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Coinbase adds support for Litecoin

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Re: Coinbase adds support for Litecoin

#91

Post by benedictlewis »

patio11 wrote: post #68
dvdhsu wrote: post #23

Is there interest in a cryptocurrency index fund? The idea is you could just buy an index fund composed of, say, 50% BTC, 20% ETH, 15% LTC and 15% ZEC. I'm fairly certain that one of these cryptocurrencies will 10 or 100x in value over the next 5 years, but buying each one individually is just such a pain. Would you invest? In reality, we'd probably buy the top 10 coins weighted according to some measure, and rebalan…

You probably want to read on the difficulties facing the Winklevoss' proposed ETF for Bitcoin. The MVP of your proposed idea is easy; the legal version is hard. If you do the MVP and don't put in an effort to get legal the happy case outcome is the SEC sends you a very annoyed letter and you shut down; there are a number of less-happy outcomes. (If you're going to spend a few years getting intimately familiar with ho…

I work with GABI [0] who operate a regulated Bitcoin fund based out of Jersey. They also operate XBT Provider [1], which offers BTC exposure through COINXBT [2] on NASDAQ. If you're genuinely interested in setting up a cryptocurrency ETF, either Jersey or Sweden both have a solid legal foundation.

[0] http://globaladvisors.co.uk/

[1] http://xbtprovider.com

[2] https://www.bloomberg.com/quote/COINXBT:SS

Re: Coinbase adds support for Litecoin

#92

Post by tradersam »

Svekax wrote: post #83
mbrock wrote: post #54

Earlier quoted context omitted.

Coinbase doesn't seem all that doomed to me. Neither does Polychain Capital, the cryptoasset hedge fund backed by Andreesen Horowitz and Union Square Ventures.

Coinbase is a broker. They make money by charging a fee when you convert between currencies. Their customers purchase Bitcoin and then transfer the funds into a Bitcoin address that they generated locally. Polychain Capital is a hedge fund that only accepts investments greater than $500k from investors wealthy enough to manage the risk. If op had something like this in mind, he wouldn't be gauging the interest of ran…

Hey guess what! Coinbase is insured.[0][1]

[0]:https://support.coinbase.com/customer/portal/articles/166237...

[1]:https://www.coinbase.com/legal/insurance

Re: Coinbase adds support for Litecoin

#93

Post by charsifood »

sanswork wrote: post #86
charsifood wrote: post #84

Earlier quoted context omitted.

I'm judging the value of a cryptocurrency by how many tangible goods and services I can extract from it. That is the entire function of a currency. I can pay for my VPN and my cloud servers with BTC. I can meet up with people locally and sell BTC for cash [effortlessly]. I can't do that with any other cryptocurrency. I'm not at all judging the technical merits of one cryptocurrency versus another.

>I can pay for my VPN and my cloud servers with BTC. Provided you use one of a limited selection of providers compared to using credit cards. >I can meet up with people locally and sell BTC for cash [effortlessly] Depending on where you are located. >I can't do that with any other cryptocurrency. You can do both of those things much more easily using traditional currencies. In both those cases you are getting a worse…

> Provided you use one of a limited selection of providers compared to using credit cards.

Compared to the none of them that take ETH.

> Depending on where you are located.

Or irrespective of where you are located if you are trying to offload ETH because nobody wants it.

> That's why you can't judge any cryptocurrency for that because they are all universally shit at it.

There are varying degrees of shit and BTC is the only one that even comes close to being a real currency rather than a speculative one.

Re: Coinbase adds support for Litecoin

#94

Post by jesusthatsgreat »

dvdhsu wrote: post #23

Is there interest in a cryptocurrency index fund? The idea is you could just buy an index fund composed of, say, 50% BTC, 20% ETH, 15% LTC and 15% ZEC. I'm fairly certain that one of these cryptocurrencies will 10 or 100x in value over the next 5 years, but buying each one individually is just such a pain. Would you invest? In reality, we'd probably buy the top 10 coins weighted according to some measure, and rebalan…

I think it would make more sense to create your own token and peg it to the combined market cap of the top 100 cryptos, updated hourly.

i.e. let's say combined market cap is $40b today. Create a token called 'Coin100' and a crowdsale issuing 1 billion tokens.

Re: Coinbase adds support for Litecoin

#95

Post by rubber_duck »

hasch wrote: post #87
dvdhsu wrote: post #23

Is there interest in a cryptocurrency index fund? The idea is you could just buy an index fund composed of, say, 50% BTC, 20% ETH, 15% LTC and 15% ZEC. I'm fairly certain that one of these cryptocurrencies will 10 or 100x in value over the next 5 years, but buying each one individually is just such a pain. Would you invest? In reality, we'd probably buy the top 10 coins weighted according to some measure, and rebalan…

Someone could always go to https://coinmarketcap.com/ and (sorted by market cap) buy the top N weighted by their current market cap relative to each other. I would say there is no real need for an index at all.

It's a PITA to buy/sell crypto concurrency, and the difference between exchange price is huge based on seller - having a fund that would do these things efficiently at scale would be useful.

Re: Coinbase adds support for Litecoin

#96

Post by godmodus »

dvdhsu wrote: post #23

Is there interest in a cryptocurrency index fund? The idea is you could just buy an index fund composed of, say, 50% BTC, 20% ETH, 15% LTC and 15% ZEC. I'm fairly certain that one of these cryptocurrencies will 10 or 100x in value over the next 5 years, but buying each one individually is just such a pain. Would you invest? In reality, we'd probably buy the top 10 coins weighted according to some measure, and rebalan…

How much are we talking in in terms of the minimum buy in?

Re: Coinbase adds support for Litecoin

#98

Post by developer2 »

dvdhsu wrote: post #23

Is there interest in a cryptocurrency index fund? The idea is you could just buy an index fund composed of, say, 50% BTC, 20% ETH, 15% LTC and 15% ZEC. I'm fairly certain that one of these cryptocurrencies will 10 or 100x in value over the next 5 years, but buying each one individually is just such a pain. Would you invest? In reality, we'd probably buy the top 10 coins weighted according to some measure, and rebalan…

The way people are treating cryptocurrency exchanges makes absolutely no sense to me. Most people are buying into it because they are absolutely certain they will manage to cash out once the currency hits an extreme "all time high". When such a peak occurs whereby the top 1% - as determined by number of coins owned - cashes out, everyone else who jumped on the bandwagon thinking they would also cash out is going to be left with exactly nothing.

Let's be absolutely clear: your coins are only worth what someone is willing to pay. And when the one and only true "run on the bank" of one of these currencies happens, it will happen within the span of less than an hour. All these people who are buying to eventually cash out are going to blink and wonder what the hell happened.

Take BTC as the example right now. All over the place, people are showing regret for not buying in a few years ago. No average BTC "shareholder" is going to be able to cash out for more than mere pennies. The majority of coins are owned by big players, and you are effectively dumping your cash into their pockets by buying into it.

BTC's Nakamoto "promises" they will never cash out their enormous share. How nice of them. The community can monitor Nakamoto's wallets all they want. I can't wait for him/her to cash out their BTC, and screw over the entire system. I'm just sitting here ready to laugh.

Re: Coinbase adds support for Litecoin

#99

Post by joeblau »

dvdhsu wrote: post #23

Is there interest in a cryptocurrency index fund? The idea is you could just buy an index fund composed of, say, 50% BTC, 20% ETH, 15% LTC and 15% ZEC. I'm fairly certain that one of these cryptocurrencies will 10 or 100x in value over the next 5 years, but buying each one individually is just such a pain. Would you invest? In reality, we'd probably buy the top 10 coins weighted according to some measure, and rebalan…

Lawnmower Blockchain Index (LBI): https://lawnmower.io/lawnmower-blockchain-index

Re: Coinbase adds support for Litecoin

#100

Post by runeks »

tradersam wrote: post #92
Svekax wrote: post #83

Earlier quoted context omitted.

Coinbase is a broker. They make money by charging a fee when you convert between currencies. Their customers purchase Bitcoin and then transfer the funds into a Bitcoin address that they generated locally. Polychain Capital is a hedge fund that only accepts investments greater than $500k from investors wealthy enough to manage the risk. If op had something like this in mind, he wouldn't be gauging the interest of ran…

Hey guess what! Coinbase is insured.[0][1] [0]: https://support.coinbase.com/customer/portal/articles/166237... [1]: https://www.coinbase.com/legal/insurance

So was BitPay: http://www.coindesk.com/bitpay-sues-insurer-after-losing-1-8...
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