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    Home Unlabelled Crypto Currency Markets [r/CryptoMarkets Daily Discussion] - 01/Feb/2018

    Crypto Currency Markets [r/CryptoMarkets Daily Discussion] - 01/Feb/2018

    February 01, 2018

    Crypto Currency Markets [r/CryptoMarkets Daily Discussion] - 01/Feb/2018

    [r/CryptoMarkets Daily Discussion] - 01/Feb/2018

    Posted: 31 Jan 2018 10:10 PM PST

    Welcome to the /r/CryptoMarkets Daily Discussion thread. The thread guidelines are as follows:

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    submitted by /u/AutoModerator
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    BREAKING NEWS: The leader and ruler of Penguins in Antartica bans Cryptocurrency.

    Posted: 01 Feb 2018 06:46 PM PST

    Why sell?

    Posted: 01 Feb 2018 07:53 PM PST

    Why would anyone sell? Bitcoin now costs the same as it did the day after Thanksgiving. Ethereum costs the same as it did on Jan 2. Neo is currently twice as much as it was Dec 21. Monero is at 233 and it never broke 200 until this past December. Cardano is now right where it was in mid December. It's too bad people are glued to their hourly account balance and missing out on the big picture. Emotionally distraught people are selling. Financially wise people are buying. This summer, there is going to be alot of bitter folks that wish they never logged into their accounts on Feb 1 2018. Countries around the world are not banning crypto. They are simply cleaning things up and gearing up for full blown legal crypto. Sure, there will be new rules but crypto is here to stay. If tomorrow marked the final day of cryptocurrency history, I could understand the panic and the selling. However, do you think the Canadian gov't would be using Ethereum for record keeping if crypto was in trouble? Would IBM be partnering with Stellar if crypto was doomed? Would Microsoft be sponsoring NEO dev competitions if crypto was ending? Would Samsung be pouring big money into building and selling cryptocurrency mining chips if Crypto was truly in trouble? Politicians are pumping the breaks until they figure out how to cash in. They did they same thing with daily fantasy sports, online poker, gambling, and cannabis. In 2015, Daily Fantasy Sports was legal in 45 states. In 2016, it was legal in only 10 states because politicians wanted to shut it down until they figured out how to make money off it for themselves. Today, DFS is legal in 41 states. That's right, from an unregulated 45 (2015), cracked down to 10 (2016), and now that politicians can make money off the regulated industry, it's legal in 41. Folks, crypto is going through the growing pains of becoming a full blown accepted industry. Check out online poker...

    • 1995: The first online poker websites appear. Everyone made money except governments.

    • 1999: Republican from Virginia, Robert Goodlatte, tried to shut it down with a new law. People panicked and cashed out. His law never passed. It was defeated.

    • 2003: Thanks to pressure from the Justice Department, most banks blocked customers from sending money to poker sites

    • 2005: The world's largest online poker site (PartyGaming) went live on the London Stock exchange the same year that a Republican from Iowa tried to ban credit card payments on gambling sites. His bill never reached the Senate floor.

    • 2006: Goodlatte is back again. Tries to ban online poker/gambling. He is defeated again.

    • 2006: President Bush signs the Unlawful Internet Gambling Enforcement Act, banning the transfer of money to gambling sites. Everyone cashes out.

    Today: New Jersey, Nevada, and Delaware have legalized it. People in every state freely use offshore sites. Banks are no longer blocking payments.

    Whether it's online poker, cannabis, daily fantasy sports, or cryptocurrency, the people vote with their wallets. Sure, governments always get involved so they can make a buck too (if it was about our safety, health, and well being then guns would be outlawed). Hold your coins if you haven't sold. Buy coins this weekend at a massive discount. Embrace the future. Expect dips along the way. We are riding a climate change graph that continually trends up. So what if there is a record cold winter here or there. The zig-zagging line is trending up from year to year. Hold and/or buy. You will have major profits should you choose to sell this summer, fall, or in 2019. Keep your eye on the prize, stay off reddit, stay away from "news", and trust your instincts when you realized months or years ago that this was an unstoppable revolution: the future.

    submitted by /u/MeteoriteMerman
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    Crypto Market Reboot- taking the trash out of the ICO space

    Posted: 01 Feb 2018 01:35 PM PST

    As one of the team behind a startup in the crypto space, we have had many late night conversations in the office regarding the "startups" recently seen in the space and have realized some general rules regarding what belongs and does not belong in the crypto space. Our Deedcoin company position on funds from our private sale has shifted to an immediate sell or conversion to ETH for all BTC funds as they come in (thanks Tether). Simply said, this Tether nonsense has completely destabilized the price base for Bitcoin in the short term. It is always darkest before the dawn, but should this crash continue, we believe the emerging projects afterwards will ring true to what this technology was initially designed for. The factors below are our position on whether or not a project should seek funding through a token release and we would like to share them with people new in this space.

    1. Avoid all projects backed by something physical (tether). Simply put, it makes no sense for a token to be backed by gold, diamonds, oil, or llamas. The speculation in this space may cause a token to rise drastically whereas real world commodities only rise a fraction of crypto assets gains per month/year. Should a crypto asset rise 100% while the backing only rise 20% (best case), this has caused a specific bubble in token itself and leads to a dangerous inflation in a specific asset. Crypto was always designed for a solution to a service, or the ledger for a commodity, but never tied directly to a physical asset itself. The worst case scenario leads to the growth of a physically backed token that no longer holds the assets to back it. If this token is used to buy other crypto, it allows the problem to spread across markets and destabilize other projects.

    2. Projects using the free market mechanics of crypto are typically positive. The what and why backing bitcoin (excluding the tether shenanigan) has always been the ability to avoid banks and regulation in sending or holding money. Money was designed to be free but the electronic and outdated ledger technology created by banks 30 years ago had given too much power to these institutions. 30 years of control of a technology lead to increased rates and manipulation by the powers that middleman all electronic fund transfers. Bitcoin's power is in the solution to displace these central powers and their monopoly through a better free ledger system.

    3. Archaic database improvement. So many real world databases are maintained by many different organizations worldwide. This is the reason that banks, governments, industrial maintenance providers, and healthcare records have been rush filing patents for blockchains without ever releasing a token. The power to take information, store securely, and share it amongst parties in an industry holds massive improvement over the current system in which nothing is standardized. Simply converting information in database between corporate user bases is an expensive, manipulatable, and often manual task.

    4. Solutions that apply to no-one. Blockchain tokens that offer discounts selling luxury cars are simply of no benefit to the average person. If a solution applies to 1% of the general public, then it may need a blockchain for industry improvement, but does not need a token to be traded amongst the public. If a token is useable, it should be useable by most people.

    All said, we are not against the IDEA of Tether, but the project should have had and ongoing audit from inception with account access to allow continuous 3rd party verification of funds backing the USDT. If Tether had a standing audit agreement from day 1 with public posting of weekly verified funds independently, this situation would have been avoided. At this point, no one in the public knows if the funds are or are not present, but the public possibility of the lack of backing alone has caused enough damage.

    We are early in this technology and many growing pains will still occur. Holders of crypto may lose 50% of their portfolio value but the lessons learned in each crash drive this technology forward. Blockchain will not die, however growth is painful. Its time for the industry and token purchasers to be more informed as a whole. The more bad actors in this space upset the industry for everyone and cause the needed regulation to be overly harsh in initial implementation. Our best defense is to stop funding or using projects that don't meet solid criteria and weed them out at onset before they reach exchanges.

    submitted by /u/mobst
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    NANO now listed on OKEx!

    Posted: 01 Feb 2018 02:02 AM PST

    Bloom is going global, bringing credit to hundreds of millions of people

    Posted: 01 Feb 2018 08:03 AM PST

    MRW A Crypto Hater Snarks About The Downturn

    Posted: 01 Feb 2018 01:30 PM PST

    Russian State Bank Will Open a Cryptocurrency Exchange in Europe

    Posted: 01 Feb 2018 06:15 AM PST

    This isn't a crash, stop calling it one...

    Posted: 01 Feb 2018 07:50 PM PST

    Dat Orderbook

    Posted: 01 Feb 2018 08:34 PM PST

    What I don't understand about the current market situation...

    Posted: 01 Feb 2018 12:14 PM PST

    It boils down to one question: Who is selling right now?

    Is it people that are in for a long time already and who are still up 5x, so they don't really care and they just want to take the safe route. Or stockpile some more cryptos.

    Are a lot of the newer people jumping ship again? I have been reading for a longer time, but only have been in since December last year. Still - I am riding this down to 0 if I have to, as I am still believing in everything I have in my portfolio. So I cannot speak for the "late joiners" - are a lot of them pulling out again before they drop too much?

    I don't really believe in whales pushing the whole market down and maybe a few people riding the wave. Also I do not follow mainstream media a lot, so I don't know much about the situation there - except for a few rants about how they are bashing crypto without any knowledge; business as usual. Still all the "bad" - essentially fake - news we had over the last weeks and days got debunked literally within hours. Still the whole market dropped and did not really show any recovery.

    So - is there anyone that can shine some light into the utter darkness in my mind about that?

    submitted by /u/Dspa1r
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    ETH free from BTC?

    Posted: 01 Feb 2018 07:39 AM PST

    Looking at coinmarketcap it seems like USD pair charts for BTC and ETH are pretty different as compared to charts for other altcoins being similar to BTC. Any thoughts on whether or not this is a sign that ETH has broken free from BTC?

    submitted by /u/Roscoe999
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    Decentralized News Network - DNN In Focus: Pietro Speroni d.F., Geometry Professor

    Posted: 01 Feb 2018 04:11 PM PST

    Will Ethereum be a Better Investment than Bitcoin in 2018?

    Posted: 01 Feb 2018 12:52 PM PST

    Plus Side of The Correction

    Posted: 01 Feb 2018 08:41 AM PST

    We have the US Senate hearings on cryptocurrencies coming up next week. Its actually probably significantly better to have bitcoin trading way off the highs going into these meetings. It will likely seem far less dangerous to Senators while not in an accelerating bubble pattern vs looking like it's losing steam, and may not be worth their time to actively regulate.

    If we can get through those hearings without real animosity towards the continued growth of crypto markets, and make it to the Robinhood trading roll out I think we could finally see a clear runway for a new bull run.

    submitted by /u/moonccy
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    "I've got a bad feeling about this drop"

    Posted: 01 Feb 2018 08:40 AM PST

    Kraken reliability after upgrade

    Posted: 01 Feb 2018 02:19 PM PST

    Has anyone had any problems during high-volume moments, being able to submit and process immediately a market order using Kraken's standard interface ( not the cryptowatch one ) ? Does it execute orders immediately unsung this method ?

    I am leaving the cryptowatch interface aside, it is a total fail for precision trading.

    submitted by /u/zz3434
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    What is preventing the market from going down all the way back to 25 billion? Losing 95% of its value. This was only 6 months ago

    Posted: 01 Feb 2018 02:21 AM PST

    Alrighy, i'm hodling just fine, but while looking at the charts this realisation just became very real for me. What is stopping the market from going back to a state that was merly 180 days ago? At that point it was already getting big. Not trying to FUD here ofc. just an honest question. Since it is not uncommon for prices in the traditional market go up and back down over a longer period of time. Talk some sense into me people. What do you think

    submitted by /u/TehBananaBread
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    Is Binance Safe? The 2018 Complete Review

    Posted: 01 Feb 2018 06:57 PM PST

    When you're feeling in the dumps, Don't be silly chumps

    Posted: 01 Feb 2018 10:03 AM PST

    Can we please not refer to putting money into cryptos as "investing", but call it what it is: speculation.

    Posted: 01 Feb 2018 06:42 AM PST

    On here I quite often read that people "invest" in cryptos. This implies that by buying cryptos, this money goes toward the development of the project itself. If you invest in a company for example, you expect the company to use your money to build better facilities, hire better staff, and in turn become more competitive and drive home a bigger profit. Your investment is then usually repaid in terms of dividends.

    However, with cryptos we don't really buy part of a company in the traditional sense. I think we should look at it like commodities. For example, you buy gold for $1000 on the commodity market. This gold doesn't do anything, just like bitcoins don't do anything. Your only way to make money is to find someone who will pay more for this commodity than you bought it for. And in this case, we are talking about speculation.

    This difference in language is quite importat in my opinion since most people think that investments are a safe(r) bet. I think people in general are much more willing to invest money into a company than you are willing to speculate (or bet) on the commodity market. What do you think?

    Edit: formatting Edit 2: Reading the comments, I realise that this may be seen as splitting hairs since there s a fine and not always clear difference between speculation and investing, that depends on risk factor, time frame, and purpose. Here is a link that maybe better describes the reasoning behind my post.

    submitted by /u/QDOCQ
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    Celebrating cryptocurrencies place in the 4th industrial revolution

    Posted: 01 Feb 2018 06:54 PM PST

    The title above caught my eye and I felt inspired to repost it, share these words, and give thanks. First off I wanna say thank you to Mr. Satoshi Nakamoto individual or group, anonymous being(s). Also wanted to recognize all of the contributors past, present, and future for pioneering the way and making history as we speak. Thank you to each and every one of you folks in the space.
    There was an article link provided and I am not really here to promote the contents of the article my apologies. I am, on the other hand, providing the article link below for all to take a look at as well and pass along thanks to the contribution of the title.
    "Celebrating cryptocurrencies place in the 4th industrial revolution"

    .. I just wanted to say WOW! I can't believe how far technology has gotten it is an awesome time to be alive right now to experience these technological advancements. I know there's a bunch of craziness going on in here and tons of Informacion, awesome stories, and annoying people haha but If all of these busy happenings were halted for a moment and as you read in your own way pause and appreciate the people that have worked tirelessly and sacrificed to continue to advance our world and make it a better place for ourselves and our future generations. I am particularly blown away that we are heading towards a cashless society into a digital currency world. It just blows me away to be able to be experiencing it in these times.

    If you feel appreciative feel free to leave a comment below and say thanks that way the contributors of the space as well as paying respect to past pioneers can receive due thanks and appreciation for their hard work and diligence. My apologies I'm not the best speech writer but felt inspired to speak these words from my heart.

    link to article https://www.reddit.com/r/CryptoMarkets/comments/7uo6rw/celebrating_cryptocurrencys_place_in_the_fourth/?utm_source=reddit-android

    submitted by /u/ihodl82
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    In the market period #donotcatchafallingknife there is a time of the great bargain. This is a time where risk adjusted return can be very high.

    Posted: 01 Feb 2018 10:28 PM PST

    Alright, who wasted their wish?

    Posted: 01 Feb 2018 10:26 PM PST

    Exchanges for international traders that provide USD pairings? GDAX is US only.

    Posted: 01 Feb 2018 06:40 PM PST

    I wouldn't mind getting some money out of tether just in case but my home country barely has exchanges and they have huge trading fees. Any other global exchanges that provide USD and not USDT pairs?

    submitted by /u/alaarx
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    LCT is challenging to get, after 13 days exchange opens, moon?

    Posted: 01 Feb 2018 10:20 PM PST
    Read more
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