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    Cryptocurrency Daily General Discussion - January 31, 2018

    January 31, 2018

    Cryptocurrency Daily General Discussion - January 31, 2018

    Daily General Discussion - January 31, 2018

    Posted: 30 Jan 2018 10:12 PM PST

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    submitted by /u/AutoModerator
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    U.S. Regulators Subpoena Bitfinex, Tether

    Posted: 30 Jan 2018 10:39 AM PST

    This is a megathread for all news related to US regulators subpoenaing Bitfinex and Tether. All related posts on the frontpage will be removed in favor of this megathread to focus conversation.

    As always, please keep the comments civil.

    The dates were updated since the news first went out, but the news is still relevant and the implications may still be large. They received a subpoena on 6 December 2017.

    "U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether" - Bloomberg

    "Bitfinex and Tether said to be subpoenaed by CFTC" - ForexLive

    "Cryptocurrency exchange Bitfinex reportedly subpoenaed by top regulator" - Business Insider

    "Bitcoin crashes anew as Bitfinex, Tether probed" - Macro Business

    "Regulators subpoena Tether and Bitfinex" - Mashable

    "Report: CFTC Sends Subpoenas to Bitfinex, Tether" - CoinDesk

    "Why Tether's Collapse Would Be Bad for Cryptocurrencies" - WIRED

    "Financial regulators subpoena major bitcoin exchange: report" - The Hill

    "Bitfinex, Tether Get Subpoenas From US Regulators" - CoinTelegraph

    "Tether and Bitfinex Crypto Companies Subpoenaed by U.S. Regulators" - Investopedia

    "CFTC Looking Into Bitfinex and Tether As Digital Tokens Face Scrutiny" - NASDAQ

    "Tether Reportedly Subpoenaed by CFTC" - ETH News

    "U.S. regulator subpoenas cryptocurrency platforms Bitfinex and Tether: source" - Reuters

    "How Bitfinex, Tether are raising eyebrows in the cryptocurrency market" - MarketWatch

    "US regulators are investigating a major cryptocurrency exchange, raising suspicions of fraud" - The Verge

    "Bitcoin subpoena news smells like insider trading" - SlashGear

    "Bitcoin Price Drops Below $10,000 As Bitfinex, Tether Get Subpoenaed" - IB Times

    "Bitfinex and Tether Receive U.S. Subpoenas (How is a USDT made?)" - BTCManager

    "Bitcoin bleeds over news of US government subpoena" - The Next Web

    "U.S. Regulators Send Tether and Bitfinex Subpoenas" - Bitcoin.com

    submitted by /u/SamsungGalaxyPlayer
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    This dip was expected, here's why.

    Posted: 30 Jan 2018 01:29 PM PST

    Today is the national croissant day, so it was kind of expected that a lots of average joes in crypto just cashed out to go back to their family and to purchase croissants, whose price naturally mooned (if you're interested, you can find CRO at Bittrex).

    Although tomorrow we should see an upward correction, it's the backwards day, so I advise you to sell now while it's cheap and buy next week after the international day of zero tolerance to female genital mutilation, for not so obvious reasons.

    Horldo on.

    submitted by /u/uqw269f3j0q9o9
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    ICON (ICX): New website + block explorer + whitepaper (Incentive System) + partnerships + roadmap. Links inside.

    Posted: 30 Jan 2018 07:50 PM PST

    Vechain: Initiating VeResearch, a global research grant program focused on innovative blockchain.

    Posted: 30 Jan 2018 05:53 PM PST

    The Owner of Bitgrail has just scammed it's users out of millions of dollars causing the price of XRB to fall over 50%. Could someone who lives in Italy contact the authorities & find out if something can be done.

    Posted: 30 Jan 2018 07:10 AM PST

    So in case people were unaware, about a week ago /u/TheBomber9 the owner of Bitgrail. Violated his own TOS & instituted mandatory verification (KYC) without any prior notice, disabling any withdrawals from the exchange. This was after weeks of disabled withdrawals due to maintenance, so people's XRB has been stuck on this exchange for over a month.

    Today he announced that he will be closing all non-EU accounts & liquidating their assets into BTC before sending it out. This caused a massive drop in the price of XRB (over 50%) & a huge increase in the price of BTC on the exchange. Bomber9 also just happened to announce this right before the Binance listing (which is supposed to be happening soon).

    Now, Bitgrail is a dedicated XRB exchange & the vast majority of the assets on Bitgrail are in Raiblocks. According to the exchange wallet he has around 6 million XRB, with over half of that likely being from non-EU users, there is not even close to enough BTC on the exchange to pay for all the XRB at market price.

    So this begs the question, why wouldn't he just allow people to withdraw in XRB? It would be by far the easiest option. The only explanations are:

    1) He's forcing BTC withdraws so he can sell his BTC for a massive premium & buy up tons of XRB cheap right before the Binance listing. Making millions. (by far the most likely explanation.)

    2) He wants to force one last trade to make money on trade fees & BTC withdrawal fees (XRB withdrawal is free).

    3) He wants to skim BTC off of people who had their accounts forcefully liquidated into BTC (since he can choose whatever price he wants for your XRB).

    He has effectively destroyed his exchange with his actions & I think it's unlikely he's just a moron. It's far more likely he sees the writing on the wall with his exchange (with the Binance listing coming) and he wants to pull a pseudo-legal exit scam (not sure if this is illegal under Italian law).

    Now I have my life savings in XRB on Bitgrail (seemed like a good idea at the time) & I basically just lost half of it because of this guy. Now I understood the risk of getting into Crypto & I've accepted what's happened. All I can ask is that there be some justice for me & the other people he's screwed.

    I don't know what the laws are like in Italy but in America a violation of TOS is grounds for a lawsuit & most types of market manipulation are illegal. If someone could contact the proper authorities & let them know about the situation, I'd really appreciate it. I don't expect anything to come of it but I'd appreciate it if someone could at least try & get some justice for us.

    Edit: I'm aware how stupid it was to go all in on XRB on Bitgrail, no one realizes that more than me lol. Not looking for sympathy my mistakes are my own, just wanted to illustrate how fucked up the situation is.

    Edit: Bomber's Statement

    Edit: Apparently, he has also doubled the withdrawal fee of BTC from 0.001 BTC to 0.002 BTC.

    Edit: Raiblock team's statement.

    Update: BitGrail has backpedaled; they will continue verifications and withdrawals for non-EU users for 2 weeks & allow withdrawals for 2 weeks after verification. We did it Reddit, thank you.

    submitted by /u/Rezzz8080
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    Icon: Partners Announced

    Posted: 30 Jan 2018 07:25 PM PST

    Why I HODL? My Past. And My Story from the Future. Why I will not make the same mistake twice.

    Posted: 30 Jan 2018 04:21 PM PST

    I am in my mid-forties and lived through the dot-com bubble. I built websites for some great and not-so great companies. I owned some shares of companies that we all know very well today. When the dot-com bubble burst I was in my mid-twenties. I listened to everyone around me as they told me the Internet was a bubble. I gave up my Internet dreams and hopes of fortune, sold the stocks, and invested in myself… I went back to school. If I had kept working in the Internet business, if I have kept those stocks….

    Many years later I am in the same spot again. And this time, I will not make the same mistake again. I will not sell the cryptos I really believe in today because I know they will be worth so much more in the future. Tonight, I plan to tell this story in the not so distant future.

    I bought my cryptos and rode them through the highs and lows. During January of 2018 the entire world was shouting at me that I was a fool in a bubble. Family, friends, media - it is just a bubble is all I heard. Then the regulation rumors, and worse the Tether rumors. I held through all of them. And then on January 30, with the US stock market selling off, the crypto markets started selling off again. And selling hard.

    I held. When everyone said sell, I held. And now many years in the future I can say, I bought Ripple for under twenty cents each. And with 500% gains, in the face of the world telling me it was a bubble. I held. And now many years later, I am…. Wealthy. Very very wealthy.

    And it's not just Ripple, it's Stellar, Cardano, Litecoin. (Insert your favorites here.) I held. And I was patient. Unlike what I did in the dot-com burst, I did not let fear and the world dictate what I knew then was true. I knew the Internet would change the world, but I was not patient. I will give these block-chain technologies the time they need to mature. I will give the industry the time it needs to grow. And in the end, I will be successful.

    I am not a trader. I cannot catch these falling knives each week. I am in this for the long haul.

    My prediction is this. The U.S. stock market, bond market, cryptos and even gold and silver sold off today. There was no place to hide. Investors are holding ridiculous amounts of cash - cash that is also losing value. The stock market will take off tomorrow after Trump's speech, which I am betting will be very pro business and will rally traders tomorrow. After the stock market hits new highs, the investors will want new places to invest… cryptos will be waiting. As the Lunar New Year ends, and investors seek better returns cryptos will come back.

    Tonight is not the night to sell. Tonight is the night to plan your story.

    submitted by /u/Kreel25
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    To anyone who has only recently entered the crypto space

    Posted: 30 Jan 2018 10:39 AM PST

    FB wants to "protect" us from Crypto. Time to boycott.

    Posted: 30 Jan 2018 12:48 PM PST

    "Ok folks, what valuable lesson have we learned this month?"

    Posted: 30 Jan 2018 02:59 PM PST

    Stellar Decentralized Exchange Now Live!!! You own the private keys, transactions in seconds!!!

    Posted: 30 Jan 2018 06:52 PM PST

    Omisego live "Town Hall 0x1" Q&A starting soon

    Posted: 30 Jan 2018 06:57 PM PST

    HUGE Article done on Request Network

    Posted: 30 Jan 2018 01:43 PM PST

    How people made millions in cryptocurrecy

    Posted: 30 Jan 2018 06:23 PM PST

    I came to a realization today. All the stories we hear about people becoming millionaires from Bitcoin, are people who used their spare money to buy some coins years ago and forgot about it.

    They didn't invest their life savings in the coin and day trade. They didn't take out a line of credit. They didn't remortgage their house. The state of crypto right now seems scary. Everyone is looking to become a millionaire overnight. People are investing more than they should be, which in return causes massive FUD drops.

    I admit, I'm a noob in the crypto game and I've only been here a few months. The one tip I followed was: "don't invest more than you're willing to lose", and that is what I did. My plan is to stop checking prices on a daily basis and just let the market do it's thing. I'm going to focus on my career and keep making my money how I have been before crypto.

    Just wanted to share my thoughts. Good luck all!

    submitted by /u/omiddy
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    ..."The fact that the subpoena is in December 2017 and they have still continued issuing USDT is good news." - Charlie Lee

    Posted: 30 Jan 2018 11:56 AM PST

    Will people just stop selling and buy in the dip AGAIN lol

    Posted: 30 Jan 2018 01:07 PM PST

    My Binance dust has accumulated to the point where it's worth more than some of my individual coin investments. This is unacceptable.

    Posted: 30 Jan 2018 02:11 PM PST

    I literally have $130 worth of dust...spread across 38 different cryptocurrencies on Binance. How the fuck is this still a thing? I know I can use BNB to clean it up a little, but it's a pain in the ass and it doesn't work on all coins. I suppose I'm grateful for the forced HODL on all the shitcoins I monkey-darted in December. Anyone else noticing their dust is feeling like an investment in and of itself?

    submitted by /u/dexreddit
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    [PRL] I thought 3.50 was the dip..

    Posted: 30 Jan 2018 08:47 PM PST

    Crypto versus previous bubbles in other asset classes

    Posted: 30 Jan 2018 10:04 PM PST

    I held stocks in the dot.com era. I sold my stocks on the down-leg of the dot.com bubble bursting. I bought a house in 2006. I sold my house in 2009 (the down-leg of the property bubble bursting). I will not sell my crypto, regardless of price action (I have paper losses now).

    Every generation thinks 'this time is different'. Every generation has been wrong (so far). But in no other asset class that I am aware of has there been the HODL mentality that we have in crypto. This is important. There is a stubborn and bloody-minded 'fuck you' attitude in crypto that has created a community that holds through storm(s).

    This psychology comes from different places. Partly it is anti-establishment. Partly it comes from a knowledge of how systemically corrupt the legacy financial system is, and that it is designed to exclude the vast majority of us from wealth-creation opportunities. Partly it is the love of the tech. Partly it is a confidence that blockchain will fundamentally change the world. All of these components link to create a resilience that can shield crypto from the type of short-termism that has worsened and lengthened previous asset-class collapses.

    Again - this is important. It feels like we have the opportunity to break the shackles that previous generations have been held down by. And simply by holding our assets we can frustrate the agendas of those who want to see us in debt, trapped in 9-5 careers, bereft of options. We must not forget this. We don't have to buy more (yet) - we just have to hold.

    submitted by /u/elefooled
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    A rare glimpse into Tethers head quarters.

    Posted: 30 Jan 2018 06:45 PM PST

    What a month

    Posted: 30 Jan 2018 08:23 PM PST

    NEO will scale to 100,000 TPS by 2020!

    Posted: 30 Jan 2018 10:35 AM PST

    VeChain Introduces Michigan State University As First VeResearch Participant and Pioneering the MEC Development of EdgeChain

    Posted: 30 Jan 2018 10:46 PM PST

    We are being played

    Posted: 30 Jan 2018 01:21 PM PST

    With over 600 million registered users and 200 million monthly active users worldwide, Japanese messaging giant Line has announced plans to start and operate a cryptocurrency exchange.

    Posted: 30 Jan 2018 11:28 PM PST

    Throwback to my first week in Crypto...

    Posted: 30 Jan 2018 10:36 PM PST
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