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Thread: Btc-e is down...

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    Unobtanium singular_me's Avatar
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    Re: Btc-e is down...

    all is love in the universe, the constant mating of particles says so.. so for humans voluntarism is the way

    I am a metathinker (thinking merging science and spirituality)


    Quote Originally Posted by Neuro View Post
    Goldie lives in a parallel universe where everything she spouts is true. She just makes up shit to fit her current agenda/bias, in pseudo intellectual shape.
    All the money that exists cannot buy Earth, and the evidence is that we destroy our habitat as a result, thinking that we can just seize and pillage as we see fit. If crowds endorse the pursuit of wealth at their own level, they cannot prevent multinationals from doing exactly the same. The “dystopian endless growth paradigm” is going to end with a bang but will open the door to a premise endorsing that Earth is the only wealth we truly have while journeying through life.

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    Moderator madfranks's Avatar
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    Re: Btc-e is down...

    Quote Originally Posted by Neuro View Post
    ...Since the last 30+ hours, 24 hours ago they left a statement that they had some technical problems and was working to fix it. This came in a few hours ago:

    https://www.reuters.com/article/us-g...-idUSKBN1AB1OP

    One of the Russian founders was arrested in Greece, suspected of money laundering, and perhaps even the massive theft at mt Gox years ago.

    I had a bit more than $1000 at the exchange in cash waiting to buy back post crash. I doubt I will ever see those. I had already cashed out $4,000 from my initial investment of $1,100 so it is not the end of the world, but still...
    Dang! Like Ares, I recently cashed out all my holdings at BTC-e (mostly - I still had around $50 worth, token bits of BTC and LTC). If it's down for good, we'll never see it again. (((They're))) definitely trying to clamp down of free (what they call "black") markets around the world.

    My next concern is, right now I have a decent amount stored on Coinbase; maybe I should cash out there too? Although I know Coinbase is one of the most compliant crypto companies when it comes to government compliance.
    "Liberty is so creative, and the government is so stupid, that I’m very optimistic about the future"
    - Lew Rockwell

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    Re: Btc-e is down...

    Companion thread over at bitcointalk: https://bitcointalk.org/index.php?topic=2047405.0;all
    "Liberty is so creative, and the government is so stupid, that I’m very optimistic about the future"
    - Lew Rockwell

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    Unobtanium singular_me's Avatar
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    Re: Btc-e is down...

    the mania of the crowds: everybody was rushing in

    as long as people will do this, they will just just have to watch and wait for the right moment, they bank on manias to get rich and impoverish the people
    =========================
    As Jeff points out, these corrections were necessary and helped calm the markets. There were too many people rushing in and as with any market, it became over-valued and took a much neededbreather.

    All the money that exists cannot buy Earth, and the evidence is that we destroy our habitat as a result, thinking that we can just seize and pillage as we see fit. If crowds endorse the pursuit of wealth at their own level, they cannot prevent multinationals from doing exactly the same. The “dystopian endless growth paradigm” is going to end with a bang but will open the door to a premise endorsing that Earth is the only wealth we truly have while journeying through life.

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    Unobtanium singular_me's Avatar
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    Re: Btc-e is down...

    the mania of the crowds struck again...((they)) love it

    ==============
    As Jeff points out, these corrections were necessary and helped calm the markets. There were too many people rushing in and as with any market, it became over-valued and took a much needed breather.

    Jeff breaks down exactly how he thinks this correction happened, what it means and how this will affect the markets in the future.

    Jeff has some healthy skepticism surprisingly with the crypto-market, but of course has been on the forefront of trending cryptocurrencies since 2011.

    All the money that exists cannot buy Earth, and the evidence is that we destroy our habitat as a result, thinking that we can just seize and pillage as we see fit. If crowds endorse the pursuit of wealth at their own level, they cannot prevent multinationals from doing exactly the same. The “dystopian endless growth paradigm” is going to end with a bang but will open the door to a premise endorsing that Earth is the only wealth we truly have while journeying through life.

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    Dangerous Donald Neuro's Avatar
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    Re: Btc-e is down...

    Quote Originally Posted by madfranks View Post
    Dang! Like Ares, I recently cashed out all my holdings at BTC-e (mostly - I still had around $50 worth, token bits of BTC and LTC). If it's down for good, we'll never see it again. (((They're))) definitely trying to clamp down of free (what they call "black") markets around the world.

    My next concern is, right now I have a decent amount stored on Coinbase; maybe I should cash out there too? Although I know Coinbase is one of the most compliant crypto companies when it comes to government compliance.
    I really don't know. People at the trollbox at btc-e was constantly deriding coinbase for its frequent crashes at times when you would like to sell, not to mention Poloniex, which was considered to be a certain next mt Gox (my experience with them for a couple of weeks would affirm that, however it seems that btc-e came first). The transfer of 66,000 bitcoins a couple of days ago didn't come from the btc-e though but the coinbase exchange into a private cold pocket.

    If for instance Poloniex throughs in the towel in the near future, it could come to the point very quickly where everyone runs to the exit at the same time. Maybe coinbase could weather it, maybe not. I am not at all convinced there is much to the accusations against btc-e and this supposed owner of the exchange Vinnik, and if it is all fabricated, they may do it again. At a market valuation of around $40B for bitcoin only, it is started to be noted on the map. And the moneychangers don't appreciate competition in their monopoly aspirations.

    On the other hand you may be getting a good buying opportunity shortly, as everyone is running for the exit...

  8. #17
    Bitcoin Miner Ares's Avatar
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    Re: Btc-e is down...

    Why the feds took down one of Bitcoin’s largest exchanges

    Tracing Mt. Gox’s stolen coins led feds to Alexander Vinnik

    This week, one of Bitcoin’s largest and most notorious coin exchanges was brought down by law enforcement — and police and prosecutors are now beginning to explain why. On Thursday, the Department of Justice unsealed an indictment against Alexander Vinnik — thought to be the operator, or one of the operators of Bitcoin exchange BTC-e — charging him with 21 counts of money laundering and other related financial crimes. The counts range from operating an unlicensed money transmittal business to a variety of money laundering charges, including laundering associated with ransomware payouts and a theft from the now-defunct Mt Gox exchange. More generally, the indictment paints BTC-e as a hub of criminal activity, laundering the proceeds of everything from drug trafficking to ransomware attacks.

    As some suspected, Vinnik’s alleged crimes go beyond just operating the exchange. Feds believe he played a role in the theft of more 800,000 bitcoin — about $400 million at the time — from Mt. Gox, a staggering loss that ultimately shuttered the exchange. According to the indictment, 530,000 of those bitcoin ended up passing through wallets controlled by or associated with Vinnik, although his role in the larger scheme remains unclear.

    Vinnik himself is in custody, arrested while on vacation in Greece, but the Bitcoin world is still sorting through the larger implications of his arrest. BTC-e was one of the last major exchanges outside the reach of conventional finance, and now that it’s gone, it’s unclear what might replace it. There are many legitimate uses of Bitcoin, but Bitcoin transactions have also become essential for online crime — whether it’s ransomware or Silk-Road-style online marketplaces. There will continue to be demand for exchanges like BTC-e, and with feds directly targeting exchanges that don’t play by the book, the split between the two halves of Bitcoin is becoming starker and starker.

    BTC-e, founded in 2011, always stood out as an anomaly among the major Bitcoin exchanges. Even a cursory look at BTC-e flagged it as a little strange. “Their exchange prices always seemed weird and out of line with every other exchange, and I had wondered why,” Matthew Green, a professor at Johns Hopkins University told The Verge in an email.

    Nicholas Weaver wrote at Lawfare that BTC-e was noted for its “sketchy ownership and control.” The exchange was supposedly located in Eastern Europe, but there were no clues as to who ran it — until now.

    But the big surprise in the indictment is how closely tied BTC-e is to a massive theft at Mt. Gox, one that eventually bankrupted the exchange in 2014. Founded in 2010, Mt. Gox dominated the Bitcoin world for years, at one point processing 80 percent of all bitcoin-to-currency transactions. Mt. Gox first suffered a multimillion-dollar theft in June 2011. When the exchange collapsed in 2014, the equivalent of nearly half a billion dollars was unaccounted for.

    On Wednesday, in the wake of the arrest of Vinnik, WizSec published a blogpost presenting the findings of an investigation into the Mt. Gox thefts that they have apparently been preparing for years. According to WizSec, the Mt. Gox hot wallet private keys were stolen sometime in 2011, and the hacker (or multiple hackers) continued to steal bitcoin through 2012 and 2013. The bitcoin were laundered through wallets controlled by Alexander Vinnik. The indictment claims that 300,000 bitcoin were stolen from Mt. Gox went directly to three connected BTC-e accounts “directly linked” to “BTC-e administrative accounts” that only BTC-e admins and operators could have had access to. At least one of the accounts — under the name “Vamnedam” — was controlled by Vinnik and “others known and unknown.” (The “others known” are either not named in the indictment or have been redacted from the published document.)

    More bitcoin from the theft were sent to other Mt. Gox wallets and wallets at a third exchange — the now-defunct Tradehill, which operated out of San Francisco, California. From there, they eventually ended up at BTC-e, in an account that was directly controlled by Vinnik.

    WizSec also claims that the wallets that laundered Mt. Gox coins also handled “coins stolen from Bitcoinica, Bitfloor and several other thefts from back in 2011 and 2012.”

    It’s not clear whether Vinnik was directly involved in the Mt. Gox theft, or how close he is to any of those previous thefts, or even the CryptoWall ransomware hackers whose funds he is accused of laundering. But when it comes to Mt. Gox, at least, BTC-e’s proximity to the theft is fairly suspicious.

    While the Mt. Gox allegations are the most eye-catching, many of the charges that brought down BTC-e allege more straightforward money laundering. The very first count listed in the indictment is for operating an unlicensed money-transmitting business: a criminal charge based on failing to register with FinCEN, an intelligence network that’s mandatory for all financial companies dealing with US customers.

    Participating in FinCEN comes with a range of requirements, from registration to internal anti-money laundering programs. Since 2013, it’s been clear that Bitcoin exchanges had to follow those same rules, and for the most part, exchanges have complied — and prosecutors haven’t been shy about filing charges against services that don’t. In recent years, BTC-e has been the largest Bitcoin exchange not registered with FinCEN, a distinction that made it an obvious target for law enforcement, even without Vinnik’s alleged Mt. Gox involvement.

    “Anybody who thought about this for a second understood that law enforcement was working on a case against BTC-e,” said Jerry Brito, executive director of Coin Center. “The question was just whether the government would catch them.”

    Where other counts in the indictment focus on money transfers linked to theft and ransomware, the first two — operation of an unlicensed money transmitter and conspiracy to commit money-laundering — focus on the technological capabilities of BTC-e itself, claiming that the exchange had a “criminal design.”

    “BTC-e’s system was designed so that criminals could accomplish financial transactions with anonymity and thereby avoid apprehension by law enforcement or seizure of funds,” the indictment says, pointing out that BTC-e only required “a username, password, and an email address,” unlike “legitimate payment processors or digital currency exchangers.” The indictment also points to suspicious usernames like “ISIS,” “CocaineCowboys,” “blackhathackers,” “dzkillerhacker,” and “hacker4hire” as additional support for the money-laundering allegations.

    The language in the indictment about BTC-e’s “criminal design” mimics the indictment against Liberty Reserve — an anonymous currency service taken down by law enforcement in 2013 — which also accused the online exchange of having a “criminal design” and a system “designed so that criminals could effect financial transactions under multiple layers of anonymity.” (The Liberty Reserve indictment also took the time to point out that account names on the site included “Russia Hackers” and “Hacker Accounts.”)

    BTC-e’s website claimed that they required customers to provide proof of identity — namely, a scanned ID card and a scanned utility bill or bank statement — and forbid any US customers, letting them off the hook for FinCEN registration. But neither turned out to be true, according to the indictment.

    Now that BTC-e is down for good, it could have a profound impact on the criminal ecosystem more broadly. BTC-e handled about 5 percent of total Bitcoin transactions, but recent research found that as much as 95 percent of ransomware cashouts happened through the platform. With most comparably sized exchanges already registered under FinCEN, the takedown could make it both harder and riskier for criminals to cash out — something law enforcement seems to be counting on. In the same Lawfare piece, Weaver says he thinks taking down BTC-e “will probably prove more important than the AlphaBay and Hansa takedowns” in fighting online crime.

    For Bitcoiners less invested in law enforcement’s war on dark web marketplaces, the lesson is a more ambiguous one. Cornell professor Emin Gun Sirer says the focus on FinCEN compliance could lead to a lasting split in Bitcoin markets, as exchanges face the choice of whether to comply with US government demands.

    “Exchanges will go one of two ways,” Sirer says. “Either they will clean their act, by first shopping for the most lenient jurisdictions and complying with relevant KYC/AML laws, or they'll go ‘fully underground,’ and operate with no rules, behind Tor and other anonymous communication technologies. The most colorful drama ahead will involve exchanges, such as Bitfinex, that operate in the gray zone, where they seem to neither comply with relevant laws nor go fully underground.”

    For a technology with a surrounding community built on libertarian ideas, that may be a difficult pill to swallow. But as the past week has made clear, those that don’t will be taking a very serious risk.

    https://www.theverge.com/2017/7/29/1...aw-enforcement
    "Paper is poverty, it is only the ghost of money, and not money itself." --Thomas Jefferson to Edward Carrington, 1788
    "The greatest threat to the state is when the people figure out they can exist without them." - Twisted Titan
    "Some Libertarians are born, the government makes the rest."
    "Voting is nothing more than a slaves suggestion box, voting on a new master every few years does not make you free."

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  10. #18
    Unobtanium singular_me's Avatar
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    Re: Btc-e is down...

    Jeff in one of the 2 previous vids asserts that we cannot see a bubble until it pops, reminds me of greenspan.... but he was a major proponent of the bubble himself, on his dollarvigilente.com. So now he repents:

    Published on Jul 27, 2017



    First I will address that the idea of a "finite supply of gold" does hold any water (and has been around since ever) but can easily be debunked with the use of decimals, we could have for example: 0.01oz of gold worth 10,000 dollars. Would this also be possibly applicable to Bitcoin? Is Satoshi Nakamoto's calculation of a bitcoin flawed?? Is Bitcoin pegged to the dollar?

    consider this:
    Ever wondered, how are Bitcoins created?... Similarly to gold, there is only a finite supply of Bitcoins. In fact, there can only be 21 million coins ever created. Currently about 17 million Bitcoins have already been mined...... In 2009, the reward per block was 50 Bitcoins. Then in 2014, it was halved to 25 Bitcoins per block. More recently it was halved again to 12.5 Bitcoins per block..... New Bitcoins are created at a predictable and fixed rate, which means that as more and more miners join the network the more difficult it becomes to get a slice of the block rewards pie. ... This defined rate of creation was set forth by Satoshi Nakamoto when he created Bitcoin back in 2008. ..

    let keep this in mind: The Global Monetary System Has Devalued 47% Over The Last 10 Years http://www.zerohedge.com/news/2016-0...-last-10-years

    The bitcoin bubble: Why speculative bitcoin buy-ins now point to a disastrous bitcoin crash (Mike Adams 2013)
    http://www.naturalnews.com/039830_bi...ble_crash.html

    SO WHAT IS THE REAL VALUE OF A BITCOIN

    how many more **manic bullishness episodes of greed** shall the world endure until we understand that Nature's zero sum game is unbeatable?

    Jeff: Live In The Now and Accept Reality


    PS: Hitler having blue eyes is really a 50-50%, in many black and white pix from that time, his eyes look definitely dark.Additionally blue eyes are linked to alien intervention in our DNA, such as what is called elite's "blue blood"
    All the money that exists cannot buy Earth, and the evidence is that we destroy our habitat as a result, thinking that we can just seize and pillage as we see fit. If crowds endorse the pursuit of wealth at their own level, they cannot prevent multinationals from doing exactly the same. The “dystopian endless growth paradigm” is going to end with a bang but will open the door to a premise endorsing that Earth is the only wealth we truly have while journeying through life.

  11. #19
    Dangerous Donald Neuro's Avatar
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    Re: Btc-e is down...

    Quote Originally Posted by singular_me View Post
    all is love in the universe, the constant mating of particles says so.. so for humans voluntarism is the way

    I am a metathinker (thinking merging science and spirituality)
    Your thinking re either science or spirituality isn't exactly top notch, neither your understanding of cryptocurrencies, as evidenced by your post above...

  12. #20
    Unobtanium singular_me's Avatar
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    Re: Btc-e is down...

    You dont understand my point of view which is non-dualistic. Non-dualism has been around for 1000s of years.

    yeah the supply of bitcoin is created at a fixed rate, enough said. I can smell ponzis from far, I just look at the premise. What happens at the surface is always intentionally convoluted. Then I look at the "irrational exuberance factor", many jump into the pool to get more than what they put in. Mike Adams says this too.

    all the miseries in the world because people are thinking "security first", that is how ((they)) get us over and over.

    from adams' article... do not see any bubble here?
    http://www.naturalnews.com/images/Bi...e-Chart-v3.jpg


    Quote Originally Posted by Neuro View Post
    Your thinking re either science or spirituality isn't exactly top notch, neither your understanding of cryptocurrencies, as evidenced by your post above...
    All the money that exists cannot buy Earth, and the evidence is that we destroy our habitat as a result, thinking that we can just seize and pillage as we see fit. If crowds endorse the pursuit of wealth at their own level, they cannot prevent multinationals from doing exactly the same. The “dystopian endless growth paradigm” is going to end with a bang but will open the door to a premise endorsing that Earth is the only wealth we truly have while journeying through life.

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