301–310 of 566 posts
What is causing the sudden rise in litecoin?
My guess is that the there are a lot of newbies now on Coinbase (#1 app in the Apple AppStore). They are buying the cheapest “bitcoin” without actually understanding what they are buying. This has increased demand for the cheaper of the only three options in Coinbase thus increasing price.
Many here insist it's a speculative bubble. And while I might agree that perhaps BTC is in such a state (this may extend toward LTC, ETH, etc), I'm curious to know your thoughts on the less popular and lower market cap "alt-coins" such as the Y-Combinator backed Request Network and Quantstamp. It's hard to say anything in crypto is truly undervalued at the moment, but I believe if anything is, it's projects with real…
I think BTC and ETH are the lowest-risk coins right now. 99% of the coins are going to fade away, so that's where the real bubble is. Some random ICO pops up and within months their token market cap is hundreds of millions based on nothing other than a vague buzzword-laden plan?
The entire thing is absolutely stupid, and isn't going to last forever. People are way too bullish on it. People who have no business investing in it are taking on debt to do so, with no clear exit strategy other than "the moon." A lot of people who don't have any money are going to get absolutely toasted when the pendulum swings the other way. They're in it to get rich. They have no idea what blockchains are. They just think they're buying magic internet money people get rich from.
To put a little perspective on how ridiculous this all is: Last night after Coinbase came back from maintenance, there was the (expected) sell-off, so I figured I'd make a quick buck and bought 300 LTC for about $241 each, then sold it a few minutes later for $251 after the instant rebound and went to bed with a nice $3k profit. I woke up this morning and was astonished to see that LTC was about $380. This was in the course of about 5 hours. Had I not sold it last night, I would have made almost $40k. I'm a little annoyed about that, but again: this is a stupid, irrational bubble that makes absolutely no sense. It's entirely speculative.
I think crypto and blockchain has a future, but it has to solve a few problems first (transaction fees/time and anonymity). None of the big three currencies do that well enough yet. This bubble is going to pop soon and I'm worried that a lot of people are going to get impacted badly.
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…
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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.
This is a little fallacious because it assumes that the value of your money (Dollars or something?) won't continue to lose value against until it becomes worthless paper. This has happened in recent history e.g. Weimar Germany and is happening right now e.g. Venezuela.
At the end of the day, the rationality comes from a comparison of one currency against another. Just converting back from the currency you started with doesn't mean you "can't lose".
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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…
> you can't send money from bank account to a different bank to your unsophisticated friend (plumber, maid, or mr sandwich) just knowing his phone. Banks in the USA do not allow deposits into accounts without account holder permission. They won't let you stop by a branch and deposit into a friend's account (to pay them back) without a formal arrangement, so it's easier just to find your unsophisticated friend and giv…
This is not (universally) true. I've had many friends/family deposit checks for me at my local branch when I'm out of town/on vacation/whatever. I've done it myself for other people. I believe the banks in question were Wells Fargo and US Bank.
YMMV based on bank, but there is no regulation preventing this.
Many here insist it's a speculative bubble. And while I might agree that perhaps BTC is in such a state (this may extend toward LTC, ETH, etc), I'm curious to know your thoughts on the less popular and lower market cap "alt-coins" such as the Y-Combinator backed Request Network and Quantstamp. It's hard to say anything in crypto is truly undervalued at the moment, but I believe if anything is, it's projects with real…
My .02 BTC (now worth $351.44) is that cryptocurrency is here to stay. The runup might be a bubble, might not, doesn't really interest me that much. The long run for this technology feels very strong to me so I'm buying to hold. I think BTC and ETH are the lowest-risk coins right now. 99% of the coins are going to fade away, so that's where the real bubble is. Some random ICO pops up and within months their token mar…
Further, I'd argue that BTC and ETH are both extremely overbought at the moment, and reflect more of what a bubble is than many of the lowly alt coins that have real use cases (not that BTC and ETH don't). I feel you're underestimating the potential of some of these smaller projects, the problems they aim to solve and the progress they've made towards solving them.
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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 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.
If you're trying to hide assets, the U.S. is the place to be, as none of our treaties actually require us to share information back with the rest of the world.
I've made about $110k profit this year in crypto on a $21k investment earlier this year, and I think this is all a giant bubble. I was at my parents' house for Thanksgiving and a commercial with Ron Paul talking about Bitcoin came on, which coincided with around the time it went to $10k, and it hit me really hard that this isn't going to last forever (and probably will hurt sooner rather than later). I liquidated eve…