***All Things Cryptocurrency***

[rifflemao]

I still blame the hodl mindset as the biggest problem altcoins have. With a robust circulation, there is no reason for altcoins, other than the shady side of things.

Is buying and hodling stocks primarily to blame for stock market corrections?


And is the solution for coin-hodlers to sell near the bottom? That's never fun. Seems like a perfect scenario for whales to jump in and scoop up cheap coins. They create artificial sell walls on the exchanges to drive prices down, btw.


Of course there are hodlers from 6 months ago that are still looking at very respectable gains during these latest corrections, so maybe those are the ones you're talking about, but their time-horizons may simply be longer. For example, some US hodlers may be waiting for a minimum of a year to get the favorable long-term capital gains tax treatment.


As someone else wrote, I believe, this seems to be a seasonal downswing for all cryptos, because Asia drives a large part of the markets and we're heading into Chinese New Year.


There have also been a lot of regulation concerns, recent negative news from india for example.


But if you want to blame the hodlers, I can't stop you.

 

[rifflemao]

Something interesting for XRP and XLM investors:

https://www.swift.com/news-events/p...s-potential-for-global-liquidity-optimisation


Oldish news by now, but SWIFT has been looking into blockchain tech as part of its global payments initiative.


However, they are in the "tulip bulb" crowd regarding cryptocurrencies:


https://www.coindesk.com/not-swell-sibos-highlights-swifts-strained-relationship-blockchain/

 

[dj11]

Is buying and hodling stocks primarily to blame for stock market corrections?

While the temptation to compare stocks to altcoins is real, it is probably less accurate than comparing tulips to altcoins.


Stocks have a more real tangabilty than coins do. Back by hard assets of a company. Coins in reality only have faith as a backup. We have faith that someone will honor our coins. If the altcoin market totally collapses, the losses will fall back on hard currencies, but only as a write off for those who can write them off. I couldn't for example.


Regarding Tulips ; https://en.wikipedia.org/wiki/Tulip_mania
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Similar speculations. Thing with tulips is that while the tulips were real, they could be planted almost anywhere and thus in a few years the value of that particular variety would be diminished, as new production of that particular variety would become widespread.
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I am currently coinless, I have saved 30% or so. I'd be happy to get back in if the market can show some support at any level, but for now it would just be a way to move value from one site to another.
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BTC is in seeming freefall again today. A few minutes ago, it was testing the $7K level.

 

[rifflemao]

Is buying and hodling stocks primarily to blame for stock market corrections?

While the temptation to compare stocks to altcoins is real, it is probably less accurate than comparing tulips to altcoins.


Stocks have a more real tangabilty than coins do. Back by hard assets of a company. Coins in reality only have faith as a backup. We have faith that someone will honor our coins. If the altcoin market totally collapses, the losses will fall back on hard currencies, but only as a write off for those who can write them off. I couldn't for example.

I was comparing the markets, not the assets. Market volatility has many causes, and I believe that in blaming the hodler mindset you are pointing to a questionable cause for the cryptocurrency market tanking. There are many other valid reasons, including stronger regulations in China against offshore exchanges.


Bitcoin and the rest of the crypto market isn't dropping because altcoin holders are hodling. With some exceptions, altcoins tend to drop when Bitcoin drops.


And the stock market didn't tank today because small-cap stock owners are holding.


Open to correction on this of course, but I'm not seeing the relationship you're making.

 

[AKQ]

the reason for the cryptocurrencys decline was that close to 10% of its value was based on its wide acceptance in S.korea and then being banned by the country as a non useable currency

 

[BelgoSuisse]

the reason for the cryptocurrencys decline was that close to 10% of its value was based on its wide acceptance in S.korea and then being banned by the country as a non useable currency

The other 90% of its value is based on it being decentralised and not bannable by any government... oh wait...

 

[lilpotato]

So I made a $2200 withdrawal from ACR using Litecoin. I never used Litecoin before so I had no wallet to send it to before I sent it on to Coinbase. So I downloaded Electrum for Litecoin (Electrum LTC) for windows desktop and that is the reason for this post. I can report that Electrum LTC for Windows desktop is a quick download easy to use and I received and sent my Litcoin with no problems, so if you need a Litecoin wallet that one works good.

 

[ekgbeat]

So I made a $2200 withdrawal from ACR using Litecoin. I never used Litecoin before so I had no wallet to send it to before I sent it on to Coinbase. So I downloaded Electrum for Litecoin (Electrum LTC) for windows desktop and that is the reason for this post. I can report that Electrum LTC for Windows desktop is a quick download easy to use and I received and sent my Litcoin with no problems, so if you need a Litecoin wallet that one works good.

Thanks for sharing. It can get tricky to know which wallet to use. Especially for coins not widely talked about (BTC or ETH).

 

[rifflemao]

Just had a scare with IOTA. Opened my wallet and the balance was zero. Checked around and explored the Tangle (their answer to blockchain), and saw the balance sitting in an address I didn't recognize. The solution (found on YouTube) was to go to Receive in Light Wallet, and generate several receive addresses, then the unrecognized address appeared, I attached it to the Tangle, and the balance showed up.

In other news, I've been thinking about ways to take advantage of the dip, and one way is to use a loophole/feature with crypto in that there appears to be no 30 day wash rule if you sell at a loss and buy another coin:


https://www.investopedia.com/univer...-and-losses-d-wash-sales-impossible-track.asp


I don't know how old that article is, so you'll want to confirm. My plan is to sell IOTA (I bought the fomo), to offset some other capital gains, then roll it into something else, probably ADA or NEO. So I'll get the writeoff, plus let the remaining funds ride up another elevator (if the cables don't break lol).


Then I'll buy a smaller position in IOTA at a better price.

 

[BelgoSuisse]

Just had a scare with IOTA. Opened my wallet and the balance was zero. Checked around and explored the Tangle (their answer to blockchain), and saw the balance sitting in an address I didn't recognize. The solution (found on YouTube) was to go to Receive in Light Wallet, and generate several receive addresses, then the unrecognized address appeared, I attached it to the Tangle, and the balance showed up.

How can you reconcile this experience with the idea that cryptos are worth « something » because they are a superior technology compared to the regular banking system?


If that’s not the underlying idea, then what is the value of crypto currencies?

 

[rifflemao]

How can you reconcile this experience with the idea that cryptos are worth « something » because they are a superior technology compared to the regular banking system?


If that’s not the underlying idea, then what is the value of crypto currencies?

That's a great question because there is much more to it than what seems to be a common experience with IOTA's digital wallet, in beta (as many of them are). I will give you some much better ammo, regarding Ethereum, the largest cap altcoin (alternative coin to Bitcoin):


https://www.cryptocompare.com/coins/guides/the-dao-the-hack-the-soft-fork-and-the-hard-fork/

Spoiler

TL;DR:

"On the 18th of June, members of the Ethereum community noticed that funds were being drained from The DAO and the overall ETH balance of the smart contract was going down. A total of 3.6m Ether (worth around $70M at the time) was drained by the hacker in the first few hours. The attack happened due to an exploit found in the splitting function. The attacker/s withdrew Ether from The DAO smart contract multiple times using the same DAO Tokens. This was possible due to what is known as a recursive call exploit."

But about the wallet, I would say that I have read enough about IOTA and several others that I separate the wallet tech from the transformative and disruptive promises of the crypto platform techs, and I don't assume just because a beta wallet sucks, that the entire tech does, or will. It may, or may not, but in the case of IOTA I like what they're trying to do. Unlike Ripple, and Stellar, IOTA (Internet of Things) is not trying to disrupt the banking system.


Ripple and Stellar are trying to solve the real friction and cost problems with payment transfers, particularly offshore, and SWIFT (big dog in that space) is trying to beat them to it with their own global payments initiative. Ripple can be stored on hardware wallets, and Stellar will get there if not already.

I think the value in their platforms is clear with regard to speed and low cost, if they do what they say in slick YouTube vids. The value of their coins, XRP and XLM, are speculative at this point. But I think it's a logical fallacy to say I can't use this or that crypto to buy stuff yet, so it will never be useful to me or anyone. That is highly speculative in the other direction, and dismissive of serious efforts to solve problems that arise, with Bitcoin transfers for example.

Humans have figured out how to launch a Tesla into space, and land two rocket boosters simultaneously. If blockchain really has potential, we'll figure it out. I just hope most of us figure out which coins will be worth something in the future. I'd feel more comfortable if many of these were "security tokens" (regulated, and more share-like) than just "utility tokens."

 

[Edison A]

the fall of the criptomonedas that removed almost 500,000 million dollars of market value during the last month could aggravated much as the head global analysis investment of Goldman Sachs group Inc.
it is unlikely to most of coins digital survive in its current form, and investors should prepare for coins lose their full value as will be replaced by a small amount of future competitors, said Steve strongin, Goldman, in a report dated February 5. although not established within for losses of currency current, said the recent price fluctuations were evidence of a bubble and that the trend of different coins to move together was not rational for a market in which "few winners are carried most". "the high correlation between the different criptomonedas worries me," said strongin. "given the lack of intrinsic value, it is likely coins not survive traded to zero". coins digital current have no power to stay long-term due to slow process transaction, security issues and the high maintenance costs, according strongin. said the introduction of futures bitcoin regulated has not addressed these problems and dismissed the idea of one advantage of being the first to Act, emphasizing that few of the success of the Internet bubble survived after the late 1990s

 

[rifflemao]

A "cautiously optimistic" Senate Banking Committee Hearing on crypto, ICOs, and blockchain tech etc. Chris Giancarlo became a crypto hero on social media for using the slang term HODL. He starts at 13:50ish.

 

[nobodysf00l]

Bitcoin

I tried using bitcoin through Coinbase.com and it was a disaster. My last transaction never completed and now my account balance is 0, I have no idea what to do and would appreciate any advice on how to deal with this and how to use bitcoin effectively.

 

[rifflemao]

I tried using bitcoin through Coinbase.com and it was a disaster. My last transaction never completed and now my account balance is 0, I have no idea what to do and would appreciate any advice on how to deal with this and how to use bitcoin effectively.

What kind of transaction? I'd recommend contacting Coinbase Support with all the details, such as transfer id etc. Hopefully you didn't fund an ICO from your Coinbase wallet, which is a no-no. Fyi, most of us use Coinbase's GDAX exchange to save on fees, if you're not already doing so.

 

[rifflemao]

XRP is spiking today on news of being added to an exchange in India.

Here's an interesting interview at Yahoo All Markets Summit, with the CEO of Ripple:

What I'm taking from this is that xCurrent, the Ripple product that does not use XRP has much greater adoption that xRapid, the product that uses XRP for liquidity. That may be worrisome for speculators, but Garlinghouse makes the point that since Ripple owns the majority of XRP tokens, they are very much invested in the success and wide adoption of xRapid and XRP.


What I'm also taking from this, with regard to XRP and really the entire crypto market, is that we're not too late in the long term, but may still be too early given all of the problems and regulatory concerns, low adoption rate etc.

 

[Edison A]

The cryptocurrency will lose all their value in the coming months, said GoldMan Sach

 

[rifflemao]

Absolute must-watch from David Hay:

EDIT: And an article about Chris Giancarlo:

https://news.bitcoin.com/bitcoins-new-rock-star-j-christopher-giancarlo/

 

[Aparajit]

I freaking lost biggg money.

Those who invested between 2017 jan - 2017 Nov made profits for sure..


And the ones like me who joined the party late in December 2017 & January 2018 got wrecked.... atleast 40% down everyone.

 

[canabero]

march used to be a good month to invest in crypto

 

[canabero]

The cryptocurrency will lose all their value in the coming months, said GoldMan Sach

that won't happen, at least in this year. anyway, when that happens cyptos will be working with high or low money value, because they have a value by themselves for technology, freedom to use and a good way to escape from bank stealers.

 

[kozong]

The cryptocurrency will lose all their value in the coming months, said GoldMan Sach

not gonna loose all value, just plenty of corrections will be made for them

march used to be a good month to invest in crypto

this year, every other months gonna be as profitable to short the overpriced cryptos it seems

*we can short them, cant we?

 

[dj11]

Shorting Cryptos?

You'd have to go thru Wall Street at this point. Those 2 or 3 crypto funds that were set up last month might have ways to do it.


But the question for me is; Have the crypto's established a commodity status yet? I tend to think no.

 

[ekgbeat]

Absolute must-watch from David Hay:

Lessons From The Bitcoin Crash ? The Venezuelan Petro Crypto Currency Collapse ? - YouTube



EDIT: And an article about Chris Giancarlo:

https://news.bitcoin.com/bitcoins-new-rock-star-j-christopher-giancarlo/

Good information that people should view. Thanks for posting that.

 

[JRNorris95]

Mining cryptocurrency is not very profitable in the long run. Equipment quickly becomes outdated and new miners rarely see ROI. The best way to make money off mining is to get a miner early, mine, then resell it before it loses much of its value.