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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

#281

Post by etr-strike »

johnwheeler wrote: post #235
panarky wrote: post #180

Earlier quoted context omitted.

> 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 beli…

Unlike people who invest in the stock market, no one buying cryptocurrencies in under the delusion they'll be bailed out.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#282

Post by kombucha2 »

kss238 wrote: post #272
kombucha2 wrote: post #215

Earlier quoted context omitted.

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?

Parent comment i replied to - "... hope cryto speculators won’t ask to be bailed out... "

To which I replied that someone has in fact already asked for a bail-out.

Title of Article - "Record ICO Tezos Founders Seek Bail-Out From Foundation"

It's only a matter of time before someone in the cryprocurrency sphere asks for a bail-out for reason or another.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#283

Post by zodiac »

biot wrote: post #210
jhpriestley wrote: post #19

Earlier quoted context omitted.

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…

Could you design a secure PoW scheme that doesn't suffer form this flaw? I don't think you can

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#284

Post by tromp »

biot wrote: post #210
jhpriestley wrote: post #19

Earlier quoted context omitted.

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…

He would have had to mine for 139 days to get ~1M bitcoins (50BTC every 10 min). More if other people are mining too.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#285

Post by joe_the_user »

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.

Plenty of things that were eventually successful products went into extreme bubble and correct mode before they were successful.

Blockchains may or may not be part of the finance of the future. But that doesn't mean that 99% of the price of a given blockchain product today isn't bubble based bunk to be avoided just as many 1800s railroad stocks and 90s dotcom stocks had value only from bubble-dynamics despite railroads and the Internet being technologies that went on the succeed massively.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#287

Post by bushido »

johnwheeler wrote: post #235
panarky wrote: post #180

Earlier quoted context omitted.

> 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 beli…

The classic case of cognitive dissonance, gets you on the way up and the way down.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#289

Post by Dangeranger »

An economics professor told me once;

> Bubbles grow against walls of doubt. It is when the bubble must stand on it's own that it bursts.

If these markets level out, and people stop investing because you can no longer get 20% returns every week, that is when things are going south.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#290

Post by lucaspiller »

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…

Also I agree banks in the US really need to modernise their procedures, I don’t really see how this is an argument for cryptocurrncy.

Here in Europe I can make a payment to any other EUR bank account in Europe, for free and it’ll usually arrive the same or next day. All I need is the recipients bank account number, and to enter that and the amount on my online banking - I don’t need to go and see anyone or fax anything over.

Recently a new initiative was launched where (between participating banks) you can transfer up to €15,000 in a maximum of 10 seconds:

https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta...

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