Wow. Bitcoin is almost $1,500

[DrMrLordX]

glad i cashed out of most of this nonsense earlier this year... took me forever to figure out how to do it though. i guess im an old fogie.

Did you use GDAX/Coinbase Pro? I found them pretty easy to use. The problem is when you're messing with alts on some exchange like Binance or Poloniex or wherever . . . someplace with no banking. That makes it harder to cash out.

 

[ultimatebob]

How's Coolcoin holding up? Got my retirement riding on it.

Still holding steady at the exchange rate of 1000 Coolcoin to a Space Kitty t-shirt on Amazon. It seems like an odd thing to peg the value of a cryptocurrency to, but it's amusingly more stable than most other crypto out there.

 

[Charmonium]

I haven't been paying attention so I just noticed that BC fell off a cliff this month. I'm guessing all the sheep have been sheared.

 

[DrMrLordX]

Just when you thought it couldn't fall any more! Bitcoin goes back to $3400, and flash crash on GDAX brings ETH to $13 (temporarily). Heh. Kinda wish I had been posted up with some low buys but ehh whatever.

 

[ponyo]

So at this point of the cycle, what is of value? Babies gets thrown out with bathwater in typical crash. What coin or project have value/potential? Anything to keep an eye on? Or is everything trash/toxic and to be avoided?

 

[ultimatebob]

So at this point of the cycle, what is of value? Babies gets thrown out with bathwater in typical crash. What coin or project have value/potential? Anything to keep an eye on? Or is everything trash/toxic and to be avoided?

Well... Coolcoin is still holding steady in value, but you need to post something awesome in the OT forum to get some of that crypto goodness

 

[ponyo]

Well... Coolcoin is still holding steady in value, but you need to post something awesome in the OT forum to get some of that crypto goodness

Coolcoin might be the only coin left standing.

 

[DrMrLordX]

So at this point of the cycle, what is of value? Babies gets thrown out with bathwater in typical crash. What coin or project have value/potential? Anything to keep an eye on? Or is everything trash/toxic and to be avoided?

It's all a matter of opinion.

Look at the underlying project AND how much cash they raised during their ICO, if any. If there's a weak development team, it may still stick around for awhile if they're flush with cash; conversely, a project with a strong development team may founder if it's an older project with no fundraising phase under its belt. A lot of the pre-2015 projects didn't do fundraising, so there's an open question as to whether or not anyone will continue to show interest in the token if it drops to near-0 and gets delisted from exchanges. Something like Litecoin could easily die, but Raiden Network (RDN) will continue on despite OKEX delisting them. They made millions of dollars during their ICO and can continue in perpetuity even if RDN tokens themselves are listed for pennies, if listed at all.

Obvious scams with airy, empty whitepapers and no obvious tech development are risky since the "developers" may abscond with funds, pushing the project into limbo.

The more you know about the token, the better understanding you will have of its future prospects (but not necessarily its future value at any given time).

 

[ultimatebob]

Let it be known that Coolcoin made $0 during it's ICO, mostly because I issued most of it to myself

 

[zinfamous]

I'm still coolcoin poor.

wait, no...I'm less than that. Because I have zero coolcoin.

 

[AdamK47]

Reading some of the comments in this thread during the bubble is comedy gold.

 

[DrMrLordX]

Reading some of the comments in this thread during the bubble is comedy gold.

It's worth it to note that some "analysts" (take that for what it's worth) are projecting a bull market with values just as astronomical as those projected in 2017. $10k ETH, $100k Bitcoin, etc. etc. Not sure if I believe all that.

The only snapshot we have is January 2018 where we saw the market rise steeply to various ATHs for every (and I mean every) token on the market at that point. Eh except Bitcoin, which peaked a few months earlier.

Regardless, if someone asked, "could ETH go back to $1400 and Bitcoin back to $19k", I'd say yes, just because it had happened before and we could (somewhat) accurately track how much investment would be required to push prices that high. Might take awhile to get back there, though, if prices ever go back that high at all.

 

[Staples]

I've always thought that the only practical use case for blockchain was currency however after seeing all the 51% attacks, I am not so sure that is really a great idea. The only way this can be better than fiat is
1) it needs to be centralized to avoid 51% attacks. Sorry to say.
2) transaction fees need to be nearly zero (they are several dollars for BTC which is outrageous)
3) Transactions need to be super fast, at least as fast as VISA

XRP and XLM I think are the best bets as far as I am concerned but they go against the basic tenets of what bitcoin aimed for.

 

[DrMrLordX]

I've always thought that the only practical use case for blockchain was currency however after seeing all the 51% attacks, I am not so sure that is really a great idea. The only way this can be better than fiat is
1) it needs to be centralized to avoid 51% attacks. Sorry to say.
2) transaction fees need to be nearly zero (they are several dollars for BTC which is outrageous)
3) Transactions need to be super fast, at least as fast as VISA

XRP and XLM I think are the best bets as far as I am concerned but they go against the basic tenets of what bitcoin aimed for.

EOS sort of addresses all three (point #1 is addressed in a way that is highly controversial), though thanks to the problems with point #1, EOS sometimes struggles with point #2. On point #3, EOS is successful since it can sustain about 3k transactions/second which is getting close to Visa/Mastercard levels of throughput. I have serious reservations about EOS' governance which is why I wouldn't put too much faith in it.

 

[Train]

Still holding steady at the exchange rate of 1000 Coolcoin to a Space Kitty t-shirt on Amazon. It seems like an odd thing to peg the value of a cryptocurrency to, but it's amusingly more stable than most other crypto out there.

Well the problem is Space Kitty t-shirts are not divisible. You might think Coolcoin is stagnating at 1 Space Kitty t-shirt, until one day... BOOM, 1000 Coolcoin is suddenly worth TWO Space Kitty t-shirts. Then everyone will be kicking themselves for not buying in sooner.

 

[RichUK]

Is Crypto dead?

 

[DrMrLordX]

Nope. It's slowly making a comeback. Slowly.

 

[ultimatebob]

Well the problem is Space Kitty t-shirts are not divisible. You might think Coolcoin is stagnating at 1 Space Kitty t-shirt, until one day... BOOM, 1000 Coolcoin is suddenly worth TWO Space Kitty t-shirts. Then everyone will be kicking themselves for not buying in sooner.

Interesting logic, but as the owner of the token I kinda have control over the exchange rate. Since Space Kitty t-shirts aren't cheap, it's probably in my best interest to keep the exchange rate where it is

I guess that one of the existing Coolcoin award winners could try to sell their coin for $50. I wouldn't have any control over that, although I wouldn't recommend it as an investment strategy.

 

[Charmonium]

Is Crypto dead?

It depends somewhat on how you define "alive." But any chance of a moonshot for all but maybe a few coins, seems to be dead.

https://www.bloomberg.com/news/arti...is-fintech-summit-returns-to-disrupting-banks

With Europe’s new payments law now requiring banks to share customer account data with fintech firms, the prevailing vibe was that there’s plenty of action without messing around with crypto.
Perhaps nothing drove that point home more than the face-off between Gottfried Leibbrandt, the chief executive officer of Swift, and Brad Garlinghouse, the CEO of San Francisco’s Ripple Labs Inc. Swift is a 46-year-old cooperative that directs trillions of dollars in cross-border payments between thousands of banks. Garlinghouse has repeatedly vowed to leapfrog Swift’s 1970s-conceived system with a faster, cheaper blockchain-like one.

“I look at the dynamic between Ripple and Swift, and I liken it to Amazon and Wal-Mart,” Garlinghouse said on Wednesday to a packed auditorium.

Panel discussions on disrupting banks take place.
Source: Paris Fintech Forum
Leibbrandt countered that for two years, Swift’s latest payment standard revitalized its system, letting customers track a payment like a FedEx package, and cutting transfer time to hours. Unlike Ripple, which has struggled to sign up major banks, Leibbrandt said the world’s top 60 lenders are utilizing its technology, which is already embraced by regulators.
“Banks are not ready for a model where you convert into a crypto and then convert back again,” Leibbrandt said. “It’s not clear to us that blockchain is better than what we have today.”

 

[SKORPI0]

He had sole access to $190 million worth of customers' crypto. Then he died.

 

[WelshBloke]

He had sole access to $190 million worth of customers' crypto. Then he died.

Should died be spelt "died" there?

 

[destrekor]

Should died be spelt "died" there?

Yes

 

[WelshBloke]

Yes

Not the other spelling of died which is "disappeared in suspicious circumstances with $180m of other peoples assets"?

 

[destrekor]

Not the other spelling of died which is "disappeared in suspicious circumstances with $180m of other peoples assets"?

Oh that's what you meant. lol

Yes, this could be seen in a suspicious light, but I think he's actually dead, and not mysteriously at that. The report is death from complications with Crohn's Disease, in India. I can imagine India being the last place you'd really want to be with Crohn's Disease. Sure it could be a ruse, but now all of the assets are completely out of his reach and tied up with courts, so if this was a ruse I don't think it's a very good one.

 

[WelshBloke]

Oh that's what you meant. lol

Yes, this could be seen in a suspicious light, but I think he's actually dead, and not mysteriously at that. The report is death from complications with Crohn's Disease, in India. I can imagine India being the last place you'd really want to be with Crohn's Disease. Sure it could be a ruse, but now all of the assets are completely out of his reach and tied up with courts, so if this was a ruse I don't think it's a very good one.

Thats assuming that he hadn't cleared out the assets ages ago and now no one can check.