Buying Bitcoin in Taiwan


#61

Sounds like you’re all having a lot of fun! 25k USD Brian that’s impressive.
Tempted to jump in too!
To actually get your gains out of Bitfinex back to Bitoex and linked to Taiwanese bank paid out in physical cash what’s involved? Another 10% or more in fees I guess?
The altcoins need to be exchanged back to bitcoin on Bitfinex too I guess?


#62

Amazing how Ripple took 2nd spot recently. 40% of volume from South Korea. Definitely a need to upgrade global remittance and payments between banks and individuals but this is crazy.

The XRP ‘currency’ is just to provide liquidity to Ripple and separate from the service Ripple provides to banks. Now at 100 billion market cap. The world has never seen speculative ‘trading’ and ‘investing’ to this degree in my opinion.

All these ‘genius’ 19 year old retired millionaires

This thing will probably keep going in 2018. Brian let us know when you made your first mill


#63

If Lightning Network is implemented, Bitcoin will reach much higher price.
It is actually tested by the community, in short Lightning network would solve all problems of fees and slow transactions (the unknown is about the miners, what to do with them).
Some read > https://en.wikipedia.org/wiki/Lightning_Network


#64

The crypto thing is the equivalent of people throwing hundreds of billions of dollars into theTCP/IP, SMTP, etc Internet protocols of the early 90s instead of into the actual companies. Imagine that.

There’s some excellent technology, communication protocols and knowledge that will no doubt emerge from all of this. It’s been sold to us all in a rather ridiculous fashion but still it’s all good fun and many are making a killing. At the very least it’s teaching many young people about trading 101.

In the future the companies that survive and lead will IPO and then those same people can learn about proper investing.


#65

There’s a lot more to it than that. There are powerful decentralised business business platforms being built around different ecosystems. Think various versions of Android but not controlled by a corporate. These platforms are them plugged into by app developers . The most popular dApps now will probably be around finance but quickly could pivot to entertainment also.
This space is moving insanely fast.

Top tip: buy Neo you are very unlikely to lose money and could win very big long term. Platforms are rated by how many ICOs and dApps they will have running on them.

I also expect Ethereum to grow and far eclipse bitcoin in valuation due to its huge and rapidly growing coin ecosystem. Think Google when it was at 100 or 200 USd…If you invested you still made a relative fortune.

However I have put all my platform investment in Neo because I simply expect it to grow faster from a low base and attract a lot of interest in the new year with 27 ICOs planned.

I am currently using a half platform half currency strategy the various currencies volatility are unreal though !

I am around 10 to 15‰ up and it been a rough introduction to the crazy world of cryotocurrencies. However I’ll stick to my guns.

As for XRP, over 45‰ of it’s trade is coming through Korea it is essentially Koreans selling to each other at the moment , that is risky and worrying due to regulatory concerns.


#66

Monero too.


#67

You need to load up on Neo guys.
Elastus ICO , first big China one , starting now.
27 ICOs coming up in Qtr 1 with a hand in both China and the West. Projectico running their ICOs launches.
Current market cap only 6 billion USD. .Ethereum cap 83 billion but also rising all the time.
Do the math! The platform will be king it grows off the ICOs and the dApps developed through the ecosystem.


#68

I think you guys will make a killing. I know people who have made a mill US$.
I’m just sorry Titcoin never took off (a measly 1 mill market cap, ranked 679)


#69

Put some money into Neo and it’s potentially like investing in Alibaba at the start. I’m not kidding.

I say potentially cos I am not a financial advisor. That’s the only reason. But as they say only put in what you can afford to lose in the first place.


#70

My favorite Neo dApp is “Sunny dApp” … “this dApp allows you to insure against bad weather conditions on a given day. If the relative sunshine duration on that day is lower than 50 percent, you get paid”. I can see this dApp adding another billion dollar “market cap” at least!


#71

You are right there is some absolute rubbish on there. They are terrible at marketing which is one reason they have been undervalued.
But the ecosystem is real, they are building one just like Ethereum. In fact the techies say Neos platform is a lot better than Ethereum.

Some of the ICOs will create real value and be more professional at marketing. Basically it sits at the bottom and facilitates the ecosystem of apps and other coins on too of it (if they launch through Neo they must use Neo compatible coins and gas to operate ).

Dont look down on the stupid dApps though. Angry birds?
Its all about getting users at the end of the day.


#72

All in Neo. Let’s see if it doubles in Jan with a wall of ICOs and finally getting in the media in 2018.


#73

I’m interested in buying Ripple. The eToro platform has been recommended. Anyone done this?

Also what are the tax implications of any gains? If 100,000 NT goes out of my account and 120,000/200,000/1 million or whatever come back, would I need to do anything about that?!


#74

That Elastos whitepaper is very impressive.
You are right Brian. This could and very likely will be huge

Neo does look like one of the best out there in the crypto world. Allowing developers to use existing programming languages all open source, very smart.


#75

Yeah there are three major platforms that are coming through in China that have some relationship with each other.

  1. Neo which is the most established and the daddy of them all
  2. Elastos is in ICO mode now, it should implement quickly as the code and team is pretty much ready
  3. Ontology , clone of Neo but some different focus areas

Then there are
4. TheKey - big brother type blockchain ID verification , again an existing company pivoting to blockchain . Government connections all point to this being the future choice in China for their national digital ID
5. NEX neo exchange

Thet have same investors base across all companies but they may still become competitors too.

There are a few other biggish ones like Qtum and Eos but I like the neo system and exchange as it is implementing already and they give you gas.

What’s most exciting about these ?

Regular Chinese people aren’t permitted to buy into the ICOs! If they were you wouldnt get a good deal.

Still some people complain elastos is expensive…Maybe but it’s a full platform almost ready to go backed by tsinghua uni and Neo founder.

I think I will put in the minimum investment into elastos 0.1 btc and theKey but put bigger amount in ontology when it gets a date for ICO later this year. They take neo and btc for these ICOs.

Oh…And by the way Neo went up again and almost broke through 100 USD last night.

If you think Neo is too rich for you (you can just dollar cost average into Neo or even Ethereum and do very well long term ) just pop in a few thousand in ontology, theKey ICOs and maybe Tron as well which is already a coin and see if you get a moonshot 100 or 1000 x!


#76

Approaching 1 trillion cap very quickly.
Those guys and girls who bought Neo and others at cents…rich now!
Cashing out your millions of NTD in Taiwan anyone here have any stories to share?
What a joke that Bitoex site is you can tell the owner just roughly slapped together the English version … I see effective from last week the guy is charging for external transfer to other exchanges and leaves it very ambiguous and floating what the fees are. Lots using his site only to transfer Bitocoins to other exchanges to trade I guess. I’m guessing his Familty Mart integration plans didn’t work out and no one is using Bitcoin to buy stuff. He charges a big spread on Bitcoin and makes his money that way I guess.


#77

I used bitoex because you can buy and send large amounts of btc quickly and efficiently from verified bank account.

It is not cheap but there are few options and I just want to get in the market now not later. I setup coinbase account with my passport and credit card but they have 750 euro limit per week on purchase , otherwise coinbase is a better option. Check coinbase to see if your passport is accepted they don’t care if you live in another country and purchase with a Taiwan credit card lol.

Bitoex need to apply the transaction fee due to miners control of the bitcoin network . Previously they did not apply the fee and I got a large transaction delayed for 20 hours because the miners prioritise those who paid a fee. This is why BTC is a terrible currency for regular transactions, it has been captured by blocks of miners who control the blockchain consensus .

Its better not to cash out to USD until absolutely necessary , if i have that problem it will be a good problem to deal with I guess.
Probably very soon can simply spend the crypto from NFC on phone and online purchase anyway. There are many ICOs and dApps being created to do this.


#78

Interestingly when BTC is going up the altcoins stagnate .
BTC gone back to 16k nothing can kill it off.
When BTC stagnates or drops a little the altcoins fly.
When BTC dumps everything dumps!
Ethereum continues to appreciate mainly due to do many ICOs, however it is really carrying an immense number of shitcoins on its platform.


#79

So you make let’s say 10 million NT on Bitfinex from Neo. You convert to Bitcoin then send back to Bitoex and they wire 10 million NT into your account? They must need to sell those Bitcoins somewhere to raise that 10 mill to pay you. Question is where and how? So many questions…

I suppose you could always fly to Hong Kong and set up account there if you don’t already and get USD out of Bitfinex although I’ve read there are some issues with that now no idea to what extent.

In any case you’d have the Bitcoins and in theory could fly to any country where it works and set up bank account to cash out.

Totall newbie here I have no idea. There’s got to be one person on this forum who has cashed out a mealy 1 mill NT surely ?!!?


#80

If Brianjones actually does make a fortune on this, you’re gonna feel real salty.