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 Luno Malaysia, Your experience, reviews, thoughts

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TallJustin
post Jan 23 2018, 02:54 PM

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QUOTE(joeylny @ Jan 23 2018, 11:56 AM)
personally if its long hold u can keep in luno but if wanna trade then better move to binance or quoinex or just simple sell it all off on remitano or local bitcoins
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NEVER hold coins in a exchange's wallet, that is Crypto 101. There have been many exchanges hacked or shut down or gone broke and people lost everything. Always put your coins in a secure wallet app, paper wallet or hardware wallet, but never leave it on an exchange wallet especially an exchange who has its bank account frozen and is being investigated by the local tax office!
TallJustin
post Jan 23 2018, 07:13 PM

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QUOTE(ericlaiys @ Jan 23 2018, 06:33 PM)
bitcoin official wallet not secure? lol....then no place is secure.
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Bitcoin.com IS NOT OFFICAL BITCOIN anything, in fact that is Roger Ver’s Bitcoin Cash website. The app is secure but let’s get our facts straight


TallJustin
post Jan 31 2018, 11:30 PM

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QUOTE(Donotknow @ Jan 30 2018, 04:35 PM)

TallJustin,how to print out(paper wallet),must use window or can use andriod.
Last time I buy 0.02 at Remi n withdraw n using bitaddress(via andriod phone) n print out but unable to deposit back to online platform for sell,is gone ,even the print out got bar code/square code/public n private key but cannot n lost the free BCH too because unable to deposit back online platform.I follow the guy/girl call SURAYA blog by the name like something like WHAT MILLION BLOG link to open trade acc for comisen
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Bitaddress.org is fine but are you following the security measures that are recommended when printing one?

Plenty of good advise on this page https://bitcoinpaperwallet.com


TallJustin
post Feb 1 2018, 04:31 PM

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QUOTE(klthor @ Feb 1 2018, 03:50 PM)
u seems hard to understand simple thing.... those who buy @ 20% higher than market price is because they wanted to cash out... read a few pages before it, alot saying 'its better to lose a bit than risking all your money' thats how supply and demand works. imagine you ahve 100k in luno, and you have no idea when luno gonna solve this issue.... and you worried that luno will went MIA or tax man simply took all their money for 2 ~3 years... do you want to lose 20% buying eth and transfer out to other places?
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This makes little sense. You don’t buy into a higher market to cash out, if you are doing that you don’t have a clue what is happening.
If you have RM100k in luno today you should leave it alone until they fix the withdrawal. You would be a fool to purchase anything with Luno exchange price, you should only sell.
If you have BTC in luno today you should move it to another wallet or exchange for safety or for trading.

If luno fixes the issue and the exchange stays higher then you should always use luno to sell and never to buy, ie take advantage of arbatage.
TallJustin
post Feb 2 2018, 03:09 PM

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QUOTE(klthor @ Feb 2 2018, 10:18 AM)
that is you have faith in them, they will fix it... what if they can not fix it ? have you tot of that? lose 100k? you yourself already said, 'for safety'....i think you have no clue what the hell you yourself are talking... anyway, believe whatever you believe in... some believe it will not lose anything by holding RM in luno (that is why ppl are still selling btc in luno), some preferred to lose 10~20% by BTC/ETH and keep it elsewhere. its all about risk appetite and judgement.
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you are not making sense and changing the context of my reply. You can not talk dollars (RM) and BTC under the same value. When you say 100K are you talking BTC or RM? I'm assuming RM.

If you have Ringgit in Luno that means you have RM inside their wallet but not BTC. If you use that RM now to buy BTC you are wasting your money as it is almost double the price elsewhere. Right now you can not withdrawal that RM so hence leave it there and hope that Luno fix it or risk taking an almost 50% hit!

If you have BTC (in Luno or anywhere) you could send it to luno and sell it (ie turn it into RM) and wait until Luno fix there issue, if you think they will.

This post has been edited by TallJustin: Feb 2 2018, 03:14 PM
TallJustin
post Feb 2 2018, 03:12 PM

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QUOTE(keane04 @ Feb 2 2018, 12:32 PM)
like you said, only sell, dont buy.......then, sell to who?
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sell to the fools that are buying at this silly high price.
TallJustin
post Feb 2 2018, 03:39 PM

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QUOTE(klthor @ Feb 2 2018, 03:26 PM)
there are always 2 sides of a coin.

A holds RM100k in luno. he decided to stay and wait for luno to resolve it. IF luno resolve the issue, RM100k withdraw no problem. IF luno fails and tutup kedai, RM100k gone in thin air.

B holds RM100k in luno. He decided to buy BTC in luno at premium aka lose RM60k and cash out at coinhako RM40k. IF luno resolve the issue, this fool lost RM60k. IF luno fails and tutup kedai, this fool cut losses at RM40k compare to smart peps that hold RM100k till dooms day.

end of story, not going to elaborate any more from here. you are narrowing your mind to 'LUNO WILL SOLVE THIS'. yes i think most likely they will solve it, why dont you sell your btc there to make a quick flip?
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I have no faith in LUNO at all, they are dodgy AF but I might still flip some as a hedge. The important point is be prepared to lose your money if you use LUNO, if you can afford to lose it then make a call.
TallJustin
post Feb 2 2018, 04:12 PM

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QUOTE(copyninja4 @ Feb 2 2018, 03:57 PM)
Sell now guys :
We continue to work to resolve this matter as soon as possible. The IRB has now agreed to unfreeze our account while it completes the investigation, and we are working closely with Maybank to have the account operational again.

We’ll send out wider communication via email, in the Luno apps and on social media once we can confirm the status of the bank account.
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BINGO!
TallJustin
post Feb 4 2018, 12:26 AM

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QUOTE(imadeyoureadthis1 @ Feb 3 2018, 09:39 PM)
Read carefully , do not get excited about the updates. It tells nothing new. It says that IRB agreed to unfreeze their account WHILE it completes the investigation. This is merely stating IRB's Standard Operating Procedure . It is good if the outcome of the investigation is postive. If the IRB concludes that there is something fishy about the exchange and decides to crack down LUNO , good luck in getting back your money.
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This is the kind of BS FUD we live with today. Great 1st post.
THE IRB can not shut down an exchange. If there is a an issue with the bank and Luno can not do withdrawals just move your RM to BTC and then to localbitcoin or Remitano. You’ll take a hit on the exaggerated exchange but you are not losing money.

This post has been edited by TallJustin: Feb 4 2018, 12:26 AM
TallJustin
post Feb 5 2018, 10:15 AM

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QUOTE(kb2005 @ Feb 5 2018, 08:58 AM)
Luno price back to Remitano price. We're played by Luno!
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The idea is that you PLAY them not let them play you! This was so obviously going to happen after their announcement last Friday. I predict that today or tomorrow the bank accounts will be open for withdrawals. Hope everyone that wanted to was able to cash-in before the priced normalised to global standards. If not, don't worry just hold as I'm sure the price will be back at those ATH before year end.

This post has been edited by TallJustin: Feb 5 2018, 02:54 PM
TallJustin
post Feb 5 2018, 10:17 AM

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QUOTE(kb2005 @ Feb 4 2018, 09:38 PM)
Willing buyer willing seller is totally BS. I usually refer it as conversion from USD to RM. Used to be 7x and now drop to 4.7x. 25% drop!
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I had many willing buyers for coins on Saturday at those silly prices. I'd like to thank them all so every much.
TallJustin
post Feb 6 2018, 06:32 PM

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—deleted—

This post has been edited by TallJustin: Feb 6 2018, 08:35 PM
TallJustin
post Feb 8 2018, 09:41 AM

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QUOTE(dirkgently75 @ Feb 8 2018, 01:57 AM)
I agree that they'd want to continue biz, but Luno messed up-whether it be lack of due diligence or not paying their taxes or not appointing the correct legal advice or not following procedure or whatever else they were doing in the background. At the least, they didn't plan for, nor calculate nor mitigate for the potential disruption, let alone be in a position to address the Malaysian community concerns. Companies like this make hay while profiting but have little regard for the public trust. But what is clear is they held people's cash hostage by:
1. the inflated market price (so, can't buy BTC with deposited cash, or be forced to buy at 30-50% higher rate as penalty for withdrawing from the exchange)
2. blocking withdrawals (they could've had alternatives in place - this is not a small mom n'pop store - see their website and history, they're a global business)
3. misdirecting and/or withholding information from their customers - people who placed their trust in them - so the customers couldn't make informed decisions (no need to look further than 'kimberly's' lack of answers previously and their pathetic blog posts)

IF Malaysia is such an important market, IF they really want to show commitment to this community, I challenge Luno to affect restitution for the investors that had to incur loss or opportunity cost due to their callousness.
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I don't want to defend Luno but I think you are way out of order here. The fact that you are quoting yourself is a little strange too.

1) Price is controlled by the whales not the exchange, nothing to do with Luno and EVERYTHING to do with those that had high volume of coins in the MYR exchange and could play the market.
2) Wrong! if it was so easy to do that then try opening a Coindesk account from outside of the US without a US bank account! Plus it is clearly stated in their site and EVERYONE knows this limitation when setting up an account. You can't cry fowl of this, that is willingly ignorant on your behalf. You know you could use LocalBitcoin to trade with less regulation but also higher fees. It's the price you pay for trading in a decentralised market on a centralised exchange.
3) I don't think that is fair, this level of feed back is better than almost any Malaysian company, they have no obligation to keep us up to data but they have been doing so. Sure the situation sucks but they haven't said you can start depositing and withdrawing.

Clearly you've lost money and are hurting, that sucks and I feel for you, I really do...you need to learn form this and have a plan B and C in place so it can't happen again and I really think you need to research more on how this crypto trading works.
TallJustin
post Feb 8 2018, 01:03 PM

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All exchanges are dodgy AF. You need to have your wits with you
TallJustin
post Feb 8 2018, 08:35 PM

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Mr Luno

A gift of RM5 in BTC to get a friend to sign up is patheticially small amount and out of date. Does it even register?



This post has been edited by TallJustin: Feb 8 2018, 08:38 PM
TallJustin
post Feb 14 2018, 03:18 PM

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QUOTE(caloyness @ Feb 14 2018, 01:32 PM)
You are solely responsible for determining whether, and to what extent, any taxes apply to any transactions you carry out through your Luno Account, and for withholding, collecting, reporting and remitting the correct amounts of tax to the appropriate tax authorities.

- base from this, YES. i believe this would apply you are accepting bitcoin or etc. as payment
for goods and products.
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That is a general line used to cover all regions Luno operates in. In Malaysia crypto would fall under capital gains and not be subject to tax but you still need to declare anything you withdrawal into fiat.
TallJustin
post Mar 7 2018, 01:20 PM

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QUOTE(jack2 @ Mar 7 2018, 12:22 PM)
Totally agreed with you.

Until now they have yet to response me about the non-compliance issue with non-submission of  tax return for several years.
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Who are you to ask them this? If I ran a company and a stranger asked me I have no obligation to answer. You’re not a Board member.

There are several people here that are so high and mighty. You are nothing!
TallJustin
post Mar 7 2018, 05:02 PM

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QUOTE(jack2 @ Mar 7 2018, 01:48 PM)
Another fans of Luno.
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Not at all, just sick of your repeatitive post claiming you’re some be all and end all that must get an official response. Everyone now bow before you. You must answer my question on a public forum (where I hide behind an anon name) etc etc

TallJustin
post Mar 7 2018, 06:08 PM

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QUOTE(caloyness @ Mar 7 2018, 05:45 PM)
he kept on blabbing because frustrated on the money he got stuck in luno, let's see after issue was resolved.
i understand that some people are really frustrated especially those traders who got their money stuck.
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I bet I’ve got more stuck there than him.

Waiting to buy a new car with it. Freaking gearbox in my current one is about to die. I’m desperate too
TallJustin
post Mar 7 2018, 06:23 PM

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QUOTE(jack2 @ Mar 7 2018, 06:10 PM)
I would say you are not clever enough.

When BTC was about RM26k level, the price in Luno was almost same as international price and you should buy from Luno and transfer out the BTC and sell somewhere else.
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I would say you’re a douchebag

I buy from Reminato send to luno and cash out for 10% gain instantly. I’m patient.

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