For the sake of conversation, what would you have done in that scenario?
D
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Somebody would really Deep Pockets came in and purchase every single by order that could be done an entire Market on gdax.
Then a dump sent gDax etherium price to $0.13
Minutes later it's trading at 300.
Big whales moving into etherium. Probably going to get increasingly volatile pretty soon with big pump and dumps if this is any indication.
D
Deleted member 1
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I'm thinking more and more about the incentives involved in all of these ICOs that are popping up.
I have every bit of faith in ether as a platform but none as a reserve for value or daily transactions.
Think about how it works:
Somebody pops up with a grand idea or some prototype.
They put out their Ico and say they will give this new token in exchange for your ether. You are providing I currently $300 token in exchange for some quantity of their tokens. Their tokens are not worth anything at the time but once they get to a Marketplace could potentially trade into Bitcoin and eventually Fiat.
In the meantime the Ico has ether which can turn into Bitcoin or Fiat. They raised 150 million dollars of ether I need to pay their payroll for make some Investments for the Prototype to go into development. They decide they will cash out 50 million dollars ether. They have no incentive to sell that ether at $300 a piece. In fact, were they really have an incentive for is the fastest sell they can get. If they can get 300, great. But they are likely just as happy selling it for 200 or 250.
The Ico are being overfunded and they will simply turn around and dump their ether for the quantity of Fiat they really need.
They only need 20 million for their project and they raised 150 million. They might increase there Target's or expand the scope of their project with the new funding, but I would argue that it's much more likely they will dump the highly volatile ether into Fiat and cash out as soon as possible. This probably won't be done in massive blocks as it will be self-harming in Market volatility. But it will probably be done in a consistent process immediately. And with that will immediately increase The Ether Supply and run the cost down.
Ether value will only go up if tokens can continue to get "Frozen" to reduce the supply. But there's not incentives in place for that to happen by anybody other than the hodlers.
I have every bit of faith in ether as a platform but none as a reserve for value or daily transactions.
Think about how it works:
Somebody pops up with a grand idea or some prototype.
They put out their Ico and say they will give this new token in exchange for your ether. You are providing I currently $300 token in exchange for some quantity of their tokens. Their tokens are not worth anything at the time but once they get to a Marketplace could potentially trade into Bitcoin and eventually Fiat.
In the meantime the Ico has ether which can turn into Bitcoin or Fiat. They raised 150 million dollars of ether I need to pay their payroll for make some Investments for the Prototype to go into development. They decide they will cash out 50 million dollars ether. They have no incentive to sell that ether at $300 a piece. In fact, were they really have an incentive for is the fastest sell they can get. If they can get 300, great. But they are likely just as happy selling it for 200 or 250.
The Ico are being overfunded and they will simply turn around and dump their ether for the quantity of Fiat they really need.
They only need 20 million for their project and they raised 150 million. They might increase there Target's or expand the scope of their project with the new funding, but I would argue that it's much more likely they will dump the highly volatile ether into Fiat and cash out as soon as possible. This probably won't be done in massive blocks as it will be self-harming in Market volatility. But it will probably be done in a consistent process immediately. And with that will immediately increase The Ether Supply and run the cost down.
Ether value will only go up if tokens can continue to get "Frozen" to reduce the supply. But there's not incentives in place for that to happen by anybody other than the hodlers.
D
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This is why I got out of eth
@conor mcgregor nut hugger
I still think Bitcoin could have a floor as low as 1800. If they manage things well going to August 1st it will probably be closer to the 2000- 2100.
Litecoin is showing strong support around $34. So expecting to see some slowing of the drop there pretty soon.
This correction will be good for the market in long term.
Trash coins that are pump and dump scams will get whittled down.
@conor mcgregor nut hugger
I still think Bitcoin could have a floor as low as 1800. If they manage things well going to August 1st it will probably be closer to the 2000- 2100.
Litecoin is showing strong support around $34. So expecting to see some slowing of the drop there pretty soon.
This correction will be good for the market in long term.
Trash coins that are pump and dump scams will get whittled down.
Get a win in the UFC and thank the God prince
D
Deleted member 1
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This is why I got out of eth
@conor mcgregor nut hugger
I still think Bitcoin could have a floor as low as 1800. If they manage things well going to August 1st it will probably be closer to the 2000- 2100.
Litecoin is showing strong support around $34. So expecting to see some slowing of the drop there pretty soon.
This correction will be good for the market in long term.
Trash coins that are pump and dump scams will get whittled down.
And it continues
Ethereum is getting crushed
D
Deleted member 1
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BTC will be volatile. August 1.
LTC is gonna be unpredictable short term. New bottoms are being tested. If it can hold out while the rest are dropping, there's TONS of more LTC tech coming.
Could $100/LTC inside of a year.
D
Deleted member 1
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Jan 2018 is gonna be the sweet buying time I bet for a lot.
M
member 3289
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20k showed up on my doorstep this morning
considering upping my investment in lite (bought some when it was at 16bux)
Going to do some further research into some smaller crypto tonight too, any suggestions?
D
Deleted member 1
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Galt had me covered
Head of Mt Gox bitcoin exchange on trial for embezzlement and loss of millions
Mark Karpelès faces up to five years in jail as Japanese authorities press charges in bankruptcy case that lost 850,000 bitcoins and $28m of user money.
The 32-year-old head of failed bitcoin exchange Mt Gox pleaded not guilty on Tuesday to charges relating to the loss of hundreds of millions of dollars worth of bitcoins and cash from what was once the world’s biggest exchange based in Japan.
Mt Gox, which handled around 80% of global bitcoin trades, shut down and went bankrupt in February 2014, saying that it had lost about 850,000 bitcoins – then worth around half a billion US dollars – and $28m (£22m) in cash from its Japanese bank accounts. The Tokyo-based Mt. Gox blamed hackers for its lost bitcoins, pointing to a software security flaw, but subsequently said it had found 200,000 of the missing bitcoins.
Mark Karpelès faces up to five years in jail as Japanese authorities press charges in bankruptcy case that lost 850,000 bitcoins and $28m of user money.
The 32-year-old head of failed bitcoin exchange Mt Gox pleaded not guilty on Tuesday to charges relating to the loss of hundreds of millions of dollars worth of bitcoins and cash from what was once the world’s biggest exchange based in Japan.
Mt Gox, which handled around 80% of global bitcoin trades, shut down and went bankrupt in February 2014, saying that it had lost about 850,000 bitcoins – then worth around half a billion US dollars – and $28m (£22m) in cash from its Japanese bank accounts. The Tokyo-based Mt. Gox blamed hackers for its lost bitcoins, pointing to a software security flaw, but subsequently said it had found 200,000 of the missing bitcoins.
D
Deleted member 1
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No, but I probably should be
The bubble will burst wait until December and sell sell sell
M
member 3289
Guest
Didnt see it, but i love it 
D
Deleted member 1
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LTC and BTC are being very good to me.
Remember I told you that BTC would hit 1800? It did for half a day. Bought back in and am over 4000 now!!
LTC going towards 100 eventually