nrd525 Market Tracker

[nrd525]

You guys caused this rally just to convince me to use stop losses.  Such Trolling! =)

Real news: the Gemini thing is filed (but still could take a while to launch, right?):
http://www.coindesk.com/gemini-exchange-trust-filing/

[RoadTrain]

It's interesting whether this rally can move past previous peak at $9. While I doubt that, it still can happen if BTC continues its climb past $300.

[nrd525]

I'm thinking this might be similar to a smaller version of the Coinbase rally.  So bitcoin went up around 40%, and LTC doubled.   This time the ratio of LTC to BTC increase is larger.

[nrd525]

Wusintanluo (I think this is the name of the Chinese ponzi/investment scheme) has a new product:
https://translate.google.com/translate?sl=zh-CN&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2F8btc.com%2Fthread-20877-1-1.html&edit-text=


It looks like it is both a ponzi and a pyramid.  There is a lot of MLM in the google translation (Multi-Level Marketing - aka pyramid).

I'd like a translation of the chart with the various amounts from 100 to 10,000. It looks like different rates of returns either based on your length of investment or your level in the pyramid (or both?).
https://translate.googleusercontent.com/translate_c?depth=1&hl=en&ie=UTF8&prev=_t&rurl=translate.google.com&sl=zh-CN&tl=en&u=http://8btc.com/thread-20944-1-3.html&usg=ALkJrhi7xZhHO_VnpFtmMn30BJodCinl9g

[nrd525]

Update on the Wusintanluo ltc ponzi:
http://shitco.in/2015/07/25/the-wuestenrote-wusitanluo-ltc-ponzi-was-crushed/

[nrd525]

I set a stop loss for some of my LTC short.  I think if it goes up to around $5-$5.20, there is a decent chance that we're seeing pump 2.0 and it will go to $6.  Ideally I think you'd get back in at around $5.90 to $6, but it could also be an indicator that the pumpers will try several rounds.

The LTC ponzi continues to receive more attention.  But it still looks like a majority LTCers think it is a rumor.  The question is whether major investors are taking it seriously.

[RoadTrain]

I set a stop loss for some of my LTC short.

I think our strategy has worked

Btw we are experiencing a correction right now which can be used to close some profitable shorts hoping for re-entry. IMO, ultimately we may be heading towards $5-6 area, but it's uncertain. Possibility of new highs should not be discounted.

[Natalia_AnatolioPAMM]

I'm thinking this might be similar to a smaller version of the Coinbase rally.  So bitcoin went up around 40%, and LTC doubled.   This time the ratio of LTC to BTC increase is larger.

and how large you think it can get?

[nrd525]

BFX USD swaps went up $1.9 million in the past 24 hours to $30.1 million.  First time past $30 million.

I closed most of my LTC short as I'm worried about another pump (went from 1500 to 600). 

[Chef Ramsay]

BFX USD swaps went up $1.9 million in the past 24 hours to $30.1 million.  First time past $30 million.

I closed most of my LTC short as I'm worried about another pump (went from 1500 to 600). 

Dude, you need to stop shorting litecoin at this point and go long mostly. Everything else is looking good but stop the short tip. word.

[gizmoh]

BFX USD swaps went up $1.9 million in the past 24 hours to $30.1 million.  First time past $30 million.

I closed most of my LTC short as I'm worried about another pump (went from 1500 to 600). 

On the contrary, its time to short LTC.  Its a reminiscence of the pump.  Bids are pretty shallow and lower volume buying. Unsustainable even after halving.

[ejinte]

Dude, you need to stop shorting litecoin at this point and go long mostly. Everything else is looking good but stop the short tip. word.

Yeah we should definitely take advice from the biggest litecoin bagholder there is. 

[nrd525]

Dude, you need to stop shorting litecoin at this point and go long mostly. Everything else is looking good but stop the short tip. word.

Please give me your reasons.

On the positive side - I see Litecoin halving hype and a potential second pump (and the bullish flag is evidence of this).

I'm skeptical about Litecoin's actual use (or hold) value. I think Bitcoin does almost everything that Litecoin can do.  The exceptions are that Litecoin can help Litecoin miners make money, and that the Litecoin community believes in it.

I think the altcoin market is in a general decline which will not reverse when bitcoin turns its bear market and eventually goes bullish (which it has been doing since January).  There is lots of innovation, but almost nothing is sticking.  For most uses, bitcoin sidechains might replace altcoins.  If something does catch on, it will be very different from Bitcoin (something like Ripple).

The biggest negative is that I think the pump will collapse and the three ponzi owners will cash in.  This could take several months.

[ejinte]

I posted this in another thread but thought maybe it interests you as well, the cyber fund rating:

https://cyber.fund/



That's slide 21 from this report: https://cyber.fund/cyberep

Thoughts about this? What are you holding except for BTC nrd525?

[nrd525]

I think the number of users matters more than the technical attributes of the currency / payment system. It is possible that innovation will attract a strong enough community of users, but they have to compete with Bitcoin.  Frankly, I don't know enough about some of those currencies to analyze them. The only one I really followed was Ripple, and very briefly Ethereum.

A lot of people are probably in this for the fun (eg as a hobby) and they are going to prefer Bitcoin because there is more community, projects, drama, uses and news.  Personally I tend to have weird hobbies - like shortwave radio and try to receive AM/MW stations from Europe at my east coast address, but most people have hobbies that are more common (like sports watching or participating). Or if they are in it for the investing/gambling, there is little need to get involved in any alt-coins as Bitcoin is volatile enough (especially with leverage).

I've got Bitcoin, cash, USD swaps at Bitfinex, a LTC short, and half of a house (by far the largest asset).

...

LTC is down slightly from the bull flag (less "flag" looking). 
BTC is also down.

[ejinte]

The way I see it;

Bitcoin is outdated. I feel like living in the stone age every time I'm sitting around waiting for a block to mined so my transactions will be confirmed. The huge blockchain is another problem, it's like 30GB already. The waste of energy when mining is also a shame. We shouldn't have to burn the planets resources in this way.

There is already plenty of projects which are competing with bitcoin, however so far none of them have achieved in  overtaking bitcoin. The reason for this is that they are better, but not that much better. But there is technologies being developed right now which will be far superior to bitcoin and I think when the community relies this, bitcoin will disappear pretty quickly.

I'm not mentioning any specific coin or technology, since I don't want to come of as trying to "pump" my coin. Just giving my thought and hoping that perhaps someone thinks the same as me, does their own research and then will be ready for some interesting discussion.

[RoadTrain]

The way I see it;

Bitcoin is outdated. I feel like living in the stone age every time I'm sitting around waiting for a block to mined so my transactions will be confirmed. The huge blockchain is another problem, it's like 30GB already. The waste of energy when mining is also a shame. We shouldn't have to burn the planets resources in this way.

There is already plenty of projects which are competing with bitcoin, however so far none of them have achieved in  overtaking bitcoin. The reason for this is that they are better, but not that much better. But there is technologies being developed right now which will be far superior to bitcoin and I think when the community relies this, bitcoin will disappear pretty quickly.

I'm not mentioning any specific coin or technology, since I don't want to come of as trying to "pump" my coin. Just giving my thought and hoping that perhaps someone thinks the same as me, does their own research and then will be ready for some interesting discussion.

The problem is that there are no superior alternatives to PoW currently when concerning security. It means that non-PoW systems are either less secure (prone to various attacks), less studied (possibly prone to unknown attacks), or they lack some of Bitcoin fundamental properties (like, to my knowledge, Ripple lacks irreversibility). At the same time, PoW altcoins have no chance due to Bitcoin's natural monopoly. It makes it really hard to compete with Bitcoin.

With Bitcoin I'm currently waiting for the Lightning Network. That thing can push Bitcoin to a whole new level.

[nrd525]

The way I see it;

Bitcoin is outdated. I feel like living in the stone age every time I'm sitting around waiting for a block to mined so my transactions will be confirmed. The huge blockchain is another problem, it's like 30GB already. The waste of energy when mining is also a shame. We shouldn't have to burn the planets resources in this way.

There is already plenty of projects which are competing with bitcoin, however so far none of them have achieved in  overtaking bitcoin. The reason for this is that they are better, but not that much better. But there is technologies being developed right now which will be far superior to bitcoin and I think when the community relies this, bitcoin will disappear pretty quickly.

I'm not mentioning any specific coin or technology, since I don't want to come of as trying to "pump" my coin. Just giving my thought and hoping that perhaps someone thinks the same as me, does their own research and then will be ready for some interesting discussion.

The blockchain for anything that is used for small (or even medium sized) transactions will be huge. The only solution to that is to do transactions off-blockchain.  I think a centralized payment processor (like Dwolla) is probably the way to go and am surprised that one hasn't caught on.

...

If you believe in it, it looks like LTC is in a great Head and Shoulders formation - and will fall back to 23 LTC.  That said, I'm trying not to do day trading =)

[ejinte]

The problem is that there are no superior alternatives to PoW currently when concerning security. It means that non-PoW systems are either less secure (prone to various attacks), less studied (possibly prone to unknown attacks), or they lack some of Bitcoin fundamental properties (like, to my knowledge, Ripple lacks irreversibility). At the same time, PoW altcoins have no chance due to Bitcoin's natural monopoly. It makes it really hard to compete with Bitcoin.

Yep I agree on every point. Etereum is the one which stands out, but to be honest I don't really see any reason to hold the coin.

With Bitcoin I'm currently waiting for the Lightning Network. That thing can push Bitcoin to a whole new level.

Never knew about that before but couldn't find much information about it when I searched either. Could you describe it? Some sort of side-chain technology isn't?

The blockchain for anything that is used for small (or even medium sized) transactions will be huge. The only solution to that is to do transactions off-blockchain.  I think a centralized payment processor (like Dwolla) is probably the way to go and am surprised that one hasn't caught on.

Centralized payment processors sounds like a really bad idea to me. It's basiclly takes the purpuse of bitcoin away.
...

If you believe in it, it looks like LTC is in a great Head and Shoulders formation - and will fall back to 23 LTC.  That said, I'm trying not to do day trading =)

Nice spotted, let's see if it completes. Neckline seems to be at $4,4.

LTC will go back down to eighty six cents, where it belongs.

[nrd525]

The goal of a centralized payment system is to reduce the transaction cost.  For instance, last time I checked Dwolla was free for transactions under $10 and 25 cents above that. 

Hmm, LTC continues to dump.