the risk of losing cryptocurrency by means of misplacement/forgetfulness/corrupt_hdd/stolen/fire/theft/hacker is much higher than a bank going bankrupt or RM losing value, agree?

so, i wonder what motivates you guys going for cryptocurrency? (i have to presume you don't need to buy drugs or firearm). if you want trading/investment, there are many futures/fx/commodity/shares trading.

thanks for your reply, after reading not sure what is your motivation for cryptocurrencies.

if u use hardware wallet, the storage risk is equivalent to storing cash under the pillow. Other choices has more risk.

If the motivation is for capital gain, then the volatility is something a trader would like, but investor would hate.

like to hear from others, what actually motivates them into cryptocurrencies.

that happened in just 3 months?

i was more curious whats your decision making method at that point of entry, what were your considerations that convinced you into into buying XRP back then?

also, when would you sell? after you sold it, what account you keep the proceed? (i presume in USD)

do you mean your motivation is just to be part of the development? i didn't see you mention capital gain etc.

until the change happened, we are talking about banking institution getting absolute/redundant by the advent/recognition of crytocurrencies, like the distruptive uber/airbnb as someone pointed out. How likely that Fed/BNM agrees to that? Consumer still willing to pay extra transaction cost for peace of mind and convenience.

Looking at it's usefulness at it's infantry stage, other than trading for profit, have you actually use it to buy something so far? mind sharing the experience using the bitcoin in malaysia context?

let's talk about commercial usefulness, albeit the trading perspective, suppose you want to buy from lazada or online tesco grocery in malaysia context, how would you convert and execute it?

TA info is so abundantly online, and crytocurrencies has so many types, i didn't see anyone post charts here, if u do, i can make some comment.

i have interest in crytocurrencies, only problem with it's storage security as well as day to day commercial usefulness.

ok i understand your stands, but until you execute a purchase transaction, by that i mean buy something with bitcon/etc, if as you said it's truly the way, please share what items you have bought with bitcoin so far?

let me put it another way:

fundamentally, a stock investors buy shares because the company is making good earning year after year
a forex trader pair a good economy with a bad economy for capital gain

So the big questions for you guys is:

what would a crypto currencies buyers says about the fundamental motivation of buying/holding a currencies? (is it cheaper transaction? is it preparing for financial institutions collapsed? what is it?)

i am not against anything, i am trying to learn, at least from the fundamental point of view, preferably in malaysia context.

got, but not used daily.

post chart here and tag me for TA comments.

did you just say "people cant get out from BTC to fiat."? What was the technical challenge there?

if you live in US, it's fine cause it's pretty liquid for BTC/USD transactions, but what could you say in Malaysia? are the buyers here mostly live outside Malaysia?

who are the liquidity providers for BTC to MYR, vice versa?

ok slowly we are coming to the part of usability/practically of trading BTC in Msia context, mind to elaborate on that?

when usd falls, all other rises, so if you look at EUR/USD u might spot some patterns of similarity to BTC/USD. I think there are probably 15% upside before USD starts to strengthen again.

https://cryptowat.ch/okcoin/btcusd-biweekly-futures/1d

60% ETH, 30% BTC, 10% Dash

well, u can increase wealth if u buy low sell high in a reliable instrument, cryto/fiat, you can. Banks are vested in cryto currently, as high as 70% in one of the cryto, i forgot which one. In the end, it will be a hybrid model probably give it another 10 years.

how many percentage of your wealth you've allocated to crypto vs fiat? I have yet to start a crypto portfolio, only after i convince myself i can stomach the big spread from MYR > USD > BTC > USD > MYR round trip, gutfeel tells me it's not going to cut it, so guys, please share how many percent spreads are we talking about for a round trip? In the end we will spend in MYR assuming we grow old in Msia.

I signed up here's a little review for all as a newbie.

I noticed it has only BTC? I prefer a platform that can do MYR > ETH/BTC/etc > MYR.

They asked for my NRIC and hp no verification. I noticed after keyed in first time the NRIC, there is no where it can be edited, even if you type in wrong IC number. wtf?

Downside is Luno only has RM5k limit, above it you need to provide documentation for verification. I find for a crypto, they ask for too much private info.

Also no where i can find to delete account, I like my info deleted whenever i like, but not allowed.

On spread, it says 12 bits on today Saturday, that's about 0.14%, so you'll pay RM14 for RM10k purchase, assuming no commission imposed, which i don't see they mentioned it anywhere?

On security, after you bought your BTC, pretty sure Luno has your BTC info, how would this be actually secured?

"Deposits and withdrawals must be made using a bank account that belongs to the same person who owns the Luno account." Doesn't that sounds like a fiat system to you? Knowing that, I don't think i can move my bitcoin wherever i want after bought with Luno.

Technically not secured, Luno can take all your BTC any moment their close shop.

Anyone used Luno and stayed Luno? Looking for better alternative out there.

I got an impression that crypto has no digital footprint, ease of transfer, total privacy, etc but nothing says that about Luno.

This is my feasibility study, hope the seniors here can lend a helping hand pointing to the right place as currently I will be going tro school of hard knocks in the crypto world soon.

This post has been edited by lowya: May 20 2017, 09:59 AM

Banks are regulated, those crypto brokers are not, not at least in your jurisdiction that you have the legal rights to get back in the event of fraud. You cannot compare PIDM with this, there are a whole lot of different world altogether, as much as we like the crypto, we have to be realistic.

It's all about risk management. The fact where you even have do everything you could to secure your money already says it's not that secured.

My liking for cryptocurrencies has to be justified it's extra benefits vs fiat, hopefully with your help, this is just the same for general public, one has to access it from ground up and not to be over-hyped.

I believe the other 3 MYR-BTC exchange would inherit the same nature as Luno, i.e.

1. documentation verification requirements, hassle and not private, same as fiat.

2. traceable transaction, lot's of digital footprint. same as fiat.

3. risk of brokers knowing your private keys (you have to change it a few times yourself to make it secure and hence incurring cost of transactions). more risk/hassle than fiat.

4. worries of storage or memory recollection. worse than fiat as fiat provides you peace of mind which is priceless.

5. liquidity/usability issue. Limited choice of payment, withdrawal hassle, low payment acceptance rate, etc.

not against cryptocurrencies, but above challenges if can solved then surely cryptocurrencies will become mainstream.

when u buy BTC, who issue you the private keys? the issuer knows it, unless u change it. (newbie question: changeable right?)

again, newbie/noob logical question:

so if a seller wallet = seller private key + seller public key, and buyer wallet = buyer private key + buyer public key

and a buyer can generate private key with private key with some sort of encrypting software (which perhaps also can decode public key backward to private key?!)

and when buyer buy bitcoin, buyer get to know the seller's public key, right? (which means both of them own it same time at the point of transaction?)

so, at what point the technology assure the buyer that seller will not reuse the public key? (seller can use decoding software to get it's private key decode from public key in reverse?)

This thread should be voted as one of the best thread in LYN. (what a shame this forum design doesn't include thread/poster ratings)

Reason because not only the contributors here are very savvy, you know who you are =), the most remarkable thing about you guys here are the willingness to share.

Thanks to all who help replying to me earlier.