General cryptocurrency market discussion

[noirua]

Austrac seems to be getting itself wedged, between making the Banks responsible for money laundering compliance and wreaking havoc in peoples lives.
The Banks receive massive fines for not detecting money laundering, but are told to tread carefully when trying to avoid it, well that's what it looks like.
Well it looks like that, but it sounds like another Government dept wading around in water too deep for them.?

‘Devastating impact’: Austrac warns banks against ditching crypto dealers

The anti-money laundering regulator believes the mass debanking of cryptocurrency traders will lead to more criminal activity, not less.

www.theage.com.au

From the article:
The anti-money laundering regulator is warning banks against large-scale ‘debanking’ of customers for dealing in cryptocurrencies and remittance services, saying it expects deposit takers to have systems in place to differentiate good operators from bad ones.

Austrac issued the stern warning against debanking - where a bank stops dealing with a customer - amid concerns from operators in the cryptocurrency sector that they had been exiled from the Australian banking system because they ran businesses dealing in the blockchain-based currencies.

The regulator said the debanking of account holders can have a “devastating impact” on individuals and small businesses.
“The effect of debanking of legitimate and lawful financial services businesses can increase the risks of money laundering and terrorism financing and negatively impacts Australia’s economy,” Austrac said in its statement.

“For this reason, Austrac continues to discourage the indiscriminate and widespread closure of accounts across entire financial services sectors.”
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A Senate inquiry into Australia becoming a financial services hub recently heard evidencefrom small businesses specialising in trading cryptocurrency on the impacts of debanking – a now industry-wide practice.

The banks have in recent months defended their decisions to close accounts, saying they do so to ensure they are adhering to anti-money laundering and counter-terrorism financing laws.

Austrac brushed off that defence from the banks, saying it had higher expectations the banks would not deem a customer high risk because of the sector they worked in.

“Although the decision to close an account may remain a necessary risk control, Austrac considers with appropriate systems and processes in place, banks should be able to manage high-risk customers, including those operating remittance services, digital currency exchanges, not-for-profit organisations (NPO) and financial technology (FinTech) businesses,” the regulator said.

“Austrac expects banks and all regulated businesses to adopt a case-by-case approach to managing ML/TF (money laundering/terrorism financing) risks. This expectation extends to the importance in continuing to assess the particular risks relating to their business customers in line with the risk-based approach.”?


Now that sounds like a " we have a problem, you solve it", sort of explanation. The funny part is Austrac will fine them billions if they find that it was used for money laundering.

It's a shame AUSTRAC aren't listed on the asx, you could put me down for some of their shares.?

Best crypto friendly banks Australia 2024

Australia is in a complex situation in terms of its banking institutions' perspectives on cryptocurrency. Some Australian banks welcome crypto investors

nowpayments.io

While the majority of Australian banks decide to stay away from dealing with cryptocurrencies, Australian merchants can begin accepting digital assets as payment without their assistance. NOW Payments has designed several tools for accepting cryptocurrencies that businesses can utilize to deploy their crypto payments gateway.

Research shows that Australian banks are not eager to embrace cryptocurrencies. Basically, it is hardly possible to even compile a list of banks that accept Bitcoin in Australia because there are no such Banks. Some of the institutions openly consider digital assets unstable, while others block their clients from buying crypto. Nevertheless, the example of Volt gives the Australian crypto community hope that soon the trend towards mass adoption will prevail in the country, letting millions of crypto investors in Australia manage their crypto using traditional banks’ accounts.

 

[over9k]

Bitcoin sentiment in 'wild' divergence from reality as $53K BTC triggers 'extreme fear'

Bitcoin investors ignore the $55,000 BTC price tag as market sentiment dives to "extreme fear."

cointelegraph.com

All markets seemed to have dropped on the new South African coronavirus variant 'Omicron' that it seems is capable of forming more variants and the recent Covid-19 vaccinations may no longer be fully affective. Cryptos fell badly, gold shares in Canada and USA mainly fell again - a few resisted like DRD Gold NYSE: DRD which is however down from $17.71 to just over $9.00 and shares like this on high yields may be wanted. Other shares fell away with microcaps very weak in Canada, Europe, USA and UK.

Where to now for Bitcoin and Gold/ Silver and shares in general? Will Fiat currencies revive or will the likes of Bitcoin and Ethereum rebound? My own view is the same really that people buy the US dollar when fear sets in. As to fixed interest holdings in a higher inflationary environment they may seem poor value unless economies go into recession and the present boom reverses.

Nah peter you're off the mark here.

Cryptocurrencies are correlated with inflation:

View attachment 133450


Lockdowns etc = economic armageddon = deflationary environment, hence bond yields dumping along with crypto.


Meanwhile:

View attachment 133451
View attachment 133452

As you can see, gold's been an absolutely nothing investment, not correlated to a damn thing. The only time you'll ever see gold run is when the USD takes a pounding like in the GFC, and even then, the USD was STILL the flight to safety vs other fiat currencies, gold was just even better.

The only time you'll ever make bank with gold is with a total anomaly. It's a nothing play.


Fact is the gold bugs nailed their supermodel in the GFC. They've just been deluding themselves into thinking there will be a round two ever since.

 

[basilio]

The Meta Verse is in full swing. Property prices are BOOMING. Get in quick.

Welcome to Decentraland, the metaverse world with its own crypto where 'land' is worth millions​

Image from Decentraland, the first fully decentralised virtual social world where land is selling for millions. - Copyright Decentraland

By Aisling Ní Chúláin • Updated: 29/11/2021

If you thought the metaverse was conjured into existence when Mark Zuckerberg announced that Meta was building the “next version of the Internet,” then it may surprise you to learn the metaverse is already an existing, thriving ecosystem - complete with a booming property market.

In recent days, a plot of "land" sold for €2.1 million in the online social world Decentraland, obliterating its own previous record sale of €810,000 in June.

In Decentraland, users from the physical world can enter, create avatars, buy property, purchase wearables on the marketplace and attend events.

Inside Decentraland, a metaverse world where 'land' sells for millions

There is growing interest in virtual social platforms like Decentraland which bills itself as the first fully-decentralised virtual social world in the metaverse.

www.euronews.com

 

[over9k]

In other words, it's a new way to clean dirty money.

 

[basilio]

I'm interested to learn/understand a bit more about the Crypto currency market. So if relevant posters are willing to share their experience just a few questions for Crypto currency traders and perhaps it would be useful intelligence for everyone. Obviously no one has to answer any/all of the queries .

1) Have you ever taken a crypto profit and exited completely ie gone to cash with the proceeds ?
2) In what circumstances would you expect to cash out some/most/all of your crypto stakes for cash ?
3) Have you ever had problems trying to sell stakes for cash ? Does the market work effectively in that context ?
4) Have you directly experienced or seen examples of fraud, misrepresentation, shonky dealings in the crypto market ? How have you dealt with the issues ?
5) Have you directly experienced or seen colleagues who have been badly burnt trading in this market?

Cheers
Bas
..........................................................................................
Happy to have these questions copied and re submitted by other posters.

 

[basilio]

Jack Dorsey multi billionare CEO is focusing his money and interest on crypto currency.
Intriguing story on how belief can create reality.

Jack Dorsey’s ditched Twitter for bitcoin. Has the social media bubble burst? | Richard Seymour

With major platforms struggling to make a profit, Dorsey is following the money. Cryptocurrency may be about to go mainstream, says author Richard Seymour

www.theguardian.com

 

[over9k]

I'm interested to learn/understand a bit more about the Crypto currency market. So if relevant posters are willing to share their experience just a few questions for Crypto currency traders and perhaps it would be useful intelligence for everyone. Obviously no one has to answer any/all of the queries .

1) Have you ever taken a crypto profit and exited completely ie gone to cash with the proceeds ?
2) In what circumstances would you expect to cash out some/most/all of your crypto stakes for cash ?
3) Have you ever had problems trying to sell stakes for cash ? Does the market work effectively in that context ?
4) Have you directly experienced or seen examples of fraud, misrepresentation, shonky dealings in the crypto market ? How have you dealt with the issues ?
5) Have you directly experienced or seen colleagues who have been badly burnt trading in this market?

Cheers
Bas
..........................................................................................
Happy to have these questions copied and re submitted by other posters.

False I.D. Here's your real story of crypto the last couple weeks:



Which then means the way they must be connected is:



If you're smart (and I think you are), you should be able to answer all of your questions yourself now.


I've never had a glitched/bad transaction that the exchange I use (swyftx) has not been 100% helpful with and found and/or refunded completely for me. Out of the hundreds of transactions I've made, only two have ever failed to deliver and one of them was to an old wallet that they managed to find and transfer to my new wallet anyway.

 

[basilio]

View attachment 133865

False I.D. Here's your real story of crypto the last couple weeks:

View attachment 133866

Which then means the way they must be connected is:

View attachment 133867

If you're smart (and I think you are), you should be able to answer all of your questions yourself now.


I've never had a glitched/bad transaction that the exchange I use (swyftx) has not been 100% helpful with and found and/or refunded completely for me. Out of the hundreds of transactions I've made, only two have ever failed to deliver and one of them was to an old wallet that they managed to find and transfer to my new wallet anyway.

I'm smart enough not to take "answers" for granted.

I get that you seem to be making (almost) every trade a winner with Crypto. Good on you. Perhaps other punters have different perspectives.

A couple of things I'm confident of though :
1) With rapidly rising crypto markets many people are making out like bandits
2) There is still no real underlying reality in crypto currency. It floats on promotion, faith and confidence that tomorrow will bring new converts to the table.

 

[over9k]

I'm smart enough not to take "answers" for granted.

I get that you seem to be making (almost) every trade a winner with Crypto. Good on you. Perhaps other punters have different perspectives.

A couple of things I'm confident of though :
1) With rapidly rising crypto markets many people are making out like bandits
2) There is still no real underlying reality in crypto currency. It floats on promotion, faith and confidence that tomorrow will bring new converts to the table.

There's an awful lot of salt out there.

And by that I mean, a lot of people in denial. It's like the "housing has to come down sometime" crowd not wanting to accept that they've missed a boat.

I know bitcoin et al aren't housing, but their respective saltmines are both there for the exact same reason.

 

[basilio]

I know bitcoin et al aren't housing, but their respective saltmines are both there for the exact same reason.

Come off it over9k !! I can certainly see people disappointed they didn't get into crypto earlier and maybe now sitting on a bundle. And yes housing is also,IMV , over priced. But the critical difference is the reality and utility of housing vs crypto currency.

I also noted in the other crypto thread that scams only continue while people believe in them and continue to pump money in. The same observation can be made about stockmarkets and property of course. While enough people are pushing crypto currency it will stay afloat.

Nonetheless I am interested in the practical experiences of people currently playing in this market. Hence my questions.

 

[over9k]

Come off it over9k !! I can certainly see people disappointed they didn't get into crypto earlier and maybe now sitting on a bundle. And yes housing is also,IMV , over priced. But the critical difference is the reality and utility of housing vs crypto currency.

I also noted in the other crypto thread that scams only continue while people believe in them and continue to pump money in. The same observation can be made about stockmarkets and property of course. While enough people are pushing crypto currency it will stay afloat.

Nonetheless I am interested in the practical experiences of people currently playing in this market. Hence my questions.

But this is a "bitcoin and cryptocurrency trading thread", not a "bitcoin and cryptocurrency utility thread"?

 

[moXJO]

I'm interested to learn/understand a bit more about the Crypto currency market. So if relevant posters are willing to share their experience just a few questions for Crypto currency traders and perhaps it would be useful intelligence for everyone. Obviously no one has to answer any/all of the queries .

1) Have you ever taken a crypto profit and exited completely ie gone to cash with the proceeds ?
2) In what circumstances would you expect to cash out some/most/all of your crypto stakes for cash ?
3) Have you ever had problems trying to sell stakes for cash ? Does the market work effectively in that context ?
4) Have you directly experienced or seen examples of fraud, misrepresentation, shonky dealings in the crypto market ? How have you dealt with the issues ?
5) Have you directly experienced or seen colleagues who have been badly burnt trading in this market?

Cheers
Bas
..........................................................................................
Happy to have these questions copied and re submitted by other posters.

1.Yes exit large positions frequently. Sometimes however I will exit into eth on occasion or flip it into the next trade. Never had a problem

2. I generally go to cash, or a stable coin when the market gets topsy. Other times I just ride the dips or add more. So far majority of tops are taken out over short time frames. I wait on key news to dump generally ie. Regulation, tether, nft, major hacks et . But even that news can be tainted.

3.Gas fees can get prohibitively expensive. Nft market is basically a popularity contest to get most eyes. When you realise you are basically trading ponzi schemes to find the early returns it's easier to trade.

4. Fraud is constant. Anyone that's in the guts of crypto of nft sees nothing but fraud. Watched it, traded obvious frauds, been rug pulled. It's part of the landscape. Huge amount of coins are rug pulls. You can generally tell by how the coins are initially setup. If they allow devs to lock liquidity and sell etc. There's ways to protect yourself. Community is the best and worst thing about crypto.

5. Seen plenty of burns. People get slaughtered from all the various scams. Most that trade on the risky platforms know the deal. Know guys that have lost millions.

 

[grah33]

But this is a "bitcoin and cryptocurrency trading thread", not a "bitcoin and cryptocurrency utility thread"?

how come bitcoin is going down?
Might be a good time to buy ...

Musk thinks it's not good for transactions, but more of a store of value. u think he has a point to make?

 

[over9k]

how come bitcoin is going down?
Might be a good time to buy ...

Musk thinks it's not good for transactions, but more of a store of value. u think he has a point to make?

Inflation expectations (interest rates).



Musk has outright manipulated the bitcoin market, I wouldn't be taking anything he says at face value.

 

[wayneL]

Inflation expectations (interest rates).

View attachment 134340

Musk has outright manipulated the bitcoin market, I wouldn't be taking anything he says at face value.

Musk is like the Oracle of Crypto.

But unlike Buffet, who is as solid as, Musk seems to enjoy the puppeteering of the masses. Interesting to watch though, I'll have this sh¹t about figured out just as I'm about ready to give up my ghost LOL.

 

[Knobby22]

From the creator of dogecoin.

 

[Knobby22]

From the creator of dogecoin.

He makes a very cogent argument.

Just to add evidence to his argument, Trumpcoin exists. Anyone stupid enough to fall for this deserves to lose.

 

[noirua]

Video: Worldcoin in Argentina: Users scan their eyes in return for cryptocurrency​

ByLiveTube Newsdesk
July 22, 2024

https://www.livetube.tv/news/video-worldcoin-in-argentina-users-scan-their-eyes-in-return-for-cryptocurrency?&ad=dirN&prod=HP&cmpgn=oct21&annot=false&sameTabLaunch=false&o=APN12425&installSource=client&browser=Edge&darkMode=true&lang=en_gb&ueid=C5942875-C20B-493E-ABA9-516354285711&doi=2022-02-08

This was started early this year in Argentina and if extended to everyone, say, in Australia, it would be easier to eventually keep tabs on the whole population. Instead, for instance, police asking where were you last Sunday they could scan your eyes. It would be just like 'Big Brother' and lead to a better-controlled society for everyone.