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Litecoin and Ethereum buys and sells are temporarily disabled

status.coinbase.com

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Re: Litecoin and Ethereum buys and sells are temporarily disabled

#21

Post by jjallen »

Klathmon wrote: post #9
ceejayoz wrote: post #6

Earlier quoted context omitted.

The recent speculation spikes have been pretty remarkable. I wouldn't be shocked if they occasionally exhaust hot wallets. I'd love to know what the process is - do they have coins in cold storage in the offices in safes? Bank vaults? Multi-person signatures?

They don't really talk about it, but I'd imagine it's multi-signature offline wallets that require a few people and an assload of physical security to spend.

Yeah I can't wait to read books about this stuff in a few years, probably soon! Hopefully Brian Armstrong will write one.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#22

Post by sidlls »

sd_mikey wrote: post #10
jliptzin wrote: post #5

What is causing the sudden rise in litecoin?

My guess is that the there are a lot of newbies now on Coinbase (#1 app in the Apple AppStore). They are buying the cheapest “bitcoin” without actually understanding what they are buying. This has increased demand for the cheaper of the only three options in Coinbase thus increasing price.

Yes, and I've cashed out handsomely as a result of being lucky enough to predict exactly this.

For clarification: I bought some $1000s worth of LTC when it was under $100 shortly after the Futures news hit. It was pure gamble on my part and I could have easily lost instead of the other way around.

I also bought a few ETH coins when it was around $400 but haven't cashed those out yet. I'm predicting my LTC gains will be wiped by ETH losses.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#23

Post by stormbrew »

_m8fo wrote: post #11

Can someone familiar explain why cryptocurrencies aren't a bubble? They both seem to exhibit similar characteristics. Clearly, are shown by the site here, these aren't nearly as liquid as fiat currencies, nor are they really used to purchase anything. So... What is it? EDIT: upon thinking about it, MLM wasn't the term I meant.

So like, there are a lot of problems with cryptocurrencies obviously, but they don't really resemble mlm in any particular way even if you consider them to be a scam?

In multilevel marketing, people are being sold downstream profits directly from people they sign up. If you sign up another person you take a cut of their revenue. If you sign up enough people and they sign up enough people you stand to gain a lot of money with very little work.

When it falls apart, assuming you're not deep enough in that you're indited yourself, you keep that profit. It's the people at the tail end who lose because the only way to really profit is to sign people up.

On the other hand when you sell someone on bitcoin you aren't taking a cut of their 'revenue'. If you're invested in bitcoin you're as in the hock for a crash as they are.

It's an asset, though a somewhat different one to traditional assets. As such it's subject to the same kinds of asset bubbles as any other asset (ie. gold is not as liquid as fiat, nor is it really used to buy things). But it's not the same kind of thing as MLM.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#24

Post by adsfasdf2332 »

_m8fo wrote: post #11

Can someone familiar explain why cryptocurrencies aren't a bubble? They both seem to exhibit similar characteristics. Clearly, are shown by the site here, these aren't nearly as liquid as fiat currencies, nor are they really used to purchase anything. So... What is it? EDIT: upon thinking about it, MLM wasn't the term I meant.

because it is nothing like MLM or a pyramid scheme at all? Other than the fact that people have made a lot of money from them.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#25

Post by phil248 »

sedtrader wrote: post #15

A lot of emotion with LTC. People are downloading Coinbase and buying LTC simply because it is the cheapest on Coinbase. This is definitely a bubble, really cant deny that anymore. All emotional, non-rational behavior.

Having purchased several cryptocurrencies recently, I can attest that I am certainly not acting rationally. But at least I'm having fun!

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#27

Post by jawilson2 »

sd_mikey wrote: post #10
jliptzin wrote: post #5

What is causing the sudden rise in litecoin?

My guess is that the there are a lot of newbies now on Coinbase (#1 app in the Apple AppStore). They are buying the cheapest “bitcoin” without actually understanding what they are buying. This has increased demand for the cheaper of the only three options in Coinbase thus increasing price.

This is supported by the fact that there is $50-$100 difference between gdax/coinbase and other exchanges. This happened with BTC last week too: on gdax the price hit ~$19000, and remained close to $15000 on the others, before reverting.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#28

Post by maxencecornet »

sedtrader wrote: post #15

A lot of emotion with LTC. People are downloading Coinbase and buying LTC simply because it is the cheapest on Coinbase. This is definitely a bubble, really cant deny that anymore. All emotional, non-rational behavior.

Nothing new, markets are never rational

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#29

Post by helen842000 »

_m8fo wrote: post #11

Can someone familiar explain why cryptocurrencies aren't a bubble? They both seem to exhibit similar characteristics. Clearly, are shown by the site here, these aren't nearly as liquid as fiat currencies, nor are they really used to purchase anything. So... What is it? EDIT: upon thinking about it, MLM wasn't the term I meant.

I bought BTC to use as currency for transactions not as an investment. It should be used for that purpose. MLM only has one purpose - to recruit others into it. I don't ask other people to buy BTC so I can make a profit. MLM usually has a pyramid commission structure.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#30

Post by adsfasdf2332 »

jliptzin wrote: post #5

What is causing the sudden rise in litecoin?

It's a crypto that offers fast and cheap transactions. People are using it to move money around in the crypto space - exactly what it was meant to do.

The people saying it is noobs buying on coinbase have no idea what they are talking about, or are mistaken about how big the crypto economy is.

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