Bitcoin and other Crypto...

[Captain Turdseye]

How low can you go?

 

Can you go down low?

[Ezekiel 25:17]

200 Billion wiped out in value, the last 7 days.

[Spy Bee]

I did call this dip a while ago... seems to be resilient above $30k, but I expect that to be breached sometime soon... then some more sideways chop before end of year bull run.

 

Best guess.

[Red Phoenix]

[TheHowieLama]

It's over lads - the Feds have stepped in.

[skend04]

https://www.engadget.com/africrypt-bitcoin-disappearance-174636634.html

 

Imagine walking off with £3bn of other people's money and knowing there's not a lot that can be done about it as, like with most financial authorities, the South African one doesn't recognise crypto as a legal financial product. 

[Red Phoenix]

From Reuters :

 

Quote

SAN SALVADOR, June 24 (Reuters) - El Salvador's President Nayib Bukele said in a national address on Thursday that a recently passed law making bitcoin legal tender will take effect on Sept. 7, noting that its use will be optional.

El Salvador's Congress already approved Bukele's proposal to embrace the cryptocurrency, making El Salvador the first country in the world to adopt bitcoin as legal tender.

"The use of bitcoin will be optional, nobody will receive bitcoin if they don't want it... If someone receives a payment in bitcoin they can choose to automatically receive it in dollars," said Bukele.

Salaries and pensions will continue to be paid in U.S. dollars, said Bukele, without specifying if that included salaries paid to state workers and private sector employees.

Earlier in the day Athena Bitcoin said it plans to invest over $1 million to install some 1,500 cryptocurrency ATMs in El Salvador, especially where residents receive remittances from abroad.

According to Athena Bitcoin's website, the ATMs can be used to buy bitcoins or sell them for cash.

"One of the reasons we passed the bitcoin law is precisely to help people who send remittances," said Bukele, adding the high costs of commissions traditionally associated with sending money home would be eliminated by using the cryptocurrency.

El Salvador relies heavily on money sent back from workers abroad. World Bank data showed remittances to the country made up nearly $6 billion or around a fifth of gross domestic product (GDP) in 2019, one of the highest ratios in the world.

Less than 1% of the volume of global cross-border remittances are currently in cryptocurrency, according to Kenneth Suchoski, U.S payments and fintech analyst at Autonomous Research. But in the future crypto is expected to account for a larger slice of the more than $500 billion in global annual remittances.

 

 

 

There's several links to other related articles I removed to make it easier to copy/paste here : https://www.reuters.com/technology/bitcoin-become-legal-tender-el-salvador-sept-7-2021-06-25/

[Red Shift]

On 23/06/2021 at 00:27, Spy Bee said:

I did call this dip a while ago... seems to be resilient above $30k, but I expect that to be breached sometime soon... then some more sideways chop before end of year bull run.

 

Best guess.

XHV is being annihilated.

good news though - Wirex token bucking the trend and up 22% - 

probably got a lot to do with them releasing their in-app X- Accounts. DeFi made easy, with 12% APY calculated daily, paid weekly.

[Red Shift]

 

[Bobby Hundreds]

The dream is over I've lost literally dozens of pounds.

[ZonkoVille77]

Bitcoin will drop to about 16k before this crash ends. Then the game starts all over again. 

[skend04]

Binance banned in the UK by the financial watchdog. I'm sure I had about £50 in there.

[Red Phoenix]

44 minutes ago, skend04 said:

Binance banned in the UK by the financial watchdog. I'm sure I had about £50 in there.

 

You should be fine logging in and withdrawing it. This is from the page they linked from the Binance ban statement :

 

Quote

Step 3: If they aren’t allowed to carry on business, we suggest withdrawing your cryptoassets and/or money, as the firm is now operating illegally.

 

https://www.fca.org.uk/consumers/cryptoassets

 

There's probably people up and down the country doing the same right now and I don't see any way that it should be a problem because they gave zero notice to anyone. I think the only people they'll have issues with will be the ones that log in and carry on buying/selling/exchanging/trading.

[Captain Turdseye]

I sold my 900+ Lumens at 24p then watched on as they went as high as 57p each. Bought them back when they came back down to 23p/24p and now they’re worth 17p each. 
 

Mad skillz. 

[Welsh]

1 hour ago, ZonkoVille77 said:

Bitcoin will drop to about 16k before this crash ends. Then the game starts all over again. 

I very much doubt it even gets to the 21k that SpyBee mentioned previously! 25k at the lowest is my opinion.

[Duff Man]

Cheers for Binance info @skend04 @Red Phoenix

[Red Phoenix]

It looks like the media are flat out lying about Binance and it's not actually banned :

 

Quote

June 27 (Reuters) - Britain's financial regulator has ordered Binance, one of the world's largest cryptocurrency exchanges, to stop all regulated activity and issued a warning to consumers about the platform which is coming under growing scrutiny globally.

In a notice dated June 25, the Financial Conduct Authority (FCA) said Binance Markets Ltd, Binance's UK entity, "must not, without the prior written consent of the FCA, carry out any regulated activities...with immediate effect".

Binance did not respond to a request for comment on Sunday.

While trading of cryptocurrencies is not directly regulated in Britain, offering services such as trading in cryptocurrency derivatives does require authorisation.

https://www.reuters.com/world/uk/financial-watchdog-orders-crypto-exchange-binance-stop-regulated-activities-uk-2021-06-27/

Note that this is from the stupid twats that have that article titled "Britain bans Binance in latest cryptocurrency crackdown". If what's said in the article is right then the title is 100% clickbait fake news, along with other outlets that joined in with this.

A thread here too :

 

[tokyojoe]

All of them down. I've lost billions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I made some of that up.

[Red Phoenix]

 

[Red Shift]

LRC up 35% today.

[Spy Bee]

On 26/06/2021 at 07:53, Red Shift said:

XHV is being annihilated.

 

I burned a chunk last week, so for me it's not a terrible thing as I have doubled by stack. It seems to be incredibly inflationary at the moment though. If you look at the number of virtual XHV on havex.io you can see it's gone from like 15m to 25m.

 

 

I need to do some reading, but apparently this happens with LUNA too, but was just a consequence of circumstances, with no long term damaging effects.

 

XHV also basically got hacked by a whale who was using the lag in pricing from the oracle to offset risk in mining xUSD and XHV. I don't exactly understand what he did, but I can see there was a weakness to be exploited there. Seems he made several million dollars worth of XHV and has then dumped them, leading to panic selling.

 

I'm pretty calm when looking at it's long term prospects. We have integration with THORchain coming very soon and once xAssets are available on different exchanges we should see a significant rise in demand. Also, USDT is looking very shaky, so people might be more inclined to look to an algorithmically backed stable coin. It could go back up just as fast as it crashed. 

 

This is crypto. Nothing is without risk. I liken it to surfing... most of us don't really know what we are doing, most of us are shit at it and we end up under water a lot, but it's still somehow fun!

[Spy Bee]

I'm having a dabble at a couple of microcaps. UNO and LSS, just because my mate tipped them, and he's just bnought a house for over a million quid with his crypto profits!

 

[Red Shift]

9 hours ago, Spy Bee said:

I burned a chunk last week, so for me it's not a terrible thing as I have doubled by stack. It seems to be incredibly inflationary at the moment though. If you look at the number of virtual XHV on havex.io you can see it's gone from like 15m to 25m.

 

 

I need to do some reading, but apparently this happens with LUNA too, but was just a consequence of circumstances, with no long term damaging effects.

 

XHV also basically got hacked by a whale who was using the lag in pricing from the oracle to offset risk in mining xUSD and XHV. I don't exactly understand what he did, but I can see there was a weakness to be exploited there. Seems he made several million dollars worth of XHV and has then dumped them, leading to panic selling.

 

I'm pretty calm when looking at it's long term prospects. We have integration with THORchain coming very soon and once xAssets are available on different exchanges we should see a significant rise in demand. Also, USDT is looking very shaky, so people might be more inclined to look to an algorithmically backed stable coin. It could go back up just as fast as it crashed. 

 

This is crypto. Nothing is without risk. I liken it to surfing... most of us don't really know what we are doing, most of us are shit at it and we end up under water a lot, but it's still somehow fun!

Surfing nearly killed me. Hope this doesn’t.  ;-)

[TheHowieLama]

With more crypto/techno wizadry on my part,  I am now holding twice as much Ethereum Classic as I was two weeks ago - and, uh....

[Red Shift]

22 hours ago, Spy Bee said:

I'm having a dabble at a couple of microcaps. UNO and LSS, just because my mate tipped them, and he's just bnought a house for over a million quid with his crypto profits!

 

Yeah UNO is one of 12 cryptos in my portfolio within the WIREX app. They have a good broad cross section.