Web 3.0 (Ethereum) is happening, and most people have no idea what it even is.

[Coalission]

Interesting that at the WH Press Conference today a reporter asked about Cryptocurrency and if Trump was aware of it.

The Press Sec said he was and he was monitoring it along with Homeland Security.

Homeland Security?

Interesting.

They've been looking into it, investing in it, and working with it for a while. The USCIS (Citizenship and Immigration Services) has also considered accepting Bitcoin for payments.

Snapshot: Blockchain Technology Explored for Homeland Security

US Government Awards $2.25 Million to Blockchain Research Projects - CoinDesk

I'm sure the news outlets will make it into something bigger though. "The government is spying on us, it's getting ready to ban crypto, and we'll go to jail if we buy it!" type of thing.

 

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[Jake]

They've been looking into it, investing in it, and working with it for a while. The USCIS (Citizenship and Immigration Services) has also considered accepting Bitcoin for payments.

Snapshot: Blockchain Technology Explored for Homeland Security

US Government Awards $2.25 Million to Blockchain Research Projects - CoinDesk

I'm sure the news outlets will make it into something bigger though. "The government is spying on us, it's getting ready to ban crypto, and we'll go to jail if we buy it!" type of thing.

It should be used for voting http://www.europarl.europa.eu/RegData/etudes/ATAG/2016/581918/EPRS_ATA(2016)581918_EN.pdf <-pdf

 

[Dots]

so CME has decided they will allow trading Bitcoin futures on their exchange. Question to traders : Any ideas how willp this influence the bitcoin ?

 

[MarekvBeek]

so CME has decided they will allow trading Bitcoin futures on their exchange. Question to traders : Any ideas how willp this influence the bitcoin ?

My opinion is that it will not help with the future of bitcoin at all. See Change of Sentiment Coming For Bitcoin as Bankers Continue Their FUD

I'm a trader, so I love volatility. I believe it will suppress the volatility.

 

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[lnBetween]

so CME has decided they will allow trading Bitcoin futures on their exchange. Question to traders : Any ideas how willp this influence the bitcoin ?

Some people think it will help, some others thing it will hurt. Some people think it will add to the price velocity and others think it will reduce velocity. So nobody really knows..

One thing for sure is that Google Trends shows that Worldwide searches for "Bitcoin" are skyrocketing so there's definitely a huge spike of interest. That can't be bad.

 

[luniac]

CRYCASH | Home

thoughts?

 

[B. Cole]

CRYCASH | Home

thoughts?

Deleted original post, didn’t understand the page before I opened my mouth.

Looks cool, hope the economics work and the demand is there.

 

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[luniac]

The landing page isn’t very descriptive - Forgive my ignorance. What exactly does crycash do? Is it a bank to pay for online gaming with crypto?

not sure but they do have a whitepaper link on top with a very in depth description

 

[B. Cole]

not sure but they do have a whitepaper link on top with a very in depth description

Yeah I think I didn’t see it all. I thought the top page was it. My bad-

 

[amp0193]

Anyway, those are my basic thoughts. I own some IOTA, but not a ton. More of a fear of missing out should it go to a $50B market cap one day, like BTC and ETH...

Have your thoughts on IOTA changed at all in the last 4 months?

 

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[loop101]

Saw this graphic on Reddit and thought of this thread.

 

[MJ DeMarco]

Saw this graphic on Reddit and thought of this thread.

But there is a difference, those entities CONTROL their content, offerings, etc.

So if you create CONTENT Facebook doesn't like, Facebook will censor it and kill your account.

If you send Bitcoin to another party, there is no 3rd party authoritarian who can say, "Hey, we don't like this transaction! Didn't your recipient speak ill-feelings about Bernie Sanders two years ago? No deal!"

 

[Joe Cassandra]

I bought a bunch of IOTA at $.52 a couple weeks back, expecting it to get listed on a couple big Korean exchanges. Turns out I was right, and got in at the absolute perfect time before the big jump. Unfortunately, I underestimated the traction it would get and I sold at around $1.30, thinking I was a genius...

While I'm not going to complain about my 150% return in three days, I'm obviously a little bit sad that I didn't hold on for a week longer...

True that. I was watching it at $0.70, was sitting in Bitcoin waiting to exchange for IOTA, but BTC kept climbing and I heard rumblings about news coming for IOTA in January or late Dec, so I sat on my hands.

Jumped 450% early Dec..freaking A!..

IOTA's gonna be bigly based on my many notes of it. But, who knows anymore

I bit the bullet and bought at $3.30. Betting it'll be at $10-$15 by 12/31/2018.

 

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[Ricardo's]

But I read an interesting article on Ethereum today, in french though and I am wondering about the language behind Ethereum: Solidity.
Instead of thinking about the crypto as a trading, could it be Fastlane to learn the language and develop applications in that network? The guy gives, in his articles some examples that are interesting and being an early adopter can give power, no?

This is what we should be talking about!

 

[B. Cole]

But there is a difference, those entities CONTROL their content, offerings, etc.

So if you create CONTENT Facebook doesn't like, Facebook will censor it and kill your account.

If you send Bitcoin to another party, there is no 3rd party authoritarian who can say, "Hey, we don't like this transaction! Didn't your recipient speak ill-feelings about Bernie Sanders two years ago? No deal!"

Seems the only control piece would be Govt. regulation. Mcafee running around saying "part of bitcoin's value is that it devalues the USD and other currencies as people start to use it" will shortly have people freaking, thinking that their domestic currency will eventually be of no value. I'm imagining that will bring on heavy regulation. Nations will embrace the technology, but probably won't let crypto itself render their currency useless. This is a crazy time indeed, who knows what the hell.

 

[Patrick R]

Curious as to thoughts on Bitshares. I like the decentralized aspect of them, as well as the lack of mining. Anyone in on these?

 

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[MJ DeMarco]

With the ETH run up, I was looking to sell a few. I login to CoinBase and it says, Buys/Sells offline.

I'm gonna guess when I try to pull actually money out of the account, they'll claim the same thing, not to mention the limits imposed.

I'm gonna bet that actually turning your cryptos into hard cash, into your bank account and then to your fingertips is gonna be like splitting an atom.

 

[BradD]

With the ETH run up, I was looking to sell a few. I login to CoinBase and it says, Buys/Sells offline.

I'm gonna guess when I try to pull actually money out of the account, they'll claim the same thing, not to mention the limits imposed.

I'm gonna bet that actually turning your cryptos into hard cash, into your bank account and then to your fingertips is gonna be like splitting an atom.

My experience as a Canadian (and take with a large grain of salt as I'm sure I didn't research enough..)-

Bought some LTC on Coinbase- after this ridiculous run-up, decided I'd take the ~300% gains in the last week- go to sell and turns out not an option for Canadians. Ok.. Research a Canadian exchange and find Coinsquare (these names are very clever)- transfer coins there and they had ~ a 40 pt spread (to the downside ~424 vs 464). So, took my first hit on that transfer.

Step 2- needed to convert to CAD so that I could withdraw- boom, another ~6% fees taken.

Step 3- another EFT charge of 1% to my acct.

I'll be thankful if/when it finally hits the account... but what an unintuitive mess.. Blame should likely go to a) my Canadian heritage and b) more likely my ignorance of cheaper/faster options for withdrawal.

Think I need a drink..

 

[MJ DeMarco]

At this point, all this is, is a digital number on a screen. It means nothing until that pixelized number on a screen is transferred into a hard asset.

 

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[GlobalWealth]

At this point, all this is, is a digital number on a screen. It means nothing until that pixelized number on a screen is transferred into a hard asset.

You can same the same thing about any fiat currency.

There is about $14T USD in circulation - ~90% is digital.

I could also say the same thing about stocks, bonds, futures or options contracts.

They are nothing more than numbers on a screen.

Until you use it to buy physical stuff, it's all intangible.

Sent from my VTR-L29 using Tapatalk

 

[MJ DeMarco]

You can same the same thing about any fiat currency.

Sure, but that isn't the issue. The issue is liquidity for the purpose of conversion into something tangible.

Fiat has no liquidity issues. I can transfer that fiat "number on a screen" into a hard asset very quickly. I can't even get $500 bucks out of crypto without having to jump thru a bunch of hoops, withdrawal limits, blah blah.

A number on a screen that cannot be converted easily, poor liquidity, is ripe to just stay a number on a screen.

Obviously as an entrepreneur, you can see why there is opporunity in this realm, not just for investment/currency purposes, but for improving liquidity and access. Right now, it's easier to call the IRS and get help.

 

[throttleforward]

With the ETH run up, I was looking to sell a few. I login to CoinBase and it says, Buys/Sells offline.

I'm gonna guess when I try to pull actually money out of the account, they'll claim the same thing, not to mention the limits imposed.

I'm gonna bet that actually turning your cryptos into hard cash, into your bank account and then to your fingertips is gonna be like splitting an atom.

Speaking of selling shovels during the gold rush - this sort of failure is exactly what members of Congress get really excited about regulating. Contrary to popular believe, there is something crypto supports can do about it before it's too forgone.

The process as it stands today goes:
- constituents call, complain that some company is stealing their "money" and that Congress should do something about it
- big banks/other industry stakeholders say to congressman "here is some legislation we wrote for you...you may not be able to shut down Bitcoin, but if you introduce this bill you could stop those evil Coinbases of the world! Oh, and here is a nice fat check for your reelection PAC...no linkage whatsoever."
- congressmen take advantage of fervor and confusion around crypto, passes legislation, accept more PAC money, everyone complains about government overreach ruining crypto

However, there is a nascent opportunity (in my opinion) to start fighting money with money...a crypto PAC / lobbying effort could be a bullwark against some of these pieces of regulation/legislation. It won't be perfect, but it's better than doing nothing, and in my day job I've seen how "special interests" can do combat with one another and cancel each other out on the Hill.

There is a blockchain caucus on the Hill, and there is some lobbying going on, but there is still a window for an organization to represent the interests of crypto holders (who now more than ever have cash and a vested interested in ensuring that the status quo remains relatively the same).

Some links:
Cryptocurrency Tax Fairness Act of 2017
Creating tax parity for cryptocurrencies - U.S. Representative Jared Polis
Analysis of the Act
K&L Gates Discusses Tax-Free Cryptocurrency Transactions and Reporting Rules
OMB Director former founder of Blockchain Caucus
Trump Picks Cryptocurrency and Blockchain Advocate as Budget Chief | Finance Magnates

 

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[steelandchrome]

Do you have an account on GDAX (sister company to Coinbase)? You should be able to sell your BTC or ETH there, and then transfer the $$$ to coinbase. You'll probably need to pull it out over several days if it's more than $10K, but you can certainly lock it into hard $$$ immediately.

And coinbase will up you to $50k withdraw if you link your account with linkedin page. I did that easy

Sent from my SM-G935V using Tapatalk

 

[Ginto]

Yeah, crypto is actually really liquid with coinbase/gdax combination. They do get overwhelming traffic at times like these when Litecoin decides to run 100%-200% and everyone and their mothers want to log in and get some..

 

[biggeemac]

All this talk of decentralizing, and we can't even decentralize the exchanges.

 

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[GlobalWealth]

Sure, but that isn't the issue. The issue is liquidity for the purpose of conversion into something tangible.

Fiat has no liquidity issues. I can transfer that fiat "number on a screen" into a hard asset very quickly. I can't even get $500 bucks out of crypto without having to jump thru a bunch of hoops, withdrawal limits, blah blah.

A number on a screen that cannot be converted easily, poor liquidity, is ripe to just stay a number on a screen.

Obviously as an entrepreneur, you can see why there is opporunity in this realm, not just for investment/currency purposes, but for improving liquidity and access. Right now, it's easier to call the IRS and get help.

I've had no issues with liquidity. But I won't touch coinbase.

And the barrier to entry is exactly why crypto is still not a bubble.

When my aunt mortgages her house to buy bitcoin, then it's a bubble.

But I like the barriers now.

Sent from my VTR-L29 using Tapatalk

 

[Nigel B]

With the ETH run up, I was looking to sell a few. I login to CoinBase and it says, Buys/Sells offline.

Funny I've not read this thread in a while. I'd swear MJ said something like "I won't make any money on this thing, but I won't lose any either" at some point early on, just can't find it right now.
As for liquidity - certainly a problem right now with a creaky infrastructure of money-lenders and money-launderers. I read Coinbase added 1M new accounts in the last 3 months - to be fair they cannot have predicted such a rapid expansion based on the 3 year run up from MT GOX.

 

[Jake]

AML / KYC / Patriot act etc make coinbase a difficult business to run..couple that with explosive growth and it's a recipe for difficult times if they're going to avoid being shutdown over a mistake.

If you don't mind a premium and want near instant cash in your account you can go p2p with www.localbitcoins.com

 

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[NewManRising]

I'm still waiting for my cash to transfer from my bank account to the wallet on coinbase.

 

[NewManRising]

Question: If I bought one ethereum but the price goes up before the transaction is competed iis this locked in? In other words, if I paid $600 for one ethereum but it is pending and within a few days the price jumps a few hundred am I still locked in for the one ethereum at that original price?