Current Market Conditions - General Discussion

JaCrispy

Big drops rights across the board.....the top 20 are a showing a sea of red. Even crypto poster boy BTC is falling back towards the $5k mark. Doing a bit of reading around but no general consensus.

Some reasons?

• People cashing in on profits?

• Chief of Ripple Japanese exchange getting arrested for fraud?

• Brazil Central Bank Chief Compares Bitcoin to Pyramid Scheme?

• Just the general rollercoaster ride that is crypto?

If altcoins are your thing, I think NEO, XMR and OMG look very tempting.

pro_gnostic_8

Up a bit again ( well Bitcoin is anyways).
I think we can expect volatility such as this in the run-up to the forthcoming forks of Bitcoin Gold (Oct 25) and Seqwit2X (mid-november).

ZeroThreat

From my short time in the crypto world, it seems about right, a large surge (especially in BTC) normally followed by some sort of pullback.

The total market cap still hasn't exceeded the $180B just before the big bitcoin pullback in early September, but I wouldn't be surprised if it gets to $200B by the end of the year.

pro_gnostic_8

BTC back up to its highs again ($5,700). Oh ye of little faith !

Never a dull day in Bitcoin.

Doodee

Navcoin had an interesting week.
Had gains of 60 - 70% before a major dump.
Price went from $1.20 down to $0.80.

IOTA is really hurting me atm Been wallowing for ages now.

SkySter

JaCrispy wrote: »

Big drops rights across the board.....the top 20 are a showing a sea of red. Even crypto poster boy BTC is falling back towards the $5k mark. Doing a bit of reading around but no general consensus.

Some reasons?

• People cashing in on profits?

• Chief of Ripple Japanese exchange getting arrested for fraud?

• Brazil Central Bank Chief Compares Bitcoin to Pyramid Scheme?

• Just the general rollercoaster ride that is crypto?

If altcoins are your thing, I think NEO, XMR and OMG look very tempting.

Agree. Increased my holdings on the three above plus Ark in the last week.

ZeroThreat

Bought into vertcoin at $1 so happy right now.

Anyone have any views on substratum?

SkySter

ZeroThreat wrote: »

Bought into vertcoin at $1 so happy right now.

Anyone have any views on substratum?

Looks like a good move. Vertcoin is bucking the trend on Altcoins at the moment.

ZeroThreat

SkySter wrote: »

Looks like a good move. Vertcoin is bucking the trend on Altcoins at the moment.

Bitcoin's dominance is reaching ridiculous levels now, it's nearly 60% of the total market cap.

I'm surprised at the lack of performance in litecoin though, it's very similar to vertcoin in most ways, except that vert can be mined with a normal gpu.

covfefe

ZeroThreat wrote: »

Bitcoin's dominance is reaching ridiculous levels now, it's nearly 60% of the total market cap.

I'm surprised at the lack of performance in litecoin though, it's very similar to vertcoin in most ways, except that vert can be mined with a normal gpu.

Compared to dominance of over 80% earlier in the year it doesn't look that ridiculous to me, I'm more surprised that it lost so much of it's share to altcoins since then.

ZeroThreat

covfefe wrote: »

Compared to dominance of over 80% earlier in the year it doesn't look that ridiculous to me, I'm more surprised that it lost so much of it's share to altcoins since then.

I'm showing my crypto age (or lack of it ) haven't been into it long enough to have seen those days.

ZeroThreat

Up and up the Vertcoin goes, where it stops, nobody knows! (or maybe Mr. Satoshi does)

dextadave

anybody on here trade BAT, entry point looks good at the moment

pro_gnostic_8

It's price is in steady decline. I would be surprised if this ever lifts back.

And I don't see any real-world success use for the token or system itself -- people get tiny micro-payments for watching advertising? Yeah, right.

Like 99% of ICO's, this was a money-grab from the get-go, in my view. And those who were advantaged enough to buy in pre-launch at a discount very quickly dumped their allocation for a profit when trading went live. The bag-holders are left with losses that sadly I think won't ever be recovered.

It's up to each person to do as they see fit, but I stay away from all these useless ICO's and the trash-coins that are released on a daily basis. I put my faith (and money) in Bitcoin alone.

unkel

pro_gnostic_8 wrote: »

I stay away from all these useless ICO's and the trash-coins that are released on a daily basis. I put my faith (and money) in Bitcoin alone.

It's hardly BTC or nothing, everything else is a trash-coin, surely? What's your view on ETH?

pro_gnostic_8

unkel wrote: »

It's hardly BTC or nothing, everything else is a trash-coin, surely?

For me, it is !

Coming to Bitcoin will be Lightning Network, Rootstock, Level II solutions, increased scaling capability, cross-chain integration, etc etc. Who needs altcoins?
Bitcoin has network effect; it's protocol is secured by massive hashpower that alts can only dream of. Bitcoin is widely accepted as THE cryptocurrency by business leaders, the media and users. Bitcoin core has a 200-strong tea of developers comprised of the sharpest minds on the planets rather than the many alts individual one-man "development" team operating out of their Mam's basement.
These alts really have no use or usage in the real world. They are primarily speculative and vehicles for pump-n-dump schemes. People buy into them thru' FOMO on the "next Bitcoin". Here's news for those people -- Bitcoin IS the next Bitcoin.

So yeah, Bitcoin will do for me. It's been good for me since I first bought in 2013. Most other coins have crashed and burned in the interim, and are now dead coins. I'll stick with Bitcoin exclusively until I see concrete evidence that it is a failure.

What's your view on ETH?

ETH price was tearing up in the first half of the year based on people's perception of its potential. The price is largely stagnant, however, for the past three months and even dropping comparatively to BTC because investors have not seen that potential filled. We are still waiting for the rush to smart contracts usage. Maybe it will come, but I have a fear that large companies might well enable their own intra-company blockchains for this rather than go with a public blockchain like Ethereum. I dunno; the jury is out. By all means, buy into ETH if you are prepared to gamble on future potential. But Gambling is not Investing.

The One Doctor

Well, I bit the bullet. First time investing in anything really, but I've done my research. Fingers crossed.

JaCrispy

The One Doctor wrote: »

Well, I bit the bullet. First time investing in anything really, but I've done my research. Fingers crossed.

What did you buy?

machiavellianme

Everything red today. Anyone know what's going on?

dextadave

Yea ive made some money with BAT nothing to crazy

no limit coin was a huge winner for me bought in june at 190 sats and sold at 12550 sat.
Ive bought into a few ico's with profits and energy sector powerledger, mybit, ong social was another

When its in the red buy is my theory anyways.

Do you guys follow any people on youtube

The One Doctor

JaCrispy wrote: »

What did you buy?

There's nothing else but Bitcoin. And I'm not being flippant. Going to hold €3k worth and wait.

Does anyone know how to avoid checking the price of a Bitcoin EVERY. FECKING. HOUR? Annoyingly, Coinbase won't let me buy more than €500 a week until I've spent $1000.

annie.t

machiavellianme wrote: »

Everything red today. Anyone know what's going on?

Altcoins in the red for a while now with people converting to Bitcoin for the fork, Bitcoin could be in the red as some people bought not for btg but they predicted the pump and selling to cash in
Edit: wonder if the altcoins finally start to move after fork, a lot of people think they will

JaCrispy

annie.t wrote: »

Altcoins in the red for a while now with people converting to Bitcoin for the fork, Bitcoin could be in the red as some people bought not for btg but they predicted the pump and selling to cash in
Edit: wonder if the altcoins finally start to move after fork, a lot of people think they will

And the altcoins move. There will be a deja vu again with next months segwitx2 fork.

pro_gnostic_8

The One Doctor wrote: »

FECKING. HOUR? Annoyingly, Coinbase won't let me buy more than €500 a week until I've spent $1000.

Now is not the best time to buy Bitcoin.

The One Doctor

pro_gnostic_8 wrote: »

Now is not the best time to buy Bitcoin.

Well, I've only bought €500 so far, should I sell that and wait until the price has dropped significantly? I'm planning to buy €3k in total.

pro_gnostic_8

Well, there does seem a strong support line around the $5,600 level, so maybe hold onto your €500 worth. The $5,600 level might hold steady -- then again, there might be a further drop. Who knows, if we did we would be millionaires.
BTC would be expected to rise in the run-up to the big Segwit2X fork in mid-November (Nov 13th?), before it drops again post-Segwit2X You might consider buying another €500 worth if you are of a mind that the price will go up in this pre-Segwit2X period if you are of a mind to do so.
Hwever, the problem is that we will see a lot of this volatiity. It's a matter of calling it correctly. Worse still, there is -- and will be -- a lot of network instability what with Replay Protection attacks. Be aware that there is a distinct possibility that some people might lose their coins through sloppiness and non-familiarity with the system. Running any transactions at the moment carries some risk. For that reason, I personally have pulled down the shutters and am not conducting any transactions whatsoever until a week or so after Nov 13th.

crushproof

Dam Vertcoin blowing up after going down... looks like it's on the way back to his ATH it gained yesterday, well done to whoever has some.

DANNY2014

Is now a good time to get onto ripple... And is kraken the best place to purchase...

JaCrispy

DANNY2014 wrote: »

Is now a good time to get onto ripple... And is kraken the best place to purchase...

Kraken is generally regarded as the exchange with the lowest fees. I'd say do a bit of reading about upcoming Ripple events and developments. Their long awaited Swell conference actually seemed to have a negative impact on their price.

If you wanted to hop on Ripple I'd do it sooner rather than later, it's still in recovery mode after the BTC fork so I think there's still gains to be made, in the short term anyway.

seraphimvc

JaCrispy wrote: »

Kraken is generally regarded as the exchange with the lowest fees. I'd say do a bit of reading about upcoming Ripple events and developments. Their long awaited Swell conference actually seemed to have a negative impact on their price.

If you wanted to hop on Ripple I'd do it sooner rather than later, it's still in recovery mode after the BTC fork so I think there's still gains to be made, in the short term anyway.

Did you mean, cripple

Seriously, i never fud or shill any coin, but please don't send more of your money to cripple.

dextadave

jesus the alts are hopping today, looks like i should have grabbed a few, haev some fiat locked and ready to go for the next two weeks
just been caught up so much lately

machiavellianme

dextadave wrote: »

jesus the alts are hopping today, looks like i should have grabbed a few, haev some fiat locked and ready to go for the next two weeks
just been caught up so much lately

Are they though? Most aren't even back to the level they were at 7 days ago.
Maybe if you'd bought on the nadir two days ago you'd be up a bit, but nothing to write home about (yet )

will56

Does anyone think that the Alt coins will reach valuations similar to Bitcoin ?

Putting some small extra cash into alts and BTC each month but is there any that realistically are going to hit valuations similar to BTC or even ETH ?

Has the ship sailed on making early retirement money :-) ?

JaCrispy

Well that alt revival was very short lived, to say the least. Generally, the HODL philosophy really cannot be understated.

ToxicPaddy

Yeah just looking across the board, pretty much every one has dipped today.

Anyone any ideas why?

SkySter

ToxicPaddy wrote: »

Yeah just looking across the board, pretty much every one has dipped today.

Anyone any ideas why?

Bitcoin Gold has turned out to be a bit of a non-event. Apparent lack of support from Wallets and Exchanges. Poor
transparency and responses from the Developers.

So are people still holding onto their BTC and seeing what happens with Segwit2x later in November?

The One Doctor

SkySter wrote: »

Bitcoin Gold has turned out to be a bit of a non-event. Apparent lack of support from Wallets and Exchanges. Poor
transparency and responses from the Developers.

So are people still holding onto their BTC and seeing what happens with Segwit2x later in November?

I got an email from Coinbase this morning basically saying "Bitcoin Gold? Not a chance!" Since I have everything (err... €470) with CB, this seems a sensible move.

I'm tempted to buy another €300 when BTC drops to €4500, any opinions?

TheJackAttack

The One Doctor wrote: »

SkySter wrote: »

Bitcoin Gold has turned out to be a bit of a non-event. Apparent lack of support from Wallets and Exchanges. Poor
transparency and responses from the Developers.

So are people still holding onto their BTC and seeing what happens with Segwit2x later in November?

I got an email from Coinbase this morning basically saying "Bitcoin Gold? Not a chance!" Since I have everything (err... €470) with CB, this seems a sensible move.

I'm tempted to buy another €300 when BTC drops to €4500, any opinions?

What makes you think it's going to 4.5k?

The One Doctor

TheJackAttack wrote: »

What makes you think it's going to 4.5k?

Trend is fairly sharply down, unusually so. Other than that I'm guessing.

JaCrispy

ToxicPaddy wrote: »

Yeah just looking across the board, pretty much every one has dipped today.

Anyone any ideas why?

I guess people just cashing out on the alt gains.

dextadave

I think its people cash out also, a lot of people are getting smarter on the cycles when forks come up,
Then again buying btc at 6k in the hope of free btc gold is kinda pointless as they both fall after the fork

Your better looking for an alt that keeps a steady ish price buy it on the dip before a btc event, and sell straight after when people come running for the alts again

People get too caught up in what btc is doing i think anyways

pro_gnostic_8

SkySter wrote: »

So are people still holding onto their BTC

Of course !

Yeah, Bitcoin -- at current $5660 -- shows a dip of 0.2% over the past 24 hours.
Over the past month, Bitcoin is up 43%
Over the past year, Bitcoin is up 690%

Lets keep it real, fella's, FFS.

ZeroThreat

btw anyone know what the hell 'Xenon' is?

I was in myetherwallet and clicked on 'ethplorer' link. It shows 3 tokens, civic , omg (both of which I bought a small amount), and over 900 of something called xenon...

dextadave

I understand its marching..... what im talking about is people shorting their alts for btc its latest push is to do with the fork

I see people selling everything for btc in the hope of gaining on the fork coin i dont see the point really.

I just wouldnt sell my alts for hopes of big gains on btc

pro_gnostic_8

dextadave wrote: »

what im talking about is people shorting their alts for btc its latest push is to do with the fork

I'm not sure that small-gamers selling their small stashes of alts to buy even smaller bits of BTC is the causation of the ever-increasing price of Bitcoin. It's more fundamental than that -- wider adoption/recognition, belief in the potential, in-flood of institutional/whale-investor money, etc etc. Sometimes we kid ourselves that it is us minnows with our paltry-ass trading on inconsequential exchanges that determine the pricing of Bitcoin. We don't.

I just wouldnt sell my alts for hopes of big gains on btc

That kinda contradicts your "what im talking about is people shorting their alts for btc", no ?

ToxicPaddy

SkySter wrote: »

Bitcoin Gold has turned out to be a bit of a non-event. Apparent lack of support from Wallets and Exchanges. Poor
transparency and responses from the Developers.

So are people still holding onto their BTC and seeing what happens with Segwit2x later in November?

Everything I read up to this week about Bitcoin gold seemed to indicate it was never gonna take off due to the obvious lack of backing for it by the major exchanges etc. It was hardly a surprise, so I'm wondering why the markets reacted like this tbh

dextadave

Im talking about other people selling, how is me stating i would'nt sell mine own alts contradicting myself

I understand you pro btc as am I, but people above were trying to figure the quick moves in the alt market the last few days
Im just giving my view on it and how i trade them to make money, im not telling anyone to follow my advice each to their own

And im sure each of us minnows make a difference take us all away and im sure things would be different

covfefe

ToxicPaddy wrote: »

Yeah just looking across the board, pretty much every one has dipped today.

Anyone any ideas why?

My best guess would be that they aren't Bitcoin.

I think it's a little bit dangerous that the prevailing advice here seems to be buy whatever coin you fancy and then hold it until you make a profit.

That approach is in no way guaranteed to work.

A lot of people got involved in this space earlier this year so all they have seen is rising prices for almost every coin, I think it's very possible that for a lot of these coins the hold strategy will turn out to be a costly one for investors.

Also, for the altcoins that you are purchasing, do you use them in any way? Where can they be used? What makes them better than Bitcoin? These tend to be questions I ask myself when looking at alts and I almost always end up buying more Bitcoin.

KilOit

covfefe wrote: »

A lot of people got involved in this space earlier this year so all they have seen is rising prices for almost every coin, I think it's very possible that for a lot of these coins the hold strategy will turn out to be a costly one for investors.

I only hold ETH, Neo and ark long term for stalking purposes. All other coins I sell off, if I buy a 100 coins for 100sats each I'll sell 20 coins for 125sats another 20 coins for 150sats till I have only 10-20 coins left in case in moons in price but basically my original investment is safe.
It's just too risky to buy coins and hope theyre the next ETH and hold them through all the dips etc

JaCrispy

Rumours circulating that Amazon will soon accept BTC as payments. Personally, I think its grasping at straws....but if it ever happened then it would really stir up the whole crypto market.

https://cointelegraph.com/news/more-rumors-amazon-could-accept-bitcoin-as-all-eyes-on-conference-call

ZeroThreat

JaCrispy wrote: »

Rumours circulating that Amazon will soon accept BTC as payments. Personally, I think its grasping at straws....but if it ever happened then it would really stir up the whole crypto market.

https://cointelegraph.com/news/more-rumors-amazon-could-accept-bitcoin-as-all-eyes-on-conference-call

Again? I thought that rumour was circulating about a month ago before being quashed....