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Post by Soutpeel on Sept 13, 2017 10:09:09 GMT 7
Any play the crypto currency market in Thailand, thinking of having a punt on some of the cyrpto currencies, not Bitcoin BTW 1. How the f does this whole crytocurrency thing work as regards all this stuff about cold storage, wallets etc...this is the bit thats confusing me, you buy the currency of youf choice then what ? The exchange holds it ? Or you hold it ? In Wallet on your device ?...ie if Exchange goes bang, you loose your dosh, if your device with wallet goes bang, you loose you dosh ? This is the exhange i am looking at bx.in.th/Any advice from anyone actually playing the crypto market greatly appriciated |
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Post by Fletchsmile on Sept 13, 2017 11:17:08 GMT 7
Have thought about it a few times, but never actually go for it. Keep meaning to try but never get round to it. Main concerns as you say are around the provider you use - some have had big problems, and what happens if my device holding my wallet dies. Realisedurgency has some experience with bitcoin so can maybe shed some light. I know this was one you weren't gong for, but I think the principles are similar. He made some comments on other threads, such as here: bigmango.boards.net/thread/521/bitcoin-thread |
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Post by Soutpeel on Sept 13, 2017 11:40:45 GMT 7
Have thought about it a few times, but never actually go for it. Keep meaning to try but never get round to it. Main concerns as you say are around the provider you use - some have had big problems, and what happens if my device holding my wallet dies. Realisedurgency has some experience with bitcoin so can maybe shed some light. I know this was one you weren't gong for, but I think the principles are similar. He made some comments on other threads, such as here: bigmango.boards.net/thread/521/bitcoin-threadThanks for this, yes what i am looking at is the same as bitcoin in principle, i think Bitcoin is over sold and quite expensive to build up a decent holding in currently i am looking at some of the others ones which are cheaper but show longer term prospects and planning to put a few k USD into them, its high risk i know, but if the crypto i am looking at does what they predict in 3 to 5 years..i would taking a dump on the bosses desk for sure the currency itself doesnt have to get to anywhere near the levels of bitcoin to achieve this..its no different that a punt on some penny stocks IMHO, either win big or loose the lot |
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Post by Fletchsmile on Sept 13, 2017 14:39:33 GMT 7
I like Jamie Dimon's comments earlier today. Was watching on TV and there's now an article on BBerg
Jamie Dimon Slams Bitcoin as a ‘Fraud’By Hugh Son , Hannah Levitt , and Brian Louis September 13, 2017, 1:09 AM GMT+7 September 13, 2017, 5:59 AM GMT+7 Dimon compares bitcoin to tulip mania, predicting a collapse Still, he says, it’s a good option for murderers, drug dealers www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoin |
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Post by Soutpeel on Sept 13, 2017 17:54:50 GMT 7
I like Jamie Dimon's comments earlier today. Was watching on TV and there's now an article on BBerg
Jamie Dimon Slams Bitcoin as a ‘Fraud’By Hugh Son , Hannah Levitt , and Brian Louis September 13, 2017, 1:09 AM GMT+7 September 13, 2017, 5:59 AM GMT+7 Dimon compares bitcoin to tulip mania, predicting a collapse Still, he says, it’s a good option for murderers, drug dealers www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-traders-who-bet-on-fraud-bitcoinJPMorgan Chase & Co....  the biggest gang of crooks howling fraud, one suspects they are only saying this because they cant control or manipulate this market for their own ends • Betting Against – Both JP Morgan Chase and Goldman Sachs worked with hedge funds to bet against the toxic mortgages after the crash had started. They made money by selling short on the financial catastrophe they had created. JP Morgan was fined $296.9 million and Goldman Sachs was fined $550 million for their actions... www.forbes.com/sites/mikecollins/2015/07/14/the-big-bank-bailout/#334c48122d83 |
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Post by rgs2001uk on Sept 13, 2017 22:24:10 GMT 7
^^^ as much as I agree with the above, one thing I have learned is, if I dont understand I dont touch it, that includes gold and magic jumping beans, wouldnt touch it with a barge pole, has the pope approved it?
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Post by Fletchsmile on Sept 14, 2017 10:26:19 GMT 7
I'm still in various minds on these. On the one hand thinking there's a good chance they go pear shaped and collapse. After all they're based on even less than the pay the bearer/ IOU principal of central banks. Someone created a "currency" and says its worth something. Percy/Black Adder could have done that with "green" if they had been born decades later. On the other hand there is a chance that they become more common place. Blockchain as a technology though has some potentially useful applications - just not sure crypto currencies is a lasting one among them
I've thought about dabbling a few times just not got round to it. As Soutie says small amounts and pure speculation.
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Post by Fletchsmile on Sept 14, 2017 10:32:58 GMT 7
JPMorgan Chase & Co.... the biggest gang of crooks howling fraud, one suspects they are only saying this because they cant control or manipulate this market for their own ends ... I've wondered a few times to what extent people could or even do manipulate the price.Doesn't seem much stopping people doing so, but you don't hear much about it. If parties colluded to all buy at the same time wouldn't that drive the price up? Then they all collude to sell at the same time and drive it down. Similar principles to how people pump and dump stocks. As far as I understand it the price of crypto currencies is basically supply and demand. No underlying intrinsic value in any way. Makes you wonder. If banks can sometimes manipulate markets sometimes in regulated markets, wouldn't there be even more scope in these unregulated markets if someone set their mind to it? If banks or any other powerful institutions decided to get together and manipulate bitcoin or other crypto currencies they could have a field day. |
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Post by bunny boiler on Sept 15, 2017 6:24:23 GMT 7
Forget it, you'll be propping up the ones who already made megabucks out of it if below is an indicator. Bitcoin took a major dive after a big Chinese exchange said it is closingThe cryptocurrency traded at $3,385.15 at 4:17 p.m. in New York, far below an all-time high of $5,013.91 set earlier this month. BTC China said in a tweet Thursday that it will close down its operations by Sept. 30 as Chinese authorities crack down on cryptocurrencies. www.cnbc.com/2017/09/14/bitcoin-is-dropping-right-now-after-a-big-chinese-exchange-said-it-is-closing.html |
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Post by realisedurgency on Sept 15, 2017 19:44:51 GMT 7
I haven't bought any since that thread but have been following. The price has gone up 600% or so since I sold. Not bothered in the slightest though, everything I've seen since makes me think bubble. Here is a post I made a few days ago on another forum. The article I linked on Bitcoin's failure to compete in the remittance industry is worth a read.
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Post by Soutpeel on Sept 16, 2017 10:47:17 GMT 7
I haven't bought any since that thread but have been following. The price has gone up 600% or so since I sold. Not bothered in the slightest though, everything I've seen since makes me think bubble. Here is a post I made a few days ago on another forum. The article I linked on Bitcoin's failure to compete in the remittance industry is worth a read. As mentioned its not bitcoin i am looking at but another crypto currency which would fit your criteria as an improving technology in the long term ie 3 to 5 years |
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Post by realisedurgency on Sept 16, 2017 11:15:04 GMT 7
Well imo Monero is the best of the lot as it has a solid use case as of right now. It uses several techniques to make sure transactions are untraceable. For this reason, it has been adopted by darknet markets. It has its problems too though. The privacy features of the coin cause the blockchain to grow much quicker than other coins. I've been watching since it was around a $1.25, now it's around $100 a coin.
Sure could have made a lot of money (hindsight vision and all). I guess that is the appeal, people are looking in and saying "wow imagine if I invested $x in coin y a year ago". That's how most people are getting sucked in imo, not because they understand any of it, they are just hoping to make a quick buck.
I think this is the right way to look at it.
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Post by Fletchsmile on Sept 26, 2017 10:26:02 GMT 7
Will be interesting to see how this continues in Singapore... ------------------------------------------- Singapore Cryptocurrency Firms Facing Bank Account ClosuresBy Chanyaporn Chanjaroen September 26, 2017, 8:31 AM GMT+7 -One industry body says 10 member companies are affected -CoinHako said in blog that DBS had closed its bank account Singapore banks have closed accounts of several companies which specialize in providing cryptocurrency and payments services, according to two local bodies which represent financial-technology firms. Noting that cryptocurrency firms have had similar problems with their banks in other countries, the head of Singapore’s Cryptocurrency and Blockchain Industry Association, or Access, asked the government to step in. contd. www.bloomberg.com/news/articles/2017-09-26/singapore-cryptocurrency-firms-facing-bank-account-closures |
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Post by Soutpeel on Sept 26, 2017 13:37:30 GMT 7
Will be interesting to see how this continues in Singapore... ------------------------------------------- Singapore Cryptocurrency Firms Facing Bank Account ClosuresBy Chanyaporn Chanjaroen September 26, 2017, 8:31 AM GMT+7 -One industry body says 10 member companies are affected -CoinHako said in blog that DBS had closed its bank account Singapore banks have closed accounts of several companies which specialize in providing cryptocurrency and payments services, according to two local bodies which represent financial-technology firms. Noting that cryptocurrency firms have had similar problems with their banks in other countries, the head of Singapore’s Cryptocurrency and Blockchain Industry Association, or Access, asked the government to step in. contd. www.bloomberg.com/news/articles/2017-09-26/singapore-cryptocurrency-firms-facing-bank-account-closuresYes my intial thought was to do something through Singapore, i set up an account, with CoinHako never validated anything and then ta message about Singapore blocking these transactions came up, this was about a month ago This has nothing to do with companies failing or any dodgy deals in cryptocurrency firms, the banks are getting PO with these companies as the banks cant extract their pond of flesh on the deals, so they are playing dirty thats all |
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Post by Soutpeel on Sept 29, 2017 8:24:47 GMT 7
Think i have solved one of my concerns as regards leaving any crypto currencies in on line wallets or with exhanges.... hard wallets In essence you can around your crypto currency on a "thumb drive" and even if the device goes bang or gets lost, your crypto is recoverable...interesting technology...therefore, you buy, into your online wallet and transfer to hard wallet which you can carry around with you and supports multiple currencies www.ledgerwallet.com/ |
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the biggest gang of crooks howling fraud, one suspects they are only saying this because they cant control or manipulate this market for their own ends 
