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Litecoin and Ethereum buys and sells are temporarily disabled

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321–330 of 566 posts

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#321

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…

Even if it is a bubble, that doesn't mean it can't go another 20x from here, depending which crypto you put your money in.

There's cheap liquidity (ho ho ho said the FED and the ECB), there are institutions (pension funds) that are starting to buy in, and in comparison, the dot-com bubble (which was mainly a US led bubble, not global) went to $5.7tn to $1.7tn. Gold is worth $8tn globally. Why couldn't Bitcoin get to part of that level, e.g. $2tn?

It sure looks like a bubble, and it probably is, but it could literally be the largest bubble in our lives -- unlike one stock in the market, this is a global phenomenon + you only have a few currencies that matter.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#322

Earlier quoted context omitted.

> 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.

It's not actually a delusion, in the case of the stockmarket. That's actually happened a couple of times, now.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#323

Earlier quoted context omitted.

While I agree that BTC and ETH are likely lowest risk long term, I'm not exactly throwing money at crypto for the low risk portion of my portfolio and don't mind doubling down on a more dangerous gamble since I've researched my holds pretty well, imo. 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 us…

"some of these smaller projects" Which ones? There are hundreds of these things, and my personal view is that they're mostly worthless. I really don't think the hard part at this point is coming up with a cool use case for cryptocurrency, or even building the technology that works (though many of these alts have yet to even do that). The hard part is adoption, and my estimation is that almost all of them will fail at…

>Which ones?

ChainLink, as this project is aiming to incorporate outside data into the blockchain and smart contracts. This has plenty of real world use cases. This could be what the internet is to a computer, but for blockchain. Zen Protocol is also working on a similar idea, but they incorporate smart contracts into their project and have improved upon ETH's model a bit (not charging gas for failed contracts to name one example). I see no reason why this wouldn't be adopted if they can deliver.

Request Network, a project backed by this very website, is working to create a currency agnostic payment platform that may compete directly with PayPal and demands far less fees. There is a pretty incentive to adopt this over vendors listing individual currencies for payment methods, and everyone saves money due to lower fees.

RaiBlocks and ByteBall diverge from the blockchain and instead rely on DAG tech, and have extremely fast confirmation times because of this, and scale upward excellently. There is incentive to use these in the crypto space because transfer times and tx fees are too high, but we'll see how the outside world reacts.

Ripio Credit Network is working on making a decentralized lending platform to allow (currently) South Americans access to reasonable lending solutions, but I see this extending to a much larger global scope if successful. There is pretty clear incentive for adoption here, you can read about their potential customer base.

Just to name a few, I invite you to research a little more as a lot of these products are pretty amazing, and I'd be curious as to why you think the above are "worthless". But yes, adoption is the biggest concern. Personally, I don't see cryptocurrency ever going back to $0, the technology is better than existing models of centralized banking and middle men. Unless something comes along that disrupts the disruptor, I think it's here to stay for the forseeable future.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#324
post #244

Earlier quoted context omitted.

> we tap our Visa card to pay instantly with no fees I guess it's businesses, who pay high enough fees on your transactions.

The current Bitcoin transaction fee is $20+. Credit card processors charge you under 3%. If you're doing transactions of under about $700 USD, credit card fees are cheaper than Bitcoin fees.

Credit card processors also pay the user of the CC a cashback on a significant portion of that fee... And are also liable for fraud.

Who do I chargeback when an online merchant takes my BTC, and doesn't ship the goods I bought? BitPay will tell me to pound sand. VISA will process a chargeback, no questions asked.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#325

Earlier quoted context omitted.

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 prod…

There is no evidence that bitcoin is or isn't in a bubble. It is a conjecture either way.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#326
For those on this thread who still think Bitcoin as currency, try flipping this on its head and think of Bitcoin as a store of value and ask why it would not make sense. Like most things in this world, value is perceived- we attribute vakue to Gold, Diamonds, etc. Why wouldn’t Bitcoin be in the same bucket as a store of value?

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#327

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…

Do you feel any guilt that your profits are at the expense of naive speculators who "have no business investing in it are taking on debt to do so, with no clear exit strategy" ?

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#328
post #327

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…

Do you feel any guilt that your profits are at the expense of naive speculators who "have no business investing in it are taking on debt to do so, with no clear exit strategy" ?

Not a bit.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#329

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…

The way I see it, it's like investing in the currency of an extremely promising, extremely poorly-defended nation. You could do really well out of it, until they get invaded.

It all comes down to how effectively you think the distributed consensus on transaction history is protected. A consensus which is not based in human relationships is very easy to pervert, given enough wealth.

The doomsday scenario, from my perspective, is China expropriating the mining farms in its jurisdiction, and constructing double spends until nobody trusts BTC as a means of transferring value. If that happens, there will be a huge rush to the exits. And it would be cheap, quick, and easy for China to do so.

There's a lot of money to be made in the meantime, though.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#330

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.

It's also the best crypto to transfer value between exchanges, if you don't want to use Tether.
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