Bitcoin, Altcoin and Cryptocurrency Thread

[Touring Mars]

How will you be able to buy Kodak coins? Will it be available on a certain exchange or directly from their own website or what?

In other news, ETH broke the £1000 mark earlier today

 

[VolkswagenX]

Just found out about shapshift and am now thinking about moving some of my BTC to ETH. Is this a smart thing to do? I am still relatively knew to trading crypto. I would still be up on BTC if I put about 50% in ETH.

 

[boiltheocean]

How will you be able to buy Kodak coins? Will it be available on a certain exchange or directly from their own website or what?

They've not made it clear yet but normally you'd deposit funds using BTC or ETH and they will release coins to you at a certain time. It depends what sort of coin it is as to how you can receive it. Once the ICO is over it will probably be listed on exchanges.

Just found out about shapshift and am now thinking about moving some of my BTC to ETH. Is this a smart thing to do? I am still relatively knew to trading crypto. I would still be up on BTC if I put about 50% in ETH.

Depending on where your BTC is at the moment you might be able to change some of it for ETH without using shapeshift, if it's on Coinbase for example you can just use the sister site GDAX to trade the pair without incurring any Bitcoin transaction fees.


Edit: The Kodak Rent-A-Miner is hilarious.

The projected monthly earnings over two years show the math they trust is complete 🤬

 

[mustafur]

Genesis mining is much better they give life time contracts.

 

[Dennisch]

Bitcoin mining will use more electricity this year than the whole of the Netherlands. An estimated 120 -140 terrawatt hour.

 

[VolkswagenX]

Depending on where your BTC is at the moment you might be able to change some of it for ETH without using shapeshift, if it's on Coinbase for example you can just use the sister site GDAX to trade the pair without incurring any Bitcoin transaction fees.

Only have an account on Litebit and shapeshift doesnt require an account. Forgot about the high BTC fees and will look into a coinbase account.

 

[EamerRed]

Market does seem quite low this week.

 

[VolkswagenX]

Market does seem quite low this week.

Good time to expand your portfolio at a discount

 

[Touring Mars]

It looks like all major CC's took something of a nosedive last night, probably due to the news that South Korea is considering a ban on cryptocurrency trading...

https://www.cnbc.com/2018/01/10/sou...g-bill-to-ban-all-cryptocurrency-trading.html

 

[AlvaroF]

Yeah, that was what I suspected when I saw such a sea of red these last couple of days. And if the motion goes foward markets will take an even bigger hit because of panic selling. It will a rough january until the market settles and recover it's value.

Could be a great time to invest though

 

[boiltheocean]

CNBC are overstating the story a bit which is creating a lot of fear in the market. Keep your hand strong and don't worry about it too much yet: https://www.coindesk.com/korean-official-cryptocurrency-exchange-ban-not-finalized/

 

[DK]

I don't know whether I should be salty or not right now because I decided to top up my Kraken account this morning. I feel like I missed out on buying in a dip while they upgrade their servers, but on the other hand the market looks like it's hitting another dip right now.

 

[mustafur]

I don't know whether I should be salty or not right now because I decided to top up my Kraken account this morning. I feel like I missed out on buying in a dip while they upgrade their servers, but on the other hand the market looks like it's hitting another dip right now.

I wouldn't use Korean Exchanges anyway they are rip off merchants.

 

[DK]

Kraken's an American company, not a Korean one.

 

[mustafur]

Kraken's an American company, not a Korean one.

Lol nvm

 

[PocketZeven]

After a bloody week and seeing a 15%-20% dip in my investment, the market is finally restoring itself. Historically after every dip there is an enormous growth. I hope the marketcap will reach $ 1Trillion soon. That will give crypto the final push into the general public.

 

[mustafur]

7x gain for me this week, Bitdegree finally got on exchanges with my 7 cents a coin investment going up to 50 cents.

Can't wait for the Kodak ICO if their hardcap is $50 million or less that will be the best buy of all time i'll probably put half my portfolio in it.

 

[Mike Rotch]

I hope the marketcap will reach $ 1Trillion soon. That will give crypto the final push into the general public.

Market cap is a BS concept, you do understand?

 

[mustafur]

That logic works if there is like 100 people in the market though, in reality if that happened it would be a random spike and back to normal, it would be that fast there is no way coin marketcap would ever pick it up.

Coin marketcap is around 5 mins delayed they could be using a 5 min moving average which would give more credibility to the cap, but in reality if you where to take out say 10% of the total market cap in actual worth it would reduce by more then 10% because your never going to have all market buy orders at the current price it would never happen.

 

[Mike Rotch]

That logic works if there is like 100 people in the market though, in reality if that happened it would be a random spike and back to normal, it would be that fast there is no way coin marketcap would ever pick it up.

The point is more that say $10,000 of "new" money can generate say $1b of new "market cap". It's a furffy concept.

 

[mustafur]

The point is more that say $10,000 of "new" money can generate say $1b of new "market cap". It's a furffy concept.

Well yeah but that amount of money literally would change a price for a few seconds at best, the nature of how it's calculated means you would use it as region of where the market is rather then an absolute figure, you can see that just by how much it moves each day.

If the more rapidly the market goes up and down the less legitimate the market cap figure is.

 

[Touring Mars]

Market cap is a BS concept, you do understand?

Handy explanation, but had to remove the image due to the choice of coin name in the description...

I was trying to explain cryptocurrencies to my friends in the pub on Friday and realised how silly a lot of it sounds. That said, they were decidedly less critical when I told them that my crypto portfolio (such as it is!) had risen in value by 23% in a week.

 

[Mike Rotch]

Time to make some money lads. Everything is on sale.

 

[boiltheocean]

 

[Jump_Ace]

Add BCH to that too >_< Bitmain only takes BCH now so the dough I had stockpiled to buy is nosediving.

Can someone fill me in as to why anyone cares what South Korea does? Is it fear that other countries will follow suit? Or is there something else I don't know about cryptocurrency and SK?


Jerome

 

[AlvaroF]

Apparently Crypto is pretty big there and they pretty much boosted the prices and many people throughout the world started trading in South Korean based markets because their assets had a larger margin of profit. As it's becoming "illegal" (it's not illegal, but now it's on hold and if it comes back it'll be heavily regulated) people are taking their assets from the South Korean markets and selling them, again, in EU, American or other Asian markets, causing a huge ammount of supply and no demand what so ever because only few people like me (I'm still researching and stuff, to have solid foundation on where to invest) are yet willing to invest.

I believe that the financial bubble is yet to burst, and whatever the outcome of South Korea the market will go up eventually, but by smaller margins I would guess. I also think that now is a great time to invest.

 

[VolkswagenX]

Add BCH to that too >_< Bitmain only takes BCH now so the dough I had stockpiled to buy is nosediving.

Can someone fill me in as to why anyone cares what South Korea does? Is it fear that other countries will follow suit? Or is there something else I don't know about cryptocurrency and SK?


Jerome

Is it really just South Korea? It's just me speculating going by the historical marketcap, but I can imagine people who got in at the top are selling it all because they are scared of losing more money. Not expecting the huge jumps we have seen the coming months but I'm not to worried. I already made a nice profit and will continue buying at a discount.

 

[Mike Rotch]

Pretty sure (although my view only) that this was coordinated whale action at is finest.

Sell hard, chase noobs into selling, tank prices, buy back for cheaps.

Very convenient that 100m of tether was printed yesterday morning, ready for bitfinex to scoop up some btc to onsell for fiat.

 

[mustafur]

Pretty sure (although my view only) that this was coordinated whale action at is finest.

Sell hard, chase noobs into selling, tank prices, buy back for cheaps.

Very convenient that 100m of tether was printed yesterday morning, ready for bitfinex to scoop up some btc to onsell for fiat.

It happens like everyday, most whales are day traders so they move the market like crazy.

These same day traders like tether so that they wont get losses when everything is red then they buy later.

Either way I'm not a day trader in Crypto because whales are too OP and you have zero clue what they are going to do, no fibbinacci lines are going to save you from squat.

 

[Touring Mars]

I was trying to explain cryptocurrencies to my friends in the pub on Friday and realised how silly a lot of it sounds. That said, they were decidedly less critical when I told them that my crypto portfolio (such as it is!) had risen in value by 23% in a week.

If any of my mates ask me how my portfolio is going this week, I'll swiftly change the subject

All Coinbase currencies are tanking hard, but in a way I hope they keep going - I'm going to hold off buying any more unless there's a substantial drop in value e.g. 10% of their peak value, which I reckon is a distinct possibility! The Telegraph posted this simplistic but interesting graphic about the comparison of Bitcoin price and an asset bubble... it now looks even more similar...