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    [Daily Discussion] Sunday, December 03, 2017 Bitcoin Markets

    [Daily Discussion] Sunday, December 03, 2017 Bitcoin Markets


    [Daily Discussion] Sunday, December 03, 2017

    Posted: 02 Dec 2017 08:05 PM PST

    Thread topics include, but are not limited to:

    • General discussion related to the day's events
    • Technical analysis, trading ideas & strategies
    • Quick questions that do not warrant a separate post

    Thread guidelines:

    • Be excellent to each other.
    • Do not make posts outside of the daily thread for the topics mentioned above.

    Other ways to interact:

    submitted by /u/AutoModerator
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    What do you estimate will happen first, 20K, or 5K?

    Posted: 03 Dec 2017 01:09 AM PST

    Some say this isn't a bubble this time, but I find it hard to accept there could be such potential gains without realizations.

    submitted by /u/unitedstatian
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    Best wallet supporting all incoming forked coins?

    Posted: 03 Dec 2017 12:09 AM PST

    I lost out on BTG and Bitcoin Diamond and would like to partake in the forked upcoming baby bitcoin during the next months. However, I am not sure if there is any difference between the level of support for forked coins between Trezor and Nano Ledger S.

    If anybody could share his experience it would be much appreciated!

    Note: I freely admit to being a greedy profit seeking sob, rather than a pure believer in the One Coin that rules them all. (Light humor intended)

    submitted by /u/macropelias
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    I want to invest in the top cryptocurrencies today. What is the best exchange?

    Posted: 03 Dec 2017 07:23 AM PST

    I'm on coinbase right now but I want to be able to invest in:

    • BTC
    • ETH
    • LTC
    • XMR
    • BTH
    • DASH

    And more.

    submitted by /u/HILLARY_IS_A_NEOCON
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    How is priced discovered for Bitcoin and other Cryptos?

    Posted: 03 Dec 2017 09:19 AM PST

    Hi there. I'm not a trader at all, but was curious. Is it trading that actually creates the price of crypto currency? Or are there other factors that actually drive the value?

    submitted by /u/lacohido
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    Coinbase now has a new President and COO, Asiff Hirji

    Posted: 02 Dec 2017 03:10 PM PST

    Announcement here on Medium

    submitted by /u/ILikeGreenit
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    GDAX market watch

    Posted: 03 Dec 2017 08:38 AM PST

    GDAX is getting walled up at 11799. Definately infuriating.

    submitted by /u/Dsk711
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    Which sources do you use to check if there are any major events coming that might drop the price of BTC?

    Posted: 03 Dec 2017 10:20 AM PST

    There are many news and discussion sources you can read to forecast if any major negativedevelopment is on the way (regulatory, country bans, forks, new coins, bank or tax restrictions etc.) which would strongly drop the price of BTC. Which portals, news, forums etc. are you using to make judgment if BTC will rise or fall to decide will you buy, sell or hodl?

    submitted by /u/vinko511
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    $100 trillion global market cap. What does this mean for Bitcoin's future?

    Posted: 03 Dec 2017 09:47 AM PST

    Apparently we've hit 100 trillion global market cap with worries about another downturn. Would a global downturn be bullish or bearish for Bitcoin?

    http://www.businessinsider.com/global-market-cap-is-about-to-hit-100-trillion-2017-12

    submitted by /u/lacohido
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    CEX.io $10000 still not in my account

    Posted: 03 Dec 2017 09:06 AM PST

    Hey everybody,

    I'm from Turkey and have been trading in local exchanges for awhile. I wanted to extend to international markets and know that cex.io was used from several people I know, whom mostly purchased with credit card. I didn't want to pay 3.5% commission (plus I knew the bank would rip me off while converting USD to TRY), thus I made a bank transfer. I should note, I verified my account just after signing up.

    So the calender worked like this: - 2017-11-27 17:07:40 : I created a deposit request of $10000. - 2017-11-28 09:02 : My bank sent me the receipt of the transfer noting it would get maximum of 1 work day. - 2017-11-29 09:51:48 : Cex.io changed my deposit request to $9960, which is most likely due to fee cut off from the Polish bank.

    They said I needed to verify again that payment was done by me, I sent them legal documents that prove my address, taken from Ministry of Internal Affairs. Still automated replies.

    On 2017-12-2 @ around 8pm I reached out to them on from my personal Twitter account, which I actively use since July 2009. I even sent them the receipt that I mentioned before which shows my name and address in it just to prove that was me who deposited.

    Someone with a name from cex.io replied to my request via mail, he then told he updated my request and there is no response for the last 24 hours.

    Should I freak out or think that's happening because today is sunday. Is there any other recommendations for me to follow now? Since I sent the money out, Bitcoin almost put %25 on it and I feel like this situation arises from this value increase and the exchange is using my money for their liquidization problems.

    submitted by /u/mrcnylmz
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    Signing up for exchanges that offer leverage trading (Bitmex, Okex) from the US?

    Posted: 03 Dec 2017 08:11 AM PST

    I follow some traders on twitter and they all trade high leverage on these exchanges. I looked into setting up an account but they don't serve the US.

    I looked into setting up an account with a VPN but they require a phone number, and, seeing as I do not have an international number cant sign up. Also, is there any concerns or complications with transferring money in and out of the exchange as a US resident? Or does that not matter seeing as it will only be coins from one wallet to another.

    Any advice on how to go about this would be appreciated. Thanks.

    submitted by /u/Vintav
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    $1,000 for Bitcoin buy now or wait?

    Posted: 03 Dec 2017 07:39 AM PST

    So with Bitcoin hitting 11k and staying around that price, should I buy BTC right now or will it go back down to the 9-10k range? I'm looking to buy 1k worth and would rather buy when it's lower, but would like some advice because I don't want to wait and have it go above 11k.

    submitted by /u/Lukeholme12
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    "bad boy of pr" vs. bitfinex'd *grabs popcorn*

    Posted: 02 Dec 2017 01:49 PM PST

    this is the guy bitinex just hired, Ronn Torossian: https://www.bloomberg.com/news/articles/2007-11-11/the-bad-boy-of-buzz-and-his-pr-problem

    It's been my opinion for a while that "bitfinex'd" is part of a guerrilla pr campaign targeting bitfinex, likely from a rival exchange. (Note: I don't trade at bitfinex, know anyone involved in this, or otherwise have any axe to grind, but I do arbitrage and closely follow tether info). This is speculative - it's certainly possible it's just a disgruntled guy somewhere with a lot of spare time. But I worked as a reporter a while back and that's my instinct based on a few things including, 1) the effort required to produce the amount of detailed content involved, 2) how relentlessly intellectually dishonest it is, but in clever and tricky ways.

    To me, the most interesting question is who would fund such an operation, since it's very risky. If it were found out, it could easily backfire and come back against you.

    All of which is to say, I think we are in for some very interesting battles in the near term with bitfinex deciding not only to have gone on offense, but bringing in someone like Torossian. Torossian is the equivalent of a bazooka in a situation like this. It means you want it to hurt for the other guys.

    Personally, I can't wait! This should be interesting.

    submitted by /u/jstrong
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    What is the effect of capital inflow to bitcoin in light of the fact there can be no adjustment in the supply?

    Posted: 02 Dec 2017 03:59 PM PST

    I know that the amount of bitcoin being created is constant (except for halvenings) so there is no elasticity in the supply. When more demand comes in the price adjusts up, but there is no way for supply to increase like in other commodities. I heard Mike Novogratz mention that on CNBC the other day, and just read some stuff from JP Morgan that says "contrary to expectations that bitcoin's market cap is a rough reflection of its inflows, JPM's calculations reveal that a mere $6 billion in net inflows since 2009 has resulted in a market cap of $330 billion." Has anyone done the math behind that and projected it forward? Meaning, if the same amount of capital inflow happened in 2018 as in 2017 ($2bn) what the price would be? Or am I missing something and that information wouldn't be expected to be accurate?

    submitted by /u/pr0eliator
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    Dear traders that are not hodlers.

    Posted: 03 Dec 2017 01:32 AM PST

    What do you guys do before going to bed?

    Keep the coins and set a limit sell order for a little higher price than the current market price? Or try to sell your coin before going to bed and set a limit buy order for a little lower price than the current market price?

    I am a week old trader and was wondering which one is better.

    Thanks! :)

    submitted by /u/BillStax
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    Can we have a single daily/weekly topic about 'Which Exchange to Use' and/or 'Help my money is stuck in the exchange'?

    Posted: 02 Dec 2017 01:42 PM PST

    This sub is getting very cluttered with repeat questions and the signal-to-noise ratio is becoming absolutely awful. Here's a quick look at some current posts:

    Anyone ever withdraw funds from Kraken? I need help

    Any Italian on GDAX?

    Clarification about FDIC insured exchanges

    Choose your exchange carefully

    US Ex-pat living in Germany - WHERE can I trade??

    Any Good Canadian Exchanges?

    Is my money gone? Bittrex.

    Different prices per Exchange?

    Most stable US exchange for BTC options?

    Has anybody used Bitflyer in US yet?

    Why can't bitfinex get an audit if they have millions of dollars?

    Can you fund GDAX/Coinbase over the weekend?

    These questions should really be in one main topic. Most other subreddits do this, to keep the subreddit clean and facilitate meaningful discussion.

    I propose a "Weekly Exchange Discussion" thread which could greatly improve signal-to-noise in this sub, and these cluttering posts can be discussed there, or otherwise removed. It's called /r/BitcoinMarkets after all, not /r/BitcoinExchanges.

    edit: There are also good posts about exchanges which deserve to be their own topic. For example, see here: https://www.reddit.com/r/BitcoinMarkets/comments/7h2vpi/bitfinex_shareholder_quarterly_report/

    The weekly thread would be specifically for 'which exchange to use' and 'exchange help' discussion. A post about the sketchiness of a large issuing of USDT by Bitfinex into the entire crypto space should rightfully be an independent topic.

    submitted by /u/oarabbus
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    Contradicting analysis and fundamentals on the Bitcoin markets.

    Posted: 03 Dec 2017 12:43 AM PST

    Dragonslayers, Tethers Finexed, JP Morgan anti BTC pro Crypto, world banks warning people, and it just goes on and on. What is your view of things at this point in time, I can't see many commercials dumping with the CME and Nasdaq hype coming. Here is my view on the Bitcoin market Safe trades!

    submitted by /u/53r0coo1
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    If tethers blew up, could that drive a mega-pump?

    Posted: 03 Dec 2017 03:55 AM PST

    • People would buy bitcoin with tethers, at least temporarily. Most would then sell into fiat, but not all could or would.

    ~ There would be no more tether pumps, but there are new sources of capital coming (e.g., CME, NASDAQ, etc.). Also the initial pump could pull in more FOMO newbs.

    ~ Unlike when Gox went down, there are many exchanges to pick up the slack. However, most of the largest exchanges also trade tether.

    • What could be the most important is it gives confidence to sellers. Too many have had their faces ripped off by tether this year. They would be emboldened by a tether collapse.

    Edit: Just read bfx quarterly report. Encouraging and reasonable discussion around tethers. Still somewhat skeptical until actions (audit) follow words.

    submitted by /u/JamaicanLurk
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    Serious question about altcoin trading and taxes...

    Posted: 02 Dec 2017 09:07 PM PST

    In Canada, any time I sell crypto for USDT I need to take note of that trade and pay any taxes on that particular trade accordingly.

    I just got an email from PayPal the other day stating that "PayPal will be handing over information on Canadian customers to the CRA at the end of the year".

    Ok, that's fine. They're PayPal...

    Although I hate their guts... I can somewhat trust that any information that they tell the CRA about me will be true and factual and I would not dispute it.

    And of course I am paying taxes on income derived via PayPal. It's pretty simple. I only get about 100 payments per year.

    If the CRA forced wex.nz to hand over their trading data however... with millions of micro transactions per year for my account alone... (into and out of USDT with various altcoins) and then claimed that I owed them X amount of taxes on Y USDT profits I made on their exchange...

    Wouldn't "prove it" be a fair and powerful response from myself?

    wex.nz ... so far as I know ... is not a regulated exchange with any oversight ... again ... so far as I know ... nobody even really knows where they operate out of or who their owners are.

    So not only am I not worried that they would probably never even entertain a request from the CRA... but assuming they did...

    Would anything that an exchange like wex.nz provided to the CRA be admissable evidence that said transaction took place?

    The only thing they know about me is my email address and my password to their website... and perhaps the IP address that I use to log in to it... which is pretty tough to prove that it's me.

    But I am more concerned along the lines that... wex.nz has never tried to operate with any degree of professionalism.

    wex.nz is not kowtowing to any governments and saying "yes we will be good boys, yes we will give you whatever you want whenever you ask it, and yes we will perform thorough KYC on every single customer".

    So what good would any data that they provided anybody ever be worth? If they never promised anybody that they would keep good track of it?

    For all the CRA knows, anything they send them is completely fabricated garbage.

    Not to mention... I think it's ridiculous that I am expected to calculate profits on possible 1,000s of crypto transactions per day.

    Yay or nay?

    Thanks for reading.

    (Just for clarification, I am not crazy enough to deposit a single dime into wex.nz ... although I did use btc-e.com extensively for years until their bust)

    submitted by /u/grumpyThrifter
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    Does anyone know how much money is "at play" in Bitcoin?

    Posted: 02 Dec 2017 03:19 PM PST

    Does anyone know how much money every bitcoin exchange has? I know there is about 800 million tether and if we assume bitfinex has all of this, and currently they have 10% of the trading volume, would ~$10billion be a decent guess as a ballpark figure for a max?

    I'm just curious of the total amount of fiat that can essentially be immediately put up with no delay to support bitcoin prices if there was a panic.

    submitted by /u/awoeoc
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    How Do I set a Limit Order for Less than 1 Bitcoin on GDAX?

    Posted: 02 Dec 2017 10:37 PM PST

    For example I want to buy $2000 worth of bitcoin.

    Right now bitcoin is worth $11,000 so .1818 BTC.

    I want to set a limit order so that I buy $2000 worth of Bitcoin when Bitcoin hits $10,000. How can I set that up on GDAX?

    submitted by /u/urtrashkid58595
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    Flat trading fees / lowest percentage?

    Posted: 02 Dec 2017 05:04 PM PST

    I'm looking for an exchange where I can trade with flat trading fees or minimal % fees (< 0.05%). Currently using Coincheck but they feel a bit sketchy for me. I also prefer a decently high exchange volume as I don't like waiting for a transaction to be processed.

    submitted by /u/danielcanadia
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    Bitcoin services 3-5 years ago

    Posted: 02 Dec 2017 08:42 PM PST

    Okay guys I need some help

    3-5 years ago I bought $20 or so in bitcoin to pay for something online, couldn't figure out how to spend it, and forgot about it. Now I don't know where I bought it and I'd really like to get it now.

    Does anyone know what services were used to buy bitcoin 3-5 years ago? And how I'd possibly access what I bought? Or am I lost all together?

    submitted by /u/WarmGreycen
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