What happened? Just started following this thread and trying to read up on the different currencies and how to buy.
Some kind of big sell off that made the price of ETH drop to $13, it jumped back up to $300 and then a few of the trading websites went down. They've stopped some trading for now. The price hasn't moved on Coinbase for 45 minutes.
Avoided BTC and other cryptos for years, finally decided I'd throw $100 at one just for fun about 1 week ago. That 1 was ether. Good times
I don't pretend to even slightly understand this stuff at anything beyond a surface level, but it sounds like ETH recently went through the roof because tons of people starting buying them as ETH was needed on some exchanges to buy other cryptocurrencies. These people were only holding temporarily, but big demand nonetheless. Once all that action drove the price up, some of the people who have held for a while sold (or likely will sell soon). Big bubble it seems like. Is that accurate?
beginning of the end for Bitcoin? http://www.marketwatch.com/story/pa...ent-like-text-messages-experts-say-2017-06-23
I think your average customer will switch over to anything that the banks issue much faster than bitcoin. 1) Ease of use issue 2) Trust issue Most people find it too difficult to aquire / store / use bitcoins. If you could send money like a text message you really reduce any barriers to entry. There will always be a purpose in bitcoin to avoid taxes or for use in illicit trades etc. Just don't think it will make it mainstream and i think banks are its biggest competitor. Banks spend a lot of money on R&D and won't just let bitcoin take their customers without a fight. I have never been a big believer in bitcoin and now its over $2k so take my opinion with a grain of salt.
Maybe you'll get the older generation to buy into that but most people under 30 want as little to do with banks as possible. If there's a way around them they'll try it. I can't count the times over the last 6 years I've heard about the death of the bitcoin and here we sit at $2500 per coin with the analysts that predicted this price now having a price target of $100k by 2025.
You do know that Ripple and its coin XRP is traded on the cryptomarket right? It isn't a bank solution. It would be a bunch of banks adopting xrp.
The amount of money some people lost was staggering. Also... There is confirmation of a huge purchase, thousands of ETH bought at like $.15 at the exact moment price crashed. Close to 30 million worth. People are thinking it's an inside job. It doesn't help that most major trading sites go down whenever a huge move happens. Protect your shit people.
I don't much about other cryptocurrencies aside from Bitcoin. Never heard of Ripple or XRP, but will be reading about them now. Thanks for the heads up.
Here you go: https://www.americanbanker.com/news/inside-ripples-plan-to-make-money-move-as-fast-as-information Best article to understand ripple as a company. I own a decent chunk of xrp fwiw
Let me see if I have the long term goal correct: Right now, banks use money in their reserves to complete transactions, which may take days and carries transfer risks in actually transferring the cash. Ripple wants the cash in those transactions to be converted to XRP which is then converted to whatever currency it would end up on the other side. This would be an immediate transaction through XRP and the blockchain. That transfer is "backed" by the cash that the consumers paid for my XRP. So if XRP is heavily traded at higher prices, there is more cash available to "back" those transactions, correct? And that would just give banks more confidence in the system to use the technology?
I've followed this thread from a distance, so this question will be very elementary but: How easy is it to buy/sell the coins? If it just gets to a point I want to sell X dollars worth, I can just do it and USD comes my way?
Depends on the coin but yes. The most popular exchange (Coinbase) allows you to buy and sell Bitcoin, Etherium and Litecoin directly via your bank account or credit card. You can sell instantly but be careful, I believe you are liable for short term gain when filing taxes. Think it's 30%.
Got a marketwatch update yesterday that said it was down over 17.5B and was glad I didn't put anything into it
I dunno but for a guy like me it was a bad time to jump into the fold. At least LTC isn't having near the volatility
Hard fork upcoming for Bitcoin August 1st has people spooked. Also Ethereum is being plagued by shitty ICOs.
Kinda technical but basically there's a possibility Bitcoin will "split". Nobody really knows what this can do to prices as Bitcoin is still top dog and tends to sway rest of currencies values.
I was hoping someone here would know of a guide that could guide me through buying it and using an offline wallet and what not
Start with opening an account on coinbase. Really intuitive. Can fund with your debit card and bank account.
Coinbase email this morning: Spoiler Dear Coinbase Customer, We wanted to provide an update on proposed changes to the Bitcoin network and what that means for bitcoin stored on Coinbase. You can read more about what a digital currency fork is https://blog.coinbase.com/what-is-a-bitcoin-fork-cba07fe73ef1. Our first priority is the safety of customer funds. In the event of a fork, customer fiat currency (USD, EUR and GBP) and digital currencies (bitcoin, ether and litecoin) are safe. On August 1st, 2017 there is a proposal to make changes to the bitcoin software. This proposal, known as Bitcoin Cash, is likely to create a fork in the Bitcoin network. This means that after August 1st, 2017 there are likely to be two versions of the Bitcoin blockchain and two separate digital currencies. In the event of two separate blockchains after August 1, 2017 we will only support one version. We have no plans to support the Bitcoin Cash fork. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value. This means if there are two separate digital currencies – bitcoin (BTC) and bitcoin cash (BCC) – customers with Bitcoin stored on Coinbase will only have access to the current version of bitcoin we support (BTC). Customers will not have access to, or be able to withdraw, bitcoin cash (BCC). Customers who wish to access both bitcoin (BTC) and bitcoin cash (BCC) need to withdraw bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017. If you do not wish to access bitcoin cash (BCC) then no action is required. We plan to temporarily suspend bitcoin buy / sells, deposits and withdrawals on August 1, 2017 as the fork is likely to cause disruption to the bitcoin network. This means your funds will be safe but you will be unable to access your bitcoin (BTC) for a short period of time. We will keep you updated on this event through our blog, status pageand Twitter. Thank you, Coinbase Team It's going to be a bloodbath.
Not at all. All this means is that there is another version of bitcoin. Not much different than say ethereum or bitcoin lite. Coinbase basically said that theyre ignoring the new version. Business as usual. Which is exactly why you don't invest in crypto..... You wager on crypto.