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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

#451

Post by JonnyNova »

panarky wrote: post #429
johnwheeler wrote: post #406

Earlier quoted context omitted.

> But where do you get your certainty? By way of an understanding of human nature. From the book Bull! A history of boom and bust: “...A bubble, Galbraith observed, is always supported by the belief that there is something new in the world. The history of past cycles is dismissed as irrelevant.“ That’s it in a nutshell. It is a time-tested part of who we are, and it’s almost like you’re either born with the ability t…

> ...A bubble, Galbraith observed ... Counterpoint: Galbraith confidently called the US stock market a "classic bubble" in April, 1999. At that time, the Dow Jones was at 10,494. Today it's at 24,504. Looking back with 20/20 hindsight, it now looks like Galbraith was wrong. Source: https://www.theguardian.com/business/1999/apr/18/observerbus... > Assets need to be productive in order to be true investments Counterpoi…

> > ...A bubble, Galbraith observed ...

> Counterpoint: Galbraith confidently called the US stock market a "classic bubble" in April, 1999. At that time, the Dow Jones was at 10,494. Today it's at 24,504.

No! Current day valuation versus 1999 valuation has nothing to do with each other. In 1999 the market was over valued and the bubble soon popped.

> > Assets need to be productive in order to be true investments

> Counterpoint: Maybe assets need to be useful to have value. Land, copper, the balance on a Walmart gift card and my World of Warcraft gold don't produce anything, but they're useful, so they have value.

The key difference between an asset and investment is that investments produce returns.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#452

Post by exelius »

JonnyNova wrote: post #439
CPLX wrote: post #402

Earlier quoted context omitted.

Bitcoin doesn't have fundamentals. Stocks are a claim on assets, buildings, inventories, and future profits. Real shit, like a parking lot full of trucks or something. Those are the fundamentals. Cryptocurrencies dont have anything like that. To the extent that there is an analogous concept it's their utility as a means of exchange. Which outside of drugs and hard drive ransoms is minuscule at best.

Bitcoin has fundamentals though. Per the whitepaper it was designed to be just a means for individuals to transfer money to each other digitally without much friction. The further it gets from that the more we're asking the network to stretch to meet demands it was never designed to.

This only works if the value of BTC is pegged to one or more fiat currencies. As it is, people are basically speculating on blockchain address space on BTC.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#453

Post by sumedh »

biot wrote: post #416
sumedh wrote: post #378

Earlier quoted context omitted.

> 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.

The risk of being starting the whole thing. If you think starting your own coin is easy, go ahead and start mining, the hard part is convincing others to adopt your coin.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#454

Post by exelius »

DenisM wrote: post #437
analyst74 wrote: post #423

Earlier quoted context omitted.

I don't see how bitcoin can facilitate currency control evasion. The government can simply shut down all local exchanges, and some already did.

With amounts this large they could meet in person to trade.

Easy enough to rob someone for this amount of money too. As Eric Schmidt said (in the context of a hostile government, but it works here too): no passcode in the world is going to protect you from a man holding a gun to your head and demanding said passcode.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#455

Post by asciimo »

drvdevd wrote: post #425
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…

This is really cool that you made a profit on this bubble, and if I were to take that point to heart and start investing USD in BTC, I guess I would just become part of that. As you say, I would just be out to get rich. But what about all the non-fiat purposes of crypto currency? It seems that is what’s currently getting lost in the conversation. For example, I simply want a way to accept electronic payments from peo…

This is the "intrinsic value" the media claims does not exist.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#456

Post by JonnyNova »

qeternity wrote: post #144
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.

Sorry to break it to you, this is not "new" money pouring in. This is a very well orchestrated and calibrated pump.

There has to be some new coming in. Coinbase is rocking #1 spot in the app store for a reason.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#457

Post by JonnyNova »

davidgh wrote: post #362

Watching this whole thing really has me scratching my head. Honestly - the value of BTC in a decade is anyone’s guess. For me, I have a modest holding (in terms of its USD value today as compared to my other investments). After much wrestling, I’ve decided to just let it sit and be done with it. If it crashes back to pennies, oh well. If it goes to the moon, I’m glad I had a piece of the action. As much fun as it see…

Bitcoin definitely won't live for another 10 years. Even without a bubble burst it will definitely get superseded by better alternatives by then.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#458

Post by subsaharancoder »

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…

sure hope you put some aside for Uncle Sam..

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#459

Post by jachee »

paulcole wrote: post #435
rdm_blackhole wrote: post #341

I understand that at the moment it may seem like all the cryptocurrencies are in a bubble but honestly, I don't mind because it is forcing the banks to stop their stupid cash grab and loosen up some of their rules. What about the stupid fees that bank charge you to have the privilege to have you as a customer? What about the fact that at the moment it takes 3-5 business days to make a simple bank transfer to another…

>What about the stupid fees that bank charge you to have the privilege to have you as a customer? Pardon my ignorance but don’t banks provide a service? If they charge too much, can’t I find a bank that charges less? What makes their fees “stupid”?

If I give a bank my cash, it is I who am providing them the service of liquidity, so that they can have money to loan to others (as a service) for interest.

The only way I could find a "bank" with lower fees was to abandon banks altogether and switch to a credit union. I swear it's like all the banks collude to determine market rates for how many and how high of fees they can all charge their customers, to the point where—as a regular consumer—they're all indistinguishable.

Not only are the credit union's fees lower (or non-existent in some cases) the interest rates are higher and there are no shareholders to appease, except for other members of the credit union.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#460

Post by shusson »

aviv wrote: post #262
_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.

The bubble part of it is not their meteoric rise, it's that they can easily be replaced by the next best coin. There is no inherent reason why Bitcoin should be more popular than Litecoin as a store of value, except for the fact that it currently is. There will be many hundreds of coins flooding the market. There is no such equivalent in the real (offline) world. You have gold, silver, platinum, etc. - but that's abo…

What about the value in terms of the size of the network?
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