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    Cryptocurrency Daily Discussion Megathread - August 31, 2018

    August 31, 2018

    Cryptocurrency Daily Discussion Megathread - August 31, 2018

    Daily Discussion Megathread - August 31, 2018

    Posted: 30 Aug 2018 11:09 PM PDT

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    submitted by /u/CryptoCurrencyMod
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    A short story

    Posted: 30 Aug 2018 09:38 PM PDT

    A cross post from 3 years ago. Man how the times have changed

    Posted: 30 Aug 2018 10:02 PM PDT

    Bank just confiscated my last $18k. I'm a broken man; I lost everything. But I am thankful for the ephemeral glimmer of hope that cryptocurrency brought to my life.

    Posted: 30 Aug 2018 08:02 AM PDT

    Bank just confiscated my last $18k. I'm a broken man; I lost everything. But I am thankful for the ephemeral glimmer of hope that cryptocurrency brought to my life.

    tl;dr - OP was told it's ok to withdraw 16k of his own money. Bank does 180, OP is asked to explain where money comes from and what is being used for. OP gives every piece of info requested. Bank says can't help him, ignores emails, and changes bank account from $16,000 to 0, deletes account, OP has 0 net worth and cannot receive paycheck from work. This is OP's suicide post.

    \* Disclaimer: This post has grown really fast so I want to quickly clear up some things:*

    - I apologise if some interpret this as a self-pity post, it's not meant to be but maybe came out as such. I'm actually not looking for specific advice, either - just going to sleep on it.

    - Even though I'm really not after sympathy (I'm just using Reddit as an outlet), thank you sincerely all for the supportive messages. Now...

    - Learn from my mistakes, because I am the definition of an idiot.

    - Know thyself is one of life's key mantras, but especially so for those with personal/mental illnesses.

    - The banking system is utterly repulsive. <<< THIS is the major point of my story, as you will likely agree by the end. The info I've provided that precedes the role of the bank is not essential to read, but it provides some important context/entertainment/lessons.

    - The bank in question:

    https://www.smh.com.au/business/banking-and-finance/cba-still-in-denial-as-fraudsters-sentenced-to-a-decade-in-jail-20180816-p4zxx5.html

    https://www.smartcompany.com.au/finance/superannuation/royal-commission-superannuation-fallout-commonwealth-bank-and-nab-could-face-potential-criminal-charges/ (who's the real criminal here: an honest guy trying to atone for his mistakes? Or the institutions that ostensibly "protect" one's interests? You be the judge. Before you jump to the conclusion that the bank is somehow doing the right thing, consider the track record of who you're dealing with here. These people would kill their own mother for a paycheck.)

    - No, please don't offer to buy me paypal dinners (I <3 you all though)

    - Again I provide the the amount of $ involved for context. I am absolutely** no*t complaining about only having XXX dollars, but rather, the contex*t in which everything has occurred. Hope this makes sense.

    - Finally, if nothing else, maybe you'll just find this post mildly entertaining.

    ======== UPDATE 1 =======

    Finally heard back. I'm officially under investigation for criminal fraud LMAO, the irony. You mean the same fraud team that helped you guys launder money to the mafia? https://www.smh.com.au/business/banking-and-finance/bankers-for-a-gangster-commonwealth-lenders-help-mafia-boss-do-laundry-20180330-p4z72j.html

    There's an important lesson here: it's only legal if the institutions do it.

    ​Go sue me for my remaining 2 cents you sad fucks. I actually do have nothing to lose now, so have fun fighting with a dead man.

    https://i.redd.it/cwkncaas6cj11.png

    =======================

    tl;dr

    - OP went from ~$3k in 2014 to $750k 2017 to literally 0 as of 30th August 2018.

    - The banks have - quite literally - changed my balance from $16,000 to 0. For what reason I cannot quite fathom.

    - OP always had depression

    - Worked part-time (while taking a study-load of 25 hours/week) as young adult. Put a $3k loan + life savings in BTC in 2014.

    - Forgot about BTC till 2017.

    - Got up to $750k by October but didn't cash out (much).

    - Relapsed with bad gambling and substance use over 2018

    - Made pathetic last attempt to use remaining $18k to get clean, start fresh.

    - Finds out bank somehow has the power to erase/close accounts with no explanation. Emotions go from furious to completely resigned and apathetic.

    If it's the last thing I do hope this post helps to expose the appalling "system" we still live in; one that is often devoid of any semblance of humanity.

    ​

    ==== PICS AT BOTTOM OF POST ====

    ​

    Why am I writing this? As much as I'd like to claim it's for noble or virtuous intent, really it's just cos I'm bawling my eyes out right now and have no one left to tell my joke of a life to. I feel someone out there who's struggling, however, will find value in it and that's all that matters. I've provided some screenshots if anyone is skeptical.

    I've had some great times on Reddit, r/crypto and related subs. Other times I've hated it. But I can honestly say that Reddit has been one of the few places I've found solace in. I sincerely hope every one of you eventually makes it - no matter what your definition of success and fulfillment is. <3

    ===============================

    I never fit in. I was never 'normal', as much as I wished I was. I never realised I was truly different, though, until I received a late diagnosis for ADHD, depression and anxiety in my adult life. But the damage had been done. I have a wonderful family, but there is only so long one can push oneself through daily life without an external support network before one reaches breaking point.

    I came across Bitcoin in 2014 and was immediately in love with it. All else aside, I believed with 100% conviction that it would be the global reserve currency. I took out a loan and put a total of maybe $6k in (~$3k loan, ~$3k savings). Long story short: I forgot about it till 2017 mostly because I was struggling with other issues and had told myself to pretend my BTC didn't exist for another 8 years. Then one night early last year, I found out I'd have to repeat another year of uni (for the 4th time) thanks to my brain's inability to concentrate and I just lost it. I couldn't bear to tell my family who'd done everything for me that, despite my best efforts, I'd embarrassed myself - and them - yet again. And personally, I couldn't spend another second in that institutional prison (that's how it feels to me).

    That same night I was halfway through a pack of k-pins and in my altered state I started recounting if I'd ever "achieved" anything in my life - personal, academic. Financial. Immediately, the memory of my old BTC wallet which I'd nearly forgotten about came flashing back. Fuck it. Might as well give it a look. I nearly had a heart attack. It had done about 5x! This was more money than I'd ever seen having worked minimal wage hospitality jobs. Incredible

    From that day onwards, something changed. I felt alive for the first time in... well, forever. I lied to my parents and told them I was attending class; I'd really be at the local library or Starbucks on my laptop, on Bittrex and later Binance. Every day I'd get myself into a routine, go to the gym, do something productive, then research and learn as much as possible about crypto. From BTC I was lucky enough to catch the ETH wave, then a few alt pumps (notably OMG and WTC). It was unbelievable. I went from about $25k to $750k at my ATH.. all over a few months!!!!!!! Fucking insane; the stuff dreams are made of.

    ​

    https://i.redd.it/ln6cqydgx8j11.png

    ​

    It was too good to last.​

    I actually started to become more social and felt more confident, like I was actually a real person in society. Looking back though, I admit it was probably similar to being high for 10 months straight. I'm also not proud to admit that it got to my head. I thought this was only the start of a life filled with millions that I was destined for, after years of struggling and working my ass off at shitty jobs. Little did I suspect that this was as good as it was ever going to get.

    ​

    === First Warning Signs ===

    The bear market that ensued wasn't a sudden realisation for me. Rather, it appeared in my greed-infected brain as never-ending cycles of "buy the dip, be a multi-millionaire in 6 months". Slowly but surely, reality crept in. And then I panicked. Really fucking badly.

    Remember how I mentioned I had mental issues growing up? I thought crypto had "fixed" me, but I was only setting myself up for the darkest period of my life. Crypto was all I had for over half a year. I'd literally lost interest in everything else. So when the very real prospect of losing EVERYTHING dawned on me I felt absolutely sick. What did I do? .... I tried to win back profits playing crypto casinos. Initially, I got lucky, but you don't need to be a genius to conclude that this luck didn't last long. I absolutely deserve every single loss. My mental state is a real issue and no one will ever fucking convince me otherwise - but it is NEVER an excuse for reckless behaviour. Please, please keep that in mind if you have problems of your own.

    Recall that my parents still think I'm at uni. They are still so proud of their son who's "almost" a self-made millionaire from crypto. I need help, but they can't know anything. So I decided to take out the last $16-$18k from my account and pay in cash for the help and support I need. Figured it was easier to explain to them a "cash loan to a friend", rather than bank statements about mental health support.

    === Rock Bottom ===

    This is the point where the story really takes a turn for the worst. When you think you've hit rock bottom, think again - because, my friend, you've probably got another 300 ft to fall. I was told when I entered the bank today that I would get my money with NO issues. I just needed to sign a form and provide ID. I gave them my ID. It wasn't the correct type. Fair enough, I'll go get my driver's license. Oh shit, it's expired *will try to refrain from making an ADHD-related comment here*. I go home and grab every document I can find - passport, birth certificate, etc.

    At this point, the staff at the bank are giving me strange looks and treating me as if I'm a criminal. I'm asked where I got the money and I tell them it's from a crypto exchange called BTCmarkets. Next, I'm told that some "phone calls" need to be made to verify the withdrawal (and I wasn't told this before..?) I'm pressured to tell them what I'm using the money for. "None of your business," I reply... Oh wow, you really are a fucking idiot. I've immediately realised what a stupid response this is. The lady "assisting me" gives me a death stare. I panic - "um, I need it to uh, pay back some contract workers. Urgently." Fucking lol. Incredible how I can be made to feel paralaysed with anxiety going about my daily business.

    I'm held at the bank for about 2 hours and treated like a criminal for about 110 minutes of that time, and why? For trying to withdraw MY. OWN. HARD-EARNED. MONEY. I get frustrated. I raise my voice marginally and tell them I need the money because I have patiently waited for 1.5 hours and and have an appointment to be at (which is the TRUTH). I ended up missing my appointment completely and they have $50 cancellation fees to top it off!! Go me!

    Anyway, I'm told that if I continue to use an "aggressive tone" security will be called. I'm in disbelief. Like actually in shock. Being an ethnic minority in a Western country I'm more than accustomed to casual discrimination, but I've never had much emotion to it until today. I was trying so hard to suppress my anger that I was SHAKING. I am being treated like a criminal in my OWN country for trying to withdraw THE MONEY THAT I LEGALLY OWN AND HAVE PROVIDED CONCRETE EVIDENCE FOR.

    This merry-go-round farce went on for so long that the bank actually hit closing time. I left being told to try again tomorrow and that they may contact me if they hear back verifying that the funds aren't illegally obtained (....what the hell??!!).

    Now I leave the best part for the end. An hour later I check my bank account, and they erased my balance and locked my account. I literally cannot afford to buy dinner or fill up my tank. I've lost everything. Not only did they kick me while I was down, spit on me and twist the knife; they didn't even have the respect to give me a heads up that "oh yeah, we altered the ledger of ownership so currently your net worth is 0. I almost had to walk home as I had no cash and my tank was at its last bar.

    Ironically, this is actually a beautiful ending; these appalling practices by the banks are what first enticed me to put all my savings in crypto. I have actually come full cycle, made a lot of money, and lost it all. Somehow, I can see the funny side in that.

    I'm not even mad at the bank anymore to be honest, not even frustrated. I'm Just bloody tired... So so tired. At some strange level, I have now found inner contentedness. Take care of yourself and the ones who love you. Crypto shouldn't be about the money so much as what it represents: liberty, respect, fairness, and the hope of a better future. That's why I took the plunge four years ago. And that's why I will never, ever let another cent touch the criminal hands of the banking cartel.

    \If I make it long enough to answer questions here, I will. I honestly don't think I'll be around longer than another 24 hours though.*

    \*I was actually meant to get a final $2-3k come through tonight after liquidating my last few ETH. But the bank has COMPLETELY shut my account, so God knows whose hands that money's in now.*

    \**Today is payday. I don't get paid because my bank account no longer exists. I'm resorting to ashamedly asking my friends for cash before I kill myself*

    === Screenshots ===

    1. Asking for a written letter to tell me they won't give me my money and was sent this. N.b. I had already showed evidence of my withdrawal history before receiving this email. For invoice, they say they won't even consider giving me my money unless I provide an invoice on where exactly every cent of this money is going.

    ​

    Found a cached page from 24 hours ago of my bank statement.

    ​

    2. No, this is not photoshop. This is the balance I was greeted with when I checked my phone after leaving the bank. They didn't even have the humanity to leave me something to buy dinner with. Prior to this, I had a 2nd account attached which had about $16,000 just an hour earlier.

    ​

    3. This is the hard evidence I provided them with to prove that I am the owner of my own money. It was rejected. My emails are being ignored and I have no idea what happens to my money (if I'm ever told).

    To those saying well they must have had some reason to be suspicious - OK, here's what I got thrown at me:

    Q "There's been a lot of global purchases recently... How do you explain that?"

    A "I'm a web developer. I pay to build websites on AWS which is not local. Is that illegal? Sometimes I buy on Ebay too, and other online marketplaces (none of which are based in my home country)."

    Implicated in an elaborate fraud scheme because I participate regularly in eCommerce.

    Q "What's the last item credit or debit on your statement?"

    A "Oh jeez I don't know. I make small purchases all the time. Something online? About 12 hours ago?" Supposedly, if one cannot immediately recall the time and description of one's last purchase, then it is necessarily assumed that one is participating in illegal activity.

    And to reiterate: I don't think "you should have known that $10k triggers alarm bells" is an adequate counter-argument here, because the very first thing I did was ask "can I withdraw $16k" - to which I was told "that's fine, just sign and provide ID." God help you should you ever have personal need to withdraw large amounts of your own money.

    To the people saying it was my fault for not providing ID and/or giving a dumb reason for the money - read closely please, I said I happened to have an old license on me, so I went home to get my birth certificate and passport and utility bills before returning. Also, why is the onus on me to explain that the cash is there to stop myself gambling online and to seek discrete mental health treatment? I don't ask Commonwealth to show me its 10-year statements and to describe how it gets away defrauding investors oF BILLIONS year after year https://thenewdaily.com.au/money/finance-news/2018/08/16/commonwealth-bank-refund-superannuation-fees/

    For those who say I was an idiot for raising my voice: yes, this was a mistake on my part. But maybe you'd do the same after being kept in a bank for 1-2 hours, missing your appointment and getting a cancellation fee. I also apologised after the fact. We're all entitled to our opinions, just make sure it's based on the events described here.

    submitted by /u/tinderlegend
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    Vitalik showing up at the Bitcoin Cash mining summit, trying to help. (he was denied)

    Posted: 31 Aug 2018 02:09 AM PDT

    Bank of America freezing accounts of customers suspected of not being US citizens

    Posted: 31 Aug 2018 12:14 AM PDT

    CCN.com is officially off my reading list. So much slanted FOMO & FUD...clearly paid interests involved here.

    Posted: 30 Aug 2018 09:03 PM PDT

    Blockchain jobs are booming in Asia, even as cryptocurrency prices struggle

    Posted: 30 Aug 2018 06:47 PM PDT

    He’s been studying in the U.S. legally for 7 years. Bank of America froze his account anyway

    Posted: 30 Aug 2018 09:17 PM PDT

    Announcements continue: new partnership with BRAVO! - TokenDesk

    Posted: 31 Aug 2018 04:18 AM PDT

    WTF is TaTaTu and does any sane person believe they raised 550 million in a private token sale? I though ICOs were not too popular in 2018

    Posted: 30 Aug 2018 04:12 PM PDT

    I literally skimmed through coinmarketcap couple of days ago and this funny-sounding name popped up - TaTaTu. I thought it was a glitch on CMC.

    Then upon further research, I found out they allegedly raised 500+ million for some kind of a social entertainment platform. If this is true, that means there is still money in ICOs to milk out.

    Anyone here actively investing in ICOs this year? Anything interesting in Q4?

    submitted by /u/CorrineZabala
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    $800 Million: Bitcoin Whale Starts Moving Funds Associated With Silk Road's Operator

    Posted: 31 Aug 2018 02:29 AM PDT

    Cryptocurrency and Blockchain Jobs Up 50% in Asia According to Recruitment Firm

    Posted: 30 Aug 2018 08:35 PM PDT

    Yahoo Finance Now Allows Trading of 4 Cryptos on Its iOS App

    Posted: 30 Aug 2018 10:37 PM PDT

    Traders Expect Bullish Bitcoin Move After Daily Candle Close, Tokens Rising

    Posted: 30 Aug 2018 11:27 PM PDT

    John McAfee’s ‘unhackable’ Bitfi wallet got hacked — again.

    Posted: 30 Aug 2018 03:32 PM PDT

    CZ tweets 'this bull run will be a significant one' then deletes tweet

    Posted: 30 Aug 2018 09:46 AM PDT

    Korean Ministry Blockchain Initiative — ICON vs Samsung SDS

    Posted: 30 Aug 2018 09:09 PM PDT

    Bakkt’s Cryptocurrency Exchange is Coming, But Will Institutional Investors Follow?

    Posted: 31 Aug 2018 04:06 AM PDT

    Crashing fiat currency chaos spreads across the global south

    Posted: 31 Aug 2018 03:51 AM PDT

    QuarkChain confirmed as a BIG FAT SCAM

    Posted: 31 Aug 2018 01:34 AM PDT

    QuarkChain have updated their token release schedule and instead of releasing tokens on the 4th of September 2018, will instead delay the token release to "Early June 2019"...or offer a refund to those who do not agree with the updated schedule.

    Full details below -

    Release 30% tokens after 9 months (Early June 2019), 30% token after 12 months (Early Sep. 2019), 20% token after 15 months (Early Dec. 2019) -- reward 5% of the unreleased tokens as bonus; E.g., if a purchaser bought total 10000QKC and supports the schedule, we will offer 10000 * 80% * 5% = 400QKC as bonus.

    Refund: We understand that you may not support the new schedule, and we could offer a refund (ETHs) based on our token sale agreement.

    If you choose Option 2) Refund, please reply ALL to this email by 11pm September 2nd, 2018 PDT. Otherwise, your support is appreciated, and we will proceed with option 1.

    The new token release plan applies to all undistributed parts of private sale purchasers, team, and foundation.

    Sorry for this short notice. Please feel free to reach us directly if you need any additional information or have any comments/suggestions.

    Again, thanks for your support. We hope to have your company for this long journey and make QuarkChain even better in the future!

    Best Regards, QuarkChain Foundation

    UPDATE: Excerpt from the QuarkChain SAFT. They're charging up to 15% fee on any refunds... Has been reported that this refund fee ONLY applies to a refund on the PRE ICO. It does not apply once the ICO has been completed and tokens have been distributed.

    submitted by /u/arbobmehmood
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    Bitcoin Gets Awareness Boost From Mention On Eminem's New Album "Kamikaze"

    Posted: 31 Aug 2018 02:55 AM PDT

    Gringo: The Dangerous Life of John McAfee

    Posted: 31 Aug 2018 01:26 AM PDT

    This post is not directly related to cryptocurrency at all and the documentary i'm about to list doesn't even mention cryptocurrency. But it's a documentary on the life of John McAfee, who is an infamous face in the cryptocurrency space

    I know most people see JM as a laughable figure who shills anything for a buck or two and he mostly gets ignored and sniggered at. This was my opinion of him; a harmless old man who trying to cash in on anything he can without any shame for the lies he tells.

    My opinion changed, for the worst, once i'd seen this documentary. It reveals a side of JM that you may not be aware of. I'm in the UK and he rarely hits the news headlines, ever. I now see him as a horrible horrible person and somebody I would never like the misfortune of meeting face-to-face in my life

    The documentary may be misinformation and/or edited to suit the narrative of the writer and I accept that but you see his decision making shown in the documentary echo how he reacts still on Twitter

    Said documentary - https://www.netflix.com/title/80148180

    Trailer - https://www.youtube.com/watch?v=TjBgNwAVLWQ

    submitted by /u/here-come-the-toes
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    Who remembers this partnership of Verge. The expectations were so high.

    Posted: 31 Aug 2018 01:19 AM PDT

    Is an invite-only cryptocurrency a good or a bad idea?

    Posted: 30 Aug 2018 09:03 PM PDT

    A friend of mine recently invited me to an invite-only cryptocurrency called Merit. My initial reaction was lukewarm, at best. First, he was kind of pitching it to me, which immediately makes me dislike it. Second, I didn't really understand why you'd make something invite-only that should be focused on getting lots of users.

    ​

    The more I think about it, and argue with him, the more I'm coming back to a neutral (or maybe positive) place. The arguments in-favor of being invite-only are things like having a safer/stronger community and having less scamming BS happening. In Merit's case, the other interesting thing is that the invite-only dynamic creates a new form of mining (Proof-of-Growth). Counter-intuitively, their community and usage seems to be growing pretty fast.

    ​

    The arguments against include adding a layer of complexity to something that is already hard for most people to understand. Also, managing the dynamics of "invite tokens" seems like a challenge -- too few, and people can't share; too many, and they lose their value.

    ​

    Do you think an invite-only crypto can work? If so, why? If not, why not? Any other invite-only cryptos out there?

    submitted by /u/Bengo
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