Wow. Bitcoin is almost $1,500

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Glo.

Diamond Member
Apr 25, 2015
5,625
4,359
136
Anyone has any word on Hcash/Hshare coin? What are your opinions? And what are your thoughts on Lisk? Are they viable Cryptocurrencies that I can invest in?
 

Yakk

Golden Member
May 28, 2016
1,574
275
81
It looks like South Korea just joined Russia and China in outlawing Bitcoin:

http://www.bbc.com/news/business-42645081

I can't wait to see how people will try to spin this as a positive development.

That's because they aren't outlawing it, they will instill much stricter reglementation though. This was announced back on Dec. 14th so it isn't really news, but I guess the language barrier is tough for some and the internet echo chamber distorts.

More opportunities for profit, so I certainly won't complain.
 

fleshconsumed

Diamond Member
Feb 21, 2002
6,483
2,352
136
Not a dumb question at all, it's not entirely self-evident just how that works out.

VeChain is currently on the Ethereum network, and as such its native token is an ERC20 token (a token protocol/format on Ethereum). Because of that, any ERC20-compatible wallet can hold such tokens. My only hands-on experience with the concept is when I bought into the Civic (CVC) ICO and, using the native/original ETH desktop wallet, I had to create the token space or however they refer to it, after which I could then deposit the token to my wallet. Once there then you can specify whether you want to send ETH or one of the tokens in your wallet. That whole concept is actually what Ethereum is all about - ETH is just the native token/coin to facilitate the network, but really it's all about the token/subnetwork capability. A vast majority of ICOs have been ERC20 tokens.

VeChain intends to launch their own blockchain in 2018 - where my knowledge stops is figuring out just how the tokens you hold on Ethereum end up usable on VeChain's new chain, but I honestly haven't looked much into that beyond finding out it is an ERC20 token.

So I see everyone recommending MEW to deposit VET. Can I just run local Ethereum client on my local machine and deposit VET into Ethereum wallet on my local machine then?
 

ultimatebob

Lifer
Jul 1, 2001
25,135
2,445
126
That's because they aren't outlawing it, they will instill much stricter reglementation though. This was announced back on Dec. 14th so it isn't really news, but I guess the language barrier is tough for some and the internet echo chamber distorts.

More opportunities for profit, so I certainly won't complain.

The BBC post and related posts like it make it look like they are considering shutting down the exchanges in South Korea. They already raided a few of them.

This kinda makes sense to be, as I bet that a lot of South Koreans are using cryptocurrency to launder money to their relatives up North.

This sounds a bit more serious than "stricter regulation" to me.
 

Yakk

Golden Member
May 28, 2016
1,574
275
81
The BBC post and related posts like it make it look like they are considering shutting down the exchanges in South Korea. They already raided a few of them.

This kinda makes sense to be, as I bet that a lot of South Koreans are using cryptocurrency to launder money to their relatives up North.

This sounds a bit more serious than "stricter regulation" to me.

N.Korea, or anybody or country, can buy any Crypto Currenct anywhere in the world it doesn't really matter.

As an example African Central banks are studying, or probably actively buying, up to 1% of their federal reserves in Bitcoin mostly to help fight inflation which is devastating many countries over there. Store of value is a secondary consideration in their case.
 

newrigel

Junior Member
Sep 1, 2008
18
5
76
Bitcoin is graduating from Enthusiast to the professional markets and has gained the attention of all big brokerage and investment firms.

One of the main reasons why bitcoin value shot up the last couple months is the major firms around the world buying big time to have Bitcoin liquidity in order to do business (ie: Wall Street in the U.S.). Futures are very important for big companies so they can hedge their positions and be fully covered were Bitcoin to drop in value.

Bitcoin is entering the big leagues.

Just NOT the FDIC...
 
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newrigel

Junior Member
Sep 1, 2008
18
5
76
Fairly shocked by this, whether pure malfeasance or possibly naevity (if they 'trusted' people with insider info to not act on it) i'm feeling a little bit like Coinbase might get thrashed as a result of this. Sucks too, are there any other exchanges that far on the up & up, like US location, fully insured, etc?

Sorry got to go back to work to make money ha ha!!!!
 

destrekor

Lifer
Nov 18, 2005
28,799
359
126
The BBC post and related posts like it make it look like they are considering shutting down the exchanges in South Korea. They already raided a few of them.

This kinda makes sense to be, as I bet that a lot of South Koreans are using cryptocurrency to launder money to their relatives up North.

This sounds a bit more serious than "stricter regulation" to me.

From what I understand, it's more like how the IRS went after Coinbase to get them to cough up info so the IRS could find tax cheats. Tax evasion is largely what is being investigated in South Korea - the exchanges aren't actively reporting this info so they get raided mostly just because they don't make it easy for tax collectors to get accurate info. Really they aren't going after the exchanges though, more so the individual users so they can get tax. I don't see S.Korea actively banning cryptos, just regulating so they can continue to collect tax on asset sales.
 

fleshconsumed

Diamond Member
Feb 21, 2002
6,483
2,352
136
Meh... Eventually there will be a great culling where cryptos with real world applications and uses will survive and flourish, and the rest will die. People who invested in failing cryptos will be hit hard, so in that sense yes, it will end up badly for a lot of people. However, those cryptos that survive will thrive. Do note that Buffet refused to take a short position, so while he talks about great demise, he's not willing to bet his own money on it.
 

momeNt

Diamond Member
Jan 26, 2011
9,297
352
126
Meh... Eventually there will be a great culling where cryptos with real world applications and uses will survive and flourish, and the rest will die. People who invested in failing cryptos will be hit hard, so in that sense yes, it will end up badly for a lot of people. However, those cryptos that survive will thrive. Do note that Buffet refused to take a short position, so while he talks about great demise, he's not willing to bet his own money on it.

Probably because he knows how much dry powder is on the sidelines right now and truly has no idea which way it will go.
 

Charmonium

Diamond Member
May 15, 2015
8,639
2,237
136
Meh... Eventually there will be a great culling where cryptos with real world applications and uses will survive and flourish, and the rest will die. People who invested in failing cryptos will be hit hard, so in that sense yes, it will end up badly for a lot of people. However, those cryptos that survive will thrive. Do note that Buffet refused to take a short position, so while he talks about great demise, he's not willing to bet his own money on it.
To the extent that's true, I think you're right. My problem is that I don't see what the use case is for most of the cryptos I hear about. In order to have economic value something has to have a use. Whether it's for trading, as a token in some application, funds transfer, whatever, there has to be a function that the coin serves - some good or service that it provides or enables. I don't see the use case for very many cryptos.
 

destrekor

Lifer
Nov 18, 2005
28,799
359
126
Are you running official Ethereum client to store your VET, or do you run local copy of MEW? Does it matter?

Oh I should clarify that I haven't got any VET, and for active trading I haven't been making use of much getting stored in local wallets.

Last time I held any ERC20 tokens in a personal wallet, I had used the official Ethereum wallet on my desktop.
 

destrekor

Lifer
Nov 18, 2005
28,799
359
126
To the extent that's true, I think you're right. My problem is that I don't see what the use case is for most of the cryptos I hear about. In order to have economic value something has to have a use. Whether it's for trading, as a token in some application, funds transfer, whatever, there has to be a function that the coin serves - some good or service that it provides or enables. I don't see the use case for very many cryptos.

Hmm? Many cryptos actually do have use. Now, there are many out there that are specific to one use, and I suspect many of these will fail to truly catch on. I say that because projects like Ethereum and NEM can be made to achieve a lot of functionality, whether natively, through dapps, or through side-chains.
 

Charmonium

Diamond Member
May 15, 2015
8,639
2,237
136
I don't know anything about NEM but isn't ethereum mainly a system for smart contracts?
 

VirtualLarry

No Lifer
Aug 25, 2001
56,187
9,962
126
Yeah, I contemplated (for like only a second) about buying another RX 580 on some sort of credit. Not gonna happen. Already stretched myself somewhat thin this month, by buying a new GPU for another box.
So, I'm in for like roughly $1000 invested in GPUs for now, hopefully I can make that back in the next few months.
 

FelixDeCat

Lifer
Aug 4, 2000
29,044
1,988
126
People invest in cryptos by money from stocks or mutual funds, credit card debt or taken out home equity loans on their house. Talk about playing with fire.

https://www.cnbc.com/2018/01/11/taking-on-debt-to-buy-bitcoin-is-a-bad-idea.html

I have air for sale!! Buy your free bottles of air!! Free shipping on orders over $1,000!! No crypto payments accepted.

You will receive an "empty" bottle full of air, or if you prefer air wrapped in plastic...good for shipping!