Cryptocurrency

[GNews]

alternate world.
digital currency.
People are living in their phones and laptops and tablets vicariously.

Makes sense to me but there will be a lot of changes, fast and vigorous just like the internet

 

[Kris]

Some big movement this week.

 

[Kris]

What a crazy couple of weeks.

Cryptocurrency market cap has now hit $201 Billion mark (was at $110B in September.)

 

[darkzerothree]

This only really applies for BTC.. ETH and LTC have been quite stagnant

 

[Kris]

This only really applies for BTC.. ETH and LTC have been quite stagnant

Yeah ETH hasn't seen much movement. I did expect to see more this week after the creators announcements.

 

[Samwise89]

So who's having fun with the Great Crypto Crash of 2018?

Even though it's only returned to the levels it was at in December, people are still acting like it's the end of the world. I saw one sub-reddit even pinned a suicide hotline number at the top.

So Bitcoin peaked above $19k and dropped back to $9k and is back to $10k. But it started at $10k... I don't see the problem unless people bought around $13-15k.

Other coins are crashing hard too, I read.

This bubble is going to pop soon. This isn't that pop. All these people with weak stomachs should get out now. Because some lives are going to be truly ruined. And that's when the rest of us should be buying like mad men.

But I don't own any crypto, so it's easy for me to comment from the side lines.

 

[Joe]

Fact remains that no-one actually uses it for its intended purpose: commerce. Other than the criminals.

That immediately renders it a bullshit, speculative thing.

If I hear reports that someone somewhere has actually used it to pay for a loaf of bread, I'll buy.

 

[darkzerothree]

WTF.. there is tons of stuff you can pay with crypto (and people are doing so)

Microsoft takes it
Steam lets you buy games using LTC
etc etc

But I would actually argue that the intended purpose is commerce.

A bitcoin is a unique thing in the digital world: An uncopyable token.

This can be used for many things.

Look at www.modum.io

That is a Swiss company using the Ethereum protocol to ensure that medication has been transported according to the temperature guidelines.

Yet the token can be traded as a coin (MOD)

As the crashes go...
I invested some (~1500) in 2017 and got out at the beginning of this year.

I turned that 1500 into 5000, paying for a very nice new computer setup.

 

[Tao]

Also, check out Coinbase (super easy to get started and buy the major coins)

I had some BTC with Coinbase, cashed out just before the price rise
They are making me jump through all sorts of hoops to even just withdraw that to my bank account. I have sent the verification amount which they confirmed, but then they said my account was blocked due to some dodgy transactions that I never even did.

I am still waiting, despite them saying all blocks on my account have been lifted.

 

[Future State]

I think it's funny that the entire point of crypto coins where that they were supposed to be decentralized. And then everyone started using these fly-by-night exchanges, which re-centralized them. And everyone keeps getting ripped off. And everyone keeps acting surprised.

That's pretty cool about MOD coin, representing a means of accountability yet being traded as a currency.

I'm a scoffer at whether or not this will be adopted widely. If it is, it'll be by the banks and countries we all love and hate, whether that's bitcoin or some new one they control, but it won't be any of these tiny speculative meme coins. They'll exist for no other reason than to pump and dump and trade up to the main coin. But with that said, there are some people who have gotten absurdly wealthy off of this already, entirely at the cost of the losers. I missed the boat, myself. That's what I get for being a scoffer since day one when an entire coin was less than a handful of change.

 

[Kris]

So who's having fun with the Great Crypto Crash of 2018?

Even though it's only returned to the levels it was at in December, people are still acting like it's the end of the world. I saw one subreddit even pinned a suicide hotline number at the top.

Too many people get frantic and make the silly decision of selling when a big crash or correction happens.

One really good quote:
Baron Rothschild, an 18th-century British nobleman and member of the Rothschild banking family, is credited with the saying: "the time to buy is when there's blood in the streets."

A few of my close friends asked me how I was feeling when they heard about it on the news and they acted shocked when I wasn't worried at all.

 

[Jitsiereveld]

A few of my close friends asked me how I was feeling when they heard about it on the news and they acted shocked when I wasn't worried at all.

Feeling the same, even had a few friends finally pull the trigger before it dropped that are shitting their pants.

 

[Joe]

WTF.. there is tons of stuff you can pay with crypto (and people are doing so)

Microsoft takes it
Steam lets you buy games using LTC
etc etc

https://www.bloomberg.com/news/arti...ance-among-retailers-is-low-and-getting-lower

A bitcoin is a unique thing in the digital world: An uncopyable token.

Not unique. No barrier to entry.

https://www.icoalert.com/?q=&is_v=1

 

[eliquid]

Pretty easy to make money in crypto

You just buy at the bottom of a trend.

I built my own Indicator on Trading View using some things I know about trading. The red ! in the indicator named "Eliquid" at the bottom is what you want to pay attention to. When that shows up, its either about to be a bottom that will correct, or an early warning signal a bottom will come in the next 60 minutes or so. The green arrows show the "early warning".

You don't need to know Fibonacci, moving averages, or even reading candles.

Here is what i stick to:

• Just like in advertising, you should and can master 1-2 platforms. Same with coins.
  • I mastered FB PPC back in 2008, its all I did. I made a fortune.
  • Master 2-3 coins MAX and master their charts at a specific time frame
  • Mastering means knowing it better than the back of your hand
    • If you were to ask me almost any question on a coin I hold, I could answer it.
    • If you asked me about its 7 day average volume or difference in spread last 30 days with a curve, along with its 80% channel for that spread, id know it.
    • Wanna know what positions they are hiring for? I can tell you
    • Yeah, you gotta master the coin.. especially the technical aspects of the trading chart. I only know the shit like hiring and sentiment to help back up my trade choices, not actually form them.
      
• Money is made on the purchase in anything in life ( cars, homes, watches, gold, etc )
  • Because of this, you only need to learn one thing and that's finding bottoms
  • Don't worry about exits, automate it. Plan to just take 5% gains or 200 SAT, w/e on every single trade. If you have mastered your coin, you will know what the "spread" is when it comes to highs and lows for the time period you watch.
  • Because I know 1 coin really well, I can plan 90% of the time that when my red indicator pops up and we have a bottom, I can almost always make at least 200 SAT, but many times I can make 400 or 800 with some careful checking
  • Yes my SATs sound low, but I deal with volume in low priced coins and thats SAT per coin. You don't have to deal in low end coins like me though
    
• Only play with what you can lose.
  • Shit happens
    
• Confirm with 1-3 more indicators if needed and no more because most of them are the same or copies of each other. There are really only 4 categories of indicators in trading ( 4 categories ). Everything else is a copy or similarity to another past that.
  • Perfect example, all those moving average indicators. They are all the same pretty much. Pick one
    
  • All the oscillators are another example. Pick one
  • However, a moving average is not the same as an oscillator. Those are 2 of the 4 I speak about above. If you wanted to confirm, confirm with 1 of each category.
    
• Make a checklist for yourself to prevent bad trades and setups. As an example, here are some of mine
  • Only trade in coins I have mastered ( 2-3 tops )
  • Those mastered coins must be top 30 coins on coinmarketcap.com
  • Must have a product, not a whitepaper
  • Must have a good spread for daily high and low past 90 days, otherwise you won't make profit unless you hold for a week plus ( Im a short term trader though )
  • Must not be the highest volume coin on my exchange ( looking at you TRX on Binance )
  • Don't trade or deal in coins that have bad news ( Looking at you XVG when you missed Wraith deadline on NYE and had that whale on Twitter )
  • Are they hiring ( I like companies that are growing internally )?
  • Always ladder your buys, and your sells
    
• I'm not a long term holder, so I look for volume. If it doesn't have volume I don't play
  • I got stuck holding a few low volume coins. It took FOREVER for them to bounce back. As a short term trader this is opportunity cost for me to get into other coins or trades.
  • I don't go for highest volume either. Those whales and noobs mess shet up
    
• If I find a risky coin that I think might MOON in the future, I will buy it and store it safely in a wallet. I only ever use gains to purchase these coins and never new money from the bank account.
  • Since I am stepping outside my short term strategy and making a risk bet, I might as well go BIG or go home. Because of this, I only buy into the coin if I can get million + of it cheaply like I did on KIN. I only spent like $300-$500 though to get that much and it was money I made on other gains already. If I lose out, big deal it was free money. If I win, I win big though if a Whale jumps in and a trend and I get out at the right time.

.

 

[eliquid]

Still going strong.

Changed my indicator colors and shapes for easier viewing. Watching the 5 min BTC on this chart.

When I get the alerts back to back ( no gaps ) I know a bottom is in the process and I buy and sell for an automatic gain.

Know what to look for, master your coin(s), and wait, and set an automatic standard profit level after your buy.

 

[cobblepot]

Bitcoin will never be mainstream because it's not easier than cash or credit card or even paypal.

they probably don't need mainstream adoption if they can get a core group doing volume for example bitcoin is hugely relevant in International Remittance

That's Africans, Mexicans, Asians sending billions a year back home in minutes and without hassle or monitoring

Importers in "weak countries" with daily limits regulations sending huge sums to merchant in china

Makes money laundering easier too !

I've come to believe that Americans for example are less likely to see the need for bitcoin

that is spot on africans, south americans, asians

 

[darkzerothree]

Blue is sell? red is buy?

 

[eliquid]

Blue is actually a warning signal to me that a red event could be coming.

But a red event by itself isn't always enough. I wait to see 2-3 reds next to each other.

When that happens, it's time to buy.

At that time I aim for a bottom number, and if caught, aim for an automated sell price.

 

[Kris]

http://www.bbc.com/news/business-42820246

50 Cent has discovered that he is a Bitcoin millionaire, thanks to some long-forgotten album sales.

In 2014, he released the album Animal Ambition and became the first artist to accept Bitcoin as payment.

The rapper received more than 700 Bitcoins under the deal, but then forgot about the cryptocurrency, according to celebrity news site TMZ.

The hoard is worth $7-$8m, although the currency's price volatility means that could change fast.

In 2014, one Bitcoin was equivalent to about $662, but was worth about $11,200 on Thursday according to Coindesk.

 

[c4yrslf12]

set an automatic standard profit level

Are you referring to a limit order?

 

[eliquid]

Are you referring to a limit order?

No. But I can see where the wording could imply that.

When these events happen, I get an alert to my phone and email and then I log into the exchange. I check over a few things and try to see where the lowest dip might be and buy in while still logged into the exchange.

Once the buy order is filled ( generally within 20 minutes ) I then place a sell order at an automated X price I calculated on my own.

So while it isnt a limit order, it is at a set determined price automatically for me.

Example ( this is purely made up for this example )...

Say I have mastered Tron and have studied it a lot. I know typically ( minus whales, crazy news, wild stories ) that the coin moves at max 200 SAT a day. I cant capture 100% of that, its impossible.. so I aim for 80% which would be 160 SAT.

If I've mastered this coin and I get a blue or red event, I'm going to know about where the lowest dip possibly is. See the chart below. The red arrow is right at my alerts:

Because I know this coin well, when I get the alert.. I am 90% certain an upward trend will come back within the next hour or 2.

Because I know this, I can set an automated buy at that price. See green arrow.

I know I wont get the highest high.. but maybe I can get that 160 SAT.. or depending on how the day had already gone, I know there is potentially only a 90 SAT movement depending on current price RIGHT now compared to the HIGH or LOW the last 24 hours.

Sure, I miss the bigger up slope later in the day.. but these are almost gar. profits and many times I gets these alerts and dips DURING the upward trend too, so you can ride it all the way up sometimes.

When you are doing volume, the little SATs can be big money. You don't have to HOLD to make coin.

.

 

[eliquid]

But lets pretend you are a holder...

My strategy still works.

Blues gave me an alert of the pricing falling. I waited for the 2nd blue and then a rash of blues and reds came on the scene. Main point is I was alerted and ready for the fall with the first blue.

That bottom was around 10308. Even if you missed the true bottom and got in at 10754, you could have rode it up to 11050. It doesn't have to be small 120 SATs like I do on cheaper coins. This works for BTC and large coins.

Again, master your coin and master finding bottoms. Then set an automated sell at X SATs Dont try to find the highest highs.

When these true bottom events happen, there is ALWAYS a rebound to X point high. The Overall trend for 1 or 2 day might be down, but you can ride these events all the way down and all the way back up.

.

 

[CCarter]

Stripe is ending bitcoin support on April 23, 2018.

Basically buying something for $11000 USD can flux so much that by the time the transaction goes through the blockchain the value of the good could be $9000 USD or $13000 USD. The increasing value of bitcoin has turned it from a currency to an asset since there is no demand for it as a currency. Stripe says it has seen a large decrease in people using bitcoin because of the increasing value of it, and merchant sales are down.

As well the transaction costs have increased to the point they are on par with bank wire transfers.

This has led to Bitcoin becoming less useful for payments, however. Transaction confirmation times have risen substantially; this, in turn, has led to an increase in the failure rate of transactions denominated in fiat currencies. (By the time the transaction is confirmed, fluctuations in Bitcoin price mean that it’s for the “wrong” amount.) Furthermore, fees have risen a great deal. For a regular Bitcoin transaction, a fee of tens of U.S. dollars is common, making Bitcoin transactions about as expensive as bank wires.

Because of this, we’ve seen the desire from our customers to accept Bitcoin decrease. And of the businesses that are accepting Bitcoin on Stripe, we’ve seen their revenues from Bitcoin decline substantially. Empirically, there are fewer and fewer use cases for which accepting or paying with Bitcoin makes sense.

Sauce: Ending Bitcoin support​

Most of you have read my comments on bitcoin so I'm not going to rehash them. The one way I see bitcoin coming back to being supported by merchants and large payment processors is if the bitcoin price stabilizes so merchants can set proper values for their goods, this cannot happen as speculation continues to increase, decrease, and sway the price. If people really want it to be a currency the price has to stabilize. If people want to hold it as an asset then the price has to keep increasing. Those two situations conflict with each other.

As well you can see the transaction times are getting way out of control:

Sauce: https://blockchain.info/charts/avg-confirmation-time

^^ That's a 7 day running average chart. Averaging of 2350 minutes to complete a transaction.

To put that number into perspective - there are only 1440 minutes in a single day, so you are nearing 2 days to complete a single transaction with bitcoin.

Long term the transaction times have to be solved ASAP. But the miners are the ones making a ton of money off the transaction fees and causing the fees to increase and they are the ones that have a majority say in the direction of bitcoin. If the miners don't start thinking about the long term game plan versus taking the cash now... well you can figure it out for yourself.

#HODLING

 

[Samwise89]

Hackers stole $400 million from cryptocurrency exchange Coincheck
500 Million NEM tokens were stolen
Source: https://www.theverge.com/2018/1/27/16940598/coincheck-hack-500-million-nem-tokens-cryptocurrency

What's the point of this being decentralized if everyone's going to keep trusting places like Mt. Gox which lost $400 million in bitcoin? I don't get the point in storing your coins like that. Am I even understanding it right? You're putting your coins in a wallet and entrusting someone else with the wallet?

 

[Kris]

A sea of red across the board. Not just in the Crypto space but also in the stock markets with the Dow Jones taking a huge hit dropping 4.6% and Nikkei down 7.1%.

Stats for the last 24 hours pulled from Coinmarketcap.

HODLING

Citigroup, Bank Of America and JPMorgan have all banned cryptocurrency purchases with creditcards now.