Cryptocurrency Market Down Big Over the Last 24 Hours

Snowdensjacket said:
Bitcoin is pretty much garbage. It can't scale, the nonexistent except in people's minds lightning network is basically just a credit card network and offers exactly zero of the promised benefits of a cryptocurrency, it's a huge mania right now with all the maniacs posting right here, and worst of all you can't actually use this supposed currency as a currency.

The smart money has sold. This is the first dip in the classic mania graph. Bitcoin will now go up for a bit. Maybe even a year. And then all the smart people will have realized that a currency that you can't use to buy anything, that's crypto in exactly none of the promised ways *at all*, is next to worthless. At that point it will collapse.

A real working cryptocurrency is a great idea. I'd love to see one that can scale to credit card/(non existent) lightening network levels while still offering the benefits of a lack of traceability by the stationary bandits known as government. Bitcoin is not it.

Do enjoy the ride though guys.
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Isn’t part of the problem that the transaction fee on these cryptos is x% of value. And as the value of the crypto goes up, so does the transaction fee.

A friend of mine bought 1200 redcoin today. I looked it up and called him dumb. It has a .001% transaction fee. That’ll never scale. That’s significantly higher than bitcoins transaction fees. Many of these currencies all have the same problem.
 
sleepeeg3 said:
crypto will face some major changes within the next month. Bitcoin is going to be replaced by another currency,
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LMAO. If I had a Bitcoin for every time I've heard that screamed out of windows.

Bitcoin isn't going anywhere. It will always be king or the entire cryptocurrency space fails. It sure won't be Bitcoin Cash replacing anything since that's nothing but a scamcoin controlled by Roger Ver, Jihan Wu and Bitmain.
 
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A little off topic but years ago I mined about 5 litecoins and I have it saved in a file called wallet.dat with password. I have no clue about any of this or what to do haha. Is it worth my time to figure out how to sell this?
 
MRAB54 said:
A little off topic but years ago I mined about 5 litecoins and I have it saved in a file called wallet.dat with password. I have no clue about any of this or what to do haha. Is it worth my time to figure out how to sell this?
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yes, that's close to $1k.
 
MRAB54 said:
A little off topic but years ago I mined about 5 litecoins and I have it saved in a file called wallet.dat with password. I have no clue about any of this or what to do haha. Is it worth my time to figure out how to sell this?
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Ya, send me that wallet.dat file with your password and I will extract them for you. ;) It's worth $1401 now.

odditory said:
LMAO. If I had a Bitcoin for every time I've heard that screamed out of windows.

Bitcoin isn't going anywhere. It will always be king or the entire cryptocurrency space fails. It sure won't be Bitcoin Cash replacing anything since that's nothing but a scamcoin controlled by Roger Ver, Jihan Wu and Bitmain.
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$50-100 transactions fees are breaking the network and stalling the crypto euphoria. People are going to be forced to replace it with an alternative. Lightning network won't come quick enough to save BTC.

BTC dominance was something like 60% a few days ago and now it's 44%. I think Ripple and BCC will be pumped up the charts and when one gets near 50% of the value of BTC, there will be a flippening. The infrastructure and much of the code is already there for BCC so it would seem to have the edge, but Ripple seems to be being pumped by the big banks and Japan and has the TPS capability.
 
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I still don't get Bitcoin. It just seems like a bunch of people trying to talk other people into investing in their worthless currency to make as much money as possible before they bail. Reminds me of Beenie Babies. The people making a lot of money are making it off of people who have lost everything (out of stupidity).
 
Agreed on the network fees and overall slowness/uselessness of the BTC network. Anyone who's needed to move certain amounts or needs to do regular transactions quickly realizes it's a pain in the ass and quite pointless if you are moving anything less than a few hundred dollars at a time. For my mining game, my payouts are in BTC only because the pool is most efficient multi-algorithm mining and paying out in a single currency, from there I trade into whatever suits me better. ETH and LTC are the vehicles currently picking up BTC's slack.

I only hold maybe a few hundred dollars of BTC at this point, my bet is on Ripple long term... been doing very very well with XVG too.

Bitcoin cash -- my personal opinion is that I hope it gets wiped off the face of the planet, the guy running the show over there is sneaky crooked tool.
 
Fixall said:
I still don't get Bitcoin. It just seems like a bunch of people trying to talk other people into investing in their worthless currency to make as much money as possible before they bail. Reminds me of Beenie Babies. The people making a lot of money are making it off of people who have lost everything (out of stupidity).
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Need to do some reading... and a lot of it. I don't mean that as in insult but there's some serious useful tech behind blockchain technology. Not just from a currency/value vehicle but application wise as well. Before the huge surge and current backlog of transactions on the BTC network, anyone could send money anywhere in the world without relying on heavy handed financial institutions nearly free and fast. Ripple looks to be the next solution that's actually designed FOR banks. Right now it takes days to move money around the world bank to bank in the SWIFT network, it's slow, cumbersome, and costly. And they are currently handling about 5 Trillion (yes TRILLION) dollars a day in volume.

The dollars in your wallet and your bank only have value because we have collectively agreed on what a dollar should be worth. It's not backed by anything anymore, anything physical that is. It's just a linen based object that people see as valuable because the US government SAYS it's valuable and because other people think it's valuable as well.
 
collegeboy69us said:
Need to do some reading... and a lot of it. I don't mean that as in insult but there's some serious useful tech behind blockchain technology. Not just from a currency/value vehicle but application wise as well. Before the huge surge and current backlog of transactions on the BTC network, anyone could send money anywhere in the world without relying on heavy handed financial institutions nearly free and fast. Ripple looks to be the next solution that's actually designed FOR banks. Right now it takes days to move money around the world bank to bank in the SWIFT network, it's slow, cumbersome, and costly. And they are currently handling about 5 Trillion (yes TRILLION) dollars a day in volume.

The dollars in your wallet and your bank only have value because we have collectively agreed on what a dollar should be worth. It's not backed by anything anymore, anything physical that is. It's just a linen based object that people see as valuable because the US government SAYS it's valuable and because other people think it's valuable as well.
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The fed reserve note has value because of the US taxpayer being forced to pay for the debt used to create it. The value is in the tax farm. I do hope some group of government hating hackers can come up with some crypto that will work though. Fixing the scaling issue is definitely on some guys minds. Guys who are much much smarter than I.

Bitcoin is just a mania though.

I prefer to keep as much of my assets in real goods. Amazon is great for this. They will warehouse them until you can sell them.
 
collegeboy69us said:
Agreed on the network fees and overall slowness/uselessness of the BTC network. Anyone who's needed to move certain amounts or needs to do regular transactions quickly realizes it's a pain in the ass and quite pointless if you are moving anything less than a few hundred dollars at a time. For my mining game, my payouts are in BTC only because the pool is most efficient multi-algorithm mining and paying out in a single currency, from there I trade into whatever suits me better. ETH and LTC are the vehicles currently picking up BTC's slack.

I only hold maybe a few hundred dollars of BTC at this point, my bet is on Ripple long term... been doing very very well with XVG too.

Bitcoin cash -- my personal opinion is that I hope it gets wiped off the face of the planet, the guy running the show over there is sneaky crooked tool.
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That's a shame. Full blocks and artificial fee markets only work in the absence of competition. There's a lot of competition.
If you aren't worried about Core casually moving the goal posts for the currency use-case, be worried that the exchanges are going to transition to BCH trading pairs as they are faster and cheaper and actually allow arbitrage again.
Now that customers can cash out into BCH there is simply no reason people will choose to day trade with an expensive, slow mechanism. A BCH trading pair is a distinct advantage, so exchanges will have to offer it just to compete amongst the exchanges. It's kind of beautiful, really.
The BCT trading pair dominance is the only reason people use bitcoin anymore.

Also, the lightning developer has stated that the bitcoin network becoming unusable makes lightning unusable and a popular lightning network will actually put more pressure on the bitcoin network. (Also remember that lightning centralized hubs that require licensing will need 100% up-time for safety and were not designed to move large amounts of money).
Of course, maybe I'm wrong about lightning and it is a wild success. It still doesnt matter as lightning will work on the competing coins. So it still doesn't create an incentive to stay on slow and expensive bitcoin core.

Bitcoin Cash is Bitcoin.
 
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Aardvarck said:
Is it still a bad investment when, even after the market dips 30%, you're STILL at 100% ROI?

Didn't think so.

Longs are buying into the dip, reducing their losses, reducing their cost basis, and loading up on the alt-coins they were only thinking about getting involved with before this correction.

Buy low, sell high. Shit hasn't changed.

Everyone I've talked to that has been too afraid of getting involved in crypto is sitting at a nice 0% ROI (and probably peanuts in their bank account so they wouldn't even be able to play anyway).

This is for the big kids. If you're too afraid, stick with your 3% per paycheck investment into your 401K.

We'll make the money for you.

Stay long and prosper.
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sure if you got in early just like any other ponzi or pyramid scam
 
Whatever the future for crypto is if one coin ever wants ro be a real currency it needs to start with reasonable transaction fees (it should not cost more to send BTC in a transaction that takes hours days or weeks if ever) than a bank wire transfer ffs. Ive been trying yo send my 0.0047whatever BTC to coinbase for weeks now each time it times out and i try a higher fee to no avail. not going to pay the suggested $25 or whatever the wallet recommended to send $85 worth of bitcoin lol (been trying to use that site that has the chart for tx fees in satoshi/byte and how long the tx should take but each time after i put in the fee and send it the damn network gets more backed up and the fees double so then my tx that should havr gone through in a day still hasnt gone through in over a week so i try again anf on and on lol. been about a month now :p guess im HODLing reluctantly or i can lose 1/3 of it in fees to send 374 bytes of digital informatiom electronically because that totally makes sense /s #salty)

Crypto in general is interesting but i am decidedly annoyed and no longer believe (disillusioned? cant think if the word heh) in BTC and its future as anything even resembling a currency.
 
Retronym said:
Bitcoin Cash is Bitcoin.
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Nope, and no amount of weeping into a pillow muttering it will make it so.

Amazon is Amazon. Google is Google. And Bitcoin is Bitcoin - not Bitcoin Cash/gold/dark/whatever knockoff scamcoin of the week.
 
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Everybody knows crypto is volatile as fuck. I'm not even sure why anything related to current crypto and trump is considered news.
 
Elios said:
sure if you got in early just like any other ponzi or pyramid scam
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well hells bells, guess we should all just pull our money out of the stock market too since early investors in companies are all obviously ponzi schemes too. Sure glad I wasn't one of the early ponzi members in that silly google or apple company.

It's high risk, and high reward. The less people mining, the better for me. So let me personally thank you for staying out of the game.
 
bitcoin is not the stock market common stock has rules and capital backing them up bitcoin has nothing
 
Elios said:
bitcoin is not the stock market common stock has rules and capital backing them up bitcoin has nothing
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How many people have lost millions or billions due to fraud, cheating , inside trading in the stock market...that is oh so well backed and protected.....
 
MrGuvernment said:
How many people have lost millions or billions due to fraud, cheating , inside trading in the stock market...that is oh so well backed and protected.....
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Actually it is nowadays. You think the government won't bail out Wall Street again if they have another crash? It's not like we voted for it the first time.
 
PeaKr said:
vqgtol.png
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Very festive looking graph you got there. ;-)
 
Aardvarck said:
I've been doing just fine with my long strategy in the crypto world and the markets.
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Care to share which alt currencies you're investing in?

One that's doing well for me is Verge, which I bought a week ago at around 1 cent, and now it's at 23 cents.
 
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