Discussion in 'Digital Currencies' started by SilverSale, Dec 22, 2019.
I done that a while back and now all I have is profit. Smart move!
I'm not particularly pro- or anti-crypto... just posting this bit of news from the UK out of general interest.
The Times, London
Saturday, January 9, 2021
Bitcoin has surged to record highs this week but anyone who wants to take profits might struggle to cash in their gains.
Some banks will not accept transfers from bitcoin exchanges. HSBC, one of the biggest banks in the country, does not process cryptocurrency payments or allow customers to bank money from digital wallets. While other leading banks will accept transfers from digital wallets to current accounts, many will not allow customers to use their credit cards to buy or sell bitcoin.
When buying bitcoin or another cryptocurrency, you need to use an exchange such as Coin Corner or Coinbase to open an account. Once you have put funds into your account by making a bank transfer or using a debit or credit card, you can then buy and sell units of bitcoin.
These exchanges also give you the option to store your bitcoin in a digital wallet. If you want to cash in profits and move the money into your bank account, the banks that accept transfers from digital wallets expect you to convert bitcoin into a fiat currency, such as sterling, euros or dollars first.
With the price of bitcoin surging above $40,000 this week after increasing by about 300 per cent last year, this could be the first time that many people have decided to take their profits.
If their bank will not accept transfers, their money risks being stuck on the platform and useless until they can find a company that will. Experts advise people to ask their banks about their policies before investing in bitcoin or other cryptocurrencies.
Concerns about money laundering are at the heart of scepticism about bitcoin. The nature of cryptocurrency makes it difficult to trace its origins, so many think it is the perfect way for criminals to conceal their activities.
On Wednesday the City regulator, the Financial Conduct Authority, banned the sale of complex cryptocurrency products, such as derivatives, to consumers, although you can still buy the currency itself.
Saw this earlier today but was unable to read as it was behind a paywall. Thanks for sharing. Funnily enough I cashed out some Bitcoin just a few days back to my HSBC account lol.
Thanks for the article @jultorsk
But I genuinely wonder whether that story is a simple copy and paste from early 2013. The first crash in 2013 was because of banks refusing deposits. Today not accepting deposits from crypto would put HSBC well into the minority and probably hurt their own shareholders.
Ok sorry; did not realise that was rehashed news
I was thinking the increased scrutiny on money laundering regulations affecting banks in Europe was a credible enough sounding angle. (As a complete side note I thought it was interesting that some of the coin auction houses in Europe clamped down on coin consignments via proxy - as in, using a 3rd party to consign coins on your behalf - due to tightening money laundering regulations.)
Will commence orderly retreat from this thread - back to my safe comfort zone in PM's
Hahaha. Stick around mate.
I'm not pro or anti cryptos either. I dont know anything about that stuff and I'm tech retarded.
It's only part of my portfolio to diversify some into that and that's the only reason.
I dont care if it's a ponzi or not really, as long as I'm out in time haha.
90 to 95 percent + of what I have is in the stack.
I dont adventure far from the safety of the stack these days.
I invest the opposite as the guys that say just 10 percent into metals haha.
I dont want to just protect "some" of it and metals are more than just "insurance" to me.
It's about the only thing I can really believe in right now.
Look, probably a real story, but is probably not relevant to you and I and more about politics and vested interests in banking. Having been around crypto 5 or 6 years the amount of misinformation and hollow threats, particularly on bans, never ceases to amaze.
You're definitely right about auction houses being clamped down. Only the last couple of years there's far more paperwork due to money laundering clampdowns. Infact makes me wonder if rare coins and Chippendale futniture is no longer as useful for money laundering and all the new money in crypto is actually proverbial old money.
I have definitely drunk the Bitcoin Koolaid. I genuinely think bitcoin and smart contracts are in early days and in future traditional finance like stocks and property will be a subset of crypto.
That being said I don't actually care if its unicorn tears so long as its profitable.
I just sold all of it and put it into bitcoin. It's probably the aircoin of aircoins and then I only have one to watch and a little bit closer to the exit that way.. My eth and ltc are goooone.
Btc just wanting to pop over 42k and playing with it. Hopefully breaks this weak ass resistance cuz I need the new work boots!
If it drops to 41k I might sell all and wait.
I dont like this sideways stuff.
Damn just bouncing down around the 41.1k and my finger is on the button. Something needs to happen.
It's a wicked day when I have this going on sitting in my pajamas next to the wood stove haha.
It needs to go the other way.
Dude, you are falling into the trap. This post is the clearest contrarian indicator I've seen on the forum so far.
This sure as hell isn't "sideways stuff". It really looks to me like you are setting yourself up for a big fall.
what solid gold work boots? lol damn if you cant afford boots then you likely shouldnt be gambling it lol ahaha
Haha it's just an excuse to be more exciting. I'm hodling for now.
Maybe I'll sell all at 40k. Jump on the tesla fomo.
But I'm off work for the next 3 and a half months or so till work starts back up and plenty of time to watch the charts and shovel snow at the same time.
Maybe work boots and a twelve pack of beer!
JPMorgan has had a long, strange history with the crypto industry.
In September 2017, Jamie Dimon said he’d fire anyone on staff he found crypto-trading, in part for being stupid and betting on something that was “worse than tulips.” Fast forward three years and JPMorgan has not only launched a private stablecoin but also just released an analyst note calling for $146,000 BTC at some point in the future.
With a prediction like that it makes me wonder if Billy Meir is their analyst @Skyrocket
whats you’re profit so far? $500?
It's something like that but I should have just sold last night when I posted that, I knew it haha.
It's definitely not going sideways anymore that's for sure.
I practically didnt sleep last night and got up early but it was already down to 39k by then and I sold it all after kicking myself.
No reason to ride it down and I dont hodl like that. Btc is due for a correction and I dont want to be around when it happens.
I'll jump back in at some point, tomorrow next week next month not sure when haha.
With metals I never act this way and I havent sold any gold at 1900 haha. I hold even tighter.
I can ride gold wherever it goes and not worry.
It's not that way with cryptos for me yet.
Everyone has their own strategies and goals but I'm out till next time haha.
I may join in the fun the next time. Was too busy with stocks this round.
I saw a comment on Youtube over the weekend saying that for gold "It's the end game that matters".
Let's maintain perspective, Bitcoin is currently still up 7% over the past week. If this is the 'large correction' everyone was anticipating I'll be a very happy camper.
Let's see how she runs over the next few days & whether there's any further sell off.
The fundamentals haven’t changed
BTC is a predictable beast sometime over the year it will come back down, consolidate than rocket up.....
I am not sure if it will drop below $5000 this time but definitely below $15,000 (could be the next dip). Will see which way the wind blows when it gets there but I'll I start buying a few bitcoins again than and just wait for the next bump.
The key to BTC is hoddling doesnt work unless you are lucky or you wait 5, 10, 20 or 50 years.
Buy when everyone thinks it is is dead horse, sell when it quadrupple, than sell and wait for the next major dip.
Todays crash won't be like any other drop.... it could be $45k or $35k tomrrow due to all the new buyers who bought via Paypal. I am betting if someone bought BTC via Paypal it was their first time and they have no idea but expect it to only move up.
Separate names with a comma.