[XMR] Monero Speculation

[Bitcopia]

the panic was not as bad as I had expected.

I got lucky: "ristopietila: my dream scenario would be a dump to 370, low enough to enable some acquisition and carve a low, but high enough to end the dreaming of monero ever going as low again"

Nice call. Did your bid get filled? I see a low just shy at .003735!

[CoinRocka]

how does one check their monero balance?

-n00b

[vuduchyld]

Man, this was one helluva day.  It's hard to believe that we didn't see a more extended or deeper dump. 

I know the situations are far different, but when BTer got its NXT hacked a few weeks ago, NXT took a beating from .00007 something and then languished in the 5's for a long time.  It's still more than 10% down from pre-hack.  In some ways, the NXT issue seems less damaging, as it was totally the fault of the exchange, not the coin.  I suspect the whole issue of how they handled the to-fork-or-not-to-fork question and how long it took may have been damaging, whereas the XMR team reacted seamlessly with no belly-button staring.

So far, XMR had a couple of wild hours, but you could damn near just draw the line over from pre-frozen trading. 

Crypto definitely has some risks that one doesn't find in other investment vehicles or currencies. 

[vuduchyld]

how does one check their monero balance?

-n00b

Kinda depends on where you keep it. Have you moved it from whatever exchange you purchased from?

[aminorex]

some external consultants were hired to resolve the issue and look at the code. Probably more bad or sloppy code was found which can be fixed now.

This could create an erroneous impression.  I'd ask a core member to give color on it.

Do you still think this after smooth's explanation? If so, could you elaborate for me please?

Smooth clarified the point I found potentially misleading, with the appropriate authority.

[rpietila]

the panic was not as bad as I had expected.

I got lucky: "ristopietila: my dream scenario would be a dump to 370, low enough to enable some acquisition and carve a low, but high enough to end the dreaming of monero ever going as low again"

Nice call. Did your bid get filled? I see a low just shy at .003735!

Not really. I had applied to Poloniex that the investors could enter orders before the markets open (which has been the case in every market since time immemorial but seemingly not crypto, as both Mt.Gox and Poloniex have refused to do it). Because I am slow to type, I could not participate in the initial whipsaw (which in my opinion should not even happen if the exchanges would take the time to study how it is to be an exchange).

Poloniex did get some minuspoints, the first ones from me.

[Cryptobro]

Because I am slow to type, I could not participate in the initial whipsaw

There's a win for the little guys
I was waiting until 3am for the market to open on Polo, when it finally happened it moved so fast I was in shock...saw 375 on the sell orders after about 2 seconds and I thought to myself, no way it got down here that fast, something clicked and I picked up 150 odd coins at that price...Obviously tiny in comparison to most but I'm happy about it. Especially after worrying all day I was going to lose all my XMR due to the hack, afterall it's been pretty much the only coin I hold that has done well.

[Febo]

Looks like some folks just got a lot of cheap Monero!

It was dropping yesterday before this incident, so they've not really got a lot of cheap Monero.

More like panic bought a lot of Monero.

Was dumped to +- 0.00375 and went straight up again, I think he meant that

Yep. Panic dumping out of fear is ALWAYS a bad idea. I watched it happen with BTC on the March 2013 hard fork, the SR crash, and all of the mini panics when Gox was freezing up all the time. This is reminiscent of those times.

Yeah, those that panic sold BTC at $500-1300 must be kicking themselves.

March 2013 hard fork caused most people to panic sell in the $30s. Yes they are kicking themselves.
SR crash caused most people to panic sell in the $80 - 120 range. Yes they are kicking themselves.
All of the times GOX froze were before they upgraded their trading engine which was before the October rally began. Those little panic sales were also a bad idea.

I just mean when a minor issue occurs, newbs think that price is going to drop like a rock and not recover for a while. They think they'll have a chance to pick up coins later for cheaper. It almost never happens that way, because those that understand that the fundamentals have not been irrecoverably damaged buy all of their discounted coins. This just happened with XMR, although the panic was not as bad as I had expected.

You're picking out moments in time, and you have no clear evidence that XMR is not priced high already. It is still just another alt, not even traded on Cryptsy. The panic sellers are probably right. Sometimes panic is good. There is no reason for panic sellers to take a risk and hold given XMR is young, not widely adopted, has broken code, and is one among 1000 altcoins.

Of course are those moments in time. Most of us was there yesterday when trade on Poloniex resumed and someone dumped few XMR and price fall to 0.00375. And altho many would like to buy at that price, only few were able to. You not only did had to be there in that fraction of time, you also needed to have buy offer set at 0.00375. If your offer was at 0.0039, then well you could not bought at 0.00375. And if your offer was at 0.0036, then also bad luck for you.

[Skinnkavaj]

You're picking out moments in time, and you have no clear evidence that XMR is not priced high already.

www.coingecko.com XMR ranking at 5th spot.
www.coinmarketcap.com XMR ranking at 12th spot.

[Skinnkavaj]

Would love to see some more statistics from rpietila. This man is incredible regarding statistics and other measures to value a coin.

[rdnkjdi]

Pretty decent 17K dump ... 

[GreekBitcoin]

Pretty decent 17K dump ... 

Around 27k actually

[CryptoGuu]

You're picking out moments in time, and you have no clear evidence that XMR is not priced high already.

www.coingecko.com XMR ranking at 5th spot.
www.coinmarketcap.com XMR ranking at 12th spot.

ripple 4, nxt 10, nice list bro

[Melbustus]

...

Rikke, why do you have so much hate for XMR?

Fair question, so I'll answer it honestly.

I think it's a scamcoin being pushed by a handful of people. I think there is a strategy and goal, and so far it is going well.

I will never understand that logic. You can look at the code. You can analyse the tech. You can analyse the current price/market-cap relative to the necessary price/market-cap if the coin were to achieve usage in the domains for which its tech are suited. You can analyse the probability of that happening. You can then decide, for yourself, honestly, if the coin makes sense for you to buy or not.

Things can only be a "scam" if the tech is obscured. But it's open-source....so....??

Maybe you think there are better coins than Monero. Maybe you think the code is sloppy/buggy. Maybe you think the underlying features that Monero has are ultimately not that interesting. That's all perfectly rational. Calling it a "scam", on the other hand, just demonstrates your own ignorance and inability to rationally evaluate anything for yourself. You're coming at this with an attitude of having to rely on other people's opinions, presumably because you can't do the due diligence to form your own. That's the only possible background from which calling anything open-source a "scam" can make sense.

Funny, your attitude reminds me very much of all the people who don't "trust" bitcoin because they don't know who Satoshi is. What if Satoshi is the NSA? Or pirateat40? Well, guess what....it doesn't matter....the code is the code.

[smoothie]

...

Rikke, why do you have so much hate for XMR?

Fair question, so I'll answer it honestly.

I think it's a scamcoin being pushed by a handful of people. I think there is a strategy and goal, and so far it is going well.

I will never understand that logic. You can look at the code. You can analyse the tech. You can analyse the current price/market-cap relative to the necessary price/market-cap if the coin were to achieve usage in the domains for which its tech are suited. You can analyse the probability of that happening. You can then decide, for yourself, honestly, if the coin makes sense for you to buy or not.

Things can only be a "scam" if the tech is obscured. But it's open-source....so....??

Maybe you think there are better coins than Monero. Maybe you think the code is sloppy/buggy. Maybe you think the underlying features that Monero has are ultimately not that interesting. That's all perfectly rational. Calling it a "scam", on the other hand, just demonstrates your own ignorance and inability to rationally evaluate anything for yourself. You're coming at this with an attitude of having to rely on other people's opinions, presumably because you can't do the due diligence to form your own. That's the only possible background from which calling anything open-source a "scam" can make sense.

Funny, your attitude reminds me very much of all the people who don't "trust" bitcoin because they don't know who Satoshi is. What if Satoshi is the NSA? Or pirateat40? Well, guess what....it doesn't matter....the code is the code.

Pathetic Troll logic to support their own agenda is what rikkejohn is demonstrating. 

[rikkejohn]

Would love to see some more statistics from rpietila. This man is incredible regarding statistics and other measures to value a coin.

Isn't he just, he could be the leading sudo-economist on Bitcointalk.

[rikkejohn]

The art of assertion, is the weapon of the shills and simpletons supporting XMR.

Broken code, suspicious volume on tiny exchange, price dropping, constant comparison with BTC rather than the other 1000 alts, and a sudo-economist stirring it up.

Oh My God.

*Edit ... and the appearance of hero members, all of a sudden, many of which have quite different posting styles in their history.

[smoothie]

The art of assertion, is the weapon of the shills and simpletons supporting XMR.

Broken code, suspicious volume on tiny exchange, price dropping, constant comparison with BTC rather than the other 1000 alts, and a sudo-economist stirring it up.

Oh My God.

*Edit ... and the appearance of hero members, all of a sudden, many of which have quite different posting styles in their history.

Keep reaching for reasons to support your own conclusions. 

[smooth]

The art of assertion, is the weapon of the shills and simpletons supporting XMR.

Broken code, suspicious volume on tiny exchange, price dropping, constant comparison with BTC rather than the other 1000 alts, and a sudo-economist stirring it up.

Oh My God.

*Edit ... and the appearance of hero members, all of a sudden, many of which have quite different posting styles in their history.

Keep reaching for reasons to support your own conclusions.  

so you admit there are reasons to support my conclusions.

In saying that, you might notice I leave room to be wrong.

When you (or someone else) deleted a post I made where I said "I think it is a scam", you left a nice little message saying you deleted my post because i said "it is a scam".

I tried to rely and point out that this was untrue, but the post got deleted immediately.

Misrepresentation.

Maybe it was someone else, though. It was in the self-moderated thread, which could be this thread.

It could very well be. See OP. "XMR is a scam" is off topic (as is BTW "Monero is great"). If you have specific substantive points to make related to (financial) speculating with respect to XMR, preferably ones that aren't repetitive, make them, otherwise stop.

[Melbustus]

...constant comparison with BTC rather than the other 1000 alts...

Ya know why? Because secure privacy is almost the only meaningful tech to come out of the alt-circus so far. And the people who appreciate and understand bitcoin at a greater depth than most realize this (and have been eschewing almost all alts for years because almost none are truly interesting).

*Edit ... and the appearance of hero members, all of a sudden, many of which have quite different posting styles in their history.

Hero members....meh.