Monitoring the Crypto Bubble

Discussion in 'Digital Currencies' started by Bullion Baron, Dec 12, 2017.

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Where do you think we are in the crypto bubble?

  1. Very early (years left to run)

    21.1%
  2. Around the middle (could still run for months or a year)

    38.0%
  3. Very late (could end within days/weeks)

    23.9%
  4. It's not a bubble

    16.9%
  1. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    The one the first little piggy goes to?
     
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  2. southerncross

    southerncross Well-Known Member Silver Stacker

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  3. SilverDJ

    SilverDJ Well-Known Member

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    A 50% crash is a lot easier to stomach when you have a few K play money "invested" in it back when it was an unknown tech play thing vs a few hundred K people are putting in these days because it's gone mainstream.
     
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  4. southerncross

    southerncross Well-Known Member Silver Stacker

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    What next ? Brothels and Bottleshop's ?

    http://www.smh.com.au/business/bank...dit-cards-to-buy-bitcoin-20180214-p4z0bf.html
     
  5. southerncross

    southerncross Well-Known Member Silver Stacker

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    Arizona, Colorado, & Wyoming Push Legislation Supporting Cryptocurrency
    https://www.zerohedge.com/news/2018...ng-push-legislation-supporting-cryptocurrency
     
  6. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Good point but it is the Commonwealth Bank's risk to do as it wishes. Permitting the purchases of cryptos on CCs would raise the risk profile of any CDOs sold. Of course there's always the chance that the bank has an unterior motive to reducing risk exposure.
     
  7. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    I'm actually fine with what CBA have done there. You shouldn't be borrowing and putting yourself in debt to get into crypto
     
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  8. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    ING has introduced NPP, nothing to do with blockchain technology at all, just an instant payment system.

    It could be tht ING and the other banks introducing the tech agree to "take on" the deposits and withdrawals as a kind of debt obligation until funds are transferred. Unless of course they can actually transfer funds immediately. This is not Ripple technology by the way, but it's good to have a competing system out there.
     
  9. leo25

    leo25 Well-Known Member Silver Stacker

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    ^ I think all the main banks in Australia are doing instant payment now (NPP New Payments Platform).

    Be interesting to know how this works under the hood. How is it different from the old bank transfer way?
     
  10. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    That's been coming for a while now

    Check "PayID" which launches this month. I just registered with CBA for it a few days ago

    About time this is happening although not sure what this has to do with the crypto bubble lol
     
  11. ParanoidAndroid

    ParanoidAndroid Well-Known Member

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    I don't agree with this. Once a bank has issued you a credit card with a defined limit then they have no right to tell you what to spend that predetermined limit on. Presuming you met all the financial requirements of being assigned a debt limit, how is it different to taking it all out as a cash advance and putting it through pokie machines or betting on a horse?

    This is simply banks trying to keep the money in their system. People have to be responsible for their own choices.
     
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  12. dozerz

    dozerz Well-Known Member Silver Stacker

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    how are they able to know what you are buying? going to try this on coinbase now, they love collecting the $7 international fee so cant see how they will enforce this with their snouts in the fee trough.

    **edit** payment was rejected.
     
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  13. leo25

    leo25 Well-Known Member Silver Stacker

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    I guess they have a list of accounts that are for crypto exchanges, so if you send money to one of accounts on the black list it will get block.
     
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  14. leo25

    leo25 Well-Known Member Silver Stacker

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    Fair point, but i would say people should be responsible for their own money. Save up some money then you can do whatever you like.
    You can't really complain that you don't like the rules someone is applying to the credit they are offering. Now i may not agree with the rules they make, but at the end of the day they are free to set any rules they like and you are free not to use that service.

    Now if they start putting bans on what you do with your savings account then ill be up in arms with you.
     
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  15. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Terms and conditions, they change them all the time.
     
  16. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    The ability of mainstream financial institutions to respond to the threat of a fast, cheap means of sending money may negatively impact upon the potential magnitude and profitability of those coins touted as an alternative to sending/receiving fiat, particularly in commercial applications.
     
  17. southerncross

    southerncross Well-Known Member Silver Stacker

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    You don't think it is a bit like moving the goal post's leo ?
    As P.A stated, if you already qualify for their CC and meet their credit criteria what is the difference between Dan Murhpy's, Hookers, Pokies, or a Cash withdrawal ?
    This is aimed purely at Crypto purchases and nothing else.

    Does anyone have any other examples of where a CC can not be used to purchase certain products at all ?

    While I don't at all condone or suggest that people use any sort of credit to purchase Crypto (or anything else for that matter) it just seem's to me that the CBA is specifically picking out Crypto as a pet hate (Or threat).
     
  18. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Some banks already prohibit the use of CCs for gambling.

    Screen Shot 2018-02-16 at 8.20.13 am.png

    And that's fair enough too, while others have argued that once you've been approved a credit card you should be able to use it as you see fit, it must be realised that every new transaction is a new debt obligation using money you borrow from other people. The CBA and others have a responsibility to their guarantors that any credit issued is done so with a more than reasonable expectation that it can be repaid. They are concerned that with the volatile and deregulated nature of the market, these expectations can't be assured.

    Crypto enthusiasts can't celebrate on the one hand the decentralised, unregulated and bird-flipping nature of the crypto market and then whinge about the restrictions that these same mainstream financial institutions that you've just flipped the bird at impose on those who wish to use credit to enter that market.

    When someone spends other people's money, they do so on other people's terms, whether it's a mortgage, credit card or welfare card. Yes there appears an anomaly between gambling and cryptos, but its their money, so move on.
     
    Last edited: Feb 15, 2018
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  19. SilverDJ

    SilverDJ Well-Known Member

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    But it's presumably ok to go and blow the limit each month on hookers and booze?

    Agreed.
    I wonder if this limitation is also on debit VISA cards? i.e. your money, not theirs.
     
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  20. SilverDJ

    SilverDJ Well-Known Member

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    Aren't credit cards banned for buying lottery tickets, scratchies, and other gambling?
     

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