Crypto Bubble

[TheMotorcycleBoy]

The order went through at $50.50. Last of the big spenders.

Matt

[Lootman]

BTC is not something I would like to be long or short, but both Citi and Ruffer gave it a conditional thumbs up today. It is becoming harder and harder to completely dismiss IMHO, despite the fact that I'd love to.

Kevin O'Leary has invested 3% of his funds in bitcoin, having been cynical on it until very recently:

https://dailyhodl.com/2021/03/02/kevin- ... e-changer/

[Urbandreamer]

I realise that this post won't be read by anyone in their own filter bubble, but apparently some have recently chosen to be paid in bitcoin and to allow other employees to choose the same.

https://www.financemagnates.com/cryptoc ... n-bitcoin/

I thought it might be of interest to those who follow the subject.

[NotSure]

paid in bitcoin

Sort of. Their salaries are set in the local currency, then converted to bitcoin each pay day. It would take a brave person, and a brave employer, to denote salaries in bitcoin. Big swing up, your employer goes bust, big swing down, you do.

[Urbandreamer]

Sort of. Their salaries are set in the local currency, then converted to bitcoin each pay day. It would take a brave person, and a brave employer, to denote salaries in bitcoin. Big swing up, your employer goes bust, big swing down, you do.

I think that the bigger problem would be accounting for tax and national insurance. By denoting the salary in £'s that can easily be accounted for and paid.

The risks to THIS employer of swings in the bitcoin price and salaries are significanly muted. It would be like a brewer paying in beer or a farmer allowing the oxen who thresh the corn to eat some. For any who didn't follow the link, the employer mines bitcoin.

[NotSure]

I think that the bigger problem would be accounting for tax and national insurance

Tim Bond of Odey Asset Management (reported on MarketWatch) has also noticed this - and he calls currency fiat!

.....“....To my mind, bitcoin is a particularly vile asset class.

If bitcoin starts to displace fiat currencies [government-issued currency that is not backed by a commodity], governments’ ability to tax, spend and redistribute will be severely impaired.”

He believes bitcoin could prevent society from functioning in an efficient and ethical manner.

“In this sense, bitcoin is the spearhead of a particularly extreme form of libertarian anarchism, which is presumably why it is so popular in Silicon Valley,” he said....

[scotview]

When someone purchases Bitcoin, using a site like Coinbase or the like, where does the money that comes out of your bank account to pay for the crypto actually go ?

[Urbandreamer]

When someone purchases Bitcoin, using a site like Coinbase or the like, where does the money that comes out of your bank account to pay for the crypto actually go ?

Where does it go when you buy Euros or Dollars from the Post office?
I don't know for certain the answer to either question, but I would imagine that the answer is not to different.

Something along the lines of, you pay the Postoffice/Coinbase who provide from some float that they keep on hand, They retain a commision and restock that float, paying the provider for the currency.

With Euros they will be paying some bank in Europe, Dollars some bank in the US. Bitcoin? Probably some individual trader, but possibly a miner.

Currency is supposed to be fungible.
https://en.wikipedia.org/wiki/Fungibility
Hence where the bitcoin actually came from is supposed to not matter any more than the Euros or Dollars.

[Andy46]

Hi,

Just wondering what exchanges people are using? I'm registered with Binance but my KYC failed and their support are taking ages to resolve it. I'm also with coinjar so can deposit fiat there, buy BTC or ETH etc then transer this to Binance which has a larger offering of coins, but with gas fees so high this costs a fortune. Meanwhile i've been sat here watching coins double up in a day thinking i could have been rich by now lol.

Andy

[GoSeigen]

Hi,

Just wondering what exchanges people are using? I'm registered with Binance but my KYC failed and their support are taking ages to resolve it. I'm also with coinjar so can deposit fiat there, buy BTC or ETH etc then transer this to Binance which has a larger offering of coins, but with gas fees so high this costs a fortune. Meanwhile i've been sat here watching coins double up in a day thinking i could have been rich by now lol.

Andy

Can't you use a bureau de change like everyone else does?

GS

[Andy46]

Hi,

Just wondering what exchanges people are using? I'm registered with Binance but my KYC failed and their support are taking ages to resolve it. I'm also with coinjar so can deposit fiat there, buy BTC or ETH etc then transer this to Binance which has a larger offering of coins, but with gas fees so high this costs a fortune. Meanwhile i've been sat here watching coins double up in a day thinking i could have been rich by now lol.

Andy

Can't you use a bureau de change like everyone else does?

GS

Thats not a crypto exchange is it?

[GoSeigen]

Hi,

Just wondering what exchanges people are using? I'm registered with Binance but my KYC failed and their support are taking ages to resolve it. I'm also with coinjar so can deposit fiat there, buy BTC or ETH etc then transer this to Binance which has a larger offering of coins, but with gas fees so high this costs a fortune. Meanwhile i've been sat here watching coins double up in a day thinking i could have been rich by now lol.

Andy

Can't you use a bureau de change like everyone else does?

GS

Thats not a crypto exchange is it?

Not much of a currency then...

[JamesMuenchen]

Can't you use a bureau de change like everyone else does?

GS

Everyone else doesn't. I hope most Fool's are smarter than that.

[seekingbalance]

Hi,

Just wondering what exchanges people are using? I'm registered with Binance but my KYC failed and their support are taking ages to resolve it. I'm also with coinjar so can deposit fiat there, buy BTC or ETH etc then transer this to Binance which has a larger offering of coins, but with gas fees so high this costs a fortune. Meanwhile i've been sat here watching coins double up in a day thinking i could have been rich by now lol.

Andy

I think you'll have the same problem transferring BTC or ETH as paying in £s - Binance and Coinbase have to follow the UK money laundering laws for deposits, be it in £s or crypto. Not entirely sure, but I think I saw that when i tried the same as you, and could only deposit £200.

If you can transfer in more in coins, try a non-Ethereum based coin, as it is only Ethereum that has the crazy gas fees. It should not cost all that much to transfer Bitcoin in, and certainly not a non-Etherium based stable coin or indeed any non-Ethereum network coin. Litecoin is one, I think, which I believe is free to transfer. Coinjar may take a fee though. You'd need to check their fees page.

But this whole business of transferring between exchanges, or even wallets, is fraught and open to error, and costs you might not realise.

When I opened my Binance account I really struggled with the facial recognition confirmation. IN the end I got customer services to sort it out, by raising a support ticket. Took about 5 days, not happy, and definitely missed some big raises, not least in Binance own BNB coin, which I bought with my £200 and it doubled before I could buy more. And all, to be fair, driven by complex UK regulation rules, not really Binance, though their face recognition process could certainly be better.

[seekingbalance]

By the way, Binance (0.1%) is way cheaper than Coinbase (1.5%), and even than Coinbase Pro (0.5%) - all fees based on mere mortals trading less than £500k a week or similar! And if you transact in BNB coins the fee is only 0.08% - but the BNB coin is volatile so it is hard to keep track of what you are paying in £s. I have had to buy a few alt coins using BNB simply because there are sometimes not GBP or USDT pairs.

[TheMotorcycleBoy]

I see that BTC fell the other day after:

https://www.reuters.com/article/uk-indi ... NKBN2B60QP

however it looks like ppl are buying the dip.

Matt

[Andy46]

Hi,

Thanks. I think i was doing it wrong. I do seem to be able to transfer money in and out of Binance. I think the verification is only for transferring higher amounts. I've raised a support ticket but they keep cancelling them saying they have a high number of enquiries. I'll keep trying but for now i think i'm ok.

thanks

[scrumpyjack]

Interesting that India are to bring in a law banning ownership of or dealing in cryptocurrencies.

https://www.independent.co.uk/asia/indi ... 17148.html

Maybe this idea will spread and save a lot of carbon emissions?

[Andy46]

Interesting that India are to bring in a law banning ownership of or dealing in cryptocurrencies.

https://www.independent.co.uk/asia/indi ... 17148.html

Maybe this idea will spread and save a lot of carbon emissions?

Most people are just ignoring this, India have said it before. Some countries have already banned it and its more popular than ever. How on earth do you stop people trading what is essentialy a computer code.

[Midsmartin]

. How on earth do you stop people trading what is essentialy a computer code

You could make it harder. You could have internet providers block access to websites where bitcoin is traded. That doesn't stop private transactions of course.