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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

#271

Post by bufferoverflow »

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"

That's just not true, these fees are baked into the prices, since the seller pays them.

That's one of the reason cryptocurrencies are advantageous in the long run, they can eventually provide the transaction fees close to what they cost in electricity and infrastructure amortization - pretty much sub-penny to transfer any amount.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#272

Post by kss238 »

kombucha2 wrote: post #215
kss238 wrote: post #203

Earlier quoted context omitted.

Seek = "already happened"?

Seek = ask

Yes obviously. But you earlier stated that "Already happened basically!" in reference to a crypto bailout. So again, how is "seek" equivalent to "ask" here?

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#273

Post by smileysteve »

down wrote: post #259

would love to be a bubble, to drop in price so I can get in, but I don't think so, if you compare bitcoin with gold, bitcoin is better, the "gold" brand is stronger still with its history, but not so much among the new generation, unless bitcoin gets to 7 trillions, the gold market cap, I would not wory about being a bubble.

> if you compare bitcoin with gold, bitcoin is better

If you have access to a computer that has many many gold plated connections.

Gold is still superior for restarting civilization after an apocalyptic event.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#274

Post by millermp12 »

johnwheeler wrote: post #228
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…

> 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 .. The IRS would crack down on this as with any other tax avoidance scheme. Offshore havens are probably safer since many rely on loopholes.

Sure, but much of this depends on BTC exchanged for fiat. I suspect that if governments really try to put their foot down, they will inadvertently fuel a shadow economy similar to how failed states try to set an official FX rate.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#275

Post by zodiac »

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 hope you mean realize that merchants eat the fee and are contractually not allowed to offer discounts for cash payments. And many of them are not happy about this situation.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#276

Post by joe_the_user »

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…

Bitcoin doesn't produce anything of use to most people. I can already transfer my money from my bank to a merchant with quite low fees.

Even in Africa, the possibility of phone-based money allows people to do this.

Bitcoin's risks don't balance its benefits for most users of currency and basically, it's a currency or a "technology", it's simply a unique commodity akin to art or Tulips. I mean, if the bubble was tulips today, I could sell them as "unique biotechnological value-preservation technologies". But that wouldn't change the well known financial/psychological/social dynamics involved.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#277

Post by zodiac »

jonknee wrote: post #35
jatsign wrote: post #14

98% 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

Why would they need the actual coins to allow trading? Only transferring would require access to a wallet.

I think the notice refers to coinbase (where your counterparty is coinbase) not gdax

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#278

Post by benmorris »

averagewall wrote: post #251
benmorris wrote: post #221

Earlier quoted context omitted.

I totally agree. I'm confident a crypto coin crash is coming to eclipse any we've had before. The combination of volume, transactions/second limits, and weak exchange infrastructure; when people want to get out things are going to get ugly.

Whenever someone says they're sure of a crash, I assume their true feeling is isn't confidence of a crash but frustration at having missed out. Have you shorted Bitcoin? That would help you to profit from your belief.

Sure I could short Bitcoin, but it cost me nothing to speculate about a crash. I also make the assumption when I see the FOMO argument that the person has a stake in Bitcoin/Crypto Currency. Perhaps both of our assumptions are wrong?

Once the bubble burst then no one argues that they were in a bubble.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#279

Post by starlust2 »

johnwheeler wrote: post #228
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…

> 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 .. The IRS would crack down on this as with any other tax avoidance scheme. Offshore havens are probably safer since many rely on loopholes.

More so that argument relies on magic thinking. Unless there's good reason to believe that bitcoin will be the goto for tax avoidance it's just wishful thinking.

If just 0.000000001% of all astroids made of solid platinum land in my back yard I'll be a gazillionaire!

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#280

Post by zodiac »

wsc981 wrote: post #250
jjawssd wrote: post #105

Earlier quoted context omitted.

I think the big question here is what the crash will settle at for the big 3: BTC/ETH/LTC. Thoughts?

I believe BTC is here to stay, due to it being some form of "backing" currency for all other crypto currencies. I guess one could claim the same for ETH, since it's used for many ICOs. But apart from that I am not sure what the future of ETH or LTC will be. To me it seems some adaptations of ETH have a much clearer use-case and therefore are likely to raise a lot in value in the future. One of the ETH based coins tha…

How is eth "backed" by btc?
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