Altcoins / Blockchain / Crypto

[Henry]

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?

[DonaldTrumpsHairPiece]

minexcoin

[sonatine]

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: 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.

[sonatine]

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

[snake_in_the_ass]

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.

[limitles]

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?

[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/

[Henry]

minexcoin

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:

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

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?

[DonaldTrumpsHairPiece]

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:

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

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?

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.

[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

[Krypt]

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

[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...

[sonatine]

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...

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

[DonaldTrumpsHairPiece]

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

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

[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...

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

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...

[sonatine]

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

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.

[DonaldTrumpsHairPiece]

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

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.

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!

[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.

[donkdowndonedied]

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/

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.

[simpdog]

crypto coins are donkdown

amirite sonatine?