Bitcoins?

[Timbuktu]

simonrockman said:

I sold most of my BTC but had previously moved 0.2BTC to a Xapo card which you can use like a credit card, and I still have those funds in that account. I must mail them and get a new card.
https://xapo.com/card/

I had a BitPay card similar to this Xapo card but it has just been cancelled... apparently on the instruction of Visa

Xapo Website said:

Xapo Card Update - January 2018

As of January 4th, 2018, Wave Crest Holdings, Ltd. issuer of the Xapo Card Program, was instructed by Visa® to cancel all its Visa® Programs effective immediately. As a result, all the cards of the Xapo Cards Program were deactivated.

Edited by Timbuktu on Wednesday 10th January 17:48

[jammy-git]

I guess my Wall Street comment was more focused on derivatives, CDCs, etc.

[z4RRSchris]

jammy-git said:

I guess my Wall Street comment was more focused on derivatives, CDCs, etc.

a derivitive is still based on an underlying asset, mainly used to hedge positions. you are still paying for something of real value.

a CDO / CDS / Syn CDO / etc... has the underlying property and the ability of the owner to pay their portgage as the asset.

for cryptocurrencies there is fk all of anything.

You might say that since GBP is now fiat, there is no asset value, however i would bet my life on the BOE not going bust, i wouldnt bet my nandos lunch on bitcoin being around for any length of time. If there was a run on bitcoin, you would be left with fk all.

[jammy-git]

I think the biggest issue with crytpocurrencies are that they're new. They have no history of surviving big boom and bust cycles in the way that every other class of asset or investment has.

You may say that CDOs, etc have the value based on real estate, but that didn't help much 10 years ago when it was found that actually those assets were worth bugger all and the entire market was basically fraudulent.

Regardless of what underlying asset something is based on, it's value comes from market confidence. If that confidence disappears then anything can be worthless.

[z4RRSchris]

jammy-git said:

I think the biggest issue with crytpocurrencies are that they're new. They have no history of surviving big boom and bust cycles in the way that every other class of asset or investment has.

You may say that CDOs, etc have the value based on real estate, but that didn't help much 10 years ago when it was found that actually those assets were worth bugger all and the entire market was basically fraudulent.

Regardless of what underlying asset something is based on, it's value comes from market confidence. If that confidence disappears then anything can be worthless.

poor lending led to the CDO / debt crisis,

There were still physical assets there, they were just worth less than the debt placed on them.

[anonymous-user]

z4RRSchris said:

...
You might say that since GBP is now fiat, there is no asset value...

The intrinsic value of state issued currency is that the state will take all your stuff, imprison you or worse when you refuse to give them their cut...

[superkartracer]

http://www.telegraph.co.uk/business/2018/01/11/war...

[Mrr T]

jammy-git said:

To a layman I can't see much difference between cryptocurrency and most of what Wall Street trades in.

If by trading you mean buying and selling to make a profit on the movement in price, then following the Volker rule no one does it on Wall Street.

[Glade]

Mrr T said:

jammy-git said:

To a layman I can't see much difference between cryptocurrency and most of what Wall Street trades in.

If by trading you mean buying and selling to make a profit on the movement in price, then following the Volker rule no one does it on Wall Street.

As a layman i dont understand the Volker rule... could you elaborate?

[z4RRSchris]

Glade said:

As a layman i dont understand the Volker rule... could you elaborate?

ban on american banks prop trading - i.e using customer deposits

[TEKNOPUG]

superkartracer said:

http://www.telegraph.co.uk/business/2018/01/11/war...

"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending."

Followed by:

"Why in the world should I take a long or short position in something I don't know anything about."

So he doesn't know anything about CC yet "I can say with almost certainty that they will come to a bad ending."

[simonrockman]

Timbuktu said:

simonrockman said:

I sold most of my BTC but had previously moved 0.2BTC to a Xapo card which you can use like a credit card, and I still have those funds in that account. I must mail them and get a new card.
https://xapo.com/card/

I had a BitPay card similar to this Xapo card but it has just been cancelled... apparently on the instruction of Visa

Xapo Website said:

Xapo Card Update - January 2018

As of January 4th, 2018, Wave Crest Holdings, Ltd. issuer of the Xapo Card Program, was instructed by Visa® to cancel all its Visa® Programs effective immediately. As a result, all the cards of the Xapo Cards Program were deactivated.

Edited by Timbuktu on Wednesday 10th January 17:48

Oh st.

[Timbuktu]

Don't worry, they're refunding any money you had on the card in money or in bitcoin at the current value of that money. (Well BitPay are and they have the same parent company of WaveCrest)

I only have about £350 on there, just need to fill in the form to claim. You should have had an email?

[anonymous-user]

interestingly VISA said that bitcoin could still be used on Visa payment cards. It was just wavecrest cards.

''Visa cards that convert Bitcoin into normal currency would not be affected''

[Timbuktu]

Strange because that's exactly what mine did- I sent bitcoin from my online bitcoin wallet
to the card and it converted it to pounds that I could spend or withdraw.

[Timbuktu]

I've just been recommended an alternative which accepts lots of different crypto currencies apparently!

https://uquid.com/

[randlemarcus]

Timbuktu said:

I've just been recommended an alternative which accepts lots of different crypto currencies apparently!

https://uquid.com/

Yup, the professional tone and attention to detail convinces me that Uquid are not a few blokes in a shed in Chennai.

[anonymous-user]

Indeed. The chance of me putting any of my bitcoin near that is vanishingly small

[cat with a hat]

Timbuktu said:

I've just been recommended an alternative which accepts lots of different crypto currencies apparently!

https://uquid.com/

has to be a joke

[Timbuktu]

There is a thread on it here.

https://bitcointalk.org/index.php?topic=1588857.0