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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

#541

Post by worldexplorer »

wott wrote: post #75
phil248 wrote: post #25

Earlier quoted context omitted.

Having purchased several cryptocurrencies recently, I can attest that I am certainly not acting rationally. But at least I'm having fun!

I should start a business selling thin air. Thin air from France, thin air from Japan, thin air from Mexico, and so on, you can collect them all, it is super fun. Then I could introduce cold captured thin air, warm captured thin air, etc. Wet thin air, dry thin air for year 3. More fun every year. Even better, I should sell just a paper (well, an electronic one) stating you own some thin air. Hey, geeks, how cool can…

Maybe you can sell thin air from here in Himalayas. It will actually hold some value too for polluted places.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#542

Post by helen842000 »

xur17 wrote: post #40
helen842000 wrote: post #29

Earlier quoted context omitted.

I bought BTC to use as currency for transactions not as an investment. It should be used for that purpose. MLM only has one purpose - to recruit others into it. I don't ask other people to buy BTC so I can make a profit. MLM usually has a pyramid commission structure.

If you don't mind me asking, what types of transactions do you currently use it for? Based on the current technology and fees, it is quite expensive to transact, and really doesn't make sense for me. That said, I can see a future for it if something like lightning network ever gets released (and actually works).

Currently it doesn't make sense to use it for transactions with it changing wildly from one hour to the next which is a shame. I will be glad when it settles down. However I have in the past used it for online transactions and used it in small bars/restaurants and used BTC ATMs

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#543

Post by Frogolocalypse »

matte_black wrote: post #533
Frogolocalypse wrote: post #525

Earlier quoted context omitted.

Until people actually run nodes to the same distribution of bitcoin, it will always be a reduced security option, and therefore won't command the same price.

The price commanded is whatever the maximum you can get away with selling it to a fool would be, distribution be damned.

The bitcoin price isn't controlled. Supply and demand.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#544

Post by Frogolocalypse »

powvans wrote: post #380
amscanne wrote: post #361

Earlier quoted context omitted.

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…

> Most dollars which aren't spent on consumption are converted into equity in productive businesses.

Like real-estate?

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#545

Post by Frogolocalypse »

petre wrote: post #491
crystaln wrote: post #427

Earlier quoted context omitted.

BTC will supplement gold for value storage and will hit a $5T market cap in a few years IMO. It certainly has utility for storing and moving value. Don't underestimate that.

Gold doesn't have 30% volatility over 24h.

Gold doesn't go up 15x in a single year.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#546

Post by School-Cotton »

smokeyj wrote: post #537
exelius wrote: post #449

Earlier quoted context omitted.

The vast majority of novice speculators are using Coinbase. They at least attempt to maintain the appearance of compliance; but I suspect a large market run would wipe them out of USD fairly quickly. The fact that “experienced” Bitcoin speculators are getting nervous is a sign the bubble is about to pop. Tether volumes are hockey-sticking up as a result. There has been enough technical analysis to show that USDT volu…

The price of one bitcoin is arbitrary. $1 is no more crazy than $1 million. It's all crazy. But the question is, what's the supply and what's the demand. At some point there will be a correction. This velocity can't be maintained forever. But this is also a technology that heavily relies on going viral to become functional (payments/contracts) - and based on real world interactions I think crypto is heading towards a…

Bitcoin can never achieve mainstream adoption since the transaction throughput is capped at 3 per second.

Maybe other technologies will, but Bitcoin cannot.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#547

Post by Frogolocalypse »

mikefallen wrote: post #538
Frogolocalypse wrote: post #522

Earlier quoted context omitted.

http://luke.dashjr.org/programs/bitcoin/files/charts/softwar...

Ahh thanks frogo always enjoy your input on these crypto threads you really helped me have a deeper understanding of the consensus and game theory aspect of bitcoin that i never caught onto from the white paper. Thanks!!

It certainly took me some time to get my head around it, that's for sure. It wasn't even a 'penny drop' type of realization either.

It's why I'm sometimes so short with people who make statements with such confidence and finality. "Bitcoin IS this." without even really understanding the subject matter. I'm not thinking of one month/year timelines for its market penetration. I want to see what it is in another 10 years. I don't subscribe to the view that fiat is going to crash, or that type of apocalyptic talk. But I do think that we are in a 50-year-old debt-bubble, and I'm not sure it is going to be quite as difficult to 'shift', if that is even the correct word, from debt-fueled monetary instruments to credit-fueled monetary instruments. Most people don't even really understand the concept of a market-cap, and how the total value of the cap has no, or very little, relationship to the amount of capital that might be extracted from it. Bitcoin could easily be 10x or even 100x its current 'market-cap' and for it to still not really have any real relationship to monetary supply IMO. Bitcoin definitely has a relationship to gold, but more importantly, I believe bitcoin has a relationship to fixed-asset debt.

I wouldn't want to be entering a career in consumer banking though. Investment banking on the other hand... that is going to freak out over the next decade as the business of supplying debt for fixed assets that are depreciating in value reverses, and people start looking to place their investment dollars in industries that increase productivity.

Just remember bitcoin could lose 85% of its current value, and for it to only have doubled in value this year, and still be the best performing asset class in the market. Because a correction will happen. The only real question is when, and how deep.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#548

Post by hndamien »

JonnyNova wrote: post #446
hndamien wrote: post #350

Earlier quoted context omitted.

And universal acceptance, valuation and infrastructure support. Thats a big exception.

Who accepts or prices things in bitcoin anymore?

Crypto traders. Many people doing international trade.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#549

Post by paulcole »

jachee wrote: post #459
paulcole wrote: post #435

Earlier quoted context omitted.

>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…

Don't banks provide the service of reducing the danger of holding cash or storing money in a risky investment?

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#550

Post by wallace_f »

piyush_soni wrote: post #507
wallace_f wrote: post #474

Earlier quoted context omitted.

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?

In addition to the other response, another example is ethereum's ability to offer smart contracts, which is not possible with bitcoin. Transaction rate limits and power consumption also are more efficiently handled.

They're different, which is why I used the term arguable--there's no clear reason afaik that bitcoin should be so valued relative to others, but I could be wrong.

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