Black Tuesday for altcoins!

[zhinkk]

many altcoins are just having a meltdown... does anybody know the reason?..

Because most of them are shitcoins with nothing new or innovative, and just copies of each other?

And reality is finally catching up with prices. I hope this continues for shit coins and only innovative coins thrive (very few).

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[Hfleer]

I've been working on a variety of price-weighted and cap-weighted index concepts for alts...indexes that do NOT include BTC, which has lately been 93% of the total market cap (though now more like 94.5%). 

It just doesn't make sense to me that one can't compare one's alt portfolio with some kind of benchmarks, and if the 2-3 indexes out there have BTC (they do), that comprises the vast majority of index movement.  If I can't find an an index, I'll use my own for market direction and portfolio management.

For what it's worth, I have six different index concepts I've been toying with and they are all down 20-30% since last Monday morning.  Selection is based on combined cap and volume figures.  I've been re-balancing every two weeks,  but considering changing that to every week.  The one with the least number of coins has 31 coins that are not BTC, and, in that one, no LTC, either. Probably saved that one from oblivion!

Is it consistent with the ~30000 BTC being drained from then for Ethereum, StorJ, Stellar and Syscoin?

Well stellar also went down.. so the downtrend of other alts is not because of stellar.. maybe is because of the price of bitcoin that is going down..

Stellar is still up xxx% this last 10 days.

[IXC2XIC]

What exactly is xxx%?  It would be nice to know the lowest low so far to use as a baseline.  Anybody know what the lowest point was so far?   Thanks!

[Hfleer]

250% market cap up

http://coinmarketcap.com/currencies/stellar/

[IXC2XIC]

250% market cap up

http://coinmarketcap.com/currencies/stellar/

Well, that's good to know. I just dropped my buy-in price.  Way too many coins out there to pay that much.  Once these eager buyers are done buying it should drop.

[Lauda]

many altcoins are just having a meltdown... does anybody know the reason?..

Because most of them are shitcoins with nothing new or innovative, and just copies of each other?

Then how do you explain DRK falling?
Surely it has nothing new to provide.   

[TaunSew]

Many of those coins only had $5K to $50K volume in a 24H.  Then came along Stellar which did almost $500K in one day, Ethereum with the cash slurping machine at the front door and other odd coin or two which is undergoing huge gains.

Not inconceivable that people are cashing out their alternates to invest what they perceive to be better opportunities (whether that's a long term hold or a pump-n-dump).

[IXC2XIC]

many altcoins are just having a meltdown... does anybody know the reason?..

Because most of them are shitcoins with nothing new or innovative, and just copies of each other?

Then how do you explain DRK falling?
Surely it has nothing new to provide.    

Seriously?  What does dark have to offer beside bogus anon tech?

You want real anon tech, your best shot is Cryptonote, the rest are all gimmick monkey anon coins.  Dark will be tomorrow's Aurora.

[IXC2XIC]

Many of those coins only had $5K to $50K volume in a 24H.  Then came along Stellar which did almost $500K in one day, Ethereum with the cash slurping machine at the front door and other odd coin or two which is undergoing huge gains.

Not inconceivable that people are cashing out their alternates to invest what they perceive to be better opportunities (whether that's a long term hold or a pump-n-dump).

This theory makes a lot of sense.  The alt market was already shaky.  It wouldn't take much to make it collapse as selling begets selling.  These events could have provided that catalyst to create the spark in mass selling of alts. 

[Lauda]

Then how do you explain DRK falling?
Surely it has nothing new to provide.    

Seriously?  What does dark have to offer beside bogus anon tech?

You want real anon tech, your best shot is Cryptonote, the rest are all gimmick monkey anon coins.  Dark will be tomorrow's Aurora.

Bogus?   

Whenever you want to admit it or not, this technology works and the update is almost here. Even an developer of a Cryptonote admitted to it working.  

[negafen]

I've been working on a variety of price-weighted and cap-weighted index concepts for alts...indexes that do NOT include BTC, which has lately been 93% of the total market cap (though now more like 94.5%). 

It just doesn't make sense to me that one can't compare one's alt portfolio with some kind of benchmarks, and if the 2-3 indexes out there have BTC (they do), that comprises the vast majority of index movement.  If I can't find an an index, I'll use my own for market direction and portfolio management.

For what it's worth, I have six different index concepts I've been toying with and they are all down 20-30% since last Monday morning.  Selection is based on combined cap and volume figures.  I've been re-balancing every two weeks,  but considering changing that to every week.  The one with the least number of coins has 31 coins that are not BTC, and, in that one, no LTC, either. Probably saved that one from oblivion!

Is it consistent with the ~30000 BTC being drained from then for Ethereum, StorJ, Stellar and Syscoin?

Well stellar also went down.. so the downtrend of other alts is not because of stellar.. maybe is because of the price of bitcoin that is going down..

Bitcoin only went down less than 5%. While litecoin went down 20% +. Something else is at played here.

[IXC2XIC]

Yeah, it's called manipulation.  Whales want a ton of LTC before it gets listed on Coinbase as a real currency.  That would take LTC to $100 within 30 days and it should happen later this year as Bitcoin is already too expensive for a lot of cheaper transactions.  Doge will probably be added too for micro transactions since LTC will be worth north of $100 which is why doge is being taken under 20.

[Hfleer]

I've been working on a variety of price-weighted and cap-weighted index concepts for alts...indexes that do NOT include BTC, which has lately been 93% of the total market cap (though now more like 94.5%). 

It just doesn't make sense to me that one can't compare one's alt portfolio with some kind of benchmarks, and if the 2-3 indexes out there have BTC (they do), that comprises the vast majority of index movement.  If I can't find an an index, I'll use my own for market direction and portfolio management.

For what it's worth, I have six different index concepts I've been toying with and they are all down 20-30% since last Monday morning.  Selection is based on combined cap and volume figures.  I've been re-balancing every two weeks,  but considering changing that to every week.  The one with the least number of coins has 31 coins that are not BTC, and, in that one, no LTC, either. Probably saved that one from oblivion!

Is it consistent with the ~30000 BTC being drained from then for Ethereum, StorJ, Stellar and Syscoin?

Well stellar also went down.. so the downtrend of other alts is not because of stellar.. maybe is because of the price of bitcoin that is going down..

Bitcoin only went down less than 5%. While litecoin went down 20% +. Something else is at played here.

Yeah, and even if Ethereum and co drained much money, that can't be the sole reason imo.

[TamiLee]

I am just so excited to see how NLG is going to end the year off, man that coin is like a hidden dragon waiting to pounce.lol

[fluffypony]

Then how do you explain DRK falling?
Surely it has nothing new to provide.    

Seriously?  What does dark have to offer beside bogus anon tech?

You want real anon tech, your best shot is Cryptonote, the rest are all gimmick monkey anon coins.  Dark will be tomorrow's Aurora.

Bogus?   
Whenever you want to admit it or not, this technology works and the update is almost here. Even an developer of a Cryptonote admitted to it working.  

I'd like to point out that the diagram is just representing onion routing, and inherits all of the issues and attacks that Tor's exit nodes have. It also does little extra to obscure your IP address than Bitcoin already does (and Darkcoin too, as it inherited Bitcoin's code base). With Bitcoin: when you send a transaction it is broadcast to one of your connected peers, and only then does that peer relay it. The peer's IP address is the one that is recorded, NOT yours. Your IP address is never logged by that peer (unless that peer is malicious).

You can see on any of the transactions on blockchain.info it says "Relayed by IP", which is typically not the source of the transaction (except for weird enterprise Bitcoin systems that do this on purpose). The purpose of any sort of IP obfuscation is not to layer on to of Bitcoin's already excellent system, it is to ensure that an attacker that has complete access to your router or your ISP's upstream router cannot tell if you are using a particular application. At this, the image above fails miserably, as this hypothetical attacker would still see you connect to a masternode and submit an encrypted packet.

[Lauda]

I'd like to point out that the diagram is just representing onion routing, and inherits all of the issues and attacks that Tor's exit nodes have. It also does little extra to obscure your IP address than Bitcoin already does (and Darkcoin too, as it inherited Bitcoin's code base). With Bitcoin: when you send a transaction it is broadcast to one of your connected peers, and only then does that peer relay it. The peer's IP address is the one that is recorded, NOT yours. Your IP address is never logged by that peer (unless that peer is malicious).

You can see on any of the transactions on blockchain.info it says "Relayed by IP", which is typically not the source of the transaction (except for weird enterprise Bitcoin systems that do this on purpose). The purpose of any sort of IP obfuscation is not to layer on to of Bitcoin's already excellent system, it is to ensure that an attacker that has complete access to your router or your ISP's upstream router cannot tell if you are using a particular application. At this, the image above fails miserably, as this hypothetical attacker would still see you connect to a masternode and submit an encrypted packet.

I linked one as I don't want to link much more, besides I was in a rush.
How about we wait for the release and see what happens.
Versus the right attacker nothing is going to work, no ring signatures no nothing.

[vuduchyld]

I've been working on a variety of price-weighted and cap-weighted index concepts for alts...indexes that do NOT include BTC, which has lately been 93% of the total market cap (though now more like 94.5%). 

It just doesn't make sense to me that one can't compare one's alt portfolio with some kind of benchmarks, and if the 2-3 indexes out there have BTC (they do), that comprises the vast majority of index movement.  If I can't find an an index, I'll use my own for market direction and portfolio management.

For what it's worth, I have six different index concepts I've been toying with and they are all down 20-30% since last Monday morning.  Selection is based on combined cap and volume figures.  I've been re-balancing every two weeks,  but considering changing that to every week.  The one with the least number of coins has 31 coins that are not BTC, and, in that one, no LTC, either. Probably saved that one from oblivion!

Is it consistent with the ~30000 BTC being drained from then for Ethereum, StorJ, Stellar and Syscoin?

That is a great question.  I was planning my next re-balance this coming weekend, so no, none of that is included.  Just looking at the charts, I believe that the only one of those four that will make the rebalance, though, is Stellar.  I'm not as informed about this as I should be, but I don't know that Etherium is on an exchange yet, and, as such, it's not tracked by coinmarketcap.com. 

Unlike the big indexes of the stock exchanges that re-balance yearly, I'm re-balancing every two weeks.  Feels like there is so much more volatility in the crypto sector that it is absolutely necessary to do it that way.  Any coin that meets the cap and volume metrics will get included in the basket at re-balance. 

For what it's worth, though, 30K BTC would have generated a movement of 5.7% on the index that would have seen the most movement.  The others would have moved even less.  So even if 30K BTC moved into those non-indexed coins, that definitely would not account for much of the change I've been watching.

[akujin]

Whales are cashing out because BTC is going down 

[cuddaloreappu]

Whales are cashing out because BTC is going down 

You mean they have prior info about a btc drop?

so they cash out everything to btc and then from btc to their nation's currency tomorow

[Hfleer]

Whales are cashing out because BTC is going down 

You mean they have prior info about a btc drop?

so they cash out everything to btc and then from btc to their nation's currency tomorow

Yeah that sounds highly unlikely!