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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

#41

Post by berberous »

_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.

It is definitely a speculative bubble. I think we are in a similar position as 1998. The technologists can see that [the Internet]/[cryptocurrencies] are very interesting technologies, with the potential to change the world. But retail investors are pouring in, without any understanding of the tech, and inflating both good and bad [companies]/[coins] in a pure speculative frenzy.

If I had to bet, there is still lots of upwards runway left, but at some point, it will come crashing down, the bad [companies][coins] will be worthless, and out of the ashes will rise a more sensible market with some of these [companies][coins] truly changing the world.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#42

Post by gxs »

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.

I think a lot of us are aware that we're gambling, purely speculating.

I have a high tolerance for risk, so I don't mind going in big (big for me) - if it works out great, if not, it's been a helluva ride.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#43

Post by sp821543 »

_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.

They are in a bubble, and bubbles can last for years. They also drive innovation.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#44

Post by sidlls »

make3 wrote: post #36
sidlls wrote: post #22

Earlier quoted context omitted.

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…

christ you must have made ridiculous money with this

Well, ridiculous in the sense that the whole phenomenon is absurd or relatively to what some people earn in a year, sure.

But I only made about 2.5x my wager, which wasn't much (less than $10000, more than $1000).

Also, as noted, much of a LTC gains could easily be eaten up by ETH losses. BTC is too expensive for my gambling taste.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#45

Post by qeternity »

jhpriestley wrote: post #19
_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.

They're not a MLM because there isn't the "pyramid" aspect. If I buy bitcoin at $10 and sell it to you at $100, then I don't get a percent of your sales going forward or anything like that. It's a plain old bubble.

That's not what makes MLM a "pyramid". Residuals are part of lots of legitimate business. What makes most MLM a pyramid scheme is the fact that growth is predicated on bringing new members into the scheme, rather than existing members growing their business.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#46

Post by freeone3000 »

xur17 wrote: post #40
helen842000 wrote: post #29

Earlier quoted context omitted.

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.

If you don't mind me asking, what types of transactions do you currently use it for? Based on the current technology and fees, it is quite expensive to transact, and really doesn't make sense for me. That said, I can see a future for it if something like lightning network ever gets released (and actually works).

Bitcoin has a flat fee per transaction, so even at $6 it doesn't take a lot of money until it's winning out over the 5% PayPal takes.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#47

Post by blurbleblurble »

_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.

In some sense, money itself has an "MLM" quality to it.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#48

Post by function_seven »

jonknee wrote: post #35
jatsign wrote: post #14

98% of their funds are stored offline in a cold wallet. I bet they exhausted their hot wallet supply. https://www.coinbase.com/security?locale=en-US

Why would they need the actual coins to allow trading? Only transferring would require access to a wallet.

Seems like selling qualifies as a transfer, no? I think you can still receive and send LTC to other wallets, you can't convert to USD.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#49

Post by JosephRedfern »

function_seven wrote: post #48
jonknee wrote: post #35

Earlier quoted context omitted.

Why would they need the actual coins to allow trading? Only transferring would require access to a wallet.

Seems like selling qualifies as a transfer, no? I think you can still receive and send LTC to other wallets, you can't convert to USD.

Not if it's internal to coinbase -- can all be marked against an internal ledger, right?

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#50

Post by kordlessagain »

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.

Litecoin supports the Lightning Network, so some rationality is to be expected in Litecoin's future.
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