What is happening to crypto currencies - page 2.

barbarousrelic

hero member

Activity: 675

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Quote from: empoweoqwj on May 02, 2013, 11:28:39 AM

It happens regularly, and yes, people do notice, lol

Get used to it. All part of the fun of the rollercoaster. A rollercoaster that only went up would be no fun Wink

Speak for yourself; I would have an immense amount of fun if I never had to work again.

AlexMerced

member

Activity: 84

Merit: 10

Quote from: nickha0 on May 02, 2013, 12:52:18 PM

You have to have nerves of steel to an extent. I only have about .5 BTC but I was tempted to sell yesterday. Can't imagine what it's like for someone that has their life savings in bitcoin.

I just have a good feeling that it will bounce back up though, the indications are all good, it's really just a fluke that it dropped down this low IMO.

If you put your life savings in bitcoin your asking for trouble, anyone who puts their life savings in only 1 thing is asking for trouble no matter what that thing is.

Bitcoin is a great place to but your un-needed money, but life savings... oi, I hope people arn't doing that yet.

AlexMerced

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Activity: 84

Merit: 10

Volatility isn't all bad, if the thing just had a straight line up that would be bubble behavior. Now huge swings isn't great either, but you got to remember the amount of people trading is still growing and the participant pool keeps growing it'll effect price discovery.

Volatility will be around till it becomes more of an everyday currency, which will probably happen in my lifetime.

sal002

hero member

Activity: 490

Merit: 500

Quote from: mrkubanftw on May 02, 2013, 12:44:13 PM

Quote from: sal002 on May 02, 2013, 11:34:49 AM

Quote from: empoweoqwj on May 02, 2013, 11:28:39 AM

It happens regularly, and yes, people do notice, lol

Get used to it. All part of the fun of the rollercoaster. A rollercoaster that only went up would be no fun Wink

There is also the aspect of relative value - LTC is staying relatively more valuable (on a mining basis) than BTC, while FTC and, to a lesser degree MNC, has skyrocketed. See - http://www.coinchoose.com/

Based on that link it looks like feathercoin is the most profitable?
I haven't seen many exchanges for it though. Also btc-e doesn't even trade FTC for usd. Only btc if I'm not mistaken? If I'm wrong let me know and I might setup a miner for the hell of it. Why not right?

Vircurex, BTC-e, Cryptonit and I think BTER all accept Feathercoin but my calcs are based purely on Vircurex.

nickha0

newbie

Activity: 28

Merit: 0

You have to have nerves of steel to an extent. I only have about .5 BTC but I was tempted to sell yesterday. Can't imagine what it's like for someone that has their life savings in bitcoin.

I just have a good feeling that it will bounce back up though, the indications are all good, it's really just a fluke that it dropped down this low IMO.

mrkubanftw

sr. member

Activity: 382

Merit: 250

Quote from: sal002 on May 02, 2013, 11:34:49 AM

Quote from: empoweoqwj on May 02, 2013, 11:28:39 AM

It happens regularly, and yes, people do notice, lol

Get used to it. All part of the fun of the rollercoaster. A rollercoaster that only went up would be no fun Wink

There is also the aspect of relative value - LTC is staying relatively more valuable (on a mining basis) than BTC, while FTC and, to a lesser degree MNC, has skyrocketed. See - http://www.coinchoose.com/

Based on that link it looks like feathercoin is the most profitable?
I haven't seen many exchanges for it though. Also btc-e doesn't even trade FTC for usd. Only btc if I'm not mistaken? If I'm wrong let me know and I might setup a miner for the hell of it. Why not right?

solidshotnosh

sr. member

Activity: 307

Merit: 250

I believe in it because I want to believe in a better future.

My co-workers say I'm too optimistic, but I say what good does being cynical and apprehensive about diving headfirst into a venture do?

At the very worst, you lose some fiat, well to that I say we're all gonna lose it one way or another, so why not go in on something potentially groundbreaking in the human saga?

pocketkangs

newbie

Activity: 24

Merit: 0

I am not new to Crypto currency and currently I have a lot of several. I squandered so many coin in the beginning by panic selling or "day trading" BTC it would blow your mind. Just hold your coins sir......it's all a roller coaster and it will rebound to new levels that we can even imagine someday. I wish I had all the coins that I have made major mistakes selling. Hold on Spartan.

empoweoqwj

hero member

Activity: 518

Merit: 500

I think the other reason is that a lot of noobs have never traded anything before, know very little about bitcoins, and are therefore very easy to manipulate. First sign of a downturn / DDoS / false rumours about MtGox being raided and its panic sell time.

If you don't believe in the long-term future of bitcoin, you really shouldn't bother buying any, because you'll just hit the panic button the moment anything negative happens.

empoweoqwj

hero member

Activity: 518

Merit: 500

I think its down to about 60% now, the figure mtgox boast on their homepage is from 2011.

I actually believe the huge volatility is more to do with a relatively large % of bitcoins still being owned by a very small number of people. However many exchanges open up will not change that, people can switch which market they trade in very easily, and soon there will be "market aggregators" (coinsetter etc) that will allow people to trade across multiple markets at once.

With any market, its relatively easy to manipulate if you own a large % of whatever is being traded.

Over time, more new players will enter the market, the distribution will become wider and volatility reduced.

How long that will take, who knows.

Stampbit

full member

Activity: 182

Merit: 100

This will be the $2 mark back in 2011, let the hype die out over the summer and then buy!

sal002

hero member

Activity: 490

Merit: 500

Quote from: empoweoqwj on May 02, 2013, 11:28:39 AM

It happens regularly, and yes, people do notice, lol

Get used to it. All part of the fun of the rollercoaster. A rollercoaster that only went up would be no fun Wink

There is also the aspect of relative value - LTC is staying relatively more valuable (on a mining basis) than BTC, while FTC and, to a lesser degree MNC, has skyrocketed. See - http://www.coinchoose.com/

superduh

hero member

Activity: 602

Merit: 500

the biggest reason this is happening is because there is 1 online exchange where 80% of transactions happen.
it is the most liquid and thus heavily watched - people use it to assume that that is the current value of a bitcoin
as of now their site is not reliable and easily manipulated by either few or many or by bots or a combination
this will go away in the future when there are more exchanges and when mtgox takes it upon themselves to stop the heavy manipulation in continues to allow.
also when their lag gets crazy it's just a shithole

empoweoqwj

hero member

Activity: 518

Merit: 500

It happens regularly, and yes, people do notice, lol

Get used to it. All part of the fun of the rollercoaster. A rollercoaster that only went up would be no fun Wink

mrkubanftw

sr. member

Activity: 382

Merit: 250

Has anyone else notice the value of btc and ltc dropping dramatically over the last 24 hours?

Is there anything that gives reason to this claim? If you own bitcoins or ltc stop selling!!!!!

Topic: What is happening to crypto currencies - page 2. (Read 3312 times)