Crypto Currency Thread

[Behemoth]

Shuvi McTupya said:

Any opinions on BTC getting back down below 6k ?

A guy that I am following on FB is convinced that is where it is heading. I listened to him a little while ago and sold BTC at 12k, bought it back at 6k and sold a week ago at 11.5k.

It does feel good holding USD and waiting for dips rather than holding on and riding them out!

He also thinks ETH is heading down to about 500..

I'd agree on Eth, but I have no prediction on where it will land. There are two BTC narratives at the moment: one is that today's steep drop is a result of exchange FUD (A Binance 3rd party API was hacked but it didn't involve BTC). The other is that the December collapse was caused by nearly $1/2 bln Bitcoin from the MtGox bankruptcy claim being sold off in batches by the trustee, the last being 18k BTC in early Feb https://www.coindesk.com/mt-gox-trustee-sells-400-... . If so, this dip ought to be short lived but who knows how the market will really react & when.

[Vyse]

So the recent price attention of bitcoin was largely down to the dumping of 35k+ coins by Mt Gox? I heard they still have over 150k coins in there possession.

[Behemoth]

Vyse said:

So the recent price attention of bitcoin was largely down to the dumping of 35k+ coins by Mt Gox? I heard they still have over 150k coins in there possession.

The trustees sold what they needed in order to pay off the creditors. Under Japanese law, Karpeles is due the balance once all is settled. Have a listen to the Radio 4 show I posted a link to earlier ^^

[Mousem40]

Behemoth said:

Fascinating 30 min BBC radio documentary last night recounting the MtGox collapse with recent interviews of Mark Karpeles & others around at the time: http://www.bbc.co.uk/programmes/b09tdyjz

Lovely, thanks for posting. Funny about those girls ha so stupid 😊

[Behemoth]

Mousem40 said:

Lovely, thanks for posting. Funny about those girls ha so stupid ??

I like the J-pop girls (their security advice is pretty good )

https://www.youtube.com/watch?v=EzCa0phYljk

[Mousem40]

Behemoth said:

I like the J-pop girls (their security advice is pretty good )

https://www.youtube.com/watch?v=EzCa0phYljk

hah super catchy lyrics too!

[x5x3]

just had notification my Trezor Model T is arriving tomorrow.

[Behemoth]

x5x3 said:

just had notification my Trezor Model T is arriving tomorrow.

Does it only come in black?

[x5x3]

Behemoth said:

x5x3 said:

just had notification my Trezor Model T is arriving tomorrow.

Does it only come in black?

for a while in January I was wondering whether my crypto stash would be worth more or less than the Trezor itself

[peekay74]

Behemoth said:

Does it only come in black?

That actually made me chuckle 😂

[Guvernator]

Big downward movement on BTC, ETH and the 4 other altcoins I hold. A friend reckons this happens every year around this time as we approach tax year end but that doesn't seem right to me as surely that only effects the UK and crypto is global?

[anonymous-user]

I think 2018 will be downward trend. The thing is the question of value. Most coins are in mainstream news etc so media saturation is high yet demand is dropping. The vast majority prefer fiat, therefore new money is a very small percentage of people and if they don't get interested the coins prices will wain. BTC being a million and other crap is fuelled by the shills. Funny how the shills are so quiet now. Long-term yes cryptos will be used probably just not as we think though.

[mids]

Behemoth said:

Fascinating 30 min BBC radio documentary last night recounting the MtGox collapse with recent interviews of Mark Karpeles & others around at the time: http://www.bbc.co.uk/programmes/b09tdyjz

I still have the amusingly worded emails from them telling me that my account had probably been hacked.

MtGox said:

While the password is encrypted, it is possible to bruteforce most passwords
with time, and it is likely bad people are working on this right now.

Yep, bad people indeed.

19th June 2011 !

[anonymous-user]

Thesprucegoose said:

I think 2018 will be downward trend. The thing is the question of value. Most coins are in mainstream news etc so media saturation is high yet demand is dropping. The vast majority prefer fiat, therefore new money is a very small percentage of people and if they don't get interested the coins prices will wain. BTC being a million and other crap is fuelled by the shills. Funny how the shills are so quiet now. Long-term yes cryptos will be used probably just not as we think though.

Since the madness of December when BTC nearly hit $20k it seems to be just pump and dump over the last few months. I suspect the whales will continue this market manipulation, selling to force the price down then buying cheap again to bring the price back up again.

Only a month ago the price fell to $5800 but was back up to $11000 within a week or so.

[Behemoth]

Guvernator said:

Big downward movement on BTC, ETH and the 4 other altcoins I hold. A friend reckons this happens every year around this time as we approach tax year end but that doesn't seem right to me as surely that only effects the UK and crypto is global?

No, this is nothing to do with the UK tax year. The downward trend was triggered by a negative news cycle, the key news item being the discovery of the Mt Gox bankruptcy sale. Traders are nervous about whether more coins will be sold on the open market (over $0.4bln were sold by the bankruptcy trustee but there are still 160k coins under their control with an as yet uncertain legal direction). This large sale has made me think about the volatility of all coins. Most have a very large percentage held by a very few initial investors & devs through ICOs & premines.

Negative news pieces are like buses: they bunch up. Other stuff putting fear into people include the US SEC's targeting of ICOs as securities and a hack scare on the Binance exchange.

[anonymous-user]

Thesprucegoose said:

I think 2018 will be downward trend. The thing is the question of value. Most coins are in mainstream news etc so media saturation is high yet demand is dropping. The vast majority prefer fiat, therefore new money is a very small percentage of people and if they don't get interested the coins prices will wain. BTC being a million and other crap is fuelled by the shills. Funny how the shills are so quiet now. Long-term yes cryptos will be used probably just not as we think though.

BTC hit the mainstream in December, everybody was talking about it and people wanted in due to FOMO. All those millions of people who bought in around $20k because they believed it would be $1 million have lost money. These people got so burned that they want nothing to do with Crypto anymore and there is very little new money coming in.

99.9% of people could not care less about Crypto or even know it exists. Do you think the boomers with their 4 houses, £500k in cash and their index linked pension give a crap about some main up electronic currency traded by nerds?

You have to think about the fundamentals, too many coins which are little more than a whitepaper apparently worth millions. They have to go to their true value ($zero) sooner or later. You can't speculatively trade something magicked out of thin air forever.

[Behemoth]

Joey Deacon said:

BTC hit the mainstream in December, everybody was talking about it and people wanted in due to FOMO. All those millions of people who bought in around $20k because they believed it would be $1 million have lost money. These people got so burned that they want nothing to do with Crypto anymore and there is very little new money coming in.

99.9% of people could not care less about Crypto or even know it exists. Do you think the boomers with their 4 houses, £500k in cash and their index linked pension give a crap about some main up electronic currency traded by nerds?

You have to think about the fundamentals, too many coins which are little more than a whitepaper apparently worth millions. They have to go to their true value ($zero) sooner or later. You can't speculatively trade something magicked out of thin air forever.

You don't need much more evidence than this to see that it was the Mt Gox bankruptcy trustee selling huge quantities on the open market that led to the downturn. This is your manipulative whale, conspiracy theorists. Fundamentals are fine for the better coins.

[Gecko1978]

Joey Deacon said:

Thesprucegoose said:

I think 2018 will be downward trend. The thing is the question of value. Most coins are in mainstream news etc so media saturation is high yet demand is dropping. The vast majority prefer fiat, therefore new money is a very small percentage of people and if they don't get interested the coins prices will wain. BTC being a million and other crap is fuelled by the shills. Funny how the shills are so quiet now. Long-term yes cryptos will be used probably just not as we think though.

BTC hit the mainstream in December, everybody was talking about it and people wanted in due to FOMO. All those millions of people who bought in around $20k because they believed it would be $1 million have lost money. These people got so burned that they want nothing to do with Crypto anymore and there is very little new money coming in.

99.9% of people could not care less about Crypto or even know it exists. Do you think the boomers with their 4 houses, £500k in cash and their index linked pension give a crap about some main up electronic currency traded by nerds?

You have to think about the fundamentals, too many coins which are little more than a whitepaper apparently worth millions. They have to go to their true value ($zero) sooner or later. You can't speculatively trade something magicked out of thin air forever.

They are zero if they are not accepted as a method of exchange....as they are then they are not zero. Today they are not widely accepted, tomororw they may be outlawed or the only way to pay for a starbucks you do not know hence uncertainty.

Fiat is not gold backed most $€£ are electronic only so your premise would mean only notes in circulation. An the same is true of fiat when ZIM Dollar crashed it being real was not relevant.

[anonymous-user]

Whatever anyone says that is not an uptrend

[Behemoth]

Thesprucegoose said:

Whatever anyone says that is not an uptrend

Market cap is an absurd amateur metric. Anyone can generate 1 trillion tokens & sell 1 token to a friend for $1 to create $1 trillion of market cap. It's mickey mouse economics.