Archive August 2018

Bitcoin Price & Should Bitcoin exist? What the Wolf of Wall Street says about the Bitcoin Price Rise?

Bitcoin Price & Should Bitcoin exist? What the Wolf of Wall Street says about the Bitcoin Price Rise?

The post Bitcoin Price & Should Bitcoin exist? What the Wolf of Wall Street says about the Bitcoin Price Rise? appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.
The Bitcoin Price & the Wolf of Wall Street
We are all pretty familiar with the Wolf of Wall Street. A couple of years ago Leonardo Dicaprio took on the role of Jordan Belfort. The authorities arrested the former stockbroker after he scammed investors shaking Wall Street. Now if you think that was a pretty epic picture of Wall Street. Read on, because the Wolf of Wall Street is not a big Bitcoin fan, what will happen to bitcoin price.
The Express newspaper covered a particularly interesting story about what Jordan Belfort really thinks about Bitcoin and why he feels that investors are brainwashed. Jordan does make some striking points. After all, who better to spot a scam than the biggest one of recent times.
Bitcoin Price spikes with 4.7%

On Tuesday the Bitcoin price spiked as much as 4.7%, this was it biggest high since the start of August, however, Jordan Belfort says that Bitcoin is full of “scammers” and “there’s no good reason” as to why it should exist.
Belfort also feels that it is “outrageous” to think that governments will allow bitcoin to continue as an anonymous digital currency.
Speaking on CNBC on Monday, Mr. Belfort said:
“I was a scammer. I had it down to science, and it’s exactly what’s happening with bitcoin.
“The whole thing is so stupid, these kids have gotten themselves so brainwashed.”
Mr. Belfort explained his reasoning and said:
“Bitcoin itself is not a scam, I don’t think. What’s happening is there are scams around it being perpetuated because by its very nature it’s a dark market – you can’t see what’s going on behind the scenes and people dive into that and use it to rip other off.  Scammers should be criminally charged“.
What else he said:
“Those who aren’t scamming, well, I feel bad because they are probably going to lose all their money or most of it.”
Bitcoin price is $7,048.06 at 17:07 BST, on Tuesday, according to CoinDesk. It saw its highest price in December when it hit almost $20,000. Bitcoin leapt by more than $200 overnight on Monday in an inexplicable boost in price.
The early hours of Tuesday morning saw bitcoin jump from $6,766 to $6,900 in less than an hour. Bitcoin has been praised by bullish crypto experts with Fundstrat’s Thomas Lee saying the cryptocurrency’s correlation between emerging markets indicates bitcoin could end 2018 “explosively higher” than ever before. Mr. Lee of Fundstrat Global Advisors said there is an “important correlation” between emerging markets and bitcoin.
Whether this is correct or not is up to you to decide. To compare bitcoin to whole economies is a little soft.
Speaking on CNBC, Mr. Lee said:
“In general, we thinking mining and fundamental factors like network effect really drive bitcoin’s value. But macro factors have an effect on network value.”
Mr. Lee explained that EM actually rallied into the end of 2017, there was a huge Bitcoin rally and as EM has since fallen we have seen bitcoin fall sharply. He explained that the linkage is firstly the hedge funds, which rent emerging markets stock and secondly, the wealth effect.
Mr. Lee explained the trend and later said:
“Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying bitcoin.”
The bullish cryptocurrency expert said if the dollar weakens and the Federal Reserve halts its hike rate policy then both areas of the market could surge.
Lastly, Mr Lee said: “I still think it’s possible.”
He added: “Bitcoin could end the year explosively higher.”
Predicting the Bitcoin Price and getting it wrong
Many groups and “signal” providers try to predict the bitcoin price. Some people make a living by charging others for so-called tips and signals. They are charlatans, nobody can predict the future and therefore no-one can predict the bitcoin price. Yes, you can apply market sentiment. Following technical analysis is always good. The market, however, cannot manipulate bitcoin. The value of bitcoin in terms of FIAT can and is at certain times.
These so-called experts mostly publish so much on so many platforms, that they are always able to find “a historic post” proving their Oracle-like genius.
A broken clock is correct twice a day…
The struggle and main question, what would be the bitcoin price at the end of the year? Suggestions, hodlers and traders?
We like hearing from you and value your opinion. Please feel free to leave a comment below.
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How wilting investor enthusiasm will revive innovation in the cryptocurrency ecosystem

The crypto bear market can be depressing. It feels that all the excitement and hope is gone. In our view, however, the converse is true. In this article we will first examine the current bear market and argue why it creates an ideal environment for progress and innovation.
 
Doom and gloom
The total market capitalization of all cryptocurrencies has dropped this year from a peak of more than $800 billion on January 7 to less than $200 billion as recently as August 14. Google Trends maps a corresponding diminishment of interest. Even big ticket news items, such as Intercontinental Exchange announcing the forthcoming launch of Bakkt, a digital asset platform backed by Starbucks and Microsoft, barely moved prices. And, of course, the inevitable Bitcoin obituaries have begun to emerge en masse.

Those who invested close to the peak bemoan dramatic losses and lessons (we hope) learned. We hear stories of those who, following the unwise hype of the crowd, took on debt only to incur huge losses almost straight away. Blinded by greed or envious panic, these investors failed to follow this simple heuristic of high-risk investing: do not invest what you can’t afford to lose. While folly created them, the consequences are too harsh to make light of. It is only a shame that these tragedies are unlikely to deter the next round of lemmings ready to topple over the peak of some other future bubble chart.
 
Fear, Hope, And Human Nature
Meanwhile, many investors continue to hold on, either due to blind hope, genuine belief in the promise of the technology, or because they have seen the logarithmic patterns behind bitcoin’s previous growth: This has all happened before, and it will all happen again. At the time of writing, total market capitalization is still almost $50 billion higher than this time last year, and daily trading volume is close to triple, according to CoinMarketCap.com.

Telegram groups and Reddit threads are overrun with a mix of optimistic predictions and doom-laden hand-wringing regarding what is next for the market. Investors scrutinize each new review of exchange-traded fund proposals, debate what factors will finally bring institutional money in, and wonder at possible price manipulations as Bitmain prepares for an IPO. All of these factors are fair to examine, and I like to think that these theorizers are motivated by their belief in the technology rather than merely clinging on to delusion-born shattered dreams. But the truth is: if you believe in the technology, then the market can wait.
 
A Change of Tone
There was a brief period at the end of last year and the beginning of this year where it seemed you could barely move without hearing someone wax lyrical on the promise of blockchain. Yet most had come to the technology only because of the market hype and short-term financial opportunity: When the market crashed, the talk vanished. Bring up crypto with a stranger and no longer will you confront a dynamic spray of jubilant pontificating. Rather, you might just meet a cold gaze amid a cloud of anxious silence or else gleeful (and premature) schadenfreude.

With one exception: While memes abound mocking speculators who claim they are only “here for the technology,” bear markets have a tendency to clear away those who aren’t. If you talk to serious techies and their business counterparts – those who have endured through all the ups and downs – their passion for the blockchain’s world-changing potential hasn’t changed at all. While price fluctuations may have done some financial damage, the environment has become more hospitable to trust, hard work, and genuine innovation.
 
So What’s The Good News?
Firstly, we will see far fewer (for now) of what I call “Why blockchain?” projects. These include the likes of Dentacoin, the “blockchain platform for the global dentist industry”, which at its peak had a market capitalization of over $2 billion, and Potcoin, which “provides banking for the cannabis industry”. Such initiatives, in the opinion of this author, have been unable to provide a rational for their use of blockchain technology – beyond, of course, the financial opportunity presented by recent frenzied speculation.
I will not go as far as to assert that these projects are pure scams. I will say that the incentive behind the creation of far too many tokens has been a result more of opportunism than credible use cases. As the market gets less frothy, a higher proportion of projects will emerge from practical rationales, and this can only be a good thing for innovation. Incidentally, and perhaps worryingly, for those concerned with the direction of the market: Dentacoin still has a market capitalization of more than $100 billion.
As one testament to the market’s change in dynamic, we can look at the planned sale – via an ICO – of New York’s Plaza Hotel. First announced in March, the idea to sell a large portion of the hotel on the blockchain lacked a clear rationale beyond “blockchain” and “cryptocurrency” being hot words for attracting investors. As of August, it is already reported to be failing. Does this mean that there is no use case for blockchain in the hospitality industry? No, the point is that the changing market will force entrepreneurs to be more careful about their use of blockchain technology: only using it when it is, well… useful.
 
Blockchain is Trustless; Speculators Can’t Be Trusted
Last year’s bull run brought an army of what you might call cottage-industry bottom feeders to the cryptocurrency landscape. Having a blockchain reference in my job title on LinkedIn led to a surge of unsolicited messages, which at one point peaked at dozens daily. They were pitching ICOs, or else pitching to help me with my ICO, or to join a pool, or to build out my “tokenomics”, or to moderate my Telegram channel, and so on. They may have saved themselves some time if they had looked at my profile long enough to learn that I was not running an ICO, nor did I have a Telegram channel. No points for attention to detail. But as the old saying goes, when there’s a gold rush, the ones who make the money are those selling the picks and shovels.
Much in the same way that not all ICOs exist to exploit a frothy market, not all pick-and-shovel salespeople are bad actors. But many are. And many, I have come to understand, do not have strong services to offer, but are damned sure happy to charge exorbitant prices. This breeds an environment in which it is extremely difficult to build trust with others in the value chain. As a weaker public market trudges along, the purely exploitative get bored, and tighter budgets mean only those who can deliver genuine value will stick around. Those who do – and the people they help – will likely, in the long run, be rewarded.
 
What About The Money?
So a bear market doesn’t only shake out weak hands. It also clears the landscape of many of the all-too-common “Why blockchain?” projects. Moreover, bad actors will soon get bored and move onto the next quick-buck opportunity. The landscape is getting clearer for genuine innovators to work hard at developing their tech, building great teams, and driving real adoption. But doesn’t this also mean that entrepreneurs with genuine visions are now going to have a harder time raising sufficient capital? After all, we are now seeing many companies delay their ICOs.
Perhaps there is some truth in this. But it is also true that pre-ICO investment, particularly from venture capitalists, has been going through the roof this year. Good projects, with great teams and real use cases, will raise money just fine.
 
But What About The Tech?
Finally, with so many investors burned, won’t this set back mainstream adoption of cryptocurrencies? Well, as we have seen via the never-ending cycle of Bitcoin obituaries, the mainstream tends to have a short memory with these matters. There are always new folks who will be ready to get burned, and if a technology is useful, people will use it. Just as I am certain that the current, ongoing market bust does not preclude the possibility of yet another bubble, I am confident that the right mix of technological innovation and marketing savvy will be sufficient to drive widespread adoption. If the world needs it, that is. And that is the trillion dollar question.
What do you think: Was the bubble market bad for innovation? Will a long-term bear be worse? If/when another major bull run arises, how can we mitigate against the challenges to innovation? Don’t forget to  share the article on social media to stir the debate.

Ethereum Price in Rand

Ethereum Price in Rand

The post Ethereum Price in Rand appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.
See Ethereum price in Rand by using the most up to date exchange rates of iCE3X.
Ethereum has become a very popular cryptocurrency in South Africa. Мany investors are now looking to cash in on their investment. This blog post will provide some information on how you can convert your Ethereum to ZAR using iCE3X, also what is Ethereum price in Rand. iCE3X provide the most up to date exchange rates in the industry.
If you have invested in Ethereum and you are now looking to cash in, make sure you continue reading. Please note, we are not financial advisors, however, we would like to share our experience and advice with you. Always make sure you do further research before making any big investment decisions.
Where to Buy Ethereum
The beauty of the internet and internet currency is that you can trade the markets all the time 24/7 365 days of the year. Buying or Selling Ether is very easy and simple on the iceCUBED Exchange. Simply select the ETH/ZAR trading pair and place your BUY and Sell orders.
The current ETH/BTC price on the iCE3X exchange is 0.05 (price accurate to 29/08/2018).
How is the price calculated?
The price of Ethereum is calculated based on supply and demand. It’s important to remember that it works no different than it would with other currencies or objects.
ETH to ZAR exchange rates
ETH / ZAR combination is one of the popular virtual currency pairs in the cryptocurrency world. Let’s take a look at what some of the exchanges rates are showing:
At the time of writing this post, StockMaster.in were showing that the current exchange rate of Ethereum (ETH) to South African Rand (ZAR) is as follows:

CoinGecko were reporting that their Ethereum price for today is R4,223.26. It has a current circulating supply of 102 Million coins and a total volume exchanged of R36,458,544,815.
Where should I see Ethereum price in Rand and then trade?
The beauty of the internet and internet currency is that you can trade the markets all the time 24/7 365 days of the year.
iCE3X offer the most up to date exchange rates for ETH to ZAR.

Sending and receiving Ether to and from iCE3X
When sending Ether to your ethereum address allocated to your account on iceCUBED cryptocurrency exchange you should send it from a private ether wallet, NOT from a smart contract or token sale. The reason for this is that we will not be able to process any tokens derived from this address other than the actual ether you are depositing. We have more information on making an ether deposit for you here 

Trade crypytocurrency in #SouthAfrica with me on @ICE3X exchange here https://t.co/Ua2BDAtnaO Cryptocurrency: #Bitcoin #Ethereum #Litecoin #Dash #Zcash #BitcoinCash #Dogecoin #Monero
— Alvin Pearson (@SirDieALot7) May 24, 2018

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Ethereum to Rand OR What is ethereum? Is it worth it to trade it for Rand?

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Looking at Trading Your Ethereum for Rand?
ETH has asserted itself as a fundamental coin for the cryptocurrency ecosystem and South Africans have enjoyed trading with this coin. Leaned on for its importance in the initial coin offering (ICO) space, ETH quickly rose to become the second largest coin on the market. With the following article, you will learn is worth trading ethereum to rand. Continue reading.
At its simplest, Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications.
Are we still trading ethereum though? And what, if anything is affecting its price?
What are the main factors affecting the price of ETH?
Mining profitability
– The price of Ethereum is governed not only through speculative actions but also by mining profitability.
Regulation
– Another point to consider is the harsh stances by governments of China and more recently, South Korea. The aggregate effect of regulators has led to a decline in investment and those that did would have pulled out as soon as they could.
The exchanges
– The increased interest in cryptocurrencies has also put a strain on the way the market is currently functioning. First, numerous exchanges have stopped taking on new users.
Ethereum purchases available in Rand
With Ethereum purchases now available in rand, investors can spend less when buying other cryptocurrencies. ETH has a number of advantages over Bitcoin as a transactional currency, including lower transaction fees and confirmation times.
Using ETH, you typically spend the equivalent of around R3.00 as a transaction fee and wait a minute or two for the transaction to go through.
This is far quicker and cheaper than Bitcoin, which can take hours to confirm payments and cost around R280 for a transaction.
How to make Ethereum?
If you want to know how to make or mine ETH, stay tuned, because very soon we will have a present for you! Mine ETH, or you can learn to mine many other cryptocurrencies. We are working on a great tutorial series.
Keep in mind, though, the mining world is a whirlwind of change. The tools that you pick up today might be obsolete next year, and some mining pools might fall away while others emerge, so it’s worth keeping aware of industry shifts.
Is it worth trading Ethereum to Rand and trying to make a profit?
In the last one year, the value of Ethereum has grown by almost 20 times. So, one can very well imagine what will be the profit fetched from mining ETH in 2018. At the same time, one needs to take into account the following factors:
1. Hash rate: This is the rate (or speed) at which the mining work is carried out.
2. Mining Difficulty: Mining difficulty refers to the difficulty level of the algorithmic equations which need to be solved to process ETH transactions.
3. Electricity Consumption: In order to take into account the profitability of ETH mining in 2018, you first need to exclude the electricity charges from the total revenue. You can use an online calculator to calculate your mining profitability.
1 Ethereum is currently R3922.4 South African Rand (24/08/2018).
So you can decide whether your time and energy are worth it. We think it could prove to be a lucrative income.
Where does Ethereum go from here?
In the last few months, Bitcoin has lost value consistently. However, it has risen more than 1000% in the last 12 to 16 months. On the other hand, when you’re looking at Ethereum, it is just down 20% or so from its peak. It has also risen more than 1000% in the last 14 to 16 months. This is one of the reasons why investors are actually looking to invest in ETH as well. Many investors are trying to find out whether Ethereum can actually overtake Bitcoin.
Davos conference was one of the prime venues where the cryptocurrency discussion actually took place. Most of the larger company heads are intrigued by the sudden rise of cryptocurrencies. This is one of the main reasons why it was the topic of discussion there.

JPMorgan Executive summary of cryptocurrency:
1. Cryptocurrencies are unlikely to disappear, here to stay.2. Cryptocurrencies are the face of blockchain (echoing similar sentiment as CFTC chairman: cannot seperate blockchain from cryptocurrency.https://t.co/2RI3Sv1x0L
— Joseph Young (@iamjosephyoung) February 10, 2018

It is not like people are already considering Ethereum to be a worthy successor of Bitcoin. There are many opposing voices as well. The problem is that Bitcoin is the pioneer in the cryptocurrency market. On the other hand, when you’re comparing the cryptocurrencies on the basis of application, you would realize that Ethereum has a much stronger application. This is one of the main reasons why investors are thinking that ETH would be able to increase in value.
The truth is that ETH provides a decentralized processing platform. This ensures that more and more people are able to earn Ethereum just by lending the processing power. Also, ETH mining is currently profitable as well. This is actually increasing the attention to ETH.
Ethereum has in the last few months also received a lot of media hype as well. This has brought the attention of mainstream investors towards ETH. This is one of the main reasons why it has lost little as compared to some of the other cryptocurrencies like Bitcoin which has lost approximately 40% from the peak.
Does Ethereum have potential and should I be trading?
The truth about the relationship between ETH as well as Bitcoin is complicated, to say the least. The reason for that is Ethereum is often considered as a 2nd cryptocurrency. If indeed, the Bitcoin adoption does not increase in the off-line world, there is definitely an opportunity for ETH to become the most valued cryptocurrency. For now, however, the trend in the cryptocurrency market is not that strong and that is why most of the cryptocurrencies are actually down by more than 20% from their peak. In the future, Ethereum does hold a lot of potential.
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What is ADA Coin?

What is ADA Coin?

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What is the ADA Coin?
ADA coin is new (newish) and still very much unknown, but what is the ADA coin? Who created ADA coins? Where and how and what are they used for? We explore why you should know about ADA and where can you buy or sell ADA coins in South Africa.
ADA coins anyone?
There are so many coins and tokens in the cryptocurrency ecosystem that one would think it’s simply not worth investing. Are there really cryptocurrencies coins or tokens that will yield a genuine return on investment? {discounting speculation, which we will cover in a future article}
To further consider this you need to look at the main reasons a coin is successful. We also need to define the boundaries for measuring the success of a particular coin or token. Moreover, you need to be specific with regards to the type of investment you are evaluating a particular coin for. This is usually measured in short, medium and long-term investment.
So what is the ADA coin?
ADA coins are the native currency for the Cardano platform.
We have a great page dedicated to Cardano and a collection of posts about the actual ADA currency. We look at what the ADA token is all about, the role it plays in the Cardano ecosystem and most importantly how this can benefit you, the investor.
Where can you BUY or SELL the ADA coin?
Buying and selling ADA coins in South Africa is easy. Create an account on iCE3 cryptocurrency exchange in South Africa. Here you can buy, sell and trade ADA for South African Rand. You can also exchange ADA for bitcoin (BTC|XBT) on iCE3X.
If I only had the $$$ to take advantage of these prices
#crypto #XRPcommunity – @JRoachmtmagent
How to store your ADA coins
The official and most trusted method for storing ADA coins is the Daedalus wallet by the Cardano team.
If you intend on investing medium or long-term (and even short-term depending on volume and trading strategies), then this is the preferred method used by experts.
What will the ADA coin be worth?
This is the question everyone wants an answer to. Well, no one knows the answer to this but there are some educated guesses on social and print media. Estimates by some experts range from R8 – R60  per coin. Cardano is currently (22/8/2018) trading at around R2 per coin.

Fantastic explanation of how the new Cardano upgrade will help us put a price tag on ADA tokens.
https://t.co/Osz6ZTD4cE
— Mati Greenspan (@MatiGreenspan) August 15, 2018

Any such estimates are just that, guesses. It should always be seen in context and sound financial principles applied. If you are not a seasoned investor, you should seek professional financial advice. That being said, the cryptocurrency industry is new, untested, unregulated and the last decade proved in some cases to have yielded higher returns than any other form of investment in the history
What makes the ADA coin worth considering for a high-risk investment portfolio?
The reasons which make ADA more likely to make a return on investment from hoddling, are clear and it differentiates itself from other coins and tokens due to:

Sound academic foundations.
Valid use cases, with credible solutions.
Committed community.

The ADA token value may be volatile under certain conditions, but such conditions will, by and large, affect all coins equally. What makes ADA one of only a handful of coins or tokens worth considering for medium and long-term investment, is its academic principle. Consequently, it’s decentralised nature is “tamed” through scientific and academic best practice.
Let us know what your thoughts ADA are in the comments section below.
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The “Cloud Mining” trap

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The Cloud Mining Fallacy, and why people do it
Cloud mining, cloud storage, cloud banking, cloud this, that and the other. Everywhere you look, you find someone offering something in the cloud. Unless you have your head in the clouds, cloud computing is affecting your everyday life.
What is Cloud Mining? 
Cloud mining is no different from using email. Simply put, you use someone else’s hardware and software to achieve a processing objective. In the case of email, you would use something like Gmail for example. Google provides the software, hardware, and resources to operate the infrastructure, you get to use the service. You can send and receive messages, files, videos, photos and so forth, you get the picture. In return, they get to analyze your behaviour and advertise to you. Ultimately they earn revenue from advertisers in a roundabout, yet clever way.
Cloud mining vendors, basically offer you the ability to print money. They camouflage the ridiculousness of their scheme in tons of multi-level marketing, frustration compounding, headache-inducing gibberish. These “snake oil peddlers” follow this up with even more nonsense about how you can make all your friends truly wealthy. They are so philanthropical, not only do they want to make you rich, the sommer want to make your friends and family rich too, after all, it would not be right for you to drive around in a new Merc all by yourself now, would it?
Marketers make the most money from referral fees. The system relies on a Ponzi mechanism of selling “mining packages” because they need to wrap it up in a mess to confuse prospective investors. Most people are lazy and do not understand or differentiate between the actual mining contract and the “subscription fee”.
Why is cloud mining a clever trap?
Some of the techniques used by these snake oil peddlers are :

Quoting, calculating and converting in mixed currencies, throwing in some percentages here and there. Most people would make a profit by simply buying and holding a cryptocurrency.
Withdrawal terms and conditions that do not allow you to ever withdraw unless you keep investing (or some variation thereof).
Social engineering your attitude towards money, by getting you to bring others that rely on your knowledge into the scheme. To save face, you have to keep it going and stay positive, resulting in most people re-investing, even though they have realized it is a scam. These cloud mining operators play on human emotion.
Some sort of points-based system that needs to be converted to a “matrix” before giving you some sort of indication of the possible BTC to Rand value of your portfolio. This is insane. Be your own bank. Buy bitcoin for Rand on an exchange like iCE3x.com, then withdraw and store your bitcoin yourself. That way you have control of your private keys. You decide when to send your bitcoin to an exchange of your choice, after which you sell your bitcoin in the currency of your choice.
Promises of untold riches, and “getting in at the start”. You have to “act fast, only a few slots left”. This is just an example of how these buzzwords are used. You are so afraid of missing out, all sense of sensibility goes out the window. This has happened to even the most seasoned investors and businessmen for as long as money has been in circulation. Just look at old “Count” Victor” who sold the Eiffel Tower,  not once, but twice …

Who profits from cloud mining and how to they trap you?
Marketers make the most money from referral fees. The system relies on a Ponzi mechanism of selling “mining packages” because they need to wrap it up in a mess to confuse prospective investors. Most people are lazy and do not understand or differentiate between the actual mining contract and the “subscription fee”.
It is usually this subscription fee that fuels users into involving family and friends, and so it just widens the net for funds to stream in. Peter then robs Paul to pay John. It usually ends in a media article about some phantom businessman that lives in a postbox, who defrauded 1000’s of people out of millions. Most of the time the same media outlet that posted the article will within 4 weeks have sponsored content posted by the same people.
It is not illegal, stupidity is not a crime
Is cloud mining legal?
It is not illegal, stupidity is not a crime. Cloud mining companies, especially the dubious ones (even legit cloud mining companies are hardly ever worth it), are very good at treading a fine line when it comes to the law. The entities behind these schemes are usually very well versed in the law and are marketing experts. They, therefore, sell you an apple that tastes like a lemon, looks like a banana and costs twice as much as a Liquifruit, all the while you think you ordered a biltong salad.

Hashflare mining suspension: reasons, aftermath and answers to questions – https://t.co/ogCeXD142W
— HashFlare (@hashflare) August 31, 2018

Should you get involved in cloud mining?
The simple answer is NO. To further explain this bold indicator (we very rarely take such a stance), we need to consider the average consumer. Most people that come across these cloud mining opportunities are neither astute investors, nor computer experts. It is, therefore, safe to assume that you are at a disadvantage in the knowledge stakes and therefore would be safer investing your funds in something you can control or have a reasonable influence on the outcome. At the very least a clear understanding of what you are investing in, what your risks are, and what your expected returns under normal conditions would be.
Have you tried to get involved in cloud mining? We would love to hear your views, so please leave a comment below.
 
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Exchange Bitcoin to Rand (ZAR)

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Are u looking to exchange bitcoin to Rand or understand how the conversion works? Learn how to convert bitcoin to ZAR. Understand the risks and find out how to trade safely and securely.
Changing BTC to Rand has become a lot easier in South Africa since iCE³X opened back in 2013.
To exchange bitcoin to rand or Bitcoin to ZAR has never been easier. You can convert your bitcoin directly to Rand with no intermediaries using iCE³X.com. You may also opt to trade your bitcoin for a selection of more than 10 other cryptocurrencies on the iCE³X trading platform.

The most secure and trusted way to convert your bitcoin to Rand (ZAR) in South Africa is by using a reputable exchange such as iCE³X.

Other riskier options are:

Sell or Buy bitcoin in person with Rand, the safest option of which is to do so at public bitcoin conferences or meetups. You should only do this if you are a seasoned trader.
Trade using social media platforms. This, however, is not a recommended method, unless you are familiar with the participants of a particular group. The fact is that there are no real financial benefits to using any other method than a trusted exchange.
Friends and family, always be conscious of the personal strains such transactions could place on these intimidate relationships. Remember that everyone values money differently.

Exchange bitcoin to Rand in South Africa safely and securely.
It is important to make sure you convert your BTC safely and easily using a trusted platform such as iCE³X. There are many “brokers” that will make this sound difficult. The most likely reason for their eagerness to “help” you is a hidden agenda to subscribe you to a plan or service for which they receive a hefty fee. Scammers even offer remote team viewer sessions where they sign you up for a valid trading account, leading you into a false sense of security that you have your own trading account.
The underlying philosophy of Bitcoin is that you can be your own bank. Once you exchange bitcoin to ZAR, you simply withdraw Rand to your personal bank account to spend according to your needs.
Always register your own account in your own name. Use a separate password for every site you visit after which you must engage two-factor authentication wherever possible.
Setting up your own account is quick and easy on iCE³X, leaving you safe and secure.
How to exchange bitcoin to Rand for investment purposes.
Be careful. Make sure that if you decide to invest in bitcoin, that you use a reputable platform such as iCE³X.
There are a few simple rules to follow when investing in bitcoin or any other cryptocurrency.

Buy directly from a trusted platform, using a market limit order.
Unless you are a day trader, withdraw your tokens to a private wallet.
Do not invest in any scheme or program which invest in or mine bitcoin on your behalf.
Do not invest in a scheme or platform that require you to invest in BTC.
Most importantly, plan your trade and trade your plan.

How to account for the dollar to Rand value of BTC/USD bitcoin.
Yes, there is such as thing as Dollar bitcoin and Rand bitcoin. “Dollar bitcoin” refers to the BTC/USD trading pair which can be found on most American and some Asian or European platforms. “Rand bitcoin” is the Rand denominated trading pair which you can find on a trusted exchange such as iCE³X in South Africa.
Bitcoin can trade with a spread of as much as 30% – 50% across geographic regions at certain times. This usually happens during periods of political unrest or financial instability.
In summary, there are multiple considerations when converting bitcoin to Rand for estimation or valuation purposes. Most importantly you need to consider and understand the risks involved with cryptocurrency trading. Finally, converting bitcoin to ZAR has been highly profitable for a lucky few with an incredible 600% increase in 2017.
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A Snapshot Of Cryptocurrency Regulation in Asia

Part 1: India, China, Japan, and South Korea
Cryptocurrency innovation can wither or flourish within a country depending on the regulatory stance taken by national governments. Heavy restrictions around ICOs may see entrepreneurs moving abroad to raise money. Strong regulations around cryptocurrency trading can create sufficient financial and operational burdens on startups to strangle innovation. Too little governance can give rise to scam cultures that harm trust and confidence in the long term. In other words, regulation is important.
 
Asia not only constitutes the biggest trading market for cryptocurrencies, it is arguably the biggest hub of cryptocurrency innovation worldwide. News and analysis is published on a daily basis regarding regulatory developments in the US market and their implications on the global market. Yet relatively little attention is given to regulatory activity elsewhere, except for when a major change of law occurred. To help remedy this, we have compiled a snapshot of the attitudes of governments and core institutions towards cryptocurrencies in Asia’s biggest markets:
 

India

The Indian government has stated that their focus is on combatting the use of cryptocurrencies for criminal activity. It does not recognise cryptocurrency as legal tender. In the words of finance minister Arun Jaitley: “The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system.”
 
In April 2018, the Reserve Bank of India, in an attack on cryptocurrency exchanges and traders, ordered banks to close all cryptocurrency-related accounts within three months. The order has been challenged in court, with a final hearing due on 11 September. The case has attracted the interest and involvement of the Indian government, the Securities and Exchange Board of India, the Enforcement Directorate, and the income tax department.
 

China

In December 2013, the People’s Bank of China (PBoC) stated that private parties can hold and trade cryptocurrencies in China, while financial institutions cannot, calling Bitcoin a virtual good that does not have legal tender status. It enforced this statement in April 2014, ordering commercial banks and payment companies to close Bitcoin trading accounts within two weeks.
 
In January 2017, the PBoC issued warnings to cryptocurrency exchanges, urging them to comply with the “relevant laws and regulations.” In September 2017, the PBoC issued a ban on Initial Coin Offerings (ICOs).
 
In spite of this strict regulation, the PBoC’s Institute of International Finance released a report identifying cryptocurrencies as a top priority in 2018. Moreover, industry insiders have argued that China is one of the “biggest advocates of blockchain technology in the world.” This support can be seen in how blockchain technology is being incorporated into major government projects, such as the Belt and Road Initiative.
 

Japan

In April 2017, Japan’s Financial Services Agency (FSA) recognised Bitcoin as both an asset and a method of payment. It also required that cryptocurrency exchanges register with the government and comply with a strict set of demands with respect to KYC, technical proficiency, security and auditing. On June 2018, it tightened this regulation by way of ordering business improvement orders to a number of major exchanges.
 
Currently, there is no legal framework for ICOs in Japan. However, a government-backed study group has laid out basic guidelines for such a framework. The guidelines set out rules for identifying investors, preventing money laundering, tracking progress on projects, and protecting existing equity and debt holders. The guidelines are being deliberated by the FSA, but may not come into law for another few years.
 

South Korea

Bitcoin is not recognised as legal tender in South Korea, but it is not illegal either. In March, 2014, while it did not have any clear regulation in place, South Korea demonstrated that it will prosecute those using cryptocurrencies for illegal activities.
 
In September 2017, South Korea’s Financial Services Commission (FSC) instated a ban on ICOs. It also made margin trading of cryptocurrencies illegal and said it would conduct on-site inspections and analyses of cryptocurrency companies, with a focus on “amend[ing] unfair terms and conditions, including arbitrary withdrawal restrictions.” However, in March 2018, a committee of Korea’s National Assembly stated it was seeking to reverse the ICO ban and bring a stronger legal framework around cryptocurrencies.
 
In June 2018, South Korea’s Financial Intelligence Unit (KFIU) said it would regulate cryptocurrency exchanges like banks. Its focus would be on implementing anti-money laundering policies and preventing the use of cryptocurrencies for financing illicit organizations.

Tax Implications for Cryptocurrency holders

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SA Revenue Services viewpoint on the Tax implications for cryptocurrency holders
The tax implications on cryptocurrency investments is a widely discussed subject. Governments all over the world have made statements. Few have made any credible laws or rules specific to cryptocurrencies. In South Africa, SARS (the South African Tax and Revenue Service), have done the same. They have however also made some clarifications.
The trading community welcomes this type of statement, but some statements may have far-reaching implications. Many professional firms are weighing in with opinions, but there seems to be few that grasp the concept of a wealth creation mechanism. You simply cannot force a cryptocurrency to have the control properties which we find in FIAT money …. unless you can control the private keys.
SARS’s Stance on the Tax Treatment of Cryptoцurrencies
The South African Revenue Service will continue to apply normal income tax rules to cryptocurrencies. As there are a few tax implications.  It will expect affected taxpayers to declare cryptocurrency gains or losses as part of their taxable income.

It is your responsibility as the taxpayers to declare all cryptocurrency-related taxable income.
Declare it in the tax year in which you receive it.  
Failure to declare could result in unexpected extra costs.

Taxpayers who are doubtful about specific transactions involving cryptocurrencies can seek guidance from SARS or a regulated and trusted financial advisor.
Make sure you go through channels such as Binding Private Rulings (depending on the nature of the transaction).
Increased attention and speculation regarding the future of cryptocurrencies has motivated SARS to provide direction. To show how cryptocurrencies should be treated for tax purposes. However, there is an existing tax framework that can guide SARS and affected taxpayers on the tax implications of cryptocurrencies. 
Cryptocurrency
Cryptocurrency is an internet-based digital currency that exists almost completely in the virtual realm. A growing number of supporters use this as an alternative private money. It can pay for goods and services much like normal currencies.
The word “currency” does not have a definition in the South African Income Tax Act (the Act). South Africans do not use or accept cryptocurrencies widely as a way of payment or exchange. It is not legal tender and CAN NOT attract VAT. As such, SARS do not regard cryptocurrencies as a currency for income tax purposes or Capital Gains Tax (CGT). Instead, they view cryptocurrencies as assets of an intangible nature. As a result, we have tax implications in regards to cryptocurrencies.
Tax implications in regards to cryptocurrencies in South Africa
Even though cryptocurrencies is not money, we can still value it, in terms of FIAT money. This is what we expect in the definition of “gross income” in the Act.
If you are following normal income tax rules. When you receive or accumulate income from cryptocurrency transactions, SARS will calculate tax liability on revenue account under “gross income”.
Alternatively, such gains may be capital in nature. This is spelt out in the Eighth Schedule to the Act for taxation under the CGT paradigm.
To determine if an accrual or receipt is revenue or capital in nature, one has to test it under existing law (of which there is no shortage)
Taxpayers can claim expenses combined with cryptocurrency accruals or receipts. The prerequisite is that this expenditure must be in the production of the taxpayer’s income and for purposes of trade.
If it falls within the CGT paradigm, you can also make base cost adjustments.
Gains or losses in relation to cryptocurrencies
We generally categorise gains or losses with reference to three types of scenarios.  Each of which can possibly give rise to distinct tax consequences:

Cryptocurrency can be gained through so-called “mining”. Mining is the verification of transactions in a computer-generated public ledger. ASIC computers achieve this through by solving complex computer algorithms. The “miner” receives compensation in the form of ownership of new coins. which are now part of the network ledger. This gives rise to an immediate accrual or receipt on successful mining of the cryptocurrency. This means that the newly earned cryptocurrency is “trading stock” until you sell or exchange it for cash. This can later be realized through either a normal cash transaction (as described in (2) or a barter transaction as described in (3) below.
Investors can exchange local currency for a cryptocurrency (or vice versa) by using cryptocurrency exchanges. This is originally markets for cryptocurrencies, or through private transactions.
 You can exchange cryptocurrencies for goods and services. We refer to this type of transaction as a barter transaction. Therefore the normal barter transaction rules apply.

SARS still has yet to make clear the value-added tax (VAT) status of bitcoin.
“VAT treatment of cryptocurrencies is under review according to the anual budget statement 2018. Pending policy clarity in this regard, SARS will not require VAT registration as a vendor for purposes of the supply of cryptocurrencies,” SARS said.
In conclusion, role players believe a starting point, in terms of this debate in South Africa,  has been reached. In principle, we have some degree of the regulatory framework in place. However, the practicality is that many role-players are confused as to how this will actually work. Firstly, is value in monetary terms really so easy to establish? Finally, another issue would be the exchange of cryptocurrency pairs … how will valuation work? Especially when it comes to utility coins. Intended for a function such as rewards or incentives of a non-monetary nature?
Please share this post and join in the conversation by commenting below.
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Electra (ECA) Partners with UniFox to Provide Cryptocurrency ATM & POS Machines Worldwide

The multifaceted cryptocurrency project UniFox will be adding the fast and secure Electra (ECA) currency to their international network of ATMs & POS terminals.

 June 28, 2018 – – Electra (ECA) announced today that it has partnered with the UniFox project. UniFox will be Electra’s second collaboration of the 2018 mass adoption campaign. This partnership will entail the direct listing of ECA upon the UniFox Network of Payment Kiosks (ATMs) as well as their Point-of-Sale (POS) terminals. The Unifox network has a global reach – incorporating over 6,000 ATMs and over 50,000 POS terminals in the initial stages.
UniFox is a new company which has revealed its crypto-friendly ecosystem through an announcement upon the Bitcoin Forum. The announcement details the blueprint of the UniFox network, comprising a self-sufficient project of five segments: Online Exchange Platforms, ATMs, Stable Cryptocurrency (Unicash), POS Terminals, and a Decentralized Exchange.
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About Electra
Electra is a community-driven, open-source cryptocurrency project featuring the ECA coin – a near instant method of transacting upon the Electra blockchain. ECA is a Proof of Stake (PoS) cryptocurrency based on the NIST5 algorithm, achieving distributed consensus and offering a quick, secure way to send money across all borders. With a team of dedicated, professional volunteers from all over the globe, and a growing community of over 35,000 members, Electra strives to reach every corner of the world by introducing products tailored to the needs of the community.
Find more information about how Electra is influencing the world of cryptocurrencies at:
Website – https://electraproject.org/.
Telegram – https://t.me/electracoineca
Twitter – https://twitter.com/ElectracoinECA
Discord – https://discordapp.com/invite/B8F7Jdv
Facebook – https://www.facebook.com/Electracoineca/

 

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