Cryptocoin Value and Market Trend Discussion

[80-watt Hamster]

I think it's doing a roller-coaster again.

Did it ever stop?

 

[lexluthermiester]

Did it ever stop?

Yeah, it was holding more or less steady for a while.

 

[Bomby569]

i'm sorry for being blunt, but crypto always had this up and downs, all this talk now is either people who only follow it now or have alzheimer's

 

[ir_cow]

Buy low - Sell high is the name of this game. Even though its a giant ponzi scheme, still easy money to be made with every cycle. Just don't be caught holding the bag at the end. I'm hoping BTC drops to 2017 crash levels again. 3k in, 60k out.

 

[chrisevan]

Long-term bullish, short-term bearish, 4-year cycle of bulls and bears

 

[Chomiq]

So our banks now force users to provide your source of income along with few checkboxes:

I don't make regular profits from crypto assets
I do not represent or cooperate with the government or governmental institution of Iran, Syria, North Korea, the Republic of Cuba, Venezuela, Sudan or South Sudan or the territory of Crimea
Currently, I do not plan to perform one-off cash transactions above the equivalent of PLN 50,000
Currently, I do not plan to carry out one-off foreign transactions above the equivalent of PLN 200,000 to countries other than European Union member states and the United Kingdom

All of this under the "Act on counteracting money laundering and financing of terrorism." So making profits from crypto now falls under "money laundering and financing of terrorism"?

Same for business account owners, one of the questions concerns your business being linked to crypto assets.

 

[the54thvoid]

So our banks now force users to provide your source of income along with few checkboxes:
View attachment 248423

All of this under the "Act on counteracting money laundering and financing of terrorism." So making profits from crypto now falls under "money laundering and financing of terrorism"?

Same for business account owners, one of the questions concerns your business being linked to crypto assets.

Crypto laundering is estimated at $8.6 billion last year, up 30% on the previous year. It's growth in illegal activity is clearly seen as a threat to financial stability.

Source was from BBC via a report from Chainanalysis, IIRC.

Edit: banks can get huge fines for allowing it to happen.

 

[lexluthermiester]

So our banks now force users to provide your source of income along with few checkboxes:
View attachment 248423

All of this under the "Act on counteracting money laundering and financing of terrorism." So making profits from crypto now falls under "money laundering and financing of terrorism"?

Same for business account owners, one of the questions concerns your business being linked to crypto assets.

Had to happen sooner or later..

 

[trog100]

bitcoin is a threat to the establishment.. the BBC is now a propaganda arm of the establishment..

you can now buy energy from russia using rubles gold or bitcoin not dollars or euros.. ..

trog

 

[the54thvoid]

bitcoin is a threat to the establishment.. the BBC is now a propaganda arm of the establishment..

trog

BBC is legally obliged to remain neutral. It recently went to court to push a documentary the Government didn't want it to publish. It's certainly not a propaganda machine, as much as the government is trying to make it so.

If you want to spout propaganda BS, turn your attention to the millionaire and billionaire crypto creators and the wealthy elites who gain the most from it.

 

[lexluthermiester]

BBC is legally obliged to remain neutral. It recently went to court to push a documentary the Government didn't want it to publish. It's certainly not a propaganda machine, as much as the government is trying to make it so.

If you want to spout propaganda BS, turn your attention to the millionaire and billionaire crypto creators and the wealthy elites who gain the most from it.

This. Spot on. BBC is actually one of the few media news outlet that CAN be taken at face value. They are legally and ethically required to remain objective and NOT put spin on news they report.

the BBC is now a propaganda arm of the establishment..

You want to say that about CNN? Ok, there's mountains of evidence to support that, but not the BBC.

However, we're getting off topic. This discussion belongs in the other Cryptocoin thread...

 

[trog100]

BBC is legally obliged to remain neutral. It recently went to court to push a documentary the Government didn't want it to publish. It's certainly not a propaganda machine, as much as the government is trying to make it so.

If you want to spout propaganda BS, turn your attention to the millionaire and billionaire crypto creators and the wealthy elites who gain the most from it.

interesting how americans trust the BBC.. but the bottom line is it spins an establishment narrative.. manipulating public oppinion is the order of the day..

i have no more to say on this issue but its best not to trust any of it..

trog

 

[the54thvoid]

interesting how americans trust the BBC.. but the bottom line is it spins an establishment narrative.. manipulating public oppinion is the order of the day..

i have no more to say on this issue but its best not to trust any of it..

trog

I'm not American, I generally trust the BBC. Regardless, the BBC does not spin an establishment narrative. If you believe that to be so, it demonstrates a tinfoil hat mentality.

And to point out, the BBC only reported, without opinion, an article released by Chainanalysis.

The Blockchain Data Platform - Chainalysis

Chainalysis helps government agencies, cryptocurrency businesses, and financial institutions engage confidently with cryptocurrency.

www.chainalysis.com

Their purpose is to support the adoption of the Blockchain by giving banks, agencies, and security firms, the necessary knowledge to 'trust' the digital market. They're definitely not enemies of crypto.

 

[lexluthermiester]

Their purpose is to support the adoption of the Blockchain by giving banks, agencies, and security firms, the necessary knowledge to 'trust' the digital market. They're definitely not enemies of crypto.

I don't think it's that even. I think they're just reporting information that is relevant to the public interest, showing the facts so people can think for themselves.

 

[dragontamer5788]

The fact remains that North Korean hackers and Russian hackers / criminal groups have been linked to hugely important hacks: hospital ransomware attacks, the ransomware attack in the USA's oil pipeline, etc. etc.

Those criminals could have used any system that worked. Dollars, Euros, Yuan. But no, those criminals are increasingly asking for Bitcoin.

----------

I think a country-specific ban (ie: against North Korea, and now against Russia since there's some other bans going on anyway) makes sense. Don't transfer large sums of money (certainly not things that look like ransomware attacks) and you should be good.

 

[Vario]

If there is a major recession of the overall economy, a scenario similar to 2008, what happens to the cryptocurrency exchanges when crypto investors decide that they need their cryptocurrency cashed out for dollars so they can meet their liquidity needs: such as pay rent, bills, gas, food, etc?

My expectation is that if enough people sell off, value will plummet, there will be a run on the exchanges, the exchanges will be unable to accommodate the trading volume, and the overall crypto system will collapse.

 

[R-T-B]

My expectation is that if enough people sell off, value will plummet

That is how traded value commodities work.

 

[KLiKzg]

So our banks now force users to provide your source of income along with few checkboxes:
View attachment 248423

All of this under the "Act on counteracting money laundering and financing of terrorism." So making profits from crypto now falls under "money laundering and financing of terrorism"?

Same for business account owners, one of the questions concerns your business being linked to crypto assets.

That is why I use those coins to purchase some LEGAL things online...mine it, spend it!

Everything else is just an illusion!

 

[Vario]

That is how traded value commodities work.

Yes, read the rest of the sentence. My point is not the decline in value, my point is the inability of the exchanges to handle the sell off.

 

[Aquinus]

Yes, read the rest of the sentence. My point is not the decline in value, my point is the inability of the exchanges to handle the sell off.

They handle the sell off by allowing the currency to continue to devalue until it's worth nothing. Good riddance if you ask me.

 

[Vario]

They handle the sell off by allowing the currency to continue to devalue until it's worth nothing. Good riddance if you ask me.

Yeah, if I had to guess, the way they would handle a high volume sell off is by not honoring transactions.

 

[Aquinus]

Yeah, if I had to guess, the way they would handle a high volume sell off is by not honoring transactions.

Here, enjoy your fractions of a penny. Kind of like coupons.

 

[R-T-B]

Most legit major exchanges (coinbase comes to mind) use fairly open books and would be able to handle such a run. Of course the crypto wouldn't survive it, but like, duh.

Of course this has nothing to do with the market reality at the moment, so is kind of offtopic. If anything crypto has mildly recovered some since the last crash.

 

[lexluthermiester]

so is kind of offtopic.

Actually it's a lot off-topic.

Folks, take the general discussion of cryptocoin to the following thread;

General Cryptocoin Discussion

As many threads seem to get side-tracked with general discussion about cryptocoin, we need a thread where discussion about the subject that can meander from any one aspect as the users need it too. This is a general discussion about cryptocoin and all topics about this subject are welcome...

www.techpowerup.com

Futher off-topic discussion will be reported and thread-bans will be requested.

 

[trog100]

bitcoin now hovering around 30K.. the trend is slightly up but mostly side ways..

it seems to be closely linked to US stock market prices..

trog