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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

#411

Post by toki5 »

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…

Wait, I'm confused by your numbers there.

Buy: 300 LTC @ 241 = $72,300 + 1.49% fee ($1077) = $73,377 cost basis

Sell: 300 LTC @ 251 = $75,300 - 1.49% fee ($1122) = $74,178 gross

$74,178 - $73,377 = $801 net

and that's before accounting for taxes. What am I missing here?

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#412

Post by mr_spothawk »

zMiller wrote: post #392
tomkarlo wrote: post #360

Earlier quoted context omitted.

"Single dollars" is still a nosebleed-high fee for a simple electronic value transfer. Consider that pricing on something like an ach transfer is quoted in fractions of a percent (so like 75 cents for $100 USD sent - and caps out entirely at some low value like $5 per transaction regardless of the payment size.

International ACH transfer ? Any international Wire or remittance in general will cost you at least 25$.

And you have to get permission from a bank to perform the transaction.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#413

Post by ll931110 »

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…

When you start trading, you quickly learn that regrets is the norm, and feel less bad about making mistakes.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#414

Post by zerostar07 »

scribu wrote: post #408
zerostar07 wrote: post #404

Earlier quoted context omitted.

yes sorry about that. i assume however that people investing a small amount will not panic, because they really don't care. It's like buying an expensive fad fashion item, that is then left to collect dust rather than being sold. fear of missing out is driving adoption atm

Huh... that seems like a separate category from the domestic speculators I was thinking about. But then, how does an influx of a large number of fad buyers strengthen cryptocurrencies in the long term, if these buyers just completely forget that they own cryptocoins after the hype dies down?

when facebook was growing they went all-in for growth, because they knew if they got the network effect enough, they would have won, and they did. Coins have to grab the opportunity to reach everyone before governments start clamping down on their growth (which i m sure will happen not long from now).

getting people to own cryptocoins (and having a wallet) is really a trojan horse. just like smartphones turned nontechy people to app buyers, the ownership of a wallet creates a platform for many things which i don't know yet or i would be rich.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#415

Post by mr_spothawk »

tpolzer wrote: post #372
zodiac wrote: post #275

Earlier quoted context omitted.

> 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.

> The solution to this is way easier than blockchain: Just regulate them.

Regulation is not easier. I & my merchant can use blockchain today, without any permission or buy-in from a regulatory body.

This is an example of automation taking a job. As an engineer and small(er, more efficient, more effective, more fair, more predictable) government enthusiast, it thrills me to see that we're automating away the jobs of bankers and regulators around the world.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#416

Post by biot »

sumedh wrote: post #378
biot wrote: post #210

Earlier quoted context omitted.

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.

Creation of bitcoin aside, what risk is involved in an early adopter letting their computer crunch numbers for a few weeks? If you were the third person ever to mine bitcoin, about the only risk I can think of is a bit of time & effort plus a slightly higher electric bill.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#417

Post by a_tractor »

geofft wrote: post #244
riku_iki wrote: post #190

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.

I moved $1800 worth of LTC (Litecoin, one of the subjects of this thread) last night. The Tx fee was $0.01 and the funds were received in less than 1 minute. No more processing, no waiting for the next business day (or 3)... For 1 cent and 1 minute later the receiver can do whatever they want with it immediately.

That is cheaper than CC, faster than Venmo, or whatever.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#418

Post by a_tractor »

vkou wrote: post #324
geofft wrote: post #244

Earlier quoted context omitted.

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.

Good problems to solve in this space.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#419

Post by airmondii »

toki5 wrote: post #411
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…

Wait, I'm confused by your numbers there. Buy: 300 LTC @ 241 = $72,300 + 1.49% fee ($1077) = $73,377 cost basis Sell: 300 LTC @ 251 = $75,300 - 1.49% fee ($1122) = $74,178 gross $74,178 - $73,377 = $801 net and that's before accounting for taxes. What am I missing here?

are those coinbase fees? gdax fees are lower, and they're zero if your resting order gets hit

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#420

Post by ikiris »

thudrs wrote: post #231
kombucha2 wrote: post #89

Earlier quoted context omitted.

Is this the reason why? I've been scratching my head all day as to why LTC would pop today beyond the fact that the BTC rally cooled and people saw LTC as cheaper and thought "hey, thats cheap, let pump it!".

People were getting annoyed with the high fees and slow transaction times of Bitcoin. LTC is much faster, has cheaper fees, and has a higher cap on currency that can be mined. A few days ago Redditors on r/bitcoin (or maybe r/btc I cant remember) suggested people with these complaints switch to LTC. More and more posts started popping up to rally LTC. Some even mentioned that most coins had a tight correlation with B…

Because people are rediscovering why SEC rules exist one at a time.
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