Credit deflation and the reflation cycle to come (part 2)

[Boon]

If all the platforms can buddy up and ban things they don't like, ie Trump, what hope for Bitcoin? 

All the banks need to do is join together and not take payments, and the authorities could ban trading 'for the safety of consumers'. Then what? People would get unhappy, then to appease them, 'government approved' cryptos come in....

 

[Majorpain]

6 minutes ago, geordie_lurch said:

Wow missed this story from over the weekend regarding HSBC stopping payments to and from Bitcoin exchanges and with Tesla taking a decent dive currently maybe it's going to be a 'busy' week

https://coinjournal.net/news/hsbc-blocks-incoming-funds-from-cryptocurrency-exchanges/

That has potential to be a head shot if fear sets in, its all well and good having 100,000 bitcoins, but if you cant exchange them for £'s and $'s then all you have is a load of electronic ones and zeros.

There was always going to be push back eventually, the banks cant have everyone "off the grid" finance wise!

[Loki]

11 minutes ago, geordie_lurch said:

Wow missed this story from over the weekend regarding HSBC stopping payments to and from Bitcoin exchanges and with Tesla taking a decent dive currently maybe it's going to be a 'busy' week

https://coinjournal.net/news/hsbc-blocks-incoming-funds-from-cryptocurrency-exchanges/

Aren't HSBC pretty involved with China? Could be orders from the higher ups

[Transistor Man]

New David Hunter interview. 

“I think this was one of my better interviews. Covered a lot of good ground. Worth a listen.”

https://anchor.fm/digitaldollar/episodes/31-David-Hunter--Chief-Macro-Strategist-at-Contrarian-Macro-Advisors-eoqn89

[JMD]

1 hour ago, dnb24 said:

Regarding health investments - For anyone interested in the health sector - VNV Global AB have a significant holding in Babylon Health. 
Babylon are shaking up the health sector- in both the USA and UK. I believe they are looking at an IPO next year, but when they do- they have the potential to really fly. 
It’s kind of a Decomplex play- as with Babylon no need to register with Gp, you just ring up, they send for investigations, review you with results or send on for management. It significantly simplifies the pathway and will disturb every geographic health area of UK- the only issue would be whether it will be allowed to- GPs and CCGs have shown some resistance but I believe Babylon have significant governmental support.

I didn't realise that there was significant government support. I was aware that Babylon had been under sustained attack from the medical establishment from the start, so i guess it has been doing lots right to have survived in the game for so long.  

Funny how Babylon's remote/phone based appointment service wasn't considered good enough, apparently because unless the patient was sitting with the GP the criticism levelled was that 'crucial symptoms would be missed'. Until that is the corona virus struck and which seriously limited all physical contact with our GP's. And now it is apparently perfectly acceptable to do things remotely with some GP's even saying that this new way of working has its benefits!... It seems every round of painfully slow change requires a new round of 'Bevan bribery' where GP's mouths are repeatedly stuffed with gold (Bevan's phrase, not mine).     

[Democorruptcy]

10 hours ago, wherebee said:

Just a FYI - 

 

I did some digging around today re my interactive broker account.  The Australian business is seperate and keeps client money in a seperate account with australian institutions in line with Australian regulatory requirements.  It's not clear whether equities and other assets are kept all in the same buckets.  I've relatively happy as the Oz gvt guarantee is still 250k.

The reason I raise this is that some of the european IB clients in forums are claiming - no idea if true - that they are only covered for 50k max if IB goes down, and others claiming that IB uses a hungarian operation for some accounts (?).

All sounds far fetched to me, esp the hungarian thing, but you might want to specifically ask your broker i) where are client account monies (cash and other assets) held (country and jurisdiction) and what is the investor guarantee cover applied - UK or other?

If there is a BK, I strongly suspect in some markets some banks and others will go to the wall.

Even just betting on Oz sport at Betfair you have to keep the funds in a separate wallet.

HL used to say only £50k FSCS compo but it changed to £85k.

[Noallegiance]

27 minutes ago, Majorpain said:

 ...its all well and good having 100,000 bitcoins, but if you cant exchange them for £'s and $'s then all you have is a load of electronic ones and zeros.

I feel like this is the bit hodlers haven't cottoned onto yet.

[Democorruptcy]

26 minutes ago, Majorpain said:

That has potential to be a head shot if fear sets in, its all well and good having 100,000 bitcoins, but if you cant exchange them for £'s and $'s then all you have is a load of electronic ones and zeros.

There was always going to be push back eventually, the banks cant have everyone "off the grid" finance wise!

If banks won't let people transfer cash to their account aren't they pushing them off grid?

What about Bitcoin doing transfers to say Bullion Vault and Goldmoney accounts to "clean" it?

 

[Tingles]

38 minutes ago, Majorpain said:

That has potential to be a head shot if fear sets in, its all well and good having 100,000 bitcoins, but if you cant exchange them for £'s and $'s then all you have is a load of electronic ones and zeros.

There was always going to be push back eventually, the banks cant have everyone "off the grid" finance wise!

 

10 minutes ago, Noallegiance said:

I feel like this is the bit hodlers haven't cottoned onto yet.

LMFAO.  All markets are manipulated, this instance is no different.

[Green Devil]

1 hour ago, geordie_lurch said:

Wow missed this story from over the weekend regarding HSBC stopping payments to and from Bitcoin exchanges and with Tesla taking a decent dive currently maybe it's going to be a 'busy' week

https://coinjournal.net/news/hsbc-blocks-incoming-funds-from-cryptocurrency-exchanges/

If I recall the banks did something similar in 2017. 

They can see all the outflows from their accounts as all exchange funds go via single account. With just a reference on it. 

It's effectively a bank run. The banks are scared. You should be happy to keep your fiat on there platform and pay negative interest rates for the privilege. 

[Majorpain]

45 minutes ago, Democorruptcy said:

If banks won't let people transfer cash to their account aren't they pushing them off grid?

What about Bitcoin doing transfers to say Bullion Vault and Goldmoney accounts to "clean" it?

 

IMO trigger would be if governments start accepting bitcoin payments for taxes, i am seeing zero interest from anyone on that.  Well, except people who own bitcoin obs!  Crypto is coming, but it isn't bitcoin.

Bullion vault/Goldmoney are not banks and do not hold accounts at the Bank of England, Bullionvault use Lloyds.

[Castlevania]

1 hour ago, Cattle Prod said:

When I had my bitcoin, I did some DD on exit strategy, thinking this could happen. I got as far as some gold dealers in Switzerland who accept bitcoin as payment for gold, so that was the general idea. Drive home with a heavy boot! But then it occurred to me that they'd probably have to clear the transaction using banking systems anyway. As I'm only interested in playing the speculation element of bitcoin, and I'm not much of a believer in its intrinsic value etc, a spreadbet on IG will cover future itches for me. Max leverage is 2, so lower chance of blowing up if you wait till after a drawdown. I don't think the current correction is done, I'd be looking for 35-40% before I'm a buyer again.

I think the FCA have banned spreadsbetting/CFD’s on crypto

[Talking Monkey]

1 hour ago, Cattle Prod said:

When I had my bitcoin, I did some DD on exit strategy, thinking this could happen. I got as far as some gold dealers in Switzerland who accept bitcoin as payment for gold, so that was the general idea. Drive home with a heavy boot! But then it occurred to me that they'd probably have to clear the transaction using banking systems anyway. As I'm only interested in playing the speculation element of bitcoin, and I'm not much of a believer in its intrinsic value etc, a spreadbet on IG will cover future itches for me. Max leverage is 2, so lower chance of blowing up if you wait till after a drawdown. I don't think the current correction is done, I'd be looking for 35-40% before I'm a buyer again.

Hasn't spread bet on crypto for retail been stopped

[Hancock]

38 minutes ago, Majorpain said:

IMO trigger would be if governments start accepting bitcoin payments for taxes, i am seeing zero interest from anyone on that.  Well, except people who own bitcoin obs!  Crypto is coming, but it isn't bitcoin.

Bullion vault/Goldmoney are not banks and do not hold accounts at the Bank of England, Bullionvault use Lloyds.

Global govts can imprison us and the plebs cheer it on.

Should Bitcoin or someone other electronic currency from outside they system look like replacing global currencies, i've a feeling the globalists and the 0.0001%ers would do something about it ... in our lifetimes anyway.

 

[leonardratso]

was it? I know you cant buy BTCE BTC tracker any more, although i think you can bet on it on t212, i still have some and its in close only mode, meaning i can sell it but cant buy any more of it.

ARGo is still available.

[jamtomorrow]

2 hours ago, geordie_lurch said:

Wow missed this story from over the weekend regarding HSBC stopping payments to and from Bitcoin exchanges and with Tesla taking a decent dive currently maybe it's going to be a 'busy' week

https://coinjournal.net/news/hsbc-blocks-incoming-funds-from-cryptocurrency-exchanges/

This story is strange.

On the one hand, it makes sense: HSBC have enough on their hands with the mounting problems @sancho panza detailed a few months back; also the lingering bad smell around laundering allegations; also the generally crypto-phobic setup in the UK (e.g. FCA gating crypto-investments from Jan 1). Seen from that perspective crypto probably looks like another can of worms, so probably best slam the lid back on, and quick.

On the other hand, the article is very strangely worded:

"Some banks will not accept transfers from bitcoin exchanges. HSBC, one of the biggest banks in the country, does not process cryptocurrency payments or allow customers to bank money from digital wallets."

Notice "does not" (i.e. this is not a new thing HSBC are bringing in). Also, crypto exchanges are not mentioned - only "cryptocurrency payments" and "digital wallets". Finally, saw a couple of people on Twitter saying they've withdrawn fiat to HSBC from Coinbase today, with no hitches.

So who knows. Maybe FUD (good clickbait after a run-up AKA "doing a Schiff")? Or somebody's kite-flying?

[AWW]

3 hours ago, sancho panza said:

Have you looked at renting a 4/5 bed detached.....2%-2.5% gross yield round my way.

I would if I could find one that's been decorated in the last 30 years.

[leonardratso]

2 minutes ago, jamtomorrow said:

This story is strange.

On the one hand, it makes sense: HSBC have enough on their hands with the mounting problems @sancho panza detailed a few months back; also the lingering bad smell around laundering allegations; also the generally crypto-phobic setup in the UK (e.g. FCA gating crypto-investments from Jan 1). Seen from that perspective crypto probably looks like another can of worms, so probably best slam the lid back on, and quick.

On the other hand, the article is very strangely worded:

"Some banks will not accept transfers from bitcoin exchanges. HSBC, one of the biggest banks in the country, does not process cryptocurrency payments or allow customers to bank money from digital wallets."

Notice "does not" (i.e. this is not a new thing HSBC are bringing in). Also, crypto exchanges are not mentioned - only "cryptocurrency payments" and "digital wallets". Finally, saw a couple of people on Twitter saying they've withdrawn fiat to HSBC from Coinbase today, with no hitches.

So who knows. Maybe FUD (good clickbait after a run-up AKA "doing a Schiff")? Or somebody's kite-flying?

thats true, and i remember reading it and thinking im sure they did this last year, is it just a recycled article from ages ago? anyways.

[Green Devil]

48 minutes ago, jamtomorrow said:

This story is strange.

On the one hand, it makes sense: HSBC have enough on their hands with the mounting problems @sancho panza detailed a few months back; also the lingering bad smell around laundering allegations; also the generally crypto-phobic setup in the UK (e.g. FCA gating crypto-investments from Jan 1). Seen from that perspective crypto probably looks like another can of worms, so probably best slam the lid back on, and quick.

On the other hand, the article is very strangely worded:

"Some banks will not accept transfers from bitcoin exchanges. HSBC, one of the biggest banks in the country, does not process cryptocurrency payments or allow customers to bank money from digital wallets."

Notice "does not" (i.e. this is not a new thing HSBC are bringing in). Also, crypto exchanges are not mentioned - only "cryptocurrency payments" and "digital wallets". Finally, saw a couple of people on Twitter saying they've withdrawn fiat to HSBC from Coinbase today, with no hitches.

So who knows. Maybe FUD (good clickbait after a run-up AKA "doing a Schiff")? Or somebody's kite-flying?

Interesting, ive used HSBC for to send payment to exchanges. No problems at all. Though not recently for a few months. Ive not extracted money recently either but i think i did a few years ago. Cant remember. Anyway HMRC has forced crypto investors to hodl anyway or pay 20% taxes so to most of us it makes no difference. Ive no intention of selling until im on an island somewhere warmer than here.

[Talking Monkey]

1 minute ago, Cattle Prod said:

Apparently so! I was in it only a month or two ago, show you what can be done at the stroke of a pen. 

I had my one and only dabble trading bitcoin for a few hours in late December, mad stuff that bitcoin.

[Lightscribe]

13 hours ago, Majorpain said:

That has potential to be a head shot if fear sets in, its all well and good having 100,000 bitcoins, but if you cant exchange them for £'s and $'s then all you have is a load of electronic ones and zeros.

There was always going to be push back eventually, the banks cant have everyone "off the grid" finance wise!

Who says you have to go near a bank? Keep your main stack on a cold digital wallet and upload onto a card account when needed.

https://crypto.com/en/cards.html

https://www.swipe.io/cards

https://cointelegraph.com/magazine/crypto-cards-2019/

[Lightscribe]

9 hours ago, Talking Monkey said:

I had my one and only dabble trading bitcoin for a few hours in late December, mad stuff that bitcoin.

Well using a bit of TA, I pencilled in a run to $44k range from once it broke its $20k previous ATH (it nearly got there, but settled at $42k) I converted to tether (USDT) there because it was either going to continue to meander there for a while (while alts started to rebound in their ratios) or retrace.

After the day or so the signs were a retrace, at this price ratio and the volatility your going to have $10k swings in either direction (These will get less as/if BTC goes higher and distributed wider).

What I personally do in these retraces to catch the bottom is trade myself down increasing the amount of crypto that I have as the USD value drops.

BTC should now recover with the alts. There maybe extra weight on the main crypto alts rebound because they didn’t complete their pump back to BTC ratio before BTC dipped.

Here in this image you can see how predictable the buy/sell range is to trade down in relation to a high volume main alt.

This only works if it’s a gradual decline, not a death defying plunge! 

[geordie_lurch]

3 hours ago, Lightscribe said:

Who says you have to go near a bank? Keep your main stack on a cold digital wallet and upload onto a card account when needed.

https://crypto.com/en/cards.html

https://www.swipe.io/cards

https://cointelegraph.com/magazine/crypto-cards-2019/

Another alternative is https://www.ziglu.io which is a UK based one by one of the people that started Starling bank and seems the easiest and most secure to me

[ThoughtCriminal]

Looks like that LNG call from DB may be coming to fruition early 

[Wheeler]

19 minutes ago, ThoughtCriminal said:

Looks like that LNG call from DB may be coming to fruition early 

I misread that as $39.3 million per BTU and thought that's astronomical!