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Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

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On 4/18/2018 at 4:48 PM, Dolemite said:

Buddy of mine sells for a blockchain consulting company. This guy started a tech company around 15 years ago, went public, made a fortune but pissed it away. He called me wanting to do something. Sent me this. Real Estate is perfect for blockchain to eliminate all the title work and crap that is associated with it.

 

https://cprop.io/

Blockchain is, at it's heart, just a digital grantor-grantee index. So not shocking that it'd work for real estate.

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22 hours ago, GRHorn said:

EOS up 70% in last week, 200% for the month. Here’s a thorough analysis of it from Austin group. Could be plenty of upside to go. 

 

https://multicoin.capital/2018/04/24/eos-analysis-and-valuation/

EOS is definitely unique as a "large cap" crypto that has already surpassed their January high.   Many of the other coins are still 50% down from their highs.  If the entire market continues to raise the entire market, it would seem EOS is still low.

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On 4/28/2018 at 12:11 PM, elfenix said:

Blockchain is, at it's heart, just a digital grantor-grantee index. So not shocking that it'd work for real estate.

Many ICOs have great ideas or even strong technology behind them, but I find that many are lacking clear plans on adoption.  They list out their technical roadmap and they seem to be following a field of dreams, "if you build it, they will come" strategy.   

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Shitcoins have done well recently. I sold some EOS a couple days ago (not quite the top) and bought some Haven (XHV). Micro cap of $6M. Uses Moneros ring sigs and transactions, but is also building smart contract function called offshore storage for keeping funds anonymous and at stable values.  Park a couple nickels there and check back in a couple years. 

 

https://havenprotocol.com/

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There are still many coins that are anywhere from 30-50% below their all time highs, including ETH.   Not counting mining, yesterday I made my first purchase in over a month.  doubled my VEN investment.   

With past investments, I've sometimes fallen victim with trying to buy the next _____.  Microsoft, Google, Apple, whatever.   Instead now I'm making the easier decision to just buy ______ as I think all coins will be much higher a year from now so why go with the extreme gamble of a coin that may disappear in the next year.  Instead go with coins that are already recognized as "good investments."  Maybe the upside is limited and I won't get a 1000x return but I ok settling for a 10-100x return.  Used lambo instead of a new one.  :)

FYI, looks like coinmarketcap has some new functionality, including watchlists and a new app.  

Edited by Nice Guy Eddie

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It's a ghost town in here.  Extreme apathy hopefully sign things moving soon. I sold some more EOS after more vulnerabilities found right before launch of their mainnet.

https://thenextweb.com/hardfork/2018/05/29/eos-security-mainnet-launch/

They've stated that they already fixed issue but it's not the first one and so I decided to sell all but about 20% of my original position. Left that for a free roll.  Bought more DCR, ZRX, and Poly with it. 

60% BTC

40% alts (dcr, poly, gvt, eos, block, zrx, xhv, bco, pivx, tube, rvn)

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Quote

The 2018 selloff in cryptocurrencies deepened, wiping out $42 billion of market value over the weekend and extending this year’s slump in Bitcoin to more than 50 percent.

Some observers pinned the latest retreat on an exchange hack in South Korea, while others pointed to lingering concern over a clampdown on trading platforms in China. Cryptocurrency venues have come under growing scrutiny around the world in recent months amid a range of issues including thefts, market manipulation and money laundering.

Bitcoin has dropped about 12 percent since 5 p.m. New York time on Friday and was trading at $6,764.34 as of 11:45 a.m. in London on Monday, bringing its decline since Dec. 29 to 53 percent. Most other major virtual currencies also retreated since Friday, sending the market value of digital assets tracked by Coinmarketcap.com to a nearly two-month low of $298 billion. At the height of the global crypto-mania in early January, they were worth about $830 billion.

...

More:  https://www.bloomberg.com/news/articles/2018-06-10/bitcoin-tumbles-most-in-two-weeks-amid-south-korea-exchange-hack

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I wouldn’t call it a scam. Pump-and-dump? Yes. But people should remember that everything goes with unregulated currencies. I’ve been thinking for a while that if a government really felt like shitting on bitcoin, they could secretly do a huge pump-and-dump and destroy the market. It just takes some big pockets.

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For the uninformed, there is a cryptocurrency called Tether that attempts to parallel the value of a US dollar.   They create or destroy their coins as needed to keep it worth $1.  It may slightly vary.  The reason this coin exists is that many crypto exchanges do not accept "real" or fiat currency but people want to sell their bitcoin.  If your exchange doesn't accept USD transactions but you want to temporarily sell bitcoin, you trade it for Tether.   There are actually only a few major exchanges that accept fiat currency.

The Tether backers claim that they have dollars ($2.5B)  in the bank for every Tether coin that exists.   When they need to create new coins, they claim to find the money to do so.  The problem is that no one can prove or disprove this as it's unregulated.    One exchange, Bitfinex is said to be the main backer of Tether.  It's possible they have $2.5B.  No one knows.

In 2017 when people (maybe the Bitfinex exchange itself) were using Tether to buy bitcoin.  If they had the dollars behind it, then it was a legitimate purchase and the bitcoin rise was not a scam.  If they didn't, then bitcoin demand was artificially and fraudulently raised.    It would be like you walking into a stock exchange with counterfeit dollars and buying XOM stock to raise the price.  Do that with enough counterfeit dollars and you can move the XOM price up.  This is what these authors are saying happened.  maybe they're right.

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Reminds me of when I was about 11 and a buddy and I were both interested in foreign coins. Our local supply was limited, so like good little boys, we invented our own countries and started drawing notes for the different currencies. I took some of the stash to the mini-mart and tried to buy a coke with it. The lady just stared, and I launched into my patter "Look, it's authentic, there's a picture of the Great Kebbo on it!"

Had to switch to US currency. But hey, you miss 100% of the shots you don't take.

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On 5/31/2018 at 7:39 AM, T’Boo Ted Marshall said:

I've just been sitting on my BTC and ETH.  

Would you be interested in a bridge in Brooklyn?

or perhaps some beach front property in Idaho?

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so who will admit to losing a lot of money in this boondoggle? Anyone? lol

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35 minutes ago, OatmealRaisinCookie said:

so who will admit to losing a lot of money in this boondoggle? Anyone? lol

I reckon I'm about 10 bucks ahead because I drew a bitcoin cartoon for a dude.

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2 hours ago, OatmealRaisinCookie said:

so who will admit to losing a lot of money in this boondoggle? Anyone? lol

I got in very early on ETH, so still way ahead. But I have lost a lot of value for not selling in January,  Now Dragonchain is going to hurt if I ever sell. 

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Overall I'm down about 30%. But I only put in about a grand so I'm not losing any sleep. Still assume the market will eventually work it's way back up and I'll come out ahead. Lot of good ideas out there that just need to get themselves established as a legitimate service. 

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4 hours ago, OatmealRaisinCookie said:

so who will admit to losing a lot of money in this boondoggle? Anyone? lol

A lot of people have big paper losses. Some have big paper gains. Many people have a couple of grand sitting in these exchanges and are just letting it ride for now, but if the economy starts to suffer and/or stocks tank, a ton of people will decide they want that money and are going to try to pull it out and all at the same time. That's when you will see a lot of these coin prices go to zero.

Edited by FWD

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A lot of people have big paper losses. Some have big paper gains. Many people have a couple of grand sitting in these exchanges and are just letting it ride for now, but if the economy starts to suffer and/or stocks tank, a ton of people will decide they want that money and are going to try to pull it out and all at the same time. That's when you will see a lot of these coin prices go to zero.


So, pretty much just like any other investment?

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8 minutes ago, SquishMitten said:

 


So, pretty much just like any other investment?

 

No, because crypto is not an investment, it is a speculative asset. Investments have some intrinsic value, stocks and bonds have cashflows for instance, and these fundamentals are what matter. Crypto has no fundamental value, so if enough people decide to sell it becomes worthless.

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I’m down 50%. Put in $700 and sitting around $350. It’s a fun gamble and has last longer than any bet I ever made in Vegas.

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On 6/19/2018 at 11:05 AM, Lobwedgephil said:

I got in very early on ETH, so still way ahead. But I have lost a lot of value for not selling in January.

Same, got into ETH at $220.  Should have got out already but I was waiting to avoid short term cap gains.  oops.

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On 6/19/2018 at 6:42 PM, FWD said:

No, because crypto is not an investment, it is a speculative asset. Investments have some intrinsic value, stocks and bonds have cashflows for instance, and these fundamentals are what matter. Crypto has no fundamental value, so if enough people decide to sell it becomes worthless.

Speculative?   No way.  These tulips are always going to increase in value!   Best investment ever.

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On 6/19/2018 at 8:24 AM, OatmealRaisinCookie said:

so who will admit to losing a lot of money in this boondoggle? Anyone? lol

Still up a good bit fortunately.  I got in early enough.  

I put in a sizable amount, but not more than I could afford to lose if it went to zero.  Most of it is still speculative.  In fact I'd say the only thing you could put outside the speculative classification is Bitcoin itself.  It is not going to zero.  There is a use case and market for uncensorable, immutable digital gold.  Even if the tech cannot be scaled more than that via Lightning network or whatever, that demand will be there.

The scaling of blockchains is the big issue.  The hype got ahead of the technology quite a bit.  Even ethereum has some major challenges to overcome before applications can be built on top without crashing the network. 

It will take time for these problems to be worked out, but a lot of the smartest minds from Silicon Valley and even Wall St are moving into this realm.  I'm willing to wait and see what happens.  

Bitcoin specifically has had at least 3 other bubbles similar to 2017 happen in the past and each one has come back bigger.  Given the small amount of penetration worldwide still, I'm betting it's gonna happen again and bigger.  I plan on being there from the beginning next time.  Place your bets.

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15 minutes ago, XYZ said:

Funny!

Ok.  How about “digital gold” or store of value and means of transferring wealth that is outside the control of any one sovereign nation. 

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4 hours ago, GRHorn said:

Still up a good bit fortunately.  I got in early enough.  

I put in a sizable amount, but not more than I could afford to lose if it went to zero.  Most of it is still speculative.  In fact I'd say the only thing you could put outside the speculative classification is Bitcoin itself.  It is not going to zero.  There is a use case and market for uncensorable, immutable digital gold.  Even if the tech cannot be scaled more than that via Lightning network or whatever, that demand will be there.

The scaling of blockchains is the big issue.  The hype got ahead of the technology quite a bit.  Even ethereum has some major challenges to overcome before applications can be built on top without crashing the network. 

It will take time for these problems to be worked out, but a lot of the smartest minds from Silicon Valley and even Wall St are moving into this realm.  I'm willing to wait and see what happens.  

Bitcoin specifically has had at least 3 other bubbles similar to 2017 happen in the past and each one has come back bigger.  Given the small amount of penetration worldwide still, I'm betting it's gonna happen again and bigger.  I plan on being there from the beginning next time.  Place your bets.

Agree with everything to wrote.  Some claim that bitcoin is/will be a failure due to transaction time and costs but they don’t get it that it’s extremely unlikely that bitcoin would ever be used to pay for a cup of coffee.    It’s more about transferring much larger sums of money across the world.

i think a flaw in bitcoin is that it’s too transparent. Too easy to track transactions and understand how much you have in bitcoin.  Yes you can have many wallets but that can be a pain just to keep your balances private. 

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I dont understand the point of the cryptocurrency.   We already have currency that is technically worthless to purchase goods and services.  The currency is regulated by the central banks, governments,  etc.  Why have another worthless currency with no insurance?

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7 minutes ago, ScottishHorn said:

I dont understand the point of the cryptocurrency.   We already have currency that is technically worthless to purchase goods and services.  The currency is regulated by the central banks, governments,  etc.  Why have another worthless currency with no insurance?

The point of cryptocurrency is that if you are a founder or early adopter, you get rich off of the idiots who jump in later.

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49 minutes ago, GRHorn said:

Ok.  How about “digital gold” or store of value and means of transferring wealth that is outside the control of any one sovereign nation. 

_DSC1365.JPG

 

You can still get these, with "2018" printed on them.

100 years ago, you could hike down the length of the Andes with these sewn inside your clothes, bust one out whenever you needed cash.

This coin is made by the UK, but it's the gold gives it value. If the UK decided to jack with the coin, you could switch to equivalent coins from several other nations, all of them met standards of weight and purity.

I guess what made it work was a background understanding that the major currencies were all tied into a commodity, gold. That's gone now.

 

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Has been a rough start to the year no doubt. Earlier this year I started to move much of my BTC/ETH into Alts as they fell from their ATHs. They have since continued to fall as BTC remains in it's longer downtrend. Optimistically I'm hoping that we are just retesting the touch of 5800 from Feb and can then hold steady in an accumulation pattern or perhaps climb back up a ways. So many are expecting the bottom to be a more violent "V" shape but I'm still holding for now.

I am considering adding a hedge short in case we are in a much large cycle dating back to 2014. Here is a chart I'm watching:

krvW5wQA

We could actually see this bear market drag on for another year with the bottom being somewhat closer to 4000 before we climb back up towards 20K. I'm really hoping that is not the case here but am struggling to find much good news and we need another influx of new buyers like we had late last year to break out of this funk.

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2 hours ago, ZB'Tejas said:

we need another influx of new buyers like we had late last year to break out of this funk.

You mean new idiots. But what happens when you run out of idiots?

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33 minutes ago, XYZ said:

You mean new idiots. But what happens when you run out of idiots?

Always and inevitably everyone underestimates the number of stupid individuals in circulation.

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You mean new idiots. But what happens when you run out of idiots?


If you believe BTC and/or crypto in general is going a lot higher in the long term is it an idiot move to buy?

Buying after a big move up is for sure an inexperienced move but rather harsh to say idiots.


Sent from my iPhone using Tapatalk

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Feel bad for any here that have lost money, but I have nearly doubled my original investment since ethereum started its downward trajectory. Have bought and sold at least 5 times, but all for profit. You can buy my $9.99 tutorial on how to make money in cryptocurrency if you follow this link...... Geoffketchumsucksdick.com

Edited by Sgt. Slaughter

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Feel bad for any here that have lost money, but I have nearly doubled my original investment since ethereum started its downward trajectory.


You take profit or just doubling down on the whole falling knife thing?

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Ok.  How about “digital gold” or store of value and means of transferring wealth that is outside the control of any one sovereign nation. 


There is intrinsic value in a currency that can’t be controlled by a govt or printed into inflation or tracked. That is why bitcoin got traction and why millions of venture capital is going into companies in this area. What I can’t reconcile is the fact that the governments can change the rules at any moment to start controlling it. It is a threat to the country’s currency, so sooner or later they will try.

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4 hours ago, woohorn said:


 

 


You take profit or just doubling down on the whole falling knife thing?

 

Some of both. I leave it in my wallet and just wait until it hits a number I’m comfortable with and buy in layers. If it either doesn’t hit my target or goes up before I can buy at, or below, my number, I leave it alone.

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6 hours ago, Dbeasy said:

 


There is intrinsic value in a currency that can’t be controlled by a govt or printed into inflation or tracked. That is why bitcoin got traction and why millions of venture capital is going into companies in this area. What I can’t reconcile is the fact that the governments can change the rules at any moment to start controlling it. It is a threat to the country’s currency, so sooner or later they will try.

 

Bitcoin is the token that denominates the value on the network, but it is a software program. Open source with nodes and miners verifying transactions around the world.  Unless the Us govt starts buying miners to gain 51% of the hashing power then they won’t be able to reverse transactions and wreck it.  The Chinese is by far the biggest threat.  The biggest mining Corp is Bitmain out of China and the govt could conceivably force them to possibly do this. That realization is the main reason some people have started to advocate for a mining algorithm change from SHA 256.  

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Bitcoin is the token that denominates the value on the network, but it is a software program. Open source with nodes and miners verifying transactions around the world.  Unless the Us govt starts buying miners to gain 51% of the hashing power then they won’t be able to reverse transactions and wreck it.  The Chinese is by far the biggest threat.  The biggest mining Corp is Bitmain out of China and the govt could conceivably force them to possibly do this. That realization is the main reason some people have started to advocate for a mining algorithm change from SHA 256.  

They can’t touch the coins or blockchain, but they can hit it at the edges, when it’s converted into currency. That leaves only dark money.

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