Bitcoin / Cryptocurrency Discussion (And Predictions)

nitrousflame · Dec 20, 2017

Mineralogic said:
Did you know that the market cap of bitcoin cash is almost as big as ETH today and they barely have developers, 95% of the owner base has ZERO COST into it, they got it FREE by holding BTC. I think that's F*cking scary myself. No real money or sweat was put into it to deserve this market cap. I say this as someone who understands VER's points but we have ETH and LTC already for that. In a way he did hijack btc as much as core hijacked it

Indeed, every time there is a hard fork, holders before the fork get the new coins for free. However, not every forked coin goes on to gain value. We're then stuck with the question, "why is BCH gaining value?" I think it's the market sorting out and voting for a scaling path for bitcoin. Both BTC and BCH are technically bitcoin and I see value in each approach. Which flavor the market prefers long term though remains to be seen.

LifeTransformer · Dec 20, 2017

Kingmaker · Dec 20, 2017

powderhound100 said:
What's everyones thoughts on Charlie Lee selling all his Litecoin?

Litecoin price, tweets, and conflict of interest • r/litecoin

Selling or holding?

That's actually hilarious, imo he's dumping it because he knows BCH is gonna destroy litecoin now that it's on GDAX, and once BTC/ETH trading options are added and it's buyable on coinbase, game over. There's no reason for litecoin to go up anymore, BCH is as fast/as cheap for what litecoin was used for (sending funds to other exchanges and then converting them to BTC/ETH), plus they have Bitcoin in the name, roadmap and ideology of being true to the white paper.

This "conflict of interest" is like the Enron guys dumping all their shares while saying the future of the company is bright.

justonemore · Dec 20, 2017

I'm not an expert, but the way I see it.
You have Bitcoin. This has all the name recognition, all the news coverage, different companies lining up to trade it, to integrate it, etc.
I view this like Myspace vs Facebook. Both cost the same amount to build. $10 for a domain name, etc. FB as a company is worth more than it's $10 domain name simply because it's popular. Same with Bitcoin. It's popularity is why it's valuable.

It's downside is it's slower and more expensive to buy small things with it. Want to buy a cup of coffee with Bitcoin, the transaction fee will cost almost as much as the coffee.
To fix that, you have Bitcoin cash OR a dozen other Alt coins.
Enter Ethereum.
1 - Google the market cap of Ethereum.
2 - Now realize it gets none of the free advertising that Bitcoin gets.

These are my bets. Ethereum and Bitcoin.
I have some Bitcoin cash, but I'm not betting heavy on it.

As a smaller play, I'm thinking about ZCash. Unlike the others, ZCash is anonymous which is a big difference.

Bearcorp · Dec 20, 2017

I have a Coinbase account however my limit is zero, I've filled out all the account information and there are 2 cards as payment options, does anyone know what I can do to get the limit up? Their customer service on the website is a bot that shares generic info so I'm stuck.

NewManRising · Dec 20, 2017

Bearcorp said:
I have a Coinbase account however my limit is zero, I've filled out all the account information and there are 2 cards as payment options, does anyone know what I can do to get the limit up? Their customer service on the website is a bot that shares generic info so I'm stuck.

When I added my debit they only allowed me a $300 limit. It takes 60 days to increase your limit. I found no other way to do it.

NewManRising · Dec 20, 2017

Tax question: What are the taxes on cryptocurrencies? Will all earnings be taxed or only at a certain limit? Does the govt know of your earnings? And will you have to claim it or will they have it on paperwork for you?

AustinS28 · Dec 21, 2017

Bearcorp said:
I have a Coinbase account however my limit is zero, I've filled out all the account information and there are 2 cards as payment options, does anyone know what I can do to get the limit up? Their customer service on the website is a bot that shares generic info so I'm stuck.

There was an option to send over my driver's license. It increased my limits immediately.

NewManRising said:
Tax question: What are the taxes on cryptocurrencies? Will all earnings be taxed or only at a certain limit? Does the govt know of your earnings? And will you have to claim it or will they have it on paperwork for you?

They're subject to capital gains taxes.

Mr_Maravish · Dec 21, 2017

Thread is quiet today, any ideas on current movements? I got into XRP this AM.

MMatt · Dec 21, 2017

Guys, newb question. I transferred my Bitcoin to binance and invested all of it into ADA/BTC and IOTA/BTC. Both of those are up since the time I bought them.

Problem is, I see that bitcoin took a significant dip today, and it seems my Binance balance has decreased proportionally.

I thought I now owned ADA and IOTA even though I used the bitcoin market to purchase them. Am I crazy or is my balance directly related to the price of bitcoin since I used bitcoin to purchase?

Maybe I am overlooking something.

KLaw · Dec 21, 2017

JScott said:
Typically, the value of the coins are relative to the value of one of the underlying currencies (BTC, ETH, etc)...

So, IOTA might be worth .000324 ETH right now, and .000360 later, which means it's increased in value relative to the underlying currency. But, if the price of ETH dropped, the fiat value is lower.

Kinda like you could have $1 today and $1.01 next year -- seems like the value went up, but if there was inflation greater than 1%, the purchasing power is less.

I am not seeing this. I bought ripple and as ripple goes up so does my value in Kraken. Yes. It's paired up BTC. But, regardless of how BTC goes up or down, I thought my ripple value was independent of that?

LifeTransformer · Dec 21, 2017

Great read on Ripple:

https://multicoin.capital/2017/12/20/bear-case-xrp-bitcoin-futures-edition/

Vigilante · Dec 21, 2017

Bitcoin cash is now enabled as of tonight on CoinBase

Vigilante · Dec 21, 2017

Seems to be a sell-off off tonight

mguerra · Dec 21, 2017

What's the thing with all those coins crashing today? Can somebody explain that?

powderhound100 · Dec 21, 2017

mguerra said:
What's the thing with all those coins crashing today? Can somebody explain that?

I read that "Korea, China and Japan have been dumping all coins on the market since rumors that they have decided to impose a high capital gains tax on profits generated from the sale of cryptography since 2018.
Also today (Friday.) the South Korean government will hold a task force conference on cryptographic speculation.
Also a rumor that Korea, Japan and China's government decided to restrict the crypto market with high taxes. "

powderhound100 · Dec 21, 2017

Also just came across this, seems pretty interesting but would love to hear people's thoughts.

Financial Modeling for Cryptocurrencies: The spreadsheet that got me my first 1,000% gain • r/altcoin

Guest3722A · Dec 21, 2017

Keep an eye on 14,000ish over the next few days. If it closes below it I think 12,000ish MAY be the next stop.

you're welcome

LifeTransformer · Dec 21, 2017

mguerra said:
What's the thing with all those coins crashing today? Can somebody explain that?

It's a correction, and a long overdue one too.

million$$$smile · Dec 21, 2017

powderhound100 said:
I read that "Korea, China and Japan have been dumping all coins on the market since rumors that they have decided to impose a high capital gains tax on profits generated from the sale of cryptography since 2018.
Also today (Friday.) the South Korean government will hold a task force conference on cryptographic speculation.
Also a rumor that Korea, Japan and China's government decided to restrict the crypto market with high taxes. "

If that is the case, I would expect continued selling for the next few days for year end, with a possibility of seeing some nice buying opportunities aka "buy when there is blood in the streets"
I for one will be watching this with interest with my finger on the trigger...

LifeTransformer · Dec 21, 2017

JScott said:
I posted about XRP a couple months ago in the Ethereum thread, and I mentioned at that point that the biggest risk to XRP was the fact that Ripple didn't require it as its native token. That said, I believe this is a long-term issue, not short term, for two reasons that the article missed:

1. It likely that -- at least for the foreseeable future -- traders will see the coin (XRP) as coupled to the value of the company (Ripple). So, even if XRP isn't the coin of choice, if Ripple is the network of choice, XRP is likely to do well.

2. XRP has some substantial advantages over BTC -- the biggest being speed of transactions.

I've been back and forth on it since it traded for about 2c.

First I thought; "Yeah, big banks are going to love this!" The partnership announcements were plenty and it took off to around 30c+

Then I read about them not needing to use XRP and was pretty bearish at the point.

It depends on XRP being more widely used by people (and not banks) I feel. The current price surge is apparently due to Coinbase listing rumors. Which could turn out to be entirely false.

We'll see I guess!

mThree2K · Dec 22, 2017

JScott said:
Couple rumors out there right now likely impacting prices...

First is the rumor that Bitfinex (one of the big exchanges) is being shut down. Second is rumors of more regulation in Asia.

It's around noon in Korea right now, so the last few hours of sell-off is likely related to the second rumor...

Bitfinex? I wouldn't be surprised, something doesn't smell good because when I sent all the info to get verified weeks ago they stated that it would take 2-3 weeks to her approved.

Now they say it takes around 6-8 weeks....

Enviado desde mi Mi Note 2 mediante Tapatalk

mThree2K · Dec 22, 2017

Crypto market is seriously going down right now, BTC @ 13,700$.

Enviado desde mi Mi Note 2 mediante Tapatalk

NewManRising · Dec 22, 2017

mThree2K said:
Crypto market is seriously going down right now, BTC @ 13,700$.

Enviado desde mi Mi Note 2 mediante Tapatalk

Yep, all my holding have dropped a bunch. But I am not gonna panic. I actually bought more ethereum since the price is low. Will wait for it to rise to buy more altcoins with it.

AustinS28 · Dec 22, 2017

I've been watching everything plummet. Definitely hodling.

c4n · Dec 22, 2017

I panicked and sold 77% of my holdings. I'm too emotional for this $hit...

Even if the rest drops to 0, I still made a 200% profit in cryptos. Better than any other trading I have ever done.

JamesDB · Dec 22, 2017

nasdaq

AAEAAQAAAAAAAAqLAAAAJGY5NWU5NmZmLTdjZDEtNDBjMi1iYzE3LTlmZjM2MzY0MmViZQ.png

Everybody who got in within the last couple of months for the "long term investment" and is now talking about a paradigm shift etc. Just see for the wording above and try to find the pattern.
Good luck everybody!

Sorry but this one is just too good.

ALC · Dec 22, 2017

11,400 euros, damn that drop.

The question might have been asked before but, if i buy LTC or ETH and BTC drop, all the value of LTC & ETH drop too right ?

As LTC/BTC & ETH/BTC are all bought via BTC, they act like BTC when it drop right ?

Thanks !

mThree2K · Dec 22, 2017

AlessioLC said:
11,400 euros, damn that drop.

The question might have been asked before but, if i buy LTC or ETH and BTC drop, all the value of LTC & ETH drop too right ?

As LTC/BTC & ETH/BTC are all bought via BTC, they act like BTC when it drop right ?

Thanks !

Depends, what I observed last couple of months was the reverse, when for example BTC was on the rise other coins suffered a setback because people where exchanging there LTC, ETH or whatever into BTC, and viceversa.

This is a general dip.

Enviado desde mi Mi Note 2 mediante Tapatalk

mThree2K · Dec 22, 2017

I sense an opportunity because the dips are following a rumor meaning that some countries in Asia are talking about regulation BUT it usually takes forever until they finally get some laws together.

Enviado desde mi Mi Note 2 mediante Tapatalk

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