Crypto Currency Thread

[limpsfield]

“It’s Just The Market Correcting Itself” Says Terrified Crypto Investor

http://www.betootaadvocate.com/uncategorized/its-j...

“Honestly, there are a number of reasons for the drop in prices,” said the student who has no previous financial experience or expertise.

“It’s Chinese Lunar New Year, and the Asian markets account for a huge amount of trade, they are just taking some of their money out for that. That money will come back in,” he said.

[stongle]

Behemoth said:

Day trader hell. I much prefer a good night's sleep

Been awful, been in and out of tether like a fiddlers elbow.

All back into ETH now - was becoming pointless calling the dips and racking up fees.

It is behaving like a Ponzi scheme at present, massively dependent on new money inflow - longer term the AML / KYC restrictions slowing funds entry in can only be a good thing. And I wish the exchanges would delist Zcash / Monero etc.

[Badda]

Questions for all you crypto guys.

How many of you started on this in the last year or so?

And, if the prices had not spiked so much recently, would you still be 'investing' or is it the volatility that's attractive rather than the long term hold?
Just trying to get my head around it all that's all.

[dimots]

Badda said:

Questions for all you crypto guys.

How many of you started on this in the last year or so?

And, if the prices had not spiked so much recently, would you still be 'investing' or is it the volatility that's attractive rather than the long term hold?
Just trying to get my head around it all that's all.

I bought hundreds of bitcoin back in 2012 and was getting paid in bitcoin, and using it to pay for gigs on fiverr and stuff like that. Sold a load when I got scared by the big drop at the start of 2015...regret it now obviously but I completely de-risked my initial investment and have taken good profits in fiat so ¯\_('-')_/¯

I just hold mostly, and play around with a small pot in Bitfinex. I like Eth, NEO and btc...not interested in anything else at the moment.

[jonm01]

So, Bitconnect

[Jonesy23]

jonm01 said:

So, Bitconnect

Watching the fallout is educational as it represents a lot of the market, even the non-Ponzi bits.

When you look at it the risks were blindingly obvious and you knew what was going to happen in the end; probably good money if you got in and out at the right time or were running the thing but you knew a load of people were going to get burned.

Everyone is stuffed when the exchange goes down. Nothing unusual there.

Loads of people shilling; Twitter bot accounts, actual people on accounts, YouTube channels with 'experts'. Nothing unusual there.

Lots of people presenting themselves as knowledgeable traders who got burned hard with the rest. Nothing unusual there.

Lots and lots of 'normal' people who got drawn in, dabbled and got burned and don't really understand what's going on. Nothing unusual there.

Some people who really piled in and are absolutely fked. Nothing unusual there.

You'd hope this would be educational but it's still split between the people who were dubious and stood clear and the ones who got involved and still sort of believe and hope it will sort itself out.

Sort of entertaining from a distance but the occasional twinge of empathy stops it being too funny. Hopefully the main shills will see fallout and with any luck the people behind the whole mess too.

[Behemoth]

stongle said:

Been awful, been in and out of tether like a fiddlers elbow.

All back into ETH now - was becoming pointless calling the dips and racking up fees.

It is behaving like a Ponzi scheme at present, massively dependent on new money inflow - longer term the AML / KYC restrictions slowing funds entry in can only be a good thing. And I wish the exchanges would delist Zcash / Monero etc.

Actually, day trading means exactly that. You have a break when the markets close if you're a day trader. Crypto never closes, so to trade hourly trends you really need to be at it 24/7 with alarms triggering or write bots. I'd do the latter but never the former.

I used to think like you, that anonymous coins are dangerous territory and are barriers to KYC/AML. But I've come to realise they are absolutely necessary for the future of any cryptocurrency's success long term. ZCash is sadly broken because it's an optional feature & thus becomes potentially traceable throughout. Monero is powerful and worthy of a lot more attention than it gets, especially since it has a totally different protocol to Bitcoin.

I think there's space for one coin/token to lead each major protocol implementation and the rest will fall by the wayside. In the dotcom boom, the protocol layer (TCP/IP) was relatively insignificant for accruing value. All the dotcom value went into the application layers (websites) and remained there after the crash. For crypto, I think the majority of value will be at the protocol level for all time.

[juice]

Are you guys aware of this ?

http://blog.netlab.360.com/art-of-steal-satori-var...

[hostyle]

Newb here...

First, I must express my gratitude to posters like Behemoth, Ted2 and many others that have made informative and extensive posts in this thread. I've been reading a lot about crypto's and the market the last few days and this thread has been sort of a guide for me. Thank you all very, very much!

As I don't have the time nor the desire to be daytrading or going through all the hoops of buying actual coins, I've dabbled a bit in Ether Tracker ONE via a share broker account I allready use for a bit of fun investments. Currently I've got only €150,- in it since a few weeks. Seeing this weeks numbers hasn't been fun, but it's still money I'm willing to loose if it all goes tits-up.

What I was wondering is, what's the consensus on Bitcoin Tracker One and it's Ether counterpart?

[anonymous-user]

stongle said:

It is behaving like a Ponzi scheme at present, massively dependent on new money inflow - longer term the AML / KYC restrictions slowing funds entry in can only be a good thing.

I think you hit the nail on the head, the rises we saw over the last 6 weeks were not sustainable, they were from the millions of people piling in, saying "just take my money" and not knowing what they were doing. I will admit I was one of them, initially I was 50% up but then it dribbled away and I cashed out while I still had some money left.

I think this current crash/correction is caused by less people entering the market and a lot of the newbies getting out while they still have something left.

Taking BTC as an example, it nearly hit $20k in mid December and is currently flirting around the $10k mark. I suspect a lot more people lost money than made money, especially with the newbies.

[hostyle]

Joey Deacon said:

I think this current crash/correction is caused by less people entering the market and a lot of the newbies getting out while they still have something left.

Do you think this will weed out the sh*tcoins?

I'm with a lot of people on this thread that the technology is a worthwile innovation in the long run. But for some cases, i.e. Ripple, I don't see a one-on-one relation with the coins.

[Behemoth]

There's a (very) big difference between a Ponzi scheme and naive newcomers being parted from their money. Bitconnect: that's a pure Ponzi if I ever saw one.

[stongle]

There is also the annual profit taking by Asian investors probably playing a part. It happens every year. Mix in some FUD this event probably should have been foreseen. Still if you want the 2-300% gains you gotta ride out the 30% drops I suppose.

[anonymous-user]

stongle said:

There is also the annual profit taking by Asian investors probably playing a part. It happens every year. Mix in some FUD this event probably should have been foreseen. Still if you want the 2-300% gains you gotta ride out the 30% drops I suppose.

last year it was about 10% dip same year before. This year it is between 24-40%, i think that is more than FUD.

[Yipper]

Cryptos now in a huge bear market.

The party is coming to an end.

[PWeston]

Yipper said:

Cryptos now in a huge bear market.

The party is coming to an end.

I doubt it very much - 2018 will likely see much higher highs once this "correction" passes. Crypto is very much here to stay, it has just got a bit ahead of itself.

[Yipper]

PWeston said:

Yipper said:

Cryptos now in a huge bear market.

The party is coming to an end.

I doubt it very much - 2018 will likely see much higher highs once this "correction" passes. Crypto is very much here to stay, it has just got a bit ahead of itself.

Cryptos won't go away. Everyone knows that. But the golden age is over. Bitcoin has collapsed -50% in just a few weeks. That's a bear collapse, in any market.

[yajeed]

stongle said:

There is also the annual profit taking by Asian investors probably playing a part. It happens every year. Mix in some FUD this event probably should have been foreseen. Still if you want the 2-300% gains you gotta ride out the 30% drops I suppose.

Or they're reading the news/threats about Korea and China outlawing trading in crypto?

[bongtom]

The only reason other coins are being bought is because of the “success” of BTC and the misguided belief that these “cheap” coins will get to equal highs.

Most people don’t understand or give a hoot about the blockchain tech. They just want to make free easy money.

[NickCQ]

Yipper said:

Cryptos won't go away. Everyone knows that. But the golden age is over. Bitcoin has collapsed -50% in just a few weeks. That's a bear collapse, in any market.

A bear collapse that BTC has exhibited frequently over the last few years and recovered from each time. I don't think this collapse is necessarily different.