Discussion
I bought in to ETH at £14 two weeks ago.
Standard thing, a trader friend who did very well out of Bitcoin transferred 50% of his significant bitcoin holding to ETH just before Mid Feb. I was a bit later to follow.
In all honesty, I don't understand it at all. I only put in a bit of cash that I could afford to lose and am so far enjoying the ride!
If it goes back down to £16ish i'll probably buy in again. I enjoy the volatility.
Standard thing, a trader friend who did very well out of Bitcoin transferred 50% of his significant bitcoin holding to ETH just before Mid Feb. I was a bit later to follow.
In all honesty, I don't understand it at all. I only put in a bit of cash that I could afford to lose and am so far enjoying the ride!
If it goes back down to £16ish i'll probably buy in again. I enjoy the volatility.
rufusgti said:
Any theories on why the price didn't crash with the decisions made in the last few days regarding the Winkies ideas.
I was expecting a major crash, yes it dropped but anyone whose been in crypto for more than ten minutes would regard a mere 20% nothing more than a minor hindrance.
I was tempted to sell a chunk and am glad I didn't now. But is it just delayed, or was it just not such a big deal for Bitcoin.
The standard Bitcoin echo chambers were confident it would happen. Everyone else was confident it wouldn't. A lot of money was waiting to scoop up the spooked people. There's been solid buying for months and this was an opportunity to scalp some more. I was expecting a major crash, yes it dropped but anyone whose been in crypto for more than ten minutes would regard a mere 20% nothing more than a minor hindrance.
I was tempted to sell a chunk and am glad I didn't now. But is it just delayed, or was it just not such a big deal for Bitcoin.
It would've been a big deal perception wise, but most people seem to have forgotten it would've meant the Winklevii would be selling shares in coins that are nowhere near the open market. Money would've been pouring into there, not the normal market so in theory it would've been negligible.
I think it's dead rather than delayed. I don't see how the SEC can ever be satisfied considering where and how it's traded.
bloomen said:
I think it's dead rather than delayed. I don't see how the SEC can ever be satisfied considering where and how it's traded.
Regulatory frameworks have progressed exponentially since the fiasco of back bedroom mickey mouse exchanges like Mt Gox & I see no reason why this wouldn't continue apace. Even the Chinese exchanges are now implementing KYC/AML rules. It won't be too long before a reliable set of exchanges can be indexed against & that will satisfy the SEC's concerns.
Behemoth said:
Good question; usually there's a bit of an inverse correlation between BTC & ETH but not this week. It's entirely speculation, of that there's no doubt.
Probably partly looking for an alternative to BTC for dirty cash as BTC legitimises and partly a bullish sentiment for all leading crypto as the media noise hit peaks and thus new speculators joined without deep technical knowledge. It takes ~ 1 week for fiat cash to reach a crypto exchange, so maybe these newbies were scared off BTC & headed straight for the alt market instead.
cheers the one thing i have noticed is the price volatility of the exchanges, which is becasue they charge so little per transaction, which leads more people to swap and change in some coins, a lot of pump and dumps.Probably partly looking for an alternative to BTC for dirty cash as BTC legitimises and partly a bullish sentiment for all leading crypto as the media noise hit peaks and thus new speculators joined without deep technical knowledge. It takes ~ 1 week for fiat cash to reach a crypto exchange, so maybe these newbies were scared off BTC & headed straight for the alt market instead.
The Spruce goose said:
cheers the one thing i have noticed is the price volatility of the exchanges, which is becasue they charge so little per transaction, which leads more people to swap and change in some coins, a lot of pump and dumps.
That's a good point. I don't do any trading, so don't know much about their fee structures. I know that Chinese BTC exchanges used to have 0 fees which led to madness & fake volumes everywhere. Certainly pump & dump. That's all been curtailed by govt regulation, thankfully. It could well be the influx of BTC post ETF was just as an on- ramp for these pumping alts. When the parabolic upswing collapses, it will all land back into BTC for sure.On the alts, I own a few of the technically interesting ones (because that's where my head is at in all this). Ethereum because of side chain contracts, but I have big concerns about governance, showboating and scalability. I'm intrigued by Lisk which uses Javascript as its sidechain contract language. This has enormous promise because there's a practically limitless talent pool of javascript programmers out there. They could fuel a considerable contract building industry in the future at relatively low cost and they could do it very quickly. Once this got going, it could suit all sorts of business environments, not just high end fintech. So not only is Lisk scalable, so is its infrastructure. The rest seem a mixture of me-toos, offering little new or they are coins that seek only to gain from dirty money laundering through anonymity.
rockin said:
Behemoth said:
What do you mean by stands behind ?
Example: the collapse of Icelandic banks. Savers got their money back from UK government.
Savers got their money back from a bank infrastructure problem, not from an Icelandic Krona problem.dtmpower said:
what's the quickest way to move it out and onto a personal wallet or device ?
The quickest way would be to a paper wallet. There are plenty of guides explaining how you do it. It's ok short term but not very safe imo longer term. If you lose the paper, you lose the coins. If someone else sees & copies your private key, they can steal your coins.depends how much you have but loads of hardware wallets.
I have to say the whole market is crazy, nearly 5 days of solid big gains across the board. I would say lots of people are making money.
I have spent a bit on some cloud mining as a punt. My investment is about 15% up so not bad but missed all the massive gains. I do have some shadow cash which is hoping to reap some rewards after an announcement on Friday. It can't be long before the whole thing goes mainstream.
ethereum went up 30% in one day, that is nearly 200 million usd volume. (I would rate it as one of the most safest stable ones out there)
I have to say the whole market is crazy, nearly 5 days of solid big gains across the board. I would say lots of people are making money.
I have spent a bit on some cloud mining as a punt. My investment is about 15% up so not bad but missed all the massive gains. I do have some shadow cash which is hoping to reap some rewards after an announcement on Friday. It can't be long before the whole thing goes mainstream.
ethereum went up 30% in one day, that is nearly 200 million usd volume. (I would rate it as one of the most safest stable ones out there)
The Spruce goose said:
depends how much you have but loads of hardware wallets.
Hardware wallets are not quick, which is what the poster asked. You have to buy them, wait for them to arrive & then set them up. A paper wallet can be done in 5 mins.Be careful with your alts. When they dump, which they surely will after a near exponential pump, they will dump big time.
so far I have been carful main up my initial loss, bought some cloud mining and a ICO, and around 50% up on initial investment. Once that is done will leave the market for a bit as it is too hot, I can see a lot of money being pulled out, as I think most have only come to make money not actually use it.(which Ethereum is pretty good and easy to use)
The Spruce goose said:
I think most have only come to make money not actually use it.(which Ethereum is pretty good and easy to use)
Ether is not used anywhere as either currency or as a contractual conduit. You can't buy anything at all with it. It is entirely speculative at this stage.All that's happened recently is Intel, J.P. Morgan & others have decided to play with their own private version of the Ethereum blockchain. That's separate from what is traded on the open market as Ether. I don't see how it impacts Ether, which by Buterin's (the creator) own admission was never designed to be a store of value. Buying Ether does not buy you a share of what Intel, J.P. Morgan etc are playing with. You are, however, buying speculative noise.
[quote=Behemoth]
Ether is not used anywhere as either currency or as a contractual conduit. You can't buy anything at all with it. It is entirely speculative at this stage.
quote]
I think you are wrong it was never made for a currency (recognized stores of value and are traded between nations in foreign exchange markets) but is/become one.
I know about the ethereum project is, and it is interesting, but the current spike mean that even though it not make to be a curacy or asset it may end up becoming one because the of the current market position. the sudden jump in price will bring bitcoin type projects to ethereum.
Ether is not used anywhere as either currency or as a contractual conduit. You can't buy anything at all with it. It is entirely speculative at this stage.quote]
I think you are wrong it was never made for a currency (recognized stores of value and are traded between nations in foreign exchange markets) but is/become one.
I know about the ethereum project is, and it is interesting, but the current spike mean that even though it not make to be a curacy or asset it may end up becoming one because the of the current market position. the sudden jump in price will bring bitcoin type projects to ethereum.
Edited by The Spruce goose on Friday 17th March 03:27
well my profit went in a flash plus some losses. I had 'invested' in Shadow Cash which I got sucked into the hype, and after the announcement the price tanked. Ah well, I have decided I am going to invest in mining and play with a little money. but my losses are about 30 quid on initial stake, so not all bad, but including my profit was around 250 quid.
But my DASH mining has paid back 15 quid so far in 2 half days.
if I had just kept my Ether, I would have made a tidy profit with little effort.
But my DASH mining has paid back 15 quid so far in 2 half days.
if I had just kept my Ether, I would have made a tidy profit with little effort.
The Spruce goose said:
well my profit went in a flash plus some losses. I had 'invested' in Shadow Cash which I got sucked into the hype, and after the announcement the price tanked. Ah well, I have decided I am going to invest in mining and play with a little money. but my losses are about 30 quid on initial stake, so not all bad, but including my profit was around 250 quid.
But my DASH mining has paid back 15 quid so far in 2 half days.
if I had just kept my Ether, I would have made a tidy profit with little effort.
Where are your buying or bidding on the cloud mine contracts ?But my DASH mining has paid back 15 quid so far in 2 half days.
if I had just kept my Ether, I would have made a tidy profit with little effort.
The Spruce goose said:
genesis mining, seems legit could be a ponza scheme though. 475 dollars for 2 years invested, getting about 4.5 usd a day. good customer service and easy to use. going to stick another 500 dollars in in a few weeks.
there are loads out there.
Have put a 5mh/s contract for dash, can i pay it out in bitcoin or am i going to need a dash wallet now ?there are loads out there.
The Spruce goose said:
genesis mining, seems legit could be a ponza scheme though. 475 dollars for 2 years invested, getting about 4.5 usd a day. good customer service and easy to use. going to stick another 500 dollars in in a few weeks.
there are loads out there.
Almost every single one of them turned out to be a ponzi in the end. Mining difficulty ramps up every single fortnight. I don't see how they're going to pay out vastly more in equipment and electricity to keep paying you back. It's the new customers who do that. there are loads out there.
I'd say Hashnest is the only one that's really what it claims to be.
Edited by bloomen on Saturday 18th March 20:29
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