Litecoin and Ethereum buys and sells are temporarily disabled • Hacker News Board

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#51

Post by arkades » Tue, Dec 12, 2017, 5:28 PM UTC

qeternity wrote: post #45

jhpriestley wrote: post #19

Earlier quoted context omitted.

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.

Not growth, but revenues.

All asset appreciation is predicated on increases in demand for an asset. Asset appreciation isn’t a pyramid.

Pyramids have no source of value - even an ephemeral asset - just dues of new members being channeled into revenue for preceding members.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#52

Post by VVayneTracker » Tue, Dec 12, 2017, 5:29 PM UTC

phil248 wrote: post #25

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!

It's all fun and games until the switch is flipped and PetroBTC replaces the Petrodollar. /s?

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#53

Post by electic » Tue, Dec 12, 2017, 5:29 PM UTC

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.

Buying and selling does not access a backend wallet. Only when it is transferred outside of the exchange do you need to actually touch the blockchain.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#54

Post by mdgrech23 » Tue, Dec 12, 2017, 5:29 PM UTC

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

Maybe, but if they exhausted their hot wallet supply it would make sense to still allow customers to sell.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#55

Post by karmajunkie » Tue, Dec 12, 2017, 5:30 PM UTC

phil248 wrote: post #25

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!

Agreed, for someone with a relatively small amount invested in the crypto market (<1k) I find myself impersonating Gordon Gecko an awful lot. The only thing I can compare it to is my brief obsession with football stats when I used to play fantasy football.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#56

Post by ReverseCold » Tue, Dec 12, 2017, 5:30 PM UTC

phil248 wrote: post #25

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!

Yup, that's all cryptocurrencies investments are right now, a game.

Have fun, but don't bet your life on it.

Mabye in the future it can be more than a speculation, but right now it's a game.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#57

Post by [deleted] » Tue, Dec 12, 2017, 5:30 PM UTC

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

[deleted]

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#58

Post by TaylorGood » Tue, Dec 12, 2017, 5:31 PM UTC

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.

Trending in the App Store right now: "cryptocurrency" and "litecoin"

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#59

Post by csbrooks » Tue, Dec 12, 2017, 5:32 PM UTC

lopatin wrote: post #34

jjallen wrote: post #20

Earlier quoted context omitted.

Do you have evidence for this or have an idea of how many people have/are doing this?

Anecdotally, this weekend I've seen 4 (non-technical) friends throw $500 - $5,000 into the three CoinBase coins this weekend, all individually. Before this weekend, they were merely familiar with Bitcoin but no interest in investment, and they did not know what alt coins were. All it takes is for someone to see the hockey-stick growth on the coins to want in. It's too exciting to pass up. The atmosphere is "If I lose…

I think the really difficult part might be figuring out when to take it off the table. For example, let's say bitcoin goes up 10x. Then do you decide to sell, because it might crash back down the next week? But what if you miss out on another huge increase by selling?

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#60

Post by goldenkey » Tue, Dec 12, 2017, 5:32 PM UTC

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.

I'd say it's more like a ponzi because the market volume is so far from accurate due to the chameleon hoardsters. They will dumptruck eventually, so anything gleaned from looking at current market stats is really just a facade. Wait till the whales start selling...And no disrespect to Satoshi who is most likely Finney but if he or his children ever decide to dump their share that most appraisers tend to consider "missing for good," you can bet the price will take a monstrous hit. Thats why I consider BTC a ponzi. The current dynamics are an ill reflection of the actual level of buyers and sellers. And there is no real way to assess number of hoarders due to not knowing how many BTC are lost or simply forgot about.