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Thread: Bitcoin...A suckers paradise.

  1. #21
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    Re: Bitcoin...a suckers paradise???

    Quote Originally Posted by Zook_e_Pi View Post
    I wouldn't be surprised in the least if the co-founders of Bitcoin.com and the inventor of Bitcoin itself (some Aussie named Craig Wright who went by the name Satoshi Nakamoto) ... have intimate connections to the Zionist agenda.
    That's what you wrote, so anyone reading it would confirm that you believe the inventor was indeed Craig Wright and wrote it in such a way that it was accurate. The link offered gave no reference for the reader that the link was referring to Craig Wright. I didn't look as I thought it was further reference to waterloo, of which I was already aware of.

    This is why I said, "in all fairness" because many thought CW was Mr Bitcoin. Just as you did.

    Yes it is strange that we don't know who is Mr BitCoin is, but that does not mean it's a psyops perpetrated by the Zionist machine. There's plenty of IT guru's out there with the required brain power and that pesky human ability to formulate a scam. Then again, it could just be a giant snowball effect that nobody really thought would grow to what we see today. Especially when you see the dominant investors coming out of Asia, from housewives to Chinese everyday folk, no different to the everyday Chinese investor in the Nation's stock market that saw an unprecedented "feverish manian" driven rise that required intervention by the state. All that was, was greedy Humans trying to catch the runaway money making scams of the stock market.

    It would also make sense that if it was indeed a formulated scam by an individual or a small group, that a smoke screen of identity would help secure the scam. We see this everywhere within the orthodox money markets. Hidden companies hiding under an almost untraceable umbrella of diversions. It's how the rich hide and avoid.

    So, in the world of the cryptocurrency, it's even more secure with no traceable account, no umbrellas, no identities to investigate. That's the genius of this particular event...and there's nothing illegal in the general sense. Those that invest can be traced via the exchange of actual currency but that's all above board and further clouds the who's who of the industry. We can see this same invisibility with all the other follow up crypto's that have hit the market exploiting a new avenue for making wealth. You or I could invent our own version if we wished. And that's legal.

    Like I said, we'll have to wait and see how it all unfolds, and maybe we'll get a clearer picture...though I'm not holding my breath.
    Ross
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  2. #22
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    Re: Bitcoin...a suckers paradise???

    Here's the latest out of Asia. South Korea in this case.

    In past posts I've highlighted that the most speculative investors over the last year have come out of Asia. Japan, China, North and South Korea have the highest per capita.

    Latest article out of Sth Korea.

    THE South Korean government has announced it will soon force people to trade bitcoin under their own names.
    The announcement was made earlier this week in a bid to control speculation, following an unprecedented surge of interest in the virtual currency.

    Bitcoin trading has become so widespread in South Korea recently that bricks-and-mortar storefronts have sprung up to help people buy and learn more about the virtually unregulated cryptocurrency.

    The New York Times reported the decision was made in an effort to cool the overheated market.

    The publication reported the government may also introduce more measures “to stem speculative trading” such as shutting down some virtual currency exchanges.

    South Korea may also stop local companies from providing settlement services for virtual currency transactions.

    After the announcement was made, the price of bitcoin fell dramatically. However, the government claims the new rules will bring bitcoin in line with other financial products in the country, as well as making it easier for the government to track transactions — and tax people accordingly.

    The announcement came as the hyper-wired South Korea emerged as a hotbed for cryptocurrency trading, accounting for some 20 per cent of global bitcoin transactions — about 10 times its share of the world economy, AFP reported.

    The new rules announced by Seoul include a ban on opening anonymous cryptocurrency accounts and new legislation to allow regulators to close virtual currency exchanges if necessary.

    “Officials share the view that virtual currency trading is overheating irrationally ... and we can no longer overlook this abnormal speculative situation,” the government said in a statement.

    All anonymous accounts currently in use will be closed next month, it added.

    The policy package also includes stepping up crackdowns on money laundering activities and financial fraud — including price manipulation — using digital currency trades.

    “We will ... resolutely respond to such crimes by slapping maximum sentences possible on offenders,” it said, vowing to “leave all policy options open, including closure of a cryptocurrency exchange when deemed necessary.”

    The announcement came two weeks after Seoul banned its financial firms from dealing in virtual currencies, most notably bitcoin, as their prices soared, sparking concerns of a bubble largely fuelled by retail speculators.

    About one million South Koreans, many of them small-time investors, are estimated to own bitcoin. Demand is so high that prices for the unit are around 20 per cent higher than in the US, its biggest market.

    Seoul also warned on Thursday that most cryptocurrencies are being traded in the country at prices far higher than elsewhere in the world, blaming factors including “blind speculation”.

    In a case highlighting the risks of cryptocurrency, a Seoul virtual currency exchange declared itself bankrupt last week after being hacked for the second time this year.

    The Youbut exchange became the first South Korean cryptocurrency exchange to close after the hacking attack that stole 17 per cent of its assets.

    There have been numerous warnings about a possible blowout in the bitcoin market.

    Bank of Japan governor Haruhiko Kuroda said last week that the price surge of the virtual currency was “abnormal,” while Singapore’s central bank advised investors to “act with extreme caution”.

    The vice president of the European Central Bank has also expressed concern about the relentless rise in the value of bitcoin and the potential risk accompanying the trend.

    So far, China is the only country in the world to have totally banned bitcoin exchanges.

    The news comes as the price of bitcoin continues to plunge.

    On Thursday it fell to less than $US14,000, compared to a record high set just 10 days ago.
    Ross
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  3. #23
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    Re: Bitcoin...a suckers paradise???

    Latest cryptocurrency problems...

    Article:

    Coinspot rubbishes liquidity claims, says it is ‘getting closer’ to turning on Australian dollar deposits.

    AUSSIE banks are reportedly blocking customers attempting to buy cryptocurrencies like bitcoin, even shutting down accounts.

    AUSTRALIAN cryptocurrency exchange Coinspot has described warnings of liquidity issues due to too many customers cashing out as “absolute rubbish and untrue”.

    Last month, Coinspot announced it was temporarily suspending Australian dollar deposits due to ongoing problems dealing with local banks, sparking outrage among investors.

    “The temporary restriction on AUD deposits will remain in effect until at least the first week of the new year,” the company wrote on Facebook. “AUD withdrawals, coin deposits, buy/sell orders and trading on the platform will continue to operate as normal.

    “We assure you we are just as unhappy with the situation as you but unfortunately Australian banks have been so far unwilling to work with the digital currency industry which leads to frequent account closures and strict limits on accounts whilst they remain operational, in effect debanking our industry.”

    While the big four deny any blanket policy banning cryptocurrency purchases, a number of customers have reported accounts being closed. CommBank’s terms of service for its business banking account is the only one to specifically mention bitcoin.

    “We can refuse an application for an international money transfer if we believe that processing it would offend against any policy or law relating to money laundering, sanctions, or the national interests or security of any state,” it said.

    “We can also refuse to process an IMT, because the destination account previously has been connected to a fraud or an attempted fraudulent transaction or is an account used to facilitate payments to bitcoins or similar virtual currency payment services.”

    A CommBank spokesman said customers “can interact with these currencies as long as they comply with our terms and conditions and all relevant legal obligations”.

    “Commonwealth Bank is receptive to innovation in alternative currencies and payment systems, however, we do not currently use or recommend any existing virtual currencies as we do not believe they have yet met a minimum standard of regulation, reliability, and reputation compared to other currencies that we offer to our customers,” he said.

    Michaela Juric, who calls herself Bitcoin Babe, wrote on Twitter that she had been “banned from 30 different Australian banks and counting”, posting a recent letter from ANZ with the highlighted clause she is alleged to have violated.

    “ANZ may exercise its discretion to close an account due to unsatisfactory conduct or for any other reason it considers appropriate,” the letter read.

    However, an ANZ spokesman said the bank “does not prohibit customers buying digital currencies”, while a NAB spokeswoman also said it “does not have a policy to deny customers the right to purchase bitcoin”.

    A Westpac spokesperson said: “Westpac has controls in place to actively verify the identity of our customers and monitor the activities of those customers.

    “Where we cannot verify the origin of transfers, we may act to ensure we comply with Australia’s anti money laundering obligations.”

    Earlier this week, Coinspot responded to an image circulating on Facebook which warned that a lot of people were cashing out via Coinspot, but “very few are buying and now with them limiting depositing, they’re going to have a very risky liquidity issue”.

    “To summarise the above screenshot, all absolute rubbish and untrue,” Coinspot wrote. “Hope you had a good New Year.”
    On Wednesday, Coinspot founder Russell Wilson said the site was “getting closer to turning AUD deposits back on”.
    “We have seen usual trading activity on the exchange for the last couple of weeks and even though the AUD restriction has been in place we have seen no higher than usual withdrawals,” he said.

    “We always hold 100 per cent of our customer assets and the assets are always held in the corresponding asset. Ensuring the assets are always held correctly was a factor in the decision to temporarily stop new AUD deposits. The exchange would be able to cope with a large volume of withdrawals without any significant issues.”

    Mr Wilson said the recent bank issue “would have potentially impacted our ability to execute trades on the international markets by impeding our forex capability”.

    “We chose to temporarily disable AUD deposits while we work on establishing a stable banking relationship to ensure we can continue to always deliver on our promise to hold assets one for one,” he said.

    Bitcoin and other cryptocurrencies skyrocketed in value last year, with a sudden investor frenzy dominating headlines and often overloading cryptocurrency exchanges, which are still largely unregulated.
    =
    David Gerard, author of Attack of the 50 Foot Blockchain, has warned that the price of bitcoin is “largely fictional”, describing the inside of the exchanges as “the Wild West” and pointing out how anti-money laundering laws make cashing out difficult.

    “The Know Your Customer anti-money laundering (KYC/AML) regulations are an endless source of woe for the bitcoin trader,” Gerard writes.

    “The idea was to catch money laundering by terrorists and criminals. The tricky part for you, the customer, is that it requires your bank to treat you as the threat. And bitcoin is notoriously a favourite of criminals and drug dealers, so it gets special attention from bank compliance officers. This applies to bitcoin exchanges as well as banks.”
    Ross
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    Re: Bitcoin...a suckers paradise???

    Latest cryptocurrency news...

    Ripple surges past ethereum and bitcoin cash to become second-largest cryptocurrency.

    THIS bitcoin rival has exploded in value over two weeks, making its creators overnight billionaires — but people smell a conspiracy.

    RIPPLE’S founders are the latest crypto billionaires.

    The price of ripple has increased by 1240 per cent in the last 30 days, from around 25 US cents to $US3.38, surging past bitcoin cash and ethereum to become the second largest cryptocurrency.

    This time last year, ripple was sitting at just under 0.7 of a US cent. That’s an increase in value of 51,542 per cent in 12 months.

    Ripple’s market capitalisation — the price multiplied by the number of coins in circulation — is now $US130 billion, roughly half that of bitcoin, with ethereum on $US96 billion and bitcoin cash on $US41 billion.

    Two weeks ago, ripple’s market cap was just $36 billion.

    Mike Novogratz, the billionaire investor who last month revealed he was “pressing the pause button” on plans for a cryptocurrency hedge fund amid uncertain market conditions, has warned 2018 will be a “wild ride”.

    “Ripple Labs worth $US225 billion,” he tweeted on Thursday. “Tenth largest company by market cap in the world. Makes [co-founder] Chris Larsen worth $US55 billion tying Mark Zuckerberg as fifth richest man in the world.”

    He added in a follow-up tweet, “At one point in the 1989 Japanese real estate bubble, the Imperial Palace in Japan was said to be worth more than the entire state of California, things that don’t make sense don’t last ... be careful out there.”

    Mr Larsen owns 5.19 billion XRP — the native currency of the ripple network — and a 17 per cent stake in the company he co-founded in 2012, according CNBC, putting his net worth at an estimated $US59.9 billion, ahead of Google founders Larry Page and Sergey Brin and just behind Facebook founder Mark Zuckerberg.

    So what exactly is ripple, what makes it different from bitcoin, and what’s behind the surge in interest? Ripple is similar to bitcoin in that both are decentralised ledger systems designed to facilitate transactions across the internet.

    But while bitcoin is a decentralised digital currency, ripple is a “decentralised transaction network that also contains a digital currency”, as former employee Nathan Ihara explained on Quora in 2013.

    “The bitcoin network tracks the movement of bitcoins. The ripple network can track information of any kind,” he wrote. “As a result, ripple can track account balances of any existing currency.”

    That, along with its capacity to rapidly settle cross-border transactions, has made it attractive to traditional banks and financial institutions, with more than 100 adopting the technology so far, including Westpac and UBS.

    “Bitcoin and ripple use a different method to reach network consensus,” Mr Ihara adds. “Bitcoin uses proof-of-work (mining). Ripple uses an iterative consensus process. As a result, ripple is faster than bitcoin. It only takes a few seconds to finalise transactions. It’s also more energy efficient.”

    As IG analysts wrote in a recent note, ripple effectively positions itself as a “complement” to bitcoin, rather than its rival. “The ripple network is meant to allow the transfer of any form of currency, regardless of whether it is the traditional sort, such as dollars or euros, or the new types such as bitcoin,” IG wrote.

    Unlike bitcoins, which are “mined” by computers on the network at a set rate to a fixed 21 million out to the year 2140, ripple is “pre-mined”, with 100 billion units in existence, 20 billion of which were retained by the founders.

    “The interest in XRP appears to tie in with its proprietary blockchain that’s focused on financial service companies,” Motley Fool analyst Sean Williams wrote recently. “In particular, ripple’s blockchain could allow for cross-border payments and transactions that occur instantly, rather than waiting days as under the current system.”

    In a 2015 report, cryptocurrency researcher Tim Swanson argued banks would embrace “permissioned” ledgers like ripple — which use legal entities to validate transactions on the network — as opposed to bitcoin’s “unpermissioned” ledger which relies on anonymous miners.

    “No bank’s going to want to put a billion dollars of value [on a ledger] if it can be destroyed by anonymous validators,” he told American Banker.

    “The idea with the distributed ledger system is to say, ‘How can we take the useful parts of bitcoin — or at least the ledger idea — and integrate it with businesses that have legal reputations?’”

    But that cosiness with the traditional financial industry also creates suspicion among cryptocurrency diehards — after all, bitcoin’s original purpose was to cut out banks altogether.

    Tom Luongo, financial commentator with Newsmax and publisher of the Gold, Goats n’ Guns blog, has speculated that financial institutions are launching a co-ordinated “attack” on the cryptocurrency market, with ripple, disparagingly referred to as “BanksterCoin”, as the weapon.

    “Ripple is the stalking horse of the cryptocurrency industry,” he writes. “Its meteoric rise in price coincides with bitcoin’s peak and subsequent meandering.

    “The best way to kill a market is to get retail investors buying the peak and selling into it. It’s easy to believe in an irrational pump of bitcoin to $US20,000 and the subsequent rotation out and into ripple, boosting its price and profile, while leaving ‘teh newbz’ hanging at the top.”

    Mr Luongo argued the spike to $US20,000 was created by the controversial rollout of bitcoin cash by cryptocurrency exchange Coinbase last month, which led to accusations of insider trading after a suspicious price increase in the bitcoin “fork” prior to the announcement.

    “The goal there was to sow confusion and undermine bitcoin cash as an alternative to bitcoin,” he writes. “See, folks, all of this confusion and carnage comes from not having any kind of centralised control. But, hey, there’s this new cool thing called ripple which solves all of that and the price is going bonkers! Trap set.”

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    Re: Bitcoin...a suckers paradise???

    The games started several weeks ago ...the off-field battles between the cryptocurrency players (both orthodox and unorthodox investors, scammers and general greed chasers) and the establishment. (both orthodox and unorthodox investors, scammers and general greed chasers)

    We saw when China's regulators (state govt) intervened and banned crypto currency exchanges and as of yesterday are moving to ban miners

    And other establishments as written in this thread trying to mitigate this wild-west of cryptocurrency...

    Here's the latest shenanigans.





    BITCOIN and other cryptocurrencies including ethereum, litecoin and ripple plummeted in value on Monday after Coinmarketcap removed prices from South Korean exchanges without warning.

    Prices on South Korean exchanges are typically up to 30 per cent higher than in other countries. The widely used research site’s decision to exclude average price data from Bithumb, Coinone and Korbit resulted in a sudden drop in displayed prices.

    That caused confusion among investors and partly contributed to a major sell-off, which was also fuelled by news that South Korean and Chinese regulators planned to increase oversight on cryptocurrency trading and mining.

    “This morning we excluded some Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity,” Coinmarketcap wrote on Twitter. “We are working on better tools to provide users with the averages that are most relevant to them.”

    The total market capitalisation of more than 1300 cryptocurrencies tracked by Coinmarketcap fell from around $US830 billion ($A1056 billion) to bottom out at $US669 billion ($A851 billion) on Monday, a drop of 20 per cent. By late Monday, the market was sitting at around $US742 billion ($A944 billion).

    Among the hardest hit were ripple, litecoin and bitcoin cash, which at the time of writing were down 25 per cent, 11 per cent and 13 per cent respectively on the previous day, while bitcoin was trading at $US15,215 ($A19,364), down more than 7 per cent.

    “The most obvious point is how undeveloped the ecosystem supporting bitcoin and cryptocurrency trading still is,” said ABC Bullion chief economist Jordan Eliseo.

    “It highlights the undeveloped nature of trading in bitcoin, reporting in bitcoin, market data sources for people to utilise when they’re wanting to track performance or monitor trends in that space.

    “You can look at it two ways and say Coinmarketcap taking Korean prices out of their averages makes the performance of bitcoin and cryptos look worse than they otherwise would, [but] the flip side is that in the past they weren’t reporting them accurately.”

    The move drew fierce criticism from the cryptocurrency community. “Right, might be useful to notify people of things like this before or as you execute to avoid crashing the market, thanks,” one commenter wrote on Twitter.

    “Really unprofessional,” another said. “You ought to have announced this many days in advance and given fair warning to people who depend on your website for accurate movements in markets.”

    Others weighed in on the broader implications. “How healthy is a market really if a single non-exchange website can crash it?” one commenter on Reddit asked.

    It came after a series of reports last week that suggested Chinese officials planned to crack down on bitcoin miners, the networked computers which work to verify transactions on the blockchain and in return receive newly created units of the currency.

    Bitcoin mining consumes an enormous amount of energy — 38.6 terawatt-hours a year, or 0.17 per cent of total world consumption, according to Digiconomist. That’s more than the individual energy use of a number of countries including Denmark.

    Meanwhile, South Korean authorities have reportedly begun inspections at six banks that provide accounts to companies involved in cryptocurrency trading, citing concerns about potential money laundering.

    Last month, Australian exchange Coinspot suspended deposits in Australian dollars due to ongoing problems with local banks, which were accused of closing accounts and blocking transactions.

    “The regulatory noise in South Korea and China, that’s going to be an ongoing threat to bitcoin and to crypto more generally for the foreseeable future,” said Mr Eliseo. “Governments, financial institutions, you name it, are still working out how best to deal with crypto and the businesses involved with it.”

    Mr Eliseo said it was a “real risk factor” investors needed to be aware of. “While it’s very easy to get money into this system to buy cryptocurrency, it may not be so easy to get it out when you want to liquidate your position, realise profit and get your money back into the banking system,” he said.

    “There is enormous opacity surrounding the vast majority of the leading cryptocurrency exchanges. I think a lot of people, when they buy bitcoin on an exchange, they think they’re actually buying a specific bitcoin or portion of a bitcoin, whereas I suspect what they’re really buying is a claim on that bitcoin.

    “In that sense it’s broadly analogous to a bank, which doesn’t have a whole heap of banknotes waiting for you to come pick them up, but the big difference is there is absolutely zero governance over these big exchanges. With a bank, the government is there to protect depositors.”

    It came amid reports that Microsoft was no longer accepting payment in bitcoin, following a similar move by online game distribution platform Steam last year “due to high fees and volatility”.

    The news was reported by industry blog Bleeping Computer, which cited “several Microsoft employees who have told us the move is temporary and cited the unstable state of the bitcoin currency”. Microsoft did not immediately respond to requests for comment.

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  6. #26
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    Re: Bitcoin...a suckers paradise???

    The cryptocurrency world, as to be expected, has attracted all kinds of dubious investors. From deliberate scammers, dodgy exchanges, malware infestation and mostly, aided by numbnut naive greed chasing investors.

    This entire world of digital currency is rotten to the core and equally diseased as any other form of financial profit chasing interaction.

    Currently there's over 1300 types of cryptocurrencies and growing, and as this thread illustrates, even those at the top of the pile have used deliberate measures amounting to insider trading for the purpose of increasing their wealth.

    This wild west of unregulated frenzied greed driven behaviour is so out of control, it's hard to see that it's early conception back in 2009 was in fact a benign attempt at circumventing the orthodox monetary institutions...

    Below article highlights the latest claims aimed at North Korea, and even if these claims are false (which I doubt) the principle of the actions portrayed are legitimate and perpetrated throughout the globe.





    North Korean hackers are secretly mining a cryptocurrency rival to bitcoin

    NORTH Korean hackers are secretly mining a cryptocurrency rival to bitcoin as Kim Jong-un aims to cash in on the booming virtual cash economy and skirt around the sanctions that are crimpling his regime.

    According to a report, the rogue state is using foreign computers to funnel the cryptocurrency into the country through a university in the capital Pyongyang.

    Analysts at cybersecurity firm AlienVault have identified a new malware application that can be hidden in software on a compromised computer and used to generate the virtual currency Monero before sending it on to Kim Il Sung University.

    Californian-based AlienVault said the malignant code was released on December 24 and can exploit computers it is hosted on anywhere in the world.

    The code uses the password KJU, which is a probably a reference to the communist regime’s Supreme Leader Jong-un.
    AlienVault, which is based in San Mateo California, said it has been able to trace the virtual funds to the university where Jong-un was once a student.

    The report suggests the malware could be part of a “central task to exploit cryptocurrencies” and that there are previous reports of North Korean hackers mining Monero.

    “It’s not clear if we’re looking at an early test of an attack, or part of a ‘legitimate’ mining operation where the owners of the hardware are aware of the mining,” the report reads.

    “On the one hand the sample contains obvious messages printed for debugging that an attacker would avoid. But it also contains fake filenames that appear to be an attempt to avoid detection of the installed mining software.”

    The secret mining operation appears to be another indication North Korea is propping up its economy, which has been weighed down by sanctions, and possibly funding its nuclear ambitions through cryptocurrency.

    Chris Doman, a security researcher at AlienVault told Newsweek the malware attack could provide a lifeline to North Korea.

    “There is strong evidence that North Korea is interested in mining cryptocurrencies,” Doman said.

    He pointed to reports that linked the North Korean hacking group Lazarus, which was behind the WannaCry attack that crippled computers across the world in May, to attacks that had mined Monero through exploited websites.

    “Additionally, Lazarus has been known to target a number of — primarily South Korean — bitcoin exchanges to steal their bitcoins, and are strongly linked to the WannaCry attacks, which demanded bitcoins in payment,” he Doman said.

    AlienVault did not find any evidence linking Lazarus to the latest crypto-currency attack.

    However the report concluded: “Crypto-currencies could provide a financial lifeline to a country hit hard by sanctions.
    “Therefore it’s not surprising that universities in North Korea have shown a clear interest in cryptocurrencies. Recently the Pyongyang University of Science and Technology invited foreign experts to lecture on crypto-currencies.

    “The Installer we’ve analysed above may be the most recent product of their endeavours.”

    NORTH KOREA HACKS SOUTH KOREAN BITCOIN

    The attraction to virtual currency appears to be felt across Korea.

    Hyper-wired South Korea has been a hotbed for virtual currencies such as bitcoin, accounting for some 20 per cent of global transactions, about 10 times its share of the world economy.

    But South Korean authorities late last year banned financial institutions from dealing in virtual currencies on fears of a bubble fuelled by retail speculators.

    About one million South Koreans, many of them small-time investors, are estimated to own bitcoins and demand is so high that prices are around 20 per cent higher than in the US.

    Initial coin offerings (ICOs) — where companies sell newly mined cryptocurrencies to investors for real money — were also outlawed.

    The government has also pledged to strengthen investor protection rules, in an effort to curb speculation and potential fraud.

    Announcing the ban on ICOs in September, South Korea’s Financial Services Commission declared “cryptocurrencies are neither money nor currency nor financial products”.

    Youbit, a South Korean exchange trading bitcoin and other virtual currencies, declared itself bankrupt in December after being hacked for the second time this year.

    North Korea was accused of being behind the first attack.

    Earlier this week police raided South Korea’s largest cryptocurrency exchanges and tax agencies for alleged tax evasion.
    “A few officials from the National Tax Service raided our office,” an official at Coinone, a major cryptocurrency exchange in South Korea, told Reuters.

    “Local police also have been investigating our company since last year, they think what we do is gambling,” said the official, who spoke on condition of anonymity.

    He said Coinone was co-operating with the investigation. Bithumb, the second largest virtual currency operator in South Korea, was also raided by the tax authorities on Wednesday.

    “We were asked by the tax officials to disclose paperwork and things yesterday,” an official at Bithumb said, requesting anonymity due to the sensitivity of the issue.

    South Korean financial authorities had previously said they are inspecting six local banks that offer virtual currency accounts to institutions, amid concerns the increasing use of such assets could lead to a surge in crime.

    The crackdown on Seoul-based operators of some of the world’s busiest virtual currency exchanges comes as the government attempts to calm frenzied demand for cryptocurrency trading in Asia’s fourth largest economy.

    Bitcoin’s 1500 per cent surge last year has stoked huge demand for cryptocurrency in South Korea, drawing college students to housewives and sparking concerns about a gambling addiction.

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    Re: Bitcoin...a suckers paradise???

    Latest Cryptocurrency news.

    BITCOIN, ethereum, ripple and other virtual currencies have been smashed overnight in a bloodbath of Titanic proportions.

    $260 billion ‘cryptopocalypse’ as cryptos plunge 30 percent amid fresh China, South Korea fears.

    THE cryptocurrency market has lost $US206 billion overnight in what traders are describing as a “cryptopocalypse”, with bitcoin heading back towards its $US10,000 milestone first reached last November.

    But it was smaller currencies including ripple, ethereum and bitcoin cash that were the hardest hit in the latest sell-off, which was sparked by fresh fears of a crackdown on virtual currencies by governments in South Korea and China.

    At the time of writing, ripple was down nearly 50 per cent on the previous day, ethereum had lost nearly 34 per cent of its value, bitcoin cash was down nearly 37 per cent and bitcoin was down 27 per cent to just under $US10,200.

    The market capitalisation of more than 1300 cryptocurrencies has dropped by around 30 per cent over the past 24 hours, down from $US702 billion to $US496 billion, according to Coinmarketcap.

    “It’s been a cryptocalypse overnight with bitcoin and other virtual currencies coming under heavy selling pressure as the regulatory scrutiny intensifies not only in China and South Korea but across the globe,” Greg McKenna, chief market strategist at AxiTrader, said in a note on Wednesday. “The debate over zero or $US100,000 for bitcoin this year continues, however.”

    Mr McKenna added that while retail investors had chased bitcoin out of fear of missing out, most institutional investors — with the exception of dedicated bitcoin funds and traders — would avoid the currency “because of fear of embarrassment and job loss”. “FEJL is as powerful a motivator as FOMO,” he said.

    Shane Chanel, equities and derivatives adviser at ASR Wealth, said “not all hope” was lost, pointing out that every previous wild swing had been followed “by a rally more powerful than the last”.

    He added that “every year over the last three years, the cryptocurrency market has witnessed strong corrections 22 to 23 days prior to Chinese Lunar New Year”.

    It came amid reports China’s government was preparing to ramp up its crackdown on virtual currencies by blocking access to wallet services and exchange websites, according to Bloomberg.

    China had already banned domestic exchanges and “initial coin offerings”, and earlier this month signalled its intention to crack down on bitcoin mining companies in order “guide” them towards an “orderly exit” from the country.

    Meanwhile, South Korea’s finance minister said a crackdown on cryptocurrencies was still a possibility, describing the current frenzy as “irrational”.

    Kim Dong-yeon told local radio station TBS that banning trading in digitass reported.

    “There are no disagreements over regulating speculation [l currencies was “a live option but government ministries need to very seriously review it”, the Associated Presuch as using real-name accounts and levying taxes on cryptocurrency trading],” Mr Kim said.

    Last week, an announcement by South Korea’s justice minister that the country was preparing legislation to ban cryptocurrency trading sent shockwaves through the market.

    A spokesman for the presidential office later issued a clarification. “Justice Minister Park’s comments related to the shutdown of cryptocurrency exchanges is one of the measures prepared by the Ministry of Justice, but it’s not a measure that has been finalised,” the statement said.

    The news has caused outrage in South Korea, one of the world’s biggest cryptocurrency markets, with a petition opposing the crackdown attracting more than 200,000 signatures and a fresh poll showing President Moon Jae-in’s approval rating falling.

    Reports have suggested up to three million South Koreans may have invested in cryptocurrencies, and the country is believed to account for one-quarter of the global market by transaction volume.

    According to industry website CryptoCompare, more than 10 per cent of ethereum is traded in South Korean won, second only to US dollars which account for around 32 per cent. Nearly 14 per cent of ripple and 5 per cent of bitcoin is traded in won.

    On bitcoin message boards, the mood was grim. “Gentlemen, it has been a privilege playing with you tonight,” wrote one Reddit user, attaching a video overlaying falling market graphs with the ending scene from the film Titanic.

    Article
    Ross
    ***Fred Coleman, Founding Partner, Beloved Friend***
    who passed away 11/10/2016
    Rest in Peace
    ***

  8. #28
    Administrator Ross's Avatar
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    Re: Bitcoin...A suckers paradise.

    ‘Shouldn’t have mortgaged your house’: Bitcoin dips below $US10,000 as sell-off erases December gains

    Latest:

    BITCOIN dipped below $US10,000 on Wednesday, extending a plunge that has wiped roughly half the value off the digital currency.

    AS BITCOIN on Wednesday dipped below $US10,000 for the first time since late November, extending a plunge that has wiped roughly half the value off the digital currency in the past month, there was only one question on investors’ minds.

    Has the “bubble” finally burst, or was this just another wild fluctuation as bitcoin marches towards its “true value” of $US100,000 or even higher?

    With Bloomberg mulling whether Wednesday’s plunge marked the beginning of the end, and the top post on Reddit’s 500,000-strong cryptocurrency forum linking to the Suicide Prevention Hotline, one Twitter user made a dry observation.

    “It has to bounce because 1) the coinfreude is way too high 2) there is no f***ing way the market gods will let the chart look EXACTLY like the archetype bubble chart,” wrote user Modest Proposal.

    The two charts attached by the user — named after Jonathan Swift’s satirical 1729 essay advocating child cannibalism — do bear a striking similarity, and would place the current point in the cycle midway through the blow-off phase, somewhere between “fear” and “capitulation”

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    Philip Coggan, Buttonwood columnist and capital markets editor at The Economist, argued bitcoin was nearing the “distress” stage of the classic bubble model — displacement, boom, euphoria, financial distress and revulsion.

    “Once the price starts to fall, the psychology changes,” he wrote. “People who bought early and were counting their millions suddenly see a dent in their wealth.

    “Other people may have bought above the current price and are bitterly regretting their mistake. Bargain hunters jump in and temporarily drive the price higher but it doesn’t last. We have not yet reached the ‘distress’ stage but we might be near it.”

    Coggan said fears about the security of cryptocurrencies, amid reports of North Korean hacking attempts, could be the trigger for the next sell-off.

    By Thursday morning, investors were cautiously buying back in following the “cryptopocalypse”, which wiped more than $US206 billion off the value of all cryptocurrencies amid fresh fears of crackdowns by regulators in South Korea and China.

    At the time of writing, crypto charts were a mixed bag, with bitcoin down 2 per cent on the previous day to $US11,059, ethereum down 5 per cent, ripple up 6 per cent and bitcoin cash down 5 per cent.

    “The big move from $US4000 to $US19,000 was driven purely by speculative flows and a mania, and that’s over now,” said IG Markets chief strategist Chris Weston. “It was FOMO and greed which drove it up to such extreme levels through September and December.

    “It was not about the usage of bitcoin, it was just the idea that it was front page news, it was going up by a lot every day, and people were watching other people they knew making money. [Now it’s], ‘How much am I going to lose?’ That’s a negative.”

    Analysts on Thursday were tipping bitcoin to test levels around $US8000 to $US9000. Unlike shares and bonds, bitcoin is nearly impossible to value as it generates no income and isn’t backed by any country or central bank, forcing traders to rely on price chart analysis.

    “A digital asset that has no income stream is very hard to value,” Coggan wrote. “That makes it hard to designate a price target on the way up, but also hard to set a floor on the way down. But by the time people realise that, we will be in the ‘revulsion’ stage.”

    Mr Weston said he was on the fence about the future of bitcoin, which has struggled to catch on as a payment system for day-to-day commerce due to high fees and long wait times and is largely being promoted as a store of value, or “digital gold”.

    “Bitcoin is one of those products where people tend not to sit on the fence,” he said. “They’ve either got an extreme view that it’s going to $US40,000, $US50,000 or higher, or that it’s a massive speculative bubble.

    “Unfortunately I’m one of the few people who’s fairly agnostic. There are probably some further downside risks, but also there is a wave of capital waiting to come back in at the right price.”

    But he said he wouldn’t buy at this stage. “The reason is because there’s a lot of uncertainty,” he said. “We’re trying to understand what the regulatory environment is going to look like in a year or two years. We have a lot of questions that need answers.

    “When there’s lack of certainty, that’s where you have these debates going through the market, bulls having their say, bears having their say, and you get these wild fluctuations.”

    Mr Weston said if he had to “pluck a number out of the air”, he would put bitcoin at a fair value of about $US4000 to $US5000.

    “As a payment solution, this obviously doesn’t deserve to be anywhere near $US11,000,” he said. “But then when you adjust for the amount of interest in it, that probably pushes it up to about $US5000 or $US6000.”

    Amid the regulatory uncertainty, Mr Weston said the thing that would drive bitcoin higher again was the price itself. “It sounds bizarre, but if it starts moving higher, if it gets to $US17,000, people [will] say, ‘It’s back on again’,” he said.

    “Until that situation, it’s lacking a catalyst. My advice to anyone who is genuinely worried is always take some off the table. You should never be genuinely worried about an investment. You should never have gone out and mortgaged your house to get a loan to buy bitcoin, that’s just stupid — and that’s what people have done.”

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    Ross
    ***Fred Coleman, Founding Partner, Beloved Friend***
    who passed away 11/10/2016
    Rest in Peace
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  9. #29
    Administrator Ross's Avatar
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    Re: Bitcoin...A suckers paradise.

    Bitcoin bloodbath gets vicious

    And why we should not be surprised...I mean, c'mon. How can something that has zero value backing it, rise beyond any reasonable rational means. Greed driven frenzied madness is how. Granted, it's been nudged, tickled, dangled like burley waiting for the swarm of piranha in the shape of homoeretus to arrive causing an endless supply of zombie type investors drawing even more swarms of the greed driven frenzied zombies.

    Well, it had to have an equally significant implosion as it did explosion.

    The blockchain technology is here to stay, make no mistake as it's the best blueprint for a cashless society. And this will benefit the established orthodox monetary institutions. The 1400 added cryptocurrencies over the last wee while is another story and shows the absurdity of it all in an unregulated environment. And it'll pave the way for continued bloodbaths and eventually open the way for controlled regulation...I suspect.

    Zook wrote in this thread that the entire inception and roll-out was propagated by the zionist machine of which I said I'm not so sure. I think the same still, but you gotta wonder...or maybe 'they've' watched in confusion like the rest of us waiting for more clarity to unfold and implosion to ensue. Either way, they're in the driver's seat still and will remain there.





    Latest news:

    Overload on new cryptocurrencies putting pressure on market

    BITCOIN crashed and crashed hard. The fallout was devastating for investors, but there was another impact few saw coming.

    HOW many cryptocurrencies is too many?

    Bitcoin came first and blazed a path. But the list of digital coins and tokens that have followed bitcoin is getting crazy. There are now an estimated 1400 in the market.

    Like any place that gets suddenly crowded, the influx is making people uncomfortable and causing fights.

    The sniping and backbiting is probably contributing to the cryptocurrency bloodbath that has been going on in the last few weeks.

    Most people have noticed bitcoin is down dramatically. It fell from a peak of over $US20,000 to under $US10,000.
    But what you might not know is that hundreds of other digital tokens have gone down with it.

    This next chart shows price performance in the last week of cryptocurrencies. Red means they fell. As you can see, green squares are few and far between.

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    Price performance of cryptocurrencies over the last week.

    Each square is sized relative to the total value of all coins on issue, and of course despite recent falls bitcoin is still the biggest.

    All the major coins have seen big losses. Bitcoin, ethereum, ripple, bitcoin cash. So have hundreds of the smaller ones. As the price of cryptocurrencies rose in unison, so did the concept of a cryptocurrency community.

    But as the tide has washed away, so has the sense of community spirit, and what remains looks rather vicious. Cryptocurrencies competing for the rapidly ebbing love of investors are willingly throwing each other under the bus.

    BROTHERS

    The biggest single divide, and perhaps the most bitter is between bitcoin cash and bitcoin. As in the most tragic of internecine disputes, this ugly fight is between two very close relatives.

    You may have heard of the “blockchain” a long list of every bitcoin transaction ever.

    The blockchain is a permanent record that grows every time a bitcoin changes hands. But it can reach an intersection and split in two like a road.

    Bitcoin cash split off from the bitcoin blockchain in 2017 becoming a new currency with different rules, while preserving its heritage as part of the original bitcoin.

    Its goal was to solve some of the problems that were plaguing the original bitcoin, including high transaction fees and slow processing times. But to manage that, it had to compromise slightly on a couple of features that original bitcoin fans held very dear — decentralisation and security.

    While to an outsider the two coins remain very similar and their devotees are barely distinguishable, the two communities are now locked in a vendetta fuelled by lashings of hate and distrust. Accusations of scams and stupidity flowed like water.

    It really didn’t help when the bitcoin cash people got hold of the bitcoin twitter handle and started pumping up the upstart.

    Article
    Ross
    ***Fred Coleman, Founding Partner, Beloved Friend***
    who passed away 11/10/2016
    Rest in Peace
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