Bitcoin / Cryptocurrency Discussion (And Predictions)

[MrYoshi]

I agree @Vigilante. As MJ said earlier in another thread.. low downside, unlimited upside. Not many markets like this come around often in history.

It's like keeping your star QB on the bench. He might have a bad game or two but he's going to bring home the trophy. And yes, your star QB has a shelf life.. he can't football all his life. So you take those prime golden years and you & him make the best of it........ and then you trade him to the Jets.

I'm really trying to figure out what is the best approach for someone who only has 1-2k to spend. I think Bitcoin is obviously an awesome thing to invest in, but I also want to be involved with other alt-coins.

 

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[TKDTyler]

I'm really trying to figure out what is the best approach for someone who only has 1-2k to spend. I think Bitcoin is obviously an awesome thing to invest in, but I also want to be involved with other alt-coins.

Buy the big 3 and don’t touch it until the mid to end of 2018. Holding in a market like this will most likely come out ahead

 

[MrYoshi]

Buy the big 3 and don’t touch it until the mid to end of 2018. Holding in a market like this will most likely come out ahead

Ok, I'm going to see if Bitcoin drops a bit more and will drop 500 bucks on that. I want to also buy Ethereum, but multiple YouTubers online have similar views on Litecoin and believe that good marketing got it into the top 3. I'll go 500 on Bitcoin, buy one Ethereum coin and maybe one Litecoin.

 

[mike24601]

What's the long term value pitch on LTC? I don't quite get it.

Bitcoin is the "original", Ethereum is the "platform", LTC is ?
It seems like they are positioning themselves as "bitcoin for payments" but that seems to confusing to use a separate coin for payments, why not make Bitcoin faster and use one coin for value storage and payments (like Bitcoin Cash is trying to do). If it wasn't one of the "Big Three" on Coinbase it would just be considered one of the random alt coins, no?

Well that's the idea. LTC was born in 2011 and fixes many of the issues Bitcoin has with regards to security and transaction speed. Bitcoin Cash is a weak attempt to circumvent Litecoin but since it shares the same block time as legacy Bitcoin it is still slow AF. Bitcoin Cash is only worth more because of the name recognition...it pales in comparison to the utility of Litecoin. The whole purpose was to be the "silver" to BTC's "gold."

A few points I gathered from a post on Reddit to help make my case:

1. Litecoin has segwit, Bitcoin cash does not.
2. Litecoin has cheaper transactions
   
3. Litecoin is smart contract compatible, BCH is not
4. Litecoin is atomic swapping compatible, BCH is not
5. More stable community of investors who understand the value behind LTC. Less drama = Less volatility. Litecoin has proven relatively unshakeable in times of crisis.

In terms of who has the healthier chance at ending up on top when we reach widespread adoption, LITECOIN is it. It has a large market cap (In top 10) of all cryptocurrencies and is one of only three coins to be traded on the world's largest exchange (Coinbase). There are billions of dollars waiting to pour into the market in 2018 and Litecoin is poised to finally capture the attention it deserves.

One problem worth noting:

1. The creator of LTC, Charlie Lee, has neglected to energize investors, and as a result the coin lacks in marketing pull. This is starting to change now but I think he's more geek than businessman.

 

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[James Fake]

I ask because I can't stop thinking about jumping in as a trader full time, but I also want to figure how to invest in alt-coins.

Do not do this. Please.

Go 50/25/25 Btc/Eth/Ltc.. secure it in a wallet and then work on building a Fastlane business.

 

[nitrousflame]

A few points I gathered from a post on Reddit to help make my case:

I'd be very careful drawing conclusions from single sources, especially from Reddit, and doubly so from r/Bitcoin. The evidence of censorship going on there is through the roof. I don't intend to call you out specifically, but rather to give a reminder that we should all use our critical thinking minds, consider multiple sources and not take anything for granted. There are a lot of forces trying to influence us one way or another in this space, so it's important to try to come to our own conclusions. Trust, but verify.

Now with that said, I actually like BCH. It's attempting to scale the bitcoin chain a different way, one that its proponents claim is truer to the original Satoshi whitepaper. Hence, no segwit. Of course, it has a ton of ground to make up in terms of acceptance when compared to BTC or LTC, but it's also only a couple months old. Whether it rockets, plummets, or stagnates, nobody can know for sure. As such, I'm still holding onto mine.

 

[MrYoshi]

Do not do this. Please.

Go 50/25/25 Btc/Eth/Ltc.. secure it in a wallet and then work on building a Fastlane business.

Ok, I'll do that.

 

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[jsk29]

Well that's the idea. LTC was born in 2011 and fixes many of the issues Bitcoin has with regards to security and transaction speed. Bitcoin Cash is a weak attempt to circumvent Litecoin but since it shares the same block time as legacy Bitcoin it is still slow AF. Bitcoin Cash is only worth more because of the name recognition...it pales in comparison to the utility of Litecoin. The whole purpose was to be the "silver" to BTC's "gold."

A few points I gathered from a post on Reddit to help make my case:

1. Litecoin has segwit, Bitcoin cash does not.
2. Litecoin has cheaper transactions
   
3. Litecoin is smart contract compatible, BCH is not
4. Litecoin is atomic swapping compatible, BCH is not
5. More stable community of investors who understand the value behind LTC. Less drama = Less volatility. Litecoin has proven relatively unshakeable in times of crisis.

In terms of who has the healthier chance at ending up on top when we reach widespread adoption, LITECOIN is it. It has a large market cap (In top 10) of all cryptocurrencies and is one of only three coins to be traded on the world's largest exchange (Coinbase). There are billions of dollars waiting to pour into the market in 2018 and Litecoin is poised to finally capture the attention it deserves.

One problem worth noting:

1. The creator of LTC, Charlie Lee, has neglected to energize investors, and as a result the coin lacks in marketing pull. This is starting to change now but I think he's more geek than businessman.

From what I understand (which isn’t much) Bitcoin is lagging behind in tech compared to many of the newcomers. And it’s deviated quite a bit from the original white paper.

I’ve checked out the white papers and GitHub repos for a few of the alts (eg. iota, zcash, ripple) but they’re currently beyond my technical scope.

Are there any resources you recommend to get up to speed on understanding the tech deeply?

So far Ive just been reading through Mastering Bitcoin by Andreas Antonopoulos. My goal is to transition from web dev to blockchain dev within a couple of years.

 

[Kingmaker]

Now with that said, I actually like BCH. It's attempting to scale the bitcoin chain a different way, one that its proponents claim is truer to the original Satoshi whitepaper. Hence, no segwit. Of course, it has a ton of ground to make up in terms of acceptance when compared to BTC or LTC, but it's also only a couple months old. Whether it rockets, plummets, or stagnates, nobody can know for sure. As such, I'm still holding onto mine.

Agreed.

I read the white paper and Bitcoin is supposed to be peer to peer, anonymous, borderless money.

This is CEO of blockstream, company behind development of Bitcoin Core:

So he's basically saying that Bitcoin is "digital gold" for rich people with high transaction fees. That's not Satoshi's original vision at all.

Litecoin is "digital silver" to Bitcoin's "digital gold" according to this interview with their CEO:

View: https://www.youtube.com/watch?v=OxWM6rJV0nk
It's also straight cringe, the guy has no real vision and talks about "doge coins" as example of cryptocurrency. Compare that to any Roger Ver interview, or Craig Wright, they push the vision above all else.

What vision? Send money to anyone instantly, for less than a penny. Use Bitcoin not as a store of value but as everyday P2P cash system, in any country in the world. Being able to limit the government because they can't just print money out of thin air to bail themselves out, go to wars, that's the vision. BCH is the only coin that has this as their main objectives as far as I can tell.

 

[MJ DeMarco]

At one point I had 140 Bitcoins

Damn!

 

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[Jake]

Nice to see this forum embracing crypto. Hadn't been here in a while I should probably write an update thread on my progress and how things have been going. Been in crypto since late 2013 and my alts portfolio is at or near 7 figures now although some lack liquidity at the moment I have high hopes for all the coins I hold. At one point I had 140 Bitcoins but that was while BTC was hovering in the $3000-3500 range

I tried buying 1000 at $7...couldn't figure out a way to do it via paypal or cc haha. The price crashed to below $1..naysayers turned me off..and I pretty much forgot about it for a couple years thinking it died. Jumped in back in Mar 2013 when coinbase became a thing. The car and watch I purchased in Nov 2013 could have been a island villa and a nice boat...

 

[James Fake]

December 1, 2017:

Upcoming Winner: ETH

Cryptical Analysis (yes, I just coined my own term lol. This is analysis that technical analysis or market analysis can't explain. It's only found in the crypto world):

1. During Btc's wild ride; I spotted Ltc and Eth severely lagging behind. Btc way up, Eth/Ltc up (but not way up). Btc way down, Eth/Ltc down (but not way down). Ltc had much more lag behind Btc than Eth and I knew a break-out to "catch up" had to come very soon. I bought in 100% into Ltc cause it had more upside. Waited and waited and waited (meanwhile I was missing out on profiting off huge Btc swings): I sold at loss for $600 right before this morning's rally. I lost, but not really. I pat myself on the back for a great call, I got an unlucky break at timing. Eth is up next.

2. The 'non-broke' new American investors who panic sold out this week are wanting to get back into coins. They just didn't realize how much of a wild wild west it was. With more education now; they will buy Eth. A big majority of new investors will always buy Eth after they experience their first panic sell. (some buy it first, but the ones that do this normally hold during panic sells)

3. If you bought Dash, get out now! If you bought it because it was "the only coin going up" in the last two days; it's the good ol' classic pump and dump. I am going to use two more words I am creating.. Whale'ish and Crypto Siren. Dash showed all Whale'ish signals of a pump & dump. In this case it was a Crypto Siren.. there was no reason why Dash was special enough to hedge against the entire market of other coins and be the only one that "grew" during this time. The only green percentage you saw... don't be a sailor that falls for the Siren. It's a good coin, don't get me wrong, but if I'm right, you can short the hell out of it and have 1.5x Dash coins if you time it right.

Technical Analysis

1. Reversal bullish pattern showing up to back up my cryptical analysis. Check the RSI bottom break at the 30 line on the 29th and again on 30th. It's ready to blow.

Today's Actions From Me

1. EDITED out. No shorting from me today on Bitcoin.

2. I'm also watching Eth close cause I am not trying to miss this train if I'm stuck in a short. Hopefully it won't break out until after 4pm (when Asia wakes up, they also tend to favor Alts) but it could go up with Btc around noon and decide it's time is then.

 

[JohnBuffet]

Good post.. im not too clear on what you meant though.. at around 3 or 4 the price should go up or down?

 

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[James Fake]

1. If my previous theory of Americans buying on credit was right, this latest panic sell should hit it's low around noon and I will short the swing up that will come after it roughly around 3-4pm. Today's is not as big as yesterday's or the day before; however, its still happening.. right on time like clockwork. (I am going to say I was correct on my theory lol)

Sorry guys, my bad.. the panic selling from Americans on credit looks to be over. This last wave of them (the stronger ones who took the just 'hold it through' advice) would only have sold this morning IF the price was lower than $9.8k; the last price they saw when they went to sleep. It rallied over-night; they woke up, sigh of relief, and resumed with their day.

 

[TKDTyler]

Good post.. im not too clear on what you meant though.. at around 3 or 4 the price should go up or down?

Large market movement corresponds with a lot of volume, usually correlated when people are just beginning their day. This corresponds with around 5-7am PST when America wake up and then again towards 3-6pm PST when the large Asian markets wake up (Korea, Japan, China). Whether the market goes up or down is for you to decide though

 

[James Fake]

I'm going 100% into Eth today at $454.. My guess is it will start it's rally up here in about 3-4 hours. My off the top head guess would be at least $490 by later tonight. Depending on what BTC does by then, it may go higher..

Good post.. im not too clear on what you meant though.. at around 3 or 4 the price should go up or down?

For what coin?

 

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[JohnBuffet]

I'm going 100% into Eth today at $454.. My guess is it will start it's rally up here in about 3-4 hours. My off the top head guess would be at least $490 by later tonight. Depending on what BTC does by then, it may go higher..



For what coin?

Not buying any bitcoin? I am assuming bitcoin is going up again, especially after all of the hype. And whats is your opinion on buying with credit cards? I know coinbase adds a 2-3 percent fee, but you get the coins a lot quicker than the 10 day transfer from the bank.

 

[Lex DeVille]

Not buying any bitcoin? I am assuming bitcoin is going up again, especially after all of the hype. And whats is your opinion on buying with credit cards? I know coinbase adds a 2-3 percent fee, but you get the coins a lot quicker than the 10 day transfer from the bank.

I'm moving money via bank transfer. No credit cards. I like the time requirement. It reminds me there's no reason to rush. The coins go up and down and up and down. There is no hurry for me. One train leaves the station, another one toots in right behind it.

 

[MidwestLandlord]

I'm using a credit card because I get 2% cash back on all purchases.

But I pay it off in full every month.

I would never take on debt to buy a non cash flowing asset much less one as speculative as this.

 

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[TKDTyler]

Not buying any bitcoin? I am assuming bitcoin is going up again, especially after all of the hype. And whats is your opinion on buying with credit cards? I know coinbase adds a 2-3 percent fee, but you get the coins a lot quicker than the 10 day transfer from the bank.

If there is strong indicators of a rally (i.e. 15m/30m chart RSI around 25), there is definitely a large chance of covering your 3-4% pretty quick as the bounces in this type of volitility rebound to around 75% of the peak. That said, do not pull credit that you cannot pay; treat it like cash. The only reason to use credit is because you see strong indicators a large rally and you need funds now. Pay it off your card the same day.

While there are huge swings, always keep in mind you can lose it all at any point.

 

[windchaser]

December 1, 2017:

Upcoming Winner: ETH

Cryptical Analysis (yes, I just coined my own term lol. This is analysis that technical analysis or market analysis can't explain. It's only found in the crypto world):

Love the term!

. During Btc's wild ride; I spotted Ltc and Eth severely lagging behind. Btc way up, Eth/Ltc up (but not way up). Btc way down, Eth/Ltc down (but not way down). Ltc had much more lag behind Btc than Eth and I knew a break-out to "catch up" had to come very soon. I bought in 100% into Ltc cause it had more upside. Waited and waited and waited (meanwhile I was missing out on profiting off huge Btc swings): I sold at loss for $600 right before this morning's rally. I lost, but not really. I pat myself on the back for a great call, I got an unlucky break at timing. Eth is up next.

I agree, and not only in the short term. ETH is by far my favorite crypto, (for medium term). I am following the strategy of buying in lots taking advantage of dips (like the one yesterday). I am also considering a couple of smaller coins that look promising, and enter during the next dip.

 

[windchaser]

I'm moving money via bank transfer. No credit cards. I like the time requirement. It reminds me there's no reason to rush. The coins go up and down and up and down. There is no hurry for me. One train leaves the station, another one toots in right behind it.

I like your approach. Especially if you are starting, it is a god mechanism to ¨force¨ you to get comfortable with volatility and not make impulsive decisions.

 

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[amp0193]

Just sent my first wire in today, and loaded up on ETH.

Excited to get in the action.

 

[Vigilante]

Why Bitcoin Is the MySpace of Cryptocurrencies, But the Blockchain Is Here to Stay

Why Bitcoin Is the MySpace of Cryptocurrencies, But the Blockchain Is Here to Stay

 

[Vigilante]

6 Cryptocurrencies You Should Know About (and None of Them Are Bitcoin)

 

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[James Fake]

Still waiting on Eth... patience in not selling out early for less profits & waiting for prediction to fulfill itself. Since it's up; I went ahead and put in stop limit order to guarantee profits if it dipped crazy low while I sleep. The good news; Bitcoin can't just balloon up out of control without Eth's price following it (sometimes it doesn't but most times it follows)

With that said, @TKDTyler has offered to volunteer as the tribute and sell his Eth early which he has declared will jumpstart the rally to catch up to Btc and Ltc

One small thing to watch for... A pattern called a 'cup and handle'.. all three are primed for one with Btc having slight edge in upside of greater gains. This cup and handle pattern will complete if:

1. Over the next three days; the price of Bitcoin slowly drops to around ~$10,300 to ~$10,600
2. If it does; on the second or third day, it would start a fairly good sized bully rally.

Check it out on the 6hr candles...

 

[JamesDB]

For the guys who daytrade bitcoin, how do you manage your risk, your stop loss in partical? The spread is at some times up to 100$...
300-400$ stop for a trade?

 

[bringitnow28329]

These main cryptos BTC, ETH, LTC are fairly liquid until volatility strikes and then the spread can widen significantly. This is where you risk is the highest but also where the fastest profits can be made. You kind of need to treat these more like options where you are putting up a premium of say $5k which is your max risk, but then you can use a stop loss to limit the risk to say $1k. It's not really possible to try to take $300 risk when these things can move like 1-3 point in seconds because you will be stopped out and if you only trade like $500-1000 you won't make anything really and will be force to make a 100% profit on every trade which is impossible.

When you are talking about have a max risk of $5k that means your overall trading account needs to be substantially larger. For example if I have $50k then maybe I'll have a couple $10k positions. Traders do not make consistent profits by shooting for 100% returns. They take larger positions and reduce their holding times so that they can earn a realistic profit of say 5-10% on a trade. Now if you don't have $50k+ then you shouldn't be day trading and if you can't afford to lose that 50k then you certainly should be trading ultra risky assets like cryptocurrencies.

For the guys who daytrade bitcoin, how do you manage your risk, your stop loss in partical? The spread is at some times up to 100$...
300-400$ stop for a trade?

 

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[bringitnow28329]

A dip to $87-90 in LTCUSD could setup a nice trade back to the high around $104, with a potential to take half at $103.50-104 resistance and then the other half into the breakout into the $108-110. Of course these thing will follow BTCUSD for the most part so you have to use that as a gauge to determine your exits and how you manage the trade with regards to trailing your stop loss.

Now if people keep smoking crack and decide to keep bidding up BTCUSD from it's currently level then the breakout to new highs could come with out the dip to $87-90 . In this case I will play the breakout of $103.5 but I will size my position smaller (due to the increased downside risk from a lack of a pull back and buying into the highs) and will look to exit into the new group of Coinbase users and other suckers that are late to the party) which don't know how to read a chart or understand the psychology of how traders make money by profiting off the poor decisions of the uninformed.

Still waiting on Eth... patience in not selling out early for less profits & waiting for prediction to fulfill itself. Since it's up; I went ahead and put in stop limit order to guarantee profits if it dipped crazy low while I sleep. The good news; Bitcoin can't just balloon up out of control without Eth's price following it (sometimes it doesn't but most times it follows)

With that said, @TKDTyler has offered to volunteer as the tribute and sell his Eth early which he has declared will jumpstart the rally to catch up to Btc and Ltc

One small thing to watch for... A pattern called a 'cup and handle'.. all three are primed for one with Btc having slight edge in upside of greater gains. This cup and handle pattern will complete if:

1. Over the next three days; the price of Bitcoin slowly drops to around ~$10,300 to ~$10,600
2. If it does; on the second or third day, it would start a fairly good sized bully rally.

Check it out on the 6hr candles...

 

[JamesDB]

These main cryptos BTC, ETH, LTC are fairly liquid until volatility strikes and then the spread can widen significantly. This is where you risk is the highest but also where the fastest profits can be made. You kind of need to treat these more like options where you are putting up a premium of say $5k which is your max risk, but then you can use a stop loss to limit the risk to say $1k.

Yep, but taking a risk of 1k and aiming for 1k even 2k is giving you 1:1(2) RRR, its not my style, especially with the other risks that are considerably higher (but nobody seems to care about). So at that point I would never think about transferring more than 10-20k.

Maybe its old-fashioned, but it just reminds me way too much of the FOREX hype we had and with all the brokers popping out and disappearing.

Let's see what the CME or CBOE will bring out.