• Introducing Image Options for ResetEra 2.0! Check the left side navigation bar to show or hide images, avatars, covers, and embedded media. More details at the link.

Cryptocurrency |OT2| Money's New ERA Shoots for the Moon! | Read OP for Thread Rules

Ryu

Avenger
Oct 25, 2017
102
Why is a fork of Bitcoin Cash causing the entire crypto market to drop?
Its stated that its because of Bitmains hashpower or something. Because if they relocate or something, Bitcoin will be easier to mine and sell pressure will probably get stronger. So Bitmain maybe has a bag of Bitcoin they don't sell? And they stated they may have to relocate to support their BCH choice. Even tho, i think its mostly panic and people don't want to buy as long bitcoin doesn't hit the often said mark of 3k or yada yada. But don't quote me on that, many things going around right now.
I hope it doesn't stop here, i can still wait years for my return and want to get some better positions.
 
Oct 25, 2017
868
https://cash.coin.dance/ -- pretty cool site for following this trainwreck.

Edit: Some people think ABC might switch the PoW algorithm claiming they are suffering from a 51% attack. Might be their only option considering SV's hashrate, unless they want to burn a ton of money with unknown outcome. Guess we'll find out in three hours.
 
Last edited:
Oct 27, 2017
336
At this point, should I just cash out already?

This whole year I've been holding on hoping for something, but at this point, I went from $35k a year ago to $6.6k today, and all I see is more crashes on the horizon...
 

Syder

Moderator
Oct 25, 2017
10,215
At this point, should I just cash out already?

This whole year I've been holding on hoping for something, but at this point, I went from $35k a year ago to $6.6k today, and all I see is more crashes on the horizon...
Have you made a profit because if I were in your position I would have pulled out quite a while ago (if you’re in profit) and waited for a better time to jump back in.
 
Oct 27, 2017
336
Have you made a profit because if I were in your position I would have pulled out quite a while ago (if you’re in profit) and waited for a better time to jump back in.
Nope. Down a few thousand.

Also wondering if we can write off crypto losses on our taxes...
 
Oct 27, 2017
428
At this point, should I just cash out already?

This whole year I've been holding on hoping for something, but at this point, I went from $35k a year ago to $6.6k today, and all I see is more crashes on the horizon...
Why would you cash out now?

Truth crypto isn't doing so well. But blockchain is doing better. And lots of bullish signs from institutional investors. Just keep it together, don't look at your wallet and check back in a while. This stuff takes time.

(This is what I tell myself)
 
Oct 27, 2017
336
Why would you cash out now?

Truth crypto isn't doing so well. But blockchain is doing better. And lots of bullish signs from institutional investors. Just keep it together, don't look at your wallet and check back in a while. This stuff takes time.

(This is what I tell myself)
I mean, this is what I've been doing for almost a year now. But every time I look at it, my total gets less and less. And I'd rather have a few thousand real dollars than end up with pennies worth of imaginary ones =/
 

Syder

Moderator
Oct 25, 2017
10,215
Nope. Down a few thousand.

Also wondering if we can write off crypto losses on our taxes...
Why would you cash out now?

Truth crypto isn't doing so well. But blockchain is doing better. And lots of bullish signs from institutional investors. Just keep it together, don't look at your wallet and check back in a while. This stuff takes time.

(This is what I tell myself)
I guess it all comes down to what you've invested in and how much faith you have in the individual projects.

If you invested in shitcoins and flavour-of-the-week coins then, yeah, you probably should have cut your losses months ago. I haven't posted in this thread for a while but I read every post to stay caught up and I only invested a very small amount into Crypto to begin with, more as an experiment than anything, so I'm keeping my HODLs out of stubbornness/laziness on the off chance my. Although I still feel like I did choose good projects (like getting in on XRB in late November as Crypto noob, for example) and most of my losses have felt out of my hands (lost my XRB in the BitGrail fiasco).

Basically, I feel very cold on caring about crypto again but that's not to say I wouldn't ever invest again.
 
Oct 26, 2017
6,087
At this point, should I just cash out already?

This whole year I've been holding on hoping for something, but at this point, I went from $35k a year ago to $6.6k today, and all I see is more crashes on the horizon...
Depends, are you holding alt coins or the main top 5 market cap coins?
 
Oct 25, 2017
868
If you invested in shitcoins and flavour-of-the-week coins then, yeah, you probably should have cut your losses months ago. I haven't posted in this thread for a while but I read every post to stay caught up and I only invested a very small amount into Crypto to begin with, more as an experiment than anything, so I'm keeping my HODLs out of stubbornness/laziness on the off chance my. Although I still feel like I did choose good projects (like getting in on XRB in late November as Crypto noob, for example) and most of my losses have felt out of my hands (lost my XRB in the BitGrail fiasco).
Same, even with XRB. :(

Judging from Jihan's recent comments regarding BCash it sounds like Bitmain has been careful selling off their mining rewards this year to keep BTC's price "up", so the true bottom might still be much lower.

I'll probably wait out Bakkt's launch and if that doesn't do anything, I'm going to say goodbye to my Nanos for now, even though the devs and parts of the community have done a great job this year.
 
Oct 27, 2017
2,602
Demand for crypto has fallen precipitously, supply of bitcoins and other cryptos keeps increasing, they still have virtually 0 real world usage. With people scared off after the popping of the bubble, not sure where new money will come from. Maybe wait a few more years, keep hyping and hyping and hope that enough people forgot about the last bubble to build up a new one? Of course if cryptos ever get a practical usage then it's a different story but so far that has not been the case.
 
Nov 30, 2017
1,601
Demand for crypto has fallen precipitously, supply of bitcoins and other cryptos keeps increasing, they still have virtually 0 real world usage. With people scared off after the popping of the bubble, not sure where new money will come from. Maybe wait a few more years, keep hyping and hyping and hope that enough people forgot about the last bubble to build up a new one? Of course if cryptos ever get a practical usage then it's a different story but so far that has not been the case.
All financial markets follow same business cycle. 2008 recovery took both terms of Obama to turn things around and that’s with trillions of dollars spent in economic stimulus packages.

The same will happen here. It will be slow recovery.
 
Oct 26, 2017
478
Finland
I'm still holding onto my VET bags tight.

Many altcoin projects are in trouble because all their assets are in ETH and they've been in a hurry to liquidate during bear market to keep themselves afloat.
They have literally nothing else than their ICO capital and token market value to feed them, when money runs out it runs out.

Projects like VeChain and IOTA (and some others) have enterprise stakeholders (DNV GL, PwC, Bosch) and investors (Jim Breyer, Tim Draper) with deep pockets backing their day-to-day actions until their products take off, in traditional start-up way.
Also, meanwhile they offer consultancy and other services more than just "blockchain TPS hurr durr" which generates supporting revenue.

I invested with a 5 year target, and current events haven't altered my plans in any way.
 

Spuck-

Banned
Member
Nov 7, 2017
996
At this point, should I just cash out already?

This whole year I've been holding on hoping for something, but at this point, I went from $35k a year ago to $6.6k today, and all I see is more crashes on the horizon...
Yes, this is only going one way over time, and it aint up.
 

Spuck-

Banned
Member
Nov 7, 2017
996
All financial markets follow same business cycle. 2008 recovery took both terms of Obama to turn things around and that’s with trillions of dollars spent in economic stimulus packages.

The same will happen here. It will be slow recovery.
Where are the trillions in economic stimulus for Bitcoin coming from? They aren't.

These two things arent even remotely comparable, banks have real world use cases yknow.
 
Oct 26, 2017
1,385
I do not think the bottom is in. Bitcoin still has to breakdown the 6k level. I think that will happen in 2018. I think it will bottom in the 2.5-3k range, although perhaps not until sometime in 2019. Should this happen, many alts would be decimated again. This one is more difficult to call than normal and could very easily be wrong. I continue to look for swing trades in the meantime, but am not chasing moves that have already left the station.
Just reposting this from September 15. The BTC 6k breakdown happened in 2018 as called above. Some people think we could see a little bounce to 5.7-5.8k now, but I don't even think that is terribly likely given how this move played out. It's possible however.

My new medium-term projection is for BTC to settle somewhere in the 4.2-4.8k range. A sharp move to that region has a decent probability to be followed by a bounce back to around 5.5k before returning to the 4k's, where it may go sideways for months, or continue falling through to 3k. I am considering starting to buy some ETH when BTC hits around 4.5k, and will buy more if it keeps dropping before bouncing, to sell again in the 5k's, before then waiting for the 3k range or lower. It might take as long as until next Spring or Summer to see 3k. All prices are in USD on Coinbase Pro. Trade at your own risk.
 
Oct 25, 2017
5,808
All financial markets follow same business cycle. 2008 recovery took both terms of Obama to turn things around and that’s with trillions of dollars spent in economic stimulus packages.

The same will happen here. It will be slow recovery.
Some people say tulip prices are still recovering to this day.
 

Ryu

Avenger
Oct 25, 2017
102
Some people say tulip prices are still recovering to this day.
Stop that nonsense.
Tulips have no ETF and are not tradeable in that sense. They literally have no price to grow and have unlimited quantity.
Even though this will be a harsh way down, thats a once in a lifetime chance maybe.
That said, i don't say "buy now" with this, but there will be a recovery and again people saying "i should have..." in 2 years.
 

Spuck-

Banned
Member
Nov 7, 2017
996
Stop that nonsense.
Tulips have no ETF and are not tradeable in that sense. They literally have no price to grow and have unlimited quantity.
Even though this will be a harsh way down, thats a once in a lifetime chance maybe.
That said, i don't say "buy now" with this, but there will be a recovery and again people saying "i should have..." in 2 years.
The mental gymnastics you got going on here.

Just accept that the slow decline is here. There's still no major use case for crypto a decade on, and the market is sustained, or was, by rampant speculation.
 

Ryu

Avenger
Oct 25, 2017
102
The mental gymnastics you got going on here.

Just accept that the slow decline is here. There's still no major use case for crypto a decade on, and the market is sustained, or was, by rampant speculation.
I never said there's no decline. I never said there's a recovery soon, what are you reading into this? I think i was always one of the poster who said there's a long ass bear market ahead - and there is, even when many called a bottom. But saying it's dead is just not right and also won't be.

It may really need more than 2 years and that's also fine by me, but surely not a decade.
 
Oct 27, 2017
294
I never said there's no decline. I never said there's a recovery soon, what are you reading into this? I think i was always one of the poster who said there's a long ass bear market ahead - and there is, even when many called a bottom. But saying it's dead is just not right and also won't be.

It may really need more than 2 years and that's also fine by me, but surely not a decade.
It may never recover. Tulips are actually something people want. Bitcoin, not so much. There's no inherent value to Bitcoin.
 

Ryu

Avenger
Oct 25, 2017
102
It may never recover. Tulips are actually something people want. Bitcoin, not so much. There's no inherent value to Bitcoin.
There are literally some of the biggest companys working on crypto and you talk about people wanting tulips again. I think people really lost it now.
 
Oct 27, 2017
294
There are literally some of the biggest companys working on crypto and you talk about people wanting tulips again. I think people really lost it now.
"Companies working on crypto" is meaningless. Companies chase fads all the time. And even if the technology endures (which isn't certain either, beyond the application of merkle trees, which have existed long before cryptocurrencies): That doesn't mean Bitcoin is worth anything. The technology is completely decoupled from Bitcoin's value or even continued existence.
 
Nov 15, 2017
2,319
Wouldn't no inherent value mean that BTC should be at $0? I don't think it's so easy. Gold has many use case in several industries but the value of gold is not only of how it's really used by these industries. Remember another discussion on GAF about gold when someone brought that Buffet gold quote up: “It gets dug out of the ground in Africa, or some place. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.” :)

Anyway, this is probably a really crushing time for some people, especially if they didn't use money they where able to loose in the first place. There was no major incident like Binance getting mtgox'ed or tether exploding though so i don't see a reason for some "it's over now" sentiments around the web.
 
Oct 26, 2017
6,087
Ignore Taffy.

Reality is crypto bubble popped. High likelihood that the 2017 bull run was initiated and supported by Tether printing fake USD. Literally 99% of all cryptos are going to devalue to near zero over the next year or so. This is in combination with the crash in volume, liquidity, capitulation and SEC regulation.

Crypto is pretty cyclical, the implications for Tether being completely fraudulent will probably keep this bear market going another few years, but BTC isn't going to go to zero or some stupid shit like that.

But your shilled utility tokens probably are.

BTC has value simply because it's a digital asset that is self validating and doesn't need a 2nd party to verify it's integrity with a limited total circulation. Not that complicated.
 
Last edited:

Ryu

Avenger
Oct 25, 2017
102
It's not meaningless. Why would you think that big companies would work on something where they don't see a gain for themselves? It's ridiculous just to think a second like that.
Also, because gold is brought up:
Gold doesn't keep you warm, neither does it feed you. The worth is made up because of limited supply only and because people/governments decided its worth and that its a legit back up/reserve for countries.
Gold was confiscated from people in 1933 under the order 6102:

https://en.m.wikipedia.org/wiki/Executive_Order_6102

Just to later raise its worth to make the country rich again and devaluing usd.

Why would you panic on a literally or nearly official/accepted new form of currency or backup/store of value that has such a small marketcap is beyond me. But the panic will be good for people that will smell their chance here. I could see governments or banks buying for pennies and then declare a higher worth to it. Call me crazy, but a financial crisis is inevitable and i could see governments pulling something like this to increase the worth of your own country again, thus devaluing currency again. They never declared Bitcoin illegal and someone might think about why.
 
Oct 27, 2017
2,602
Bitcoin and cryptos as a hedge against inflation or central banks never made any sense to me. You know bitcoin is open source, right? So an infinite number of bitcoins can be created. And all those bitcoins can be forked an unlimited number of times. And for the next 20+ years bitcoin will be an inflationary currency. +1800 or so are added to the supply a day until the next milestone is hit.

Gold and precious metals make a million times more sense than crypto. I guess after the precious metals bubble burst all the anti-fed people moved from gold to crypto?
 
Oct 26, 2017
6,087
No, you can't make "an infinite number of bitcoins". Unless you mean you can create an infinite number of BTC clones, in which case yes, but then the obvious question is will anybody actually use your own version, and the answer is almost always no (LTC being an example of a BTC fork that is somewhat relevant, and alt coins that are forked/cloned version of LTC and so on)

Yes, you can fork BTC, but just forking off of BTC doesn't matter if nobody uses the forked chain.

Cloning BTC is not like you're doubling the amount of BTC, at that point you are creating two separate entities.
 
Oct 26, 2017
1,385
BTC and a fork of BTC are not fungible with each other. A forked version of BTC could end up being worth something too, which could be more or less than BTC, but it's not interchangeable with BTC. The max number of BTC coins is controlled by BTC's code. I suspect if someone proposed increasing BTC's hard issuance cap, that would create divisions within the BTC community, and would result in a forked coin with the altered issuance cap, while BTC itself would persist with its original cap.