Wow. Bitcoin is almost $1,500

[Yakk]

does anyone here own Dentacoin (DCN)?

https://dentacoin.com

it's a cryptocurrency to pay your dentist. i don't think any dentists accept it though.

Very popular with P&D groups.

 

[Yakk]

A pretty good write-up on Forbes I read a while back on why traditional marketcap comparisons do not work with crypto currencies.

https://www.forbes.com/sites/ktorpey/2017/12/29/comparing-bitcoin-and-other-cryptocurrencies-by-market-cap-can-be-very-misleading/#1faf551d2509

Imo it's good to know, especially now with all the sh!tcoins being pumped & dumped everywhere.

 

[Red Squirrel]

Considering the genius knowledge required to make a cryptocoin it's crazy how there are so many of them now. Watched a bunch of videos on Ethereum, the guy who invented it is basically a younger version of Elon Musk. I don't even know if he's actually from this planet.

 

[destrekor]

Considering the genius knowledge required to make a cryptocoin it's crazy how there are so many of them now. Watched a bunch of videos on Ethereum, the guy who invented it is basically a younger version of Elon Musk. I don't even know if he's actually from this planet.

Yeah Buterin is an interesting guy. But there's a difference between making the entire blockchain platform, and the numerous coins and tokens out there that are actually not unique. Most coins are based on ETH right now, integrated into that network right now. And there's the Ethereum Virtual Machine aspect. Mad props to the "Satoshis" and Buterins of the world who create these from scratch. There are very few truly original projects in prime time right now, and most take the derivative form of prior work.

 

[destrekor]

I also completely agree with the Proof of Stake methodology and personally hope ETH gets on that faster. I also really like the Proof of Importance (POI) method that NEM uses for its network. PoI and PoS especially are common formats now, especially as most are all pre-mined and just give the collected transfer fees to those that produce the confirmations, usually with a sliding fee rate based on network utilization. I want to say some of them use a type that reduces fees as the number of transfers rise, to continue to encourage high volume use, if the network design is capable of high volume. I believe NEM is an example of the latter, and I want to say Ethereum will see the same with PoS but I can't say for it.

 

[DrMrLordX]

We need a cryptocurrency that is built with anonymity in mind. Not sure how that would work though, blockchain is probably not the way to go about it as it's public by nature.

Monero, ZCash. Look em up if you haven't already.

 

[Svnla]

Who wants to try this in Las Vegas? http://www.businessinsider.com/buying-bitcoin-from-las-vegas-atm-2018-1


Hopefully cryptos will be around when I am back to Sin City in a few more months.

In other news, another well know company is jumping into a partnership with a crypto company - https://finance.yahoo.com/news/moneygram-shares-jump-partnership-bitcoin-rival-ripple-004527034--sector.html

Bitcoin rapper, yo - http://www.businessinsider.com/bitcoin-rapper-coindaddy-amazing-characters-san-franciscos-crypto-culture-2018-1

 

[KIAman]

Just made an impulse buy of Icon with some of my other altcoin profits. TO THE MOON!!!

 

[Yakk]

Pump & Dump groups explained :

https://bitfalls.com/2018/01/12/anatomy-pump-dump-group/

 

[Ns1]

Pump & Dump groups explained :

https://bitfalls.com/2018/01/12/anatomy-pump-dump-group/

Daaaaaaaaamn

 

[Svnla]

Human body heat to mine cryptos? - https://motherboard.vice.com/en_us/article/vby7ny/bitcoin-body-heat-mining

 

[DrMrLordX]

Oh goody, somebody's been watching The Matrix too much.

If anyone were stupid enough to actually harvest human body heat to produce electrical power, there are numerous uses for electrical power better than mining Bitcoin.

 

[Crono]

 

[Zeze]

How y'all enjoying this bloodbath of a dip? ALL coins are down 20-30% overnight. So many weak hands are panicking at Reddit.

It WILL go up. Relax.

What bothers me though is that it seems the entire internet is clueless why it's happening. In the wall st. world, the causes are obvious.

Some say China banning crypto again. I don't think that's it at all.

 

[Yakk]

So goes Bitcoin, so goes the entire crypto space in general.

Entire internet clueless? Doubt that, most traders know why...

Futures coming up soon as well as consolidation phase might be getting ready to end. Typical market behavior, unless bitcoin is financially attacked again, which IMO is looking very likely from conbase, cnbc fastmoney, & Bcash wonder trio again.

 

[DrMrLordX]

I wouldn't call it a bloodbath, but the GDAX exchange has everything down by 10-11% (or more) over the last 24 hours. Pretty painful for anyone that was buying in that time period.

 

[Viper GTS]

It WILL go up. Relax.

This sense of inevitability that the true believers have is going to get them burned. I work with one who seems to genuinely believe that he is going to be part of the new elite ruling class because he got in early (late 2017). The idea that the current elite ruling class is going to accept being usurped, while the masses simultaneously accept a new regime (whose only claim to the throne is that they were circle-jerking bitcoin earlier than everyone else) is simply delusional. The world doesn't and will never work that way. This is an epic transfer of wealth from greedy stupid people to a few very lucky geeks + a bunch of guys who were rich already. If you can't see that, and you aren't already rich/richer from this, then you're one of the greedy stupid people.

Viper GTS

 

[Zeze]

This sense of inevitability that the true believers have is going to get them burned. I work with one who seems to genuinely believe that he is going to be part of the new elite ruling class because he got in early (late 2017). The idea that the current elite ruling class is going to accept being usurped, while the masses simultaneously accept a new regime (whose only claim to the throne is that they were circle-jerking bitcoin earlier than everyone else) is simply delusional. The world doesn't and will never work that way. This is an epic transfer of wealth from greedy stupid people to a few very lucky geeks + a bunch of guys who were rich already. If you can't see that, and you aren't already rich/richer from this, then you're one of the greedy stupid people.

Viper GTS

I hear you. That's the same thing I'd say to some of the crazy coin subs. I won't get 'burned' because:

1. My holding is not even 'cryptocurrency'. It's just 1 company that uses BaaS (blockchain-as-a-service) for supply chain. It's not too different than gambling by picking a single stock.

2. https://forums.anandtech.com/threads/wow-bitcoin-is-almost-1-500.2505405/page-29#post-39258508 (see my post #706)

[edit]
Yea, I wouldn't be saying, "it WILL go up" for Bitcoin. I don't have much faith in them today (I own none).

 

[Genx87]

Pump & Dump groups explained :

https://bitfalls.com/2018/01/12/anatomy-pump-dump-group/

Shocking, never would have guessed your avg slob is not the one making money at a speculative investment.

 

[Genx87]

Will it go up for the people who bought in when it was at 20k?

 

[Yakk]

Shocking, never would have guessed your avg slob is not the one making money at a speculative investment.

LoL... after that "to the moon" post I figured I should probably post that P&D news story...

Let's not forget... 2 people are needed to trade money. The smarter one usually gets to better trade... while the other laughs at how easy it was.

 

[Yakk]

Will it go up for the people who bought in when it was at 20k?

Ahhhh the eternal question... will it go up?

Took a few years last time this happened, but Bitcoin did it in spectacular fashion when it went back up in 2017. That's all anyone knows for sure.

Outside of the Reddit mosh pit & newbies I don't see many people overly worried right now. Which IMO means it will probably go lower still.

 

[KIAman]

Oh no, I'm going to lose all my monies!!! Crypto goes down this time period for many years now. If people truly invested what they were willing to lose, this doesn't even make a dent.

 

[teejee]

Well, I'm pretty conviced we'll see some very bad months for crypto currencies. A lot of people have made a lot of easy money and they want to cash out now, but not many people want to buy when it goes down.

 

[Viper GTS]

Oh no, I'm going to lose all my monies!!! Crypto goes down this time period for many years now. If people truly invested what they were willing to lose, this doesn't even make a dent.

IMO this time it counts. All the other massive drops that people like to talk about (Don't worry it does this 3x a year it will be fine!) happened in relative obscurity. It mattered only to a tiny minority of people, and only a slightly larger minority was vaguely aware of it due to proximity (tech forums, etc). The vast majority of the world didn't even know it existed, much less care about it. This time it's for real, there's a ticker on CNBC. Everybody in the developed world is aware of it, all the susceptible people have had their shot. I don't see how it possibly comes back to any sort of relevance if it does go to (or near) nothing.

Viper GTS