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Ham Sandwiches posted:Yeah, a significant event that affected liquidity, the price of bitcoin, or otherwise made people reconsider cryptos. In April the reaction to the bitfinex news was quite significant, it gave people pause and made an impact. So in your opinion Bitfinex stopping USD withdrawals is a disaster, but getting hacked and losing $60M is not? I mean Bitfinex stopping USD withdrawals was the 8-months ago disaster that you were referring to, right? Isn't that what you said? Come on dude everyone knows you're full of poo poo lol
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Dec 17, 2017 00:31
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Not even nicehash, has it made people stop mining or buying cryptos? nope
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Ham Sandwiches posted:Ok real quick lets go back and see what I posted According to this post an exchange getting hacked can never be a disaster, good to know that that's never a bad thing
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Dec 17, 2017 00:33
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i think bitfinex/tether is the disaster, they probably "hacked" themselves
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Dec 17, 2017 00:36
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CassandraZara posted:Well if they got their money back then it's all good but otherwise there's like a lot of money just fading into the ether... realpost: The creator of Ethereum didn't lose any money this time (unlike the DAO hack) so it was decided that a fork would not be in Ethereum's best interest divabot posted:The deprecated failing fiat-based New York Times No... no I have been assured by butt experts (Ham Sandwiches) that this is just a wacky conspiracy theory spread by 1 guy on twitter. Tether failing to counteract any of those claims with evidence and instead resorting to ad hominem attacks is just like... boys being boys I guess
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Dec 17, 2017 00:38
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treerat posted:i think bitfinex/tether is the disaster, they probably "hacked" themselves
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Dec 17, 2017 00:38
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QuarkJets posted:
what do you expect from a laughable nocoiner like Hammy, probably still upset he didn't BUY IN EARLY https://twitter.com/Silver_Watchdog/status/942101565564895232 i am of course confident that every one of those 100 million tethers is from genuine institutional demand for tethers, and each is backed by a shiny dollar in a bank account that exists. this is fine.jpg.
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Dec 17, 2017 00:39
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treerat posted:i think bitfinex/tether is the disaster, they probably "hacked" themselves You're probably right about the "hacking" but that was just last month, not 8 months ago. So that's surely not what HS is referring to
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Dec 17, 2017 00:39
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divabot posted:what do you expect from a laughable nocoiner like Hammy, probably still upset he didn't BUY IN EARLY Did you not see their audit? 
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Dec 17, 2017 01:05
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Nessus posted:Have the legacy press been informed about this Tether business? https://tether.to/legal/ quote:GOVERNING LAW: These Terms of Service shall be governed by and construed and enforced in accordance with the laws of the British Virgin Islands, and shall be interpreted in all respects as a British Virgin Islands contract. The venue for any claim or action against or involving us shall be in the British Virgin Islands. The doctrine of forum non conveniens shall not apply in the selection of forum under these Terms of Service. 
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Dec 17, 2017 03:06
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yooooooo holy poo poo https://goatse.cx/ no really click it
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Dec 17, 2017 03:14
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HCFJ posted:yooooooo holy poo poo
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Dec 17, 2017 03:31
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HCFJ posted:yooooooo holy poo poo oh my god! real buttcoin!
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Dec 17, 2017 03:32
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So I was reading about the legislation that led to Coinbase and basically all of the other exchanges blocking Hawaii residents from having accounts, and the requirements actually seem pretty reasonable: they have to have enough cash (USD) on hand to cover any cryptocurrencies held on that exchange by Hawaii residents. Presumably they should already be practicing some sort of fractional reserve banking in case a ton of people want to withdraw all at once, but Hawaii is one of the least populous US states, so presumably covering that few people should be easy to accomplish even with a really risky reserve like 1%. The key here is that they're only required to hold 100% reserve for Hawaii residents, so in practice that'd be comparable to something like a 0.5% reserve overall As a point of reference, US banks are required to keep a 10% fractional reserve. But that's apparently way more (like at least an order of magnitude more) than any cryptocurrency exchange is willing to meet. Does this suggest that Coinbase actually has much smaller cash reserves than anyone realizes? QuarkJets fucked around with this message at 09:12 on Dec 17, 2017 |
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Dec 17, 2017 09:09
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QuarkJets posted:So I was reading about the legislation that led to Coinbase and basically all of the other exchanges blocking Hawaii residents from having accounts, and the requirements actually seem pretty reasonable: they have to have enough cash (USD) on hand to cover any cryptocurrencies held on that exchange by Hawaii residents. Presumably they should already be practicing some sort of fractional reserve banking in case a ton of people want to withdraw all at once, but Hawaii is one of the least populous US states, so presumably covering that few people should be easy to accomplish even with a really risky reserve like 1%. The key here is that they're only required to hold 100% reserve for Hawaii residents, so in practice that'd be comparable to something like a 0.5% reserve overall
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Dec 17, 2017 09:22
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https://twitter.com/Shanehasabeard/status/939117861271982081 https://twitter.com/Shanehasabeard/status/939118647641075712
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Dec 17, 2017 13:08
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Powershift posted:Did you not see their audit? mr police man we gave you all the clues
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Dec 17, 2017 13:12
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QuarkJets posted:So I was reading about the legislation that led to Coinbase and basically all of the other exchanges blocking Hawaii residents from having accounts, and the requirements actually seem pretty reasonable: they have to have enough cash (USD) on hand to cover any cryptocurrencies held on that exchange by Hawaii residents. Presumably they should already be practicing some sort of fractional reserve banking in case a ton of people want to withdraw all at once, but Hawaii is one of the least populous US states, so presumably covering that few people should be easy to accomplish even with a really risky reserve like 1%. The key here is that they're only required to hold 100% reserve for Hawaii residents, so in practice that'd be comparable to something like a 0.5% reserve overall speaking of coinbase is anyone even able to get money from them? Is there any exchange that will you more than 10k at a time if you decide to liquidate or is every exchange promising a cheeseburger tuesday or whatever the gently caress
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Dec 17, 2017 13:16
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Ham Sandwiches posted:Yes with bitcoin at $17,500 it's incredible how many goons are still convinced that they were smart enough to avoid cryptocurrencies (and the specific most popular one for the past year) appreciating 10x in ~6 months because they would have somehow lost all their money in some major exchange disaster that hasn't happened in the last 8 months Do you know what a quantum computer is? Because boy do I have some news for you
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Dec 17, 2017 13:26
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Alan Smithee posted:speaking of coinbase is anyone even able to get money from them? Is there any exchange that will you more than 10k at a time if you decide to liquidate or is every exchange promising a cheeseburger tuesday or whatever the gently caress It's a poo poo show to liquidate a large amount at once as a bunch of friends and idiots I know found out recently. They assumed it would be just as easy to sell as it is to buy, eg. just hit sell and it'll be cashed out in milliseconds like a real stock exchange except nope.. it can take a few business days to get the money, and then it's via bank transfer/whatever. A friend wound up selling about $18,000 "worth" of bitcoins for $12,000 cash outside the exchanges. He figured he would be hit with capital gains with the difference anyway, and that's when he realized that was how people were really making money with btc.
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Dec 17, 2017 13:30
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Big K of Justice posted:It's a poo poo show to liquidate a large amount at once as a bunch of friends and idiots I know found out recently. They assumed it would be just as easy to sell as it is to buy, eg. just hit sell and it'll be cashed out in milliseconds like a real stock exchange except nope.. it can take a few business days to get the money, and then it's via bank transfer/whatever. well at least he got 12k in hand I assume, and not a bag of amazon giftcards off some guy from localbitcoins
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Dec 17, 2017 13:33
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Big K of Justice posted:It's a poo poo show to liquidate a large amount at once as a bunch of friends and idiots I know found out recently. They assumed it would be just as easy to sell as it is to buy, eg. just hit sell and it'll be cashed out in milliseconds like a real stock exchange except nope.. it can take a few business days to get the money, and then it's via bank transfer/whatever. A million times nope here. Your friends are full of poo poo if this is what they're telling you and it only takes a couple days from hitting the sell button (once) then having it show up in your checking account. Also should you decide to keep your US dollars on the exchange instead then it's insured. People are buying/selling millions worth of BTC on Coinbase/GDAX using single orders.
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Dec 17, 2017 13:40
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wide stance posted:Also should you decide to keep your US dollars on the exchange instead then it's insured.
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Dec 17, 2017 13:45
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In related news, turns out the whole Tulip bubble thing is fake history. https://www.smithsonianmag.com/history/there-never-was-real-tulip-fever-180964915/ If you didn't have an immediate hunch that that sort of thing could never have actually happened in reality then your brain is underdeveloped.
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Dec 17, 2017 14:32
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wide stance posted:In related news, turns out the whole Tulip bubble thing is fake history. literally you could only think the article said that if you read the headline and didn't read the text are you channelling that loser nocoiner hammy in other news, erik's on the case 
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Dec 17, 2017 14:41
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wide stance posted:In related news, turns out the whole Tulip bubble thing is fake history. Huh, according to the article, Bitcoin is even more similar to tulips. Especially in that when the bubble bursts, there won't be any lasting consequences for global economy, lmao.
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Dec 17, 2017 15:04
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wide stance posted:In related news, turns out the whole Tulip bubble thing is fake history. Huh? Guess it's time to buy some bitscoins then.
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Dec 17, 2017 15:05
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wide stance posted:In related news, turns out the whole Tulip bubble thing is fake history. Quoting this for posterity
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Dec 17, 2017 16:12
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1 Bitcoin = 19410.01 US Dollar PISSCOIN IS REAL
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Dec 17, 2017 18:20
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So how do the exchanges work? Do you post I have 1 bitcoin and am willing to sell for 17500 dollars, and then people who want to buy 0.1 bit coin pop in and at they'll pay 1750, 0.01 for 175 etc until your 1 bit coin has been sold off? Or do you say "I am selling one bitcoin" which goes into the open market along with the other coins and people can buy out of the pot? If someone wants to buy 0.00000001 btc 1000 times but the transaction fee is 0.0001 btc do you get screwed out of 0.1 btc? Who pays the fee?
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Dec 17, 2017 18:28
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Mr Teatime posted:If I may offer a slightly different experience from "just withdraw it from coinbase lol its easy", I had to set up an account with a mobile banking app/currency exchange and use that to deposit with coinbase with SEPA payments. Withdrawal is the same deal except backwards and it takes bloody ages. So you can deposit with a card and get dinged for the 4% coinbase skims from those payments but as coinbase cant do wire transfers in sterling your only option is to take the hit for the conversion into euros back to your bank. Except coinbase can't do SEPA payments to a whole bunch of UK banks, which explains the intermediate mobile bank I have to use to send and convert money with which comes with its own host of difficulties like limits on how much you can move. I'm writing a blog post about why people should not expect getting their actualmoney out to be as hassle free as using their bank. May I please post your recountings from this thread? (The impression I'm getting is that once you've already managed it once, it's straightforward henceforth. Have you had hassle since you started? Is that one random payment held up? Was that your bank or Coinbase? etc.etc)
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Dec 17, 2017 18:50
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wide stance posted:In related news, turns out the whole Tulip bubble thing is fake history.
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Dec 17, 2017 21:22
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Nessus posted:why could it have never happened in reality, pray tell Bc I said so
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Dec 17, 2017 21:24
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Ruggan posted:Bc I said so
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Dec 17, 2017 21:35
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ilmucche posted:So how do the exchanges work? Do you post I have 1 bitcoin and am willing to sell for 17500 dollars, and then people who want to buy 0.1 bit coin pop in and at they'll pay 1750, 0.01 for 175 etc until your 1 bit coin has been sold off? An exchange doesn't do its trades on the block chain, so the transaction fee is whatever the exchange decides. On bittrex it's 0.25% paid by both the buyer and seller.
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Dec 17, 2017 21:52
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CassandraZara posted:An exchange doesn't do its trades on the block chain, so the transaction fee is whatever the exchange decides. On bittrex it's 0.25% paid by both the buyer and seller.
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Dec 17, 2017 21:58
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Nessus posted:What's up with all these wash-trades bots I keep seeing whenever I look at this idiocy on the twitter box? I don't know why I'm quoted here but i don't know, it's probably a scam
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Dec 17, 2017 22:00
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divabot posted:https://twitter.com/Shanehasabeard/status/939117861271982081 I think it's unfair to characterise bitcoin as being just for sex trafficking and the sale of black market organs back in the days before it blew up as a speculative commodity it was also useful for unregistered guns and bulk purchases of high quality internet drugs Edit: I mean before 2011 do you know how hard it was to source a kilo of carfentanil? it just couldn't be done unless you had close personal connections with corrupt chinese industrial chemists, and that's a bit much to ask of the average bluelight forum goer though tbh you can still get unregistered guns from basically any gun show from what my libertarian ex college roommate tells me A Spherical Sponge fucked around with this message at 22:39 on Dec 17, 2017 |
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Dec 17, 2017 22:32
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don't forget for trying to hire FBI agents masquerading as hitmen
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Dec 17, 2017 22:36
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I remember that BloodCoin currency which was supposed to help connect you to P2P blood donation in your community, so when you needed blood people would give you blood! Whatever happened to that? Blade, probably.
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Dec 17, 2017 22:38
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Nessus posted:I remember that BloodCoin currency which was supposed to help connect you to P2P blood donation in your community, so when you needed blood people would give you blood! Whatever happened to that? "The future is hyperbitcoinization" - From Blade
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Dec 17, 2017 22:39
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