Bitcoin being killed by ethereum dump - page 2.

KenChanYu

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Quote from: TaunSew on August 18, 2014, 10:13:45 PM

Quote from: instacalm on August 18, 2014, 10:10:53 PM

Quote from: KenChanYu on August 18, 2014, 09:55:51 PM

Quote from: TaunSew on August 18, 2014, 09:30:27 PM

Quote from: jabo38 on August 18, 2014, 09:21:29 PM

Bitcoin needs to be big enough and strong enough so that it is not affected by these things. Guys at Ethereum are getting rich, and the bitcoin price is going down. If bitcoin can be hurt so much, then there is a clear flaw in the bitcoin system.

The issue here is more that the volume is mainly fake.

Dumping $500K - $1 million a day (like Ethereum is doing) is enough to send the price crashing, because the bots and scripts will play musical chairs with that dumped BTC (dump $1 million and the bots and scripts will turn it into $20+ million).

How much has NEM raised for far, isn't that going to be worse for btc price when that gets dumped out or is Eth IPO a lot bigger?

Here are the numbers to answer your question.

Ethereum: 28011 BTC
NEM: 66 BTC + 400k NXT
NXT: 21 BTC

66 BTC is the correct figure. I said 52 BTC as that is what I happened to recall it to be. It is an immaterial difference when we consider all these IPOs on Bitcointalk which do 100s - 10,000s of BTC.

NEM is theoretically trying to repeat the Bitcoin experience where all early adopters (pre-2012) are given a fair chance in the distribution.

Didn't realise the IPO was that massive!

They must of had impressive concepts to fool so many people into buying in.

TaunSew

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Quote from: instacalm on August 18, 2014, 10:10:53 PM

Quote from: KenChanYu on August 18, 2014, 09:55:51 PM

Quote from: TaunSew on August 18, 2014, 09:30:27 PM

Quote from: jabo38 on August 18, 2014, 09:21:29 PM

Bitcoin needs to be big enough and strong enough so that it is not affected by these things. Guys at Ethereum are getting rich, and the bitcoin price is going down. If bitcoin can be hurt so much, then there is a clear flaw in the bitcoin system.

The issue here is more that the volume is mainly fake.

Dumping $500K - $1 million a day (like Ethereum is doing) is enough to send the price crashing, because the bots and scripts will play musical chairs with that dumped BTC (dump $1 million and the bots and scripts will turn it into $20+ million).

How much has NEM raised for far, isn't that going to be worse for btc price when that gets dumped out or is Eth IPO a lot bigger?

Here are the numbers to answer your question.

Ethereum: 28011 BTC
NEM: 66 BTC + 400k NXT
NXT: 21 BTC

66 BTC is the correct figure. I said 52 BTC as that is what I happened to recall it to be. It is an immaterial difference when we consider all these IPOs on Bitcointalk which do 100s - 10,000s of BTC.

NEM is theoretically trying to repeat the Bitcoin experience where all early adopters (like Bitcoin pre-2012) are given a fair chance in the distribution.

instacalm

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Quote from: KenChanYu on August 18, 2014, 09:55:51 PM

Quote from: TaunSew on August 18, 2014, 09:30:27 PM

Quote from: jabo38 on August 18, 2014, 09:21:29 PM

Bitcoin needs to be big enough and strong enough so that it is not affected by these things. Guys at Ethereum are getting rich, and the bitcoin price is going down. If bitcoin can be hurt so much, then there is a clear flaw in the bitcoin system.

The issue here is more that the volume is mainly fake.

Dumping $500K - $1 million a day (like Ethereum is doing) is enough to send the price crashing, because the bots and scripts will play musical chairs with that dumped BTC (dump $1 million and the bots and scripts will turn it into $20+ million).

How much has NEM raised for far, isn't that going to be worse for btc price when that gets dumped out or is Eth IPO a lot bigger?

Here are the numbers to answer your question.

Ethereum: 28011 BTC (still ongoing)
NEM: 66 BTC + 400k NXT (0.23% of ethereum's BTC as of posting)
NXT: 21 BTC (0.07% of ethereum's BTC a.o.p.)

TaunSew

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Quote from: KenChanYu on August 18, 2014, 09:55:51 PM

Quote from: TaunSew on August 18, 2014, 09:30:27 PM

Quote from: jabo38 on August 18, 2014, 09:21:29 PM

Bitcoin needs to be big enough and strong enough so that it is not affected by these things. Guys at Ethereum are getting rich, and the bitcoin price is going down. If bitcoin can be hurt so much, then there is a clear flaw in the bitcoin system.

The issue here is more that the volume is mainly fake.

Dumping $500K - $1 million a day (like Ethereum is doing) is enough to send the price crashing, because the bots and scripts will play musical chairs with that dumped BTC (dump $1 million and the bots and scripts will turn it into $20+ million).

How much has NEM raised for far, isn't that going to be worse for btc price when that gets dumped out or is Eth IPO a lot bigger?

52 BTC. NEM was not an IPO but a call for participation, where sending in a token amount of BTC reserved you a spot to become a future stakeholder. There was publicly audited taint analysis to ensure these were real persons and nobody was certain back in January that NEM would be worth anything.

There was at least 1200 veteran accounts and a distribution of 1200 beats everything to date (another 1800 were accounts which registered after January). Even if 1000 out of 3000 accounts were sockpuppets (unlikely due to taint analysis and the time it would take to game it and avoid being caught) this distribution beats everything in crypto history.

It's a different now that NEM has been $3 - $6 million capitalization for an unreleased coin and people are very bullish about it. NEM is currently $600 on the NXT asset exchange (the capitalization for NEMstake is incorrect as NEMstake only represents 1 billion coins when NEM is 4 billion).

KenChanYu

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Quote from: TaunSew on August 18, 2014, 09:30:27 PM

Quote from: jabo38 on August 18, 2014, 09:21:29 PM

Bitcoin needs to be big enough and strong enough so that it is not affected by these things. Guys at Ethereum are getting rich, and the bitcoin price is going down. If bitcoin can be hurt so much, then there is a clear flaw in the bitcoin system.

The issue here is more that the volume is mainly fake.

Dumping $500K - $1 million a day (like Ethereum is doing) is enough to send the price crashing, because the bots and scripts will play musical chairs with that dumped BTC (dump $1 million and the bots and scripts will turn it into $20+ million).

How much has NEM raised for far, isn't that going to be worse for btc price when that gets dumped out or is Eth IPO a lot bigger?

TaunSew

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Activity: 756

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Quote from: jabo38 on August 18, 2014, 09:21:29 PM

Bitcoin needs to be big enough and strong enough so that it is not affected by these things. Guys at Ethereum are getting rich, and the bitcoin price is going down. If bitcoin can be hurt so much, then there is a clear flaw in the bitcoin system.

The issue here is more that the volume is mainly fake.

Dumping $500K - $1 million a day (like Ethereum is doing) is enough to send the price crashing, because the bots and scripts will play musical chairs with that dumped BTC (dump $1 million and the bots and scripts will turn it into $20+ million).

jabo38

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mining is so 2012-2013

Bitcoin needs to be big enough and strong enough so that it is not affected by these things. Guys at Ethereum are getting rich, and the bitcoin price is going down. If bitcoin can be hurt so much, then there is a clear flaw in the bitcoin system.

instacalm

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Quote from: gog1 on August 18, 2014, 09:09:50 PM

I view all so call gen 2 crypto as scams.

too generalised, that's like viewing all americans as terrorists or all short people stupid etc., in other words totally inappropriate

TaunSew

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Quote from: gog1 on August 18, 2014, 09:09:50 PM

Quote from: TaunSew on August 18, 2014, 09:03:35 PM

Quote from: Zer0Sum on August 16, 2014, 11:29:09 AM

Quote from: Beliathon on August 13, 2014, 08:44:30 AM

A must read for all those getting scammed into ethereum: http://gavintech.blogspot.com/2014/06/bit-thereum.html

And for anyone who honestly believes bitcoin is being "killed" by this non-factor new altcoin, have a look at the big picture reality:

All of this has happened before, all of it will happen again. And again. And again. And again until fiat no longer exists.

Gavin re:etherium = "complexity is the enemy of security"...
And I might add Ripple proved that complexity is the enemy of usability.

Mainstream crypto and digital assets MUST BE DEAD SIMPLE...
These eggheads with their Gen 2.0 projects have no clue about this.

Bitcoin is a better investment right now than ANY of the Gen 2.0 nightmares.

I'm glad you at least said Gen 2.0 nightmares. I'm sure that was a stab at Ethereum, Ripple and 1.5 coins like Maidsafe / Mastercoin.

If you invested today...

Is BTC a better investment than Ethereum? Probably. Is BTC a better investment then Ripple? Probably

Is 1 BTC in BTC better than NXT? Debatable - many people are very bullish about NXT just due to its' ecosystem.

Is 1 BTC in BTC better than NEM? Definitely not. NEM is $600 per stake and can probably grow a minimum of at least 15 times. As well if BTC did go up so would all the alternates which are traded in BTC.

Is 1 BTC in BTC better than NODE? Probably not. NODE may have issues but it's cheap at $300 and I myself have not had a reason to sell it.

Is .1 BTC in BTC better than ORA? Probably not. ORA is only what like $40? May as well just grab one and just wait and see what happens.

I view all so call gen 2 crypto as scams.

That would be an unpopular opinion as you are responding to a thread in the alternate section.

I haven't been scammed out of any money from an actual generation 2.0 coin but that is because I avoided Ethereum and Maidsafe. NXT, NEM, ORA, NODE and 1.5 coins like Redd did not steal or scam any money from me - these were coins I bought and I always had the option to sell.

gog1

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Quote from: TaunSew on August 18, 2014, 09:03:35 PM

Quote from: Zer0Sum on August 16, 2014, 11:29:09 AM

Quote from: Beliathon on August 13, 2014, 08:44:30 AM

A must read for all those getting scammed into ethereum: http://gavintech.blogspot.com/2014/06/bit-thereum.html

And for anyone who honestly believes bitcoin is being "killed" by this non-factor new altcoin, have a look at the big picture reality:

All of this has happened before, all of it will happen again. And again. And again. And again until fiat no longer exists.

Gavin re:etherium = "complexity is the enemy of security"...
And I might add Ripple proved that complexity is the enemy of usability.

Mainstream crypto and digital assets MUST BE DEAD SIMPLE...
These eggheads with their Gen 2.0 projects have no clue about this.

Bitcoin is a better investment right now than ANY of the Gen 2.0 nightmares.

I'm glad you at least said Gen 2.0 nightmares. I'm sure that was a stab at Ethereum, Ripple and 1.5 coins like Maidsafe / Mastercoin.

If you invested today...

Is BTC a better investment than Ethereum? Probably. Is BTC a better investment then Ripple? Probably

Is 1 BTC in BTC better than NXT? Debatable - many people are very bullish about NXT just due to its' ecosystem.

Is 1 BTC in BTC better than NEM? Definitely not. NEM is $600 per stake and can probably grow a minimum of at least 15 times. As well if BTC did go up so would all the alternates which are traded in BTC.

Is 1 BTC in BTC better than NODE? Probably not. NODE may have issues but it's cheap at $300 and I myself have not had a reason to sell it.

Is .1 BTC in BTC better than ORA? Probably not. ORA is only what like $40? May as well just grab one and just wait and see what happens.

I view all so call gen 2 crypto as scams.

TaunSew

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Activity: 756

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Quote from: Zer0Sum on August 16, 2014, 11:29:09 AM

Quote from: Beliathon on August 13, 2014, 08:44:30 AM

A must read for all those getting scammed into ethereum: http://gavintech.blogspot.com/2014/06/bit-thereum.html

And for anyone who honestly believes bitcoin is being "killed" by this non-factor new altcoin, have a look at the big picture reality:

All of this has happened before, all of it will happen again. And again. And again. And again until fiat no longer exists.

Gavin re:etherium = "complexity is the enemy of security"...
And I might add Ripple proved that complexity is the enemy of usability.

Mainstream crypto and digital assets MUST BE DEAD SIMPLE...
These eggheads with their Gen 2.0 projects have no clue about this.

Bitcoin is a better investment right now than ANY of the Gen 2.0 nightmares.

I'm glad you at least said Gen 2.0 nightmares. I'm sure that was a stab at Ethereum, Ripple and 1.5 coins like Maidsafe / Mastercoin.

If you invested today...

Is BTC a better investment than Ethereum? Probably. Is BTC a better investment then Ripple? Probably

Is 1 BTC in BTC better than NXT? Debatable - many people are very bullish about NXT just due to its' ecosystem.

Is 1 BTC in BTC better than NEM? Definitely not. NEM is only $600 per stake

Is 1 BTC in BTC better than NODE? Probably not. NODE may have issues but it's cheap at $300 and I myself have not had a reason to sell it.

Is .1 BTC in BTC better than ORA? Probably not. ORA is only what like $40 per stake? May as well just grab one and just wait and see what happens.

gog1

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Anyway bitcoiners can get back at ethereum?!

Zer0Sum

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Quote from: Beliathon on August 13, 2014, 08:44:30 AM

A must read for all those getting scammed into ethereum: http://gavintech.blogspot.com/2014/06/bit-thereum.html

And for anyone who honestly believes bitcoin is being "killed" by this non-factor new altcoin, have a look at the big picture reality:

All of this has happened before, all of it will happen again. And again. And again. And again until fiat no longer exists.

Gavin re:etherium = "complexity is the enemy of security"...
And I might add Ripple proved that complexity is the enemy of usability.

Mainstream crypto and digital assets MUST BE DEAD SIMPLE...
These eggheads with their Gen 2.0 projects have no clue about this.

Bitcoin is a better investment right now than ANY of the Gen 2.0 nightmares.

xiaoxiaox

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Acturlly i don't think so.Yes,ethereum will dump a huge amounts of bitcoin but when the price of bitcoin is low enough people will panic buy.

StephenJH

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No more Rekt and Bust

Quote from: trader001 on August 14, 2014, 12:18:41 AM

Quote from: biggus dickus on August 13, 2014, 12:47:12 PM

Quote from: Nullu on August 13, 2014, 12:45:38 PM

Let me guess - Ether doesn't publicly display their BTC addresses.

You can see the ethereum ipo bitcoin address here.

https://blockchain.info/address/36PrZ1KHYMpqSyAQXSG8VwbUiq2EogxLo2

Look like they are only cashing out 2000 bitcoin.

If 2k bitcoin cash out causing bitcoin to drop 10%. Imagine they cash out even more.

If 2k bitcoin cash out causes such a 'crash' then the bitcoin ecosystem is not as healthy as some say it is.

Nxtblg

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Quote from: counter on August 15, 2014, 11:36:46 PM

Quote from: Nxtblg on August 15, 2014, 07:35:44 AM

Quote from: counter on August 14, 2014, 12:06:40 PM

It amazes me how many people will come ouf of the woodwork claiming it's the end of Bitcoin.

"The market climbs a wall of worry and slides down a river of hope." - old Wall Street saying...from old Wall Street.

This is a good one that I'll be sure to keep in mind when I'm finding in myself in a similar situation and facing a tough decision, You my friend are wise beyond your years. Wink

You have no idea how beyond. Grin

But I will keep crankin' 'em out when I see an opening. Myself, I prefer not to be clever about the hand-wringing here; I think the people worrying about the end of Bitcoin are just "nervous in the service."

rugrats

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Vave.com - Crypto Casino

Quote from: Leina on August 15, 2014, 11:43:36 PM

Is there evident the price correction is due to Ethereum dumping or pure speculation at this point?

The blockchain address still show they have over 24k BTC, did they say what they are going to do with it?

They have moved out about 3,700BTC over the last five days.
However, I think the drop is not caused by this alone. It's a combination of several factors, though I believe the biggest of them all may be the Bitfinex margin calls.
The was a moment of panic when 650BTCs were suddenly sold significantly below market price.
It caused a short chain reaction that was exacerbated by Ethereum's 3,700BTC sell-off on a market already spooked by the proposed BitLicense framework announced by the New York State Department of Financial Services.

johnnyrocket

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Quote from: digitalindustry on August 14, 2014, 10:37:00 AM

Quote from: Beliathon on August 13, 2014, 08:44:30 AM

A must read for all those getting scammed into ethereum: http://gavintech.blogspot.com/2014/06/bit-thereum.html

And for anyone who honestly believes bitcoin is being "killed" by this non-factor new altcoin, have a look at the big picture reality:

All of this has happened before, all of it will happen again. And again. And again. And again until fiat no longer exists.

just quoting that for history

- also i like that Gavin called them "Oracles"

That's a nice article by Gavin, and I hadn't seen it yet, so thanks for linking to it. I like how he quotes "complexity is the enemy of security", but there's another angle to approach it from: usability. Complexity is the enemy of real world usage by any significant number of the non-genius-level-technically-inclined part of the human population.

Leina

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Is there evident the price correction is due to Ethereum dumping or pure speculation at this point?

The blockchain address still show they have over 24k BTC, did they say what they are going to do with it?

counter

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Time is on our side, yes it is!

Quote from: Nxtblg on August 15, 2014, 07:35:44 AM

Quote from: counter on August 14, 2014, 12:06:40 PM

It amazes me how many people will come ouf of the woodwork claiming it's the end of Bitcoin.

"The market climbs a wall of worry and slides down a river of hope." - old Wall Street saying...from old Wall Street.

This is a good one that I'll be sure to keep in mind when I'm finding in myself in a similar situation and facing a tough decision, You my friend are wise beyond your years. Wink

Topic: Bitcoin being killed by ethereum dump - page 2. (Read 5694 times)