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Alts following BTC downwards but not upwards?

  • 23-07-2018 11:50am
    #1
    Registered Users Posts: 4,655 ✭✭✭ makeorbrake
    Registered User


    As per thread title, alts always seem to pull back when btc drops. However, the last couple of instances over the past week when btc has climbed, alts seem to be unaffected.


    Anyone got any insight into whats at play here?


Comments

  • Registered Users Posts: 6,026 ✭✭✭ grindle
    Registered User


    People selling alts in the hope they can ride and sell the ETF news then buy alts back lower.


  • Registered Users Posts: 14,621 ✭✭✭✭ banie01
    Registered User


    The pump on REP yesterday was bloody brilliant, I hope some here made a few quid on it.
    Sheer luck saw me put some cash into REP @week ago and a 25% return on swapping it to BTC late yesterday.

    I've said it before, and I'll say it again the market really is at the mercy of Whales still with regard to pump and dumps.


  • Registered Users Posts: 4,655 ✭✭✭ makeorbrake
    Registered User


    grindle wrote: »
    People selling alts in the hope they can ride and sell the ETF news then buy alts back lower.

    Perhaps they will benefit from cashing in and out but there's damn all chance of that ETF getting approved - not right now. The SEC will take their own sweet time...as they do in any event regardless of whether crypto related or otherwise.


  • Registered Users Posts: 4,655 ✭✭✭ makeorbrake
    Registered User


    banie01 wrote: »
    The pump on REP yesterday was bloody brilliant
    Almost afraid to ask...but what is REP ...in a nutshell?:p

    I don't know how some of you'se find the time to delve into all these coins!


  • Registered Users Posts: 14,621 ✭✭✭✭ banie01
    Registered User


    Almost afraid to ask...but what is REP ...in a nutshell?:p

    I don't know how some of you'se find the time to delve into all these coins!

    I'd be 100% lying if I gave any better an explanation of what it is than these lads do ;)
    https://www.weusecoins.com/what-is-augur/
    Its basically a stab at using the "wisdom of crowds" via a crypto voting/trading mechanism.
    Hand on heart, I've never used that aspect of the coin and only ever made speculative purchases of it.
    It has traded with a fairly stable low of @$27 and has had a few pumps and dumps over the last while that have made it a real speculative risk/reward.
    The rise yesterday v Fiat/BTC/ETH was sharp and sudden and the drop back has been too


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  • Registered Users Posts: 7,055 ✭✭✭ JohnnyFlash
    Registered User


    Augur had 104 users yesterday (up from 63 users the day before). But was worth almost 412 million dollars. The number one use for ethereum today is a 12 million dollar exit scam ponzi called FoMo3D. A dApp. There’s also some news breaking on Twitter that all Solidity smart contracts are vulnerable to this exploit. Every single ethereum based ico and smart contract could be exploitable. Something about JavaScript being a really really bad language on which to try and write a smart contract platform.


  • Registered Users Posts: 4,655 ✭✭✭ makeorbrake
    Registered User


    @banie01: Thanks for the info - very much appreciated.


  • Registered Users Posts: 6,026 ✭✭✭ grindle
    Registered User


    Augur had 104 users yesterday (up from 63 users the day before). But was worth almost 412 million dollars. The number one use for ethereum today is a 12 million dollar exit scam ponzi called FoMo3D. A dApp. There’s also some news breaking on Twitter that all Solidity smart contracts are vulnerable to this exploit. Every single ethereum based ico and smart contract could be exploitable. Something about JavaScript being a really really bad language on which to try and write a smart contract platform.

    Excellent appraisal! Software gets better through iteration. I hope this helps you to understand why BTC and ETH have to seemingly move so slowly development-wise.


  • Registered Users Posts: 13,977 ✭✭✭✭ SteelyDanJalapeno
    Registered User


    banie01 wrote: »
    The pump on REP yesterday was bloody brilliant, I hope some here made a few quid on it.
    Sheer luck saw me put some cash into REP @week ago and a 25% return on swapping it to BTC late yesterday.

    I've said it before, and I'll say it again the market really is at the mercy of Whales still with regard to pump and dumps.

    So REP out performed BTC by 25% as of yesterday?


  • Registered Users Posts: 10,905 ✭✭✭✭ Bob24
    Registered User


    Perhaps they will benefit from cashing in and out but there's damn all chance of that ETF getting approved - not right now.

    I have no idea how the ETF approval process works so can’t comment on that, but rightly or wrongly the eventuallity of an approval in the coming months is certainly being hyped in the crypto community and some financial media.


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  • Registered Users Posts: 4,655 ✭✭✭ makeorbrake
    Registered User


    Bob24 wrote: »
    I have no idea how the ETF approval process works so can’t comment on that, but rightly or wrongly the eventuallity of an approval in the coming months is certainly being hyped in the crypto community and some financial media.

    Sure, rightly so in that it seems like an inevitability. They will have to approve one at some stage. However, by all accounts they rarely approve first time round - and this will be the first time review of this particular ETF has come round. The CBOE have an offering that improves on the ones that went before it (insurance) but there are still likely to be aspects that the SEC won't be happy with.

    The safer thing for them to do right now is either knock it back entirely or kick the can down the road. Why take a decision that may lead to some form of issue or another (meaning their job is binned) when they can take the slow and careful route?

    Having said all that, there is one thing that I've been unsure of for a while...

    A big deal has been made of EFT approval, that if it's granted the institutional wealth will simply flow in. However, we already have a bitcoin ETF in play i.e. GBTC. It's just not one that comes under SEC jurisdiction but it is available to institutions. Therefore, is it really such a big deal afterall? What is the distinction between the two?


  • Registered Users Posts: 15,130 ✭✭✭✭ Dohnjoe
    Registered User


    Here's the ETF filing, long but worth a read for the curious

    https://www.sec.gov/rules/sro/cboebzx/2018/34-83520.pdf

    Bank of New York will be handling the cash side (custody, transfer agent, etc). It will be BTC only not other cryptos.


  • Closed Accounts Posts: 657 Shauny2010


    Augur had 104 users yesterday (up from 63 users the day before). But was worth almost 412 million dollars. The number one use for ethereum today is a 12 million dollar exit scam ponzi called FoMo3D. A dApp. There’s also some news breaking on Twitter that all Solidity smart contracts are vulnerable to this exploit. Every single ethereum based ico and smart contract could be exploitable. Something about JavaScript being a really really bad language on which to try and write a smart contract platform.


    More valuable insights from johnny.
    JavaScript is not used for dApps, it runs on a web browser.
    I think you are mixing up your languages their .


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