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CNBC: Ethereum hits another record high, marking a more than 2,800% rally this year

No Excuses

By No Excuses
in The Tailgate

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DCSaints_fan

DCSaints_fan

Posted
Posted
2 minutes ago, Springfield said:

 

Through BTC futures.  They’re going to short the **** out of it.

 

(just my guess)

 

I'm aware of shorting, I'm just a little confused how they could do this to their advantage.   The current market cap of bitcoin is somewhere north of $200 billion, I believe.   I think thats a little too large for even the richest institutions to somehow manipulate the market. 

   

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Skinz4Life12

Skinz4Life12

Posted
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3 hours ago, DCSaints_fan said:

 

How do you think big boys are going to manipulate the price to invoke a crash?

 

Buying up huge positions and pumping the price, then taking a short position and dumping. I could be way off but there is no way bitcoin can continue growing at this rate. Its going to crash and burn spectacularly at some point. It really feels like rolling the dice at this point.

 

There is no doubt that the biggest institutions could manipulate the price given the current market cap. BTC doesn't even have half the market cap of Google so it could definitely be manipulated by institutional investors.

 

It would be hypocritical for me to dissuade anyone from investing considering I did as well but given the 2k+ swings per day it could come tumbling down at any moment.


I want to look at some of the alts like NEO or even pick up some ETH

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Skinz4Life12

Skinz4Life12

Posted
Posted
On 12/7/2017 at 5:04 PM, DCSaints_fan said:

 

I'm aware of shorting, I'm just a little confused how they could do this to their advantage.   The current market cap of bitcoin is somewhere north of $200 billion, I believe.   I think thats a little too large for even the richest institutions to somehow manipulate the market. 

   

 

This is what I'm talking about: 1,000 people own 40% of bitcoin and many of them are in contact with one another. In an unregulated market they can coordinate and swing the price whichever way they want:

 

https://www.bloomberg.com/news/articles/2017-12-08/the-bitcoin-whales-1-000-people-who-own-40-percent-of-the-market

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steve09ru

steve09ru

Posted
Posted

Go litecoin! :)  

 

Fast transaction speeds and costs minimal and has been performing well these last couple days.  Very undervalued at the moment.  I think you'll see this be more of your everyday transactions in the future.  They have a big marketing push coming early next week as well that should boost prices

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Skinz4Life12

Skinz4Life12

Posted
Posted
5 hours ago, steve09ru said:

Go litecoin! :)  

 

Fast transaction speeds and costs minimal and has been performing well these last couple days.  Very undervalued at the moment.  I think you'll see this be more of your everyday transactions in the future.  They have a big marketing push coming early next week as well that should boost prices

 

I'm pissed I didn't pick any up last week when it was like $80....im gonna build a position in ltc..i put in a few hundred tonight. Will keep buying in chunks... could see it going to 1k a coin in 4-6 months 

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ExoDus84

ExoDus84

Posted
Posted
Just now, abdcskins said:

Excuse me for the amateur question, but none of these cryptocurrencies are actually worth any money, correct?  How do you cash out on them?  If you can't spend them then how are they worth anything?  I am completely in the dark about any of this stuff.

 

Coinbase is one of the largest coin markets. You can buy digital currency, and trade/sell it whenever you want for it's current cash value. Just sign up for a coinbase account, link it to a bank account, but some coins, and sell them when you want.

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abdcskins

abdcskins

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Just now, ExoDus84 said:

 

Coinbase is one of the largest coin markets. You can buy digital currency, and trade/sell it whenever you want for it's current cash value. Just sign up for a coinbase account, link it to a bank account, but some coins, and sell them when you want.

 

I see.  I just wonder where the value is coming from, as in what makes these coins worth anything?  Like I said I'm pretty clueless when it comes to anything market/economy related.  To me it's like some dude one day was like, "I'm gonna create something called digital currency," and all of a sudden it blew up.  I know it is much more complex than that, but to a simple fellow like me it is baffling.

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No Excuses

No Excuses

Posted
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Posted
14 minutes ago, abdcskins said:

Excuse me for the amateur question, but none of these cryptocurrencies are actually worth any money, correct?  How do you cash out on them?  If you can't spend them then how are they worth anything?  I am completely in the dark about any of this stuff.

 

Right now there really isn't a real world use for cryptocurrencies for the average consumer.

 

Using cryptocurrencies for transactions isn't really a thing at the moment because transaction speeds are really slow for Bitcoin and Ethereum.

 

They are slightly faster on Litecoin and fastest on a crypto called Ripple.

 

The underlying block chain technology is really what is unique about them. There is a lot of potential to innovate things like smart contracts with crypto's and creating peer-to-peer digital applications without the need for third party involvement to handle transaction operations. The ultimate goal of this technology is decentralization.

 

In terms of what they are truly worth at the moment, that's a good question. I legitimately have no idea why Bitcoin is priced this high and it is hard to know how much of it is inflated by people who are just dumping money into it for the sake of following a trend. This is definitely happening at a mass scale and one of the reasons why I am waiting on making any transactions.

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ExoDus84

ExoDus84

Posted
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Just now, abdcskins said:

 

I see.  I just wonder where the value is coming from, as in what makes these coins worth anything?  Like I said I'm pretty clueless when it comes to anything market/economy related.  To me it's like some dude one day was like, "I'm gonna create something called digital currency," and all of a sudden it blew up.  I know it is much more complex than that, but to a simple fellow like me it is baffling.

 

None of it is backed by any real currency. It's almost completely speculative in nature. Blockchain technology has an intrinsic value, but the value of these coins is mostly speculation. Future adoption of this technology could make them quite valuable though. I'd really stay way from buying any Bitcoin. In my opinion, that coin is in a massive bubble.

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ExoDus84

ExoDus84

Posted
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11 minutes ago, abdcskins said:

Cool thanks guys.  I just opened up a Coinbase account, although it is having a hard time verifying my identity.  I'm guessing high traffic.  I'm going to link my credit card and buy some shares of Ethereum and Litecoin.  Just a little bit not gonna go crazy.

 

Coinbase is experiencing high volume. Might take some time.

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DCSaints_fan

DCSaints_fan

Posted
Posted
1 hour ago, abdcskins said:

 

I see.  I just wonder where the value is coming from, as in what makes these coins worth anything?  Like I said I'm pretty clueless when it comes to anything market/economy related.  To me it's like some dude one day was like, "I'm gonna create something called digital currency," and all of a sudden it blew up.  I know it is much more complex than that, but to a simple fellow like me it is baffling.

 

Well if its helpful, most government currencies aren't backed by anything either (anymore)

 

Among the major difference I can see is that currencies can be inflated at will by their issuer, whereas digital currencies can't be. 

 

Which IMO is part of the problem  - in order for currency to "work" there should have a low, healthy amount of inflation (decrease in the value relative to common goods/services), because the issuer is increasing the supply (so the underlying economy can expand).  Where as cryptocurrencies now are rapidly deflating (increasing in value), and probably always will long term unless they completely crash.   

 

So it seems the cryptocurrencies operate more like a store of value, like gold, rather than as a real currency.  In addition, you can be sure that the transfer itself is at least secure - the only question is how valuable the transfer is :-)

 

I thought cryptocurrencies could be used by organizations which want to hide their identity for various reasons, e.g. drug dealers/cartels, bookies, prostitutes, embezzlers etc.  although the challenge is how do you exchange the cryptocurrency for "harder" assets - as more merchants accept them though, this will become less of a problem.

 

Using cryptocurrencies for transactions isn't really a thing at the moment because transaction speeds are really slow for Bitcoin and Ethereum.

 

But alot faster than bank transfers or checks, which takes days to happen ... :-| 

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