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The Everything Bitcoin Thread


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1 hour ago, UnkNuk said:

Since you've had experience with these things, maybe you can explain something to me:

 

How does anyone know how much bitcoin a particular exchange is holding?  Is there some impartial way of finding out?  Or is it simply the say-so of the exchange?

 

In this particular case, I find it hard to believe that $3.6  billion was actually involved or ever held by this outfit.  But I can see the operators claiming they have these kind of reserves in order to reassure buyers that they were a big time outfit rather than the frauds they really were. 

 

Well for example the crypto exchange "Coinbase" say they have about $230 million in bitcoin or around 4,487 coins. 

This exchange is very popular so I am finding hard to believe that there is an outfit that claimed to have $3.6 billion... 

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3 minutes ago, HI5 said:

How do you people evade taxes with crypto profits? 

I prefer the term tax avoidance... But in all seriousness best not to evade taxes - just pay them. There are strategies that you can use to minimize the hit. You can sell a stock at a loss that can be written off against another investment that you sell for a profit. I think the same rules apply to crypto.

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Another day, another hack:

 

More than $90 million in cryptocurrency stolen after a top Japanese exchange is hacked

  • Japanese cryptocurrency exchange Liquid said some of its digital currency wallets have been “compromised.”
  • Elliptic, a blockchain analytics company, said about $97 million in cryptocurrencies have been received by the hackers.
  • It’s the second major crypto heist to take place in little over a week.

https://www.cnbc.com/2021/08/19/liquid-cryptocurrency-exchange-hack.html

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On 8/23/2021 at 3:54 AM, Russ said:

Anyone here got an exchange in Canada they recommend?  I was looking at just dabbling a bit for fun but see Binance won't take CAD so got any other suggestions?

Ive used ShakePay without issue. You can only buy ETH and BTC.

You can buy either of those two and transfer to another exchange (Binance) if you want to dabble in alts. 

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On 8/23/2021 at 5:54 AM, Russ said:

Anyone here got an exchange in Canada they recommend?  I was looking at just dabbling a bit for fun but see Binance won't take CAD so got any other suggestions?

I've used Crypto.com and it's been great. It has lots of options for crypto (over 100) and it even lets you build interest on your crypto. For example, you can put Ethereum in a 1-3 month holding, and you'll get interest in Ethereum. It might not be much, but it's better than juts holding it, though you can't sell or use it during that time (which might be a problem since ETH is used to buy NFTs and the such).

 

Edit: Essentially, you need something with a Fiat wallet, so you can deposit from your bank into that, then buy from the Fiat wallet. This way banks will still allow it since you technically aren't buying crypto from your bank account.

Edited by c00kies
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I have used Coinbase and Binance and they have worked perfectly except now Coinbase isn't accepted by many Canadian credit cards... 

 

Binance has something similar with interest called "earn" and they give you some small amounts of crypto. 

 

I like the withdrawal methods of Binance free e-transfers. 

 

Many options now... 

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On 7/9/2021 at 7:42 PM, UnkNuk said:

And yet another bitcoin controversy:

 

(Note that the $3.6 billion figure may be an overestimation.  The amount may only be in the range of $100 million.)

 

******************************************************************************************************

 

https://www.reuters.com/technology/safrica-crypto-exchange-brothers-disappear-after-client-cash-vanishes-lawyers-2021-06-25/

 

JOHANNESBURG, June 25 (Reuters) - Lawyers for investors in a cryptocurrency exchange in South Africa, which told clients in April their accounts had been hacked, say $3.6 billion has disappeared from the platform and that the two brothers who ran it cannot be traced.

 

If confirmed, Africrypt's losses would rank among the biggest crypto losses yet. For the whole of 2020, losses in the crypto sector through fraud and other crime were $1.9 billion, down from a record of $4.5 billion in 2019, according to crypto intelligence company CipherTrace. 

 

Africrypt COO Ameer Cajee said in a letter to clients, dated April 13, that client accounts had all been compromised due to a recent breach in its system. The letter, reviewed by Reuters, said Africrypt had halted operations and had "begun the process of attempting to retrieve stolen funds."

 

It gave no details of how much money was missing and warned clients that trying to get their money back using lawyers would "only delay the recovery process."

 

*************************************************************************************************************

 

And for added insight:

 

 

Answer:  Greed clouds judgement

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On 8/25/2021 at 12:33 PM, themcdeal said:

Ive used ShakePay without issue. You can only buy ETH and BTC.

You can buy either of those two and transfer to another exchange (Binance) if you want to dabble in alts. 

ShakePay is FINTRAC compliant now..so watch those transaction sizes if you’re tryin to evade. 

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On 9/19/2021 at 8:39 AM, HI5 said:

KADENA. 

Up 4x on this, still holding and mining this. It’s a good one, if you like Bitcoins security and Ethereums smart contracts this is one you’ll want to watch. 


It’s very early still! 

 

0AB6723A-8A6A-41DD-BF8C-C05FE8262548.jpeg

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2 hours ago, HI5 said:

Up 4x on this, still holding and mining this. It’s a good one, if you like Bitcoins security and Ethereums smart contracts this is one you’ll want to watch. 


It’s very early still! 

 

0AB6723A-8A6A-41DD-BF8C-C05FE8262548.jpeg

you could have made 5x with Solana, price was at 40 Euro and hit 200 Euro several weeks ago. If you do some research and pick the right Crytpo you can make a fortune. Haven't heard anything about KADENA. Thanks for bringing this up. I will look into it.

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On 10/22/2021 at 12:16 PM, Wolfgang Durst said:

you could have made 5x with Solana, price was at 40 Euro and hit 200 Euro several weeks ago. If you do some research and pick the right Crytpo you can make a fortune. Haven't heard anything about KADENA. Thanks for bringing this up. I will look into it.

Hope you had a chance to snag some, sitting at 8x now. Seems like people are finding out about it now. 

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