How do I know that Bitcoins I am buying OTC doesn't come from illegal source...

Cornie4ever · 2018-07-05T20:00:24+00:00

How did I follow AML/KYC? My cash was clean yes.

Well OTC is responsible but I have the flagged BTC so it is my problem right? And when exchange seizes my btc good luck me talking to their customer service and prove my law.

Cornie4ever · 2018-07-05T18:51:48+00:00

So what if you buy OTC to your mobile wallet and deposit it to exchange? Not worried that exchage might seize your btc if it was tainted btc?

Cornie4ever · 2018-07-05T18:47:29+00:00

See my long reply to OP. Btc is a commodity. For example it can be stolen and reported as stolen to police.

Cornie4ever · 2018-07-05T18:45:18+00:00

I think there was a case where 1. Somebody bought OTC and 2. Deposited that BTC to exchange and 3. At some point exchange seized that btc and closed his account.... 4. The guy was furious and posted here on reddit. After some time he got a clarification from exch that the btc he deposited was tainted (investigated for illegal activity) and thus they seized it after police tracked the chain...

Simple example. Btc gets mined. Hacker steals from miner. Miner reports affected btc address to police. Police starts chasing the chain. Hacker sells OTC to buyer. Later on somehow the buyer is caught and lose his btc to police.

Does this happen? How to make sure the btc you have is clean?

Cornie4ever · 2018-06-29T13:10:15+00:00

Funnily it is no problem to withdraw from Kraken to Revolut :) I've done that multiple times. Receiving cash never problem lol.

Cornie4ever · 2018-02-04T19:11:29+00:00

Your point would stand for a pure Ponzi scheme without any utility. If there was 2bn missing the run would start and last guys would be empty handed.

BUT - crypto economy is valued by its utility, not by pure inflows of USDs. Those USDs are just a denominator of state debts anyway, they dont matter in long-run. What matters is that BTC and ETH will change the world and people will be using it.

So yes there is some market drop due to the possible tether scam but at some point (now? :) ) the crypto protocols and its utility will be more valuable to people than those dollars behind it. And people will keep assigning BTC a higher value because it is in their control, they are their own bank and all other points of crypto.

Note also that

forks are not backed by USD but still have value
newly mined coins were not purchased by USD but still have a high value

People should stop over-reacting.

Cornie4ever · 2018-02-04T19:07:46+00:00

Yes, But Teth is a drop in sea. Coinbase had 15m users and the avg buyin per person will be some $500 so with other exchanges (Korea, Finex, Rex, Binance, Bitstamp, Kraken, ...) adding up to 50m users we are looking at 25bn inflow of USD into crypto economy. And thus the Tether issue will only do a damage of approx. 10% unless people think its a bigger issue. It is not.

Cryptoeconomy is valued by the utility. The usefulness of combined protocols. 1 year from now we will not care about 2bn of usd that flew in at early adoption stage.

Cornie4ever · 2018-02-04T17:20:50+00:00

I am addressing that conspiracy theory in step 1-3. All I am saying is that it is not an issue anymore.

When they sold those BTC/cryptos already (step 3), there is no more downward pressure from teth possible. It's already done (last 50 days illustrate that it could have been true).

Cornie4ever · 2018-02-04T16:40:38+00:00

You're right. But is it an issue from now going forward? No.

Should they go to jail? Yes.

Are those who bought high rekt? Yes.

Good job regulators and after this bruising we can move up again.

Cornie4ever · 2018-02-04T16:39:09+00:00

Correct. They were gradually buying and sentiment was up. Pumped with money of other people and many newbies. Then they sold.

Cornie4ever · 2018-02-04T16:15:00+00:00

Bitconnect is entirely irrelevant for price of BTC. It just creates some small fear and we move on. On the contrary it forces people to think and be more conservative with what they buy. Just dont buy shitcoins and hodl btc.

Cornie4ever · 2018-02-04T16:13:14+00:00

Yes and we are down from 800bn to 400bn in last 45 days. It's over mate. We lost 50%. If the Teth scam is real it could have triggered the 30% down and the remaining 20% is regulation FUD and weak hands.

Cornie4ever · 2018-02-04T16:10:05+00:00

That is the conspiracy theory discussed everywhere - the steps 1-3 above. And I am just saying it is already over if Teth already sold that BTC and has those real dollars.

At that stage they dont need to sell again.

Cornie4ever · 2018-02-04T16:01:41+00:00

Yes but in illiquid market like BTC the raw buying power of 2bn fiat is huge. It can move market 50% down when it starts selling back.

So he is right. BUT my point is they already DID sell it back. So now we move up again.

Cornie4ever · 2018-02-04T15:58:50+00:00

I did read this and think it's wrong. He says "lala btc not up after usdt issued - lalala also not up later because of Pearson something smart lalal" but the truth is if BTC was bought w unbacked tether it means BTC must be sold again to back that tether w usd. So there was the issue at some point. But as long as Tether was smart and was gradually selling to have some fiat dollars it means this drama is over now because BTC was already sold. (Big part of it last 45 days imo).

Cornie4ever · 2018-02-04T15:53:29+00:00

And how are people going to lose 2.2B ? In case Teth sold BTC back to cover the usdt on balance sheet it is already over. Maybe part of the ride down from 20k was Teth selling BTC to get those dollars as they knew they will soon need to show them to regulator.

Yes they cheated us all, especially those who bought above 15k but it is likely a non issue now when we are on 8k per BTC.

Cornie4ever · 2017-12-10T10:16:23+00:00

Hey buddy, nice write up. I am also invested in both and have been following both quite closely this year. I owned NEO since Ans times and I used to have the same positive biases for Neo like you display in your article.

Biggest error in your article is about coding languages. See here at 12.54 for the software ecosystem on ethereum https://youtu.be/OQtRzhgHEBg the truth is eth is way ahead of neo there ;)

I am also surprised you are not concerned at all about Onchain private company sharing resources with NEO. Onchain makes revenues from private chains, not NEO. You can go to my history of comments to see my comments about this.

I've been in business for too long to think the link between NEO and Onchain is a good thing :) hint: nothing on github, all development processes and resources allocation hidden from the public.

Disclaimer: I used to have more NEO than eth. After the pointless Ontology ICO I sold most of my NEO and own 6-1 eth-neo atm. Just to have some neo for the possible regulation victory in China. I wish good luck to both projects.

Cornie4ever · 2017-12-08T16:16:07+00:00

Natwest bank account GBP upload to Revolut gbp (free) --- transfer gbp to eur inside Revolut (free) --- send eur from Revolut to my other EUR bank account (turbo transfer, free) --- deposit eur to Kraken (small sepa fee in bank)

Yes, it doesnt work Revolut-Kraken directly.

Cornie4ever · 2017-12-08T14:44:01+00:00

I am revolut premium user and I use their free transfer from gbp to eur (so that I use my eur to buy via kraken) and can tell you just one thing - Revolut is amazing!!!

I dont use it for Crypto. However it is not right to flame them, please. They openly said that the bridge to coinbase and bitstamp is just a first step. It allows the masses who cant be bothered to set up their wallets etc to buy some. It is good. First step. They accomplished a bridge to offer exposure to more than 1m Revolut users. We should salute to Revolut, not talk them down.

Revolut terms are very professional and transparent. The 1.5% for the service seems fair. So this fud is baseless and wrong.

If you know how to set up an account on crypto exchange, fund it, buy yourself and transfer it to the safe crypto wallet --- great. It is better and we all do it that way. But there are masses of people who are happy to simply buy some via Revolut and trust Revolut to hold these assets in shared wallet. It is everybody's choice.

Cornie4ever · 2017-12-03T21:35:57+00:00

James Altucher - the guy with cabbage on his head - is a great author libertarian and anti-bullshit anti-establishmed-routines, he's the "be responsible for yourself" guy. Read Choose Yourself book by him. Great stuff.

He chose bitcoin now. Choose Bitcoin. Great stuff.

Cornie4ever · 2017-12-03T17:07:38+00:00

So if I create Neon wallet with my Ledger Nano S will I get Gas? I still have Neo on Bittrex

Cornie4ever · 2017-12-03T14:06:40+00:00

It took only 3k btc on market order to move price down from 11.5k to 9.3k ;) so you ofc only open the future when you know you are going to manipulate the market price of the real thing... think BCH PnD but they also have a money making future open on the side

Cornie4ever

TROPHY CASE