Topic: Black Tuesday for altcoins! (Read 3323 times)
Its almost Tuesday already in some parts of the world...
But where would the fun in NOT hyping/fudding for most people here?
"I'll give you my fun when you take it from my cold, dead hands."
Worth noting, though, that both the crypto products and the trading markets are FAR, FAR less developed than equities markets (or their underlying companies) were in 1979. They are also largely unregulated. It's much easier to imagine the death (whatever that may mean) of such immature products and markets than it would have been to imagine that equities markets were going away.
Not that I think death is imminent...and that is a GREAT cover! Thanks for sharing for perspective.
Not that I think death is imminent...and that is a GREAT cover! Thanks for sharing for perspective.
Thanks yourself!
Just a note, though. I have some off-and-on years of playing penny stocks - enough to compare those markets to the ones here. Only a quick and memory-limited assessment, but my take is that the "wild west" hothouse around here means things move much faster in altcoin land than in the penny markets.
True, the grudgingly put up with shenanigans around here are illegal there - which is a big difference - but the patterns of fad-chasing, hype, bubbles, collapses, bagholding and bitterness are strikingly similar. I saw it all the time in gold-exploration penny-stock land, albeit with less volatile ups and downs.
490 $ per BTC ? WTF is going on ? Etherium team is it you?
Worth noting, though, that both the crypto products and the trading markets are FAR, FAR less developed than equities markets (or their underlying companies) were in 1979. They are also largely unregulated. It's much easier to imagine the death (whatever that may mean) of such immature products and markets than it would have been to imagine that equities markets were going away.
Not that I think death is imminent...and that is a GREAT cover! Thanks for sharing for perspective.
Not that I think death is imminent...and that is a GREAT cover! Thanks for sharing for perspective.
All these coins are basically no different than stocks and because of that, I believe it's mostly due to it being summer.
There's a very definite similarity in how a bull or bear market affects the general mood around here. Here as is there:
Strong bull trend --> "TO DA MOOOOON!"
String bear trend --> "WE'RE GONNA DIIIIIE!!"
All from the magic of extrapolation.
Allow me to present the image of an old Business Week cover that's legendary in contrarian investing circles:
From the issue dated August 12, 1979, a Sunday. That past Friday, the S&P 500 had closed at 106.4. Almost 35 years later, it's at 1,953.72
Sort-of gives you a different take on "The Death Of Altcoins..."
But where would the fun in NOT hyping/fudding for most people here?
All these coins are basically no different than stocks and because of that, I believe it's mostly due to it being summer.
There's a very definite similarity in how a bull or bear market affects the general mood around here. Here as is there:
Strong bull trend --> "TO DA MOOOOON!"
String bear trend --> "WE'RE GONNA DIIIIIE!!"
All from the magic of extrapolation.
Allow me to present the image of an old Business Week cover that's legendary in contrarian investing circles:
From the issue dated August 12, 1979, a Sunday. That past Friday, the S&P 500 had closed at 106.4. Almost 35 years later, it's at 1,953.72
Sort-of gives you a different take on "The Death Of Altcoins..."
Good news! Every single altcoin in the top 16 has been green for the past hour according to CMC. Lets hope this trend continues.
BTC will go to $340, while smart money will be moving into XRP.
Not sure about XRP, but BTC is/was a bootstrapping fuel for other more advanced coins.
Many Bitcoiners think that it's all static, the world is stuck with one crypto and it will be like that for decades, but they are wrong.
It's all dynamic, and Bitcoin only set the stage and provided financing for crypto 2.0 to develop.
BTC will go to $340, while smart money will be moving into XRP.
More blood in the streets on Wednesday. Total non-BTC cap down to $400mm. It's not pretty out there.
EMP who? You realize banking this day and age is all digital right? EMP over the US and all your savings account would state: "$0" as the banking servers are centralized in a few locations.
Better yet, as we saw in Iraq, all you need is a few guns and an USB stick to rob $500 million.
Crypto currencies are decentralized - for you to wipe out a crypto currency you would have to EMP the whole planet and somehow wipe out the internet (which was built to withstand a nuclear war).
Better yet, as we saw in Iraq, all you need is a few guns and an USB stick to rob $500 million.
Crypto currencies are decentralized - for you to wipe out a crypto currency you would have to EMP the whole planet and somehow wipe out the internet (which was built to withstand a nuclear war).
You can't say Cryptology is a wast of time because an EMP could talk place maybe one day. That is like saying why build the electrical grid or use satellites because if an EMP or whatever comes takes place they will all be wiped out also. That doesn't mean we can't benefit from their use from now till then if it even happens at all.
If it even happens at all? Like it never happened so far? I suggest you to check for some facts and history on topic, posting fiction and bullshits around makes you less credible.
You can't say Cryptology is a wast of time because an EMP could talk place maybe one day. That is like saying why build the electrical grid or use satellites because if an EMP or whatever comes takes place they will all be wiped out also. That doesn't mean we can't benefit from their use from now till then if it even happens at all.
Exactly.
Also I think that cryptos do have intrinsic value: The time it took to implement everything
Maybe the bubble has finally burst. I hope not. Time to do some coinsolidating.
Same statement is repeated every few months , and still we have Bitcoin at $500+.
Well, I've been doing some work that I haven't shared, but this seems like a good place to do it:
Indexes were all balanced at 100 just nine days ago at noon. Info source is coinmarketcap.com
These figures are from about an hour ago
Index 1: cap-weighted, includes all cryptos except BTC is now 77.86
Index 2: cap-weighted, includes all cryptos except BTC and LTC is now 83.79
(These indexes are imperfect because coinmarketcap has added 5 or 6 cryptos in the last nine days, which skews them a little high. Interesting that the HUGE dump by LTC has such an impact)
Index 3: cap-weighted, includes a basket of 31 NON-LTC cryptos selected by cap/volume metrics is now 76.44
Index 4: cap-weighted, includes the basket of 31 PLUS LTC is now 73.6
(I think Index 3 is actually the closest to what I'm trying to accomplish, which is to judge the general movement of the alt market as a whole. I created Index 3 and intentionally left out LTC because it was so much larger than the rest of the alts and I wanted to gauge the movement of my portfolio against a representative sample. Again, note that LTC influenced lower.)
Index 5: price-weighted version of Index 3 is now 79.81
Index 6: price-weighted version of Index 4 is now 77.46
(Dow Jones is price-weighted. S&P, Russell, most others are cap weighted. I just set these up to see if there would be much difference. Again, LTC provides downward weight.)
Meta index is 78.16. This contains elements of all above.
My feeling is that Index 3 is the one that alt traders would find to be the most representative of general market direction, but I'm open to any feedback if y'all have some. This weekend, I will re-balance the basket. I'm using strict cap/volume statistics to mechanically re-balance. Right now, the basket is 31 cryptos, but it's possible that it could drop to 26 or go up to 36 representative examples.
I'm planning to seek out some help from somebody who can integrate API so that I can put some or all of these indexes up on a website that updates every 5 minutes along with coinmarketcap.com.
TL:DR If your alt portfolio hasn't dropped by 23.66% in the last nine days, you might be beating the market. If this kind of info is helpful to you and/or if you can help me put together a simple website so that alt traders can access this info, hit me up.
Indexes were all balanced at 100 just nine days ago at noon. Info source is coinmarketcap.com
These figures are from about an hour ago
Index 1: cap-weighted, includes all cryptos except BTC is now 77.86
Index 2: cap-weighted, includes all cryptos except BTC and LTC is now 83.79
(These indexes are imperfect because coinmarketcap has added 5 or 6 cryptos in the last nine days, which skews them a little high. Interesting that the HUGE dump by LTC has such an impact)
Index 3: cap-weighted, includes a basket of 31 NON-LTC cryptos selected by cap/volume metrics is now 76.44
Index 4: cap-weighted, includes the basket of 31 PLUS LTC is now 73.6
(I think Index 3 is actually the closest to what I'm trying to accomplish, which is to judge the general movement of the alt market as a whole. I created Index 3 and intentionally left out LTC because it was so much larger than the rest of the alts and I wanted to gauge the movement of my portfolio against a representative sample. Again, note that LTC influenced lower.)
Index 5: price-weighted version of Index 3 is now 79.81
Index 6: price-weighted version of Index 4 is now 77.46
(Dow Jones is price-weighted. S&P, Russell, most others are cap weighted. I just set these up to see if there would be much difference. Again, LTC provides downward weight.)
Meta index is 78.16. This contains elements of all above.
My feeling is that Index 3 is the one that alt traders would find to be the most representative of general market direction, but I'm open to any feedback if y'all have some. This weekend, I will re-balance the basket. I'm using strict cap/volume statistics to mechanically re-balance. Right now, the basket is 31 cryptos, but it's possible that it could drop to 26 or go up to 36 representative examples.
I'm planning to seek out some help from somebody who can integrate API so that I can put some or all of these indexes up on a website that updates every 5 minutes along with coinmarketcap.com.
TL:DR If your alt portfolio hasn't dropped by 23.66% in the last nine days, you might be beating the market. If this kind of info is helpful to you and/or if you can help me put together a simple website so that alt traders can access this info, hit me up.
You can't say Cryptology is a wast of time because an EMP could talk place maybe one day. That is like saying why build the electrical grid or use satellites because if an EMP or whatever comes takes place they will all be wiped out also. That doesn't mean we can't benefit from their use from now till then if it even happens at all.
many altcoins are just having a meltdown... does anybody know the reason?..
yeahalmost all my altcoin minus
when i see my balance on the exchanger i feeling sad
hope it will rebound soon
Well folks, we all knew it was going to continue like this forever. (images of titanic come to mind )
) I wouldn't say forever. If you were around last November you'll remember this is exactly what happened. People were panicking and freaking out cause alts we're completely collapsing. Little did people know that was the best time to buy all you could afford.
First off, I was. Secondly I think this is just round one. Lets see what the next couple of days bring... Don't get me wrong though, there will be a time to buy but honestly only a couple options will be worth it.
Any cheap altcoin (low marketcap) which is traded on at least 1 good exchange - especially exchanges that does not remove coins (Cryptsy, Bter) - is a good investment right
now but do not buy too much coins in one trade, spread investment over multiple smaller buys and over a few weeks period. As always, nothing beats a good strategy (plan).
Bitcoin is going down also.
If all alt coins are denominated in bitcoin, shouldn't this be considered normal?
If all alt coins are denominated in bitcoin, shouldn't this be considered normal?
No, because the coins go down by a factor of 10!
Exactly. But also, when Bitcoin pops hard most alts go up by a factor of 10-100. The key is buy them at the bottom which I think is now...or maybe in a week or two. We're definitely near the bottom I would say but I thought so last month. lol.
Or those high market caps were fads all along and there is no real floor. We will see soon enogh I guess
None of cryptocoins have real floor. No matter what anyone say, zeroes and ones can not have intrinsic value. What they have is utility value and it can drop to and stay at
zero - one major sunspot or EMP incident and all electronics gonna end burned so what use cryptocoins would have? Anyone investing in cryptocoins should be aware of such
scenarios at all times.
The interesting thing is that the Alts were going down like a day or two before Bitcoin did. What did the alt holders know that the Bitcoin masses did not?
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