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Cryptocurrency |OT| Nothing from Money
- Thread starter Brandson
- Start date
Which I'm not sure anyone wanted.
Everyone thought Obelisk was going to be new GUI for their wallet / storage app - but instead turned out to be a dedicated mining ASIC. The currency is taking a hit because of it (although a lot of the gains over the past week have been on rumours Obelisk was going to be a milestone for Sia).
DonMigs85
Member
Hopefully future prospects are still good
Metalic Sand
who is Emo-Beas?
Should i pool mine Sia at 4000MHs? I get like 100 sia in 12 hours i think.
DreadfulOmen
Member
I installed coinbase on my phone, but it doesnt look like it supports SC. Are there any user friendly apps for android?
i wanted to make a bit of a write up to explain why i came to the decission to sell my ethereum yesterday.
as we all should understand, there are a lot black sheep in the crypto market.
if eth is one of them, i leave you to decide, but as i see it, eth is grossly overvaluated and the marketcap is artificialy inflated.
first things first. the inflated marketcap:
of 92.000.000 vitalik/ethereum foundation hold 70.000.000. those where never really in circulation.
(ripple has a similar "problem")
the supply is artificialy restrained, thus inflating the price.
now about the overvaluation:
do you really think the system is worth as much as its traded for? what are ethereum smart contracts used for right now?
the biggest problem i see is on the technical side. ethereum doesnt scale very well. as you could see during the bancor ico or yesterday during the status ico.
so, if you see the price plunging, you might not be able to sell your stuff, or only with really high gas prices, because the chain is congested.
for instance, you still cant trade eth at bittrex.
then there is the problem with inflation in eth. as there are 30.000 new coins each day, eth needs about 10.000.000$ of investment per day to keep the current price.
it is reminding me of a classic ponzy scheme. this cant go on forever and nobody knows when/if they will switch to proof of stake.
eth might be a genius idea but it isnt working very well for now smart contracts are at the moment only used for scam coin icos.
im not saying that there arent profits to be made with eth anymore. im quite sure there are.
im just thinking that this systems will come down soon, because it cant go on forever and a lot of people will lose their investments.
i dont want to be one of them. the price could go up to a 1000 bucks at the end of the year, as a lot people predicted. but i think there is a strong posibility, that it could be 10 bucks.
if you plan on buying the dip, i would urge you to reconsider. you might be trying to catch a falling knife.
of course thats all just speculation on my side and i am by no means an expert.
you can also read up on some of the problems with eth in this blog post:
https://medium.com/startup-grind/i-was-wrong-about-ethereum-804c9a906d36
its much better explained than i ever could.
but please make up your own mind. read a bit about eth. i dont want to be held responsible if you consider selling your stuff and then eth shoots up to 1000$
i never got future bitcoin price predictions right.
some really good info on eth scaling issues:
https://medium.com/@yobanjo
as we all should understand, there are a lot black sheep in the crypto market.
if eth is one of them, i leave you to decide, but as i see it, eth is grossly overvaluated and the marketcap is artificialy inflated.
first things first. the inflated marketcap:
of 92.000.000 vitalik/ethereum foundation hold 70.000.000. those where never really in circulation.
(ripple has a similar "problem")
the supply is artificialy restrained, thus inflating the price.
now about the overvaluation:
do you really think the system is worth as much as its traded for? what are ethereum smart contracts used for right now?
the biggest problem i see is on the technical side. ethereum doesnt scale very well. as you could see during the bancor ico or yesterday during the status ico.
so, if you see the price plunging, you might not be able to sell your stuff, or only with really high gas prices, because the chain is congested.
for instance, you still cant trade eth at bittrex.
then there is the problem with inflation in eth. as there are 30.000 new coins each day, eth needs about 10.000.000$ of investment per day to keep the current price.
it is reminding me of a classic ponzy scheme. this cant go on forever and nobody knows when/if they will switch to proof of stake.
eth might be a genius idea but it isnt working very well for now smart contracts are at the moment only used for scam coin icos.
im not saying that there arent profits to be made with eth anymore. im quite sure there are.
im just thinking that this systems will come down soon, because it cant go on forever and a lot of people will lose their investments.
i dont want to be one of them. the price could go up to a 1000 bucks at the end of the year, as a lot people predicted. but i think there is a strong posibility, that it could be 10 bucks.
if you plan on buying the dip, i would urge you to reconsider. you might be trying to catch a falling knife.
of course thats all just speculation on my side and i am by no means an expert.
you can also read up on some of the problems with eth in this blog post:
https://medium.com/startup-grind/i-was-wrong-about-ethereum-804c9a906d36
its much better explained than i ever could.
but please make up your own mind. read a bit about eth. i dont want to be held responsible if you consider selling your stuff and then eth shoots up to 1000$
i never got future bitcoin price predictions right.
some really good info on eth scaling issues:
https://medium.com/@yobanjo
To the poster above. I think most of us are aware that this is a huge bubble and people are betting on (a) someone will come after them, increasing the price even further (i.e. they are not the last to the party) and/or (b) one of these coins actually will someday somehow be a global currency used for global trade.
What does circulation have to do with it...
Those 72 million are being held, just like my personal amount of eth is being held. That would imply every person not selling their Eth (holding) is also inflating the market, which is true and is how every market works. People not selling = price goes up. The only thing that is cause of concern is if those 72 million are being held by one person, or by a foundation. Last I've read those 72 million eth are out of the market to be used by icos. Who knows.
anyway, once Eth market cap reached a certain point a truck load of new accounts were created around cryptocurrency forums spewing the information you just said, every chance they got. Clearly on a agenda. This fact alone speaks volumes more than the 72 million Eth being held which was known since Ethereum inception..
Its a war.
Those 72 million are being held, just like my personal amount of eth is being held. That would imply every person not selling their Eth (holding) is also inflating the market, which is true and is how every market works. People not selling = price goes up. The only thing that is cause of concern is if those 72 million are being held by one person, or by a foundation. Last I've read those 72 million eth are out of the market to be used by icos. Who knows.
anyway, once Eth market cap reached a certain point a truck load of new accounts were created around cryptocurrency forums spewing the information you just said, every chance they got. Clearly on a agenda. This fact alone speaks volumes more than the 72 million Eth being held which was known since Ethereum inception..
Its a war.
walking fiend
Member
Entering cryptomarket with any kind of valuable asset based on solely fundamental analysis is just craziness at this point. If you can't sort out your technical analysis, just stay away until the whole market starts moving upward in a tangible way. Then put your assets in, put a stop order at or just a little bit lower than your entry price, and hope it goes up.
Stashing your coins in a wallet hoping that the price will go up can potentially mean you losing your assets forever, or maybe for a few years until the prices go back up again if you are lucky and the coin you stashed away actually has some inherent value warranting its widespread adoption.
Stashing your coins in a wallet hoping that the price will go up can potentially mean you losing your assets forever, or maybe for a few years until the prices go back up again if you are lucky and the coin you stashed away actually has some inherent value warranting its widespread adoption.
I think a lot of people heavily invested in BTC absolutely want ETH to fail, because if it keeps on this trajectory they think it will usurp BTC.
I don't really see why there can't be more than one crypto worth investing in, especially when once is essentially a limited commodity hold investment, that can be used to purchase things pretty easily right now, and the other is more about what it's tech is capable of beyond just being a limited quantity currency.
They are different kinds of investments. Eth doesn't mean Btc is going to suddenly be worthless (or ever really, given the commodity nature of btc).
im in no way a bitcoin advocat. i only use BTC for exchange.
i think the amount of BTC i hold at the moment is about 0,000007
also, i would really like eth to succeed. i gain nothing from a eth crash. i think it would pull down the whole market with it. BTC might profit for a short term though.
i also dont care who holds the 70.000.000 eth coins. you cant monetise them without sending the system into a downward spiral anyway.
the problem i have with it is, that they shouldnt count towards the marketcap, because they where not freely traded. the "real" capitalisation is only a 4th of the $32.000.000.000 it has right now.
of course that is a problem that many cryptos have.
the "real" open supply of eth is about 20.000.000 and growing by about 10.000.000 per year.
compare this to a small country. would you invest into currency of a country with a 50% inflation rate?
i wouldnt even have a problem with this, if the tech behind it was any good, but as of right now, it just isnt. every crap coin ico they do, congests the chain for hours...
how will you ever have a sucessful daap running on it?
i might come back when they fix the technical side of things. if they implement sharding or whatever and increase the transaction rate. but for now, im out.
Lilalaunebaer
Member
Well, i´ll be moving to a new place later this year and i need some cash for the big ass downpayment (it´s not the classic downpayment like 3 months rent - new building, gotta pay cost for constructions (get it back again when i move out though)) so i´m cashing it all out over the next few days. I don´t wanna take out a loan from a bank. Screw 7% interest rates.
Got all my stash on bittrex and set up the sell orders. Should be able to get 7k $. Not bad for net investment of 500$ a few years ago.
Will be back in the cryptoworld in the fall. Might mine a bit in the meantime though.
Got all my stash on bittrex and set up the sell orders. Should be able to get 7k $. Not bad for net investment of 500$ a few years ago.
Will be back in the cryptoworld in the fall. Might mine a bit in the meantime though.
Not really as ETH only crossed 300$ 1 week and few days ago. Last week dipped into the 250s as well.
No one can tell where it will go, but from my perspective I only care about it 2 or 3 years down the line.
Easy to forget but a month ago it was in the 100s
Truuee. I keep forgetting how low many of these were a month or two ago
Luschient
Member
Same here, I'm in ETH for the next couple of years at least. The dips are tough but if it gets much lower I'll probably pick some more up.
You are receiving your wish it would seem
walking fiend
Member
Tweet says it'll have two supports: either 300 or 260.
The 300 support is about to be tested.
CaptainZombie
Member
walking fiend
Member
Yeah, bots sometime hits their edge cases when the market too fast and start selling at weirdly low prices or buy at weirdly high prices [and possibly there are some people who just panic]
CaptainZombie
Member
Imagine getting lucky and having a buy order that low where you end up picking some up at that price.
walking fiend
Member
Imagine having buy orders at even lower prices, just by accident
Seems like it was an actual sell, my friend had that had order in the low $200s got filled. Seen some people on reddit with orders in the $100s that got filled as well.
Pretty strange if it was a legitimate sell, but I've seen this happen with BTC years ago. I should always leave low ball bids now just in case lol...
Pretty strange if it was a legitimate sell, but I've seen this happen with BTC years ago. I should always leave low ball bids now just in case lol...
CaptainZombie
Member
Imagine having buy orders at even lower prices, just by accident
That is awesome for those that got lucky. I should setup a few buy orders in the 150's just in case as I think this ride isn't over with Eth dropping a bit more.
walking fiend
Member
People have filled orders of Eth @ $0.1 apparently; that's what has happened... wish I had an account on coinbase, could become a millionaire in a minute or so lol I assume what might have happened is that the algorithm which sells coins of people who have been using margin trading might have caused the glitch.
Basically what is happening [my guess] is that in margin trading you borrow your funds from some other people who lend their money at some specific rate [e.g. on bitfinex it is 3.3x, meaning that for each $1 you have you can borrow $3.3], then if you buy some coin with the borrowed money, say if you buy Eth at $300, if the prices start to drop too much, eventually you won't be able to pay back the money that you had borrow, and the exchange starts to sell your coins to payback people who lent you their money. If the algorithm that the exchange uses has an error, it might try to sell your assets at a very low price just to make sure that no matter what it will have enough money to pay back the funders
why doesn't the crappy bitfinex have those kind of glitches? lol
Aquavelvaman
Banned
I'm losing that mad money today
aww yeah
aww yeah
Unknown Soldier
Member
Weird spikes and valleys usually mean someone was purposely selling some at that price in an attempt to trigger a crash.
Aztechnology
Member
My main concern for ETH is not these dips. It's the network having issues handling the large trading volume and other issues on their chain. Still I'm in for a longer period. Would have been nice to buy in at a low price with mistakes, however, I think knowing I had essentially stolen that coin from someone by a system accident would make me feel kind of crappy. Hopefully Coinbase gets that sorted for those people.
CaptainZombie
Member
I agree, that is part of the problem and I think the other issue is with these exchanges. These exchanges really need to step it up, the stock market doesn't have this kind of issue where you can't trade without technical issues.
reddit post said:
Someone sold off a metric shit ton of Ether on GDAX, which caused a cascade. Wiped out some margin traders, which is a FANTASTIC example of why you shouldn't margin trade in the first place, and hammered people who had set poorly thought-out stop-loss orders.
It's not the first time it's happened, which is probably why people had buy orders lying in wait ranging from ten cents to a dollar.
I did the same, moved 25% of my ETH back to BTC so I'm half and half again.
Long term I'm not really bearish on ETH but I see more upside on BTC if the scaling issues get sorted personally. Also, the recent ICOs have exposed some scaling issues with ETH as well - transactions were really backed up earlier today. If majority of BTC users switched over to ETH, I don't even think the network in its current state could handle it.
At least the devs do have a scaling plan and I expect them to deliver, but right now, there's no way I can see the 'flippening' happening.
Future PhaZe
Member
yall are funny
eth will be at record highs again in no time
eth will be at record highs again in no time
CaptainZombie
Member
Picked up some SC earlier tonight, hoping that it rises in the future since this seems like a long term coin.
I dl the Sia wallet, is it best to just move everything there?
I dl the Sia wallet, is it best to just move everything there?
Statement from Coinbase on the ETH crash:
https://blog.gdax.com/eth-usd-trading-update-5d8142b5bdc1
So yeah, people actually got orders filled as low as 0.10. That's crazy
https://blog.gdax.com/eth-usd-trading-update-5d8142b5bdc1
So yeah, people actually got orders filled as low as 0.10. That's crazy
Aquavelvaman
Banned
So...a multi-million dollar market sell is basically someone purposely trying to crash the market by triggering stop-loss orders, right? I thought that was just conspiracy theory.
Maybe I should just put a permanent buy-order out for some $10 coins just in case it ever happens again.
Maybe I should just put a permanent buy-order out for some $10 coins just in case it ever happens again.
Aztechnology
Member
Ouch... Yea. Margin trading, not a good idea as well know. Still... That rough.
You can also Dual Mine Dcred or Library without losing much hashrate at all for ETH. I just dual mine Siacoin because I believe in what they are doing more.
NiiloPielinen
Member
What is your company's take on what is going to happen on august 31 to BTC?
Unknown Soldier
Member
Hedge funds try to manipulate the stock market in much the same way, but stock markets generally have much larger liquidity and so manipulation of even individual stocks requires tens of millions of dollars to create fractions of percentage point movements in publicly traded companies. That doesn't stop them from doing it though and since buying and selling stocks isn't illegal nor is going on CNBC to talk them up or down, it happens all the time.
Here's Jim Cramer (yes, THAT Jim Cramer) talking about what he used to do to manipulate the markets:
https://www.youtube.com/watch?v=gMShFx5rThI
With the much smaller liquidity of crypto markets it's probably not hard to create flash crashes and hope for panic selling to take hold and make a real crash happen. For all we know it's someone who is heavily invested in BTC who bought a lot of ETH slowly and then sold it all at once to try and crash ETH and protect their BTC investment.
I was away from the internet all day. This is nuts. Would there have been a way to take advantage of this with automated buy orders? Is there any way I can get an alert to my phone if something like this happens again?