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Bitcoin and almost every other cryptocurrency crashed hard today

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Re: Bitcoin and almost every other cryptocurrency crashed hard today

#361

Post by kochthesecond »

htormey wrote: post #51

I do mobile software consulting. To give you an idea of the level of crypto currency mania: Every single one of my clients in San Francisco have some kind of slack or group chat devoted to crypto trading. I was waiting at the front desk of a client who has a floor in a fancy building downtown. Whilst waiting I overheard the end of a conversation between the door guy talking to the maintanence man: “I put in a bunch o…

I got out when I saw the first bitcoin ad in a national newspaper 2 weeks ago.

Too many people having no idea what they are buying.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#363

Post by asciimo »

Erlich_Bachman wrote: post #344
asciimo wrote: post #316

Earlier quoted context omitted.

What if Bcoin increased the block size?

Increasing the blocksize will never realistically bring a Bitcoin-like network to the truly global scale of say Visa or MasterCard. Many people think that other technical solutions are needed, and that only they can work. These people are broadcasting their choice through the markets and the price of each coin. Bcash has increased the blocksize (and forked), which is a perfectly valid solution for such a task, in ter…

I wanted to make a small Bcoin transaction a couple weeks ago to test a wallet and the fee was over $20. That doesn't seem like a good fee compared to Visa. Is this something that could be fixed now with a block size increase?

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#364

Post by dnm »

52-6F-62 wrote: post #250
dnm wrote: post #199

Earlier quoted context omitted.

Interesting. The pattern from the 9:30-10:15 range (EST) is a classic Ross Hook 1-2-3 (low) setup [1]. [1] https://oxfordstrat.com/trading-strategies/ross-hook-1/

I'll bite, because I could use more insight. As far as I can tell, he references daily bars—to see the effect that you referenced, I had to reduce the bars to ~ 3 - 15 minutes. Otherwise, the pattern looks quite the opposite to me. Am I missing something? If not, could something like that somewhat reasonably be applied to trading at that time scale? Seems like a good way to never get any sleep!

I just tend to recognize the patterns in any timeframe. They're everywhere. If I were a day trader, that was a trade I would have taken, but I don't have the patience to sit and stare at the screen like that all day.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#365

Post by bogomipz »

thinkling wrote: post #343
bogomipz wrote: post #311

Earlier quoted context omitted.

>"The dollar is essentially backed by oil ..." No, the petrodollar system effectively ended with the 2008 financial crisis[1]. The US dollar is just backed by debt now. EDIT(wrong URL): https://uk.reuters.com/article/uk-usa-bonds-petrodollars/com...

I'm missing how your link supports your claim. The linked article says nothing about the financial crisis and discusses petrodollar behavior in recent years. Much of the reduction in export of petrodollars to asset markets is blamed on sanctions on Russia.

Sorry I pasted the wrong URL I've since corrected it.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#366

Post by Retric »

bogomipz wrote: post #359
Retric wrote: post #339

Earlier quoted context omitted.

If a US company is paid in euros or gold it still needs to pay taxes in dollars. Further, property taxes for example are independent of your income stream. As owning land creates a liability, but land in no way creates money from thin air. People do transactions in USD specifically because they need to pay taxes in USD not the other way around. Thus, these transactions are simply a multiplayer on top of the Tax deman…

>"If a US company is paid in euros or gold it still needs to pay taxes in dollars" And similarly if a European company is paid in dollars they still need to pay taxes in Euros. Why is this relevant? >"As owning land creates a liability, but land in no way creates money from thin air." Owning land creates money out of thin air by appreciating in value. People have gotten fantastically wealthy by doing nothing except l…

> This is not unique to the US

Sure, and Euros are also backed by the EU economy. The point is 'national' currency's are actually backed up by enforced demand unlike say Ethereum.

People talk about hyper inflation as if it can actually happen without the backing government printing money. The reality is taxes limit inflation as long as the currency is not printed endlessly and the government does not over spend you can't sustain hyperinflation.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#367

Post by spiralx »

navaati wrote: post #89
chillydawg wrote: post #57

Earlier quoted context omitted.

It's a fairly standard order book view, with a nice log of trades on the right hand side. For most real exchanges (eg ones trading shares or commodities), this view would be impossible without some kind of downsampling as there would be too many trades/sec to display in real time. Your monitor probably isn't fast enough, let alone your browser rendering stack.

Oh the log is cool but I was more specifically referring to the order book with the spread, and the "green on the left, red on the right" view in the middle that shows the market. I would like to see such a view for regular stock markets but I don't know where to go. The stock exchange interface of my bank, for example, is far from showing such a nice thing, only a bare order book with only a few lines.

It's sometimes called "level 2", stock markets do charge fees for access to the feeds - at least the LSE did when I worked on a site that showed the information :)

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#368

Post by sireat »

cocktailpeanuts wrote: post #83

As someone who owns and believes in cryptocurrency, I'm actually glad this happened. I was getting sick of all the get rich quick people who've been driving the price lately, even for the coins that shouldn't be pumping. It was almost as if the entire cryptocurrency space had turned into a huge unregulated casino. I was at a couple of Bitcoin meetups recently and was surprised to find that most attendees were proudly…

I am still trying to find fundamental cryptocurrency developments in 2017.

2011 were the first steps in BTC usability. 2013 was the rise of alt-coins and also BTC became actually usable(mostly due to Bitpay and Gyft) 2017 it seems all speculation.

So let's take top (by market value on 12/22/2017) crypto-currencies:

  1. Bitcoin - first mover, slow, expensive to use pivoted to store of value
  2. Ethereum - smart contracts enabling ICO craze despite horrible contract programming language
  3. Bitcoin Cash - moving to replace BTC in usability(Bitpay), but large single entity(Bitmain) influence
  4. Ripple - building backbone for financial institutions, but otherwise just speculation
  5. Litecoin - my 2nd love after BTC has not really advanced since 2013 and lead dev just sold all -> just speculation still
  6. Cardano - smart, open, unusable -> just speculation
  7. IOTA - IoT currency, premined, again why does this need high value?
  8. Dash - at least has some merchant acceptance, but still pitiful
  9. NEM - buzzwords but again unusable -> just speculation
  10. Bitcoin Gold - BTC fork with ASIC resistance -> just speculation
  11. Monero - black market usability rising
  12. EOS - impressive buzzwords, unclear on why tokens should have high value
  13. Stellar - a few name drops but unclear on usability
  14. NEO - what a name pivot, otherwise just a vision and speculation
  15. QTUM - smart apps, plus a few DAPPS, any good?
  16. Ethereum Classic - the one that honors badly written smart contracts
Out of these, BTC and Ethereum seem likely to stay at some value despite their flaws just because of their originality.

Out of rest, Dash, Monero and Bitcoin Cash seem like potentially useful for the general public.

The rest, what use are they for the general public?

Even if we assume all are honest and produce something useful for many of these tokens it is unclear why should general public care about buying tokens.

For example why should Ripple be valued by public and speculated upon when it is only its backbone that is to be used by bigbanks?

Disclaimer: despite mining some since 2011 I am really sceptical about most crypto currencies.

TLDR; besides white papers what actually became usable in 2017?

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#369

Post by joelinuxyx »

cocktailpeanuts wrote: post #83

As someone who owns and believes in cryptocurrency, I'm actually glad this happened. I was getting sick of all the get rich quick people who've been driving the price lately, even for the coins that shouldn't be pumping. It was almost as if the entire cryptocurrency space had turned into a huge unregulated casino. I was at a couple of Bitcoin meetups recently and was surprised to find that most attendees were proudly…

One problem with cyrptocurancy is its decentralized model and instability; that is why institutions are more interested in Ripple and similar solutions.

Re: Bitcoin and almost every other cryptocurrency crashed hard today

#370

Post by UncleEntity »

jcranmer wrote: post #226
monocasa wrote: post #162

Earlier quoted context omitted.

And a big piece of gold's value is that it's been a store of value for longer than recorded history. Hell, if the world went belly up, Mad Max style, there's a good chance that whatever gold you have would be worth even more.

Serious question: what value would gold have in a post-apocalyptic world? If I'm selling something, why should I take gold in exchange for it, instead of something useful, like ammunition or food or water?

> Serious question: what value would gold have in a post-apocalyptic world? If I'm selling something, why should I take gold in exchange for it, instead of something useful, like ammunition or food or water?

What if the people who want your goat don't have what you want to immediately consume but you know for sure Bob down the street (who doesn't particularly like goats) will trade ammo for gold?

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