Crypto Cryptocurrencies.

Discussion in 'Other Asset Classes' started by Steven Ryan, 18th Jun, 2015.

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  1. JK200SX

    JK200SX Well-Known Member

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    This is an announcement from coinspot, and it sucks what the banks are doing.....

    Update on AUD Deposits
    [​IMG]
    Claude
    • 2 hours ago
    • Updated
    Follow

    The temporary restriction on all forms of AUD deposits will remain in effect until at least the first week of the new year. AUD Withdrawals, coin deposits, buy/sell orders and trading on the platform will continue to operate as normal.

    We assure you we are just as unhappy with the situation as you but unfortunately Australian banks have been so far unwilling to work with the digital currency industry which leads to frequent account closures and strict limits on accounts whilst they remain operational, in effect debanking our industry.

    As the demand for Bitcoin and other crypto assets skyrockets it is in everyone’s best interest to ensure we have regulated, safe and stable digital currency service providers instead of pushing Australian consumers underground, to potentially unsafe vendors. It is our purpose to drive safe adoption of crypto assets and we assure you that we will continue to work on establishing a relationship with a banking partner so we can resume accepting AUD deposits as soon as possible.

    Thank you to everyone for their overwhelming support during this time and we are really excited for what looks to be a massive year ahead for our industry.

    BPAY and any other transactions in transit will be credited to your CoinSpot account
     
  2. mikey7

    mikey7 Well-Known Member

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    Yes, more sales = more fees for them.
    But their prices are already inflated compared to other exchanges. In some cases 14% higher, so they make an extra 3% of the 14% on top of the actual coin price already.

    As I'm sure you're aware, when a coin hits a peak, its not peaked out for long (sometimes seconds). By limiting the sell amount in one transaction, limits your potential. The coins I have fluctuate by a massive percentage.

    I'll give you an extreme numbers example:

    Coin A
    - Buy 100,000 coins at $1.00 each (cost is $103,000 with fee)
    - Jumps to $3.00 per coin ($300,000 value)
    - You try and sell all.
    - You have to do 20 transactions of $5k each.
    - Once you have done the first transaction, it drops back down to $1.10 per coin. Not worth selling the rest.

    If you had sold all coins at the same time in the single transaction, you stand to make $188,000 profit (after fee).
    Coinspot makes 3% of the sell price = $9000.
    But now if they sell these coins on the exchange they buy from (remember, they aren't an exchange - you buy their coins), the price is $1.10 (would be lower, because they have inflated their own prices), so they actually lose over $188,000 after their fees.
    By limiting your transactions, it gives time for the prices to come down, and allows them to trade their coins at better prices for them.

    Sure, the prices might still go up, and they stand to lose more.
    But.. their fee's don't exactly cover their losses when coins go to the moon and get sold. To mitigate this, they limit transactions.

    I might be totally wrong, and they limit transactions purely to reduce fraud potential, blah blah. But that's how I see it.
     
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  3. mikey7

    mikey7 Well-Known Member

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    I've just had a look, yes you can do multiple transactions in a day - this portion is not limited. Just the amount in one transaction.

    Are there limits to selling?
     
    Last edited by a moderator: 10th Oct, 2021
  4. Guest

    Guest Guest

    I doubt it works like that in practice, it would all be automated I expect.
     
  5. jprops

    jprops Well-Known Member

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    Ah I see, they aren't an exchange. Makes more sense in that case
     
  6. Guest

    Guest Guest

    Did anyone manage to BTFD in IOTA :D

    [​IMG]
     
  7. chylld

    chylld Well-Known Member

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    No but I did manage to grab IOTA back when it was still below US$1 :)
     
  8. Famil Man

    Famil Man Well-Known Member

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    So is there any exchange/website that allows AUD deposits for crypto at the moment. Ive tried joining the main ines (i think) but they are either lol cked to new accounts or AUD deposit blocked.
     
  9. Kesse

    Kesse Well-Known Member

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    Coinbase to buy btc, eth, ltc or bch then transfer to another exchange.

    If it were me though, I wouldn't buy btc because of the time it's taking to verify transactions on the blockchain at the moment.
     
  10. sunnyskies

    sunnyskies Well-Known Member

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    Independent reserve is your best bet (maybe) at this point, buy BTC then buy alts from Binance
     
  11. JK200SX

    JK200SX Well-Known Member

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    I was having dinner when I glimpsed the price and nearly fell of my chair. I had a look at the price on coinspot and by the time I was about to put the buy order on it shot back up.

    Somehow I think we may see another drop other christmas/eve?
     
  12. MTR

    MTR Well-Known Member

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    I know nothing about this ..... but.... here's something you guys may be interested in... if not feel free to ignore:p

    I am not promoting this company, don't have any association with this company (extract from Knowledge Source)

    Have you missed the boat on Bitcoin? My surprising answer is...

    Hi ,

    Are you late to the party to buy Bitcoin?

    Yes! Not because you can’t still get gains in it.

    It will still likely rise.

    In fact, am a believer in a $100,000 bitcoin price.


    For example, take Crypto-Coin “Dash”

    Dash was priced around $12 USD at the start of this year.

    As, I write it trades at above $1,300 $USD

    That means it’s multiplied in value 108 x this year - while Bitcoin has multiplied in value around 20 x this year.

    To put it another way, $1,000 put into DASH at $12 could have potentially made you around $108,000 this year.

    While, $1,000 in Bitcoin may have ‘only’ made you $20,000.

    (Which let’s face it…is still a kick-ass return).

    MY POINT: If you want to get rich…like life changing rich…you are likely not going to do it by buying Bitcoin now.

    Its price is too high for it to have big 5x or 10x or 100x leaps in value in a short time.

    Meanwhile, there’s other coins that still could potentially offer the ‘DASH’ type skyrocket.
     
  13. sunnyskies

    sunnyskies Well-Known Member

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    The thing is there are plenty of coins returning ridiculously high yields right now, so not sure why you would consider bitcoin anyway.... and when it does start to run again, just jump on.....
     
  14. Harveys

    Harveys Well-Known Member

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    What app is this?
     
  15. Danieljk101

    Danieljk101 Well-Known Member

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    Coin Stats. Great app.
     
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  16. MTR

    MTR Well-Known Member

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    Ripple anyone?
     
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  17. KayTea

    KayTea Well-Known Member

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    It's my only coin (out of 7) that has gone up in value since buying ......
     
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  18. MTR

    MTR Well-Known Member

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    I am starting to research this stuff. What were the others if you care to share that did not make money??
    Need to start with this thread.
     
  19. KayTea

    KayTea Well-Known Member

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    I only bought in to all of them a very short time ago (and, in typical 'me' fashion, just before there was a massive drop i.e.. Bitcoin), so I'm not overly worried.

    If I'd bought 12 months ago, then I think my story would be worth sharing/analysing - for now, I'm just putting it down to a 'blip' in the markets. Let's see where they all are in about 6 months....
     
  20. Harveys

    Harveys Well-Known Member

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    :)

    I'm loving ripple at the moment.

    All my others have been steadily up and down all week with the average being about where I bought.

    I sold any ETH LTC I had recently and put it all into an array of cheaper coins.

    I have to admit while I do pick coins that have real world applications this is 100% speculation.
     
    Last edited: 28th Dec, 2017
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