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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

#501

Post by taysic »

zMiller wrote: post #313
joe_the_user wrote: post #270

Earlier quoted context omitted.

The average "unbanked" person in a third world nation couldn't afford a $20 transaction fee for their ordinary transactions. But bitcoin certainly looks like a way for some portion of this group to protect their capital since it's not controlled by states want capital controls. Of course, there's a reason third world countries want capital controls - a lot of the people seeking to export capital are corrupt non-ownin…

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…

According to this fee estimator https://estimatefee.com/, 3 hours is an $11 fee currently.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#502

Post by taysic »

bllguo wrote: post #163
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…

Africa is actually more sophisticated than the US in many ways regarding fintech Anyway, this is a straw man. Who is saying cryptos are useless? People are saying that they are a bubble, that the valuations are irrational.

Why is it a bubble?

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#503

Post by hossbeast »

arcticfox wrote: post #311
zMiller wrote: post #193

Earlier quoted context omitted.

You are absolutely right. Again my comment was directed at : > People who call Bitcoin a 'Ponzi scheme' , type of plant or apply whatever reduction on a very complex and innovative product. Not at the one's who are raising very valid red flags on valuation and how hot the market is becoming. In my personal opinion it is absolutely 'bubble' like behavior right now. And i believe we both echo the same sentiment.

> a very complex and innovative product. The main point here is that there's absolutely nothing innovative about BTC anymore, if anything it's way behind. Which is why the valuation is so suspect; it's totally disconnected from the utility BTC provides compared to alts. Anything BTC does, alts do better, except for marketing.

And has by far the biggest hashrate, and is therefore most secure

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#504

Post by jerkstate »

elif wrote: post #356
byproxy wrote: post #310

Earlier quoted context omitted.

I guess this applies to non-crypto trading as well, but, how do you manage taxes on these transactions?

[IanaA] If your liquidated positions are open for over a year, you can do 15% long-term capital gains in the US. The exchanges have an export history feature, which I'm planning to put into a spreadsheet to calculate profit. That's gonna be a fun weekend project.

There's a very nice library called ccxt that uses a code generator to produce python (async and standard), javascript, and PHP libraries that implement a standard interface for dozens (hundreds?) of crypto exchanges. I think a nice project would be an in-browser JS app that accessed each of the APIs in my exchanges (via logged in cookies or API keys or whatever) to pull trade history, deduct fees, and create a CPA-friendly tax form from all of my crypto exchanges.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#505

Post by dreit1 »

joe_the_user wrote: post #270
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…

The average "unbanked" person in a third world nation couldn't afford a $20 transaction fee for their ordinary transactions. But bitcoin certainly looks like a way for some portion of this group to protect their capital since it's not controlled by states want capital controls. Of course, there's a reason third world countries want capital controls - a lot of the people seeking to export capital are corrupt non-ownin…

Dont buy bitcoin then. Buy any of the nearly zero transaction fee digital assets out there

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#506

Post by cdiddy2 »

geofft wrote: post #424
a_tractor wrote: post #417

Earlier quoted context omitted.

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.

Why are Litecoin's transaction fees multiple orders of magnitude smaller than Bitcoin's? Is this a result of genuinely better technical decisions than in Litecoin (mining is cheaper because it's less hardware-friendly, blocks are generated more quickly) or just lower transaction volume / demand for transactions because it's less well-known? That is, if Bitcoin somehow implodes tomorrow and everyone moves to Litecoin,…

partially its the 4x increase in transaction throughput, but also a lot less people use litecoin than bitcoin

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#507

Post by piyush_soni »

wallace_f wrote: post #474
JonnyNova wrote: post #439

Earlier quoted context omitted.

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.

And looking at this fundamental value, other cryptocurrencies have arguable superceded it in terms of better tech/efficiency, so the value seems incredibly hard to justify.

Just curious, which ones in your opinion are better tech/efficiency?

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#508

Post by hervature »

icebraining wrote: post #496
kamaal wrote: post #493

Earlier quoted context omitted.

Everything. Sometimes its easier to describe this in terms of words, than numbers and symbols.

Everything is not that bad. Many people lose more than that on the regular stock market (using leverage).

Usually there is margin liquadation levels that are in place so you can't lose ore than 100%.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#509

Post by cm2187 »

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…

The correct way to look at a missed investment in my opinion is to look back and consider if given the information you had at the time and the risk you were willing to take, you would have made any other decision. Ignoring these two factors is like regretting not having picked the right lottery number.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#510

Post by cm2187 »

DenisM wrote: post #410
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.

You’re forgetting currency control evasion. If a businessman from a country with tight controls wants to move money out of the country he would buy bitcoin and then sell it the other side of the border. This sort of activity is going on all the time, and it creates demand for crypto currencies.

What I don’t get is that you can’t buy a car with bitcoin. So surely this should also create a selling pressure, unless they just buy bitcoins with the intent to transfer money at a later stage.
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