Maybe a bit of comfort for anyone who is really concerned
I will post from it solely for the sake of getting this out, don't think it'll help much, but may be a bit. I have been around (crypto) since 2013, and at that time I was in Vancouver when the first Bitcoin ATM in Canada, as well as one of the first in the world - was installed in the waves atm. I bought some bitcoin for dirt cheap back then, which is long since sold and invested into other things. I met some very interesting people at the ATM though, and made friends quick. Soon I was invited to check out the Bitcoin Co-Op. A local spot with a bunch of enthusiasts. One of them was Gerry, Gerald Cotten - the one maaaany of you seem to have many theories on. Gerry was a young kid, maybe 19 or early 20s. Skinny, white, no muscle, but good enough looking dude with big wavy hair. Him and Michael - can't remember his last name, were working on Quadriga. Until this time, Gerry was a serial coder making a lot of different portal sites, one of which he was proud of was "cruise dude" a site with a bunch of tips on how to get deals on cruises, smuggle booze in through gift wrapped presents, etc... he made about $60 cad a month on this site. Gerry also had some odd health issues, He would have to travel back for doctors appointments and treatments when abroad. I never knew much and never asked, because we werent that close. Just acquanitinces within the community. Soon, Quadriga was launched. I was using CaVirtex - which was THE behemoth Canadian exchange at the time, and then Vault of Satoshi a toronto based exchange that was sooooo soooo good. Well, I put a couple bucks on Quadriga, and was one of their first clients. I've seen exchanges COME and GO over the years, and ALL the exchanges people thought would be around forever (btc-e namely) - have come and gone. Quadriga I always trusted, and never had an issue with. Recently Ive been travelling, and only really had some loose thumbs on this reddit to see all this shit unfold. I've got some cash on there, not a ton - but enough its gonna sting if I lose it. Yeah, I'm a bit worried. Moral of this post is that his health issues were real. Michael did depart several years ago, and Gerry and whoever the Quadriga team is have ran this exchange. Now that Gerry is gone, and I know no one who is at the helm - there is definitely cause for concern. Quadriga is likely contemplating the recoupment of trust after all this shit has went done, but they have been and could continue to be one of the premier and early days trusted Canadian exchanges. The amount of money they made and make in fees is insane, and the team would be silly to throw that all away. My gut tells me this could fall apart, but my hope tells me its too good for them to do that, and they will fix it. Its just gonna take time. SO - best thing to do? Treat all your money / crypto on or with Quadriga right now EXACTLY as you should be treating your money in crypto "like it's money I can afford to lose / already consider lost" - it's an investment. If it goes 100% south you know in your head thats a risk you were already willing to take. So unplug your worries, go do something else with your life and keep a distant eye on this for news or withdrawals to show up. The times I forgot about my crypto and left it, were the best. The times I kept an eye on it every day, caused the most stress and the most stupid moves. Alright, just wanted to post that and you guys can do what you like. Peace out!
Why I believe we're on the cusp of the 3rd great Bitcoin bubble
We've recovered from the last crash You might think it's a bit early (based on the time frame for the last recovery), but things are looking a lot different than in 2011. I would suggest its because the last bubble popped prematurely due to Mt. Gox's failure of a trading engine. Interest in buying Bitcoins has gone up to its highest point since the last bubble. There's a similar spike in general interest. Partly helped along by the Silk Road news. The network is being used at the same rate as during the last bubble. The Bitcoin ATM story (see below) is causing Bitcoin to trend in Canada on Google (was #1 for a bit). The $27 story (see below) will almost certainly cause a large spike worldwide in Google trends once they're updated up to yesterday. Lots and lots of new businesses now accept Bitcoins One legitimate criticism of Bitcoin last year was the lack of places to spend them. We basically just had Alpaca Socks, Reddit and Wordpress, we've grown a lot since then!
The $27 story is going massively viral I think the attention this story is getting took a lot of us by surprise. We're thinking "of course if you bought Bitcoins in 2009 you're rich" and it didn't make much of a splash. But to the rest of the world it's a very novel and interesting story.
Institutional money is coming Afraid with the price at $200 that it will be hard to find enough moms and pops to keep money coming in faster than miners are selling? Don't be, there are individuals out there with a net worth higher than the entire Bitcoin ecosystem.
Governments are explicitly saying it's not illegal More and more governments are either saying Bitcoins are legitimate currency, or releasing guidelines for exchanges to comply with anti-money-laundering laws.
New generation of exchanges Mt. Gox's terrible trading engine was a huge factor in the last crash. They couldn't keep up with all the new interest. This time around there are more exchanges in more countries, and not a single point of liquidity.
My reviews of bitcoin exchanges and services my business used
Over the past weeks myself (a 23 year old from Vancouver, Canada) & my business partner (a 21 Regensburg, Germany) have tried a lot of different XBT exchanges and sellers. He reddits a lot and suggested I type up what I wrote down about our experience to share them with you. Great experiences: Kraken - 9.8 General: Kraken is one of the better platforms we used, mostly when dealing with the Euro. We opened a Kraken account, made a $5000 USD deposit and a €7000 deposit and were ready to begin trading in under 24 hours. We ran into no problems with them, our orders filled quickly and the emails that we had with their team were fairly straight forward. More payment methods would make them a 10. Pros: They have many pair listings, special types of trading orders including stop loss, take profit, and others. They accept SEPA payments for Euro and bank wires for most other deposits. They have good security practices (https://www.kraken.com/security/practices) and have done an audit with proof of solvency (https://www.kraken.com/security/audit). Well known team, public facing. Has LTC, NameCoin and Ripple. Cons: Does not accept ACH payments for US users. Lack's transparency of cost on USD bankwires (TBD*). Some users have raised concerns over the pasts of the investment team (this had no impact on score but should be mentioned). Support team was quick and solved our problems. Bitstamp - 9.5 General: Bitstamp is a market leader and great exchange. We had a very good experience with them. They are probably our default choice if we had to use a general USD exchange to run an ATM or something. We made a deposit of $15,000 USD and trading went smoothly. It is important to note this exchange we withdrew only in Bitcoin, we did not try the Fiat withdrawals. Full transparency could make them a 10. Pros: Large volume, great liquidity, fairly quick to get an account open and money deposits. Our time from opening an account to trading was under 24 hours. They take a decently low fee .5% Has a proof of reserves audit by third-party. Cons: Audit is third-party and not proof of solvency. Little is known about management team. Bankwires are only real method to be used here. Does not allow trading in non-USD. Trades are only do Bitcoin. Many claims of Bitstamp freezing users Bitcoin under AML/KYC claims and asking for lots information such as signed wallets proving source of those coins (We did not experience this). Vault of Satoshi - 9.2 General: Vault of Satoshi is a much smaller exchange then the other "great" exchanges but they do really awesome things for XBT. Their team was very supportive and really quick. We had our account open, verified and trading in under an hour ON A SUNDAY. It was the fastest set up time of any exchange that deals with fiat currency. For user experience and security they would be our top pick. International support and higher volume could make them a high 9 if not a 10. Pros: High security (http://www.reddit.com/vos/comments/27hd8d/are_my_coins_safe_on_vos/ci0yeua) and transparency including daily generation of Proof of Solvency audits, very transparent team (https://www.vaultofsatoshi.com/about) who are active on Reddit. Allows trading of over 20 coins to both fiat and to any other coin. Has Interac deposits for Canadians, they apparently can take an hour or two to enter the account, but ours took maybe ten minutes. Easily the fastest deposit method we found. Cons: Pretty much just for Canadians unless you transfer coins in for day trading. Supposed to be expanding soon. Volume was lower but seems to be picking up. Needs a lot of personal information. Would be great to see more payment methods outbound. Good Experiences: Coinbase - 8.7 General: Coinbase is a great service, backed with good money and clearly a very secure environment. Being a dual resident and citizen I was able to use Coinbase for some of our purchases via my US bank account. It was really quick to open an account and get buying. We bought around $5000 worth of Bitcoin to send into other coin-only exchanges. The support staff were helpful, but could have been trained a bit more about Bitcoin knowledge. Overall things went really well. More coins, international support and proof of solvency could put it up to a 9. Pros: Clear set price not dealing with any "orderbooks", great platform very easy and straight foward to user. Great for new users. Has ACH payments for American Users so you don't have to do a bankwire. It is backed by a major investors. Has stable relationships with a bank unlike many other small exchanges. It is fast, secure, and friendly support staff. Cons: Not a full exchange, US only, support can be slow to respond, has no proof of reserves, promotes the use of online wallet services. Does not allow you to buy or sell coins other than XBT. Cryptsy - 7.2 General: Was used for dealing with smaller altcoins that weren't on other exchanges. Our total volume on there was roughly 8 BTC. Deposits went fairly smoothly, although we did have to contact support in regards to one submission of Blackcoin that did not appear in our balance. The support team was slow and rather rude but did get the job done eventually. Pros: No verification needed for trades, deposit and go. Lots of currency pairs. High volumes. Strong platform. Great chart features. Great price ticker on the side. Cons: No proof of funds, not much security, doesn't support fiat, support team is kind of a pain to deal with if something does go wrong. Should really only use if you are day trading QuadrigaCX- 7.0 General: QuadrigaCX is a small Canadian exchange. All around a decent service we only did around $500 transaction with them in order to do a quick test but we were quite happy with the Canadian provider we had selected. These guys are decent backup. It took less than 48 hours to get my account open and trading. If they had proof of solvency and support staff then we would have likely given them an 8 or a 9. Pros: Low fee (0.5%), has book for XBT/AU (gold). Has online interac payments. Cons: Not large books, no proof of solvency, lower transparency, called contact number twice during operation hours and got voicemail, email response was next day and was short but answered my questions. InstaBT - 6.5 General: These guys are similar in concept to a Coinbase. It's small limit purchases of XBT instantly. Site looks a little dodgy but they are an accepted payment method on Vault of Satoshi so we decided to give them a try for about $100 in XBT. Pros: It was quick and easy and did not require any type of I.D. verification. We had a support phonecall and the guy seemed friendly enough. Lower fees would make this method a 7. Cons: Has limits and really high fees. I think the fee was around 9%. QuickBT - 6.4 General*: These guys are pretty much the same as above, although rather than being used for Vault of Satoshi they are used for CAvirtex. The service was all in all the same, nicer website, did $100 in XBT. Only reason for the lower score is when they guy called me to verify my phone number he was a bit of a grump. Lower fees and friendly support would increase their score. Pros: Quick online interac without verification Cons: Guy was a bit of a grump, and had really high fees. Bad Experiences CAVirtex - 4 General: CAvirtex is a Canadian only exchange. If I am not mistaken it's the oldest one around. They only do XBT and LTC. We did about $10,000 through them before we started exploring other options. A number of accusations have been posted in this sub against them that make them questionable, but their user support, slow time in dealing with funds and general attitude towards there users is what got them the low score from us. There would need to be lots of changes to raise their score. Pros: Usually the price is a few bucks cheaper here than at other exchanges, not sure why though. You can withdraw your money to a pre-paid debit card. Cons: In our experience we found it extremely slow to get started. We tried to open an account and it was almost a week before we got verified. We made a deposit via Direct Debit (EFT) and it took about a week before it showed up in our account. When we tried to reach out to support about this it took 3 days before we got a snippy reply. All in all we were not impressed. It's not how people should handle customers. The Rock Trading - 2.5 General: We had decided to try this Malta based e-trading platform with our Euro funds. The exchange is rather small but has some ok features. Ultimately we only did about €700 before we got fed up using them. They support SEPA payments which is great but their support team could not give a shit about you. Pros SEPA payments, lots of currency support, BTC shares Cons: By far the worst support around LocalBitcoins - No Score General: Localbitcoins pairs you with sellers in your area, digitally or by meet up and then exchange Bitcoin. Before we got into exchanges I had done maybe $2500 through localbitcoin purchases. You always end up over paying, you have to meet up with the person which is time consuming and you never know who you are going to get. Pros: The only real advantage to this method is that you aren't going through an exchange and having to verify. It allows those who are worried about their identity to keep it secure Cons: You end up way over paying for the bitcoins that you purchase, you never know who you are going to get and some users have even been mugged at such meetups. In my case I arranged to meet someone and waited over an hour at the meetup spot and no one showed up. Next to Try: -Bitcoin.de -BitFinX -BTC-E -OKcoin -Bitpay (for sales tool) -Itbit
Vancouver Bitcoin is a retail cryptocurrency brokerage located in Vancouver, BC. We buy and sell Bitcoin, Ethereum, EOS, Litecoin, USDT and over 100 altcoins. Unlike ATMs and other brick and mortar exchanges, we do not put a spread in our prices. We buy and sell at live market prices and only charge a transaction fee. Our fees are based on volume and our average fee for most transactions is 5%. First time customers are eligible for a one-time 10% discount by quoting this ad. Please contact us or visit us in store for more details: Phone: 604-559-9499 Address: 1807 Burrard Street, Suite 202, Vancouver, BC, V6J 1H9 Hours: Mon-Fri (10am-6pm); Sat (12pm-5pm); Sun (Closed)
A master mask maker I met last night using BTC to bypass Western Union & send money to his family of 35 in the Philippines.
I live just up the street from the Waves coffee in Vancouver, yes, the one with the first Robocoin in the world (allegedly). I am around town quite a bit, so I stop in irregularly to see who is there. One thing I love about Bitcoin and especially having a physical location for it - is the people I meet that have been brought together by it. There is many unique, colourful individuals I otherwise likely would not have met. Anyways, I am there last night and there is this dude, this guy.. this older dude guy in a big trench coat. He came in to use the ATM, and I am there talking with two young Bit-thusiasts. He overhears me talking and begins talking to us.. This dude guy, is a master mask creator. Telling me he has sold some of his masks for $10,000 - and now plans to accept Bitcoin for his masks and actually KEEP IT IN BITCOIN. He goes on to tell me that he has FOURTEEN KIDS. They are all overseas, most of them in a big ass house he sends them Bitcoin to pay the rent for in the Phillipines. He says from his 14 kids, many of them have kids/families of their own, so his actual family size is 35. He goes on to show me pictures, one of the bathroom with two big cups literally overflowing with toothbrushes. The next part of his story, warms my heart - He goes on to tell me, that over the years he has sent some $1.5 MILLION to his family through Western union. The fees, the wait times, the hardship.. but he had no other choice. Western Union has a near monopoly on this kind of stuff - and they know it - and charge accordingly. He says now thanks to Bitcoin, he is able to do it directly and bypass them. Now the NEXT PART OF THE STORY - really warms my grassfed heart - big time! He goes on to tell me, that he is going to open a wallet for each of his kids and grandkids, all of them. He is going to put 2-3 BTC in EACH WALLET, and then just tuck them away... for "20 years from now" he says. Man, I lost it! One of the BEST Bitcoin stories I've ever heard. I said $%#* stocks & bonds and go on to tell him how my grandmother, bless her non-grassfed heart, left me and my brother $2000 bonds before she left this world.. and on those bonds they would give back a staggering 1% a year, maturing in 20 years time with incremental .25% interest increases each year. $20 a year... $25 the second year.. etc... In 20 years, I'd have enough for a sandwich cart. Not my idea of a light at the end of the tunnel now is it. Now this dude guy, his kids, 2-3 BTC each, a couple thousand now, might potentially be millions for them later in life. Held in their own hands, for their own futures. Friggin' amazing. I love Bitcoin.
Help a Canadian Noob: How to get BTC from Nicehash to an ATM in my area?
This may not be the best way to withdraw the BTC i get from Nicehash, but wondering how I would do it if I wanted to. I'm in the Vancouver, BC area, and looks like there is a bunch of ATMs or Tellers in the area where you can buy and sell BTC. I wondering if I can get my NiceHash earnings out to one of these ATMs/Tellers, the steps involved and fees along the way. Here is the list: https://coinatmradar.com/city/170/bitcoin-atm-vancouver-ca/ I was going to ask about the Wave's in Port Coquitlam because it had the lowest fees yesterday, 3.9%, but today they are up to 5.9%. It says you buy/sell "from BitcoinAverage". I don't know what that is. One of the other lower fee ones is Bitcoiniacs in Richmond, their fee: "Sell: 5% from Kraken" Any info would be much appreciated! :) Edit: I've seen other's post about going Coinbase -> Gdax -> Quadrigacx -> Bank Account, and I'll probably do that as well... but sounds like opening those accounts can take time, and my passport is expired, will have to get a new one... So trying to trace the chain to ATM's: seems it'd be easier and more anonymous, no tax man, and faster...
Bitcoin ATM Global Market Overview By DOBI ATM The BitLicense aroused a big buzz when the a big ATM operator Coinsource announced its granting of BitLicnese, a virtual currency trading license for cryptocurrency trading service; As reported from Cointelegraph, it took 3 years to be granted since the first application to New York Financial Securities(NYFS). This obviously indicates the advancing development of Bitcoin ATM industry since the first Bitcoin ATM came out in Vancouver, Canada on 29th October 2013.
Overall Global Data
After about 5 years development, bitcoin ATM industry sees increase in market capital and maturity. Bearish Bitcoin price meet downturn though, Bitcoin ATM is growing continuously in installation, capital, distribution and the manufacturer. The latest statistic from CoinatmRadar( the biggest bitcoin ATM data research institution) reported that there are 3949 bitcoin ATMs in total worldwide until Nov. 05, 2018. Although increasing speed declines with the sluggish bitcion market, we can still see 1849 ATMs increased with 89% growth rate from 2079 ATMs to 3927 in 2018. Now, the crypto ATMs installation speed rises to 6 machine per day. It’s estimated to reach a figure of $16.3 million of market capital in 2018 https://preview.redd.it/drmennyhpow11.png?width=660&format=png&auto=webp&s=4187176abc3f5d892911085a894fb5cc40d089c7
Industry：Continuous Increase in installation, profit, manufacturers
Distribution of bitcoin ATMs across Continents:
The wide awareness of bitcoin and cryptocurrency promote the bitcoin ATM adoption cross the world. It’s no strange that North America and Europe share the large percentage since the economic and population provide the best environment for the use of bitcoin ATM by the majority. https://preview.redd.it/3vu1hoyipow11.png?width=648&format=png&auto=webp&s=d0bc39d87d17032f5f7fd3e16ed46e0320d2788b A study conducted by MarketsandMarkets reported that the Bitcoin ATM market will see annual growth of 54% between 2018 to 2023, when the whole industry is forecast to reach $145 million.
Incredibly Increasing High Profit When Emerging Market’s Struggling
In bitcoin ATM, the profit is mainly from transaction fee with an average of 7%-10% both in buy side and sell side. It’s reported a bitcoin ATM machine comes with $10k to $30k transaction a month with the highest reaching to $100k. The average transaction is 130 times per machine per month. Coindesk even reported Lamassu's survey of $1,000–$3,000 each month earning which equates to annual earnings for ATM operators of between $12,000 and $36,000 per unit.
Increasing Bitcoin ATM Manufacrture:
The growing awareness of bitcoin also attracted many investors into Bitcoin ATM business. The biggest bitcoin ATM tracking Radar coinatmRadar reveals 42 typical bitcoin ATM manufacturers and 31 Bitcoin ATM service operators globally. DOBI ATM, as the biggest bitcoin ATM manufacuter in Chinawas also listed. It’s a newly but of great potential to in digital currency payment solution. It’s obviously seen from the market share below that Genesis Coin, General Bytes, Lamassu, BitAccess and Coinsource dominant the industry, though. Some newly manufacturer startups also see great potential. https://preview.redd.it/uhxd302kpow11.png?width=525&format=png&auto=webp&s=687460579650812e21808a736231931baf193855 DOBI ATM as highly potential newcomers is striving to provide everyone easy access to buy ans sell bitcoin in hardware solution and software development. Supported by the a capital group , Currently there’s over 200 business-to-business operators worldwide and now is the biggest Bitcion ATM manufacurer in China
Seeing from the whole cryptocurrency industry chain, there are mining, digital currency exchange, crypto wallet, media and services field, token release company and payment field. Cryptocurrency exchange functions most important for its huge power in liquidity and profitability. There’s no doubt the blockchain technology will overturn the whole world revelutionary after 10 year’s development since the release of Bitcoin Whitepaper by Satoshi Nakamoto.; And no one would suspect the financial role cryptocurrency is playing, especially in payment field. Bitcoin ATM can both work as an alternative for exchange and payment solution for daily life. It surely see great market confidence. DOBI ATM still holds that only project with practical solution in real world that survives at last. Bitcoin ATM just helps the adoption of wide use of bitcoin in daily payment among the ordinary. Let’s witness how the cryptocurrency and bitcoin ATM industry expand.
nTrust free for transaction, but higher exchange rate.
nTrust shows 1BTC cost about $14,033.89 CAD, but cost me $14,792.899 CAD. crypto compare shows $14,298.96 CAD. Quadriga shows $14,200 CAD. The good thing is nTrust does not charge deposit fee which Quadriga charge 1-2.5%. BitCoin ATM in Vancouver Charge 8-9% fee. really hard for people in Canada get into the Bitcoin world.
Please ask your local cryptocurrency ATM provider to support Ether
With bitcoin transaction fees over $2 and confirmation times in the hours, it's extremely inconvenient having to go through bitcoin to convert between ether and national currencies. You can help address this problem by sending off a quick email, or better yet, making a quick call to your local ATM provider. All relevant data can be collected from: https://coinatmradar.com/ (note if you unselect all of the other cryptos and leave only ether, you'll see that there is only about a dozen places worldwide that can exchange fiat for ether, compared to well over a thousand for bitcoin. we can do better) For my geographical area, here are the ATM providers:
Vancouver, B.C.: Anonymous ATMs, Y or N? Also: Fees?
OK, haven't seen a complete list of the ATMs of Vancouver and environs, with information on how intrusive the KYC is, or how high the fees are. Excuse the messy "formatting". I'll try to keep it up to date by editing the main post. Also, I'll reply in the first post just in case that is not possible. If anyone has newer information, please post it! Thanks. 1 - Waves, at Howe and Smithe, No longer Y. Now: N, requires log-in and cell data. Palmscans. Were 5%. Now? 2 - QuadrigaCX HQ, 322 Water St. in Gastown, Y 3 - Steamrollers on Robson (at Bute), Y - although the eaters seem to be very interested in any transactions. Bitstamp + 0.3%, quite reasonable. 4 - BCIT in Burnaby, Removed, February-ish 2015 5 - 24/7 Thai Vietnamese Cuisine, 986 West Broadway (at Oak). Probably N, as it’s a Robocoin case (running General Bytes software). Was (V of S, oob) + 5% 6 - "Decentral.bangtown", Corner of Richards and 438 West Pender. Y (probably, since it's run by Quadriga CX) 7 - Beta Collective, near KGH Skytrain station, 13637 100 Ave, Not yet in service (June 22, 2015) 8 - Pacific Central Station, Gateway Newsstand, N. Requires cell data. Very high 9% fee, Cavirtex. Camera on top of machine is not in use. Yet. 9,10,11 - SFU bookstores, Van, Burnaby, Surrey. Lamassu. Y? 12 - DMAC Apple, Lansdowne Centre, Richmond. Y? N? Bitpay CAD + 5%. 13,14,15,16,17 - Waves - 2588 Main (at 10th), Vancouver 3% buy, 6% sell - 93 Lonsdale, North Van 3% - 1095 W Broadway (at Spruce), Vancouver 3% - 105 10777 University Dr. Surrey (City Point) - 180 5951 No.3 Rd. Richmond. 3% Bitnational. Y? N? 18 - Healthy Noodle House - 2716 W 4th, Vancouver. Skyhook, Y? N? Bitcoin Solutions, fee: 5%. 19,20 - PC Doctor - 106 2922 Glen Dr. Coquitlam. Cryptopick Genesis Coin Machine. Y. 3.5%. IBAY Computers 2929 Saint Johns St. Port Moody. Y. Cryptopick. 3.5%
01-16 16:43 - 'Bitcoin is fraudulent and nothing but insider Trading ...NO, Researchers find that one person likely drove Bitcoin from $150 to $1,000 ....NO. Try more FUD' (self.Bitcoin) by /u/Theguy3993 removed from /r/Bitcoin within 564-574min
''' Yeah ok keep pumping out the articles about this so funny I would bet the articles stating bitcoin went to 1000$ on fraudulent money is 100% posted by insider traders or Wall St.. And Its no secret Wall St is driven by insider trading. Heck you can watch a documentary that shows how they do insider trading using loopholes of having a couple people down the line get the info that they "donate" money to for information. But anyways I just wanted to post another rant and laugh... Also, if you want to claim bitcoin is fraudulent based on a couple people who traded 36 million dollars worth of a coin worth 250 Billion on average give or take 50 billion or 0.000144% of bitcoin then I guess all banks should close tomorrow since 90% of all money banks handle have traces of cociane on them and clearly came from fraudulent places. Again, I will state bitcoin will rise and fall like it always does pretty much only falling from fake news pumped in sync with sell offs to try to get more for cheap, and thats fine its so obvious to me also I have traded since before Mt.Gox and the coins never went to its peak and stayed there untill after the fall of Mt.Gox. The timeline may show that right before Mt.gox froze the price of BTC was going up. Until around that time but anyone who used MT.Gox knows that no one could move, trade or withdraw there funds long before it was froze and it finally froze from the lawsuits regarding this so essentially Mt.Gox was out of the game. And for those who like facts here you are I will include the links also [link]1 "On 15 May 2013, the US authorities seized accounts associated with Mt. Gox after discovering that it had not registered as a money transmitter with FinCEN in the US. On 17 May 2013, it was reported that BitInstant processed approximately 30 percent of the money going into and out of bitcoin, and in April alone facilitated 30,000 transactions, On 23 June 2013, it was reported that the US Drug Enforcement Administration listed 11.02 bitcoins as a seized asset in a United States Department of Justice seizure notice pursuant to 21 U.S.C. § 881. It is the first time a government agency has claimed to have seized bitcoin. In July 2013 a project began in Kenya linking bitcoin with M-Pesa, a popular mobile payments system, in an experiment designed to spur innovative payments in Africa. During the same month the Foreign Exchange Administration and Policy Department in Thailand stated that bitcoin lacks any legal framework and would therefore be illegal, which effectively banned trading on bitcoin exchanges in the country. According to Vitalik Buterin, a writer for Bitcoin Magazine, "bitcoin's fate in Thailand may give the electronic currency more credibility in some circles", but he was concerned it didn't bode well for bitcoin in China. On 6 August 2013, Federal Judge Amos Mazzant of the Eastern District of Texas of the Fifth Circuit ruled that bitcoins are "a currency or a form of money" (specifically securities as defined by Federal Securities Laws), and as such were subject to the court's jurisdiction, and Germany's Finance Ministry subsumed bitcoins under the term "unit of account"—a financial instrument—though not as e-money or a functional currency, a classification nonetheless having legal and tax implications. In October 2013, the FBI seized roughly 26,000 BTC from website Silk Road during the arrest of alleged owner Ross William Ulbricht. Two companies, Robocoin and Bitcoiniacs launched the world's first bitcoin ATM on 29 October 2013 in Vancouver, BC, Canada, allowing clients to sell or purchase bitcoin currency at a downtown coffee shop. Chinese internet giant Baidu had allowed clients of website security services to pay with bitcoins. In November 2013, the University of Nicosia announced that it would be accepting bitcoin as payment for tuition fees, with the university's chief financial officer calling it the "gold of tomorrow". During November 2013, the China-based bitcoin exchange BTC China overtook the Japan-based Mt. Gox and the Europe-based Bitstamp to become the largest bitcoin trading exchange by trade volume. In December 2013, Overstock.com announced plans to accept bitcoin in the second half of 2014. On 5 December 2013, the People's Bank of China prohibited Chinese financial institutions from using bitcoins. After the announcement, the value of bitcoins dropped, and Baidu no longer accepted bitcoins for certain services. Buying real-world goods with any virtual currency has been illegal in China since at least 2009." *** In fact I was trading the Down swings around this time and remember it quite clearly and the price most deffinatly did not shoot up with any relation to Mt.Gox if anything Mt.Gox was the reason for the fall from the news and panic! Also, WAKE UP PEOPLE. Wall St's total value is what 2.7 Trillion that took like 100 years to get. Does no one else realize the magnitude of Bitcoin to them. Bitcoin in 10 years or less including its many other Coins under it is worth 658-758Billion or 0.65-0.75T in 1/10th the time Wall St did it and its getting bigger all the time. [link]2 I've said it before and Ill say it again there scared because Bitcoin, (and altcoin), traders are used to volatility, We can loose 70% of our gains or investment in a day or an hour and still keep on truckin. But that type of volatility scared the pants off the big traders because they also have investors to explain these situations to and they have no merits to base there explanations on since nothing in the real world short of good and bad news or money in and money out of coins affects the prices very much. And for this reason Wall St will never like it and the fact its outside of there nice controlled systems they designed that benefit the rich and rape the poor. And this new system which does not allow credit, or BS is a new realm to them. Sure there might be some insider trading some of the time but the order books and live stats are available to anyone and everyone equally, unlike stocks where you need crazy memberships just to get short 15 minute delayed stats on the live markets and only the top accounts with over 50,000$ invested can even dream about getting anything better. And you have to pay 6.99-24.99 Per trade the lesser being for the 50k investor, leaving no learning curve for the small guys. So in my opinion its still a way better system and anyone can easily do some research like I have today and not panic sell from every little BS article and simple trade for yourselves. And Bitcoin to Altcoin trades BTW will cost you 0.06-0.08% and Bitcoin/Altcoin to USD (Or your Currency) will cost you 0.18-0.24% on most exchanges or platforms. If you've read my rant this far I thank you for your time. Some article just really grind my gears :D PS - Below is some handy trading platforms and tools I would also like to take a moment just to say anyone interested in a FreeTrading Platform should check out Qt Bitcoin Trader from source forge. Or if your a bit more advanced there is a nice program you can try for free and the trial is the the same as the full version (I have used both since I bought it shortly after) and that is called LeonarDo by margin software a very talented German company. Qt Bitcoin Trader - [link]3 Leonardo - [link]4 ''' Bitcoin is fraudulent and nothing but insider Trading ...NO, Researchers find that one person likely drove Bitcoin from $150 to $1,000 ....NO. Try more FUD Go1dfish undelete link unreddit undelete link Author: Theguy3993 1: https://en.wikipedia.org/wiki/History_of_bitcoin#2013 2: www*w***dcoinind*x.*om/ 3: s*u*c*forge*ne*/*roje*ts/bitc*intr**e 4: ma**insof*ware.de*p**duct.ht** Unknown links are censored to prevent spreading illicit content.
[uncensored-r/Bitcoin] Bitcoin is fraudulent and nothing but insider Trading ...NO, Researchers find that one person lik...
The following post by Theguy3993 is being replicated because the post has been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7qqmjt The original post's content was as follows:
Yeah ok keep pumping out the articles about this so funny I would bet the articles stating bitcoin went to 1000$ on fraudulent money is 100% posted by insider traders or Wall St.. And Its no secret Wall St is driven by insider trading. Heck you can watch a documentary that shows how they do insider trading using loopholes of having a couple people down the line get the info that they "donate" money to for information. But anyways I just wanted to post another rant and laugh... Also, if you want to claim bitcoin is fraudulent based on a couple people who traded 36 million dollars worth of a coin worth 250 Billion on average give or take 50 billion or 0.000144% of bitcoin then I guess all banks should close tomorrow since 90% of all money banks handle have traces of cociane on them and clearly came from fraudulent places. Again, I will state bitcoin will rise and fall like it always does pretty much only falling from fake news pumped in sync with sell offs to try to get more for cheap, and thats fine its so obvious to me also I have traded since before Mt.Gox and the coins never went to its peak and stayed there untill after the fall of Mt.Gox. The timeline may show that right before Mt.gox froze the price of BTC was going up. Until around that time but anyone who used MT.Gox knows that no one could move, trade or withdraw there funds long before it was froze and it finally froze from the lawsuits regarding this so essentially Mt.Gox was out of the game. And for those who like facts here you are I will include the links also https://en.wikipedia.org/wiki/History_of_bitcoin#2013 "On 15 May 2013, the US authorities seized accounts associated with Mt. Gox after discovering that it had not registered as a money transmitter with FinCEN in the US. On 17 May 2013, it was reported that BitInstant processed approximately 30 percent of the money going into and out of bitcoin, and in April alone facilitated 30,000 transactions, On 23 June 2013, it was reported that the US Drug Enforcement Administration listed 11.02 bitcoins as a seized asset in a United States Department of Justice seizure notice pursuant to 21 U.S.C. § 881. It is the first time a government agency has claimed to have seized bitcoin. In July 2013 a project began in Kenya linking bitcoin with M-Pesa, a popular mobile payments system, in an experiment designed to spur innovative payments in Africa. During the same month the Foreign Exchange Administration and Policy Department in Thailand stated that bitcoin lacks any legal framework and would therefore be illegal, which effectively banned trading on bitcoin exchanges in the country. According to Vitalik Buterin, a writer for Bitcoin Magazine, "bitcoin's fate in Thailand may give the electronic currency more credibility in some circles", but he was concerned it didn't bode well for bitcoin in China. On 6 August 2013, Federal Judge Amos Mazzant of the Eastern District of Texas of the Fifth Circuit ruled that bitcoins are "a currency or a form of money" (specifically securities as defined by Federal Securities Laws), and as such were subject to the court's jurisdiction, and Germany's Finance Ministry subsumed bitcoins under the term "unit of account"—a financial instrument—though not as e-money or a functional currency, a classification nonetheless having legal and tax implications. In October 2013, the FBI seized roughly 26,000 BTC from website Silk Road during the arrest of alleged owner Ross William Ulbricht. Two companies, Robocoin and Bitcoiniacs launched the world's first bitcoin ATM on 29 October 2013 in Vancouver, BC, Canada, allowing clients to sell or purchase bitcoin currency at a downtown coffee shop. Chinese internet giant Baidu had allowed clients of website security services to pay with bitcoins. In November 2013, the University of Nicosia announced that it would be accepting bitcoin as payment for tuition fees, with the university's chief financial officer calling it the "gold of tomorrow". During November 2013, the China-based bitcoin exchange BTC China overtook the Japan-based Mt. Gox and the Europe-based Bitstamp to become the largest bitcoin trading exchange by trade volume. In December 2013, Overstock.com announced plans to accept bitcoin in the second half of 2014. On 5 December 2013, the People's Bank of China prohibited Chinese financial institutions from using bitcoins. After the announcement, the value of bitcoins dropped, and Baidu no longer accepted bitcoins for certain services. Buying real-world goods with any virtual currency has been illegal in China since at least 2009." In fact I was trading the Down swings around this time and remember it quite clearly and the price most deffinatly did not shoot up with any relation to Mt.Gox if anything Mt.Gox was the reason for the fall from the news and panic! Also, WAKE UP PEOPLE. Wall St's total value is what 2.7 Trillion that took like 100 years to get. Does no one else realize the magnitude of Bitcoin to them. Bitcoin in 10 years or less including its many other Coins under it is worth 658-758Billion or 0.65-0.75T in 1/10th the time Wall St did it and its getting bigger all the time. I've said it before and Ill say it again there scared because Bitcoin, (and altcoin), traders are used to volatility, We can loose 70% of our gains or investment in a day or an hour and still keep on truckin. But that type of volatility scared the pants off the big traders because they also have investors to explain these situations to and they have no merits to base there explanations on since nothing in the real world short of good and bad news or money in and money out of coins affects the prices very much. And for this reason Wall St will never like it and the fact its outside of there nice controlled systems they designed that benefit the rich and rape the poor. And this new system which does not allow credit, or BS is a new realm to them. Sure there might be some insider trading some of the time but the order books and live stats are available to anyone and everyone equally, unlike stocks where you need crazy memberships just to get short 15 minute delayed stats on the live markets and only the top accounts with over 50,000$ invested can even dream about getting anything better. And you have to pay 6.99-24.99 Per trade the lesser being for the 50k investor, leaving no learning curve for the small guys. So in my opinion its still a way better system and anyone can easily do some research like I have today and not panic sell from every little BS article and simple trade for yourselves. And Bitcoin to Altcoin trades BTW will cost you 0.06-0.08% and Bitcoin/Altcoin to USD (Or your Currency) will cost you 0.18-0.24% on most exchanges or platforms. If you've read my rant this far I thank you for your time. Some article just really grind my gears :D PS - Below is some handy trading platforms and tools I would also like to take a moment just to say anyone interested in a FreeTrading Platform should check out Qt Bitcoin Trader from source forge. Or if your a bit more advanced there is a nice program you can try for free and the trial is the the same as the full version (I have used both since I bought it shortly after) and that is called LeonarDo by margin software a very talented German company. Qt Bitcoin Trader - https://sourceforge.net/projects/bitcointrade Leonardo - https://marginsoftware.de/product.html
So after learning a lot more about the Vancouver ATM... I figure it's big business for a lot of reasons. I've used the ATM a few times. 1) Everyone and their dog wants bitcoins, but they are too hard to buy on exchanges (You need verification of 2-10 days, and 5-10 days for most wire transfers). ATM's make it easy by being able to use cash with no delays. Basically, normal people who are non-technical can buy them. 2) Vancouver's ATM has been massively successful - it's first week did over 100K in transactions. At 7% per transaction, it's $7000 gross profit it's first week. (There are some transaction fees and other costs to the company... I estimate their margins to actually be around 5%) This week I estimate that it has done over $500,000 in transactions based on anecdote. When I was at it yesterday, it said that there were 500 BTC available at $500 each, and today apparently it ran out... That's $250,000 or more in transactions in 24 Hours. That's anywhere from $10000-20000 profit in a day... The cost of a machine is about 3-15K, and I figure within the first week of most cities, you would have the cost nearly paid for. So I'm pointing out the obvious for a few reasons... I'm very interested in getting into this business and am experienced in running businesses, but am looking for some people who are also interested. Either financially, have strong technical backgrounds, or strong financial analysis backgrounds. I think it would make a great franchise model actually. Thoughts or do you think it's more or less a pipe dream? EDIT: There are blurred lines with money anti-laundering laws... Kind of gets complicated with this but this is the only barrier to entry so far?
Vancouver, B.C.: Anonymous ATMs, Y or N? Also: Fees?
Cross-posted from /Bitcoin OK, haven't seen a complete list of the ATMs of Vancouver and environs, with information on how intrusive the KYC is, or how high the fees are. Excuse the messy "formatting". I'll try to keep it up to date by editing the main post. If that's not possible, I'll just post in the thread. If anyone has newer information, please post it! Thanks. 1 - Waves, at Howe and Smithe, No longer Y. Now: N, requires log-in and cell data. Palmscans. Were 5%. Now? 2 - QuadrigaCX HQ, 322 Water St. in Gastown, Y 3 - Steamrollers on Robson (at Bute), Y - although the eaters seem to be very interested in any transactions. Bitstamp + 0.3%, quite reasonable. 4 - BCIT in Burnaby, Removed, February-ish 2015 5 - 24/7 Thai Vietnamese Cuisine, 986 West Broadway (at Oak). Probably N, as it’s a Robocoin. Was (V of S, oob) + 5% 6 - "Decentral.bangtown", Corner of Richards and 438 West Pender. Y (probably, since it's run by Quadriga CX) 7 - Beta Collective, near KGH Skytrain station, 13637 100 Ave, Not yet in service (June 22, 2015) 8 - Pacific Central Station, Gateway Newsstand, N. Requires cell data. Very high 9% fee, Cavirtex. Camera on top of machine is not in use. Yet. 9,10,11 - SFU bookstores, Van, Burnaby, Surrey. Lamassu. Y? 12 - DMAC Apple, Lansdowne Centre, Richmond. Y? N? Bitpay CAD + 5%. 13,14,15,16,17 - Waves - 2588 Main (at 10th), Vancouver 3% buy, 6% sell - 93 Lonsdale, North Van 3% - 1095 W Broadway (at Spruce), Vancouver 3% - 105 10777 University Dr. Surrey (City Point) - 180 5951 No.3 Rd. Richmond. 3% Bitnational. Y? N? 18 - Healthy Noodle House - 2716 W 4th, Vancouver. Skyhook, Y? N? Bitcoin Solutions, fee: 5%. 19,20 - PC Doctor - 106 2922 Glen Dr. Coquitlam. Cryptopick Genesis Coin Machine. Y. 3.5%. IBAY Computers 2929 Saint Johns St. Port Moody. Y. Cryptopick. 3.5%
My name is Joe Average. I am the 80% of people who found out about bitcoin. I found out last week that an ATM for a new type of special currency is being released in my hometown, Vancouver BC Canada. Like many others, I'm still clueless about bitcoin, despite spending my halloween weekend researching it, trying to find out whether it's a trick or a treat (sorry I had to). In this post, I'll list what I know about it, then list the thoughts, problems, and barriers that I, and probably 80% of the population, feel about bitcoin. These things are probably most relevant to those of you bitcoin enthusiast that have a vested interest in the success of the currency/commodity, because the general public represents a population that will influence the capacity that bitcoin can have in society. Bitcoin has many advantages. Here are the advantages that I came across in forums and news articles: -free from government influence -zero bank fees -limited resource, naturally appreciating value -relatively anonymous -intangible, convenient to carry -irreversible transactions And here are some problems, starting from the most relevant one which probably everyone thinks of right off the bat: 1-Bitcoin or cash? Why should I bother using bitcoin? Dozens of local merchants in my area are accepting bitcoin. Wow that's great! Now I can spend 2 hours acquiring bitcoin from a private, ungoverned, unregulated exchange (more on that later) and buy a medium belgium hot chocolate from waves (great drink by the way). Paying with card or cash? No ma'am, I'm paying with BITCOIN big teethy smile, eyebrows up and down several times Ok, bust out the ipad or whatever, spend 15 minutes waiting for the cashier to grab her ipad, unlock the screen, get a network connection at coffee shop network speeds, tap the bitpay app or w/e, load the app, scan my qr code, wait for the transaction to verify, blah blah blah, meanwhile, big ass line up forms behind me and I'm the big asshole who decided to pay with bitcoin instead of cash. Okay, in all fairness, I'm probably being ignorant to some bitcoin app out there that cuts this whole process down from 15 minutes to just 5 minutes, the time it takes to verify transactions. But if I have to use an app, that probably costs money. So now my $4.50 dark belgium hot chocolate now costs $4.65 + 5 minutes of my life. Hmm maybe I'll just 1) whip out some cash 2) whip out my visa card and pay it off right away so I don't incur interest fees 3) pay for it with debit, my bank doesn't charge me debit fees for using my card 2-Sending bitcoin So let's say what appeals to me is that bitcoin replaces Western Union, bank transfers, etcetc. I want to send $4,000 to Alice and Bob of ABC Co., payment for their work as hypothetical people in every accounting example I've ever read. For that amount, I'd have to pay >$100 in service fees from a money company. Or I could save myself >$100 by using bitcoin instead. Okay great! Where do I start? Download a wallet. Done, nice. Next step, synchonize 208 weeks of ledger. Great.. oh, hang on. It's been 4 hours and I've downloaded 3 weeks. What the fuck?! How long does this take.. it doesn't even tell me how long it will take or how big the file is! computer left running overnight Awesome, just 2 more nights to go then I'll be fully syncrhonized. 2 days later hard-drive is maxed out? I needed a new one anyways. 4 days and a 500GB SSD later Now I have my wallet ready to use. Time to purchase some bitcoin! So I purchase bitcoin, send it to Bob and Alice, and since they own ABC Co., a massive enterprise, they employ an IT guy, and he is the only guy in the company who will ever understand how to securely use bitcoin. He's behind 2 juniper firewalls (for redundancy), we VPN tunnel'd the payment code over with the pass, that way I know it went to him and nothing's been compromised. Because once the funds are sent out, it's gone, there is no insurance. Which brings me to my next point: Bottom line: requires a lot of time to SAFELY and SECURELY send bitcoin, FEE-FREE. But that's okay because I have nothing better to do. If I had kids, errands, work, non-IT hobbies to do, $40-$100 might be worth the time it takes me to research the process of sending bitcoin out properly. 3-Bitcoin wallet services There's a whole list of companies emerging to take podium position in the race of the bitcoin wallet services world. Besides setting up a bitcoin exchange (which anyone can do in their basement), bitcoin wallets are the next biggest thing in bitcoin. In the digital world, about 3 companies take podium position in a certain thing. Like Android/Apple/Blackberry for cell phones, Windows/Apple/Linux, Chrome/Firefox/IE, etc etc. Right now, for digital bitcoin wallets, everyone's competing to be one of those 3 major companies that everyone will use. Companies like coinbase. These companies cost money. Coinbase has a pretty impressive talent pool. Let me introduce them to you: Barry Kwok- Holy shit, this guy has a Masters in Engineering?! No seriously, this guy is a master of engineering. He built teams of 5 to 50 people at Google (fucking google man!). This guy is the first guy on the list, how much does he make? I'd have to guess $120k Craig Hammell- This guy built OK Cupid. I know a guy who uses that shit to get laid, it really works, so OK cupid is probably a well-established company. Because of Craig's success with OK cupid, and the fact he looks that young, I'd say he probably doesn't make that much, just a modest $90k Olaf Carlson-Wee- Olaf does rock-climbing, enough said. $95k Fred Erhsam- Traded at Goldman Sachs. $150k Charlie Lee- Invented Litecoin, worked on google chrome, google play, and youtube. $120k Brian Armstrong- This guy has experience with Fraud Prevention. Don't know why they hired him, because as everyone's been saying, you can't fraud bitcoin. Since they don't need him, he's probably an intern. Let's run some quick numbers: Total cost of salaries: $575,000/year Other expenses including dividends to investors: $3m/year So this company has $3.6m a year to allocate to their consumer base of 329k of wallets, and 12k merchants. That is roughly $10.56/year per wallet or merchant. (realistically, the portion of cost between wallets and merchants would be not be split equally, and of course all these figures are pulled straight from thin air, however, this is reddit, not forbes). That is a very low amount compared to using VISA which costs merchants $0.25/transaction+monthly service fee. As we can see, bitcoin is a great! Save some money. But here's the problem: people fraud banks all the time. That costs money. Somebody puts $10k in their digital wallet, loses it, they're going to be pissed off. They'll start demanding it back from coinbase. The day coinbase pays 1 guy $10k compensation, the day they'll have to pay everyone that loses money like that, and that $3-mil figure I gave above will be much higher, and the fees everyone has to pay will go up. If coinbase doesn't compensate, then people will be reluctant to use bitcoin for anything other than small transactions. This means bitcoin will not have the capacity to be adopted by regular people, like me. Either I lose big chunks of money at a time, when my digital wallet gets hacked, goes missing, frauded, etc, or I lose it in smaller chunks and frequency which is similar to a bank. So digital wallet services are just like banks. Wait, I thought the bitcoin guys were saying banks were a bad thing? 4-Inflation vs Deflation I see a lot of bitcoin enthusiasts talking economics, which really angers me. You should read some of the things they say "inflation is bad, bitcoin actually deflates, so its good" "the government can't fuck with bitcoin, so its good" "bitcoin good, so it's good". If you're a bitcoin enthusiast and discussed bitcoin economics, you probably need to trade your internet credit for some college credits. Because seriously, that is some retarded shit. For example: Inflation is bad, bitcoin deflates = good / The gov't can't fuck with bitcoin so it's good No. Inflation is good, yes I said it and you can quote me on that. Inflation allows job creation through lowering interest rates which encourages people and businesses to buy things. When stuff is bought, things happen. And jobs are required to make things happen. So when the government sees that "hey, our economy ain't doin too well, how bout we print some of ye ol' fashioned paper dolla bills" that's a strategic move to lower the unemployment rate and increase GDP. The US is in shambles right now for reasons beyond inflation. The #1 reason why is labour costs too much in the US. Shaquila and Billy Bob don't want to work in a factory for $12/hr, they're too in love with hollywood and liberty, thinking they're entitled to a high paying comfortable job. Half of America thinks like that. But guess what, the Chinese don't, they're happy to pick up where Shaquila and Billy Bob left off. And because of the economies of scale thanks to their large population, that ignited over night, and now the US is left with a population that doesn't want to work. There's also a bunch of other reasons like going to war, etc, but that's debatable because there's a cost/benefit of going to war (own all the oil rigs out east to pay for things because you lazy fucks can't be bothered to make money with elbow grease). The point is, mind fuck #1, inflation is a solution to a problem that's not related to money. On the other side of the coin, deflation IS a bad thing. Deflation, which bitcoin is designed to do, means that there will be fewer amounts of money to spend over time. That increases the price of things. That's good for people who are holding on to bitcoin. This encourages people to spend with bitcoin less, and save more. Mind fuck #2, saving money is bad, because it reduces GDP. It reduces the need for companies like coinbase to develop and create a product for spending bitcoin in the first place. So the more bitcoin deflates, the more its value goes up, the less people spend bitcoin on shit, the less merchants see a point in accepting bitcoin, the less merchants use bitcoin, the less people buy bitcoin, then bitcoins value goes down. 5-Limited supply of bitcoins This title should read Diminishing supply of bitcoins, but it would then be misinterpreted without an explanation. Bitcoins don't diminish, they are simply unaccounted for. Meaning, if you have bitcoins, and forget the password, it is gone forever. And in case you didn't know, people are human, making them prone to mistakes. Forgetting, etc. So, over time, enough people will lose bits and pieces of bitcoin here and there. That's going to add up over the long run. Units of measure will start going to miliBits, Microbits, ultra micro bits, ultra ultra micro bits. etc. Kind of like fiat currency, it can inflate to be infinitely large, and with bitcoin, infinitely smaller. 6-Exchanges and trading When Silk Road went down, bitcoin went up. First, naturally and by way of economics, fewer bitcoin = increased value. The Silk Road guy had $26-million USD worth of bitcoin, more than enough bitcoin to raise the market price. Followed by that, we have news, and hype, which drove higher. Then the fact prices are going up, makes a nice news article, which drives it up even more. When prices went up because of the news, incentive went up. Now the prices are so high, some people have made fortunes off of it. And that makes the news too, which drives it up again even higher. That's a great incentive if you're a bitcoin investor. Hey, the winklevoss twins have 1% of bitcoin, all you miners go use your mining pools to break into the winklevoss account and delete the fuck out of their bitcoin wallets and backup, so you can raise the market value. Just kidding. That's a lot of work. You know what's easier? This: 1) Start your own bitcoin exchange, no fees 100% free. 2) People will start trading on it. 3) ???? 4) Profit! Actually step 3 isn't a mystery, you set the fucking price level to whatever you want it to be. And because it's 100% unregulated, unsanctioned, not tied to any commodities, no authority, no referee, no consortium, you can do whatever the fuck you want on it. Without authority, believing that the prices on the bitcoin exchange is set naturally by way of price and demand is like believing in religion. You just have to believe. Of course with public exchanges, there is some level of corruption involved, but that's why people get arrested and shit. Using bitcoin exchanges doesn't have that level of protection, and it never will. You think the governments own law enforcement is going to go after guys corrupting a private stock exchange, which trades a currency that negatively impacts their own fiat currency? Unless the government is somehow benefiting from bitcoin, which it won't by design, the police will simply have a good laugh at that. In conclusion, there's so many flaws that I can see with bitcoin. But bitcoin enthusiasts will say otherwise. If I jumped on the bitcoin train 3 years ago, I'd probably do the same thing as you: make up some backwards economic reasoning it'll succeed, some backward political reason, etc. So Dear Bitcoin, you just don't make enough sense to us, the general population, for us to adopt you. A great substitute for currency in the underground world, but you just don't fit with us here on the mainstream. And if you did fit, you'll end up being regulated just like currency, so what's the point? You're the same shit as my cash or cards. Fuck off. -Joe Average
BITCOIN TRANSCENDS NOVELTY STATUS - pretty good basic article about where Bitcoin is from the POV of a mainstream investment advisor.
This is from an awesome investment newsletter that can be seen at consensus-inc.com (it is in the payed section so I can't link it here. Instead, I copied and pasted the entire article below) BITCOIN TRANSCENDS NOVELTY STATUS Prepared by Andy Waldock (November 13, 2013) The United States has tripled its balance sheet since 2008 and Great Britain has quadrupled theirs in the same timeframe. Theoretically, the growth in the currency base should be accompanied by a corresponding decrease in the purchasing power of our Dollars and Pounds. Many of us who've worked diligently for years trying to manage our personal budgets and build up our personal stores of wealth find the governments' actions downright criminal. This is the scenario that's drawn billions into the gold market. We've been taught that gold is the first choice alternative investment for fighting inflation and maintaining the value of our savings. This week, we revisit an alternative to gold as a hedge against inflation and currency debasement: the Bitcoin. I published a piece on the Bitcoin in June of 2011 titled, "The World's Strongest Currency." Many viewed this as a passing novelty at best or, the next .com bubble. At worst, people saw it as the international street criminals' Swiss bank accounts. Bitcoin is an Internet currency that is traded globally for goods and services and can be cashed out in the physical currency of your choice. It is, "mined" on individual computers that are placed, by anyone, on the network. The mining is basically using your computer to solve an equation. The equations get harder and harder through time. This ensures that the supply of Bitcoins grows at a stable rate. The publicly validated equations place more Bitcoins into circulation by the people who've mined them. The number of Bitcoins currently stands near 12 million. The next equation and number of coins in circulation are all publicly available in real time. When we published the first piece in June of 2011, Bitcoins were trading near $14 per Bitcoin with 6.6 million Bitcoins in circulation for a market cap around $92 million. The Bitcoin mining equation is public information. It's always known how many are in circulation as well as the growth rate. Furthermore, the total number of Bitcoins will be limited to 21 million by the equation itself. These are the currency controls lacking in today's global economy. The proof lies in the adoption and acceptance rate of Bitcoins, which is growing exponentially. The current Bitcoin market is 12 million Bitcoins at $400 each for a market capitalization of $4,800,000,000. This places it between Exxon Mobil and Apple in market value. This leads to the .com bubble argument. There's no question this market is extremely volatile. Let's put the volatility in context before Bitcoin is dismissed and demonstrate why it isn't a fad. The S&P 500 declined by more than 50% in four months during the housing crash and has more than doubled, reaching all time highs since. The European Central Bank just cut their interest rates in half and gold is nearly 40% off of its highs. The world we live in is a volatile place. I'd argue that we haven't seen this much change in the political/economic/social aspects of this world since World War 2. I'd argue further that it is precisely this volatility that has made Bitcoin a globally accepted alternative form of payment at both the retail and business-to-business levels. Bitcoin has clearly passed the novelty stage. EBay as well as Amazon accept them. They're even beginning to show up as an ATM. The first ever Bitcoin ATM was recently installed in Vancouver and it processed more than $100,000 in transactions in its first week. This is no ordinary ATM. There are financial controls on Bitcoin just like normal currencies. In Canada for instance, they are only allowed to exchange $3,000 per day without filing anti-money laundering documents. I recently visited Mt. Gox.com, the leading Bitcoin exchange and found their registration requirements to be every bit as stringent as the ones we face in the commodity futures markets. This degree of regulation continues to add validity to the Bitcoin system rather than hindering its growth. We live in a world of fiat currencies subject to monetary adjustments or downright manipulations that many of us have no say in. Frequently, the decisions that are made for us negatively impact the very foundation that we've worked so hard to build. Bitcoin is a known quantity in a world full of unknowns. It travels globally without the processing fees of PayPal, Western Union or the banking industries. In fact, the current banking systems' loss of processing fees is both a boon to Bitcoin business as well as the reason for the most vocal arguments against it. After all, JP Morgan has to recoup the $8 billion they've received in regulatory fines over the last two years somehow, right? November 13, 2013 Andy Waldock Commodity & Derivative Advisors, LLC P.O. Box 484 Sandusky OH 419-624-0777 commodityandderivaiveadv.com
I visited Seattle and wanted to take out USD but decided to just use my creditcard.
I recently visited Seattle from Vancouver and I was going to use the ATM to take out USD, but I had to scan my ID, scan my palm, wait for verification, I had no data and wasn't sure if I could get wifi... All in all, it was too much hassle for me. Why is all this verification necessary? The idea of being able to take out CAD in Vancouver, and then also take out USD in Seattle is awesome, but it isn't that simple. I ended up using my credit card despite the high fees. Bitcoin is still not accessible enough.
The company was started by Mike and Ryan, crypto-enthusiasts who saw problems in the marketplace when dealing in cryptos. They wanted an exchange that had a strong support team, legal visibility, operated somewhere where you could trust your money and had strong security - so in short they built it! We expect really big things for VoS and do indeed intend to be competitive with other exchanges, and yes, that does include building an app - we're currently exploring options in that field but we feel it crucial to take our time in doing that and put security first.
As for Charity we just feel its the right thing to do, I've always been a strong supporter of charities in my daily life and I brought that forward to VoS and the team agreed it made sense to gather up some funds for the Canadian Cancer Society given that April is their big fundraising month. On a grander scale I think it's important for cryptocurrencies to play a positive role in the world, let people know what we are all about, there is a lot of negative stigma about cryptos, some people say it's just kids "printing money", but it's a lot harder to say that when you're positively changing the world!
There's not any more pressure on us now than there was before - in fact I would say the MSB has taken some of the pressure off. We instead hold ourselves to the same laws and scrutiny as any financial institution would have to, and we feel this is best for our users and this sector as a whole. Getting the MSB let us know we had done everything right so far, and being in a new and evolving industry it's not always too clear if you're taking the right steps. The MSB is a checkmark that says "Hey you guys are as legitimate as you say you are" and we'll continue to hold ourselves to what ever rigorous standards we can (even when we don't need too). As far as external entities like Banks and Government - I think they are happy to see we have our MSB, I think it makes them more comfortable with the field in general and more willing to work with us. We recently met with our Member of Provincial Parliament and are setting up meetings with our Member of Parliament, and our Minister of Finance so they can see our operation here! The MPP certainly loved what we've got going!
Oh man if Timmies was a payment I don't think Canada would need cryptocurrencies at all! Timbits everywhere! We love Tim Hortons - we usually start our Monday's with group coffee and donuts! So we are never opposed Timmies if you are dropping by for a visit :P (Compliance disclaimer: Timmies is not a valid payment method, just a staple at all Canadian meetings)
We're always happy to take feedback on our charts, let us know what you want to see! As for Bitcoinwisdom, we've reached out to them multiple times, and added all the API support they need - just waiting on them to hopefully add us!
That's a pretty hard question to answer, and so I can't give you an official Vault of Satoshi answer but I can give you a personal opinion. So please note this is my two cents and nothing VoS official.
Personally I have some experience in day trading and that's the best way to make money in such markets - however that's the kind of situation where you have to take risks, actively watch the market and only ever trade with what you have to lose (not only to avoid loss but also to make sure you are willing to take the level of risk needed to make strong returns.) I'd highly recommend learning about Forex trading before you dive into this.
That being said the Bitcoin community still feels strongly that their currency value will rise, subject to merchant adoption, legal/political landscapes and a number of other factors but I can't really comment on that as it is a real challenge to predict; there is also a great deal of merit to a number of altcoins with unique value - but just make sure you research and make informed decisions. Don't take anyone's advice at face value (mine included) research and invest where you feel comfortable.
As for confidential information, if you have ever made a financial transaction on our website then we are required by law to keep a copy of that information. We take this responsibility very seriously, this information is encrypted and stored securely and is most certainly restricted access!
As for your other question, as Xangelo said, we are working on improving the layout of our coin to coin system to make it less complicated. Being one of the first major exchanges to offer any coin to any coin means there is going to have to be some tweaking while we find out what the marketplace likes! But we're always open to feedback!
If there is anything that years of video game playing has taught me it's always pick the bigger monster over a ton of little ones! A hundred duck sized horses could quite quickly surround and nip and kick from all angles. Where as I feel that whilst a horse-sized duck would be absolutely terrifying my odds are better as I can always keep it in front of me (and perhaps distract it with breadcrumbs)
That being said when we did work with them they were fantastic, very supportive, and loved our business; the local branch went to some great lengths to help with our unique challenges and we certainly hope we can work with them again in the future.
We're currently actually streamlining our financials and will have more announcements on this soon. New partnerships are opening up doors to new payment methods and currencies and we're excited about that.
We are a full reserve exchange. We do have our holdings divided between our hot and cold wallets and top our hot wallet as it gets low. But we do have all the BTC we claim to and are actively working on a Proof of Solvency tool to verify this to users.
Anything that has a unique value proposition and a strong community has the ability to go places but it's pretty hard to gauge these in advanced. We expect great things from the coins we've added/intend to add over the next month, which have all been announced.
Just because you have an account with us, does not mean that you would be barred from applying for a job.
Currently we don't have any openings but when we do we'll be posting them to our website and all current positions would be located at our Brantford office.
Our verification system was designed by our exec team and our compliance officer and aided by our legal team; and our support staff handle the verifications. (Wasn't sure what you meant by "verification team") as for requirements for any opening, we'll be sure to post them with up coming jobs! Thanks for your inquiry though!
The IRS statement actually doesn't change to much for us, FinCEN and other entities still consider it as currency - we're still actively looking into US options and moving forward on some with our legal team.
We have met with our Member of Provincial Parliament, are meeting with our Member of Parliament and are having a meeting with the Minister of Finance arranged to continue to advocate on behalf of cryptocurrency in Canada.
From everything we've been hearing, we're optimistic about Canada's role in the future of Cryptocurrency, people have been very forward thinking and accepting here!
I've actually had the pleasure of talking to some reps from the MintChip program - we kept a careful eye on it but I know that the Mint is selling it off to private enterprise. While it is in a different space from us we are always looking at the evolving landscape of digital money and what can be done to promote that in Canada.
While I don't think there is any direct partnership opportunities at this time it is always something on our radar and I think that MintChip was an interesting hardware development and it was great to see a federal institution being so forward thinking!
We currently do accept USD, we just can't accept it from US citizens or institutions.
That being said we are glad to announce we have identified our US re-entry strategy and are moving forward to launching in a few states first. We have no formal timeline on this yet, but it's a big step in the right direction.
We're actually working on adding an instant online Interac payment system, still no formal timeline but it's in the works. As for email transfers from BMO, BMO has come out and said they aren't working with businesses that operate in cryptocurrencies and so we can't accept funds from them on anything that would require us to have a BMO account or registration there. But, we can accept Pre-authorized debit and wire transfers from accounts there! Also feel free to email me about any concerns you may have about the level 3 account and I'll see if can't reassure you! ([email protected])
Ah yes, that is indeed a side-effect of the patch. While our systems weren't directly effected a load balance server hosted by Amazon would have been so to be better safe than sorry we've got them patching it and we are rolling over to new SSL certs! Always better safe than sorry!
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