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    Cryptocurrency Daily General Discussion - February 18, 2018

    February 18, 2018

    Cryptocurrency Daily General Discussion - February 18, 2018

    Daily General Discussion - February 18, 2018

    Posted: 17 Feb 2018 10:13 PM PST

    Welcome to the Daily General Discussion thread. Please read the disclaimer, guidelines, and rules before participating.

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    Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and excercise utmost caution before acting on any trade tip mentioned here.

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    submitted by /u/AutoModerator
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    Weekly Skeptics Discussion - February 18, 2018

    Posted: 17 Feb 2018 10:13 PM PST

    Welcome to the Weekly Skeptics Discussion thread. The goal of this thread is to go against the norm by bringing people out of their comfort zones through focused on critical discussion only. It will be posted every Sunday and prioritized over the Daily General Discussion thread.

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    • Share any uncertainties, shortcomings, concerns, etc you have about crypto related projects.
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    Rules:

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    • If you're looking for the Daily General Discussion thread, click here and select the latest item in the search listing.

    Thank you in advance for your participation.

    submitted by /u/AutoModerator
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    Saw this today here in Las Vegas

    Posted: 17 Feb 2018 05:00 PM PST

    Skycoin is banning in reddit and telegram to cover their scam. Details inside.

    Posted: 17 Feb 2018 05:05 PM PST

    I submitted this question about the use of coin hours to the skycoin subreddit. I got a few responses that didn't really answer anything and then this. Then they banned me. I never said or did anything the least bit offensive, just questioned their coinhours that made no sense and seemed like a scam. At the time they banned me from reddit, I was also talking to the devs on telegram and when I mentioned the reddit ban, they banned me from telegram. Other people on bitcointalk are saying they are doing this anytime people question their scam. So, flood their subreddit with questions and let's see how they respond.

    edit: Skycoin response: "You were banned for being ignorant"

    submitted by /u/keepchill
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    FUCK VISA: after double-charging then refunding every transaction from the LAST MONTH to my credit card, they had the balls to retroactively charge me a $5 "cash advance" fee for every purchase from Coinbase.

    Posted: 17 Feb 2018 05:01 PM PST

    I can only assume they're terrified of the power of crypto and they're trying to discourage everyone from purchasing it.

    My question is, and I'm sure this has been discussed at length here: How can they charge a cash advance fee for purchasing something the government hasn't acknowledged as currency.

    I mean, isn't crypto technically in the same realm as Playstation points? I'm not getting cash from an ATM, i'm buying an online asset not classified as money. How can they legally do this?

    BTW I called my bank and told them they could reverse the charges or I'd be closing my account, as I wasn't notified of these changes via email or regular mail and they did it, only took 2 minutes.

    Bank is RBC. They were apologetic and blamed VISA for it.

    submitted by /u/Marswhalbaconattor
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    My experience after dedicating 3 months to trade as opposed to HODLing.

    Posted: 17 Feb 2018 08:06 PM PST

    I thought that make more sense to learn trading so that, if I get good at it, I could avoid the losses one has to take when HODLing due to fluctuations, but after 3 months of exploring strategies, learning technical analysis, trying different coins/tokens, different time frames, different indicators, I got to the conclusion that it is a bit useful to know technical analysis to be more aware of the trends and helps a little to know when is a good time to buy, but difficult to know when is a good time to sell or difficult to know if, against all the odds, the price drops a lot and you lose a good amount of money. Also, you could miss good momentum if you keep your value in USD, USDT or Euros.

    Conclusion: There is a reason why most traders lose money and why intelligent investors HODL instead of trading. Also, a lot of videos, blogs and material about trading, makes you think it is really possible and not so difficult, when in reality it is very difficult to know what the price is going to do. Those who say the contrary are normally employees or business owners of investment firms or sell trading courses, so obviously they will want to make you think that it is easy and that you can earn a lot of money trading.

    I recommend you forget trading and:

    (1) Do fundamental analysis of good coins/tokens. (2) Buy those that look legitimate and has good prospects. (3) HODL, live your life and do not worry if prices go down for several days because, most coins and tokens, when you see the 1 or 3 months chart, you see decent growth rarely seen in the stock market and difficult to see in other investment instruments except crypto.

    submitted by /u/danni_darko
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    Banks paying off youtubers to slander crypto

    Posted: 17 Feb 2018 09:27 PM PST

    Skycoin: Anatomy of a cryptocurrency scam (last time this was posted it was brigaded)

    Posted: 17 Feb 2018 09:11 PM PST

    People ACTUALLY fall for this scam, this just blew my mind. People are so gullible.

    Posted: 17 Feb 2018 09:03 AM PST

    Cryptos disrupting huge legacy industry

    Posted: 18 Feb 2018 02:00 AM PST

    Stop-loss hunting: An incredibly common way that "whales" steal your coins, and how to prevent it

    Posted: 17 Feb 2018 10:16 AM PST

    INTRO

    I've been investing in crypto for a few months now. I've certainly made some mistakes by applying trading strategies from my stock trading days to crypto, when crypto has a vastly different environment. One of the things I learned early on was how rampant and widespread stop-loss hunting is. This post is meant to give a brief explanation on what stop-loss hunting is, how to identify it, and how to avoid being hunted yourself. You may have heard that stop-hunting is not a big thing in the stock market or forex. This is true, but I assure you its very real in crypto.

    Stop-loss hunting is the act of intentionally pushing the price down through a major support level to trigger stop-loss orders, creating a flash-crash which can then be used to buy coins on the cheap.

    It is incredibly easy to do with anything that has low volume at any point during the day, which is a vast majority of cryptos outside the top 15.

    Example

    Scenario:

    Let's say you're a whale with a large amount of BTC and you have reason to believe there's some awesome news coming out for coin ABC which will generate a nice pump, so you have been accumulating this coin over the past week and are sitting on about 50BTC worth. The volume on the coin is currently very low and so you can't purchase any without driving up the price, which you don't want to do.

    The setup:

    First you look at the price, order book, and volume, and note the following:

    • It's currently trading at 105K satoshi.
    • The order book is very thin - there's only about 6 BTC worth of buy orders between 105K and 100K
    • There's only another 2BTC of buy orders just below 100K.
    • anything below 95K you don't care about.
    • You know that 100K is a major psychological level and there are bound to be stop-loss orders below it.

    Time to go hunting and pick up some more coins for cheap!

    1. You place several market sell orders totaling 5 BTC, driving the price down to 101K.
    2. You then place some massive sell walls of 4-5BTC at 101.5BTC, hoping to trigger panic.
    3. If panic doesn't follow, you make a few more market sells and the price collapses down to 100K.
    4. A few more sells and you push the price to 99K.
    5. Now the fun begins. You have sold off about 10BTC of your 50BTC position, now sitting on 40BTC.
    6. Plenty of retail investors had their stop-losses placed at 99.5K, and their orders are triggered. They begin placing limit sell orders (without even knowing) and driving the price down further.
    7. The price has now collapsed to 96K, almost a 10% drop, in just a few minutes.
    8. There are now 30BTC of stop-loss orders for sale between 96K and 105K, and you buy them all.
    9. Price returns to the previous 105K and you now own 70BTC worth of coin ABC.

    In short, by selling 10BTC of your position for an average of 101K you created a short-lived 10% price collapse which you then took advantage of to buy up a bunch of cheap coins from stop-loss orders for an average of 99K. Not only do you now own 20BTC more of your coin, but you got them at a discount. Awesome for you, sucks for the poor holders who you hunted and now no longer have their coins.

    Visual

    What does stop-loss hunting look like on a graph? As you might expect, it looks like a massive spike down followed by significant bull action and a return to norm. Often whales do stop-loss hunting right before pumping it themselves, so you may even see stop-loss hunting followed by a huge run up.

    Avoiding being Hunted

    How do you prevent getting "hunted"? There are really two ways.

    Use price alerts instead of stop-losses.

    By the time you get the alert and check the price, the hunt will probably be over. The downsides to this are that it requires a strong ability to remain unemotional - something most people don't have (and why people use stops in the first place). You still have to honor your mental stop-losses, you just also allow them a bit of time to ensure that the move was authentic. In trading circles you'll here this referred to as "letting the candle complete."

    Place smarter stop-losses.

    As you can see from the previous graph, price fluctuations and volatility in this market is significant. The best way to do this is to look at the average order book size, calculate volume and how many sells it would take to crash the price a given amount, and ensure your stop-loss is below that. You should also place stop-losses away from major psychological levels, such as 100K satoshi or even 99K. Place them either higher (106K) or lower (94K) depending on the market.

    I personally roll with option 1 (assuming I even have coins on an exchange, which is rare), but there's nothing wrong with either choice.

    Conclusion

    I hope this has helped at least one or two people understand what stop-loss hunting is, why it's important, and how to avoid being "hunted" and having your coins stolen from you.

    I also have suspicions that binance has bots that chase stop-loss orders.

    As an experiment I placed a stop about 5% below the current price on a coin and with only about 1BTC of buy orders between my stop and the price. Within 5 minutes my coins had been stopped out and the price had returned to its previous level.

    TL/DR

    If volume is low enough, a whale can push the price down through a major support and trigger your stop loss orders and then take your coins from you.

    Other references - note, none are about crypto so some assumptions they make do not apply such as stop-hunting not being a thing in forex (it's definitely a thing in crypto).

    Edit: some grammar and a few numbers which I fudged

    submitted by /u/CaffeineIsMyHeroin
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    TIL the U.S. Federal Reserve spent $726.6 million printing money in 2017.

    Posted: 17 Feb 2018 06:47 PM PST

    This is true leadership

    Posted: 17 Feb 2018 10:22 AM PST

    Bitmex Research has produced a conclusive report into Tether

    Posted: 18 Feb 2018 01:56 AM PST

    Monero is trying to hardfork itself into changing the POW algorithm - If successful, this would be the first large, leaderless Crypto in history to change their mining algorithm (details in comments)

    Posted: 17 Feb 2018 03:46 PM PST

    Swiss Financial Authority Releases ICO Regulatory Guidelines!

    Posted: 17 Feb 2018 11:12 PM PST

    IOTA as one of the 18 chosen Projects into the next round of the swedish e-krona project, while MIT Media Lab wont further be considered

    Posted: 17 Feb 2018 11:51 AM PST

    How many of your poor asses are like me?

    Posted: 17 Feb 2018 03:45 PM PST

    100% of portfolio is in crypto.

    Entered at the beginning of December and did not move anything during the crash. Been reinvesting and hodling ever since.

    Which in total fiat value is not much, pre-dip was 50% bigger, but is my ticket to long term economic freedom.

    Although I'm thinking in diversifying in the future, once I get a bigger chunk of value from hodling a few years in crypto.

    Ride the crypto wave my dudes.

    Let me just say something else so the fucking autobot doesn't kill my post.

    That is all.

    submitted by /u/ned_rod
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    Even Congress is jumping on the blockchain bandwagon — and IBM is urging it on

    Posted: 17 Feb 2018 05:07 PM PST

    Litecoin Cash "Doesn't Bring Anything to the Table," Says Crypto Expert

    Posted: 17 Feb 2018 04:56 PM PST

    Mildly interesting - Visualization of a coin being coded over 5 years.

    Posted: 17 Feb 2018 10:54 PM PST

    This Week in Crypto: Top Cryptocurrency Headlines for the Week of February 17, 2018

    Posted: 17 Feb 2018 05:52 AM PST

    What's the trade off of Nano?

    Posted: 18 Feb 2018 02:01 AM PST

    I know there isn't a perfect cryptocurrency because there seems to always be a trade off in terms of perks (privacy, speed, scalability, etc)

    If Nano has zero fees and its fast wouldn't it be a "perfect" coin? And even surpass top cryptocurrency?

    submitted by /u/Nukes72
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    Is Satoshi Nakamoto even still alive?

    Posted: 17 Feb 2018 08:52 PM PST

    When was the last time anyone ever heard of him? He is rumored to have an ungodly amount of bitcoin, but what if he had a heart attack a couple years ago and that money is permanently sitting in a wallet that will never be claimed? The actual BTC in circulation could be much lower than previously thought.

    submitted by /u/Serath4
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    Cryptocurrency whale-tracking app gets major update. Thanks for your help!

    Posted: 17 Feb 2018 08:11 PM PST

    I made a Nano faucet. If you are interested in Nano this might help you convince how amazingly fast Nano is.

    Posted: 17 Feb 2018 10:51 AM PST
    Read more
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