• Hey, guest user. Hope you're enjoying NeoGAF! Have you considered registering for an account? Come join us and add your take to the daily discourse.

Cryptocurrency |OT| Nothing from Money

B

Brandson

Member
syllogism said:
Charlie Lee says China is indeed banning exchanges for now, but not Bitcoin or crypto in general.
Click to expand...

As always with China crypto rumors, key details which change the meaning entirely are left out. Putting pieces together from all the various rumors, the most likely outcome is China issuing the following regulations:

1) requiring crypto exchanges operating in China to be licensed with the Chinese government, and shutting down exchanges operating without such a license; and

2) exchanging between fiat and crypto is banned, and instead the Chinese government issues its own state-controlled crypto currency corresponding to the value of the CNY, to allow Chinese people an easy way to buy crypto assets with that, while also allowing the government to collect data on all fiat/crypto transactions.

Given the price movements of the last week, I think this would be actually quite bullish. If China makes its own crypto currency, they will likely also make it much, much easier to buy than through current exchanges, perhaps even through online banking.

Possibly, though I think unlikely, all third party exchanges could be shutdown, to be replaced by a state-controlled exchange.

The total banning of trading crypto in China is not going to happen.
 
C

csquared587

Member
Brandson said:
As always with China crypto rumors, key details which change the meaning entirely are left out. Putting pieces together from all the various rumors, the most likely outcome is China issuing the following regulations:

1) requiring crypto exchanges operating in China to be licensed with the Chinese government, and shutting down exchanges operating without such a license; and

2) exchanging between fiat and crypto is banned, and instead the Chinese government issues its own state-controlled crypto currency corresponding to the value of the CNY, to allow Chinese people an easy way to buy crypto assets with that, while also allowing the government to collect data on all fiat/crypto transactions.

Given the price movements of the last week, I think this would be actually quite bullish. If China makes its own crypto currency, they will likely also make it much, much easier to buy than through current exchanges, perhaps even through online banking.

Possibly, though I think unlikely, all third party exchanges could be shutdown, to be replaced by a state-controlled exchange.

The total banning of trading crypto in China is not going to happen.
Click to expand...

I feel like the is very reasonable. I think whatever they do will be much more nuanced than just a straight up ban.
 
C

CaptainZombie

Member
gooderthanu said:
Alt coins would follow suit ? Do you think 10 or so altcoins will emerge the victors?
Click to expand...

For sure, probably a select bunch in the Top 20 would for sure benefit if not more than that.

ARK is looking like it is in a stable position right now consolidating nicely before the next run. This seems like a good point to buy back in. To think I had this when you guys were talking about it when it was under $1 and for some reason I had sold it off. UGH!!!!!
 
DonMigs85

DonMigs85

Member
CaptainZombie said:
For sure, probably a select bunch in the Top 20 would for sure benefit if not more than that.

ARK is looking like it is in a stable position right now consolidating nicely before the next run. This seems like a good point to buy back in. To think I had this when you guys were talking about it when it was under $1 and for some reason I had sold it off. UGH!!!!!
Click to expand...
Tell me about it. I owned 250 ARK back in July but sold them for DGB then. Dumb move
 
A

AmFreak

Member
Luschient said:
Tempting to just buy one bitcoin on the remote chance this happens.
Click to expand...
Would mean all bitcoins together would be worth $10,5 trillion.
So if anyone owned 1% of all bitcoins he would be the richest man on earth.
Makes me a little skeptical, but John McAfee said it, so gogogo!

DonMigs85 said:
Tell me about it. I owned 250 ARK back in July but sold them for DGB then. Dumb move
Click to expand...
Sign me up for the AAA (Anonymous Ark Askers).
 
C

CaptainZombie

Member
DonMigs85 said:
Tell me about it. I owned 250 ARK back in July but sold them for DGB then. Dumb move
Click to expand...

Oh noooooooooooooooo, that sucks. So sorry man, especially for DGB. I shifted what I had at the time to NEO, which worked out for me, but I would of made a good bank.

It will be interesting if ARK does get to the $7-8 range at the rate it is moving and if ACES is releasing soon.
 
C

Cipherr

Member
DonMigs85 said:
Tell me about it. I owned 250 ARK back in July but sold them for DGB then. Dumb move
Click to expand...

Damn really? I was going back in this thread reading posts from earlier this year and you and a few others were some of the first to call Ark being good. I was assuming you still had it these days and were dancing due to the gains man.

DonMigs85 said:
Anybody have an opinion on GNT, WINGS and ARK?
They're all around the 50 cent mark and seem to have good growth potential. I fear STRAT may have plateaued for now.
Click to expand...


Damn
mjcry1.png
 
S

SonicXtreme

Member
Cipherr said:
Fuuuuuuuuuuuu man. You HAVE to use GDAX... And Buy Litecoin if you are going to send it to an exchange like Bittrex. You have too, or you get eaten by fees.

If you use a Credit card its a fee of like 2 dollars per 50$, then you have to buy above the cost of the actual coin because the markup, so you'll lose a dollar or two there too per $50. Then if you buy bitcoin and need to send it to bittrex, there goes another 3 dollars in transaction fees. And that's on a small amount like 50$.

It freaking scales the more you put in. At 500$ U.S. 50$ sounds about right for their ridiculous fees. Use ACH bank deposits which are free. Then use GDAX maker buys to pay 0% markup on the coin you buy. Then if you buy Litecoin instead of Bitcoin it costs like 2 cents per 50$ to send to Bittrex. So your 500$ would have STAYED $500 and you would have paid like 20 cents to get it over to an exchange where you would sell the LTC for BTC and then buy $499.13 or so of BAT.

The entire process is user unfriendly but worth it. Coinbase thrives on making the process easy and friendly with a lovely UI, but they wreck us on fees in exchange for being easy to use. Until we get better options its best to do everything the long way so you aren't putting yourself in the red before you even invest. That shit is just wrong.
Click to expand...

srs question, why would you buy LTC to transfer instead of just getting BTC and skipping some of those steps?
 
C

Cipherr

Member
SonicXtreme said:
srs question, why would you buy LTC to transfer instead of just getting BTC and skipping some of those steps?
Click to expand...

I basically chose LTC to save on fees. I don't know yet what determines how much the fees are. But I did about 10 small transactions while waiting on my larger 250$ ACH deposits to go through, and based on those smaller deposits I started screenshotting how much the fee was to send to Bittrex:


Three small transactions ranging from $39 to $50 (I plan to do 3 $50 transactions to make it apples to apples comparisons) In all three currency formats. LTC first, Eth second and BTC last.

Using a CC and spending 50$ on LTC, the fees brought my actual LTC purchased total to $47.78 worth. Then Sending it to Bittrex cost .02 cents (0.000226 LTC)

Using a CC and spending $42 on ETH the fee brought my actual ETH purchased to $40.01 worth. Then sending it to Bittrex cost .13 cents (0.000441 ETH)

Using a CC and spending $39.00 on BTC the fee brought my actual BTC purchased to $37.04 worth. Then sending it to Bittrex (on 8/19 when BTC was 4103.82 check it HERE) cost $2.97 cents (0.00072441 BTC)

I assumed that this would scale if I sent my larger volume xfers (Coinbase currently caps me at 50$ a week by card and $250 a week by Bank ACH) and I didn't want to pay that. So I've been depositing 250 a week via ACH and buying LTC, then sending to LTC to exchanges drastically cutting fees.


I know that is kinda hard to read which is why I plan on sending another $50 so I can make all 3 screenshots the same amount which will be a 1:1:1 comparison. But I've been getting greedy not wanting to pay the few dollars in fees to do so. I could buy like 3 ark with those few dollars :(
 
B

Brandson

Member
TheLostBigBoss said:
What's causing this sell off now?
Click to expand...

Continued overreaction to incomplete rumors from China. It will probably keep going down until official news is released, then reverse, potentially hard. I'll probably trade this at some point. Timing it against a potential news release at any moment is risky though.
 
S

Sulik2

Member
I really should just unplug and not look at prices for two weeks while this china panic settles down. Ark coming down is tempting to get more though.
 
DonMigs85

DonMigs85

Member
So I can only spare fiat for one ICO, can't decide between Tokenlab and Blackmoon. Tokenlab's profitability hinges on how many ICOs eventually launch on the platform, assuming they aren't blocked or regulated to death, while Blackmoon already starts at a little over $1 per token.
Also, I'm not sure what advantages Tokenlab holds over something like Wings DAO (which is stagnant now)
 
C

CaptainZombie

Member
DonMigs85 said:
So I can only spare fiat for one ICO, can't decide between Tokenlab and Blackmoon. Tokenlab's profitability hinges on how many ICOs eventually launch on the platform, assuming they aren't blocked or regulated to death, while Blackmoon already starts at a little over $1 per token.
Also, I'm not sure what advantages Tokenlab holds over something like Wings DAO (which is stagnant now)
Click to expand...

I just participated in the Blackmoon ICO, hoping for the best with this one since its my first ICO. I've watched some videos and read a few things on the project, it seems like it might be big. In one of the videos I had watched, the CEO had said that once they hit an exchange that the 1 BMC would equal around $8, is that even possible knowing that from now or did I misunderstand him?
 
DonMigs85

DonMigs85

Member
CaptainZombie said:
I just participated in the Blackmoon ICO, hoping for the best with this one since its my first ICO. I've watched some videos and read a few things on the project, it seems like it might be big. In one of the videos I had watched, the CEO had said that once they hit an exchange that the 1 BMC would equal around $8, is that even possible knowing that from now or did I misunderstand him?
Click to expand...
Yeah I get concerned when they talk more about the price than the tech. But this could end up like Monaco which I'm still mad at myself for missing out on.
 
C

csquared587

Member
Markets are bleeding this morning. Sold out of my omg last night for more ARK. BTC sub $4,000. My LTC is hurting. Hopefully it just bleeds out the china news soon and heads towards recovery.
 
P

pieface

Member
To be honest, the quicker China do whatever it is they want to do the better. I wish they'd just go away already and leave the crypto scene to the rest of the world.
 
D

DrM

Redmond's Baby
Well that was a nice timing for me to buy more BTC :D :D
Waiting for ARK to fall a bit, towards 80k...

pieface said:
To be honest, the quicker China do whatever it is they want to do the better. I wish they'd just go away already and leave the crypto scene to the rest of the world.
Click to expand...

Party meeting is in the middle of October, so that means one more month of volatility
 
A

Akira

Member
So I downloaded Geth, Ethminer, and Ethereum Wallet to dabble with ETH mining. How the hell do I find out whether whatever account Ethminer is mining to, is the same account in Geth, and same account in Ethereum Wallet? They should all be the same, right?
 
T

tzare

Member
AmFreak said:
GDAX is the Exchange of Coinbase.
Click to expand...

It is weird that it even uses the same login data, and cheaper fees.
Will try, but asks me for another ID, to validate account.

Can i transfer euros from coinbase to GDAX? i just made a deposit on coinbase ^^
 
A

AmFreak

Member
tzare said:
It is weird that it even uses the same login data, and cheaper fees.
Will try, but asks me for another ID, to validate account.

Can i transfer euros from coinbase to GDAX? i just made a deposit on coinbase ^^
Click to expand...
Sry i don't use them so i can't help.

gaming_noob said:
What did he tweet? I don't see anything on his account.
Click to expand...
Looks like this time China finally banned Bitcoin exchanges. (Anonymous source I trust fully) There's only one response: JUST HODŁ 😁
Click to expand...
He deleted it.
 
L

Lilalaunebaer

Member
We´re under 3900$ bitcoin.

On the one hand it hurts seeing my blockfolio bleeding this hard.

On the other hand, maybe this is IT. The crash that i have been anticipating since like july.
 
You must log in or register to reply here.

Similar threads

Sony is going to go full Blockchain in a few years
News Business 2 3
113
6K
Danknugz replied
NVIDIA says cryptocurrencies add nothing to the society
Business
26
3K
AJUMP23 replied
The ESRB has started slapping blockchain games with Adults Only ratings, so Epic has changed its store policy to allow them
News Business
2
1K
Zathalus replied
Square Enix President Yosuke Matsuda Asserts Commitment to NFTs, Blockchain Games
News Cringe Game Dev
22
2K
Eddie-Griffin replied
Square Enix NFT Art Project ‘Symbiogenesis’ Reveals Main Visual Teaser Trailer
News Game Dev
17
2K
TransTrender replied
Top Bottom