The question is which is the worse bubble Bitcoin or Litecoin?
Bitcoin has integration into a lot more payment options. But, that doesn't mean the price will come crashing down any time now. I think a drastic correction is due.
Litecoin and Ethereum buys and sells are temporarily disabled
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Re: Litecoin and Ethereum buys and sells are temporarily disabled
#142Can 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.
Today I went to one bank to transfer 60k from one account to an account in a different bank. I paid 7.50$ to get a certified check from Bank A. Went to the Bank B near my house to deposit it there. Unfortunately the branch near my house isn't where my account is. They tried faxing a photocopy of my certified check to the other branch but the line was busy. They're going to continue trying until 3pm today when they cl…
If we're talking about bitcoin I think ~$15 and ~4 hours average right now which isn't much better.
If we're talking about other currencies, you have a good point. I think lumen (XLM) is the best right now, ~$0.0000015 fee, ~3 second average right now
Re: Litecoin and Ethereum buys and sells are temporarily disabled
#143Can someone familiar explain why cryptocurrencies aren't a bubble? They both seem to exhibit similar characteristics. Clearly, are shown by the site here, these aren't nearly as liquid as fiat currencies, nor are they really used to purchase anything. So... What is it? EDIT: upon thinking about it, MLM wasn't the term I meant.
Today I went to one bank to transfer 60k from one account to an account in a different bank. I paid 7.50$ to get a certified check from Bank A. Went to the Bank B near my house to deposit it there. Unfortunately the branch near my house isn't where my account is. They tried faxing a photocopy of my certified check to the other branch but the line was busy. They're going to continue trying until 3pm today when they cl…
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Re: Litecoin and Ethereum buys and sells are temporarily disabled
#144A 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.
Sorry to break it to you, this is not "new" money pouring in. This is a very well orchestrated and calibrated pump.
Re: Litecoin and Ethereum buys and sells are temporarily disabled
#145Earlier quoted context omitted.
Can't they just click the auto scale button in AWS? Isn't that the entire point of cloud services?
Cold wallets don't scale, and that's the entire point of them. "Hot Wallets" can be hacked, because they're connected to the whole system. "Cold Wallets" are offline, and require human intervention to transfer money into and/or out of. Figuring how much money to keep in the "Hot Wallet" is a tradeoff in services, convenience, and security.
This doesn't sound like a wallet problem. That would only break withdrawals. They're not doing any transactions at all.
Re: Litecoin and Ethereum buys and sells are temporarily disabled
#146Earlier quoted context omitted.
Can't they just click the auto scale button in AWS? Isn't that the entire point of cloud services?
That works, so long as you've refactored your infra to the point that the computational resources (whether server nodes or hard disks or or database shards) are modular enough that you can just add more stuff and it will play nice with everything else. That objective -- not a cute UI that lets you change one of the numbers -- is the hard part. And yes, it is to Coinbase's discredit that they haven't done so, but (ass…
Can't they just get a bigger boat? Scaling via hardware is a good fix until systems can be made modular for scaling.
Re: Litecoin and Ethereum buys and sells are temporarily disabled
#147Re: Litecoin and Ethereum buys and sells are temporarily disabled
#148Earlier quoted context omitted.
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?
Sell half after it doubles, then hold the rest until you need the money. Selling half returns your initial investment; what remains is pure profit and you can't lose money.
This is precisely what I did, so now I have a guaranteed net profit. Yes my potential earnings are lower but it feels good to be out of the group of potential "losers" in what looks to be a zero-sum game.
Re: Litecoin and Ethereum buys and sells are temporarily disabled
#14998% 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.
If they only allowed people to sell and not buy they'd probably be accused of market manipulation.
Re: Litecoin and Ethereum buys and sells are temporarily disabled
#150This thread's audience is obviously a 'developed nations' one.
From our perspective yes, Crytpo's use case as currency make absolutely no sense (yet), we tap our Visa card to pay instantly with no fees and no fraud liability, hard to beat.
As a store of value however there is a very strong use case in the western world. Of the top my head, it is estimated that 10% of our GDP is in off shore havens, think about that infamous 1% moving just half of that 10% into Bitcoin ..
I digress..
If you venture your mind a little outside the borders of our empire and think about the 'unbanked' parts of our planet, entire populations whom live under poverty for the sole reason that they do not have access to the equity and efficient markets directly. If you look there, people are DYING for something like Bitcoin and other crypto's. There is absolutely no reason an African farmer to have to sell his Oranges to Europe in Euro then buy it back from there (Sell Euro to local currency) for local use.
Currency is an abstraction, an expression of a market, just like language is.
Here we tap to pay and need everyone to protect us from fraudsters, pornographers, money laundry , , in other parts of the world , that far out number the western world in population, they don't care to be protected by the above because quite frankly the price they pay for that 'protection' is insanely oppressive governments that use the above to legitimize the oppression.
It is exactly in those markets where you start to see a VERY stong use case as both store of value and currency for crypto and it is exactly that market that will drive the world's demand for good UI for crypto that will eventually usher in mass adoption.