Crypto site has disappeared

[WebGuy]

Hi,

 

There was a topic about cryptocurrencies earlier where someone asked which sites to use for buying crypto and someone posted this one: https://trade.io/en

I monitored it and would like to inform you that it disappeared a month ago or so.

 

Not sure why I did not hear anything about this but it was a typical scam.

 

Regards,

[twig]

It was mentioned here:

 

Considering MtGox, Bitcoinica, MyBitcoin.com, TradeHill, Intersango, Bitfloor, [long list], seems whenever someone says something like "They are as legitimate as they come.", about a centralized exchange, that's a giant red flag that it's the opposite, compared even to the list above.

 

Maybe they are just "Down for maintenance and improvement"? ????

 

[WebGuy]

Thanks.

Any knowledge why would someone use these risky sites you mentioned above but not just the most legitimate ones such as it used to be bx.in.th or bitkub nowadays or the ones in the West such as Bitstamp or Coinbase?

 

Do these sites offer something like lower fees and some other benefits?

[steven100]

Three words come to mind …. run forest run   !!

[twig]

2 hours ago, WebGuy said:

Thanks.

Any knowledge why would someone use these risky sites you mentioned above but not just the most legitimate ones such as it used to be bx.in.th or bitkub nowadays or the ones in the West such as Bitstamp or Coinbase?

 

Do these sites offer something like lower fees and some other benefits?

There were various reasons back then, and most were in the West or developed countries.

They were leaders of their time in some aspect - liquidity, privacy, leveraged trading, payment processor integrations, etc.
 

"Regulated" exchange like Bitstamp or Coinbase, either didn't exist, or had insignificant liquidity and were considered too new.

 

"Legitimate" is also in the eye of the beholder. One of the best of that era was BTC-E, which was rumored to be run by some East-european "mafia ".
As I remember it, they were one of the most equitable of their era, and most competent in handling any problems that arose fairly.

 

So, they were in a way more "legitimate" than the contemporary clown shops like MtGox or early Coinbase, and were only put out of business by a bigger Western "mafia" group, aka the "US Department of Justice" for "money laundering".
If you think about it using most basic logic, only the latter can truly "launder money". (Anything magically becomes "clean" and ready for auction with proceeds going to them, as soon as they confiscate it under any pretense.)

 

BTC-E exchange was when it became clear, at least to me, that "legitimate" and "money laundering" are really subjective, political terms, kind of like "terrorist" versus "freedom fighter"...

 

 

[WebGuy]

Twig,

 

Thanks for elaborating.

Any clue where affordable ledger could be bought here in Thailand?

 

Best regards,

[twig]

4 hours ago, WebGuy said:

Twig,

 

Thanks for elaborating.

Any clue where affordable ledger could be bought here in Thailand?

 

Best regards,

Nowadays, I would only buy a hardware wallet from the manufacturer to avoid fakes or tempered devices.

 

Unless you will be using a lot of alts on it, a Ledger is no longer worth the cost in my opinion.
NanoX is expensive. NanoS can only hold a few alt apps at a time.

 

For Bitcoin, I think ColdCards and BitBox2 are the current leaders. BitBox2 can also hold ETH, LTC, ERC-20 tokens, and do U2F the way Ledger can.

[Matzzon]

As they say, it´s all a little bit cryptic. That´s why they made the name virtual reality. Means basically, what you can´t see, hold or understand doesn´t exist.

[WebGuy]

58 minutes ago, twig said:

Nowadays, I would only buy a hardware wallet from the manufacturer to avoid fakes or tempered devices.

 

Unless you will be using a lot of alts on it, a Ledger is no longer worth the cost in my opinion.
NanoX is expensive. NanoS can only hold a few alt apps at a time.

 

For Bitcoin, I think ColdCards and BitBox2 are the current leaders. BitBox2 can also hold ETH, LTC, ERC-20 tokens, and do U2F the way Ledger can.

Thanks.

Are you referring to this when you are saying BitBox:

https://www.lazada.co.th/products/digital-bitbox-swiss-made-bitcoinorg-certified-hardware-wallet-with-microsd-tf-slot-for-easy-master-seeds-backup-trezor-and-ledger-nano-s-alternate-i163342825-s197863423.html?ef_id=CjwKCAjwo9rtBRAdEiwA_WXcFkzRWn0JSf2xdtef3WpQIb_9XDlEG8jqetv9rEDb9lv64ppuvSuzIxoC6XIQAvD_BwE:G:s&s_kwcid=AL!3152!3!286179630377!!!u!296030489971!&exlaz=d_1:mm_150050845_51350205_2010350205::12:1498579383!58089999096!!!pla-296030489971!c!296030489971!197863423!129636855!286179630377&gclid=CjwKCAjwo9rtBRAdEiwA_WXcFkzRWn0JSf2xdtef3WpQIb_9XDlEG8jqetv9rEDb9lv64ppuvSuzIxoC6XIQAvD_BwE

[twig]

26 minutes ago, WebGuy said:

Thanks.

Are you referring to this when you are saying BitBox:

https://www.lazada.co.th/products/digital-bitbox-swiss-made-bitcoinorg-certified-hardware-wallet-with-microsd-tf-slot-for-easy-master-seeds-backup-trezor-and-ledger-nano-s-alternate-i163342825-s197863423.html?ef_id=CjwKCAjwo9rtBRAdEiwA_WXcFkzRWn0JSf2xdtef3WpQIb_9XDlEG8jqetv9rEDb9lv64ppuvSuzIxoC6XIQAvD_BwE:G:s&s_kwcid=AL!3152!3!286179630377!!!u!296030489971!&exlaz=d_1:mm_150050845_51350205_2010350205::12:1498579383!58089999096!!!pla-296030489971!c!296030489971!197863423!129636855!286179630377&gclid=CjwKCAjwo9rtBRAdEiwA_WXcFkzRWn0JSf2xdtef3WpQIb_9XDlEG8jqetv9rEDb9lv64ppuvSuzIxoC6XIQAvD_BwE

That was the original, which had some problems.
I meant this one:
https://shiftcrypto.ch/bitbox02/

[WebGuy]

Thanks

[Chivas]

One of these days it just wont only be sites or threads going missing all the contents of these "wallets" will as well when you try to open it one morning

The biggest ponzi schemes imaginable and pray tell when it all goes missing who you gonna turn to.........

 

Just a matter of time.....

[twig]

15 minutes ago, Chivas said:

One of these days it just wont only be sites or threads going missing all the contents of these "wallets" will as well when you try to open it one morning

The biggest ponzi schemes imaginable and pray tell when it all goes missing who you gonna turn to.........

 

Just a matter of time.....

This doesn't even fit the basic definition of a "ponzi scheme":
https://www.investopedia.com/terms/p/ponzischeme.asp

because there's NO PROMISE of a high rate of return with little risk.

Neither are new investor funds used to pay earlier backers. By your definition, any stock is a ponzi, because some buy it early for less, and others buy it from them later for more.
 

So, to call this or any other high-risk trade a ponzi is just ignorant.

To always expect to have someone (presumably the nanny state) to "turn to" to recover a loss from something one does voluntarily, is just a sign of immaturity and dependence.

 

When so much of people's money was disappeared by governments and banks so many times throughout history worldwide, through devaluation, hyperinflation, wars, sub-prime crisis, to whom did they turn to be made whole?

 

Remember that post 2008 saying, "Privatize the profits. Socialize the risks." ?

Ponzi and Madoff went to prison for their ponzi; who went to prison for the the above?

Even those who didn't cause it, are still forced to pay for the GFC today.

 

And the same central banksters are about to do the same to all of us again, if you're following the latest US QE. When you're forced to pay for government and banks' bailout again, "pray tell who"...

"Just a matter of time....."

 

 

 

[WebGuy]

I agree crypto is very prone to speculation but I chose the following model:

I invested in it as much as I am really ready to loose and I treat it like a long term investment. If it goes up 100%, I wouldn't sell it and if it goes 90% down, I would not bother much as well. 

The other aspect is to transfer money really cheap home or from home to here but not huge amounts.

[Conno]

Twig. Very intelligent response to someone who clearly doesn't comprehend what is unfolding here. It is true, fiat currency and the fractional reserve math behind it has been the biggest scam of them all, throw in an ample portion of artificially created inflation and you complete the con. Really, Bitcoin is the scam?

 

 "There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose."

John Maynard Keynes.

 

LOL well we have at least two in a million on this thread ????

 

Webguy. Pardon my butting in but I bought a Trezor Model T from this Thai company who are legit authorised re-sellers. Their customer service was excellent and the device arrived safely, intact and with the tamper proof holograph secure. https://siambc.com/

Edited October 28, 2019 by Conno

[WebGuy]

11 hours ago, Conno said:

Webguy. Pardon my butting in but I bought a Trezor Model T from this Thai company who are legit authorised re-sellers. Their customer service was excellent and the device arrived safely, intact and with the tamper proof holograph secure. https://siambc.com/

Thanks. I am aiming for something that is around two thousand baht. Maybe I will go for Ledger nano S

[Conno]

Webguy - Cool SIAMBC do the Ledger Nano S too for just over Baht-2K. The main point I was making though is you need to be very careful where you buy your hard wallets from to guarantee it being tamper free. SIAMBC ticked all the boxes when I bought from them. 

Edited October 29, 2019 by Conno

[WebGuy]

1 hour ago, Conno said:

Webguy - Cool SIAMBC do the Ledger Nano S too for just over Baht-2K. The main point I was making though is you need to be very careful where you buy your hard wallets from to guarantee it being tamper free. SIAMBC ticked all the boxes when I bought from them. 

Ta. Ledger Nano s is 2250 and Trezor is 2990 https://siambc.com/product/trezor-black/

I think it is worth to add those 700 and to have all of those currencies supported.

What are your experience with this model? Happy?

[Conno]

Well firstly I didn't buy the standard Trezor but rather the Trezor Model T, so my experience is with a different model than the one you are looking at. I've seen many people recommend the Ledger Nano too, so I think you would be safe with either.

 

I'm sure the standard Trezor is great, in fact it's probably the better buy as the only real difference I can see with the Model T would be the full colour touch screen. If you have big fingers then the standard version with its buttons would probably be the better choice. I have small fingers but still found the Model T's touch screen a bit nerve racking at the start. After saying that I think that probably says more about me than the device ???? I actually don't use it that much as it is a case of just putting my hodl coins onto it and then locking it away again until the next time.  

 

Apart from the nerves when I was setting it up everything went as it should when I followed the step by step process. The only problem I encountered was after I first plugged the micro USB lead into the device and then into my PC, it didn't power up [oh oh] BUT you really have to push the USB cable into the Trezor with quite a bit of force, more than I thought would be required. It'll go in but then it needs to go in a bit further was the problem. After I worked that bit out the setup went as it said on the box. I decided to just leave the USB cable plugged into it when locking it away because it was such a tight fit when connecting it. 

 

The scariest part for me though was when I did the first transfer to it from my hot wallet lol. I actually sent just a few satoshi's the first time as a test, worked a treat so I then sent my hodl stash ????

 

Let me know how you get on.

 

Just for your info I use the Exodus wallet for my everyday coins. Trezor and Exodus have done a team up so both wallets now incorporate easy and simplified integration. 

Edited October 29, 2019 by Conno

[WebGuy]

Thank you for sharing your experience.

I am using paper wallets but never print them out and have them saved on several USBs.

I generate the wallets offline and if I want to take out some crypto from one of them, I take out the whole amount and the rest I don't spend I send it to a newly generated paper wallet.

This mode makes two transactions which doubles the costs:

1) Sending only the amount that I want to spend

2) Moving the rest to a new paper wallet

 

Although the transaction costs are not big I might be more convenient with a piece of HW but in reality I only deal with BitCoin.

 

Not sure if I should just stay with the current model or buy Trezor. Still thinking about it

[phycokiller]

On 10/28/2019 at 11:12 PM, Chivas said:

One of these days it just wont only be sites or threads going missing all the contents of these "wallets" will as well when you try to open it one morning

The biggest ponzi schemes imaginable and pray tell when it all goes missing who you gonna turn to.........

 

Just a matter of time.....

its not as if banks and fiat currencies are going to always be there as well, in fact I would say security is one of the main reasons people are slowly moving to bitcoin

[WebGuy]

1 hour ago, phycokiller said:

its not as if banks and fiat currencies are going to always be there as well

That's right. Nothing is gonna be there forever. This is why some diversity needs to be employed

[phycokiller]

7 hours ago, WebGuy said:

That's right. Nothing is gonna be there forever. This is why some diversity needs to be employed

or just use the best available, a matter of opinion of course

 

[sillyfool]

bought the nano s a year ago. works great. in fact i own 3 of them.

 

as conno put it the scariest thing was sending your coins over to it the first time. after you get over that initial wussy phase you adapt and realize how easy it really is. 

 

just my 2 satoshi's on the matter. 

Edited October 30, 2019 by sillyfool
sp

[WebGuy]

39 minutes ago, sillyfool said:

bought the nano s a year ago. works great. in fact i own 3 of them.

Thanks for sharing.

Actually, this prompts one of my questions.

I can generate that many copies of the same paper wallet as I want. Then I place them on different USBs just in case of some disaster such as for example fire or physical damage. 

 

Can it be done with the nano s as well i.e. I have three of them with the same amount of Bitcoins and then leave one at my house, the other at my parents in law and the third at my workplace? So if two of them get damaged, I still have that one remaining one and nothing is lost. Does it work that way with the nano s, trezor, etc?

[sillyfool]

someone else may be able to answer better but from what i know you are not actually storing anything on the ledger per say. 

 

the keys and recovery phrases are what you need to protect. 

 

say you loose your nano s in a house fire but you retain the keys and pass phrases you can always recover your coins. 

 

i am not quite sure as i am still learning myself but from what i can understand it is protecting your keys and pass phrases that is of the utmost importance. 

 

can another tv member elaborate on this ? 

[WebGuy]

2 minutes ago, sillyfool said:

someone else may be able to answer better but from what i know you are not actually storing anything on the ledger per say.  

According to my knowledge, it protects the private keys. So maybe more specific question would be, can the same private key be stored on more devices? For example, one to be stored on Nano S, one on Trezor and the third on a paper wallet ...

 

If I understand this correctly, the main goal is not to have the private key exposed online.

 

Anyone on this?

[Conno]

New one for me too, never thought of buying three devices to store the same coins/keys in separate locations? The way I approached it was to have just one device but have my seed key stored securely in different locations. Same end result I suppose, but a less expensive solution as long as your seed storage location IS VERY SECURE of course. 

 

So what you are asking is whether it's possible to have the same coins/keys on different hardware wallets. The answer is apparently yes, just make clones of the original using the same seed. You can also use the same pin on the cloned devices or change it if you wish. You live and learn ???? 

 

https://coinsutra.com/how-many-hardware-wallet-to-order/

or

https://www.thecryptomerchant.com/blogs/resources/hardware-wallet-redundancy-strategies

 

Plus I also have my seeds stored securely on Cryptosteel cassettes....they also have a Cyrptosteel capsule which is new. 

https://cryptosteel.com/

Edited October 30, 2019 by Conno

[LillyBangkok]

Try Bitkub and StangPro in Thailand. Both companies (websites) are regulated by Thailand Securities Exchange Commission (SEC). It will be safer for both tradings and exchanging.