409
    Thargor
    Registered Users Posts: 17,891 ✭✭✭✭Thargor


    Lol, post your equation then you complete spoofer :D

    Or just go back to repeating yourself for the 300th time, enough time wasted on you anyway.


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    #1410
    h0neybadger
    Registered Users Posts: 321 ✭✭h0neybadger


    Pintman Paddy Losty wrote: »
    Changed a few variables in the equation based on some of my technical analyses.

    We'll see whether PPL is right come May 01st.

    Anyone here care to make their prediction.

    I'm very bearish about the whole crypto scene as I've outlined once or twice, but there is likely to be a short-lived bull run in the next two weeks.


    Yep. I predict you will be ignored by the other 50% of this forum by the end of May 2018.

    Starting with myself now.


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    #1411
    Pintman Paddy Losty
    Registered Users Posts: 1,913 ✭✭✭Pintman Paddy Losty


    Thargor wrote: »
    Lol, post your equation then you complete spoofer :D

    Or just go back to repeating yourself for the 300th time, enough time wasted on you anyway.

    Not a chance. It was very effective for my Apr 01 prediction. Once I prove its accuracy again on May 01 I will be monetizing it.

    I will be providing a discount for boards.ie posters so stay tuned.


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