Crypto Currency Thread
Discussion
bongtom said:
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.
Absolutely, that is why the money piled in, the people were just saying "please take my money" they didn't care about what exactly they were investing in. Turns out it isn't money for free, your $3 XRP or $0.15 FUN is never in reality going to be worth the same as bitcoin.Most people don’t understand or give a hoot about the blockchain tech. They just want to make free easy money.
This is no different to the dot com boom of the late 90s, eventually these coins will revert to their actual worth, and for 99% I think this is Zero so they will just wither and die.
DOGE is a good example of this, 37th biggest coin which was started as an internet joke and the code has not been updated for 2 years. Was "worth" $1.6 billion, currently at $721 million. It has no use so is in reality worthless.
This won't be news to some of you but I was just made aware of this scam page trying to catch out noobs wanting to get involved with the ICX airdrop.
The scam page is https://iconfoundation.io/airdrop/
It should have an extra dot : https://icon.foundation.io/airdrop/
This is what a noob will be asked for during the application.
Obviously 'we' all know that you don't ever give up your private key but I feel sorry for the unwary that fall into this kind of trap!
The scam page is https://iconfoundation.io/airdrop/
It should have an extra dot : https://icon.foundation.io/airdrop/
This is what a noob will be asked for during the application.
Obviously 'we' all know that you don't ever give up your private key but I feel sorry for the unwary that fall into this kind of trap!
Joey Deacon said:
DOGE is a good example of this, 37th biggest coin which was started as an internet joke and the code has not been updated for 2 years. Was "worth" $1.6 billion, currently at $721 million. It has no use so is in reality worthless.
1/ very cheap to tx when you need cheap fees 2/ highly regarded original dev (his YouTube channel is in my top 5)
3/ it actually exists & has worked for years, unlike most ICOs
4/ great community
5/ solid protocol
6/ no scammy marketing or showboaters
7/ very useful hobby hack project for upcoming crypto devs over the years
Funny, yes.
Worthless, no.
Long term player, no.
Joey Deacon said:
XRP back to $1 and BTC a whisker from $10k
Every few hours it looks like a recovery might be happening but it just doesn't seem to have any legs.
I'm so pleased I sold at £17k, just before peak, and I was prepared for it to go up lots and make it look like a lost opportunity. Now all I feel is relief.Every few hours it looks like a recovery might be happening but it just doesn't seem to have any legs.
OK, not true.
There is some sumgness there.
Shuvi McTupya said:
People that know what the hell they are doing will be coining it in..
I doubt that very much. Cryptos, like no other market I have seen in 20 years, is full of enthusiastic amateurs with absolutely no idea of risk. It is a fascinating study in market sentiment. It would take ten years for this to play out in the stock market - when it comes to cryptos it has been just a matter of months.
limpsfield said:
I doubt that very much. Cryptos, like no other market I have seen in 20 years,
the difference is there is no proper regulation, illegal activities in the real world can be carried out with impunity on exchanges, they is little information around, as no one want to feel that they are being manipulated in a so called free currency, but there are some big players and they can have massive effects on the markets, due to the exchanges charging little fees for trades. (the spoof trader on bitfinex was making wash trades, 10 of millions, cost a few k usd)The bloke that helps to run bitfinex,Phil Potter, has his own bitcoin arbitrage hedge fund, it is clear the exchange runs arbitrage with other exchanges which would be highly illegal in the real world. they have imported in other exchange order books, and probably taken part in other illegal price manipulation activities .
Edited by The Spruce goose on Wednesday 17th January 15:02
The Spruce goose said:
the difference is ...etc
I take your points but all through history there are crazy market manias (and this one is different because of x, y or z). This has just been a very speeded up version. Give it a year/18 months there will be something else. We just need to find out in advance, so we can all get in on the ground floor. Actually a few more thoughts on this. It's very rare that anyone owns up to their losses.
I worked, and still do, in a trading business where >75% of people lose money. Cryptos are even worse than that. If you want to buy through a wallet, it seems a really spurious way of setting up your account and then actually getting your money back. You can trade it through spread betting and CFDs in recent months - thats adding leverage on top which is going to magnify the pain. There are some horrible losses here.
Then you have an evangelical belief amongst many - they have no strategy for getting out. Someone earlier on in the thread claimed to be up 1300% on Ripple at the peak. Let's say you invested £100. So you are up £1,000 plus. The top was 3.3. It's currently 0.88. So you give back 70% of your profits.
Most crypto investors/traders are mug punters on a scale I haven't seen before. It is fascinating.
I get that people believe the tech will change the world and that is fair enough. But so many new entrants are "just take my money" types and that never ends well.
I worked, and still do, in a trading business where >75% of people lose money. Cryptos are even worse than that. If you want to buy through a wallet, it seems a really spurious way of setting up your account and then actually getting your money back. You can trade it through spread betting and CFDs in recent months - thats adding leverage on top which is going to magnify the pain. There are some horrible losses here.
Then you have an evangelical belief amongst many - they have no strategy for getting out. Someone earlier on in the thread claimed to be up 1300% on Ripple at the peak. Let's say you invested £100. So you are up £1,000 plus. The top was 3.3. It's currently 0.88. So you give back 70% of your profits.
Most crypto investors/traders are mug punters on a scale I haven't seen before. It is fascinating.
I get that people believe the tech will change the world and that is fair enough. But so many new entrants are "just take my money" types and that never ends well.
p1stonhead said:
Another bloodbath.
This is what I don't understand, when it nearly hit £15k in December everyone was talking about it. Even my girlfriend who has no interest in this was telling me people in her office were talking about it.It has dropped over 50% in a month and nobody is even mentioning it. People were piling money in so quickly that the exchanges were having to suspend new members. There were people on here moaning they couldn't invest enough money and that verification on other exchanges was taking too long.
Obviously all the powerfully built directors on here do their research and only buy the coins that are undervalued but what about everyone else? Surely the people who "invested" in December will be sitting on some sizable loses now?
The buyers on LocalBitCoins who have thousands of transactions, surely they have lost a fortune over the last week? I sold my 0.1 bitcoin two weeks ago when it was £12k, it is now under £7k so surely he has lost money?
Don't understand why everyone is so quiet about it and hardly anyone is calling scam.
the thing is a lot see this a temporary issue so even though they are down, they haven'y lost anything, and expecting btc to bounce back higher.
like i said a lot of people got into btc to make money fast, not actually use it, when it isn't really being used more, it is pure speculation.
like i said a lot of people got into btc to make money fast, not actually use it, when it isn't really being used more, it is pure speculation.
Edited by The Spruce goose on Wednesday 17th January 15:31
Joey Deacon said:
p1stonhead said:
Another bloodbath.
This is what I don't understand, when it nearly hit £15k in December everyone was talking about it. Even my girlfriend who has no interest in this was telling me people in her office were talking about it.It has dropped over 50% in a month and nobody is even mentioning it. People were piling money in so quickly that the exchanges were having to suspend new members. There were people on here moaning they couldn't invest enough money and that verification on other exchanges was taking too long.
Obviously all the powerfully built directors on here do their research and only buy the coins that are undervalued but what about everyone else? Surely the people who "invested" in December will be sitting on some sizable loses now?
The buyers on LocalBitCoins who have thousands of transactions, surely they have lost a fortune over the last week? I sold my 0.1 bitcoin two weeks ago when it was £12k, it is now under £7k so surely he has lost money?
Don't understand why everyone is so quiet about it and hardly anyone is calling scam.
As mentioned previously, I cashed out most of my cryptos a few weeks back.
Just when I thought I was out, they pull me back in...
Have been buying in small increments since last night across BTC, ETH and LTC. Maybe this is the bubble bursting, maybe it's just another blip which always seem to bounce back fairly quickly.
Just when I thought I was out, they pull me back in...
Have been buying in small increments since last night across BTC, ETH and LTC. Maybe this is the bubble bursting, maybe it's just another blip which always seem to bounce back fairly quickly.
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