Someone posted on here a few days ago asking about forex and forex trading in Kenya, I have gone through the responses and clearly, most people don’t have an idea. It is 3am in the morning and am in a good mood so let me make this post. This will be a comprehensive and lengthy post so grab a pen and paper and sit down. We’ll be here a while. FIRST OF ALL, who am I..? I am a forex trader, in Nairobi, Kenya..i have been actively involved in forex since I found out about it in Feb 2016 when I somehow ended up in a wealth creation seminar (lol) in pride inn Westlands, the one close to Mpaka Rd. Luckily for me, it was not one of those AIM global meetings or I’d be on Facebook selling God knows what those guys sell. I did not take it seriously till August of the same year and I have been active ever since. I don’t teach, mentor or sell a course or signals, I trade my own money. I am also posting from a throwaway account because I don’t want KRA on my ass. What the fuck is forex and forex trading. In simple plain English, forex is like the stock market but for currencies. Stock Market = Shares, forex = currencies. If you want more in-depth explanation, google is your friend. These currencies are pegged on specific countries, united states- dollar, UK- pound, euro zone- euro, Switzerland- Swiss franc, Kenya- Kenya shilling.. you get the point. Now, there are specific events and happenings between these economies that affect the movement and values of the currencies, driving their value (purchasing power up and down). Forex trading exploits these movements to make money. When the value is going up, we buy and vice versa (down –sell) Is forex trading illegal in Kenya? Is it a scam? Illegal, no. scam, no. All the banks in the world do it (KCB made about 4 billion from trading forex in 2019) Have there been scams involving forex in Kenya? Yes. Here is one that happened recently. This one is the most infamous one yet. Best believe that this is not the end of these type of scams because the stupidity, greed and gullibility of human beings is unfathomable. However, by the end of this post, I hope you won’t fall for such silliness. What next how do I make it work..? Am glad you asked. Generally, there are two ways to go about it. One, you teach yourself. This is the equivalent of stealing our dad’s car and hoping that the pedal you hit is the brake and not the accelerator. It is the route I took, it is the most rewarding and a huge ego boost when you finally make it on your own. Typically, this involves scouring the internet for hours upon hours going down rabbit holes, thinking you have made it telling all your friends how you will be a millionaire then losing all your money. Some people do not have the stomach for that. The second route is more practical, structured and smarter. First Learn the basics. There is a free online forex course at www.babypips.com/learn/forex this is merely an introductory course. Basically it is learning the parts of a car before they let you inside the car. Second, start building your strategy. By the time you are done with the babypips, you will have a feel of what the forex market is, what interests you, etc. Tip..Babypips has a lot of garbage. It is good for introductory purposes but not good for much else, pick whatever stick to you or jumps at you the first time. Nonsense like indicators should be ignored. The next step is now the most important. Developing the skill and building your strategy. As a beginner, you want to exhaust your naivety before jumping into the more advanced stuff. Eg can you identify a trend, what is a pair, what is position sizing, what is metatrader 4 and how to operate it, what news is good for a currency, when can I trade, what are the different trading sessions, what is technical analysis, what is market sentiment, what are bullish conditions what is emotion management, how does my psychology affect my trading (more on this later) an I a swing, scalper or day trader etc Mentors and forex courses.. you have probably seen people advertising how they can teach and mentor you on how to trade forex and charging so much money for it. Somehow it seems that these people are focused on the teaching than the trading. Weird, right..? Truth is trading is hard, teaching not quite. A common saying in the industry is “Those who can’t trade, teach” you want to avoid all these gurus on Facebook and Instagram, some are legit but most are not. Sifting the wheat from the chaff is hard but I did that for you. The info is available online on YouTube, telegram channels etc. am not saying not to spend money on a course, if you find a mentor whose style resonates with you and the course is reasonably priced, please, go ahead and buy..it will cut your learning curve in half. People are different. What worked for me might not work for you. Here are some nice YouTube channels to watch. These guys are legit..
After a short period of time, you will be able to sniff out bs teachers with relative ease. You will also discover some of your own and expand the list. Two tips, start with the oldest videos first and whichever of these resonates with you, stick with till the wheels fall off. How long will it take until things start making sense Give yourself time to grow and learn. This is all new to you and you are allowed to make mistakes, to fail and discover yourself. Realistically, depending on the effort you put in, you will not start seeing results until after 6 months. Could take longeshorter so there is no guarantee. Social media, Mentality, Psychology and Books Online, forex trading might not have the best reputation online because it takes hard work and scammers and gurus give it a bad name. However, try to not get sucked into the Instagram trader lifestyle as it is nowhere close to what the reality is. You will not make millions tomorrow or the day after, you might never even make it in this market. But that is the reality of life. Nothing is promised, nothing is guaranteed. Your mentality, beliefs and ego will be challenged in this market. You will learn things that will make you blood boil, you will ask yourself daily, how is this possible, why don’t they teach this in school..bla bla bla..it will be hard but growth is painful, if it wasn’t we’d all be billionaires. Take a break, take a walk, drink a glass of whatever you like or roll one..detox. Chill with your girl (or man) Gradually you will develop mental toughness that will set you up for life. Personally, I sorta ditched religion and picked up stoicism. Whatever works for you. Psychology, this is unfortunately one of the most neglected aspects of your personal development in this journey. Do you believe in yourself? Can you stand by your convictions when everyone is against you? Can you get up every day uncertain of the future? There will be moments where you will question yourself, am I even doing the right thing? the right way? It is normal and essential for your growth. People who played competitive sports have a natural advantage here. Remember the game is first won in your head then on the pitch. Books: ironically, books that helped me the most were the mindset books, Think and grow rich, trading for a living, 4 hour work week, the monk who sold his Ferrari..just google mindset and psychology books, most trading books are garbage. Watch and listen to people who have made it in the investing business. Ray Dalio, warren, Bill Ackman and Carl Icahn. This is turning out to be lengthier than I anticipated so I’ll try to be brief for the remaining parts. Brokers You will need to open up an account with a broker. Get a broker who is regulated. Australian ones (IC Market and Pepperstone) are both legit, reliable and regulated. Do your research. I’d avoid local ones because I’ve heard stories of wide spreads and liquidity problems. International brokers have never failed me. There are plenty brokers, there is no one size fits all recommendation. If it ain’t broke..don’t fix it. Money transfer. All brokers accept wire transfers, you might need to call your bank to authorize that, avoid Equity bank. Stanchart and Stanbic are alright. Large withdrawals $10k+ you will have to call them prior. Get Skrill and Neteller if you don’t like banks like me, set up a Bitcoin wallet for faster withdrawals, (Payoneer and Paypal are accepted by some brokers, just check with them.) How much money can I make..? I hate this question because people have perceived ceilings of income in their minds, eg 1 million ksh is too much to make per month or 10,000ksh is too little. Instead, work backwards. What % return did I make this month/ on this trade. Safaricom made 19.5% last year, if you make 20% you have outperformed them. If you reach of consistency where you can make x% per month on whatever money you have, then there are no limits to how much you can make. How much money do I need to start with..? Zero. You have all the resources above, go forth. There are brokers who provide free bonuses and withdraw-able profits. However, to make a fulltime income you will need some serious cash. Generally, 50,000 kes. You can start lower or higher but if you need say 20k to live comfortably and that is a 10% return per month, then you can do the math on how big your account should be. Of course things like compound interest come into play but that is dependent on your skill level. I have seen people do spectacular things with very little funds. Taxes..? Talk to a lawyer or an accountant. I am neither. Family? Friends? Unfortunately, people will not understand why you spend hundreds of hours watching strangers on the internet so it is best to keep it from them. Eventually you will make it work and they will come to your corner talking about how they always knew you’d make it. The journey will be lonely, make some trading buddies along the way. You’d be surprised at how easy it is when people are united by their circumstances (and stupidity) I have guys who are my bros from South Africa and Lebanon who I have never met but we came up together and are now homies. Join forums, ask questions and grow. That is the only way to learn. Ideally, a group of 5-10 friends committed to learning and growth is the best model. Pushing each other to grow and discovering together. Forex is real and you can do amazing things with it. It is not a get rich quick scheme. If you want a quick guaranteed income, get a job. And now it is 5am, fuck. This is oversimplified and leaves out many many aspects. Happy to answer any questions.
Help make me Crypto Rich - My Dream and A Social Experiment
I am an ordinary person, who lives an ordinary life. I work an ordinary job, making ordinary income. I always dream of massive financial success, but yet to succeed. I am posting this as a social experiment to see what happens. Please read the entire post before responding.
Cryptocurrency is about anonymity. I have purposely not given any detail about age, race, religion, sex, or nationality. I am a complete stranger to you. This is not a ponzi scheme or scam, as I am not promising anything in return.
I am simply asking this:
Help make me crypto rich. Please donate some crypto to me and make my dream come true. You can help change the life of this random person forever!
I am a good person, who does good things in life. I have a dream of living with wealth. Help me realize a dream and position myself to help others in life. This is a simple, honest, anonymous ask. No stories. No lies. No false information.
There are hundreds of millions of crypto currency users worldwide. If only a small percentage of those users contributed a fraction of a coin the results would be astonishing! I can't even dream of how this might work, but I know I need reddit's help to make it possible.
Do you have fractions of a coin you are not going to use? Send it my way and help change my life!
Are you are a crypto millionaire or billionaire? Consider donating what you believe is a minuscule amount, but will change my life!
Want to contribute just a small amount? Do it! the smallest amounts add up and can change my life!
I have no idea the outcome of this ask. The only way to know is to post and wait. I encourage everyone to observe the blockchain and find out.
Below are my Bitcoin, Ethereum, and Litecoin addresses. Please share, crosspost, subscribe, and upvote if you want to support my experiment. My audience is the entire globe. The more individuals worldwide that view this post, the greater the potential. If you have a creative way to increase visibility of this message, please do it!
Please help me realize a dream and change my life forever!
Comments are welcome. I am already expecting critics and skeptics, but that's fine, I welcome all opinions.
This reddit username is for anonymity. I am a redditor of over 10 years. The unique subreddit is because I did not want to be immediately deleted or banned. The currency addresses are all unused. Any balance that appears is donated.
TL; DR - An ordinary individual with a dream of wealth. Anonymously asking the globe to help make the dream come true using cryptocurrency. Hoping a lot of small contributions add up to something huge to change my life. Need redditors to help spread this request worldwide.
05-04 21:06 - 'Don't fall for those scammer claiming of turning $500 to $5000. Bitcoin Mining Investment is cool, the reason why you can't get such profit is because high volume of people like you are also looking for help. Here we on...' by /u/jamisonwonder removed from /r/Bitcoin within 155-165min
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04-18 23:34 - 'Be a millionaire . thats real' (self.Bitcoin) by /u/raoufbeloua removed from /r/Bitcoin within 7-17min
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Hey guys, I’m new to Reddit and I’m new to Bitcoin/ Crypto. Sorry if I posted in the wrong place, (I’m only 1 day old) and wasn’t allowed to join any chat/groups yet. I have 0 knowledge with Bitcoin/Crypto and would love some help on where to start. My first starting point was google to gain some understanding and to be honest, found it all a little overwhelming and didn’t really trust the resources I found. I read about a few scams after re-Googling for “reviews, but read about some success stories also. who do you trust? Where do you begin? How does it all work? What do I need to get started? Thats Why I’m here. I’m looking for a “ Beginners guide” or a “How to guide” (for dummies) to build some knowledge, if that even exists. Sorry for my ignorance. I understand the risks involved, I’m not looking to be a millionaire trading and buying crypto(although it’d be nice). I only want to start small to begin with. start with a few bucks to see how it all goes and really get the fundamentals down for trading/buying crypto. Anyway, a reply with any information (if this doesn’t get deleted ) would be much appreciated. Also, I live in Australia if that makes a difference. Thanks guys - Brad_1991
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Hi Bitcoiners! I’m back with the 30th monthly Bitcoin news recap. For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month. You can see recaps of the previous months on Bitcoinsnippets.com A recap of Bitcoin in May 2019 Adoption
Understanding Tether: Why it accounts for a substantial part of the crypto market cap and why its the #1 outstanding issue in crypto markets today
In this post I will go in-depth on:
How Tether got to be what it is today
Why Tether's market cap is a lot more than 0.5% of the total market cap for crypto you see on CoinMarketCap
Tether printing timing
What could happen to the market if Tether is found to not be backed by reserves
Tether is incredibly important to the cryptocurrency market ecosystem and I've noticed far too few people understand what is going on. Very little actual discussion of the 2nd biggest crypto by volume happens here and whenever someone starts a discussion they most often got slapped for "FUD". Tether themselves recently hired the major New York based PR firm 5W to spread positive information online and take down critics, I'm sure some of their operatives are probably on Reddit. But its absolutely critical you understand the risks behind Tether and especially now with the explosion in reserve liability, breakdown in relationship with banks and their auditor and recently announced subpoena.
What exactly is Tether and what happened so far?
Tether is a cryptocurrency asset issued by Tether Limited (incorporated in the British Virgin Islands and a sister company of Bitfinex), on top of the Bitcoin blockchain through the Omni Protocol Layer. It is meant to give people a "stablecoin", for example a merchant who accepts bitcoin but fears its volatility could shift bitcoin into tether, which can be easier to do than exchanging bitcoin for dollars. Recently they've also added an Ethereum-based ERC20 token. Tether Ltd claims that each one of the tokens issued is backed by actual US dollar (and more recently Euro) reserves. The idea is that when a business partner deposits US dollars in Tether’s bank account, Tether creates a matching amount of tokens and transfers them to that partner, it is NOT a fractional reserve system. Tether makes the two following key promises in its whitepaper on which the entire premise is build:
Each tether issued will be backed by the equivalent amount of currency unit (one USDTether equals one dollar). Professional auditors will regularly verify, sign, and publish our underlying bank balance and financial transfer statement.
Tether is centralized and dependent on your trust of Bitfinex/Tether Limited, and that the people behind it are honest people. For the new entrants to this market it will be greatly beneficial understand the timeline of Tether and their connection to Bitfinex. A brief timeline:
Bitfinex operators Phil Potter and CFO Giancarlo Devasini set up Tether Limited in the British Virgin Islands, but told the public that Bitfinex and Tether are completely separate. Throughout 2015 and 2016, the amount of Tether stays relatively flat.
In August 2nd, 2016, the second-largest digital currency exchange heist in history happened, when Bitfinex lost nearly 120,000 bitcoin. Bitfinex never revealed full details of the hack, but BitGo (the security company that had to sign off on the transactions) claims its servers were not breached.
Just 4 days after the hack Bitfinex “socializes” its losses from the theft by announcing a 36 percent haircut for almost all of its customers. In return, customers receive BFX tokens, initially valued at $1 each.
Two weeks after the hack Bitfinex announces it has hired Ledger Labs, to investigate the theft and perform a financial audit of its cryptocurrency and fiat assets. The public nevers sees the results of the investigation, and months later, Bitfinex admits it never actually hired Ledger Labs to perform an audit to begin with.
In May 2017, after long standing calls for an actual audit, Bitfinex hires Friedman LLP to "complete a comprehensive balance sheet audit."
November 7, 2017: Leaked documents dubbed “Paradise Papers” reveal Bitfinex and Tether are run by the same individuals.
November 19, 2017: Tether is hacked, with 31 million USDT suddenly disappearing. Tether Limited reacts to this by creating a hard fork.
December 4, 2017: Right after hiring the PR firm 5W to help improve their image, Bitfinex hires law firm Steptoe & Johnson and threatens legal action against critics.
December 6, 2017 - CFTC issues a subpoena to Tether and Bitfinex. This news isn't made public until the end of January.
December 21, 2017 : Without making any formal announcement, Bitfinex appears to suddenly close all new account registrations. Those trying to register for a new account are asked for a mysterious referral code, but no referral code seems to exist.
After a month of being closed to new registrations, Bitfinex announces it is reopening its doors, but now requires new customers to deposit $10,000 before they can begin trading.
Friedman LLP completely cut ties with Tether on January 27, 2017.
Most common misconception: Tether is only a small part of the total market cap
One of the most common misconception people have about cryptocurrencies is that the "market cap" amount they see on CoinMarketCap.com is actually the amount of money that is invested in each coin. I often hear people online dismiss any issue with tether by simply claiming its not big enough to cause any effect, saying "Well Tether is only $2.2 billion on CoinMarketCap and the market is 400 billion, its only 0.5% of the market". But this misunderstands what market capitalization for cryptocurrency is, and just how different the market cap for Tether is to every other token. The market cap is simply the last trade price times the circulating supply. It doesn't take into account the order book depth at all. The majority of Bitcoin (and most coins) are held by those who either mined or purchased for a very low price early on and simply held on as very small portions of the total supply was rapidly bid up to their current price. An increase in market cap of X does NOT represent an inflow of X dollars invested, not even close. A 400 billion dollar market cap for crypto does NOT mean that there is 400 billion dollars underwriting the assets. Meanwhile a 2 billion dollar Tether market cap means there should be exactly $2 billion backing up the asset. Nobody can tell for sure exactly how much money has been invested in cryptocurrency market, but analysts from JPMorgan found that there was only net inflow of $6 billion fiat that resulted in $300 billion market cap at the time. This gives us a roughly 50:1 ratio of market cap to fiat inflow. Prominent crypto evangelist Julian Hosp gives the following estimate: "For a cryptocurrency to have a market cap of $1 billion, maybe only $50 million actually moved into the cryptocurrency." For Tether however the market cap is simply the outstanding supply, 2.2 billion USDT is actually equal to 2.2 billion USD. In order to get $50 USDT you have to deposit $50 real U.S. dollars and then 50 completely new tokens will be issued, which never existed before on the market. What is also often ignored is that Bitfinex allows margin trading, at a 3.3x leverage. Bitfinexed did an excellent analysis on how tether is entering Bitfinex to fund margin positions There are $2.2 billion in Tether outstanding and the current market cap of the entire market is $400 billion according to CoinMarketCap. You can actually calculate Tether as a % of total fiat invested in the market according to the JP Morgan estimate, the following table outlines for a scenario of no margin lending and 15/25% of tether being on a 3.3x leverage margin account:
Fiat Inflow/Market Cap Ratio
Tether as % of total market (no margin)
Tether as % of total market (15% on margin)
Tether as % of total market (25% on margin)
JP Morgan estimate (50:1)
Even without any margin lending Tether is underwriting the worth of about 27.5% of the cryptocurrency market, and if we assume only 25% was leveraged out at 3.3x on margin we have a whole 43% of the market cap being driven by Tether inflow. A much better indicator on CoinMarketCap of just how influential Tether is actually the volume, its currently the 2nd biggest cryptocurrency by volume and there are even days where its volume exceeds its market cap. What this all means is that not only is the market cap for cryptocurrencies drastically overestimating the amount of actual fiat capital that is underwriting those assets, but a substantial portion of the entire market cap is being derived from the value of Tether's market cap rather than real money. Its incredibly important that more new investors realize that Tether isn't a side issue or a minor cog in the machine, but one of the core underlying mechanisms on which the entire market worth is built. Ensuring that whoever controls this stablecoin is honest and transparent is absolutely critical to the health of the market.
Two main concerns with Tether
The primary concerns with Tether can be split into two categories:
Tether issuance timing - Does Tether Ltd issue USDT organically or is it timed to stop downward selling pressure?
Reserves - Does Tether Ltd actually have the fiat reserves at a 1:1 ratio, and why is there still no audit or third party guarantee of this?
Does Tether print USDT to prop up Bitcoin and other cryptocurrencies?
In the last 3 months the amount of USDT has nearly quadrupled, with nearly a billion being printed in January alone. Some people have found the timing of the most recent batch of Tether as highly suspect because it seemed to coincide with Bitcoin's price being propped up. https://www.nytimes.com/2018/01/31/technology/bitfinex-bitcoin-price.html This was recently analyzed statistically:
Author’s opinion - it is highly unlikely that Tether is growing through any organic business process, rather that they are printing in response to market conditions. Tether printing moves the market appreciably; 48.8% of BTC’s price rise in the period studied occurred in the two-hour periods following the arrival of 91 different Tether grants to the Bitfinex wallet. Bitfinex withdrawal/deposit statistics are unusual and would give rise to further scrutiny in a typical accounting environment.
https://www.tetherreport.com I'm still undecided on this and I would love to see more statistical analysis done, because the price of Bitcoin is so volatile while Tether printing only happens in large batches. Simply looking at the Bitcoin price graph over the last 3 months and then the Tether printing its pretty clear there is a relationship but it doesn't seem to hold over longer periods. Ultimately to me this timing isn't that much of an issue, as long Tether is backed by US dollars. If Bitfinex was timing the prints then it accounts to not much more than an organized pumping scheme, which isn't a fundamental problem. The much more serious concern is whether those buy order are being conducted on the faith of fictitious dollars that don't exist, regardless of when those buy orders occur.
This engagement does not contemplate tests of accounting records or the performance of other procedures performed in an audit or attest engagement. Our procedures performed are not for the purpose of providing assurance...In addition, our services do not include determination of compliance with laws and regulations in any jurisdiction.
They state right from the beginning that this is a consultancy job (not an audit), and that its not meant to be assurance to third parties. Doing a consultancy job is just doing a task asked by your customer. In a consultancy job you take information as true from the client, and you have no mandate to verify whether your customer's claims are true or not. The way they checked is simply asking Tether to provide them the information:
All inquiries made through the consulting process have been directed towards, and the data obtained from, the Client and personnel responsible for maintaining such information.
Tether provided a screenshots of twp bank balances. One of these is in the name of Tether Limited, and while the other is a personal account of an individual who Tether Limited claims has a trust agreement with them:
As of September 15, 2017, the bank held $60,919,810 in an account in the name of an in individual for the benefit of Tether Limited. FLPP obtained an engagement letter for an interim settlement plan between that individual and Tether Limited and that according to Tether Limited, is the relevant agreement with the trustee. FLLP did not evaluate the substance of the letter and makes no representation about its legality.
Even worse is that later on in Note 1, they clearly claim that there is no actual evidence that this engagement letter or trust has any legal merit:
Note 1: FLLP makes no representations about sufficiency or enforceability of any trust agreement between the trustee and the Client
Essentially what this is saying is that the trust agreement may not even be worth the paper it’s printed on. And most importantly… Note 2:
“FLLP did not evaluate the terms of the above bank accounts and makes no representations about the clients ability to access funds from the accounts or whether the funds are committed for purposes other than Tether token redemptions”
Basically Tether gave them a name of an individual with $60 million in their account according to a screenshot, Tether then gave them a letter saying that there is a trust agreement between this individual and Tether Limited. They also have account with $382 million but no guarantee that this account holds to any lien or other commitments, or that it can be accessed. Currently Tether has 2.2 billion USDT outstanding and we have absolutely no idea whether this is actually backed by anything, and the long promised audit is still outstanding.
What happens if its revealed that Tether doesn't have its US dollar reserves?
According to Thomas Glucksmann, head of business development at Gatecoin: "If a tether debacle unfolds, it will likely cause quite a devastating ripple effect across many of the exchanges that see most of their volumes traded against the supposedly USD-backed cryptocurrency." According to Nicholas Weaver, a senior researcher at the International Computer Science Institute at Berkeley: "You could see a spike in prices in tether-only bitcoin exchanges. So, on those exchanges only you will see a run up in price compared to the bitcoin exchanges that actually work with actually money. So you would see a huge price diverge as people see that only way they can turn tether into real money is to buy other cryptocurrency then move to another exchange. That is a bank run." I definitely see the crypto equivalent of a bank run, as people actually try to secure their gains an realize that this money doesn't actually exist within the system:
If traders lose confidence in it and its value starts to drop, “people will run for the door,” says Carlson, the former Wall Street trader. If Tether can’t meet all its customers’ demand for dollars (and its Terms of Service suggest that in many cases it won’t even try), tether holders will try to snap up other cryptocurrencies instead, temporarily causing prices for those currencies to soar. With tether’s role as an inter-exchange facilitator compromised, investors might lose faith in cryptocurrencies more generally. “At the end of the day, people would be losing substantial sums, and in the long term this would be very bad for cryptocurrencies,” says Emin Gun Sirer, a Cornell professor and co-director of its Initiative for Cryptocurrencies and Smart Contracts. Another concern is that Bitfinex might simply shut down, pocketing the bitcoins it has allegedly been stockpiling. Because people who trade on Bitfinex allow the exchange to hold their money while they speculate, these traders could face substantial losses. “The exchanges are like unregulated banks and could run off with everyone’s money,” says Tony Arcieri, a former Square employee turned entrepreneur trying to build a legally regulated exchange.
Tether-enabled exchanges will see a massive spike in Bitcoin and cryptocurrency prices as everyone leaves Tether. Noobs in these exchanges will think they are now millionaires until they realize they are rich in tethers but poor in dollars.
Exchanges that have not integrated Tether will experienced large drops in Bitcoin and alts as experienced investors flee crypto into USD.
There will be a flight of Bitcoin from Tether-integrated exchanges to non-Tether exchanges with fiat off-ramps. Exchanges running small fractional reserves will be exposed, further increasing calls for greater reserves requirements.
The exchanges might slam the doors shut on withdrawals.
Many exchanges that own large balances of Tether, especially Bitfinex, will likely become insolvent.
There will be lawsuits flying everywhere and with Tether Limited being incorporated on a Carribean Island whose solvency and bankruptcy laws will likely ensure they don't ever get much back. This could take years and potentially push away new investors from entering the space.
We can't be 100% completely sure that Tether is a scam, but its so laiden with red flags that at this point I would call it the biggest systematic risk in the crypto space. Its bigger than any nation's potential regulatory steps because it cuts right into the issue of trust across the entire ecosystem. Ultimately Tether is centralizing one of the very core mechanics of the cryptocurrency markets and asking you to trust one party to be the safekeeper, and I really see very little reason to trust Bitfinex given their history of lying and screwing over their own customers. I think that Tether initially started as a legit business to facilitate the ease of moving money and avoiding regulations, but somewhere along the lines greed and/or incompetence took over (something that seems common with Bitfinex's previous actions). Right now we're playing proverbial hot potato, and as long as people believe that Tether is worth a dollar everything is fine, but as some point the Emperor will have to step out from hiding and somebody will point out they have no clothes. In the long term I really hope once Tether collapses we can move on and get the following two implemented which would greatly improve the market for all investors:
Actual USD fiat pairings on the major exchanges for the major currencies
Regulatory rules on exchange reserve requirements
I had watched the Bitconnect people insist for the last 2 years that everything about Bitconnect made perfect sense because they were getting paid daily. The scam works until one day it suddenly doesn't. Tether could still come clean and avoid all of this "FUD" by simply getting a simple review of their banking, they don't even need a full audit. If everything was legit with Tether, it would be incredibly easy to have a segregated bank account with the funds used solely to back up Tether, then have an third party accounting firm simply review the account and a bank reconciliation statement then spend a few hours in contact with the bank to ensure no outstanding liabilities are held on that balance. This is extremely basic stuff, it would take a few hours to set up and wouldn't take a lot of man-hours for a qualified account to do, and yet they don’t do it. Why? Why hire a major PR firm and spend god knows how much money to pay professional PR representatives to attack "FUD" online instead? I think I know why.
11-12 17:14 - 'Happy day to all my clients am so happy for Friday successfull payouts to all my client. so many of them and the new clients the ones who had been scam before they contacted me, now they believe that binary options trad...' by /u/clarke_wilsonfx removed from /r/Bitcoin within 48-58min
''' Happy day to all my clients am so happy for Friday successfull payouts to all my client. so many of them and the new clients the ones who had been scam before they contacted me, now they believe that binary options trade is legit am so happy for them and their trust for a client to loose $5000 and he still trust and invest $1000 and received $8000 on Friday as profits was so happy on Friday also thanks for your trust life is a challenge do not give up in life once again thanks to all my clients mr @clarke_wilsonfx Dm me now this Friday could be your day
An extensive guide for cashing out bitcoin and cryptocurrencies into private banks
Hey guys. Merry Xmas ! I am coming back to you with a follow up post, as I have helped many people cash out this year and I have streamlined the process. After my original post, I received many requests to be more specific and provide more details. I thought that after the amazing rally we have been attending over the last few months, and the volatility of the last few days, it would be interesting to revisit more extensively. The attitude of banks around crypto is changing slowly, but it is still a tough stance. For the first partial cash out I operated around a year ago for a client, it took me months to find a bank. They wouldn’t want to even consider the case and we had to knock at each and every door. Despite all my contacts it was very difficult back in the days. This has changed now, and banks have started to open their doors, but there is a process, a set of best practices and codes one has to follow. I often get requests from crypto guys who are very privacy-oriented, and it takes me months to have them understand that I am bound by Swiss law on banking secrecy, and I am their ally in this onboarding process. It’s funny how I have to convince people that banks are legit, while on the other side, banks ask me to show that crypto millionaires are legit. I have a solid background in both banking and in crypto so I manage to make the bridge, but yeah sometimes it is tough to reconcile the two worlds. I am a crypto enthusiast myself and I can say that after years of work in the banking industry I have grown disillusioned towards banks as well, like many of you. Still an account in a Private bank is convenient and powerful. So let’s get started.
A. What is required to open an account in a Private bank when you made your fortune through crypto.
There are two different aspects to your onboarding in a Swiss Private bank, compliance-wise. *The origin of your crypto wealth *Your background (residence, citizenship and probity) These two aspects must be documented in-depth. How to document your crypto wealth. Each new crypto millionaire has a different story. I may detail a few fun stories later in this post, but at the end of the day, most of crypto rich I have met can be categorized within the following profiles: the miner, the early adopter, the trader, the corporate entity, the black market, the libertarian/OTC buyer. The real question is how you prove your wealth is legit. 1. Context around the original amount/investment Generally speaking, your first crypto purchase may not be documented. But the context around this acquisition can be. I have had many cases where the original amount was bought through Mtgox, and no proof of purchase could be provided, nor could be documented any Mtgox claim. That’s perfectly fine. At some point Mtgox amounted 70% of the bitcoin transactions globally, and people who bought there and managed to withdraw and keep hold of their bitcoins do not have any Mtgox claim. This is absolutely fine. However, if you can show me the record of a wire from your bank to Tisbane (Mtgox's parent company) it's a great way to start. Otherwise, what I am trying to document here is the following: I need context. If you made your first purchase by saving from summer jobs, show me a payroll. Even if it was USD 2k. If you acquired your first bitcoins from mining, show me the bills of your mining equipment from 2012 or if it was through a pool mine, give me your slushpool account ref for instance. If you were given bitcoin against a service you charged, show me an invoice. 2. Tracking your wealth until today and making sense of it. What I have been doing over the last few months was basically educating compliance officers. Thanks God, the blockchain is a global digital ledger! I have been telling my auditors and compliance officers they have the best tool at their disposal to lead a proper investigation. Whether you like it or not, your wealth can be tracked, from address to address. You may have thought all along this was a bad feature, but I am telling you, if you want to cash out, in the context of Private Banking onboarding, tracking your wealth through the block explorer is a boon. We can see the inflows, outflows. We can see the age behind an address. An early adopter who bought 1000 BTC in 2010, and let his bitcoin behind one address and held thus far is legit, whether or not he has a proof of purchase to show. That’s just common sense. My job is to explain that to the banks in a language they understand. Let’s have a look at a few examples and how to document the few profiles I mentioned earlier. The trader. I love traders. These are easy cases. I have a ton of respect for them. Being a trader myself in investment banks for a decade earlier in my career has taught me that controlling one’s emotions and having the discipline to impose oneself some proper risk management system is really really hard. Further, being able to avoid the exchange bankruptcy and hacks throughout crypto history is outstanding. It shows real survival instinct, or just plain blissed ignorance. In any cases traders at exchange are easy cases to corroborate since their whole track record is potentially available. Some traders I have met have automated their trading and have shown me more than 500k trades done over the span of 4 years. Obviously in this kind of scenario I don’t show everything to the bank to avoid information overload, and prefer to do some snacking here and there. My strategy is to show the early trades, the most profitable ones, explain the trading strategy and (partially expose) the situation as of now with id pages of the exchanges and current balance. Many traders have become insensitive to the risk of parking their crypto at exchange as they want to be able to trade or to grasp an occasion any minute, so they generally do not secure a substantial portion on the blockchain which tends to make me very nervous. The early adopter. Provided that he has not mixed his coin, the early adopter or “hodler” is not a difficult case either. Who cares how you bought your first 10k btc if you bought them below 3$ ? Even if you do not have a purchase proof, I would generally manage to find ways. We just have to corroborate the original 30’000 USD investment in this case. I mainly focus on three things here: *proof of early adoption I have managed to educate some banks on a few evidences specifically related to crypto markets. For instance with me, an old bitcointalk account can serve as a proof of early adoption. Even an old reddit post from a few years ago where you say how much you despise this Ripple premined scam can prove to be a treasure readily available to show you were early. *story telling Compliance officers like to know when, why and how. They are human being looking for simple answers to simple questions and they don’t want like to be played fool. Telling the truth, even without a proof can do wonders, and even though bluffing might still work because banks don’t fully understand bitcoin yet, it is a risky strategy that is less and less likely to pay off as they are getting more sophisticated by the day. *micro transaction from an old address you control This is the killer feature. Send a $20 worth transaction from an old address to my company wallet and to one of my partner bank’s wallet and you are all set ! This is gold and considered a very solid piece of evidence. You can also do a microtransaction to your own wallet, but banks generally prefer transfer to their own wallet. Patience with them please. they are still learning. *signature message Why do a micro transaction when you can sign a message and avoid potentially tainting your coins ? *ICO millionaire Some clients made their wealth participating in ETH crowdsale or IOTA ICO. They were very easy to deal with obviously and the account opening was very smooth since we could evidence the GENESIS TxHash flow. The miner Not so easy to proof the wealth is legit in that case. Most early miners never took screenshot of the blocks on bitcoin core, nor did they note down the block number of each block they mined. Until the the Slashdot article from August 2010 anyone could mine on his laptop, let his computer run overnight and wake up to a freshly minted block containing 50 bitcoins back in the days. Not many people were structured enough to store and secure these coins, avoid malwares while syncing the blockchain continuously, let alone document the mined blocks in the process. What was 50 BTC worth really for the early miners ? dust of dollars, games and magic cards… Even miners post 2010 are generally difficult to deal with in terms of compliance onboarding. Many pool mining are long dead. Deepbit is down for instance and the founders are MIA. So my strategy to proof mining activity is as follow: *Focusing on IT background whenever possible. An IT background does help a lot to bring some substance to the fact you had the technical ability to operate a mining rig. *Showing mining equipment receipts. If you mined on your own you must have bought the hardware to do so. For instance mining equipment receipts from butterfly lab from 2012-2013 could help document your case. Similarly, high electricity bill from your household on a consistent basis back in the day could help. I have already unlocked a tricky case in the past with such documents when the bank was doubtful. *Wallet.dat files with block mining transactions from 2011 thereafter This obviously is a fantastic piece of evidence for both you and me if you have an old wallet and if you control an address that received original mined blocks, (even if the wallet is now empty). I will make sure compliance officers understand what it means, and as for the early adopter, you can prove your control over these wallet through a microtransaction. With these kind of addresses, I can show on the block explorer the mined block rewards hitting at regular time interval, and I can even spot when difficulty level increased or when halvening process happened. *Poolmining account. Here again I have educated my partner bank to understand that a slush account opened in 2013 or an OnionTip presence was enough to corroborate mining activity. The block explorer then helps me to do the bridge with your current wallet. *Describing your set up and putting it in context In the history of mining we had CPU, GPU, FPG and ASICs mining. I will describe your technical set up and explain why and how your set up was competitive at that time. The corporate entity Remember 2012 when we were all convinced bitcoin would take over the world, and soon everyone would pay his coffee in bitcoin? How naïve we were to think transaction fees would remain low forever. I don’t blame bitcoin cash supporters; I once shared this dream as well. Remember when we thought global adoption was right around the corner and some brick and mortar would soon accept bitcoin transaction as a common mean of payment? Well, some shop actually did accept payment and held. I had a few cases as such of shops holders, who made it to the multi million mark holding and had invoices or receipts to proof the transactions. If you are organized enough to keep a record for these trades and are willing to cooperate for the documentation, you are making your life easy. The digital advertising business is also a big market for the bitcoin industry, and affiliates partner compensated in btc are common. It is good to show an invoice, it is better to show a contract. If you do not have a contract (which is common since all advertising deals are about ticking a check box on the website to accept terms and conditions), there are ways around that. If you are in that case, pm me. The black market Sorry guys, I can’t do much for you officially. Not that I am judging you. I am a libertarian myself. It’s just already very difficult to onboard legit btc adopters, so the black market is a market I cannot afford to consider. My company is regulated so KYC and compliance are key for me if I want to stay in business. Behind each case I push forward I am risking the credibility and reputation I have built over the years. So I am sorry guys I am not risking it to make an extra buck. Your best hope is that crypto will eventually take over the world and you won’t need to cash out anyway. Or go find a Lithuanian bank that is light on compliance and cooperative. The OTC buyer and the libertarian. Generally a very difficult case. If you bought your stack during your journey in Japan 5 years ago to a guy you never met again; or if you accumulated on https://localbitcoins.com/ and kept no record or lost your account, it is going to be difficult. Not impossible but difficult. We will try to build a case with everything else we have, and I may be able to onboard you. However I am risking a lot here so I need to be 100% confident you are legit, before I defend you. Come & see me in Geneva, and we will talk. I will run forensic services like elliptic, chainalysis, or scorechain on an extract of your wallet. If this scan does not raise too many red flags, then maybe we can work together ! If you mixed your coins all along your crypto history, and shredded your seeds because you were paranoid, or if you made your wealth mining professionally monero over the last 3 years but never opened an account at an exchange. ¯_(ツ)_/¯ I am not a magician and don’t get me wrong, I love monero, it’s not the point. Cashing out ICOs Private companies or foundations who have ran an ICO generally have a very hard time opening a bank account. The few banks that accept such projects would generally look at 4 criteria: *Seriousness of the project Extensive study of the whitepaper to limit the reputation risk *AML of the onboarding process ICOs 1.0 have no chance basically if a background check of the investors has not been conducted *Structure of the moral entity List of signatories, certificate of incumbency, work contract, premises... *Fiscal conformity Did the company informed the authorities and seek a fiscal ruling.
B. The tax issue I am not a tax specialist, but I can say that this year I have seen it all. Again I am not judging. You made $100m hodling, and still wouldn’t pay your taxes ? Your decision.I personally advise everyone to pay their taxes, but also to be generous, to give to charities. I mean you eventually made it. Good for you. What about you contribute to make the world a better place now? I will stop patronizing you. It’s just my 2cts, and it’s your money.
For the record, I am not into the tax avoidance business, so people come to me with a set up and I see if I can make it work within the legal framework imposed to me. First, stop thinking Switzerland is a “offshore heaven” Swiss banks have made deals with many governments for the exchange of fiscal information. If you are a French citizen, resident in France and want to open an account in a Private Bank in Switzerland to cash out your bitcoins, you will get slaughtered (>60%). There are ways around that, and I could refer you to good tax specialists for fiscal optimization, but I cannot organize it myself. It would be illegal for me. Swiss private banks makes it easy for you to keep a good your relation with your retail bank and continue paying your bills without headaches. They are integrated to SEPA, provide ebanking and credit cards. For information, these are the kind of set up some of my clients came up with. It’s all legal; obviously I do not onboard clients that are not tax compliant. Further disclaimer: I did not contribute myself to these set up. Do not ask me to organize it for you. I won’t. EU tricks Swiss lump sum taxation Foreign nationals resident in Switzerland can be taxed on a lump-sum basis if they are not gainfully employed in our country. Under the lump-sum tax regime, foreign nationals taking residence in Switzerland may choose to pay an expense-based tax instead of ordinary income and wealth tax. Attractive cantons for the lump sum taxation are Zug, Vaud, Valais, Grisons, Lucerne and Berne. To make it short, you will be paying somewhere between 200 and 400k a year and all expenses will be deductible. Switzerland has adopted a very friendly attitude towards crypto currency in general. There is a whole crypto valley in Zug now. 30% of ICOs are operated in Switzerland. The reason is that Switzerland has thrived for centuries on banking secrecy, and today with FATCA and exchange of fiscal info with EU, banking secrecy is dead. Regulators in Switzerland have understood that digital ledger technologies were a way to roll over this competitive advantage for the generations to come. Switzerland does not tax capital gains on crypto profits. The Finma has a very pragmatic approach. They have issued guidance- updated guidelines here. They let the business get organized and operate their analysis on a case per case basis. Only after getting a deep understanding of the market will they issue a global fintech license in 2019. This approach is much more realistic than legislations which try to regulate everything beforehand. Italy new tax exemption. It’s a brand new fiscal exemption. Go to Aoste, get residency and you could be taxed a 100k/year for 10years. Yes, really. Portugal What’s crazy in Europe is the lack of fiscal harmonization. Even if no one in Brussels dares admit it, every other country is doing fiscal dumping. Portugal is such a country and has proved very friendly fiscally speaking. I personally have a hard time trusting Europe. I have witnessed what happened in Greece over the last few years. Some of our ultra high net worth clients got stuck with capital controls. I mean no way you got out of crypto to have your funds confiscated at the next financial crisis! Anyway. FYI Malta Generally speaking, if you get a residence somewhere you have to live there for a certain period of time. Being stuck in Italy is no big deal with Schengen Agreement, but in Malta it is a different story. In Malta, the ordinary residence scheme is more attractive than the HNWI residence scheme. Being an individual, you can hold a residence permit under this scheme and pay zero income tax in Malta in a completely legal way. Monaco Not suitable for French citizens, but for other Ultra High Net worth individual, Monaco is worth considering. You need an account at a local bank as a proof of fortune, and this account generally has to be seeded with at least EUR500k. You also need a proof of residence. I do mean UHNI because if you don’t cash out minimum 30m it’s not interesting. Everything is expensive in Monaco. Real Estate is EUR 50k per square meter. A breakfast at Monte Carlo Bay hotel is 70 EUR. Monaco is sunny but sometimes it feels like a golden jail. Do you really want that for your kids? Dubaï
Set up a company in Dubaï, get your resident card.
Spend one day every 6 month there
Be tax free
US tricks Some Private banks in Geneva do have the license to manage the assets of US persons and U.S citizens. However, do not think it is a way to avoid paying taxes in the US. Opening an account at an authorized Swiss Private banks is literally the same tax-wise as opening an account at Fidelity or at Bank of America in the US. The only difference is that you will avoid all the horror stories. Horror stories are all real by the way. In Switzerland, if you build a decent case and answer all the questions and corroborate your case in depth, you will manage to convince compliance officers beforehand. When the money eventually hits your account, it is actually available and not frozen. The IRS and FATCA require to file FBAR if an offshore account is open. However FBAR is a reporting requirement and does not have taxes related to holding an account outside the US. The taxes would be the same if the account was in the US. However penalties for non compliance with FBAR are very large. The tax liability management is actually performed through the management of the assets ( for exemple by maximizing long term capital gains and minimizing short term gains). The case for Porto Rico. Full disclaimer here. I am not encouraging this. Have not collaborated on such tax avoidance schemes. if you are interested I strongly encourage you to seek a tax advisor and get a legal opinion. I am not responsible for anything written below. I am not going to say much because I am so afraid of uncle Sam that I prefer to humbly pass the hot potato to pwc From here all it takes is a good advisor and some creativity to be tax free on your crypto wealth if you are a US person apparently. Please, please please don’t ask me more. And read the disclaimer again. Trust tricks Generally speaking I do not accept fringe fiscal situation because it puts me in a difficult situation to the banks I work with, and it is already difficult enough to defend a legit crypto case. Trust might be a way to optimize your fiscal situation. Belize. Bahamas. Seychelles. Panama, You name it. At the end of the day, what matters for Swiss Banks are the beneficial owner and the settlor. Get a legal opinion, get it done, and when you eventually knock at a private bank’s door, don’t say it was for fiscal avoidance you stupid ! You will get the door smashed upon you. Be smarter. It will work. My advice is just to have it done by a great tax specialist lawyer, even if it costs you some money, as the entity itself needs to be structured in a professional way. Remember that with trust you are dispossessing yourself off your wealth. Not something to be taken lightly. “Anonymous” cash out. Right. I think I am not going into this topic, neither expose the ways to get it done. Pm me for details. I already feel a bit uncomfortable with all the info I have provided. I am just going to mention many people fear that crypto exchange might become reporting entities soon, and rightly so. This might happen anyday. You have been warned. FYI, this only works for non-US and large cash out. The difference between traders an investors. Danmark, Holland and Germany all make a huge difference if you are a passive investor or if you are a trader. ICO is considered investing for instance and is not taxed, while trading might be considered as income and charged aggressively. I would try my best to protect you and put a focus on your investor profile whenever possible, so you don't have to pay 52% tax if you do not have to :D
C. The cash out itself So you have accumulated patiently a good amount of wealth. For some of us who have been involved in crypto since 2010, it took years. Remember when BTC was stuck at 200$ for months? I personally feel like it was yesterday. There is no way you screw up your wealth by cashing out in a hurry or with low security standards. Here is how the cash out takes should place.
Full cash out or partial cash out? People who have been sitting on crypto for long have grown an emotional and irrational link with their coins. They come to me and say, look, I have 50m in crypto but I would like to cash out 500k only. So first let me tell you that as a wealth manager my advice to you is to take some off the table. Doing a partial cash out is absolutely fine. The market is bullish. We are witnessing a redistribution of wealth at a global scale. Bitcoin is the real #occupywallstreet, and every one will discuss crypto at Xmas eve which will make the market even more supportive beginning 2018, especially with all hedge funds entering the scene. If you want to stay exposed to bitcoin and altcoins, and believe these techs will change the world, it’s just natural you want to keep some coins. In the meantime, if you have lived off pizzas over the last years, and have the means to now buy yourself an nice house and have an account at a private bank, then f***ing do it mate ! Buy physical gold with this account, buy real estate, have some cash at hands. Even though US dollar is worthless to your eyes, it’s good and convenient to have some. Also remember your wife deserves it ! And if you have no wife yet and you are socially awkward like the rest of us, then maybe cashing out partially will help your situation ;) What the Private Banks expect. Joke aside, it is important you understand something. If you come around in Zurich to open a bank account and partially cash out, just don’t expect Private Banks will make an exception for you if you are small. You can’t ask them to facilitate your cash out, buy a 1m apartment with the proceeds of the sale, and not leave anything on your current account. It won’t work. Sadly, under 5m you are considered small in private banking. The bank is ok to let you open an account, provided that your kyc and compliance file are validated, but they will also want you to become a client and leave some money there to invest. This might me despicable, but I am just explaining you their rules. If you want to cash out, you should sell enough to be comfortable and have some left. Also expect the account opening to last at least 3-4 week if everything goes well. You can't just open an account overnight. The cash out logistics. Cashing out 1m USD a day in bitcoin or more is not so hard. Let me just tell you this: Even if you get a Tier 4 account with Kraken and ask Alejandro there to raise your limit over $100k per day, Even if you have a bitfinex account and you are willing to expose your wealth there, Even if you have managed to pass all the crazy due diligence at Bitstamp, The amount should be fractioned to avoid risking your full wealth on exchange and getting slaughtered on the price by trading big quantities. Cashing out involves significant risks at all time. There is a security risk of compromising your keys, a counterparty risk, a fat finger risk. Let it be done by professionals. It is worth every single penny. Most importantly, there is a major difference between trading on an exchange and trading OTC. Even though it’s not publicly disclosed some exchange like Kraken do have OTC desks. Trading on an exchange for a large amount will weight on the prices. Bitcoin is a thin market. In my opinion over 30% of the coins are lost in translation forever. Selling $10m on an exchange in a day can weight on the prices more than you’d think. And if you trade on a exchange, everything is shown on record, and you might wipe out the prices because on exchanges like bitstamp or kraken ultimately your counterparties are retail investors and the market depth is not huge. It is a bit better on Bitfinex. It is way better to trade OTC. Accessing the institutional OTC market is not easy, and that is also the reason why you should ask a regulated financial intermediary if we are talking about huge amounts. Last point, always chose EUR as opposed to USD. EU correspondent banks won’t generally block institutional amounts. However we had the cases of USD funds frozen or delayed by weeks. Most well-known OTC desks are Cumberlandmining (ask for Lucas), Genesis (ask for Martin), Bitcoin Suisse AG (ask for Niklas), circletrade, B2C2, or Altcoinomy (ask for Olivier) Very very large whales can also set up escrow accounts for massive block trades. This world, where blocks over 30k BTC are exchanged between 2 parties would deserve a reddit thread of its own. Crazyness all around. Your options: DIY or going through a regulated financial intermediary. Execution trading is a job in itself. You have to be patient, be careful not to wipe out the order book and place limit orders, monitor the market intraday for spikes or opportunities. At big levels, for a large cash out that may take weeks, these kind of details will save you hundred thousands of dollars. I understand crypto holders are suspicious and may prefer to do it by themselves, but there are regulated entities who now offer the services. Besides, being a crypto millionaire is not a guarantee you will get institutional daily withdrawal limits at exchange. You might, but it will take you another round of KYC with them, and surprisingly this round might be even more aggressive that the ones at Private banks since exchange have gone under intense scrutiny by regulators lately. The fees for cashing out through a regulated financial intermediary to help you with your cash out should be around 1-2% flat on the nominal, not more. And for this price you should get the full package: execution/monitoring of the trades AND onboarding in a private bank. If you are asked more, you are being abused. Of course, you also have the option to do it yourself. It is a way more tedious and risky process. Compliance with the exchange, compliance with the private bank, trading BTC/fiat, monitoring the transfers…You will save some money but it will take you some time and stress. Further, if you approach a private bank directly, it will trigger a series of red flag to the banks. As I said in my previous post, they call a direct approach a “walk-in”. They will be more suspicious than if you were introduced by someone and won’t hesitate to show you high fees and load your portfolio with in-house products that earn more money to the banks than to you. Remember also most banks still do not understand crypto so you will have a lot of explanations to provide and you will have to start form scratch with them! The paradox of crypto millionaires Most of my clients who made their wealth through crypto all took massive amount of risks to end up where they are. However, most of them want their bank account to be managed with a low volatility fixed income capital preservation risk profile. This is a paradox I have a hard time to explain and I think it is mainly due to the fact that most are distrustful towards banks and financial markets in general. Many clients who have sold their crypto also have a cash-out blues in the first few months. This is a classic situation. The emotions involved in hodling for so long, the relief that everything has eventually gone well, the life-changing dynamics, the difficulties to find a new motivation in life…All these elements may trigger a post cash-out depression. It is another paradox of the crypto rich who has every card in his hand to be happy, but often feel a bit sad and lonely. Sometimes, even though it’s not my job, I had to do some psychological support. A lot of clients have also become my friends, because we have the same age and went through the same “ordeal”. First world problem I know… Remember, cashing out is not the end. It’s actually the beginning. Don’t look back, don’t regret. Cash out partially, because it does not make sense to cash out in full, regret it and want back in. relax. The race to cash out crypto billionaire and the concept of late exiter. The Winklevoss brothers are obviously the first of a series. There will be crypto billionaires. Many of them. At a certain level you can have a whole family office working for you to manage your assets and take care of your needs . However, let me tell you it’s is not because you made it so big that you should think you are a genius and know everything better than anyone. You should hire professionals to help you. Managing assets require some education around the investment vehicles and risk management strategies. Sorry guys but with all the respect I have for wallstreebet, AMD and YOLO stock picking, some discipline is necessary. The investors who have made money through crypto are generally early adopters. However I have started to see another profile popping up. They are not early adopters. They are late exiters. It is another way but just as efficient. Last week I met the first crypto millionaire I know who first bough bitcoin over 1000$. 55k invested at the beginning of this year. Late adopter & late exiter is a route that can lead to the million. Last remarks. I know banks, bankers, and FIAT currencies are so last century. I know some of you despise them and would like to have them burn to the ground. With compliance officers taking over the business, I would like to start the fire myself sometimes. I hope this extensive guide has helped some of you. I am around if you need more details. I love my job despite all my frustration towards the banking industry because it makes me meet interesting people on a daily basis. I am a crypto enthusiast myself, and I do think this tech is here to stay and will change the world. Banks will have to adapt big time. Things have started to change already; they understand the threat is real. I can feel the generational gap in Geneva, with all these old bankers who don’t get what’s going on. They glaze at the bitcoin chart on CNBC in disbelief and they start to get it. This bitcoin thing is not a joke. Deep inside, as an early adopter who also intends to be a late exiter, as a libertarian myself, it makes me smile with satisfaction. Cheers. @swisspb on telegram
10-17 10:33 - 'Whatever folks say about ALTS or Bitcoin it is all a diversion, truth be told. A tone of investors lost more than made investing and holding these digital fads, it is now a proven fake industry, a cesspool of scams. It was a...' by /u/HyperBrain removed from /r/Bitcoin within 15-25min
''' Whatever folks say about ALTS or Bitcoin it is all a diversion, truth be told. A tone of investors lost more than made investing and holding these digital fads, it is now a proven fake industry, a cesspool of scams. It was a huge transfer of capital, from unaware investors to shark traders and cryptopirates. Small trendy millennials believed they could become millionaires investing little and becoming multimillionaire traders next day, it all fell and still falling apart to this day! We have invested in several ALTS and BTC as well, we made and lost money in the same measure, it was a zero sum game, however for the time wasted in fact we lost more, never the less we are lucky! The majority lost BIG ! BTC lovers still brag that BTC is here to solve problems, without realising that the BTC games in fact has destroyed millions of small investors that believed on its utility, poor Joes got their capital sucked out by a small group or crypto PIRATES and shark traders! Any dissent opinion about cryptos or BTC is viciously oppose by this small percentage of 'smart or lucky' individuals that made money from this fake market. Which solutions BTC came to solve? So far there is NO real applications for it... and all the shitty ALTs follow the same recipe of fake promises to deceive its investors.
They said BTC to be decentralised - 90% is own by only 5% of all its holders.
BTC said to protect its investors anonymity - Today you even need to pay taxes on it, all your transactions can be traced.
BTC said to be way easier than regular payment methods - Until today I haven't seen how, a wireless touch card is superior and more secured.
Faster - Until today, credit card company can provide times over the transactions that BTC can manage.
Cheaper way to buy things - CCs is many times cheaper than BTC transactions.
Expensive to store - Exchanges charge HUGE percentages and costs to transfer, buy or store your imaginary tokens, more than allocated Gold.
Not secured - BTC can be hack from your computer, as the security seeds and passwords are so large that everything needs to be store in a computer which is open to be hacked.
You can lose everything - If you are unlucky to lose your password for your hard-wallet or software wallet, you will lose everything, there is NO call center or support team to help ya, once you lost it is GONE!
These are just some promises that this imaginary system has propagated. It seems that this whole industry was created to suck money from investors pure and simple, I haven't seen ANYTHING that shows me the contrary. Block chain is a system that can be replicated and built for any application, and that is exactly what will come out of this, big corporations and the government will use the technology to track every single move we make, and cryptocurrencies will be history. ''' Context Link Go1dfish undelete link unreddit undelete link Author: HyperBrain
Thank you so much MillionaireMakers! Couldn't have happened at a better time!
This couldn't have happened at a better time, and I am in complete shock that I won! I'm currently driving a 13 year old car that is on it's very last legs, so any winnings will be going towards a new (used) car and/or paying off some old debt. I was laid off a few years back and got into some financial trouble that I've not quite dug out of, as my new job wasn't quite as good financially. This will go a long way to helping with that as well. I'm really at a loss for words, but thank you so much, I'm literally in tears as I write this. My hands are shaking. I've never won anything like this before. For me, it's a life-changing moment. Honestly and truly. This part is written by the mods: All of the amounts below should result in sonician receiving about $1 USD Methods of payment: Tipbots
EDIT: Just passed $200 in the first hour! You are ALL amazing and generous people! Thank you! EDIT #2: I've removed the Google Wallet option as I guess because I'm in Canada, it can't really be used. Sorry about that. :( EDIT #3: I have tried to take a moment to thank each and every one of you, but I now have to go to bed, as I have work in the morning. I seriously can't thank everyone enough. I will update again in the morning.... assume I can sleep tonight! You are ALL the BEST! Thanks! EDIT #4: Good morning! Thank you everyone for such kindness! Had some broken sleep last night, but my excitement levels are still through the roof! A quick, back of the napkin math, shows that we've totalled $1151 USD as of now, in just 9 hours! EDIT #5 (2/22/16 - 12pm EST): Just a quick note to say that, while busy at work today, I just wanted to re-iterate my thanks to everyone. Closing in on $1500 USD. I am running out of things to say, other than I can never appreciate it enough, and even that amount of money will really change things for me going forward! EDIT #6 (2/22/16 - 5pm EST): $1895.65 USD (nearly $2600 Canadian Loonies!) in ~21 hours! Just home from work, but am going get something to eat, and begin getting caught up on my thank yous! Every one of you deserves one, so that is my goal! EDIT #7 (2/23/2016 - 6am EST): Just a shade under $2000, at $1960 USD. I apologize for not responding to more of you yesterday, I literally passed out from exhaustion between work, and then the overflow of emotions from all of you. I will get to the rest of you today when I get home from work. Thank you again! EDIT #8 (2/23/16 - 20:30 EST): Well, you passed $2000, and the total now sits at $2017.86 USD. So I'm a two-thousandaire! And while it's not a million (nor would I ever dream of that), I would like to again thank everyone for their overwhelming generosity. My thanks alone can never be enough, but I hope it will do for now. I don't even know what to do for everyone, other than promise that this money will NOT go to waste. I LOVE you all! EDIT #9: Does anyone know why I keep seeing a large number of "POCKET ERROR" on ChangeTip? Is it something I'm doing wrong, or is there a problem with my account? Maybe ChangeTip can answer this one for me? EDIT: The History shows about 35 "POCKET ERROR" on transactions.. EDIT #10: The latest total is now $2092.70! Thank you very much! I've ensured to thank each and every one of you individually up to this point. Car is going into the shop to get checked out on Saturday to determine if it's worth repairing, or should I look for something else. At least now, I have that option, thanks to all of you! EDIT #11: Final (but depressing) Update I was hoping to come to you all with some very exciting news, that would be seen as an amazing contribution by this community and all of you. Unfortunately, that's not the case. About two weeks ago, I took the money that I had won, and went on the hunt for a car. I found one, and bought it after checking it out, and making sure that everything was operational. It was a 2004 Ford Focus wagon. The body was in really great shape, and the engine was solid. I took it to get an oil change, and have the mechanics give it a once over, and they said everything looked good. So I registered the car in my name, had a new fan belt put on, and was good t go, so I thought. This past week, on Wednesday, I was running errands at lunch, and the engine started to choke and vibrate quite badly. Engine light came on, and it nearly stalled out at intersections. I immediately took it to the auto shop, and had them check it out. I thought at first that maybe there was a bad spark plug, or something. Turned out to be much worse. Looks like the head gasket on the engine ruptured, and one of the cylinders has lost all pressure. Early estimates are over $1000 to fix, which I can't afford, nor do I want to, as I think I was scammed by the seller. So I come to you with great sadness and embarrassment. What was to be dubbed "The MillionaireMakers Reddit car", has turned into a nightmare. So I'm out the money, out the car, and back to square one. All used car purchases are "as is" and there is nothing like a lemon law where I live. So I don't even have any recourse with the seller. This isn't a plea for help or a request for anything. I just wanted to share with you, the outcome of draw #16. I'm very sorry to everyone. I tried to make things better from your generosity. Turns out, I can't even do that right.
In the 1920s Charles Ponzi pulled a "Ponzi scheme" that cost his investors $20 million and served 14 years in prison. 100 years later thousands of scammers defraud naive investors of billions of dollars through the cryptocurrency hype legally. Satoshi Nakamoto had the chance of being the number 1 scam artist, but since he didn't sell any bitcoins or raised any money he missed out on getting rich. Here is a list of get-rich-quick cryptocurrency schemes:
1. The "Buterin scheme"
The Buterin scheme is the most advanced and sophisticated crypto scam, but the reward is in the billions. All you have to do is say about your blockchain being more "technologically advanced" then the previous blockchain, hype it with fancy buzzwords that no one understands and sell the premined tokens in an ICO. Don't forget to keep a good part of the premined tokens for the long con. Now that you have money from the ICO you can hire some developers to work on your project and a troll factory to shill your crypto while you dump your premined tokens. Your work will be made easier by the level 1 investors who will want to dump the tokens on level 2 investors. Partnerships with Microsoft or IBM and a meeting with Trump or Putin will certainly put your crypto in the top 10. The number of premined tokens in the Buterin scheme was 12 millions ETH which was about $15 billions at the mania peak. After seeing the successful Buterin money making scheme, every second chinese or russian crypto developer are trying to do this trick, most successfully being EOS which raised $4 billions.
2. Pump and Dump
All you have to do for this scheme is acquire a large amount of tokens fro a low price, then buy more of it on exchanges to raise the price quick and also hire trolls to shill the tokens on Reddit, Twitter, Facebook, TV or any other place you can, and then sell the tokens for a massive profit. John McAffee or websites such as Pornhub can help you greatly in this scam. You can learn a lot from the masterminds behind Bitcoin Cash, Nano or Verge.
3. The ICO scam
Same as the Buterin scheme, only that your blockchain idea is so dumb that it would be a waste of money to hire developers to work on it, so you take the money from the ICO and pretend that you are working on the project while enjoying the millionaire life on the seaside. You can get a whitepaper and a roadmap for as low as $10! Facebook, Google ads and internet trolls will be your friends in this scheme.
4. The inside info
Do you work at a big exchange that is about to list a new token? Or do you work at the SEC and they are about to approve a new ETF? Don't forget to buy and sell the token for at least a 10% profit in a single day!
5. Market manipulation
Do you have access to news companies and also afford to hire internet trolls? If the answer is yes, you can have a permanent stable income from crypto. All you have to do is to short (or long) a crypto, than release the FUD (or shills). Did some celebrity say a bad word about that crypto sometimes in 2015? Now is the perfect time to release this as news and post on Reddit! Easy money, and perfectly legal!
6. The Cryptokitties scheme
Are you smart enough to create a fancy collectible Ethereum game? That's good, but the website ads will not bring you any money from the 200 daily users. In order to create a market of cat images, all you have to do is create hundreds of different accounts that sell cat images to each other for exorbitant prices creating the illusion of value in those Kitties. The noobs will see the trades and buy from the FOMO. Not too bad to sell cat images for $100 000!
7. The smart contract Ponzi scheme
Another scheme is to create a disguised ponzi smart contract such as POWH3D or FOMO3D. The referral system and the greed of the players will guarantee doubling the money for the first players (developers).
8. Hack a smart contract
Since "code is law" and there is no internet police to stop the other scammers, you can find poorly written contracts with money and hack it. An example is POWH contract where hackers found a vulnerability and withdrew $ 1 million of ETH, and their identity has never been revealed, as per usual.
9. The Bitconnect scam
I forgot about Bitconnect, but that scheme is a so obvious scam that it is not even disguised as a legit product. It is almost identical with the Ponzi scheme, but unlike Charles Ponzi the Bitconnect founder is enjoying his millionaire life right now, so I would certainly recommend a Bitconnect scheme vs classic Ponzi scheme.
10. The "Bitcoin Fork" scam
Make a Bitcoin fork using the code other people worked on and the Bitcoin brand, mine stealthily or premine a developer fund, and then sell your coins to the noobs that are fooled by the Bitcoin name. Bitcoin Gold, Bitcoin Diamond and dozens of other did this scheme.
11. The Stablecoin scam
Create a USD alternative crypto (aka Tether) and sell it for crypto on exchanges that cannot cash out to USD. Since the stable coins were created out of thin air, you now have free Bitcoins which can be sold for real USD because the number of USDT holders will never reach 0 and will keep growing.
12. The Bitmain scam
Own a company that holds a monopoly on cryptocurrency miners, secretly produce miners and mine with them for months/years and then put them on sale for stupid investors when a new batch of more efficient "money making machines" are ready. In that way you are able to earn money from your outdated products and keep the illusion of decentralized mining. English is not my first language, so bee free to edit or proofread this list.
I have not been able to focus on writing the past couple of weeks now. I have learned a lot about using multiple different exchanges over the past couple weeks. I went from GDAX, to Binance to Kucoin. I have learned a lot and what I am about to tell you is my honest opinion. The Hay Way Investing in crypto is better done when you research a coin. DYOR is a legit term, even sounds like what it means. Do Your Own Research. Start here David Hay Read Read some books about economics and especially Bitcoin. My favorite books on Bitcoin Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction and Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money. Knowing the history and how Bitcoin works is fundamental I believe in this journey. Another great read I believe will make you look at money forever different How an Economy Grows and Why It Crashes Telegram & Alt Coins I think you should get Telegram. I am not kidding. It is amazing to connect with people from the different Exchanges, coins and dev channels. I warn you right now, you will be targeted for spam channels. You will be targeted in some cases by elaborate stories and ruses. You need to DYOR before following these blindly. Remember jumping into any investment without DYOR is a mistake, there is no free cake in this world. Someone I know was contacted by someone saying they should invest in a coin, it was about to explode, they were hyping about x3 x4 returns. My friend jumped all over it and did DYOLR, do your own little research. Which was is ok, but not wise. All ICO/Crypto Channels Remember, when you go into telegram you are gonna be on the front lines of Alt coins and you are deeper in the inception of Cryptocurrencies. You are no longer in the kiddy pool. What I mean is that out in the Alt ocean there are more predators. There are more people running scams and tricks to get you to be baited in and lured in. You are not gonna get people saying Ethereum is about to make you rich, how Bitcoin is about to explode, how Litecoin is gonna x3 x4. When you are on Telegram you will run into groups and people, personally over messages and in channels pressuring you in the sweetest way to invest. How to spot a scam on telegram (which I get most info from Here):
Anonymous team or members of the team: sure satoshi was anonymous but satoshi also wasnt asking you to invest in his tech.
Insufficient information on website/whitepaper: the whitepaper is present or not at all. The white paper is convoluted or does not make sense.
Empty repositories for open-source projects: Look at their Github, look at their development research if you can. If you cant find quality do not expect to find it.
No clear roadmap: a website is nice and one video just doesnt cover it. With missing a road map or at least a ledger of working projects or working products.
Shady Team: If you interact with the team, the leaders of the company and they do not reply to your questions or become defensive. Be aware people are busy but if you ask legitimate questions and there is little to no response, remember you do not know who or whom is on the other end of that connection.
Special tips or favors: If someone is offering you a tip or a deal of a lifetime, they will say it in a way your defenses will be down. Imagine this is similar to the nicely dressed guy in the walmart parking lot saying his mother is sick and dying and needs to go see her, he needs some money. You will get that same feeling here but you need to be careful. There is no free tips in cryptocurrency, there are people making money and people losing money. If they use terminology a lot like IMO, IMHO. Be aware these are used to drop your defenses. Never get emotionally connected to your investments, if you cant stop thinking about it you have too much invested in it.
Take Profits When you are in an altcoin maybe from the bottom, maybe you are making it big. Never just keep hodling. Remember this and say it with me What goes up must come down. I am a huge hodler and swing trader but I am telling you something. Take profits. Do not let greed ruin your feed. What I mean is that rocket pumps and jumps and quick increases (within a couple days) in price on an alt specifically are the result of a pump. Some are subtle you would never know it. Let me share a story with you.
“…I am upset I have lost so much money… this is what happened… someones messages me on Telegram telling me it alright, I had just lost money. But they say … If I wanna make a profit invest in this coin. So I do. It is great! because you know what ?! it begins to go up up up. I am excited, someone was nice enough to help me out. Such cool. I put more and more money into this altcoin. I mean I believe in the tech, the ideas and the situation is just amazing.… I mean I am making tons of money on my initial investment. It wont stop groing up this is fantastic. I make everything I have into it. With these gains I am going to come out on top. Lambos and all that. Then poof… I have feeling. Maybe I am get scammed this seems all too good to be true. I look at my messages from "the tipper friend" at times I feel like I am talking to a different person, it doesnt seem like the same person. They said oneday they bought some coin it for $.50 and just now they said they actually got it for $1.00. That I should hold and not sell… I have this weird feeling, but I am making increase. By the time it $8.00 I could not believe it. I asked "the tipper" you know he is like my best friend right now, I ask if I should sell, he reminded me to not sell no matter what, do not do it. If you do it you have weak hands, you must hold... but then everything began to drop right after their big annoucement. I wasnt worried I knew they were gonna go back up. He said so… But then Asia banned thing happened and the market just crashed I lost half of everything I owned in that… it hit me… maybe I can help them out maybe do work for them on the side… I mean I want the coin to go back up… I can help build website… my friend laughed at me… he say I work for them now, they give me the money they took from me… ha whatever… well… I ended up helping out and…. To me it felt me I felt trapped. I felt like I owed them something... only to come to find out that whatever just happened was planned maybe and I have this hope if I help out maybe it will go back up.. but it never did…”<
I think its a true story… maybe exaggerated some. You will find these if you ask around. The reality is real, scammers do exist. What is happening in these situations is that often a large group of people are gathered together to hear about a new “coin taking off” one by one they are pulled into a telegram channel. In fact it “the boom” may have already started and the tech seems legitimate enough, you will quickly be blinded by the quick jump in price. If you were in their shoes, you should be asking one question…. ”How did their ICO go? Was it profitable or not?”. Because if it was not, more than likely they are gonna do something whatever it takes to take profit to get their tech started… What you see happening also is that tech that may be great oneday… Remember that “oneday” could be 1-3 years from now. Story of NEO… Rags to Riches. So you have to presume a coins team will do whatever and be as dirty as they can to make ends meet, often it means taking money from innocent people. In this specific situation, the coin was being pumped surgically, not obviously, so it legitimacy seemed legit. Another question that should of been asked is “Where is the working product? If you do not see one what makes you think other investors will actually like the idea?” There were no obvious big signs of a pump, so you can easily think this is all ”Organic”. There is nothing organic in one week in this industry. ”Ask yourself did that 400% literally just happen in a couple days?” because if its too good to be true, let me explain this to you in simple terms. IT IS. Even though slowly and surely the price rose and people held out, no weak hands here… But what is happening is that people holding lost a lot when the devs. and whales sold their coins… you have to be aware many of the smaller coins will have either premined their coins or bought up a ton when it was only cents. They essentially will cash out huge returns.
A “premine” distribution system, while not necessarily an indication of a scam suggests that the creators of the cryptocurrency already own a portion of the cryptocurrency before it hits the exchange.<
It happens, it is normal, but in ways it is wrong, especially if you are new to Altcoins. Read More Here. Buy the dip and sell the news is true. If this user would of done that, they would have made out probably ok, so next time take profits… say it with me what goes up must come down. The Fud Truth This term is thrown a lot. It does not mean F'd up data. But essentially that is what it is, Fear, Uncertainty & Doubt. In my experience people who specifically had showen good data on their Reddit comments or posts or on Telegram that proved some FUD. They were banned, kicked out or shutdown. If you notice a truly negative or hostile atmosphere to people because they are FUD, you need to step back for second and look around. Who do you actually know here, is it just your "tipper" friend. Really think about the FUD when it comes out. Because if the person above would of listened to the FUD they would not be where they are now. Fud Reddit. Rest. Take some time and rest from this. I cannot explain to you the amount of hours I have spent looking at my phone. My computer. Talking on Telegram, acting as if I am being paid for it. Doing little graphic design work here and there. Take a break and have a life. Because at the end of the day your time is what you are using to pay for this. When you buy an alt coin you or anything for that matter you are spending the time you took to make that money. Remember your losing on both ends if you spend your time making money to spend more time losing or making that money. Watch this. Time is your currency. Tl;dr Get telegram, scams happen more in altcoins, build relationships, research, listen to the FUD, rest. Edit:spelling errors and link error. Wow I cannot thank you guys enough, your responses have been encouraging. cryptocurrency can be a place of quality and we can decide to do that everyday. I encourage each of you to share what is happening to you, what you have learned.
07-11 15:43 - 'Bitcoin Formula is making people rich And you can be the next millionaire' (self.Bitcoin) by /u/rspatrick8 removed from /r/Bitcoin within 48-58min
''' Bitcoin Formula is making people rich And you can be the next millionaire ...See what the famous people will say Yes, it’s possible to get rich with Bitcoin Formula. Of course, it isn’t as easy as that, you’ll need some tips and tricks to get the most out of this platform. Here are some of the best we’ve learned. 1. Use the demo account before risking any money. Most people have never worked with auto-pilot trading robots before, so you want to make sure you understand how this all works before putting any money at risk.
Invest only the minimum $250 when you’re getting used to how this investment option works. The system is pretty much idiot-proof, but there are still some manual controls before you set it to Auto-Trade, so you want to make sure you have those under control before risking more than the minimum deposit.
Withdraw half of what you win, at least. A great way to ensure that you make money with long term trading positions is to try to make enough money to cover your initial deposit. That way you know you’ll always break even. Anything extra you might make is gravy. Don’t get caught in a situation where you reinvest 100% of your earnings. You might lose it all, and then where would you be?
4. Make sure you are using the real Bitcoin Formula. There are many imitators out there, pretending to be the real Bitcoin Formula. Some of these are scams, and that’s probably why there are internet accusations out there calling this platform a scam. This software is definitely legit, but only if you’re using the real thing! 5. Withdraw frequently. Websites can crash, especially if they’re as popular and fast-growing as this one. Make sure you always have access to your cash by withdrawing it every day or two. Once the money hits your bank account, it’s yours forever (or at least until you spend it!). 6. Compare Bitcoin Formula to other highly recommended crypto robots like Bitcoin Aussie System and Bitcoin Code to find the one that works best for your preferences and personal trading style. If you are looking for other reliable and profitable robots, check out our bitcoin robot page to see what’s on offer.✅✅[link]1
07-11 16:03 - 'Bitcoin Formula is making people rich And you can be the next millionaire ...See what the famous people will say / Yes, it’s possible to get rich with Bitcoin Formula. Of course, it isn’t as easy as that, you’ll need some ti...' by /u/rspatrick8 removed from /r/Bitcoin within 64-74min
''' Bitcoin Formula is making people rich And you can be the next millionaire ...See what the famous people will say Yes, it’s possible to get rich with Bitcoin Formula. Of course, it isn’t as easy as that, you’ll need some tips and tricks to get the most out of this platform. Here are some of the best we’ve learned. 1. Use the demo account before risking any money. Most people have never worked with auto-pilot trading robots before, so you want to make sure you understand how this all works before putting any money at risk. 2. Invest only the minimum $250 when you’re getting used to how this investment option works. The system is pretty much idiot-proof, but there are still some manual controls before you set it to Auto-Trade, so you want to make sure you have those under control before risking more than the minimum deposit. 3. Withdraw half of what you win, at least. A great way to ensure that you make money with long term trading positions is to try to make enough money to cover your initial deposit. That way you know you’ll always break even. Anything extra you might make is gravy. Don’t get caught in a situation where you reinvest 100% of your earnings. You might lose it all, and then where would you be? 4. Make sure you are using the real Bitcoin Formula. There are many imitators out there, pretending to be the real Bitcoin Formula. Some of these are scams, and that’s probably why there are internet accusations out there calling this platform a scam. This software is definitely legit, but only if you’re using the real thing! 5. Withdraw frequently. Websites can crash, especially if they’re as popular and fast-growing as this one. Make sure you always have access to your cash by withdrawing it every day or two. Once the money hits your bank account, it’s yours forever (or at least until you spend it!). 6. Compare Bitcoin Formula to other highly recommended crypto robots like Bitcoin Aussie System and Bitcoin Code to find the one that works best for your preferences and personal trading style. If you are looking for other reliable and profitable robots, check out our bitcoin robot page to see what’s on offer. ✅✅[link]1 ''' Context Link Go1dfish undelete link unreddit undelete link Author: rspatrick8 1: q**w*r*dwit.com Unknown links are censored to prevent spreading illicit content.
Bitcoin has long been more ‘expensive’ per one BTC particularly compared to other fiat currencies. Now, its smallest unit known as a satoshi (or 0.00000001 BTC) is now worth more than some national currencies. In an interesting Reddit thread, one Bitcoin enthusiast noted that, at the current rates, one Satoshi is worth more than one unit of these three global fiat currencies.
As far as sh**coins go, Iran’s doing pretty well with its rial (IRR). If you want to feel rich, this is the ideal place to saunter around the streets with your wads of cash. One U.S. dollar will get you a staggering 42,101 rials. https://preview.redd.it/x9qsdbhklry21.jpg?width=1299&format=pjpg&auto=webp&s=af812abbd93c1ea327276522613a19935ebb118e The government devalued its national currency in July 2013 to half of its former value. This was meant to reduce the subsidization of the exchange rate against the dollar. With increasing U.S. sanctions, Iran came up with a second sh**coin in the form of a centralized and highly questionable “crypto rial”. However, the PayMon, is yet to prove itself as a plausible way of avoiding them. Inflation in this country could reach as much as 40 percent by the end of this year. The economy is also expected to retract substantially as well. Oh, and one satoshi is worth more than one Irian Rial right now.
You don’t get quite as much bang for your buck with the Vietnamese Dong. But it’s not that far behind Iran, at 23,321 dongs for a dollar https://preview.redd.it/512aoq7mlry21.jpg?width=1280&format=pjpg&auto=webp&s=00d8d6f4b9442c226e732d157e1ad0a32faada0e Coins have long become extinct in this southeast Asian country (you can see them in museums) and its people are used to using bills with tons of zeros on them. The smallest bill starts at 100 dongs and the largest goes all the way up to 500,000 dongs. Just like Iran, the Dong has been devalued several times. However, that seems to have attracted plenty of foreign investment and the economy is booming here. It also has sensible inflation rate at just over 4 percent. While trading BTC is still legal, the State Bank of Vietnam banned using it as a means of payment. It’s also clamping down on cryptocurrency regulation in the wake of multiple scams in the country. So, while one Satoshi may be worth more than one dong, its people can’t use BTC to buy anything.
Another country with a history of an uncertain economy and high inflation, the Indonesian Rupiah has been devalued many times throughout its history. Moreover, in 2018, it fell to its lowest level against the dollar in 20 years. https://preview.redd.it/qqac3jwolry21.jpg?width=1277&format=pjpg&auto=webp&s=3ff5b5cbb6a4483afbe48b8043d8144fa4b51492 Despite the fact that it’s pretty easy to be an Indonesian millionaire (with one dollar getting you 14,462 rupiahs) they still have coins, which is kind of cute, perhaps just for nostalgic value. The highest banknote here is 100,000. If you’re heading to Bali and want to buy anything more expensive than a meal, you’ll probably pay in dollars. After all, 40 bucks a night for a room sounds a lot better than 578,532.69. Indonesia recently came out and recognized Bitcoin as a commodity, allowing it to be traded. However, just like Vietnam, the ban on cryptocurrency payments still exits. So if people wanted to spend their satoshis, they’d be out of luck.
When people first find out about the phenomenal rise of bitcoin prices and all the overnight bitcoin millionaires, many are excited to start trading cryptocurrencies. However with all the get rich quick schemes on youtube, there are many scams out there. The most infamous was Bitconnect lending platform of $2.6 Billion USD where lenders get high returns daily. Users were promised 40% monthly returns compounded for a year = 480% returns! Many novice investors who didn’t do enough due diligence was caught in this biggest crypto scam and lost their hard earned capital. https://preview.redd.it/y5yi6czypmp21.png?width=760&format=png&auto=webp&s=d68bfce5bf02c01740d4635766ee59758bdd53e9 Today is April Fool’s Day, but we are not going to fool you! Mars think that as a novice investotrader getting into the crypto space, you will need the right tools and knowledge to build a strong foundation about the blockchain and its ecosystem. Let out appointed Martian give you an introduction guide to crypto currencies. We hope this guide will be helpful to you and our Little Martian wishes everyone a good holiday! As the saying goes: Everything is pre-established, not pre-emptive, as the cryptocurrency circle is small, if you want to become “old leeks” or even a legend in the future, you need to be prepared in advance, plan, and be prepared for it. Only the harder you work, the luckier you will be. Let’s talk about the necessary guides, APP and tools to help you enter the cryptocurrency circle. First, Theoretical Study https://preview.redd.it/nxcuseo1qmp21.jpg?width=300&format=pjpg&auto=webp&s=2f702bf73e5d955e29c3e950c56d77f42bc95810 Blockchains and digital currencies have only emerged in recent years. For beginners, most of them only know these two names or have simple concepts, such as equating a blockchain with a digital currency. As far as digital currency is concerned, it is thought that only bitcoin is used. Therefore, theoretical study is very necessary for newbie who wants to enter the blockchain industry and join the cryptocurrency circle.
For beginners, it is very important to understand the basic. Here are few books recommend to you: 《Blockchain Revolution》,《The Bitcoin Standard》,《The Age of Cryptocurrency》,《Bitcoin & Cryptocurrency Technologies》
Currency information, market and navigation
Here are a few recommend blockchain and digital currency information: 0123456789.com, ChainNode chain node (formerly 8BTC Forum), Mytoken, feixiaohao, jinse Finance, BC Mainland, Mars Media 3 Chat Tools: Telegram and WeChat group
The DAPPX application market contains various types of DAPP applications, such as digital wallets, blockchain games, community tools, and more. Second, Practical Operation https://preview.redd.it/zjq8jqf3qmp21.jpg?width=300&format=pjpg&auto=webp&s=c0a75f4951c9489c3990afc3f4111eaed095cd27 The learning of blockchain and digital currency theory knowledge ultimately requires practical operations. If you have decided to invest in a digital currency, the next step is to choose a trusted platform for trading or storage. Currently, the market offers investors two options: digital currency exchanges or digital wallets. Exchange: The three major exchanges are the Binance, Huobi and the OKEX. Go to their official website and follow their registration guiding process, and you can start making digital currency transaction. Wallet: If you choose to use digital wallet for trading, you need to choose wisely because there are so many kinds of digital wallets on the market, with different features and functions. For beginners, choosing the one that is safe, reliable, and easy to operate is the most practical. https://preview.redd.it/lw5hwq75qmp21.png?width=360&format=png&auto=webp&s=9de08dbd88183582b26d3c04055ab0144c15c3f5 Hence, we recommend a safe and professional digital asset wallet — Mars wallet. Mars Wallet is an important node in the ecosystem under the Mars Blockchain Group, which uses google 2FA, a two-factor authentication process that provides four-fold security verification to ensure that users can be recovered in the event of hacking or fraud. In addition, Mars wallet withdrawals are limited to every 24 hours, in order to avoid huge losses for users in the event of hacking. For beginners, it can be said that there are basically no worries about security. The above is a comprehensive introduction by Little Martian! Doing your own research and making an informed decision is key to investing in the crypto space. One of the famous term in the space is “FOMO” which is fear of missing out! Do not be driven by greed, but rather by strong fundamental analysis. Even if the market is volatile, you will be holding a strong position as you believe in the project and the team behind it. https://preview.redd.it/vxu8tpg6qmp21.png?width=800&format=png&auto=webp&s=bcc27efc166208cdb0e4fc4acf7889d879ae7e12 It is April Fool’s Day but we are not going to fool you! We are serious in giving prizes to our fans. If you are fooled today, please pay attention to our Facebook. Here is what you need to do to qualify for our Super Reward lucky draw:
After 7 grueling months of working with Fluke Hawkins, the LocalCoin LLC primary funding "Bitcoin millionaire", my partner and I was scammed out of over $15,000+ usd. My company was contracted to do marketing and set foundations for Localcoin LLC social media outlets before launching their ICO. We also placed a stake in the project buy purchasing a witness node for $5000 usd. We first started by consulting and implementing methodology. Our team error proofed most Localcoin's copied and pasted documents taken from Bitshares (LocalCoin is a clone/fork). Everything that has came from the team has been slapped together and randomly advertised by them unprofessionally. Our team proceeded to provide Fluke Hawkins with a bitcointalk post, 21+ Graphic project posters, steem, medium & reddit articles. Assist with airdrop preliminaries, faq and administrative support. After much of the work was done as agreed we then proceeded try and collect our first payment after the flow of airdroppers came in. After 2 weeks and still no payment received I then again ask "are you ever going to pay us?" Fluke Hawkins stated "yes I need amount and address" then proceeded to block us from contact after requesting payment and a LocalCoin LLC witness vesting balance withdrawal. I have photographic proof of this scam. He also proceeded to blackmail my partner and I on our witness node purchase from LLC, bullied into 3 active nodes on one witness. He then had all votes pulled and our nodes are no longer active. We paid $5000 usd, plus monthly payments to multiple vps suppliers. Agreed to pay our team $5000 usd for services, then blocks after a majority of work. My partner then outsourced a HD 3D project video that was nitpicked and edited costing $4700 to complete to be turned down by Fluke and then denied payment. Beware of scammer FLUKE HAWKINS
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