Cryptocurrencies

Discussion in 'Yellow Pages' started by Cassetti's Beard, Jun 2, 2016.

  1. hornmeister

    hornmeister Tired

    Thought about it overnight and did it. Sold 1/3 of my Ethereum first thing. It means that I've made a small profit on Crypto currencies and am still invested, but at no cost.
     
  2. reids

    reids First Team

    One of Ripples problems is it's lack of scarcity. There's only 21 million BTC ever to be made. Ethereum is a bit more at just under 97 million - Ripple however is a massive 38 BILLION - which won't do the price any favours as scarcity breeds demand.
     
  3. East Stand Builder

    East Stand Builder Reservist

    Just you wait....
     
  4. Arakel

    Arakel First Team

    If you're looking for a few speculative punts, try these:

    1. Lamden Tau, $1.17 at time of writing and going up. Been on the exchanges for a matter of days and is already over 20x ICO price. Can be a bit awkward to get since it's only on EtherDelta and IDEX at the moment, but I bought in the day it hit IDEX at 0.45 and have nearly tripled my money already before it hits a proper exchange. Literally only listed on Coinmarketcap yesterday. This one is likely to go far based on early signs.

    https://coinmarketcap.com/currencies/lamden/
    https://lamden.io/

    2. UTRUST, $0.98 at time of writing and going up. UTRUST are essentially angling to be the Paypal of crypto. It's going to be added to HitBTC in the near future which is very likely to spike its value. I bought in at 0.81 on Saturday and it's up to $0.98 already. You can currently get it on Kucoin (worth learning Kucoin, IMO, because I think it's going to evolve into a top exchane in the future).

    https://coinmarketcap.com/currencies/utrust
    https://utrust.io/

    EDIT: UTRUST going live on OKEx (5th largest exchange at present) imminently, could be another price spike there:

    https://twitter.com/OKEx_/status/950688478261428224

    As the saying goes in the crypto world: not financial advice, do your own research.
     
  5. a19tgg

    a19tgg First Team

    ETH above a grand now, I thought it would drop a bit more than it did after it went over £900 the other day :(
     
  6. Optimistichornet

    Optimistichornet Penguin Assassin

    I sold my ETF ethereum tracker fund units yesterday. Nice £420 profit. As the price is dropping will probably buy a couple of units again later. Ripple has had a difficult couple of days as everyone has jumped onto ethereum. Going to wait and see if it drops below 1.50. Looking for my litecoin to recover a bit today as well.
     
    hornmeister likes this.
  7. a19tgg

    a19tgg First Team

    Ripple jumped again off of the back of news that they’ve announced a tie in with moneygram.
     
  8. Optimistichornet

    Optimistichornet Penguin Assassin

    didn't really get anywhere tbh, just hovering around about 1.90
     
  9. Arakel

    Arakel First Team

    The whole market is a bit down at the moment after two corrections in a very short period. Most will recover.
     
  10. When it's spring again...
     
  11. wfcmoog

    wfcmoog Tinpot

    Ripple is a hype coin. It seems to be a gateway for new people into crypto as it's so heavily hyped and marketed.

    People are seemingly unable to recognise the difference between Ripple the company and XRP, the token which is one of their products. Whenever Ripple have announcements, XRP spikes, whether or not the news actually affects the token.

    There are many ways Ripple can go with their partnerships, most of which include sidelining XRP and leaving people holding very heavy bags.

    Tron (trx) is another which I won't touch for similar reasons though I may day trade in and out of either for purely building up satoshis if the conditions look favourable, I'd never hold either for more than a few hours.
     
    Arakel and reids like this.
  12. hornmeister

    hornmeister Tired

    Hmm. It's not quite on the money really and doesn't really help it for the uninitiated because it goes into detail where it doesn't need to and skirts other stuff that's quite important. The Guardian's financial pieces are not what they once were, but then that's probably the same for all of the newspapers.
    Let me see if I can help.

    Treat Bitcoin (A crypto currency) as a commodity, such as gold. It's a resource which is limited. People buy up that resource as they think there will be a requirement for more of that resource in the future and hence think as demand rises with a restricted supply the price will rise. Where they can sell it on for a profit. Pure speculation or gambling, not really investing. On that he and I agree.

    The creation of units of cryptocurrency is called mining (basically complicated calculations on a computer) in the same way that finding gold is called mining. As time goes on, the effort and work required to mine the currency or gold increases to a point where no more can be produced - hence limited resource.

    Where a crypto currency differs from gold is that gold has an intrinsic value as a resource itself. It's useful. It makes shiny things and goes into electronics. There is a demand for it which varies over time. This affects the price in addition to those trading the commodity (speculation).

    Crypotcurrencies don't have an intrinsic value. Their worth is only driven by demand and ability to swap it for stuff. They could be superseded over night. A computer glitch could wipe them out and you don't have anything physical. The same could only happen to gold it it was suddenly discovered that it caused cancer or something. Unlikely but that's the risk in investing in commodities. High risk but potential high reward. Where it differs from a national currency is you can't go and buy a loaf of bread with it. Swapping it for stuff is difficult and largely unregulated, where as a pound coin (unless the bank of England goes bust) is always goign to be able to be exchanged for stuff fairly easily. You can;t taken an ingot to tescos and buy a meal deal unless you're in dubai.

    Whilst bitcoin can be used to buy stuff in limited mainly online places it;s not widely accepted If Amazon start accepting bitcoin then it's a gamechanger and it becomes a much more valid currency and risk reduces. Swapping it for stuff suddenly become a lot easier and more trustworthy. However Bitcoin is not out of date. Transaction costs and complexity means as tiem goes on this becomes less liekly.


    The main issue with the article I have is that he's asked the question "should I invest in Crypto currencies?" and he replies with "No".
    There's very rigid rules and regulations with respect to giving investment advice - I'm not qualified to give investment advice but even I know that you need to take the client's financial state and attitude to risk into account before giving any advice. however if someone asks the question, then they don;t understand the subject and chucking money at something you don't understand is indeed a bad idea.


    My unqualified philosophy regarding should someone who has spare cash to invest that wouldn't affect their life if they lost it put some in Crypto currencies? Yes, but I would advise agaisnt Bitcoin now as I think that bubble has burst.
     
    Pob and wfcmoog like this.
  13. wfcmoog

    wfcmoog Tinpot

    That's a bit lazy to be honest. Just post an article, much of which has already been covered in this thread.

    If you can tell me which parts of that article specifically you are talking about I can rebut them accordingly, based on my own beliefs, however i would never seek to convince you to get involved if you are not of a mind to.

    Here's a freebie though - the first paragraph says that this moustache guy has been following bitcoin for years. In that time he could have turned 30 quid into 10-15000. He hasn't and he's salty. He can define investment any way he chooses but if I had turned 30 quid into 15k within 5 years, id say that I had done pretty well.

    I'm not in any way arguing that the whole of crypto is solid. It's the wild west and lots of the coins out there are **** (see my earlier post about TRX and XRP) but there are projects which you can invest in now which will be huge. And the analogy to a cancer pill is incorrect. Each successful coin requires development, marketing and all the other elements which any successful tech company requires. It's not a copy and paste job. Sure, some chancers are pulling ICO scams but others are serious business.

    I've already made the comparison to the dotcom bubble. If you'd bought shares in Google and Lycos in the 1990s it would be analogous to buying a winning and losing crypto coin today.
     
    hornmeister likes this.
  14. Well, if you are saying that Bitcoin is a finite supply, (but has no intrinsic value) then there is some validity in the notion that it will be sought after. But if, as we see, it has limited use in actually buying things, rather than just hoarded/speculated with, I find it hard to see how it can have a value ('market capitalisation', if you will) of £284bn. Is the blockchain technology which people seem to be using as a 'basis' of 'substance' behind Bitcoin of any worth seeing as lots of people seem to be creating new currencies on the back of it? Which brings me to the second point - with all of these secondary crypto-currencies springing up, will it not dilute Bitcoin's 'value' merely by being a cheaper/more accessible/offering bigger potential gains alternative?

    Good luck to you, but with Google/Lycos there was a monetarisation model - and a useful service/resource - I just can't see what there is of value behind even Bitcoin (except maybe to facilitate otherwise illegal trading).
     
  15. Otter

    Otter Gambling industry insider

    While the Bitcoin and other currencies are so volatile in value I can't see Amazon and the like rushing to use it.
     
  16. Arakel

    Arakel First Team

    The fact that you're actually asking this illustrates you don't understand crypto at all.

    That's fine in of itself, but I'd avoid sticking your fingers in your ears and yelling "LA LA LA TULIPS" if you don't understand how blockchain tech is being leveraged and if you don't understand the differences between Ethereum and Bitcoin, between Neo and Verge, or between BitDegree and Dogecoin.

    It's akin to the gold rush right now: lots of ****/useless claims out there, but that doesn't mean there is no gold. Moog is spot on. Yeah, there's a load of crap coins, but frankly that's not the bit that's worth focusing on.
     
  17. LPC213

    LPC213 Reservist

    Was about to reply saying pretty much this. If you want a rebuttal of an entire argument, it's that the credibility of the author is shot to bits in the first few sentences. It's written by someone who admits they've been watching a revolutionary technology for years and not understanding the potential benefits to both themselves (financially) and society.

    Look further than Bitcoin which is akin to the telephone. Absolutely amazing stuff that changed the world, but we then had mobiles, the internet, and now pocket-sized touch-screen devices to simultaneously watch people having sex live from another continent while having a poo.

    P.S. There's nothing wrong with speculation in a market like this. It can be a huge source of funding to emerging technologies, as we've seen. People that can't speculate aren't affected. Housing, one of my huge political annoyances, is where speculation is bad because people that don't want to "invest" in it are affected by rising costs of living.
     
    hornmeister likes this.
  18. reids

    reids First Team

     
  19. reids

    reids First Team

    0.89 Eth profit off that crash this morning, lovely!
     
  20. hornmeister

    hornmeister Tired

    Saw that and bought a small ammount back in.
     
  21. hornmeister

    hornmeister Tired

    Bitcoin tracker dropped 25% overnight.
    Glad I got out. If the tech hadn't been superseded I might have gone back in after a drop like that but I think it's less and less likely given time and costs or transactions.

    Ethereum is 10% down on the point I cashed out to recoup my investment value. Got a feeling this is people scared by the Bitcoin drop. Wise investors will probably buy back in and I expect it to recover in the next day or so.
    I think the tech is more solid and it's more likely if Ethereum itself isn't used then then tech behind it may be used for more offical and accepted currencies.
     
  22. reids

    reids First Team

    All crypto is down massively today (my portfolio was showing over a 7k loss in the last 24 hours!), some think it's linked to Chinese New Year (people taking their money out of crypto to buy gifts) as it's dipped at this exact period for the last 4 years. It'll be back!
     
  23. Arakel

    Arakel First Team

    It's almost certainly due to Chinese Lunar New Year since the currencies that are very unknown outside of the Chinese market (e.g. AChain) are way down, well below the market rate. Those currencies are largely owned by non-western investors since the west knows nothing about them yet.

    On a somewhat related note, I expect AChain to catch on in a big way in the West soon. It's an already launched blockchain platform that's already running about 30 dApps, but they've not marketed in Western markets at all and thus are almost completely unknown.

    Since they're one of the platinum sponsors at the NA Bitcoin conference in Miami, I expect this to change very soon.
     
  24. hornmeister

    hornmeister Tired

    Eth taken a hammering today. The tracker is down to €63 and was as high as €100 odd. Part of me tempted to bundle in a bit more.
     
  25. reids

    reids First Team

    Feels good to see all green in my portfolio again today! Yesterday was brutal and saw a £12k drop at one point, everything coming back up nicely though.
     
    hornmeister likes this.
  26. hornmeister

    hornmeister Tired

    Agreed I had a punt tuesday and saw it drop more but had a little extra this morning first thing as well.

    what I'm doing now is buying units in a dip then selling off slightly less units when I can recover my costs. Effectively banking free units with a minimal cash exposure. If the Eth tracher gets back up to €100 then I'll flog 8 units or so and I would have banked 4 free in the last week.
     
  27. Arakel

    Arakel First Team

    This info is a leak I got access to from a high flying closed-membership crypto group with an extremely good track record:

    Can't comment on its accuracy, just sharing so people can make up their own minds.
     
  28. hornmeister

    hornmeister Tired

    Sounds to me like a typical release from someone invested that wants to push the price a little before they sell out. It's a classic tactic from share tipsters to big up stuff they've just bought. Could be wrong of course, just guessing.

    I'm gambling that it will return to it's previous high and then crash again, Ethreum tends to follow, but I think Bitcoin has run it's course after this. There's better cheaper coins out there now. I'm into ethererum for about 300% gain if I cash out now. But it's only a small punt so will stay put monitoring this next big push until I see a spike, but I'm starting to think that Crypto might be done.
     
  29. reids

    reids First Team

    I don't think that's that likely tbh. The correction was only 8 days ago! it's definitely shaken a lot of weak hands that's for sure (from people who have never experienced a correction) but corrections are healthy. We'll be on a bull run again before long i'm confident of it. 2018 is the year of the crypto (although I do agree about BTC)
     
    hornmeister likes this.
  30. BigRossLittleRoss

    BigRossLittleRoss First Team

    Guys, bit late to the game on this but have been avidly reading up about Blockchain technology as its clearly a long run game as well as short term speculation.

    Firstly any tips on resources for tech info, share tips, potential ICOs.

    Secondly any tips from you guys for Alt coins that you think are going to rise and why you think so ?


    Thanks for any help, much appreciated.
     
  31. reids

    reids First Team

    My entire portfolio for you (and everyone else) and why I invested:

    Ethereum: This is an absolute game-changer. A whole host of games and apps can be built on top of the Ethereum network. Genuinely could change the world. I have a lot of Ethereum (29 or so).

    Etheroll (DICE token): Invested in this back in ICO stage last February (stuck 10 eth in it when Ethereum was £10 each). It's essentially a dice rolling game with a 1% house edge. It's provably fair so punters know they aren't getting ripped off. DICE holders get 100% of the profits every 3 months. So far made me 0.5 eth profit in dividends which isn't too bad since the game only launched in May. You need a fair whack to see any half decent return though.

    Wagerr: Again a gambling related coin Wagerr is essentially a decentralised gambling exchange. I bought in during ICO stage again. Not sure whether this will properly take off, but if not i'm hoping to still profit from it (0.5 eth got me 2280 WGR tokens, now worth £870)

    NEO: The Chinese version of Ethereum. Asia loves crypto and if they put restrictions on non-chinese crypto then this will surely boom. Also get dividends (albeit small) for holding it. I don't have many of these (only 4 I think) as I was a bit late to the party with this!

    LISK: Allows apps to be created using popular coding languages. Eth has its own coding language so is a bit specialist at the moment - LISK opens the crypto market to a wider market.

    ARK: Links different blockchains together, which could be huge if utilised properly.

    Request Network: A bit like PayPal - you can request payment from someone and has many potential uses. Still pretty cheap at less than 40p each. I bought up £50 worth over the weekend

    Monero: Don't have much of this (0.1) but as crypto takes off, so will a need for privacy. Blockchain payments can be traced, and people get done for dodgy transactions. There's obviously a need (given bitcoins largely nefarious past with the dark web) for a coin that doesn't show the data of who sent who what. Monero is by far the best for this and will most likely become the #1 coin for dodgy crypto purchases. Obviously I'm not into dodgy purchases off the dark web, but there's a good chance of profit people who are that should push the price up - that I am interested in!

    Envion: ICO ended a couple of weeks ago but they turn shipping containers into massive mining units and ship them around the world. Payment will be in Ethereum and should be paid weekly. Not on exchanges yet but should be within a few weeks.


    Criteria for investing that generally piques my interest into researching stuff further:

    • Things that give me more crypto - such as Envion, Etheroll
    • Gambling - Crypto could revolutionise gambling in so many different ways.
    • Useful real world tech - can you see people using this now or in the near future? Is there a need for it?
     
  32. BigRossLittleRoss

    BigRossLittleRoss First Team

    Totally agree with this.
    Ive only dabbled and am already hooked.

    Im more interested in researching the technology and trying to pick the long term winners, although some day trading is fun.

    Moog , can you recommend any reliable news streams and sources for research and info ?
     
    wfcmoog likes this.
  33. BigRossLittleRoss

    BigRossLittleRoss First Team


    Thanks Reids.

    This video on what industries may be affected by blockchain may interest you. A bit lightweight but still valid.




    Can I ask what exchanges and trading platforms you use ?
     
  34. Lloyd

    Lloyd Squad Player

    The whole crypto currency thing reminds of the quote - I can't remember who by - 'when the shoeshine boys start giving you stock market tips its time to get out' (or something like that!)
     
    miked2006, Jumbolina and hornmeister like this.

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