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21st December 2017, 10:04 | #121 | |
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Ξ √ Ω L U T ↑ ☼ N وكل يوم كنت تعيش في العبودية |
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21st December 2017, 14:36 | #122 |
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So, the BTC vs BCH shite fight is escalating.
Did some quick reading on Roger Ver (pro BCH, anti BTC). Dude seems like a psychopath with deep pockets that seems to hate on anything other than BCH. |
21st December 2017, 14:37 | #123 |
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The thing with crypto, definitely Ethereum, is your security can be as strong or weak as you like, with the hazards and benefits of whichever option you go with.
I keep my private keys encrypted on Google Drive, with no record of my password, which I'm trusting I'll remember. I'll eventually go for multiple hardware wallets. One in a safety deposit box with the bulk of my funds, another for regular use. I just use myetherwallet to manage transactions, but I'll probably eventually get a machine dedicated to runnig a client for Dapps in the future... Although I suspect that may become unnecessary. I think most users will need to rely on third parties, to manage their own incompetence. Which kind of negates the whole idea of a trustless system, but I imagine someone will come up with an elegant solution.
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Stay shook. No sook. |
22nd December 2017, 00:49 | #124 | |
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It's real creepy how there are organisations promoting Bitcoin, like some giant ponzi scheme. Or maybe to become too big to fail/regulate?
Press Council rules on Bitcoin fake 'stories' Quote:
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Stay shook. No sook. |
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22nd December 2017, 13:39 | #125 | |
Architeuthis
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22nd December 2017, 14:10 | #126 | |
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Currently posted at the top of dashboard screen in Coinspot
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I pulled out all my initial crypto investment the other day (nice little bonus back in my standard bank account for Xmas), and now playing with pure profit in my Exchange wallet. Have split off most of the funds into Nano ledger and just leave a balance for quick trades online for those tasty swing trades. Colleague of mine made more in crypto trading last month than he was paid by work Last edited by Savage : 22nd December 2017 at 14:14. |
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22nd December 2017, 15:30 | #127 | |
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Stay shook. No sook. |
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23rd December 2017, 00:23 | #128 | |
Architeuthis
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23rd December 2017, 11:39 | #129 |
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That's an oversimplification. It only needs enough interested parties maintaining the physical network, and people who trust the network to use it. It doesn't need lots of people pouring money into it hoping to make a buck.
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Stay shook. No sook. |
8th January 2018, 17:02 | #130 | |
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8th January 2018, 18:59 | #131 |
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I sold a small percentage of my ETH, I haven't been shopping in awhile. The buyer was keen to buy all I had, I was like "yeah, I bet you would."
Still anticipating a crash, which should knock out a significant percentage of the ~1400 cryptos available. Then it's the long term wait for maturity. There's speculation that Vitalik will be the world's first trillionaire. I doubt anyone's made so much money so fast in history as he has right now.
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Stay shook. No sook. |
10th January 2018, 20:10 | #132 |
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Yeah, crossing the $2,000 AUD mark on BTCMarkets.net ... man it's hard to return to work..
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10th January 2018, 21:42 | #133 |
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Intend to trade half my LTC stack for ETH... was going to it today but LTC is down a bit due to BTC. Will wait for more favourable conditions...
That FOMO though! |
13th January 2018, 16:21 | #134 |
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I had a friend preaching IOTA to me. It sounds like most genuine alt-coins: a solution to one or two problems.
Ethereum is certainly going to have to deal with the file size of the blockchain. And it's in the pipeline. And that's a strength of Ethereum right now. It's got a robust and tested development team in a position to solve these problems as they arise. I really have to get my head around the shift from proof-of-work to proof-of-stake, which is the next major change. The esoteric nature of crypto in general is definitely a hard solve.
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Stay shook. No sook. |
13th January 2018, 17:17 | #135 |
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Proof of stake: you get a payment/dividend by staking your ETH holding so that it can be used to validate network transactions. This requires CPU resource so can be compared to mining.
The more ETH you stake for validation work, the greater your payout. Payments go up and down against the total # of ETH staked in the same way difficulty adjustments work in PoW. That is my crude understanding. |
13th January 2018, 22:36 | #136 | |
Architeuthis
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While researching how a spam attack could possibly freeze the entire network I discovered there are a number of serious (largely unaddressed) question marks around IOTA's security, best summarised here: Anyway, IOT is in a primitive state right now and I suggest buying with extreme caution. |
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14th January 2018, 00:57 | #137 |
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Unless you enjoy playing the market, or you think you've got special insight into the workings of a particular crypto, I wouldn't put money into any alt-coin.
Even with Ethereum, only put in what you're happy to lose. Ethereum has momentum and a good technological foundation, but who knows what's around the corner.
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Stay shook. No sook. |
16th January 2018, 18:27 | #138 |
Architeuthis
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17th January 2018, 00:50 | #139 |
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Dip dip potato chip.
Market reacting to China ban news maybe. Pretty sure this has become a quarterly phenomenon. |
17th January 2018, 09:23 | #140 |
Architeuthis
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Market was ridiculously over extended, badly in need of a dip.
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17th January 2018, 10:27 | #141 |
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IMO small dips like this just spur growth overall when people see how much it could have gone down but didn't - giving people a chance to buy at a "bargain price" *cough*Jodi*cough* which just causes even more demand and prices to increase further.
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Ξ √ Ω L U T ↑ ☼ N وكل يوم كنت تعيش في العبودية |
17th January 2018, 10:35 | #142 |
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This time last year ETH was valued at $10. If this time next year ETH is above $300 I'll be happy.
It just needs to stay high enough to maintain momentum, to keep the developers on board.
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17th January 2018, 13:02 | #143 |
Raptus regaliter
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Presented without comment (related)
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17th January 2018, 13:26 | #144 | |
Architeuthis
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20th January 2018, 17:54 | #145 |
Architeuthis
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Suggest reading this article about Tether. It’s not looking good.
https://tonyarcieri.com/the-tether-conundrum |
20th January 2018, 19:26 | #146 | |
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20th January 2018, 20:07 | #147 |
Architeuthis
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New Tether being generated: 200 million units in the last 12 hours alone; 500 million in the last 4 days. Is all this Tether backed by US dollars in a bank somewhere as Tether claims? I have my doubts.
http://omnichest.info/lookupadd.aspx...o5LsPTW1zBTwXL |
21st January 2018, 17:27 | #148 | |
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This is more exciting than any jump in price:
Exploring blockchain for better business - National Research Council Canada Quote:
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24th January 2018, 14:04 | #149 |
Architeuthis
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Tether and Bitfinex (the same people run both) appear to be orchestrating epic fraud that is propping up the entire crypto market. When this shit goes south we will see what a bitcoin is actually worth. My guess is something around US 1K.
Stay safe folks. |
24th January 2018, 15:48 | #150 |
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Not that I really care about scrub-tier alt-coins and their going-ons, but where are you getting this from?
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24th January 2018, 18:52 | #151 | |
Architeuthis
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Then, check out the @bitfinexed Twitter - the guy has been posting incriminating details for months now. I'm not partial to conspiracy theories but the evidence is just overwhelming. For example, today's BTC move from $9,900 back up to $11,400 immediately followed another printing of 100 million worthless Tether tokens. This gigantic influx of Monopoly money is giving Bitfinex the leverage to hold the price above $10,000.
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Infest my hood with crack 'cause I'm the mack. |
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24th January 2018, 20:51 | #152 |
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I don't really see anything convincing that proves the value in crypto is fake. Sure, there's plenty of diddling in the market, but what of it? The principles of the technology are sound. Ethereum is open about what it is and has support of legitimate, technically savvy organisations. Crypto, blockchain, distributed apps and smart contract tech is real and has huge future utility.
There are definitely big fish that use their massive bankrolls and botnet armies to generate and cash in off market hype. And there are narcissists and scammers trying to convince people that their tech is the next to come up with the billions, without actually producing the substance. Where there's big money, there are people trying to get a piece without doing the work. It's like that whole Pizzagate nonsense. There's not some grand paedophile conspiracy going on. The reality is much more mundane and grim. It's going on, everywhere, all the time, in little and big ways. Conspiracy isn't necessary, it's just what goes on.
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Stay shook. No sook. Last edited by Lightspeed : 24th January 2018 at 20:52. |
24th January 2018, 21:46 | #153 | |
Architeuthis
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Problems: 1. Tether refuses to be audited - to guarantee they have the money - despite promising as such on their website. This is a massive red flag. They also won't say who their bank is. 2. Tether's connection to Bitfinex was unknown until the leak of the Paradise Papers. 3. At least one of Tether's owners/directors is a convicted fraudster. 4. Tether is releasing hundreds of millions of new tokens into the market on a near-daily basis. Each of these is supposed to be worth US$1. 5. Following the blockchain trail shows most of these tokens are being funneled directly into Bitfinex. 6. Bitfinex has been proven to engage (or allow) enormous amounts of wash trading. 7. Tether themselves will not exchange USD for their tokens. They are selling tokens but never buying. I believe the only exchange where you can cash out Tether is Kraken. I could go on. Ultimately, if Tether is backed by fiat then everything is legit. At this point that seems highly unlikely. It's not an issue of Eth vs BTC or whatever. If Bitfinex and Tether implode, it will create a liquidity crisis in which nearly everyone will want to sell and nobody will be able to cash out. It would ruin the market for years. Last edited by Ajax : 24th January 2018 at 21:48. |
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24th January 2018, 21:58 | #154 |
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I get what you're saying up till: "It would ruin the market for years."
Tether accounts for less than a percent of crypto's total market cap. Not even half a percent. Totally scrub-tier.
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24th January 2018, 22:26 | #155 | |
Architeuthis
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Copy-and-pasted example: hypothetical shitcoin has 1 million coins outstanding trading at 1 cent per coin so market cap is $10K. Then I buy 1 coin for $10, market cap immediately goes to $10 Million. In this example, a single trade representing 0.0001% of outstanding volume and representing a net flow of $10 just increased market cap by $9,990,000 (9900%) in an instant. The actual amount of fiat in crypto is estimated in the low tens of billions. A large amount of that market liquidity is provided by Tether, which represents real dollars. If confidence in Tether/Bitfinex is lost it will create a panic selling environment which would likely drain the reserves of all major exchanges. It would also crash the price of all alts. Confidence in crypto would quite likely be lost for a long time. Yup. |
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25th January 2018, 00:08 | #156 | ||
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If Bitcoin drops in value, there are plenty of people waiting with cash in hand to take that opportunity to get into the market.
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25th January 2018, 00:21 | #157 | |
Architeuthis
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25th January 2018, 02:18 | #158 |
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I have similar feelings regarding USDT. Its the elephant in the room that no crypto related news feeds ever seem to touch.
Its... concerning. |
25th January 2018, 13:43 | #159 |
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So let me see if I understand this.
I take some real cash and put it into an exchange to buy some crypto tokens, after trading for a while or transferring tokens between exchanges I end up with USDT and not USD but its all good because USDT is backed 1:1 by USD. The USDT is much more convenient for exchanges because they don't have to deal with pesky brick and mortar banks or shitty transaction times of some crypto tokens. When the Tether Printer "prints" $100,000,000 when the market is going down, its people selling on exchanges and getting USDT in return instead of USD. Assuming that the exchanges that use Tether are buying 1USDT for 1USD using traditional means then it could be all fine. I could happily live off the interest of several billion dollars! BTW the "volume" of transactions is probably hidden because they will be inter exchange or exchange to vendor. |
25th January 2018, 14:57 | #160 | |
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Mt. Gox. happened and yet here we are. I think your concerns about Tether are on point, but I think the market will recover pretty quickly should anything go do. A friend of mine made this comment about exchanges: Exchanges are like public toilets. You get in, do your business, get out.
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