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It must just be a slump/correctionComment -
ETH down to 210
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BTC chart looks like it's rolled over. Retest of 1,700-1,800 level might be in order.Comment -
I'm actually an ETH skeptic at its current valuation. I mean, its market cap almost rivals BTC's market cap, but have you ever actually used ETH? I've never made or even heard of anyone making an ETH transaction, but I basically buy everything in my life using BTC. "Smart Contracts" are good buzz words, but can buzz words alone make up for the millions of actual vendors already buying and selling things using Bitcoin?
Granted, my view currently rivals the Herd's, but I've had pretty solid luck with minority viewpoints in Crypto (I'm one of the last purists who still believes in Bitcoin Unlimited). Plus, I'm not entirely alone: http://www.coindesk.com/analyzing-et...keptical-take/Comment -
Let me ask you guys a hypothetical situation.
Let's say someone had $30,000 invested in bitcoin. Would you advise them to keep it all in there, or diversify amongst other alt coins? It seems like all of these coins respond to what bitcoin is doing. If it crashes, they all crash. So, if the money is already in BTC, would you still advise diversifying?Comment -
They are all correlated so I do not see the point with many of the unpopular coins, I can see maybe three of the more highly traded coins
Stay far away from nonliquid cryptoComment -
Anyone with a clue want to chime in?Comment -
You make a good point. Since the vast majority of alt transactions are bought and sold using BTC and not fiat, they're all tied to the "mother ship." This causes the alts to follow BTC around, sometimes on a bit of a delay: when BTC rises, suddenly that alt you missed last time is cheaper, so you buy it. When BTC falls, suddenly selling your alt seems to get you lots of BTC in exchange, so you sell it. This causes the shadow effect where the alts as a group tend to mirror BTC's direction.
But just because there's a general correlation in the direction of BTC and alts doesn't mean it's not worth diversifying. Take this chart of the 3rd highest market cap alt, Ripple. Click the "All" time line option and you'll see that alts sometimes outperform BTC by hundreds, even thousands, of percent: https://poloniex.com/exchange#btc_xrp
The same phenomenon can be seen by clicking the "All" timeline with SBR's new favorite alt, Ethereum: https://poloniex.com/exchange#btc_eth
So IMHO, the proper answer to, "Should I diversify some of my BTC into alts?" is identical to a person's answer to the question, "Do I have the time and motivation to perform proper due diligence on a bunch of alts, so I'm able to discern the good from the bad?"
I spend a ton of time on crypto, so for me the answer's an easy Yes, but it's not a one size fits all type of thing. FWIW, I posted my favorite trading play this week and my new favorite buy and hold, both alts, here: https://www.sportsbookreview.com/for...ts-crypto.html
But I'm also interested in yours and other folks' point of view on the interesting question of diversification: necessity or illusion?Comment -
I really appreciate the response, MPS. I wish I was educated enough in the field of cryptos to give you any sort of feedback. I'm sort of learning along with everyone else. I did buy a small amount of Ripple the other day, that's the only other crypto I have, and it's down a bit in that time. Anyway, keep posting your thoughts, and I'll keep reading them. Cheers.
Yes, it was all done using gambling funds, you know, hypothetically.Comment -
1970
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Man it should keep goingComment -
Am sure everyone has heard from their Exchanges by now...
Here's Coinbase
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Sam makes a good point. If you own BTC, you will LOSE SOME OF ITS VALUE Tuesday morning if it's at Bitstamp, Coinbase, GDAX, and probably many others.
To protect yourself, open an account at, and move all of your BTC by Monday night to any of these exchanges: Bitfinex, Bittrex, Gemini or Kraken. All 4 have pledged to award their clients BCC in the proper, 1 to 1 manner on Tuesday.
ALSO, withdraw all your BTC from BTC-only sportsbooks (Nitro, Cloudbet, Coinbet, Fairlay, etc.) and move it to those 4 exchanges for the same reason.Comment -
Sammy likes KrakenComment -
What is the worse that could happen if you leave it in coinbase. I'm late to the party but I have quite a bit in coinbase and have not done anything with it. I looked at block chain, but I just don't have the knowledge of which direction to move BTC out of coinbase. I guess I could put on my big boy pants and move it to PayPal, but I need the easiest method to not get burned on this "fork" thing. Any hands on use as to what is best to transfer from coinbase to something ELSE???Comment -
Easiest method to esnure you are not burned is to transfer your bitcoin at Coinbase into a US$ wallet there. ie, trade it for US$. And then wait and see what happens. if the Bitcoin price drops and you buy back in after the fork you might make a tidy profit. On the other hand if bitcoin price goes up, you will lose value. But trading for US$ ensures you are in no better or worse postion than right now.
If you just leave your bitcoin at Coinbase nothing will happen at all. The only downside is that any BitcoinCash brand coins generated on Aug 1 will not be available to you.
What does that mean? Well they are a different sort of crypto coin that is being created from air on Aug 1 and anyone who owns bitcoin CAN get 1 of their BCC coins for every BTC coin you own.... if your wallet supports this newly created currency.
So most people think it's smart to make sure you can get those 'free coins' and therefore not smart to leave a balance at Coinbase who say they will not support BCC, so you wont be able to get them based on BTC stored there.
There is a reasonable chance this BCC stuff will fail or be sold off and worth very little very fast. Plus some chance it will be worth hundreds each as well..Comment -
Do you think there will be enough mining power to support people trying to trade/sell BCC immediately?
If there is, will there be a large enough loss of BTC mining power as to cause slows downs?
If not, do you think BCC could die before people get a chance to sell any?.Comment -
Bitpay wallet (not DC) will only do btc after fork... Many have their DCComment -
30 mins +/- it will be August 1st in Beijing, ChinaComment -
ttt
is this Y2K all over again ?Comment -
exchange bittrex not promising the new coin will be able to be bought or sold on the exchange at all. the quick get the coin at an exchange and sell it right away for basically anything might not work fo rbitcoin holders. Will be an interesting 24 hours. or as Raiders said once it will be boring and nothing like Y2K. who knows
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The play is probably to sell a small amount say 25% and hold the rest. It's going to be ALL sellers out of the gate.
Conversely, after the fork assuming there are no disasters, it will be all buyers in the BTC pit. Just put a sell in at $3044.Comment -
will be monitoring next 24 hrs
may not sleep
went to cash mostly (Cash is still King) but have btc at KrakenComment -
Why is BTC still up I thought there would be a sell off by now?Comment -
I dont know but reading some opinions explain it this way, Its going up last couple weeks, and days, its not up much but up some last days. Investors need to be on BITCOIN and own them to get this new coin in the chance that is a free 15-25% bonus or so at least for awhile. any who knows maybe the new coin turns really good. At least compared to other positive options anyway so its holding up for now. but right after the FORK that will be intersting.Comment -
1. On the "will there be BCC markets immediately"? question, right now a behind the scenes race is taking place to try and be ready for BCC trading by tomorrow. I don't which, if any, of Kraken, Bitfinex, Bittrex or Poloniex, will manage it that quickly, but if I had to guess, I'd say at least one, and possibly more than one, of them will.
2. On BTC slowdowns, we should expect delays for the next few days. This is because last summer when ETH hard forked, it got hit with two forms of hacks. I asked the tech guys for explanations about that more than once, but their answers were always over my head. It has something to do with, for a brief while after the split, you could spend the same money on both, or something like that.
3. BCC will not die soon. I know the people behind BCC well, and I can tell you they will fight to the bitter end, with or without institutional support, on as much or as little hash power as they can manage. Their view of themselves is that they're making sure BTC becomes McDonalds, trouncing all newcomers, instead of becoming Yahoo, long since surpassed by Google.
How do I know them? Cuz I AM them. Or at least I was them. I fought with them for a year and a half, back when our movement was called Bitcoin Unlimited. In May, after we lost the scalability war to the supporters of SegWit, most of us did what I did and said, "Well, OK, we still think BU's the better solution, but we lost fair and square, so, fine, we're onboard with SegWit2x." (The "2x" part is a tiny sop to our faction, promising to double blocksizes to 2mb from the current 1; we BU'ers wanted that limit removed entirely).
But the group behind BCC are the bitter enders, unable to accept that we lost the war. They're fanatics who call themselves "Purists" and they won't stop trying to promote BCC until the very last node on earth rejects their blockchain.Comment -
UTC's the same as Greenwich mean time, but the question of "at exactly what second does the photograph of the blockchain take place for BCC distribution" is an excellent one, and harder to pin down than it should be.
According to Bittrex's statement, the photo will be taken at 8:20am EST, but I've read elsewhere that it'll be 7:20am EST.
If anyone gets a definitive answer, please post it (I'll do the same). My intention is to sell BTC a minute after the photo, and possibly even go short.
PS: Why do we have to quadruple space our posts to prevent them from looking crowded?
Last edited by MeanPeopleSuck; 07-31-17, 02:26 PM.Comment -
Why would BTC's price go up after the fork? I agree with you there might be speculation tonight and tomorrow morning (I've got sell orders in at 2990 and 3180), but it's my intention to sell my BTC immediately after the BCC photo's taken, as I expect BTC to be down on Tuesday:
1. BCC's value will no longer be a part of BTC, and
2. I'm thinking all the people currently buying more BTC than they usually hold just to get BCC tokens will probably immediately sell their "excess" BTC after the photo's taken.
But on crypto I've been wrong a zillion times, so I always keep an open mind on everything. What's your thinking that BTC may rise Tuesday?Comment
