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1 hour ago, Number9 said:

I'm a poker player--not an international financier.

Well if you are a poker player in a state where online gambling is illegal and you are using BTC to bet and cash out.....When you convert it to cash you are also a money launderer so that might be the problem with coinbase. At least that's hetabive heard around the web. Coinbase flags any transactions from known gambling websites. 

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Number9   
25 minutes ago, heyitsmeallen said:

Well if you are a poker player in a state where online gambling is illegal and you are using BTC to bet and cash out.....When you convert it to cash you are also a money launderer so that might be the problem with coinbase. At least that's hetabive heard around the web. Coinbase flags any transactions from known gambling websites. 

Let’s just say Coinbase is a bunch of crooks. Did you read any of the complaints?  It’s not about me. 

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2 hours ago, Number9 said:

I think I put something  about this in the poker thread.  Bitcoin is the main currency exchange for online poker.  I don't invest in it, I sell it as soon as I get it.  I got about 20K during the WSOP.  I sold most all of it individuals, but deposited $3800. into my checking account.  It was the day before the fork, BTC 2750?.  It's $7300 now.  Short story.

 

I never got my $3800.  Coinbase who I used had no phone number and still has no email address.  Weeks and weeks of trying to contact them on FB and Twitter support sites, nothing.  They finally released a phone number.  Call.  Wait 30 mins on hold, then "we're sorry, but we can't get to your call in a timely manner.  Please call back later."  This happen several times, until finally I got an agent.  "Oh!  We'll put you on our priority list."  I was told that about four times.  Then they finally said they sent it to my bank.  I had my broker write a letter saying Chase has no record of a deposit.  Not good enough.  I had my broker call them twice, always some kind of run around.  

 

I asked them to produce a tracking number.  "no can do.  you have to have a letter from Chase."  I finally turned it over to the https://www.consumerfinance.gov a protection bureau set up for citizens.  Yes, they've heard of Coinbase.  Others have too.

 

https://www.coindesk.com/report-customer-complaints-coinbase-rise/

 

https://99bitcoins.com/coinbase-review-6-controversial-issues/

 

I could fill the page.  Buying btc, no problem.  Using btc to make purchases, no problem.  CONVERTING btc into CASH.  BIG PROBLEM

 

They just owe me $3800.  The coin I sold is no worth over 10K.  

 

On 11/4/2017 at 5:09 PM, Jamalisms said:

I don't trust it at all.

 

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Number9   
12 minutes ago, Jamalisms said:

 

 

The problem is btc was 1200 a year ago. Who are all these people with $6000 cash wanting to buy?  Supply. No demand. 

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On 11/5/2017 at 8:20 AM, NashvilleNinja said:

I honestly don't understand how people can give thin air so much intrinsic value. Paper money may not have any actual value in and of itself, but it is a representation of something valuable, whatever it may be. Once upon a time it actually was backed by something people figured was valuable due to its use. What is bitcoin backed by that gives it value? Why is it worth trading?

nothing is worth anything until value is assigned to it. 

 

cryptos are becoming the first international currency. there's value in that idea alone. add in the hard to trace and tax part and you;ve got yourself some interesting futures. 

 

 

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patsplat   
11 hours ago, Number9 said:

I think I put something  about this in the poker thread.  Bitcoin is the main currency exchange for online poker.  I don't invest in it, I sell it as soon as I get it.  I got about 20K during the WSOP.  I sold most all of it individuals, but deposited $3800. into my checking account.  It was the day before the fork, BTC 2750?.  It's $7300 now.  Short story.

 

I never got my $3800.  Coinbase who I used had no phone number and still has no email address.  Weeks and weeks of trying to contact them on FB and Twitter support sites, nothing.  They finally released a phone number.  Call.  Wait 30 mins on hold, then "we're sorry, but we can't get to your call in a timely manner.  Please call back later."  This happen several times, until finally I got an agent.  "Oh!  We'll put you on our priority list."  I was told that about four times.  Then they finally said they sent it to my bank.  I had my broker write a letter saying Chase has no record of a deposit.  Not good enough.  I had my broker call them twice, always some kind of run around.  

 

I asked them to produce a tracking number.  "no can do.  you have to have a letter from Chase."  I finally turned it over to the https://www.consumerfinance.gov a protection bureau set up for citizens.  Yes, they've heard of Coinbase.  Others have too.

 

https://www.coindesk.com/report-customer-complaints-coinbase-rise/

 

https://99bitcoins.com/coinbase-review-6-controversial-issues/

 

I could fill the page.  Buying btc, no problem.  Using btc to make purchases, no problem.  CONVERTING btc into CASH.  BIG PROBLEM

 

They just owe me $3800.  The coin I sold is no worth over 10K.  

this sort of thing is what I'm talking about when i say bitcoin isn't liquid.  the exchanges suck.

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Downtown   
1 hour ago, patsplat said:

this sort of thing is what I'm talking about when i say bitcoin isn't liquid.  the exchanges suck.

So who is selling the bitcoin then? If you can buy them, then someone's gotta sell them. 

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patsplat   

Think of it like pork bellies.  Think you'll get full price walking a pig to the supermarket?  Nope, they'll throw you out.  That's why local farmers have to butcher the meat themselves and bring it into town.

 

Similar thing with Bitcoin.  Unless you have an exchange it's hard to convert Bitcoin to cash.  Even with scale you probably have to discount.

 

The hype is about block chain as a technology, not Bitcoin as a currency.  Sure you could get your hands on a $1 million dollar bearer bond but who would break it?

 

Money gets funny when you get away from grocery store amounts.  Has as much to do with power as it does economics.  Which is why a drug smuggler will get his Bitcoin exchanged for cash, but you won't.

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Number9   

It's going to CRASH.  That's the only way out.  When the largest, most trusted exchange goes rouge it will be hard to salvage.  Coinbase is holding a ton of btc.  Coin is not backed by anything, just it's rate of exchange.  If I had kept mine, I would have 10K cyber money.  It's like money in these games people play.  You can only spend it in the game.  You can use it online, but I imagine alibaba isn't going to take it.  idk.  Amazon was doing something with it, but I don't think purchases.  They can't send out 1b in mdse and three days later the exchange rate is 80% of their coin.  A 20% fall is nothing.  If btc fell to 4800, it's still up 300% on the year.

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patsplat   

It doesn't have to crash to be a treacherous market.

 

Real estate is another example of a commodities market.  Homes may be selling for X, but if you need liquidity the most you get is X/2.

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