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To survive in the trading profession, all traders will have to stay safe with their approaches. Any slight mistake or error can take away a lot of money. That is why all the traders have to start with proper position sizing. Then there will be coming to the term of market analysis for trends and key swings. Then the proper executions will be possible by traders with right stop-losses and take-profits. There is no rule for the traders to aim for a big profit from their trades. In fact, the traders will be much more relaxed with the big trades. Do not worry about investing too much or doing anything stupid for your trades. What we are going to teach you is a proper setup for trading. With it, you will be able to work for a decently sized trade with ease. With proper executions, the profits can also be good from the trades.

There is no need to increase the lot sizes

Hearing about the big trades, many traders will think about increasing the lot size. That is the basic concept of trading where you will have to spend more to earn a significantly bigger profit. In the trading business, there are some proper concept of increasing the probability of earning. For that, you do not need to increase the investment per trades. The trends and the swings of the markets give you a greater chance in this area. For that, the trades will have to be right with the profit targets. In the beginning, it must not be more for the traders to handle. The trading edge may not have to the capability of placing and handling trades that big. Traders who are novices can be okay with the proper approach with about 2R of profit margin. With time, you can increase your desires according to the trading edge of yours.

Focusing on long-term goals

New traders don’t really know why they should trade the market with low-risk exposure. They simply think CFD tradingis one of the easiest tasks in today’s world and any person can make a consistent profit without doing the hard work. Just have a look at the pro traders in the United Kingdom. You will find one thing in common. All the successful traders execute trades based on long-term goals. Short term profit taking opportunities will never help you to master the art of trading.

Swings and trends are there for your trades

From the proper selection of position sizes, you can be really good for market analysis. The trading is necessary to have proper analogy over the price trends and the key swings. You will have to concentrate on the key swingsmost of the time because it is the proper way of trading. The pip changes more over a significant swing of the market rather than the individual trends. In the long term trading process, the traders will have to deal with the swings most of the time. In fact, there is a method of trading to maintain which is named after the key swings. It is called the swing trading method and traders can manage their business in this technique of trading very well.

Long-term trades are good for earning big

As we were talking about the long-term trading process in the profession of Forex, it is very helpful. This is because the traders get the chance of placing their trades with high visibility. Then traders also get the proper timeframe of working with their position sizing. More importantly, the swings are more visible with a long timeframe. This is a very good strategy for the traders, but you will have to learn about following the rules of longer timeframe trading like swing trading or position trading.

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I’m actually quite a keen poker player (when I get the time), so I was interested in  bitcoin slot machines being down the same road. The big problem with all online gambling sites is simply the worry that they are out to get your money – which frankly – anyone who uses them must know. However the chances of winning a small prize on these sites is much higher than winning say the UK lottery.

The more payment types a company takes the more sales they make, may be true, especially where discretion is of the essence. That’s why Silk Road (the illegal drugs/guns site) made so much money so fast. But there is a nicer side to using Bitcoin and other cryptos in that it avoids tax (well at least until you withdraw your winnings).

Ofcourse Paypal is so tightly regulated (due to the amount of Fraud) that it’s unusual to ever see them on any kind of site like this. But I wonder if they are missing a trick, especially when Skrill are embracing more and more cryptos (although they are quite expensive to use). Skrill cleverly scoop up the market that PayPal don’t give out.

So will Bitcoin continue to grow in the casino world? Who knows. But it does give people freedom to play more without having to complete seems of paperwork just to play a slot machine.

Is gambling addiction a problem? Yes. But in regulated gambling it’s a problem, just by shifting platforms or payment systems it’s not going solve the problem of the addicted gambler.

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UK Bitcoin Blog by Uk Bitcoinblog.com - 2d ago

Well I love good news, and surprise money. You may know that I invest money in scams to prove they are scams. But only if they look like they MIGHT be ok.

Well the Empire Workers website, another scam was one such website.

I received a strange email this morning.

Hello there,

You are receiving this email because you have purchased a $15 clicks pack on EmpireWorkers  .

As an initiative to reward our users, we would love to offer you a double refund, meaning that you will receive $30 back in Bitcoin with no strings attached. With bitcoin's low price, this is the perfect time to stack up on bitcoins as the price may rise up to it's former glory.

To receive your double refund, simply reply to this email with a valid BTC wallet address and we'll send your bitcoins in no time.

Best wishes,

EmpireRefunds (dot) com
Now I know most people, would just ignore such an email but I do like testing things so I sent them my BTC address to see what would happen.
Yes please 😊

34sfvgAZTWG19yLo6uGsXm1FXZYsns2mGa

Low and behold within about 10 seconds I got a reply back.

Hello,

We've just sent your bitcoins. You can check the status here: https://www.blockchain.com/btc/tx/5a76ce88f6f9e9d8f102ccca23524c16652d692739eb5409cba56fcbd14d2dc7

Enjoy !
I clicked on the link – and there it was a transaction – what’s more the $30 bitcoin arrived in my BTC account.
I literally fell off my chair with shock! What? It’s not a scam, I really got double my money back?
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UK Bitcoin Blog by Uk Bitcoinblog.com - 2d ago

Happy new year everyone! But what will this year bring with crypto? The markets are not happy with Brexit so sterling my have quite a few problems. This may encourage a consideration of crypto.

Bitcoin has been settling over Christmas and maybe we will see a rally now we are in the new year. Things really depend on market confidence.

Mining

Mining has moved to things like the crypto tab browser where we have many people mining a small amount of crypto. I don’t think these big mining farms are going to last much longer if they just mine Bitcoin.

Happy new year everyone!

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UK Bitcoin Blog by Uk Bitcoinblog.com - 2d ago

So I was invited to sign up for Payout pro a bitcoin based platform for promoting products. It allows you to create a portfolio of digital products to sell throughout the network.

It also has a number of plans available, including advertising.

My concerns are with this:-

  • It only takes Bitcoin for deposit.
  • Parts of it look like a Ponzi scheme
  • In the video the guy says “this is not an investment” – but it looks like it to me.
  • Don’t be fooled by people in videos – these can be people hired to make the videos.

It’s worth a go I think but my concern is everyone will get into the plans and ignore the products. This means it’s simply a Ponzi scheme. Where does the profit from the plans come from? If it comes from other people in the network it’s a Ponzi.

The WHOIS lookup gives this all the way through. No hope of finding out who is behind it from this.

Registrant Name: REDACTED FOR PRIVACY
Registrant Organization: REDACTED FOR PRIVACY
Registrant Street: REDACTED FOR PRIVACY 
Registrant City: REDACTED FOR PRIVACY
Registrant State/Province: REDACTED FOR PRIVACY
Registrant Postal Code: REDACTED FOR PRIVACY

So don’t put in what you can’t afford to lose and be prepared for it to disappear. I would give it 6 months, I might be proved wrong but you never know.

PayOutPro Office: 101 Las Canas, Bavaro Punta Cana, 23000 Dominican Republic is the office address. However as we’ve seen before this could be just a postal address. It looks like a golf course or a hotel – rather lovely!

Click Here to sign up (free) – but remember that even if it pays now it may not in the future – update in a week.

Update (a few days later)

So when you visit the site after registering it shows you an advertisement that you have to view before going into the site. I wonder if it will end up being an advertising network?

I am making a small profit on my investment at the moment but I have not realised it yet. Although I’m still unsure about it – I think it’s worth following for a while.

My advice – it’s worth a try but don’t invest too much yet.

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UK Bitcoin Blog by Uk Bitcoinblog.com - 2d ago

Well, there goes another year, I’m hearing on the grapevine great things for Ripple (XRP). It overtook Ether in market capitalisation not long ago and surprisingly held it’s ground.

A number of respected traders have commented that 2019 could be the year of the Ripple. Could it even overtake Bitcoin? This remains to be seen.

All the staff here at UK Bitcoinblog.com would love wish everyone a Merry Christmas and a prosperous new year.

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I’ve written before about ProBit’s referral programme. So today I’d like to look at something that is important and incredible about this exchange, and that is the transaction speed – 1.5 million transactions per second. ProBit has their own token as well – PROB token. This gives traders discounts, listing voting rights and access to early features on the platform. So not only do they have a fast trading engine, but traders can, by simply holding PROB tokens, get discounts on their trades as well. Check the website for more information on the one-day main sale of PROB tokens happening on December 12th.

ProBit supports various order types including:

  • Market Trades
  • Stop Limit Trades
  • Immediate or Cancel (IOC) Limit Trades
  • Fill or Kill (FOK) Limit Trades
  • Good ‘Til Cancelled (GTC) Limit Trades
  • Post-Only Limit Orders

As a cryptocurrency exchange, ProBit is turning out to be very exciting. Being able to transact at these high speeds is very important to traders as prices can change in a blink of an eye. Keeping TPS high will please large and small traders alike.

Join ProBit Exchange today and get ahead of the crypto trading game.

Click Here for the website.

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UK Bitcoin Blog by Uk Bitcoinblog.com - 1M ago

Mt Gox – Bitcoin’s Biggest Heist

At the beginning of 2014, a bitcoin exchange based in Japan known as Mt. Gox was the largest bitcoin exchange in the world. At least it was the largest, until less than three months later, when it went bankrupt.

The hack on Mt. Gox was and still is the biggest heist in Bitcoin’s history. Mt. Gox lost 740,000 bitcoins, valued at the equivalent of around £500 million at the time and over £1 billion at November 2017 prices. The number of bitcoins that Mt. Gox lost was equivalent to 6% of all the bitcoins in existence at the time.

Prior to the 2014 heist, in June 2011, Mt. Gox was hacked as a result of a compromised computer belonging to the auditor of the company. If nothing else, bitcoin heists are usually very imaginative – on this occasion the hacker used the access to artificially alter the nominal value of bitcoin to one cent before transferring around 2,000 bitcoins from customer accounts on Mt. Gox, which were then sold. As a result of the hack, Mt. Gox upped their security measures, this included arranging for a large percentage of its bitcoin to be taken offline and held in cold storage.

Despite the June 2011 hack, by June 2013, Mt. Gox had certainly established itself as the largest bitcoin exchange in the world. It was also at this point in time where the price of bitcoin had increased dramatically (from less than $10 to $1,200). However, behind the scenes all was not well.

The company was a disorganized mess of an organization with poor security procedures and serious issues relating to the operation of the business. In May 2013, Mt. Gox was sued for $75 million by their former business partner – Coinlab – due to breach of contract. At around the same time, the US Department of Homeland Security seized more than $5 million from the companies bank accounts after it was found that a subsidiary of Mt. Gox operating in the US was not licensed. As a result, Mt. Gox had to announce a temporary suspension of withdrawals in US dollars. This resulted in the company losing its place as the largest bitcoin exchange in the world – they dropped to third. It was only after this that the company realised they had been the victim of an ongoing hack for over two years.

On 7th February, the bitcoin exchange stopped all bitcoin withdrawals stating that they were merely pausing withdrawal requests. However, later that month, a leaked corporate document claimed that hackers had raided the companies exchange and had stolen 744,408 bitcoins belonging to customers of Mt. Gox and 100,000 bitcoins belonging to the company. On 28th February Mt. Gox had become insolvent and filed for bankruptcy protection in Japan, two weeks later they did the same in the USA.

Although the investigation is still ongoing, it is presumed that most of the stolen bitcoins were taken from the company’s online wallets, including all of the bitcoins being held in cold storage due to a ‘leak’ in the online wallet. The investigation has however proven that the hack of Mt. Gox began as early as September 2011 and that the company had practically lost all of its bitcoins by the middle of 2013.

Where did the money go?

Incredibly, 650,000 of the bitcoins stolen still remain unaccounted for. Although some online theories have developed as to where they could have gone. One such theory is that Mt. Gox never had the amount of coins that it claimed, and that Mark Karpeles – the CEO of the company – had manipulated the numbers to make it appear that the company held more bitcoin then they actually had in reality. Another states that the storage may have been compromised by an individual with on-site access and some think that a lack of accountability among staff members meant that there was no awareness that the wallets were being drained by hackers.

In July 2017, however, a Russian man named Alexander Vinnik was arrested by US authorities whilst holidaying in Greece. He has been charged with playing a key role in the laundering of bitcoins stolen from Mt. Gox. Vinnick is alleged to be associated with BTC-e, an established bitcoin exchange and has also been alleged to have laundered $4 billion in bitcoin. BTC-e has since been shut down and the domain has been seized by the FBI. Investigations by a group of bitcoin security specialists – Wizsec – had identified Vinnik as the owner of the wallets into which the stolen bitcoins were transferred. According to Wizsec, many of those same bitcoins were then sold on BTC-e.

Following the failure of Mt. Gox, US authorities have continued to shut down major deep web black marketplaces which were used to launder stolen cryptocurrencies and turn them into fiat currencies. However, there are other ways in which to turn bitcoins into fiat currencies. Online gambling is one way. Bitcoin casinos are becoming more and more popular and can be used for money laundering, although this is risky, the more money you launder the higher the risk. However, people who want to play with their legitimately gained bitcoin can gamble too completely legally- online comparison site CasinoGuide even lists several online casinos in the UK which offer this in a fully regulated environment.

Japan have also introduced new laws to regulate bitcoins and other cryptocurrencies in order to make hacks and heists less likely as well as to put a halt money laundering.

The investigation into the Mt. Gox bitcoin heist is still ongoing.

The Nicehash Hack – $60 million of Zombie Cash

The Nicehash hack happened in December 2017 and is one of the largest in terms of the value of bitcoin that was stolen which totaled around $60 million.

Nicehash is a Slovenian company that allows users to sell hashing power – the power that your computer or hardware uses to run and solve different algorithms. These algorithms are used for verifying transactions involving cryptocurrencies. The process is also known as mining.

Nicehash was hacked on December 6th 2017. “Our payment system was compromised and the contents of the Nicehash bitcoin wallet have been stolen,” the company announced in a Reddit post. Following the hack, CEO Marko Kobal decided to resign.

The hack itself was “a highly professional attack with sophisticated social engineering” said NiceHash head of marketing Andrej P Škraba. VPN logs suggest that the hackers accessed NiceHash’s system through a VPN login using one of its engineer’s credentials. They then learnt and simulated the workings of NiceHash’s payment system before they begun making transactions.

After the hack, users on Reddit pointed out a specific external wallet which had more than $60 million on it. Nicehash have confirmed that the wallet in question is indeed the wallet that contains the stolen bitcoin. As the stolen coins are visible to all, the hackers are at a large risk of being caught if they decide to move the bitcoin. Furthermore, due to co-operation with other major exchanges there is also the possibility that the coins will be confiscated if they are moved to an exchange.

The hackers will want to attempt to launder the stolen bitcoin so that they can convert them into fiat currency. They can do this in a variety of ways. In 2013, almost 90% of illicit bitcoins were put through Silk Road – the now FBI-seized website. Following this, criminals looking to launder bitcoin would send them through AlphaBay – however in 2017 that AlphaBay was also seized by the FBI. Bitcoin launderers have also been known to convert their bitcoins through gambling websites. Although Bitcoin gambling through casino websites is almost always done in a completely legitimate way, it is possible for hackers to launder stolen bitcoins this way, although it is very risky at the same time as casino sites do their upmost to deter criminals from gambling with them.

The investigation surrounding the Nicehash hack is also ongoing as the police look to uncover evidence in order to discover who the sophisticated hackers are. Following the hack, the website was back online only 2 weeks after the initial heist. Nicehash also vowed to return all of the stolen bitcoin back to their customers – the platform has so far returned 60% of the coins stolen.

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