Altcoin Sub Fans... Time to Let Go of Your Altcoin and Buy Bitcoin

[tokeweed]

Bitcoin is breaking out.  Could this be it?  I don't know, but it's worth letting go some of your altcoins and trade them for BTC.

Let's see where this goes.

Jeez...and here I was, hoping that the big BTC would stay sub-$240 so I could snap up some more 'round Halloween to - buy more altcoins.

For the gen-2 cryptos, it's been a hellish market. Nxt has been pummeled to below 2700 satoshis, Bitshares has been whacked to below 1500 (!) and HZ keeps getting whomped back to the 30s when it picks up some traction.

Etherium is on a long slide downhill - which I actually expected (damn, that would have been a great short!) BURST just put in a rally (?) by jumping to 19 (!!) 

Factom is trading below its ICO price. The once legendary/notorious Blackcoin is now below 10,000 satoshis. GEMZ is languishing below 6000, only a little bit above its best early-bird ICO price of 5000, and Monero is below 0.0016. Heck, even the mighty DOGE is down to 43. There are some gainers, but they're few and far between. As a result of its questionable but popular pump in June/July, Litecoin is languishing but well in its normal historical range: it's almost at 0.0115.

I tell ya, bear markets are really humbling. There I was ~ two months ago, convinced that the altcoin bear market was over. As is classically the case, I caught the falling knife. To think at the end of January of last year, I was convinced - with my own bread - that Nxt was a good buy at a dime per. Now, it's less than 3/4 of a cent per. I remember blithely assuring people that Nxt at below 5000 satoshis was a good buy. Now, it's hit a low that it hasn't seen since December 16th, 2013: three weeks after it went live.

With all that carnage, though, I haven't lost hope. What we're seeing is classic post-bubble action: an imploded bubble "poisons" the entire sector for a long time. Those of us who got in at the top of the bubble are like those who got into real estate in '06 only to see their magical beans wilt in the increasingly dry and fallow ground. All I can say is, I'm damn glad that this market is essentially a cash-only market (at least, it has been until very recently.) There've been lots of ways to go broke, but there haven't been any ways to go bankrupt. Not unless you brought in fiat that you borrowed from the fiat world...

Times like this are a grueling quasi-Darwinian process that get rid of the get-rich-quick crowd except for the ones who get toughened into real cryptocurreny believers. From this vantage point, the altcoin movement is much smaller but also stronger. The ones who get through this dark post-bubble phase will be in it for the distance.

If it's a help - and I know I'm reasoning by analogy here - there's an old rule of thumb in the gold-stock market that makes for a buck-up in these toughening times. Here it is: when gold itself recovers, the first gold stocks to spurt up are the senior producers: the ones that produce a lot of gold, are in the major gold-stock indices, pay dividends at least semi-regularly, and so on. The others languish.

But as gold continues to recover, and the seniors have barreled up from depressed levels to more-or-less normal levels, the next ones to rally are the junior producers: the smaller companies that don't have the recognition from membership in the indices but do have producing mines and real revenues. The exploration companies still languish. The ones who announce great sampling results (typically from drilled rock tubes - "core" - from an area that the geologists consider to be viable pay rock), results good enough to make the punters go manic in good times, release those results and the market yawns.

Until...sentiment turns, in a process so subtle it might as well be chalked up to the Fates. One exploration company releases a spectacular result that, instead of inducing yawns, makes the punters go bonkers. It's at this sweet spot when those legendary legends about huge gainers are oft-born.

We're not at this point yet. To the extent that the gold-exploration analogy is valid, we might (!) be in the stage where "gold" - the big BTC - is recovering but the "stocks" haven't. Certainly not the "exploration stocks." Right now, to shift the analogy back to real estate, we're like residential-real-estate speculators as of 2010. The market is still frowned on and still has a taint. What remains of the bubble is still slowly imploding despite pockets of hope here and there. The bear keeps gnawing.

The only advantage in these times comes with staying the distance and toughening up. To continue with the real-estate analogy, the long stretch of "no-hope" gives us time to learn how to "renovate" - i.e., grow the ecosystem over a long-term basis. When you've been gnawed at to the point where a promise of a quick gain only makes you laugh bitterly, the perceived opportunity cost of long-term action is far less than in the boom-town times. In times like these, there's no point in squirreling around for the Next Big Fad. We can think long-term again.

I can't think of a better example in the gen-2 world than the dev team & fan base of Qora. Even though it's languishing at 10, the Qora folks are keeping the faith and adding new features to it. Right now the tie between features and mainstreamy benefits are obscure - as is the case with almost all altcoins - but they're still keeping the faith and doughtily working away. I don't own any QORA, but I'd like to. 

Damn...I really hope that Bitcoin's recent jump proves to be yet another sucker rally...I need to buy more in a couplea weeks. (sigh)   

Actually, we think this might peak around 300 - 320 (again).  But who knows.  No can really predict the market.

[1715269968]

1715269968

[Nxtblg]

Why sell alts for BTC when they're already priced in BTC? All else being equal any gains you make on BTC are already included.

If Bitcoin went from $250 to $10,000 tomorrow, would you keep your alts or sell all of them for BTC.

Dunno...I would in a sense. My dreams of riches have turned into dreams of using riches to grow the crypto-economy. Like, buying a profitable business and adding a crypto payment system. Along with the inevitable brochures, of course.

When my dreams-of-riches become particularly manic , I fantasize about owning several businesses and offering partnerships with college-age folks in the hopes of grooming them into the (majority)owner-managers so I can do the serial-entrepreneur thang: buying up businesses and refitting them to act as "auto-pilot" evangelizers for crypto. Had I been dumb-lucky enough to be one of those insta-millionaires, I would have seriously looked into buying a profitable high-volume gas station and foisting all the crypto-related promo gimmicks I could think of onto the steady stream of customers.

But to be quite frank, I would not cash out completely until crypto enters into a bubble the size and scope of the Internet bubble as of the close of the '90s. Not until then.

Lord knows, we're a long, long way away from that scale of mania...

And as for me in the real world, I'm scrapin' along on broke. Like any would-be entrepreneur in the real world, I have to start nano-scale small.

[tokeweed]

^ Haha.  I feel you bro.  I had dreams of retiring and being wealthy as fuck around 40.  Still a long way to go but the dream is slowly dying as well.  But trading crypto is fun and a worthwhile hobby.  And trading is a good skill to learn overall.

At least I get to earn a little extra from time to time for little things like drinks, some small stakes gambling and what not.  The big dreams are slowly going away...  

[alt19]

Starting November 1st, it's time to let go of your altcoins and exchange them for BARR - Burning Altcoins for Redemption and Reduction.

BARR is traded on the NXT Asset Exchange, and it is the first coin to use Multi-Proof-of-Burn. 

We believe that there are too many weak altcoins on the market, so we intend to get rid of them.  We will target an altcoin for burn redemption, and we will attempt to burn so much of its supply that it cannot continue to be traded on exchanges.  We will absorb each coin's users as they redeem their illiquid coins for BARR, adding value to BARR with each round of burn redemption, and using the exchange rate as the variable difficulty for a curve of emission over time similar to PoW block reward halving.

Just as burning bitcoins makes all remaining bitcoins more valuable, burning entire altcoin networks will make all remaining cryptocurrencies more valuable.

If a coin is able to survive our burn period, then it will emerge stronger than before due to its newly-reduced supply, and we have still accomplished our goal of eliminating weak coins. 

The first burn period is November 1 to November 30, and the coins offered for burn redemption are Fractalcoin, Keycoin, and Sapience. 

Please visit barr.me for more details.

Wow...you're doing what NEXUS (originally CoinShield) set out to do more than a year ago, only you're up and running. I'll tell y'all one thing: burning wrecked alts through the Nxt AE does save ya from more than a year of tough programming work. 

Rimbit is hunting for inactive old collectables, too.

[BARR_Official]

Starting November 1st, it's time to let go of your altcoins and exchange them for BARR - Burning Altcoins for Redemption and Reduction.

BARR is traded on the NXT Asset Exchange, and it is the first coin to use Multi-Proof-of-Burn. 

We believe that there are too many weak altcoins on the market, so we intend to get rid of them.  We will target an altcoin for burn redemption, and we will attempt to burn so much of its supply that it cannot continue to be traded on exchanges.  We will absorb each coin's users as they redeem their illiquid coins for BARR, adding value to BARR with each round of burn redemption, and using the exchange rate as the variable difficulty for a curve of emission over time similar to PoW block reward halving.

Just as burning bitcoins makes all remaining bitcoins more valuable, burning entire altcoin networks will make all remaining cryptocurrencies more valuable.

If a coin is able to survive our burn period, then it will emerge stronger than before due to its newly-reduced supply, and we have still accomplished our goal of eliminating weak coins. 

The first burn period is November 1 to November 30, and the coins offered for burn redemption are Fractalcoin, Keycoin, and Sapience. 

Please visit barr.me for more details.

Wow...you're doing what NEXUS (originally CoinShield) set out to do more than a year ago, only you're up and running. I'll tell y'all one thing: burning wrecked alts through the Nxt AE does save ya from more than a year of tough programming work. 

Yeah, we're trying to keep it as simple as possible.  We're not selling any funds for the launch, no premine or ICO, so we're using the options that don't require hiring programmers or a lot of resources.  Since all the development and maintenance is done by us on a volunteer basis, we'll be able to continue operating indefinitely with no costs except our own time.

[maokoto]

Well, will do just as you say, but not because I really believe in charts, but because it is likely that quite a lot of people trust you and start to buy, taking the price up.

Thanks!

[tokeweed]

Well, will do just as you say, but not because I really believe in charts, but because it is likely that quite a lot of people trust you and start to buy, taking the price up.

Thanks!

Don't say that.  It could go the other way, you know...  And a correction is coming anytime now.

[Spoetnik]

I like your post OP but unless BTC goes on the American stock exchanges i don't see it really going anywhere price wise.
But still ..not bad advice 

[bones261]

I initially found this advise somewhat off putting since I see myself as a big fan of alts. However, if I were to convert all of the alts that I hold currently, I might be able to get .02 BTC.  I guess that I'm not really that much of a fan for alts.  

[tokeweed]

I initially found this advise somewhat off putting since I see myself as a big fan of alts. However, if I were to convert all of the alts that I hold currently, I might be able to get .02 BTC.  I guess that I'm not really that much of a fan for alts.  

It's not about bein a fan or not.  It's about whether the money is coming back to the markets again.  With all the scams and P&D's people are either broke or scared.

[Spoetnik]

I initially found this advise somewhat off putting since I see myself as a big fan of alts. However, if I were to convert all of the alts that I hold currently, I might be able to get .02 BTC.  I guess that I'm not really that much of a fan for alts.  

It's not about bein a fan or not.  It's about whether the money is coming back to the markets again.  With all the scams and P&D's people are either broke or scared.

A good example of how things played out is i was typing here and i have a buddy who is almost 50
and i told him i was into Bitcoin before and he said oh yeah i heard of that.. *years ago.
he thought Bitcoin was gone now and said he just never heard anything more about it so he figured it was gone now.
that sums it up nicely i think..

[DASHfaucet]

I will stay with Altcoins. Bitcoin will strengthens and alts will follow him. It's only a matter of time. 

[tokeweed]

I will stay with Altcoins. Bitcoin will strengthens and alts will follow him. It's only a matter of time. 

Yes you are correct.  Please advice everyne to buy and hold.

[Spoetnik]

I will stay with Altcoins. Bitcoin will strengthens and alts will follow him. It's only a matter of time. 

That is just dumb and based on *almost nothing really.
yeah if BTC went to a grand a coin ALT's would go up in value somewhat but it proves nothing though.
I have heard that plenty and it's as dumb now as ever.

If that is what you guys are clinging to around here i wouldn't hold your breath LOL

[DASHfaucet]

I will stay with Altcoins. Bitcoin will strengthens and alts will follow him. It's only a matter of time. 

That is just dumb and based on *almost nothing really.
yeah if BTC went to a grand a coin ALT's would go up in value somewhat but it proves nothing though.
I have heard that plenty and it's as dumb now as ever.

If that is what you guys are clinging to around here i wouldn't hold your breath LOL

If (when) Bitcoin will went to mainstream, Alts will follow him. There will be place for many coins. Like now on market is place for restaurants, bars and fast foods.. Almost everywhere the same, but not quite

[tokeweed]

Still looking good! 

[Sir Alpha_goy]

.

[Spoetnik]

are EU guys paying tax on Bitcoin in the first place ?
no ? then what difference does that make market wise ?
that tax ruling is just nonsense and as usual you guys are more focused on trivial crap then the obvious..

getting adoption from the general public.
with out that your a mouse on a wheel going no where with this altcoin crap.
and it's cute you all think someone else is going to do all the work to make that happen..

you know i will just buy the coins and sit back and get rich down the road
when someone else does all the work luring in the general public to crypto coins.
in the mean time lets bicker and fight over scam tokens for chump change  
preaching to the choir.. round and round you guys go.. harping on the same small handful of guys left involved in this crap.

[tokeweed]

Alright guys!  This is the moment of truth!



Stays above 300 = Good.

Goes below 300 = Bad.  Duh.

[Tinkles]

Alright guys!  This is the moment of truth!



Stays above 300 = Good.

Goes below 300 = Bad.  Duh.

LOL!  Nice

Next up: Bitcoin @ $400, featuring Big Trouble in Little China