Noticed USDT's volume spiked up tremendously.

I think people are just waiting for this turbulence to be over - Overall sentiment still may very well be bullish.

At its peak we were on 90B.

Now we are at 59B.

Today alone I think there was a 15-20B correction.

My girlfriend has bigger balls than me.

I told her "hey. Eth is dropping. My portfolio looks like crap with a big dip there."

She replied with "help me buy more now."



Thanks jack2.

I sell you!

For 200USD.

Ok?



I'll post more seriously later tonight lol. Pardon me.

Many parts of US would be awake by now. So the market should start correcting from the dip as well.

This is gonna be an interesting weekend.

So seems that the market is recovering now, or at least is more stable, and market capital is hitting closer to 65B.

Pardon me for my ramblings but observations for the day.

1. Ethereum hit a peak of 200USD+, and over the next 24 hours swiftly dropped to 110USD. A drop of about 40%. Not just ETH but all coins are affected to varied degrees.
2. Quite impressed with Bitcoin, holding its value steadily around 2000USD, bearing the perspective that it once fell to sub 500USD after hitting a previous ATH of 1000USD.
3. Some exchanges refused to sell BTCs, and I suspect it has more to do with the price fluctuation rather than demand.
4. There was a ridiculous price discrepancy for Bitcoin between exchanges (nearly 500USD, if not for the confirmation time you could transfer between exchanges and earn a huge chunk) - Didn't have the chance to find out why.
5. In all honesty, this correction phase is minor as we need to take into consideration the price hike we had been seeing for the past two months. Worse corrections, or loss of value could happen - Like the DAO attack (where people argued and bicker, communities and ideologies split, prices plummeted drastically from double digits to single, etc).


IMHO this correction is a timely one, being a good test to the cryptomarket - shake off weak hands, shift funds from purposeless altcoins to meaningful ones; which would teach me more on how to be patient and look into fundamentals instead of catching hype and the fear of missing out (I mean... wtf... ETC at 20USD?). Unfortunately those impacted the most will be the ones who bought in on the highs; hope that they see past this, reorganise their portfolio, and hold for long term for gains.


A few things I am reminded about today:

1. Do not invest what one can not afford to lose.
2. Leverage on stable altcoins to minimise loss during corrections.
3. See opportunities during mass corrections (e.g. altcoin with potential but surrounded by FUD).
4. Do not panic sell. There will always be a better time to sell.
5. Strife for long term gains, and compare to how the money would do if it isn't being invested. E.g. how would that money do being in my wallet/FD vs being parked in ETH, and which I would be more comfortable with.



That's it for today.

This post has been edited by Enigmatic: May 27 2017, 10:12 PM

https://www.huobi.com/p/content/notice/getNotice?id=612

31st May - One of the biggest exchanges in China to list ETH.

Caught some extra Ripple during this dip?

What a roller coaster this weekend is.

Because we have to see Bitcoin past profit gains from its scarcity. For it to be a utility of value which can be transferred betwern parties it has to be cheap to transfer, quick to transfer and easily accessible. Otherwise it simply isn't sustainable for Bitcoin to be in existence.

You just missed out my message entirely. But that's ok.

zamans98 - I will explain in better detail later why this is a concern. It has nothing to do with being Asian or being cheap. It has more to do with the protocol of Bitcoin architecture.

Unlike WooTz I am not a millionaire yet so I'll need to work.

This post has been edited by Enigmatic: May 30 2017, 03:38 PM

tl;dr

Bitcoin transaction getting expensive and slow - Is a real problem.
Decreases adoptability and utility, which in turn may impact long term value of bitcoin if people gets frustrated and move to another equivalent cryptocurrency.

Full response below.







Right. Now I have a bit of time.

The reason why transaction fees are increasing is because bitcoin as a whole has gained popularity, and the limited block size translate to a linear growth of block creation demand with the increase of number of transactions. When you have huge demand for block creation, limited number of miners and high difficulty, you get slow, expensive transactions.

How this could be a problem? After all what you just need to do is to hold bitcoin and not transact, right?

Well, this could impact utility and adoptation of bitcoin. Like I have mentioned earlier, what gives cryptocurrencies its value is the value of utility, may it be privacy (DASH, PIVX, Monero), speed (Ripple, Lumens), flexibility (Ethereum), scarcity (basically any coin with a cap). Now bitcoin is failing on speed and flexibility (though SegWit and Rootstock may come to the rescue), and bitcoin is not inherently anonymous if compared to the protocols privacy coins offer especially when care is not taken. High transaction fees results in the inability to do micropayments, as your transaction would never be mined (you could potentially pay more than you transact!). As an asset class the cryptocurrency world is filled with altcoins, so while this asset class has a capped supply, it could be viewed as "not scarce" as it is trivial to introduce another new cryptocurrency (adoptation is another story, but that relates back to the value of utility I have mentioned).

Ultimately if not dealt with, could cause "The Flippening" where people start seeing bitcoin reflecting a lower value compared to other cryptocurrencies, subsequently moving their money to others, causing a bearish trend and you could lose money.


The point here being, there is a reason why some of us talk about bitcoin being slow and expensive and etc. And while you might not appreciate the technicalities behind the situation (which is perfectly fine btw, serious), but as more people get onboard bitcoin, the impact is real. So I would discourage people from simply brushing off the situation as that Paypal/IPO/BON/bank transfers etc have their own charges - Which by the way, is a bad example as these transactions involve intermediaries and counterparties, being totally the opposite nature of the decentralised ecosystem of bitcoin.

This post has been edited by Enigmatic: May 30 2017, 07:41 PM

Mysterium hit its soft cap in less than 5 minutes. O-O

That's impressive, considering VPN services are fairly niched.

Since I am on leave today...

I quite like what I am seeing on the charts right now - total market cap of cryptocurrencies' staying around 78B, where Ethereum's price keeps increasing, signifies that people are moving from other currencies and placing their expectations into ETH.

Eventually of course if people are done speculating and move their funds off ETH then it may start a downswing of ETH's price, but from this point onward I could see two things, 1. Many are speculating ETH to increase its price drastically and quickly; 2. There is more room for ETH to grow as the total market cap further expands.



Just my 0.2gwei. (copying you kmarc! )

This post has been edited by Enigmatic: May 31 2017, 11:13 AM

https://www.cryptocompare.com/coins/guides/...er-in-ethereum/
Gwei is just one of the denomination of ether. Useful to know if we eventually are dealing with 10000000USD ETH (not that I am saying that it would happen... )

Do share with us your keen insight of the altcoin market kmarc when you are looking through what else to add.

This post has been edited by Enigmatic: May 31 2017, 02:22 PM

OK that's it. I am not joining BAT's ICO. So much toxicity in their Slack and the ICO as a whole is just poorly managed.

I might use their browser though.

100 more blocks to the sales.

<10 minutes is my guess. Let's see.

Undoubtedly it's a nice project, solves real current day problems backed with some big names, but despite their big team they couldn't manage it properly? Mysterium was able to match their token sales according to the day price, and that's a.. what... total 5 man team? Then the way they conducted themselves on Slack, and all those legal clauses to protect their asses..... Anyway, it's just another ICO.


I very much looking forward to Status. Gone through their whitepaper and that's a very intriguing platform.
Was initially interested in Polybius but mapped out the opportunity cost scenario: Not too willing to lock my limited amount of ether for 2~3 years before I might see a return. Might consider the tokens as the project starts showing momentum, but nah, not rushing into the ICO.

This post has been edited by Enigmatic: May 31 2017, 10:09 PM

I just went off to take a pee and... wut.