Coinbase is a joke of a service. They're telling me it will take 8 days to buy a Litecoin. Is this for real?
Use your credit card. Transferring funds between your bank account and Coinbase takes forever.
Litecoin and Ethereum buys and sells are temporarily disabled
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Re: Litecoin and Ethereum buys and sells are temporarily disabled
#20298% 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.
Someone has to buy what they're selling.
Re: Litecoin and Ethereum buys and sells are temporarily disabled
#203Re: Litecoin and Ethereum buys and sells are temporarily disabled
#204A 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.
Especially in light of today's massive price jump for LTC. I was initially happy to see that, but thinking further on it makes me nervous.
Re: Litecoin and Ethereum buys and sells are temporarily disabled
#205This 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…
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.
The valuation is what it is, and eventually it will become more clear what the "real" value is - way higher, way lower, or about the same. Until then, everyone is making stuff up.
Re: Litecoin and Ethereum buys and sells are temporarily disabled
#206A 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.
LTC has many advantages over BTC. Namely faster transaction times and waaaaaay lower fees.
Re: Litecoin and Ethereum buys and sells are temporarily disabled
#207Can 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.
So like, there are a lot of problems with cryptocurrencies obviously, but they don't really resemble mlm in any particular way even if you consider them to be a scam? In multilevel marketing, people are being sold downstream profits directly from people they sign up. If you sign up another person you take a cut of their revenue. If you sign up enough people and they sign up enough people you stand to gain a lot of mo…
You should think about which fiat your likening it too. Its more liquid that certain fiat (Venezuela) and can definitely be used to buy things.
It's not being used to buy things because its a deflationary currency which along with an adoption curve means it's more advantageous to sit on it.
The adoption is definitely increasing the value of it, its a more liquid gold to me, but like any other currency or asset the value is derived from the trust and value that people put in it.
Re: Litecoin and Ethereum buys and sells are temporarily disabled
#208Man, Coinbase is having major scalability issues... They should hire Peter Lawrey: https://www.todaysoftmag.ro/article/1618/low-latency-fix-eng...
Disclaimer: I am not Peter Lawrey.
Re: Litecoin and Ethereum buys and sells are temporarily disabled
#209So much for a "decentralized" currency system. Actually coinbase and the other players are and will be worst actors than banks if this presque monopoly isn't solved
coinbase is just an exchange, or a way to buy/sell crypto. once you own crypto, you no longer need to use coinbase. coinbase never advertised itself of being decentralized
Re: Litecoin and Ethereum buys and sells are temporarily disabled
#210Can 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.
The part I’ve never liked is that Satoshi Nakamoto only mined for 10 days and got ~1M bitcoins. Today, if I mine for 10 days I’ll probably get 0.001 bitcoins. Even if you adjust for increased computing power, why are my hash calculations valued a billion times less than his? Why can’t I get 1M bitcoins for a similar effort? From a market value standpoint, his computing effort is worth $18B. If, today, I put the same computing effort in as he did, I only get enough for a nice lunch.
I understand the technical reasons why due to the 21M bitcoin limit, hashrate difficulty increasing, etc. It just seems like a rigged system with the people “on top” getting huge rewards for very little work whereas the people lower down who do many orders of magnitude more work are getting very little reward. From that perspective, it has the scent of MLM, if you will.