Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Litecoin and Ethereum buys and sells are temporarily disabled

status.coinbase.com

Post reply on HN
Print view View original

231–240 of 566 posts

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#231

Post by thudrs »

kombucha2 wrote: post #89
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.

Is this the reason why? I've been scratching my head all day as to why LTC would pop today beyond the fact that the BTC rally cooled and people saw LTC as cheaper and thought "hey, thats cheap, let pump it!".

People were getting annoyed with the high fees and slow transaction times of Bitcoin. LTC is much faster, has cheaper fees, and has a higher cap on currency that can be mined. A few days ago Redditors on r/bitcoin (or maybe r/btc I cant remember) suggested people with these complaints switch to LTC. More and more posts started popping up to rally LTC. Some even mentioned that most coins had a tight correlation with Bitcoin, which LTC did not seem to have. If this were true, and Bitcoin were to crash, LTC would have the greatest chance of overtaking it. The next day LTC started to rise. Im not 100% sure of correlation, but I believe these reasons to be a part of the cause. It could also have to do with big name investors starting to research cryptocurrencies after CBOE went live, or something else entirely.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#232

Post by colordrops »

bllguo wrote: post #163
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…

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.

Straw man for what? The "article" is just a link to a coinbase status page. I have heard several people, technical people, say that crypto is all around worthless.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#233

Post by remcob »

wott wrote: post #75
phil248 wrote: post #25

Earlier quoted context omitted.

Having purchased several cryptocurrencies recently, I can attest that I am certainly not acting rationally. But at least I'm having fun!

I should start a business selling thin air. Thin air from France, thin air from Japan, thin air from Mexico, and so on, you can collect them all, it is super fun. Then I could introduce cold captured thin air, warm captured thin air, etc. Wet thin air, dry thin air for year 3. More fun every year. Even better, I should sell just a paper (well, an electronic one) stating you own some thin air. Hey, geeks, how cool can…

This has been done! At least, as a joke. Back in the dot-com bubble the financial website IEX.nl announced an April first IPO for 'F/rite Air' (fried air).

They received a significant sum in offers…

Source: https://web.archive.org/web/20050831124638/http://www.iex.nl...

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#234

Post by Nursie »

xutopia wrote: post #110
_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.

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…

Sounds like the banks where you are need to up their game.

Transfers are free and fast here in the UK.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#235

Post by johnwheeler »

panarky wrote: post #180
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.

> definitely a bubble, really cant deny that anymore You could be right. But I don't understand everyone's certainty that cryptocurrencies are a fraud-bubble-scam-Ponzi-mania. The growth curve fits both exponential and logistic (S-curve) functions. Exponential growth is unsustainable, while logistic growth describes most technology adoption. Halfway through the cycle they're indistinguishable. When there's 98% agreem…

> But I don't understand everyone's certainty that cryptocurrencies are a fraud-bubble-scam-Ponzi-mania.

When it blows up, you won't understand why the SEC didn't protect you. By then, you'll realize it was a mirage all along, and you'll want someone to blame for letting it get so out of hand. Every piece of news you interpret will tell you that losing money was not your fault, because that's what you'll want to believe.

On the flip side, the current price action is causing the same sort of confirmation bias--just in the opposite direction.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#236

Post by toddmatthews »

anorphirith wrote: post #214
toddmatthews wrote: post #209

Earlier quoted context omitted.

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

I am well aware of that, the emphasis here is the prevalence of coinbase in an ecosystem that is supposed to be decentralized

and my point is you need something to onboard people from fiat to crypto. it doesn't happen in a vacuum

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#237

Post by chx »

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…

Sure, blockchain eventually might have some use. Currently, Bitcoin doesn't.

And while we were kind of unsure whether it's a pyramid or a Ponzi, actually it _is_ something new: a Nakamoto scheme. https://prestonbyrne.com/2017/12/08/bitcoin_ponzi/

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#238

Post by graedus »

AznHisoka wrote: post #185
scurvy wrote: post #67

Earlier quoted context omitted.

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 ou…

> I think this is easier said than done.

Agreed

> 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.

I agree "just recouping your costs" is not really exciting by itself. The idea is that you think it might go much higher, but - crucially - you're not sure. It's just about reducing your exposure to risk at the cost of some upside potential. It all depends on your risk appetite.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#239

Post by KasianFranks »

colordrops wrote: post #232
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.

Straw man for what? The "article" is just a link to a coinbase status page. I have heard several people, technical people, say that crypto is all around worthless.

It's divided the technology space, in particular HN. One of the reasons is due to its connection to profit and gain at the core and this does not follow the purist mantra of long time software engineering culture. Source: Me, software engineer for 30 years.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#240

Post by lloyd-christmas »

wott wrote: post #75
phil248 wrote: post #25

Earlier quoted context omitted.

Having purchased several cryptocurrencies recently, I can attest that I am certainly not acting rationally. But at least I'm having fun!

I should start a business selling thin air. Thin air from France, thin air from Japan, thin air from Mexico, and so on, you can collect them all, it is super fun. Then I could introduce cold captured thin air, warm captured thin air, etc. Wet thin air, dry thin air for year 3. More fun every year. Even better, I should sell just a paper (well, an electronic one) stating you own some thin air. Hey, geeks, how cool can…

> Even better, I should sell just a paper (well, an electronic one) stating you own some thin air.

http://www.airrightsny.com/

In concept, it's obviously not the joke you're making. In practicality, it's exactly the content of your joke.

Post reply on HN