PSA: BitInstant's cash-to-bitcoin-address service is reliable, but they fudge the exchange rate; on top of the stated 3.99% fee (and unstated ZipZap fee), BitInstant has consistently marked up the exchange rate way above ($6 or so) the maximum that MtGox quotes around the time the transfer is made.
This includes any time at which the order was open.
This is a consistent markup from what I've experienced.
Everything that I've read both on and off BitInstant's web site suggests that they use MtGox directly. More to the point, BitInstant doesn't bother telling you what their exchange rate is going to be; it could be set at a markup of $200 for all you know.
UPDATE: Charlie Shrem (bitinstant) ultimately compensated me more than what I thought I was still owed, and for that I thank him; I feel that my personal matter has been satisfied amicably. I still believe that there are strange discrepancies in the data I've seen, which have not yet been accounted for, and I hope Charlie looks into it for the sake of his otherwise valuable company; I wouldn't want BitInstant to be blamed for the errors (or malice) of another party in the pipeline. In any case, I would currently still feel comfortable using BitInstant.
If you were looking to do Bitinstant --> Bitcoin Address, I just did Bitinstant --> BTC-E, IT WORKED SO WELL; WOW
Selected the Walmart Moneygram option along with BTC-E. The funds were in my BTC-E account 7 minutes later when I got home. Then I bought 9.4 BTC at like $26.75, and that also was instant. Trade Buy BTC Profile Funds BTC (Withdraw Money) Bitcoin Address, and that was IT. No BS 20 step verification process like Mt. Gox and I was able to get my BTC in under 30 minutes from first visiting bitinstant.com to coming back home from Walmart. I hope this helps you all buy BTC since you can't do it through BTC address right now.
I'm getting a little restless with BitInstant's 'transfer to bitcoin address' being down. Is there a workaround? Maybe register a Bitstamp account and use that as a middleman to my wallet?
I'm reading into the few options that BitInstant has up right now but I'm just wondering if anyone has first hand experience. Also, does it take long to transfer from the option you use to a wallet? Thanks in advance. Edit. Thanks everyone. I ended up creating an MTGOX account and doing BitInstant cash > MTGOX > Blockchain wallet > SR. Flawless.
Trying to buy bitcoins from bitinstant again, but now, it won't take a bitcoin address??
Now it seems to only take MTGox or what not. I'm still new to the bitcoin game, but last time I got some, I was able to do cash at CVS straight to my wallet. Is there some other way to do this now? EDIT: After seeing some endorsements from people here, I see coinbase got quite a bit of praise. So I signed up and bought some there. Considering the anonymity is a great bonus, but not the selling point for me, coinbase seems like a good deal for speculation purposes.
Hey, I'm new to using bitcoin and am looking for a little assistance. I want to cash deposit and end up with bitcoins in my wallet. Following a guide, I used bitinstant cash to bitcoin address option, but on the order summary, I'm simply quoted in USD the amount I will receive in my wallet. I submitted the order, but haven't yet gone down to CVS to make the cash deposit. I thought that the cash to bitcoin address option would automatically convert my USD to bitcoin at the current market rate? What am I doing wrong?
Variability in bitinstant.com -> bitcoin address times?
Please don't jump my bones on this one... I did try a search, and did not find any information specifically regarding the time it takes to get the confirmation email. I set up a cash (moneygram/zipzap) -> bit coin address transfer, then went to CVS and successfully had it sent and paid for. I chose bitinstant because I did this about a month ago, and it was VERY convenient (had money in my SR account within 3 hours). I've done this before, and by the time I got home from CVS (5 min later), I already had a confirmation email. Today, I still have not gotten a confirmation email from bit instant and it's been an hour. Is it because it's the weekend? Is there always such variability in how long it takes? When should I start getting worried? UPDATE: NEVERMIND, just got the money in my SR account, but no confirmation email. Weird.
I'm still kind of new at this (and it's a crazy time to still be learning) but does the Bitinstant -> Bitcoin address transfer USD to USD, no conversion to BTC? And can I use this to go directly to BTC-e (via the BTC address from my account there) even though BTC-e coupons are not an option currently on Bitinstant? The Deposit -> MtGox -> BTC -> BTC-e seems way to inefficient and I have never felt quite right about giving Dwolla my social security number.
I'm a newbie. I need help with my first Bitcoin purchase.
I've been reading about Bitcoin since the beginning and I'm just now starting to learn the basics of buying and selling bitcoins. I've read that to start I should buy at least $100 worth of Bitcoins. However, I don't know how to go about doing this. How do I buy bitcoins? If I were to buy Bitcoins, how would I buy them? Can I sell Bitcoins with PayPal or another payment method? I plan to buy bitcoins for about $100. I have only one computer and a mobile connection. If anyone can suggest a guide or some other way to buy bitcoins, I'd greatly appreciate it. Thanks! EDIT: Thanks for the great help everyone! I'm now planning to buy 10 bitcoins and hold them for a while.
Moronic Monday - It's your weekly stupid questions thread. Please upvote for visibility. I receive no karma for this post.
Hey /silkroad! this is the fourth Moronic Monday! Post your question - stupid or otherwise - here to get an answer. Anyone can post a question and the community as a whole is invited and encouraged to provide an answer. Many questions get submitted late each week that don't get a lot of action, so if your question didn't get answered before, feel free to post it again. I do ask that you refrain from abusing noobs in this thread. Feel free to link to guides where appropriate, though.
Technically, Bitcoin was worth less than 10 cents per bitcoin upon its inception in 2009. The cryptocurrency has risen steadily since then and is now worth around $6000 per Bitcoin. This is the most remarkable appreciation of the value and has created many millionaires over the last eight years. Here are the top ten people/institutions that held a large amount of Bitcoins over time: 1. Satoshi Nakamoto The creator of Bitcoin, who hides behind the moniker Satoshi Nakamoto, remains the major holder of bitcoins. The number of bitcoins that Nakamoto owns today is estimated at around 1.1 million, based on the early mining that he did. This is the equivalent of about $6 billion at today’s exchange rate of 1BTC to 6,098 USD. At least Nakamoto has never touched most of his bitcoins, and neither converted them into real-world currencies nor used them for any other purpose. If he were to sell his entire stash, the value of Bitcoin could plummet in an instant. 2. Bulgaria Bulgaria is currently sitting on one of the biggest stashes of Bitcoin in the world. How did the European nation come into the possession of this enormous sum of money? A crackdown on organized crime by the Bulgarian law enforcement in May 2017 resulted in the seizure of a stash of 213,519 Bitcoins, enough to pay off a quarter of the country’s national debt. According to Bulgarian authorities, the criminals used their technical prowess to circumvent taxes. As of June 2018, the virtual coins would be worth more than $1.2 billion. The Bulgarian government has declined to comment on the status of the coins. 3. BitFinex BitFinex, a crypto exchange, has one of the largest bitcoin wallets with 163,133.38 BTC that are worth approximately $1 billion at the current price of $6,098.24 per bitcoin. The coins are believed to be kept in a cold wallet to protect them from cyber hacks, unauthorized access and other vulnerabilities that a system connected to the internet is prone to. 4. The FBI The FBI is one of the largest renowned holders of Bitcoin. In September 2013, they brought down Silk Road, the infamous dark web drug bazaar, and seized 144,000 Bitcoin owned by the site’s operator Ross Ulbricht, better known as, “Dread Pirate Roberts”. Ulbricht made critical blunders that allowed investigators to locate the site and link him to it. Users of Silk Road are said to have traded around 9.5 million bitcoins since Ulbricht launched the site in 2011. Even thought the FBI sold a large amount of their Bitcoin holdings or even all, the FBI worth mentioned as they had a fortune in Bitcoin at some point. A large portion of the Bitcoins seized and sold went to Barry Silbert. 5. The Winklevoss Twins Tyler Winklevoss and Cameron Winklevoss were among the first Bitcoin billionaires. The duo had first gained popularity when they sued the Facebook C.E.O. Mark Zuckerberg for allegedly stealing the idea of creating Facebook from them. They were contacted by Zuckerberg to develop the ConnectU site, which was to become Facebook later on. They used $11 million of the $65 million cash compensation they received from the legal dispute with Zuckerberg to purchase 1.5 million Bitcoins in 2013. Back then, one Bitcoin traded at $120. That investment has increased more than 20000% since then. The twins allegedly own around 1 percent of all Bitcoin in circulation. Their combined net worth is approximately 400 million. They created the Windex, funded several bitcoin-related ventures and invested $1.5 million in BitInstant. 6. Garvin Andresen Although bitcoin is the brainchild of Satoshi Nakamoto, Garvin Andresen is credited as the person who made it what it is today. Garvin is one of the people who has been suspected to be Satoshi, a claim he denies. Rather, he says that he had a close relationship with the anonymous cryptographer for many years. The real Satoshi Nakamoto picked him as his successor in late 2010. Garvin became the chief developer of the open source code that determines how Bitcoin operates – and whether it can survive. He was once paid over $200,000 in Bitcoin by the Bitcoin Foundation for his contributions. He had already cashed out multiple times. 7. Roger Ver Roger Ver, otherwise known as Bitcoin Jesus, is one of the first Bitcoin billionaires and believed to hold or held at least 100,000 bitcoins. The renowned libertarian allegedly dropped out of college to focus on his bitcoin-related projects. Unlike other crypto billionaires out there who are throwing their cash in the typical private Islands or luxury jets, Ver’s dream is to establish his own libertarian nation where every individual is the absolute owner of their own life and are free to do whatever they wish with their person or property. The controversial bitcoin evangelist renounced his U.S. citizenship in 2014 and relocated permanently to a small Caribbean Island. 8. Barry Silbert Silbert is a venture capitalist and founder of Digital Currency Group. He was an early adopter of Bitcoin. He purportedly walked away with an eye-watering 48,000 Bitcoins in an auction held by the U.S. Marshals Service in 2014. The US government had confiscated much of the crypto coins from Ross Ulbricht, the alleged operator of the dark web marketplace for drugs and other illegal products. Bitcoin was then worth $350, which means Silbert’s coins have skyrocketed in value from $16.8 million to $288 million. 9. Charlie Shrem Charlie Shrem is no doubt one of the most controversial Bitcoin millionaires. He invested in a large quantity of Bitcoin in the early days of the cryptocurrency. Shrem was also an active member of the Bitcoin Foundation and founded BitInstant when he was just 22 years old. By the end of December 2014, Shrem had been found guilty of money laundering and received a two-year prison sentence. After his release from federal custody, he unveiled a startup called Intellisys Capital, a company that sells investment portfolios in blockchain companies. 10. Tony Gallippi A famous business magnate Tony Gallippi is also believed to be one of the big holders of bitcoins. He is the brain behind BitPay, one of the most popular Bitcoin payment service providers in the world. The company was launched in May 2011 and processes over one million dollars per day. Bitpay is also one of the companies to sign contracts with major companies including Microsoft, Dell, TigerDirect, and Newegg. By 2014, the company had employed approximately 100 people. Conclusion It is estimated that the top 1000 bitcoin addresses own approximately 35% of the total bitcoin in circulation. There are also thousands of individuals who hold large stashes of bitcoin but have chosen to remain anonymous.
Hello, I trade on 6 different exchanges worldwide. I have deeply looked into the Tether situation since it could become a black swan and put a dent into my crypto wealth. I have examined all the evidence and opinions and have found them to be unsubstantiated at best malicious at worse. Ask me anything and I will do my best to give you my opinion on what I have found.
My only concerns has evolved into... is the idea of Tethers legal (compared to Liberty Reserve or E-gold). After much research on both companies and thinking it over a lot I feel USDT is actually more legit and better suited because of the openness of the blockchain. I know right?? You see they can control the ecosystem (as they did w hack) in a transparent way and they can control the outflows/inflows with stringent KYC/AML (which they have been- far more stories of people not getting approved than not being able to redeem). Their ToS/KYC/AML make it so no launderer would be foolish enough to use them, especially after hack/roll back. On the other hand, Lib Res/Egold accepted anyone, proudly claimed to be a money substitute and their closed system provided no transparency and plenty of opportunity for nefarious activities.
Some key points
It makes perfect sense that USDT gets minted/printed when volatility is at its highest (ATH's/crashes). Why would you think that the crypto market will expand/grow but not USDT ( a stablecoin)? USDT is to provide liquidity to traders on exchanges, that is literally all it is used for. And during crashes traders want USDT, so there is a premium you will see of 1-3% on USDT in those cases (an opportunity). Also, there are more inflows than outflows right now because the market is growing more wealth/money wants some exposure.
I also don't understand why it is easier for people to believe the conjecture over the reality. I think it is because the premise is flawed and the source extremely biased, they think because USDT is inflating (which it should as more fiat enters the system) it is the reason for these gains.
NOT more transactions taking place (across all blockchains), NOT more countries buying that didn't before (KRW/JPY), NOT Coinbase user accounts being created at an extraordinary clip this year, or the google search terms increasing exponentially, or crypto twitters growth. All differing metrics pointing to the same thing... demand. No it's easier to believe the volume is fake, wash trading, and fake tethers... all out in the open (BFX DATA) & open ledgers (USDT)
All Tether has to do is provide proof of reserves by an independent reputable auditor. The proof they provided from Friedman LLP (top 50 auditor - btw a top 4 auditor won't touch crypto companies until more mature ecosystem) was not enough to stop the FUD. Now they have gone on record twice saying audit is ongoing. Right now there is more evidence pointing to them being solvent than not.
"But they have been saying an audit is forthcoming" They didn't increase the total amount to 100 mill till fairly recent. They are not a money making machine, they make money on money sitting in interest-bearing accts and transaction fees between the fiat world. I can see them not wanting to pay for an expensive reputable audit and thinking showing bank statements would suffice, until it didn't. So now an audit is coming.
I obviously can not vouch for them 100%, but until USDT becomes unpegged, or there is a premium on Bitfinex (Gox/Cryptsy/Bitinstant all traded at premiums for months due to fiat constraints or no $/crypto), and no audit, I think I will take what the market is saying as the truth.
The theorists are constantly contradicting themselves. Ex1. TetheFinex has no banking... Friedman provides a memo vouching they checked respective bank accts w $.... oh that could just be a loan. They can't get banking, but a loan for 400 mil, no prob???
Ex2. The amount of tethers to date is enough to horribly crash the markets but not enough to show signs that free money has been pumped into the system. If 100's of millions are pumped into the system it will show divergences (premiums/unpegged) somewhere along the trail.
One last thing, what if the worse is true and Tether is not backed, finex is a scam, God doesn't exist, and Trump gets elected a second term (last 2 a joke, obviously)? IMO, it creates a massive buying opportunity. There is nothing wrong with bitcoin/crypto, nothing wrong with its use case, technology or value system. Just an alt currency that only had to have the funds in account. Yes, there will be a short game of hot potato that drives Tether to zero, but that is it. Nothing fundamentally wrong w crypto. Plus I'm not 100% sure the exiting of USDT would not drive crypto higher. Yes, some exchanges will lose their rep, customers, and traders will lose their stablecoin but perhaps that's the goal, IDK? Who benefits from failed stablecoin? FIAT, banks? One thing is for sure USDT has brought on many more exchanges, IMO is a good thing. Also, I don't believe Tether to be the ideal way to a stablecoin. But it came along 3 years ago w no better options, has held it's pegged (even now under fire), opened up liquidity past strict/biased/predatory banking infrastructure (who benefits if USDT goes down again?). Maybe that is why they are looking into an ERC20 token that may be verified in real-time, IDK.
Good day to you Ladies and Gents..
P.S. I post my real trades on twitter @SirLamboMoon - Follow to see if I am worth a damn. I don't share charts and analyze what happenED and be as cryptic as possible about the future. I actually put my entries, targets, and stops. I developed a trading system that has been muy caliente. More info here..https://www.reddit.com/useSirLamboMoon/comments/7cp2o7/the_system_strategy/
EDIT: was told to put an address for the headache I'm about to receive, lol. 1GTtVVfECQvecTtqUoWhXi7pYuWz5KzzTm
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