Jump to content
MCF HangOut X Lexus – 9 May 2024, Lexus Boutique ×

Meltdown: Bitcoin crashes to $576

Viceroymenthol
 Share

Recommended Posts

Kusje

Kusje

Supersonic

after Mt Gox collapse still got people play Bitcoin ...

it's unbelievable how gullible > naive > stupid > crazy people can be when it comes to get-rich-quick scheme

 

HK$1M return on HK$400K investment ... that's 150% return in 4 months ...

that's a fking 450% ROI per annum

 

 

Actually it you should compounded it so

 

1st 4 months - 400k- > 1M

2nd 4 months - 1M - > 2.5M

3rd 4 months - 2.5M - > 6.25M

 

Returns: (6.25M-400k) / 400k = 1462.50% ROI per year.

↡ Advertisement
Link to post
Share on other sites
Wt_know

Wt_know

Supersonic

ho say liao ... can drive porky and wear rolex and shake leg ...

 

 

Actually it you should compounded it so

 

1st 4 months - 400k- > 1M

2nd 4 months - 1M - > 2.5M

3rd 4 months - 2.5M - > 6.25M

 

Returns: (6.25M-400k) / 400k = 1462.50% ROI per year.

 

Link to post
Share on other sites
Ake109

Ake109

6th Gear
(edited)

Taxing bitcoin is the best thing for bitcoin.

 

It gives it credibility and value.

 

Damn I wish I bought some.

 

:D

 

This is one case where I listened to Warren Buffett and misses out on making $$$$$.

 

He said don't invest in what you don't understand.

 

Back when bitcoin first started and was about a buck each, I contemplated buying 1 or 2 hundred SGD worth. Then remember Buffett's words. Now I wish I never listened to him!

 

As for China banning them. I wonder how much of it has to do with the conspiracy theory that bitcoin was created by the US govt (CIA).

Edited by Ake109
Link to post
Share on other sites
Jamesc

Jamesc

Hypersonic

 

This is one case where I listened to Warren Buffett and misses out on making $$$$$.

 

He said don't invest in what you don't understand.

 

Back when bitcoin first started and was about a buck each, I contemplated buying 1 or 2 hundred SGD worth. Then remember Buffett's words. Now I wish I never listened to him!

 

As for China banning them. I wonder how much of it has to do with the conspiracy theory that bitcoin was created by the US govt (CIA).

 

Haha imagine you invested $200 and it would be more than $200,000 today.

 

As for Mr Buffet he doesn't understand IT so he never invested in Google and Apple.

 

He missed out a lot.

 

:D

  • Praise 3
Link to post
Share on other sites
Duckduck

Duckduck

Turbocharged

As for China banning them. I wonder how much of it has to do with the conspiracy theory that bitcoin was created by the US govt (CIA).

 

china ban was coz too many were using it to transfer $ out of the country.

Link to post
Share on other sites
Kusje

Kusje

Supersonic

Anyone hold bitcoin? $1758.95 liao.  :blink:

 

 

 

 

Imagine this crap was at less than 0.20 at one point of time. You put in 200 bucks now worth 1 mil. 

 

[hur]

Link to post
Share on other sites
Titanium

Titanium

4th Gear

Imagine this crap was at less than 0.20 at one point of time. You put in 200 bucks now worth 1 mil. 

 

[hur]

 

Crap meh? I was tempted to try when it was ard $300+ that time but dunno how to get leh.

Link to post
Share on other sites
Kusje

Kusje

Supersonic

Crap meh? I was tempted to try when it was ard $300+ that time but dunno how to get leh.

 

Based on my rough understanding, you just need to:

 

1. Sign up online for a bitcoin wallet (becareful hor... this can be like those fly by night banks that just close down or lose your money in 1 hack).

2. Download some program to mine your own bitcoin (don't even need to pay money) but at present mining rates, I reckon your electricity cost more. You can just do it for the lulz.

Link to post
Share on other sites
FutureY

FutureY

Clutched

What is the sure shot guarantee that i will earn if i invest as i have never seen it perform better so i think its better for me and all to wait and watch before investing? Rectify me if i'm wrong.

Link to post
Share on other sites
Jman888

Jman888

Moderator

What is the sure shot guarantee that i will earn if i invest as i have never seen it perform better so i think its better for me and all to wait and watch before investing? Rectify me if i'm wrong.

 

rectify your google translated English?

Link to post
Share on other sites
Jman888

Jman888

Moderator
 

Bitcoin exchange operator sued in Singapore
PUBLISHED 5 HOURS AGO
Grace Leong
 
An electronic market maker is suing Quoine over trades that were allegedly wrongfully reversed, which resulted in proceeds being deducted. 
 
Singapore’s first legal dispute involving the cryptocurrency bitcoin has erupted over trade proceeds worth around US$3.78 million (S$5.1 million).
 
An electronic market maker is suing Quoine, one of the world’s major bitcoin exchange operators, over trades that were allegedly wrongfully reversed, which resulted in proceeds being deducted.
 
The market maker, B2C2, said it placed orders on Quoine’s platform to sell ethereum – another cryptocurrency – for bitcoin at the price of 10 bitcoins for one ethereum.
 
The orders were filled in a series of trades on April 19, resulting in B2C2 paying 309.2518 ethereum for 3092.517116 bitcoin. The bitcoin was credited into B2C2’s account that day.
 
But the next day, the trades were reversed by Quoine, which is incorporated here, and the proceeds allegedly “misappropriated” from the account without authorisation.
 
Quoine told B2C2 that it was entitled to do so because the trades were “mostly trades with huge mark-up over fair global market price”, the suit said.
 
B2C2 claims Quoine had “acted fraudulently” because the agreement stated that an order, once filled, is “irreversible”. It is seeking to recover 3084.78582325 bitcoin from Quoine in the High Court.
 
Quoine, a fintech firm that also offers other cryptocurrency-related services, was co-founded by Mr Mike Kayamori, who has held senior roles at Mitsubishi Corp and Softbank Group.
 
No dollar value for that amount of bitcoin was provided in the lawsuit but according to cryptocurrency exchange CoinDesk, that amount translates to US$3.78 million based on an exchange rate of US$1,226.94 for a bitcoin on April 19.
 
Quoine in turn claims that B2C2 is “being opportunistic and seeking to profit from a technical glitch”
 
It said the trades were “inadvertently” executed at the “abnormal rate of... 10 bitcoins for one ethereum, which was approximately 125 times higher than the actual market price of ethereum on April 19” because of a technical glitch.
 
It said the average market price that day was only about 0.03929075 bitcoin for one ethereum.
 
The glitch severely disrupted Quoine’s ability to retrieve actual market prices for bitcoin and ethereum. It said the glitch arose because it was reconfiguring passwords for its critical systems to fend off persistent attempts by hackers to break into its systems.
 
Given the “stark difference between the abnormal rate and the actual market prices of bitcoin and ethereum on April 19”, B2C2, which Quoine called a “sophisticated” investor with experience trading virtual currencies, should have suspected the “abnormal rate” was a mistake. It also noted B2C2 had done other bitcoin and ethereum-related trades on Quoine at prevailing market rates between April 15 and 18.
 
Public resources such as CoinDesk and WorldCoinIndex would have shown that the abnormal rate could not be an accurate reflection of the market prices of these two virtual currencies on April 19, Quoine said.

 

 

 

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing
×
×
  • Create New...