Cryptocurrencies Part II - No more forks for you

[The Crypto Guy]

ETH trying to creep back up to 330.

 

[1Knee1T]

May have been asked before, so my apologies. Where are you guys buying cryptocurrencies?

 

[What the Faulk]

May have been asked before, so my apologies. Where are you guys buying cryptocurrencies?

Your best gateway, if you're in North America, is something like Coinbase where you can exchange fiat for BTC/ETH/LTC. If you want to buy something else, look at what exchange it's being traded on (e.g., Bittrex, Binance, etc.) and open an account there, then buy some BTC from Coinbase, transfer that to your preferred exchange, and buy the coin you want to buy.

 

[What the Faulk]

Happy to see my ARK doing big things today.

That's one I finally liquidated in an effort to buy more NVO. I still like ARK and think it's a great project, but it was stagnant for a long time and has been suppressed by whales recently. I also think it's rebounded from the fork more softly than things like WTC and LSK, though I'd have to double check those percentages.

 

[1Knee1T]

Your best gateway, if you're in North America, is something like Coinbase where you can exchange fiat for BTC/ETH/LTC. If you want to buy something else, look at what exchange it's being traded on (e.g., Bittrex, Binance, etc.) and open an account there, then buy some BTC from Coinbase, transfer that to your preferred exchange, and buy the coin you want to buy.

Awesome, thank you!!

 

[The Crypto Guy]

Yay, the bots and millionaires are pumping Bitcoin Cash for absolutely no reason. Oh wait, it's the old pump and dump. Everything else suffering. Keep up the good work bitcoin.

 

[Fledgemyhedge]

This manipulative bullshit needs to leave the crypto market

 

[TheDoldrums]

Yay, the bots and millionaires are pumping Bitcoin Cash for absolutely no reason. Oh wait, it's the old pump and dump. Everything else suffering. Keep up the good work bitcoin.

...how is this bitcoin's fault? Bitcoin cash wants to destroy bitcoin lol. At this point I feel like you'd curse bitcoin if you stubbed your toe.

Alts had one good day, you spiked the football bragging about ETH and NEO. Now you're angry again at the old evil bitcoin, even when it's their chief rival pushing everything else down and bitcoin is suffering as well.

Anyways this won't last. Almost all the volume is coming from Korea. Bitcoin Cash is being propped up by a few really powerful people, it doesn't have any widespread adoption.

 

[What the Faulk]

BCH isn't getting pumped "for no reason". It's originating out of Korea, best I can tell, but that doesn't mean there aren't real reasons, like this, or this, or the Segwit2x fork cancellation leading to concerns about BTC scalability that BCH presumably could solve.

 

[TheDoldrums]

BCH isn't getting pumped "for no reason". It's originating out of Korea, best I can tell, but that doesn't mean there aren't real reasons, like this, or this, or the Segwit2x fork cancellation leading to concerns about BTC scalability that BCH presumably could solve.

Yes Bitcoin.com is owned by Roger Ver, one of the people propping up Bitcoin Cash I referred to above. It's basically him and Jihan Wu that are driving this thing.

I think Lightning implementation in BTC will solve a lot of the scaling issues.

There are a lot of coins that theoretically scale better with lower transaction fees than Bitcoin. If that were what matters most, Bitcoin would've been dethroned awhile ago.

 

[What the Faulk]

Yes Bitcoin.com is owned by Roger Ver, one of the people propping up Bitcoin Cash I referred to above. It's basically him and Jihan Wu that are driving this thing.

I think Lightning implementation in BTC will solve a lot of the scaling issues.

There are a lot of coins that theoretically scale better with lower transaction fees than Bitcoin. If that were what matters most, Bitcoin would've been dethroned awhile ago.

All of this is relevant, I'm just disputing the "no reason" part. I personally have never bought BCH and don't plan to.

 

[The Crypto Guy]

All of this is relevant, I'm just disputing the "no reason" part. I personally have never bought BCH and don't plan to.

To go up almost what...150% in a couple days over a few speculative stuff? It's a pump and dump, plain and simple. The whole fork think just helped feed into the littles guys buying it and the big guys fully about to take advantage of them and sell all their stuff when it high enough for them. It will be under 500 soon enough.

I'm not even mad at Bitcoin, i'm mad at the big shots who manipulate the crypto market like this. This is why it's hard for the average person to take it serious.

 

[What the Faulk]

I don't think you know what pump and dump means. Or "no reason", for that matter.

 

[The Crypto Guy]

I don't think you know what pump and dump means. Or "no reason", for that matter.

Okay.

For no reason, the "reasons" you said are hardly "reasons" for a 150% increase.

That is why people pump into the "hype" and make a lot of rich guys a lot richer when they laugh their way to the sell button.

 

[phisherman]

Can't see why you're complaining. OMG rose because of a damn skateboard. All coins experience some sort of pump because of hype.

 

[The Crypto Guy]

Can't see why you're complaining. OMG rose because of a damn skateboard. All coins experience some sort of pump because of hype.

So because OMG rose because of a skateboard i shouldn't be complaining? Not sure how that makes sense.

Getting a pump from acutal hype is great when the hype is warranted. In this case with bit coin cash? It's not even remotely close to being warranted.

Bitcoin is falling all over its face the last month, and has incredibly slow transactions times and extremely high fees...but yet it continues to climb? Makes sense.(well except for the last 2 days , but its okay since Cash is skyrocketing for no reason on its behalf)

 

[What the Faulk]

You're trying to think rationally about an irrational market.

 

[The Crypto Guy]

You're trying to think rationally about an irrational market.

.....yup, you're right, I can absolutely agree with you on this one

 

[What the Faulk]

Trust me though, I get the frustrations. Even if you think the reasons for a coin rising are dumb, you have to see it how the market sees it, and I think there's a lot of herding mentality in crypto. Something is double digit green? Better buy!

 

[Fledgemyhedge]

Posted on July 30th
Keep seeing this posted on Reddit.
Interesting...

 

[TheDoldrums]

Bitcoin was shorted like crazy in August by China and they all got destroyed.



That thread has some of the bigger ones. That's like $50 million lost betting against Bitcoin.

As far as I know, there aren't as many big shorts (8 figures) in play right now.

But I agree with the larger point that Bitcoin Cash will keep trying to destroy Bitcoin. I've posted about it a few times. They've made a few attacks already that haven't worked, this recent pump is another one. Right now it's much more profitable to mine Bitcoin Cash because of the price increase. Of course, that could change in a few days, but they're hoping to have large groups of miners switch over. They have some very powerful people on their side and will remain a real threat. I just don't think it will work. I believe the market will continue to value the decentralized nature of Bitcoin over a coin controlled by a few people. But in either case, it's a fascinating study of game theory and economics playing out. Could make for an amazing Social Network-esque movie when it's all over.

 

[member 51464]

Stupid question from someone with no interest in actually getting involved in these cryptocurrencies.

Is it similar to buying into a brokerage fund to buy and sell these? How does the actual process to purchase Bitcoin work? And when you sell, how long is the transaction time, and where does your (hopefully) profit go?

 

[The Crypto Guy]

Eth thankfully recovering from yesterday. Looks like my prediction of BTC going below 6,000 within a few days may happen. Down more than $1,500 since Wednesday.

 

[Fledgemyhedge]

Bitcoin was shorted like crazy in August by China and they all got destroyed.



That thread has some of the bigger ones. That's like $50 million lost betting against Bitcoin.

As far as I know, there aren't as many big shorts (8 figures) in play right now.

But I agree with the larger point that Bitcoin Cash will keep trying to destroy Bitcoin. I've posted about it a few times. They've made a few attacks already that haven't worked, this recent pump is another one. Right now it's much more profitable to mine Bitcoin Cash because of the price increase. Of course, that could change in a few days, but they're hoping to have large groups of miners switch over. They have some very powerful people on their side and will remain a real threat. I just don't think it will work. I believe the market will continue to value the decentralized nature of Bitcoin over a coin controlled by a few people. But in either case, it's a fascinating study of game theory and economics playing out. Could make for an amazing Social Network-esque movie when it's all over.

Say BCH was successful, what does this mean for alts or crypto in general?

 

[TheDoldrums]

Say BCH was successful, what does this mean for alts or crypto in general?

¯\_(ツ)_/¯

I don't think it would be a good thing if the biggest coin in crypto was controlled by a few billionaires. I see crypto as freedom, the ability to own an asset outside the reach of governments, banks or anyone. When the power is in the hands of a few, they can change the asset and make critical decisions on their own. I don't think a centralized coin can ever be the "digital gold" that some people view Bitcoin as because they're not immutable in the same way.

Other people don't care or share that philosophy about crypto. Some people just want a way to quickly send currency online, a better PayPal. I'm only speaking for myself here.