boiltheocean
Premium
- 7,756
- Samoa
You can go back to many points in Bitcoin history and find the exact same shape, for example:
In hindsight that was a tiny bump in the road!
In hindsight that was a tiny bump in the road!
Bitcoin, Altcoin and Cryptocurrency Thread
- Thread starter PocketZeven
- 405 comments
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- 13,831
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@Touring Mars I avoid MSM. Talking out their arse most of the time and don't understand the technology and assume the entire crypto world is "Bitcoin".
The sentiment changes in the space of days. In early Dec it was "OMG Bitcoin to 50k!". Then it was "OMG BCH to 10k!". Then it was "BTC and BCH are dinosaurs...ADA and XRB are the future!". Then it was "XRP is teh futurz". Now it is "end of days". All in the space of 40 days.
The sentiment changes in the space of days. In early Dec it was "OMG Bitcoin to 50k!". Then it was "OMG BCH to 10k!". Then it was "BTC and BCH are dinosaurs...ADA and XRB are the future!". Then it was "XRP is teh futurz". Now it is "end of days". All in the space of 40 days.
- 5,051
- Netherlands
Typical FUD and FOMO. Do your own research and I always tell everyone: only invest what you can afford to lose! The market is seemingly adjusting and the first great casualty was the scamcoin bitconnect. I hope the people that lost money didn’t lose to much!
You do know what marketcap means right?
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- 13,831
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Yes, why?
- 5,051
- Netherlands
Because you commented it’s a “BS concept”? Please elaborate?
- 9,401
- Western Sydney
- mustafur
Maybe read what he said, market cap is literally based off the last asking price of a currency if you pay way over market value for a coin your raising the market cap significantly but you would obviously need serious money to effect it over a period of time.
Your an idiot if you think 100% of all the market were to sell it's worth the market cap because mass selling lowers price etc.
- 13,831
- Down under
My quote was removed because of a naughty word in the explanation but in essence:
- If I create RotchCoin with 1 billion supply
- And sell you 1 coin for $1
- I now have a 1 billion market cap for my coin, all off the princely investment of $1.
"BS", in other words.
Well, I missed my chance to get some cheap eth because Aus banks suck donkey nads - took 2 days to get funds into the exchange so the boat sailed
- 28,406
- Glasgow
- GTP_Mars
Well, I missed my chance to get some cheap eth because Aus banks suck donkey nads - took 2 days to get funds into the exchange so the boat sailed
I was tempted, but I reckon that I would rather hedge my bets than double down just yet - I think the next few days/weeks are going to be very bumpy and I'm still not convinced that the BTC bubble is going to last much longer. If ETH drops below £200 then it will be time to have those funds ready for a quick purchase!
I had a look at GDAX last night but figured it was too much effort/risk - I'm really more of a passive speculator myself... if I make a small loss or no profit, I don't mind... but I'm planning to wait and see what happens. I reckon I've already invested 50% of all I am prepared to lose, so my next purchases (which will probably add up to the other 50%) could well be my last.
--
edit: ETH is up by over 40% since this time yesterday...
Should have tried out that day-trading lark after all!
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- 5,051
- Netherlands
The mcap in the indexes are based on circulating supply. In the case of crypto “unsold” coins are burned or not yet mined. In your example mr Roth would be an instant billionaire by selling just one coin. Yet the other 999.999.999 coins are not in the open market. The mcap is exactly 1 x $ 1,-.My quote was removed because of a naughty word in the explanation but in essence:
- If I create RotchCoin with 1 billion supply
- And sell you 1 coin for $1
- I now have a 1 billion market cap for my coin, all off the princely investment of $1.
"BS", in other words.
Well, I missed my chance to get some cheap eth because Aus banks suck donkey nads - took 2 days to get funds into the exchange so the boat sailed
If he sold say 1.000.000 coins for $ 1,- each. The mcap would be exactly $ 1m. As the others are unsold/unreleased coins. The other coins in possession of mr Roth are not part of the circulated supply. The mcap in crypto does reflect the correct mcap as it supposed to be though as all coins have been sold. For the mcap of gold or diamonds you also don’t add the gold/diamonds that is still in the ground in the equation.
But I understand your point. The worth is purely based on supply and demand. His perceived net worth would be 999million. Essentially the First BTC owners who mined and own a majority % of BTC
But if mr. Roth “released” the rest it would rapidly devaluate the coin. 1B Rothcoin will be worth $ 1 million and the supply and demand should reflect that value. Essentially a crash when a whale dumps a large amount of coins.
But I do not fully agree mcap is BS. It is a reasonably fair index for the total worth of the coin supply in circulation.
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- 5,051
- Netherlands
Double post
- 5,051
- Netherlands
Dont Just count on the whales! It’s newcomers that will drive the price up. The volitality of the last weeks scared a lot away. Scams like bitconnect have left some with a big hole in their pocket and I have even read about horror stories in our national news. Also lot of FUD is preventing newcomers to invest in crypto, but greed and FOMO will eventually pull people back in and hopefully the majority of icos will prove they created a viable and well done product.
- 13,831
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Tether printed another 200m today - that is 0.6b in 5 days.
I'm not digging it, so I traded in all my BCH (75% of my portfolio) and will sit in cash until I feel differently. I still have my eth riding, but this situation just feels like it's teetering.
I'm not digging it, so I traded in all my BCH (75% of my portfolio) and will sit in cash until I feel differently. I still have my eth riding, but this situation just feels like it's teetering.
- 9,401
- Western Sydney
- mustafur
Tether is a cryptocurrency it has nothing to do with the us dollar other then to copy it's price, I can literally sell any coin I want for tether right now and then buy another with that tether I don't think it means much more then just being a stable priced crypto.
If the circulating supply randomly went up loads then I would be worried.
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- 28,406
- Glasgow
- GTP_Mars
I'm a bit perturbed by the fact that the 4 cryptocurrencies on Coinbase (BTC, BCH, ETH and LTC) all behave exactly the same way. And since I am not optimistic that BTC will start shooting up in value again any time soon, it makes me pessimistic about the others (I currently have ETH and LTC). What will it take for either to break free from BTC, or will they likely remain shackled the fate of each other?
- 8,381
- The Black Lodge
The whole purpose of USDT is to be 1:1 backed by USD. If they're printing USDT, but not adding the backing supply of USD then that's a big problem, no? Especially if that USDT is then being traded by exchanges for BTC with the sole purpose of getting USD out. I found this article useful, though there are several more that explain why this is a big problem.
The main thing to keep in mind when trading/owning crypto is that you're dealing with 'Monopoly money'. It's never worth anything in USD/EUR unless you cash out. I cash out profits regularly and as such I have no risk whatsoever on my remaining positions (I took more out of the system than I put in).
- 28,406
- Glasgow
- GTP_Mars
My recent foray into the world of cryptocurrencies combined with my forthcoming trip to Japan must be weighing on my mind - I had a dream last night where my crypto-wallet had been hacked and I could see big payments coming out. And when I went to report the transactions as fraudulent, all the instructions were in Japanese and I couldn't understand them - I couldn't solve the issue on my phone, so I rushed into work and tried to solve the problem there, only to be stymied by masses of pop-ups for porn websites for which I then got threatened with disciplinary action by our IT manager. (I have no idea where that last bit of the dream came from...
) Of course, the first thing I did this morning was to check my cryptowallet...
- 8,381
- The Black Lodge
If I read the article I linked correctly, it's not simply about market share, it's about the legal liability of holding USDT. It also mentions an injection as little as 25 million USDT is enough to manipulate BTC price on a given exchange. If this is correct, then certainly 100-200 million USDT being printed every day is huge. The way I interpret this is that if an exchange trades in both USD and USDT, it's suspicous as it's most likely insolvent already. If it's one of the two then you're good. Though I still don't understand quite well how an exchange would be impacted if they trade USDT only (and not USD).
Also, if USDT is being used to manipulate BTC prices in the way specified in the article, once they stop printing prices will plummet (or at least find their way to some more realistic level, whatever that may be at that time).
Hard to wrap my head around this. I've always considered exchanges like Binance to trade in 'monopoly money only', so hard for me to understand why they would be impacted by an absence of USD (they don't do fiat).
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- 13,831
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Bitfinex and Tether subpoenaed by the CFTC. This could get interesting.
- 8,381
- The Black Lodge
Yes. If anyone has any assets on Bitfinex, I'd suggest moving them elsewhere. If you didn't do so already of course.
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VolkswagenX
(Banned)
- 1,532
- Netherlands
Posting as someone who still believes in the concepts of crypto currency.
- 28,406
- Glasgow
- GTP_Mars
I think it is now fair to say that the BTC bubble has burst.... 35% down this week and now about 1/3rd of its peak value, with other major CCs following suit. If ETH goes below £100 I may be tempted to buy in again, but otherwise it will be a question of waiting to see if my original flutter ever regains it value.
Meanwhile, Lloyds - who own several major UK banks - have banned the use of their credit cards to buy CCs... though debit cards are still usable.
Meanwhile, Lloyds - who own several major UK banks - have banned the use of their credit cards to buy CCs... though debit cards are still usable.
Danoff
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- Mile High City
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