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Litecoin and Ethereum buys and sells are temporarily disabled

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Re: Litecoin and Ethereum buys and sells are temporarily disabled

#181

Post by TheDong »

zMiller wrote: post #170
bllguo wrote: post #163

Earlier quoted context omitted.

Africa is actually more sophisticated than the US in many ways regarding fintech Anyway, this is a straw man. Who is saying cryptos are useless? People are saying that they are a bubble, that the valuations are irrational.

Totally Kenya's mobile payment system evolution from SMSing minute refill codes, to an actual legally recognized form of payment is the original Blockchain in my mind :) But that is exactly my point, in that market , there is demand and need for innovation that means crypto (while inflated right now) is here to stay. People who call Bitcoin a 'Ponzi scheme' , type of plant or apply whatever reduction on a very comple…

> People who call Bitcoin a 'Ponzi scheme' , type of plant or apply whatever reduction on a very complex and innovative product are just mind boggling to me.

You are mind-boggled because you have created a strawman; a caricature of what the "bitcoin non-believer" looks like.

Your mind would be less boggled if you accepted that there are valid points on both sides in this case. People who question bitcoin's current valuation or utility often have valid points, but if you immediately interpret their points to be as extreme as possible, of course they're mind boggling.

Similarly, people who are bullish on bitcoin often have good points and sound reasoning, but it's quite easy to also paint them with a brush which makes their positions and points mind boggling as well.

It's good to have some empathy and to actually listen, especially when it's about subjects that are so divisive. The most divisive things are the things that should least be divided further by constantly misrepresenting each side's points.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#182

Post by llamataboot »

berberous wrote: post #41
_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…

There will be a lot of blood on the floor though. The rise of Bitcoin as a speculative asset (and its inevitable crash) will do some damage for sure.

I'm bullish on blockchain technologies over the next decade or two, but we're gonna have to clean up for awhile.

My hope is that blockchain enthusiasts are taking their profits and using them to invest in building something better.

(There's also a lot to be said here about the hucksterism, shilling, get-rich-quick schemes, and an almost-fanatical belief in the power of a pure free market inherent in the BTC community from the beginning, but that's best left to another post)

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#184

Post by matte_black »

brentm wrote: post #174
matte_black wrote: post #160

Earlier quoted context omitted.

Seeing as how dreamers are basically the only reason Bitcoin rose to $20k, I see no reason why the trend wouldn't replay itself with Litecoin. Great time to buy IMO.

Well one thing is Litecoin has a much larger supply (3.24x according to Coincap). In terms of market cap & supply as of today a $15k Litecoin is equivalent to ~$50k Bitcoin. The market cap of Litecoin alone would be 0.84 Trillion. It's possible I suppose but I think you'd need some pretty serious institutional buying (or gaming of the system which only lasts so long).

I think that would put a price target of Litecoin at somewhere around $4000-$5000. Not bad considering it's current price today.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#185

Post by AznHisoka »

scurvy wrote: post #67
csbrooks wrote: post #59

Earlier 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.

I think this is easier said than done.

You most likely need to wait until it's close to 3 X the value you bought it because you'll need to pay short-term taxes after you sell it.

And once that happens, why sell half of it, vs all of it? 3 times the current value is a LOT of money and that usually takes at least 8-10 years in the equity market. Now that it happens, you're cashing out just to recoup your costs? Cash out everything, or cash out nothing and let it all ride until it's an even larger amount.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#186

Post by xutopia »

rdslw wrote: post #177
xutopia wrote: post #110

Earlier quoted context omitted.

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…

Let me guess, do you live in USA by a chance? My first hand experience (2017) is that US banking oferring (from a european guy perspective) is a eyes opening experience. * There is no instant bank wires (free ones) between major banks. Or at least the same days ones, working reliably through most of banks. * You get paper checks from your bank :))))) * Small business (sold a car, got a return from landlord) give you…

I live in Canada but even when I lived in France banks were silly. I remember asking them to close an account and they said "Oh no... once you open an account we never close it."

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#187

Post by xutopia »

dclowd9901 wrote: post #123
xutopia wrote: post #110

Earlier quoted context omitted.

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…

This is not a problem most people have.

I get that this doesn't happen every day but I paid for a certified check. Their method for certifying it involved 5 people and will take a few days before it clears.

People do certified checks whenever they buy a house, a car or transfer significant money from one institution to another.

And don't get me started on sending money to family members overseas!

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#188

Post by bllguo »

zMiller wrote: post #170
bllguo wrote: post #163

Earlier quoted context omitted.

Africa is actually more sophisticated than the US in many ways regarding fintech Anyway, this is a straw man. Who is saying cryptos are useless? People are saying that they are a bubble, that the valuations are irrational.

Totally Kenya's mobile payment system evolution from SMSing minute refill codes, to an actual legally recognized form of payment is the original Blockchain in my mind :) But that is exactly my point, in that market , there is demand and need for innovation that means crypto (while inflated right now) is here to stay. People who call Bitcoin a 'Ponzi scheme' , type of plant or apply whatever reduction on a very comple…

I've seen a lot of people on HN take a middle ground - that blockchain and crypto have real use cases, but that crypto is currently way overhyped. I think the key is that people can have a negative outlook on the financial characteristics of BTC, while still believing in the underlying technology. Certainly I can agree with you that cryptos can solve real problems, while you say that they are currently inflated - we're essentially in agreement, it seems.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#190

Post by riku_iki »

zMiller wrote: post #150

This 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 i…

> we tap our Visa card to pay instantly with no fees

I guess it's businesses, who pay high enough fees on your transactions.

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