Altcoins / Blockchain / Crypto

It's interesting that the total market cap (circulating supply of coins x current price) of cryptos has reached over 100 billion. Bitcoins is now less than 50% of that, even with its recent rise in price.

It's not only the top ten cryptos (many of which the community believe have actual or potential utility) it's virtually every crypto.

Even forgotten deadcoins from a year ago are being pumped. Here's just one example of a coin that has increased 1000x in the past year, with enough 24 hour trading going on that if you were a former bagholder you could conceivably turn it into fiat. Couldn't you? Is there enough gambling Asians all in on alts or is this just lol whales?

There seems to be a lot of fish entering the markets from Japan/China/India and a lot of these early adopters and whales are becoming freakishly wealthy.

Here's a popular former pumper's site: http://pumperspicks.com/ check out the strategy section

Hey if these fresh bloods want to gamble with the sharks, let them. But I think the yobit/4chan group of whales will win that battle 99/100. I know whales have used alts to boost their bitcoin supplies since the beginning but this is simply outrageous. I guess they've been waiting for this news coverage/bitcoin price spike for a very long time.


2) also ICOs

3) the top 10-20. Anyone like any? tine, I saw you said you're going to mine ethereum, is that for short term profit or you like the idea behind it?

minexcoin

So the thing to remember is that people spend thousands... and... thousands of dollars on mining gear and because difficulty rises are intrinsic to mining, there is a hard break point where you lose money by mining. That break point is decided by availability of resources so if you own a ghost building in China and can syphon power on the cheap, you keep mining, but for the vast majority of miners its a game of musical chairs; you mine CoinX until its no longer profitable then move to CoinY.

Obvious stuff, I know, but when youre discussing a metric like volume of crypto coins in existence, it pays to frame that somehow in the reality that so very, very many of those coins are worth fractions of a single cent each.

A more interesting graph to me would be distribution of actual trade-equity among those various coin brands.

Regardless, I was actually riffing with Sanlmar about this the last couple of days, I was very tempted to go balls deep on mining ethereum until I realized that difficulty is rising exponentially, and the viable ethereum mining GPUs havent even been in stock in weeks, meaning every single shipment from AMD is going to be claimed and immediately put to work mining, resulting in an increase in difficulty.

Right now there's a reddit thread from some Euro who just dropped $9000 on a rig for mining ethereum and hes like LOL ILL RECOUP IN 3 MONTHS and he hasnt been super vocal about his awesome plans since someone pointed out that:

- 24 hours ago, he could recoup in 3 months based on $260 USD/eth. Today it will take him 4 months at $260 USD/eth. Next week it could take 5 months. Fucking very seriously. And if AMD drops a hot load of RX580 GPUs on the market, which they sure as shit will, he will likely be looking at 8-9 months to recoup providing the cost of eth does not drop. Its fucking savage.

- And buckle up: https://www.youtube.com/watch?v=zja-mLs0Fas The ethereum devs are switching from a Proof of Work standard (mining) to Proof of Stake (CANT BE MINED). Like SOON. Like probably by the end of the year at the latest. And those RX570/RX580 GPUs dont mine a lot of other shit real well.

That said, there are worse decisions than being long on ethereum right now because its got some interesting tech tie-ins that could conceivably insulate their price against people moving on to the next great beanie baby.

But yeah I wouldnt advise anyone spend a dime on ethereum mining equipment at this point. Better to mine a few hundred rando weird coins and just build up a huge collection and hope one pops. But the longer that advise stays sound, the less likely it is that this madness will repeat itself unfortunately because so much of this is driven by novelty, hence bitcoins being downkdown.

Genuinely would like Hoser's input on this because he was hot for ethereum when that shit was like a couple of dollars each.

This is eerily similar to the dot com boom. That is when I won a fortune and lost it too.

1) you had IPO's almost daily back then. Now you got ICO's
2) you had people lining around the corner to open up brokerage accounts. Coinbase said a few weeks ago they had 40,000 new sign ups in a day.
3) the buzzword back then was "eyeballs" and "p/e ratios". Guess what article was published today? One with a modified version of the P/E ratio for Bitcoin:
http://www.marketwatch.com/story/is-...row-2017-06-08
4) the demand is so high for Bitcoin that the only available instrument on wall street to speculate on it is $GBTC and that trades at a 130% for over a week

With that said, you could blindly buy an IPO back then and then sell it same day or a few day later and double your money. Looks like the same nonsense is happening today. So like Sonatine said, mine or buy the cheap ones and hope they pop. In a mania, everything goes up especially the trash.

What eats away at me daily is the lack of good names for the new cryptos on the block........
Titcoin, Potcoin and Six Eleven are as good as it gets. I mean where's Bitbucks for one? Bailbucks has potential and there's room for Playdough, Fubars and even Kryptcash?

I usually can't stand Tim Ferriss, but this interview is really interesting for a lot of the blockchain/bitcoin discussion (skip to 7:00 to miss all the ads)


http://tim.blog/2017/06/04/nick-szabo/

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Originally Posted by DonaldTrumpsHairPiece

minexcoin

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Checking out the ICO thread on bitcointalk now and the amount of hero members and legendary members in that thread is a good sign.

I read about as far into the white paper as this guy probably did:

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Yeah, hopefully minexcoin can raise a lot of funds, so it makes this coin can be the best coin than any other

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I'll probably invest without due diligence since I greatly respect your opinion.

But what's your investment advice, quick profit or hold long-term?

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Originally Posted by Henry

Checking out the ICO thread on bitcointalk now and the amount of hero members and legendary members in that thread is a good sign.

I read about as far into the white paper as this guy probably did:

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Yeah, hopefully minexcoin can raise a lot of funds, so it makes this coin can be the best coin than any other

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I'll probably invest without due diligence since I greatly respect your opinion.

But what's your investment advice, quick profit or hold long-term?

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I only dumped .5 BTC into it, it is anyone's guess how it works out but it looks very well run, Barclays employee involved, good plan moving forward, legit for sure. Its one of those and only if the environment continues I can see going from $3 to $30 or more in short order. It is a 2-3 month wait and see how received, what exchanges it gets on etc. Or I am wrong, environment changes and I puke $1250 lol

But a nice coin when looking at strong development, and well run, not just another shit coin pump. The coin limit helps and so on. Short or long, well if it flies Id have to gauge the air but considering I only have .5 BTC into it Id take it to the limit. All about your stomach and life situations my man.

Minexcoin is based on an algorithm called ‘MinexBank’, which is meant to maintain MNC’s price in a predictable corridor. The idea was conceived by four people: Boris Shulyaev, Ruslan Babych, Vladislav Zaychuk and Daniel Shulyaev.



lol im out

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Originally Posted by sonatine

Minexcoin is based on an algorithm called ‘MinexBank’, which is meant to maintain MNC’s price in a predictable corridor. The idea was conceived by four people: Boris Shulyaev, Ruslan Babych, Vladislav Zaychuk and Daniel Shulyaev.



lol im out

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:lol2

so looking at my coinbase account and kicking myself every time I do...

if you crypto guys were gonna take a speculative position in either BTC/ETH which would you do? was wanting to wait until ETH got into the low 2s to buy but wondering if that's even gonna fucking happen...

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Originally Posted by GambleBotsChafedPenis

so looking at my coinbase account and kicking myself every time I do...

if you crypto guys were gonna take a speculative position in either BTC/ETH which would you do? was wanting to wait until ETH got into the low 2s to buy but wondering if that's even gonna fucking happen...

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no fucking idea, they both plateaued the last few days after a retarded run up and honestly its kinda spooky.

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Originally Posted by sonatine

Minexcoin is based on an algorithm called ‘MinexBank’, which is meant to maintain MNC’s price in a predictable corridor. The idea was conceived by four people: Boris Shulyaev, Ruslan Babych, Vladislav Zaychuk and Daniel Shulyaev.



lol im out

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Good thing you don't know the name of the guy behind ethereum lol

Here's how I see it, ethics, morals blah blah blah. Lets say for argument sake you are right, they are con men. Fine I know as of now the money has not been recouped based on ICO, no one works for several years, spends tons of money on a coin to brake even or lose money and run off with 200 BTC. SO what is their plan, pump and dump? As President Trump would say " I HOPE".

Now in saying that these guys are sincere, real deal, real tech and great ideas in paper. As they say on forged in fire, it will kill! Watch :)

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Originally Posted by sonatine

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Originally Posted by GambleBotsChafedPenis

so looking at my coinbase account and kicking myself every time I do...

if you crypto guys were gonna take a speculative position in either BTC/ETH which would you do? was wanting to wait until ETH got into the low 2s to buy but wondering if that's even gonna fucking happen...

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no fucking idea, they both plateaued the last few days after a retarded run up and honestly its kinda spooky.

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yeah I hear ya...total fucking shot in the dark here...at this point its probably beyond speculation and moving more into let's fucking gammmmmmmmmmmmmbol it up...

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Originally Posted by DonaldTrumpsHairPiece

Now in saying that these guys are sincere, real deal, real tech

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so was Dread Pirate Roberts and Mark Karpeles.

just saying.

if it walks like a bank and quacks like a bank, its going to get shut down for not being a bank.

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Originally Posted by sonatine

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Originally Posted by DonaldTrumpsHairPiece

Now in saying that these guys are sincere, real deal, real tech

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so was Dread Pirate Roberts and Mark Karpeles.

just saying.

if it walks like a bank and quacks like a bank, its going to get shut down for not being a bank.

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Maybe I wasn't clear...as long as I am out when its up and before the shoe drops, just another day at the office.

I am a skeptic by birth, always assume the worst but it doesn't mean you cant make a buck along the way ;)

For all we know BTC is no different, HUGE Ponzi out of control, vast majority of coins are held by a few, remember that!

Lol at claiming a cryptocurrency can maintain a pegged value. There are some ways it can sort of be done. I have no clue about minexcoin or how they claim they'll do it.

I don't really keep up with this stuff much. Too much noise and I'm too busy. I wish I had time for my own ICO because I've had ideas far better than tons of these with a whitepaper already written on my google drive. Unfortunately I'm working on a startup already.

ETH is probably a better investment than BTC for a variety of reasons. People just put their money into what they trust. ETH has been around for some time and is widely known. Lots more usecases than these other tokens. Also it is POS which is likely superior. YOu pay 5% a year tax on BTC and the electricity used to mine BTC scales with the price. That is just a most awful property given global warming. Thats my personal peeve, but in general ETH is just better and has a ton of social proof.

The big marketcaps are all about social proof and trusting the tech.

I wouldn't suggest anyone buy in right now. ETH may very well never go down again, but I don't give advice unless I know it is a lock. I'd say ETH will perform better than BTC, but that doesn't mean anyone should buy it at this point. My last purchases of ETH was at $70 and I felt nervous after that.

Even if ETH has problems now there are tons of work being done around it. I expect ETH to break the 1:2 price with BTC.

People thought POW was great, now people have realized that it just threw in a bunch of fucked up incentives that keep the tech from advancing. Doh!

Thats about all the thoughts I have at the moment.

THere may be a better smartcontract blockchain around the corner that will take over, or perhaps a truly anonymous currency.

So .. divest from BTC into ETH, but no suggestion on what to buy with USD cept weed.

Quote:

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Originally Posted by Corrigan

I usually can't stand Tim Ferriss, but this interview is really interesting for a lot of the blockchain/bitcoin discussion (skip to 7:00 to miss all the ads)


http://tim.blog/2017/06/04/nick-szabo/

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I actually have this downloaded to my phone to listen to on a trip tomorrow.

Nick Szabo is very well known in the older cryptocurrency circles. I've seen people who are fairly well known in the BTC world sit around and sincerely discuss how this guy is Satoshi Nakomoto (sp?). They have little bits and pieces of why.

Don't know how Tim Ferris sounds, but I guess we'll find out. Probably insufferable like most.

crypto coins are donkdown

amirite sonatine?

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Originally Posted by donkdowndonedied

Lol at claiming a cryptocurrency can maintain a pegged value. There are some ways it can sort of be done. I have no clue about minexcoin or how they claim they'll do it.

I don't really keep up with this stuff much. Too much noise and I'm too busy. I wish I had time for my own ICO because I've had ideas far better than tons of these with a whitepaper already written on my google drive. Unfortunately I'm working on a startup already.

ETH is probably a better investment than BTC for a variety of reasons. People just put their money into what they trust. ETH has been around for some time and is widely known. Lots more usecases than these other tokens. Also it is POS which is likely superior. YOu pay 5% a year tax on BTC and the electricity used to mine BTC scales with the price. That is just a most awful property given global warming. Thats my personal peeve, but in general ETH is just better and has a ton of social proof.

The big marketcaps are all about social proof and trusting the tech.

I wouldn't suggest anyone buy in right now. ETH may very well never go down again, but I don't give advice unless I know it is a lock. I'd say ETH will perform better than BTC, but that doesn't mean anyone should buy it at this point. My last purchases of ETH was at $70 and I felt nervous after that.

Even if ETH has problems now there are tons of work being done around it. I expect ETH to break the 1:2 price with BTC.

People thought POW was great, now people have realized that it just threw in a bunch of fucked up incentives that keep the tech from advancing. Doh!

Thats about all the thoughts I have at the moment.

THere may be a better smartcontract blockchain around the corner that will take over, or perhaps a truly anonymous currency.

So .. divest from BTC into ETH, but no suggestion on what to buy with USD cept weed.

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the thing i find intriguing about going long on eth is that btc has set something of an emotional baseline for what CC can be priced at, and eth has a lot more room to grow into that paradigm than btc does.

Hoser also posted a thread linking to the NEM/XEM (4th largest coin) start-up fund in January 14', which has gone up from something like a ~$35 initial investment into ~$450,000 for those who bought in to that and are still holding.

And not to take anything away from that, but he was promoting it as something of an affiliate, so he got his initial $35 block of coins for free. (He said he sold eventually sold them for a little over $3k.)

But that's a major factor to the future success of any new coin, the marketing and promotion. Most of these coins serve little unique purpose that a larger more established coin couldn't fulfill. Which makes it hard to believe in any of them in terms of actual utility.

Most of these altcoins are supported by the greater fool theory. By all the people who missed the boat on bitcoin and think wow I want to be a millionaire out of thin air.

I have a buddy who recently invested in Ripple's XRP, he misunderstood the recent news about it and wrongly believes his XRP tokens buy him a share of a company that is going to deal with banks and google, and he's convinced the coin will go from .30 cents to $30 by years end, which would mean a $100,000,000 market cap on a companies project token before the technology has even been properly tested.

But Ripple is being used for ICOs, so in the short term I like it, as well as ethereum until the bubble pops.

These ICOs are making it even harder to properly valuate these blockchain technologies. This is at the 42 minute mark of the conversation that Corrigan posted.

"Does that mean that people are going to be incentivized to just create more and more different types of cryptocurrency and then reserve to try to capture that.. or?"

"That's exactly what's happening. So I wrote a post on this called the bitcoin model for crowd funding - and this was a couple of years back - and I thought these things called app-coins would show up. Where for every application, rather than going and raising VC funding you just attach a coin to it and crowdfund it. And that's kind of what's happening now with what they call ICOs, initial coin offerings, and there have been hundreds and hundreds of these, and it's a little bubbly, in fact it's very bubbly, a lot of them are getting bid up out of control. Some of it comes from the fact a that a few of these protocols do need their own tokens, they can't use bitcoin, but most of the times its just the developers having incentive to create the token bolted on to try to capture the value. But it's an interesting model for funding open-source software and protocols that didn't really exist before."

Recently in the news was the web browser maker Brave, founded by former Mozilla CEO Brendan Eich, which raised $35 million from its Basic Attention Token ICO in 30 seconds.

All I could find were people discussing the dev team and the past projects of the founder.

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Originally Posted by DonaldTrumpsHairPiece

I can see going from $3 to $30 or more in short order.

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Isn't the growth capped?

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Why you should join

MinexCoin (MNC) is different from other altcoins because it’s a stable low-volatility cryptocurrency with fixed annual growth. MinexCoin’s growth is pegged to per annum growth of 10 cryptocurrencies with highest market caps. As per 2016 this growth was indexed at 33,6%. It does not matter if you want to use MNC for trading, longterm investment or day-to-day financial activities, with MNC you will always be gaining value.

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So BTC had some utility after all. We can buy other crypto with it. Am I wrong in thinking that this is the case? Can I buy these alts with fiat?

Henry is a god. Drop some baseball observations please.

Initially, I objected to the idea of a new thread as crypto needs to be contained. Thread has delivered however.

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Originally Posted by Sanlmar

So BTC had some utility after all. We can buy other crypto with it. Am I wrong in thinking that this is the case? Can I buy these alts with fiat?

Henry is a god. Drop some baseball observations please.

Initially, I objected to the idea of a new thread as crypto needs to be contained. Thread has delivered however.

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there is so much blindly emotive evangelism in the other thread, its nice to have one where a calm, rational discourse about how donkdown bitcoins are can take place, and how to warm ones financial hands over the embers.

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Originally Posted by Sanlmar

So BTC had some utility after all. We can buy other crypto with it. Am I wrong in thinking that this is the case? Can I buy these alts with fiat?

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No, you're not wrong, you can't buy them directly with fiat. I've been trying to buy alts for the better part of five days. It's a slow process, and pretty confusing. Lots of fees. I started out optimistic, but I'm getting pretty turned off and angry by the experience. I'm not seeing how this is better than banks.

edit: check out this dude spazzing out on the bitcoin forum

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uuuugh jeez man.

The point to a currency is usage.
So how the fucking hell is a currency even going to work if each person has the own coin ?

FAIL.

That is not how currencies work guys.. this shit failed bad.. game over.

I find it pretty damn funny there is 4,500 users when i recently looked at night here..
Then in the day time i seen 8,500 roughly logged in.
Meanwhile there is 1 million+ accounts and over 10,000 ANN topics.

ALTCOINS

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People do keep making them.. and i have no interest in stopping them.
What i take issue with is the facade that they are "coins"
AKA: a currency.

They can't be if they are not used as such.

And none of them are.
So if they aren't then what are they then ?
A fake currency traded on Poloniex for nothing at all but profits.

And how do people get profits ?
By starting a new one over & over and buying the coins cheap then dumping then on the next schmuck.

AKA: The greater fools game.

This shit is a fucked up pathetic joke
And i refuse to contribute to the rape of the word "currency"
She has had enough.. get off her you dirty pigs before i call the cops !

You are all god damn crypto-rapists !

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Yikes!

Do any of you folks know a etherium wallet that would equate electrum?
IE: cross platform (i need windows and linux, extra credit if there is an android client but not needed)
and of course I hold my private keys, not some dumb website

Minexcoin is capped +/- 5% per day! so in theory can still appreciate XXX-XXXX% per annum.

We shall see, like I said it's essentially costing a bad night at some 5/10 lol

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Originally Posted by blubbernuffle

Do any of you folks know a etherium wallet that would equate electrum?
IE: cross platform (i need windows and linux, extra credit if there is an android client but not needed)
and of course I hold my private keys, not some dumb website

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Food for thought; the further you stray from the more widely adopted wallet apps, the deeper into the jungle you get and cryptocoin boards are rife with tales of people who got fleeced by trojaned or outright malicious wallet software. Like really recently btw.

Question: why cant you use the 'best in slot' wallet for each respective operating system and simply use geth or something to transfer balances to a consolidation point?

ETH almost at 330...I think I may be a little late to the fucking party...

man I'm kicking myself over this one...

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Originally Posted by GambleBotsChafedPenis

ETH almost at 330...I think I may be a little late to the fucking party...

man I'm kicking myself over this one...

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Not late just bigger risk, buy!

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Originally Posted by GambleBotsChafedPenis

ETH almost at 330...I think I may be a little late to the fucking party...

man I'm kicking myself over this one...

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vice just did a piece on how to eth mine, literally just months before mining is dead for eth.


honestly i think there is still a lot of room to grow. im cashing out at like $260 and charging it to the game or riding this to $650'ish and seeing whether or not it can break that emotional barrier from the sidelines.

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Originally Posted by sonatine

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Originally Posted by GambleBotsChafedPenis

ETH almost at 330...I think I may be a little late to the fucking party...

man I'm kicking myself over this one...

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vice just did a piece on how to eth mine, literally just months before mining is dead for eth.


honestly i think there is still a lot of room to grow. im cashing out at like $260 and charging it to the game or riding this to $650'ish and seeing whether or not it can break that emotional barrier from the sidelines.

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just curious, why $650...again I consider buying any of these an almost outright gamble at this point...I don't mind a gamble, but id rather not take it totally up the ass on a gamble...so if I could get in in the low 2s (seemingly LOL at this point) i'd figure why the fuck not...

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Originally Posted by GambleBotsChafedPenis

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Originally Posted by sonatine

vice just did a piece on how to eth mine, literally just months before mining is dead for eth.


honestly i think there is still a lot of room to grow. im cashing out at like $260 and charging it to the game or riding this to $650'ish and seeing whether or not it can break that emotional barrier from the sidelines.

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just curious, why $650...again I consider buying any of these an almost outright gamble at this point...I don't mind a gamble, but id rather not take it totally up the ass on a gamble...so if I could get in in the low 2s (seemingly LOL at this point) i'd figure why the fuck not...

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- I consider it a fairly organic break point just based on intuition and if it goes from $650 to say $725, I feel there is enough fuel to take it to up to BTC levels so I'll jump back on

- I will have turned a fairly substantial profit at that point and will want to consider other possible CC investments

- Based on current growth I think that's where its going to end up around the time they fork to PoS and kill mining, and coincidentally I think the GPU/difficulty equation reaches a tipping point at around that time as well.

I pay push the eject button soon or later based primarily on the 3rd set of metrics or if unforeseen circumstances come up, obvos, but we're just talking about this, we're just speaking.

cool thanks for the opinion...appreciate that you and others here are more plugged into this shit than I am...

I mean ETH is up over 40% since last week...not putting the rent money on this shit, but fuck wouldn't mind a little extra scratch for some sorta gadget from this...

if i had to guess, a bunch of automated sells just kicked in at 350.

Ya, damn been a gooood week for me ;) Recall I said I dumped most all into ETH, now I am planning cash out strats lol