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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

#371

Post by BeetleB »

stephengillie wrote: post #265
rdslw wrote: post #177

Earlier quoted context omitted.

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…

>Banks in the USA do not allow deposits into accounts without account holder permission.

Definitely not the case in many (most?) banks. I've done this multiple times and never been turned down.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#372

Post by tpolzer »

zodiac wrote: post #275
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.

The solution to this is way easier than blockchain: Just regulate them. Personal credit card fees in the EU are capped at 0.3% and everybody is better off.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#373

Post by patmcc »

seibelj wrote: post #366
frakr wrote: post #343

Earlier quoted context omitted.

Can you provide proof of one pension fund that has bought in to crypto?

I have heard many anecdotes about finance money coming in. We are witnessing it. Also, rich Saudis are scared shitless about losing their wealth when political winds change. They put their money into crypto and it's much, much harder to take it from them, provided they own the private key. This is the best mechanism of wealth storage yet created, provided the value holds, which as more around the globe believe in, it…

>>>They put their money into crypto and it's much, much harder to take it from them, provided they own the private key.

That's not exactly trivial - how do you store a private key in such a way that it's safe, accessible to you and only you, cannot be destroyed by your enemies, and can be passed on to your heirs upon your death?

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#374

Post by sumedh »

harryh wrote: post #327
garybro wrote: post #303

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" ?

> naive speculators

They are doing it willingly to get rich.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#375

Post by seibelj »

patmcc wrote: post #373
seibelj wrote: post #366

Earlier quoted context omitted.

I have heard many anecdotes about finance money coming in. We are witnessing it. Also, rich Saudis are scared shitless about losing their wealth when political winds change. They put their money into crypto and it's much, much harder to take it from them, provided they own the private key. This is the best mechanism of wealth storage yet created, provided the value holds, which as more around the globe believe in, it…

>>>They put their money into crypto and it's much, much harder to take it from them, provided they own the private key. That's not exactly trivial - how do you store a private key in such a way that it's safe, accessible to you and only you, cannot be destroyed by your enemies, and can be passed on to your heirs upon your death?

It's comparatively safer than holding millions in government-controlled banks, property which can be seized with the stroke of a pen, physical wealth like gold which is tough to store and move, and has value anywhere in the world (not many people in Europe care about your franchise holdings in Riyadh).

In contrast, if you buy bitcoins, when you flee the country you can bring your wealth with a memorized 24-word code or a slip of hidden paper, and people in other places will accept your Bitcoin.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#376

Post by wunderg »

vkou wrote: post #319
zMiller wrote: post #313

Earlier quoted context omitted.

Spot on. Use as currency for Bitcoin (and other coin networks) is still in it's infancy and cannot scale the way it needs to should it want to replace fiat. The important distinction I would draw though that stores of value have historically been cumbersome to transport and liquidate, Bitcoin solves that problem in a very good way. I feel it's important to also address this 20$ bitcoin fee meme that seems to be going…

> You have the capacity to set your own txn fee on the Bitcoin network. If you don't mind waiting a couple of blocks (1-3 hours) to get your transaction confirmed , then the fees fall down to single dollars and even lower. This is infeasible because of insane volatility that BTC is experiencing. You either pay through the nose for a fast confirmation, or you are overpaying, or underpaying your counterparty. Not to me…

VISA max transactions per seconds around 65000 right now. With daily average 1700 per second and daily high around 25000 transactions per second during holidays and such. I just don't see any cryptocurrency to be able to handle that.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#377

Post by nunez »

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.

Just wait until XRP gets into Coinbase, if it makes it into Coinbase. Many people will make bank!

Of course, that's assuming that don't end 2017 (or 2018) with a massive crypto bubble burst!

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#378

Post by sumedh »

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…

> The part I’ve never liked is that Satoshi Nakamoto only mined for 10 days

He took the risk initially so he gets to enjoy the spoils.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#379

Post by hrrsn »

amscanne wrote: post #361
charlesdm wrote: post #347

Earlier quoted context omitted.

Maybe not yet as of today, but they're coming. I have a friend (wealthy family with a substantial family office) who bought into crypto at the beginning of last year. His dad runs quite a large traditional investment fund and knows of people in his network working at pension funds that are looking at putting money into Bitcoin / Ethereum and others. The family has done private equity deals together with some of these…

Wow, pension funds should not be doing currency speculation. That's bad. The problem with crypto-_currency_ is that it's not a productive asset. A share of a business pays dividends over time and thus has intrinsic value (and _some_ speculative value), while a currency does not. A currency transaction is a zero-sum game, which is good because it minimizes friction. Buying cryptocurrency with the expectation of increa…

You can take the crypto out of the above statement and it's still true - yet I know plenty of funds that speculate on currencies.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#380

Post by powvans »

amscanne wrote: post #361
charlesdm wrote: post #347

Earlier quoted context omitted.

Maybe not yet as of today, but they're coming. I have a friend (wealthy family with a substantial family office) who bought into crypto at the beginning of last year. His dad runs quite a large traditional investment fund and knows of people in his network working at pension funds that are looking at putting money into Bitcoin / Ethereum and others. The family has done private equity deals together with some of these…

Wow, pension funds should not be doing currency speculation. That's bad. The problem with crypto-_currency_ is that it's not a productive asset. A share of a business pays dividends over time and thus has intrinsic value (and _some_ speculative value), while a currency does not. A currency transaction is a zero-sum game, which is good because it minimizes friction. Buying cryptocurrency with the expectation of increa…

I don't understand why you are being downvoted. Pointing out the difference between productive and non-productive assets is exactly what is needed at the moment.

Everyone is talking about what if scenarios where huge offshore money or sovereign wealth or whatever comes into Bitcoin YUGE. Well, ok, do you think that money is just parked somewhere or is actually invested somewhere in a productive business?

Most dollars which aren't spent on consumption are converted into equity in productive businesses. In this case, dollars are merely the unit of account. You aren't invested in dollars, you are invested in businesses that produce the things that people need and those investments are measured in dollars.

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