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  #81  
Old 02.02.2018, 16:32
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Re: Get started trading crypto currencies

Be good if it becomes relatively stable again so it can be used as a currency rather then an investment
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  #82  
Old 02.02.2018, 16:42
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Re: Get started trading crypto currencies

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Be good if it becomes relatively stable again so it can be used as a currency rather then an investment
The problem is that it will likely only stabilize long-term when it is controlled and regulated, which kind of defeats the original purpose of the currency. May as well use your normal bank account and cards to pay for things electronically then.
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  #83  
Old 02.02.2018, 17:41
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Re: Get started trading crypto currencies

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This is a beautiful market to be watching at the moment and very predictable from the reports of the Tether problems over the past two days (this has been know in crypto circles for a long time, but a big NY Times spread tends to concentrate minds).

The only question to be asking is when to close the shorts. (In fact now is a good time to at least take profits and refresh).

If this is a reaction to the USDT story then it's come very late. The relationship between Bitfinex and Tether was out in the open about a year ago. Anyway, I'm not sure that Tether's supposed shenanigans would have so much of an impact on a market that was over 800 bln market with a relatively small amount in circulation.
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  #84  
Old 02.02.2018, 18:28
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Re: Get started trading crypto currencies

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If this is a reaction to the USDT story then it's come very late. The relationship between Bitfinex and Tether was out in the open about a year ago. Anyway, I'm not sure that Tether's supposed shenanigans would have so much of an impact on a market that was over 800 bln market with a relatively small amount in circulation.
The concerns about Tether have indeed been talked about for quite a time even in the mainstream media (the NYT had an article back in November about it). BTC has, anyway, been on a downward path since the start of the year.

Things did start to accelerate, though, this week when news broke (I saw it first on Bloomberg at about 19:00 CET on Tuesday) concerning the CFTC subpoena of Bitfinex and Tether (which had actually happened back in December) and then yesterday the NYT article about how the BTC price had possibly been manipulated by unbacked Tether (it doesn't really matter whether that's true - it's the sort of news which gives markets the jitters).

We we probably going below 10k (then 9k, then 8k...) anway, but the selling volume after both these news items is nicely correlated.

While the amount of (allegedly) unbacked Tether is small potatoes (maybe a billion or two), it can take a surprisingly small amount to consistently manipulate a market. (800 billion market cap doesn't mean 800 billion was actually put into the market - it's just a price x issuance calculation).
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  #85  
Old 05.02.2018, 14:48
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Re: Get started trading crypto currencies

I am wondering whether this is the SIGN to get the hell out of crypto.

deVere Group launches cryptocurrencies app due to soaring global demand
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  #86  
Old 05.02.2018, 15:08
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Re: Get started trading crypto currencies

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I am wondering whether this is the SIGN to get the hell out of crypto.

deVere Group launches cryptocurrencies app due to soaring global demand
Maybe this explains why BTC is down (another) 10% today - but I'm pretty sure the only reason deVere are doing it is to jump on the "crypto-boosted-my-shareprice" bandwagon. It's exactly the sort of scheister thing they would do.

Lloyds Bank bans Bitcoin purchases on its credit cards probably didn't help the value much.
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  #87  
Old 05.02.2018, 15:59
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Re: Get started trading crypto currencies

Do I see that right? Some one dumped 263 Million Bitcoins on the market ?
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  #88  
Old 05.02.2018, 16:03
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Re: Get started trading crypto currencies

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Do I see that right? Some one dumped 263 Million Bitcoins on the market ?
That's a pretty clever trick, given that only 21 million Bitcoins can ever exist and less than 17 million have been mined so far.

I assume you read something about $263 million (or some other currency) worth of Bitcoin being offered, which is peanuts.
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  #89  
Old 05.02.2018, 20:10
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Re: Get started trading crypto currencies

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I assume you read something about $263 million (or some other currency) worth of Bitcoin being offered, which is peanuts.
Which shows it's a very illiquid market........ How soon will we see a 66% loss from peak in Bitcoin, this week or this month?
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  #90  
Old 05.02.2018, 21:28
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Re: Get started trading crypto currencies

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Which shows it's a very illiquid market........ How soon will we see a 66% loss from peak in Bitcoin, this week or this month?
Close - actually today - as of now, loss from peak of $18700 is 66.8%...
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  #91  
Old 05.02.2018, 22:46
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Re: Get started trading crypto currencies

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These drops in value are part of its appeal. They are opportunity for collectors to buy more of them. Strategists wait for these.
So Phos, did you buy more Bitcoin on the slump?
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  #92  
Old 06.02.2018, 11:58
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Re: Get started trading crypto currencies

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Which shows it's a very illiquid market........ How soon will we see a 66% loss from peak in Bitcoin, this week or this month?
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Close - actually today - as of now, loss from peak of $18700 is 66.8%...
Actually Bitcoin is already down 66% from ATH: https://athcoinindex.com/
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  #93  
Old 06.02.2018, 12:00
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Re: Get started trading crypto currencies

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So Phos, did you buy more Bitcoin on the slump?
Having said that, yesterday or 2 days ago, it increase value by 30% within few hours.

When you read today's news about traditional stock market who are panicking worldwide because of a "massive" 3% decrease, you put things in perspective.


And yes, crypto currencies values are currently dropping excessively, probably due to numerous panic moves, governments and banks announcements (such as banning credit card purchase). And yes that market is extremely volatile.

Let's not forget there is a fundamental significant difference between normal stock market and the crypto currencies: the technology behind it.

Indeed a good technology does not means financial success on the stock market. What I am reminding is there are some things behind simply trading the currencies that are changing the world significantly and we are only at the beginning of that phase.

And I would dare to even say that it's somehow good that the prices are "stabilising" (after current drops, I suspect it will be the new trend). It will make these crypto currencies even better and more easy to use on a daily basis. Which in turn, should reinforce their values.

In fact the traditional big players (banks, governments...) have started to take crypto currencies as a serious enemy out of their control and they are making significant moves to have the entire cake for themselves.

For a weak example, take the XRP (Ripple). It's value dropped terribly in the last few days. Yet more and more banks are using it and it will replace traditional payment systems (dating from the 70's!!!). It's weak example because it does not works as other crypto currencies with limited supplies, the company behind ripple control how many XRP are in the market.

Other examples are these exchanges who are making a fortune on fees, reducing the transaction fees of traditional credit cards and also creating a risk for those fools who where using their credit card to purchase crypto currencies with money they could not afford to lose. It created a risk for numerous banks, not only because these people might not be able to repay and because of the loss of normal transaction fees*. It resulted in some (logical) ban and more panic on the market.

*because when you purchase or exchange crypto currencies, the fees are no longer going to the banks.

My opinion is very clear, it's impossible from a technological point of view that we go back or cancel the crypto currencies. Real control is not possible by governments, which is one of the purpose and advantage of some of the crypto currencies (like Monero). So the governments are starting media panic and pretend to play the "protectors" to save citizen (the idiots ones investing money they can't lose). Instead of taking measures to support this revolution and providing a decent support to that evolving financial industry.

All that is creating havoc on the market, when the panic will settle, people will realise it's there to last and the value will raise again. Hopefully less volatile as it is an impediment to the cryptocurrencies taking over some financial aspect of our societies.
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  #94  
Old 06.02.2018, 12:05
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Re: Get started trading crypto currencies

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Which shows it's a very illiquid market........
No, it doesn't. The "dumping" of those Bitcoins was proposed as a reason for the value of BTC crashing, but that's highly unlikely to be correct. BTC has been declining since before Christmas, and the alt-cryptocurrencies have been on a downward slide for some time too.

On another note, it will be interesting to see whether money from the stock market will now flow back into crypto.

Last edited by 22 yards; 06.02.2018 at 13:22. Reason: Typo
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  #95  
Old 06.02.2018, 12:07
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Re: Get started trading crypto currencies

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My opinion is very clear, it's impossible from a technological point of view that we go back or cancel the crypto currencies. Real control is not possible by governments, which is one of the purpose and advantage of some of the crypto currencies (like Monero). So the governments are starting media panic and pretend to play the "protectors" to save citizen (the idiots ones investing money they can't lose). Instead of taking measures to support this revolution and providing a decent support to that evolving financial industry.

All that is creating havoc on the market, when the panic will settle, people will realise it's there to last and the value will raise again. Hopefully less volatile as it is an impediment to the cryptocurrencies taking over some financial aspect of our societies.

How do you value one cryptocurrency from another? From what I understand, there are thousands of cryptos and surely the vast majority of them will fail? What use would it be to have thousands of different crypto currencies?


I'm not at all interested in buying any crypto, it's impossible to value and I just wouldn't have any idea why the price should be any different from today... but I'm interested in how they work and what causes so many people to buy them. I understand the benefit of the blockchain, but why does that make bitcoin worth anything?
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Old 06.02.2018, 12:15
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Re: Get started trading crypto currencies

I don't doubt the value of the distributed ledger tech (e.g. blockchain, tangle). What I doubt is whether this tech needs cyrpotcurrency (especially an expensive and wasteful one).

Your example with ripple. Do not confuse RTXP (the transaction protocol) and XRP the currency

Wikipedia reference-linkUsers of the Ripple network are not required to use XRP as a store of value or a medium of exchange

Another example is Mastercard
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Mastercard hopes to provide the benefits of blockchain technology—including a more secure and transparent way of making and tracking payments—within the existing financial system, without the hassle of digital currency.
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Old 06.02.2018, 13:19
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Re: Get started trading crypto currencies

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I don't doubt the value of the distributed ledger tech (e.g. blockchain, tangle). What I doubt is whether this tech needs cyrpotcurrency (especially an expensive and wasteful one).
It doesn't need cryptocurrency. You could have a blockchain that uses proof by authority. This goes away from distributed trust, but you still get the benefits of a distributed network and cryptographic signing. It all depends on the application.
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Old 06.02.2018, 13:31
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Re: Get started trading crypto currencies

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No, it doesn't. The "dumping" of those Bitcoins was proposed as a reason for the value of BTC crashing, but that's highly unlikely to be correct. BTC has been declining since before Christmas, and the alt-cryptocurrencies have been on a downward slide for some time too.

On another note, it will be interesting to see whether money from the stock market will now flow back into crypto.
Bitcoin 101 : Bitcoin price always drops in January, get out in December and wait until February/March. The stock market is 'safe', crypto is not... so the next 'safe haven' is bonds.
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Old 06.02.2018, 15:09
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Re: Get started trading crypto currencies

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Bitcoin 101 : Bitcoin price always drops in January, get out in December and wait until February/March. The stock market is 'safe', crypto is not... so the next 'safe haven' is bonds.
Bonds are supposedly the cause for this current stock market dip, so in this instance I'm sure you're right.
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Old 06.02.2018, 19:17
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Re: Get started trading crypto currencies

Maybe someone can answer this question to me:

What prevents a whale from having two crypto wallets and buying/ seling between them, thereby manipulating prices. I mean if the orders are large enough, a whale could make sure small fish do not have any significant effect.
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