Litecoin Prices Surge Above $70 As Crypto Market Tops $175 Billion (coindesk.com) 67
An anonymous reader quotes a report from CoinDesk: The cryptocurrency markets continued to rise today as the asset class observed strong gains, including most notably, perhaps, litecoin. The digital asset once dubbed "the silver to bitcoin's gold" passed $78 to achieve a new all-time high at 06:54 UTC this morning, according to CoinMarketCap data. Standing at $75.57 at press time, litecoin has increased by 17.28 percent over the past 24 hours and an astonishing 49.37 percent over the last week. Long in the doldrums, litecoin has seen a resurgence since its community moved to activate Segregated Witness (SegWit) on its network early in May -- a scaling solution that also opens the door to new features such as smart contracts going forward. Taking a wider view, the combined market capitalization of all digital currencies attained a new record high today, and had passed $175 billion at press time. That's up from $170.8 billion just yesterday, also going by data from CoinMarketCap.
It's a bubble (Score:1, Insightful)
Get out while you can. This is a bubble that is going to collapse. There is no underlying justification for the rapid increase in cryptocurrency valuations. If you have bitcoins or other cryptocurrencies, sell while they are valued this high and get out while you can.
Re: It's a bubble (Score:1)
Indeed, cryptocurrency is stupid.
But I'm bullish on stupidity.
The litecoin I bought a week ago is up 80%. Not so with my diversified portfolio of mutual funds.
Now to get my hands on some Ripple.
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Grab a few thousand Dogecoin too, just in case.
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OK, I now have $3.50 of Doge, time to hodl.
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A lot of people who invested with Charles Ponzi or Bernie Madoff had their accounts go up in value, too. But until you actually cashout, you haven't make a dime.
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Get out while you can. This is a bubble that is going to collapse.
People were saying that when Bitcoin hit $1. It is now $4857.
Broken clocks are right twice a day, so that is proof that Bitcoin naysayers have room for improvement.
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A broken clock might only be right twice a year
That would still be an improvement over the Bitcoin critics. Most of them are just pissed because they were too smug and cynical to cash in on the opportunity of a lifetime, and don't want to admit they were wrong.
Now please excuse me while I go sell a few coins and pay off my mortgage ...
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There's been a rapid increase in the value if cryptocurrencies without any clear underlying reason to support the increases.
There is no clear underlying reason for ANY price. Bitcoins have no inherent value. A bubble in stock prices can be seen when valuations are out of whack with P/Es. A bubble in real estate can be seen when valuations are far above rental revenues. Even a bubble in gold is apparent when the valuation rises far above the cost of mining, since gold mining can be expanded without any inherent limits. None of these apply to cryptocurrencies. Even the cost of mining them is not a good measure, since there i
Long term gain does not negate bubbles (Score:2)
People were saying that when Bitcoin hit $1. It is now $4857.
Long term gain does not negate bubbles. The people who waited for the 2013 $1,000 bubble to pop and bought at $250 in 2015 have 4x the wealth of those who bought at the 2013 bubble and waited for the long term to bail them out.
Today's $5K spike looks very much like 2013's $1K spike. Very bubble'ish.
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People were saying that when Bitcoin hit $1. It is now $4857.
I have heard this specific argument used at the top of every bubble. This doesn't 'prove' anything about cryptocurrency in oarticular; it's just another line item in the Is This A Bubble checklist.
Another line item on the checklist: when the price of most successful example of a bubbly idea goes ludicrous, a host of low-budget imitators swarm onto the market. Dogecoin, Etherium, the other 900 cryptocurrencies (https://en.wikipedia.org/wiki/List_of_cryptocurrencies).
Meanwhile Bitcoin has gone plaid by splitt
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The bottom may fall out soon, because I am the kiss of death and I am thinking about throwing some money in.
It is certainly true that markets can remain irrational longer than you can remain solvent, but they can also remain irrational longer than I am content to be skeptical.
I am willing to bet on our Cheeto Caligula bringing about some sort of crisis that will cause crypto currencies to become an appealing hedge for larger and smarter investors than I am.
That will be the moment when—years later
A lot of it is fake money. (Score:4, Interesting)
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You do understand what market cap means, right? It's the price of one share, times the number of shares. (It means the same thing whether "share" is a stock or a coin).
So when we say the market cap of Apple is almost a trillion dollars, we know that people didn't spend a trillion dollars on the stock! It means the price went up due to high demand, and therefore the market cap is higher.
The thing "pumping up the price" is a bunch of people buying the coins recently. In other words, high demand.
We can arg
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Money Is Money (Score:1)
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The worst thing you can do (Score:4, Insightful)
The best thing you can do with stuff like this is to take a once-in a lifetime profit. The 2nd best thing you can do is stay out. The worst thing you can do is hem and haw for months and then finally decide to go in big.
I can't tell you when this tide will turn; but I can virtually guarantee that the media will be interviewing somebody sobbing over how much they lost. That person will be a latecomer. Don't be that guy.
The people that are positioned to take a huge profit already believed in this stuff. If you are trying to convince yourself that this is the pony to pick, you're in serious danger of being that guy.
I saw this with the last silver run. There was a guy who put his life saving in silver days before it crashed. He was that guy. Every market does that. Don't be that guy. But I guarantee, somebody will be that guy.
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The problem is that you have to buy bitcoins to buy those currencies, because the exchange traders only deal with bitcoins.
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It depends. Given the price of Ripple and Dogecoin right now, you can still buy hundreds or thousands of coins without investing much money. If you're going to buy "meme" crypto-currency, might as well buy USD$21.32 worth of Dogecoin, that's enough for over 9000 coins.
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Yeah ... but as long as I can remember, people were writing off most of the alt-coins as "me too" currencies, often only created by someone for purposes of pump and dump schemes or at least an ability to get in at the bottom (after pre-mining some undetermined amount of it for themselves), to ensure it makes the developer a few bucks.
I think that's where Dogecoin and others like it fall, really.
Litecoin, by contrast, had long been viewed as the only other crypto-coin with a chance of some real adoption, oth
A gridseed ASIC might be economical again (Score:2)
The GPU theory didn't work out so well for litecoin. Like bitcoin, it too went ASIC. Although at the current price/difficulty a circa 2014 gridseed ASIC might be economical again.
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...said someone in 1890. In Manhattan. About the real estate market.
You could be right, and you probably are, but only with respect to, at most, the medium-term.
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I can't tell you when this tide will turn; but I can virtually guarantee that the media will be interviewing somebody sobbing over how much they lost. That person will be a latecomer. Don't be that guy.
Sure but the news will also show you somebody sobbing over how much they missed out because they didn't get in fast enough. That guy is also a loser.
So do you sob over missing out, or sob over getting stuck with a lemon?
Repost of 2 weeks back, sorry (Score:3)
Explains why some of this is going on.
Here's some data which essentially completely confirms a lot of it is money laundering.
News from late Nov 2016
https://www.google.com.au/sear... [google.com.au]
Reaction to said news (click 1 year on the chart)
https://www.worldcoinindex.com... [worldcoinindex.com]
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Now, see this news also, Feb 2017
https://www.google.com.au/sear... [google.com.au]
See the reaction in other digital currrency markets (again, click the 1Y chart)
https://www.worldcoinindex.com... [worldcoinindex.com]
https://www.worldcoinindex.com... [worldcoinindex.com]
Now, finally look at your local property prices, especially if you live in Vancouver, Toronto, London, Sydney, Melbourne, Auckland. .nothing. short of utterly astounding. I repeat, *utterly astounding*, to the complete and utter detriment of the locals under 40 / 50 who don't own a place, they're boned. no chance now.
Any way money can be gotten out of China, it will be by the wealthy / ultra wealthy. The change to my city in the past 5 years, is
* .particularly. telling, that coin was the "b tier" coin to bitcoin, the silver to gold if you will. Like bitcoin, it had a big run several years ago and then, it died off to a stagnant level, logically so too, why should there even be more than 1 digital currency? .booming.insanely. in Mar 2017.
Regarding litecoin, this one is
So here's a coin which has settled to a flat, sensible price, then due to talk of China making some moves against BTC exchanges in Feb 2017, is suddenly
Most of the world buy their goods from there, we're sending our money to China en-masse, immense amounts of it, the wealthy there, are in turn getting out of the country and picking up the premium property around the world. Can't blame them to be honest, devastating for some of the locals though (myself included)
Bonus evidence of how it's being spent, here, just found this morning.
http://i.imgur.com/aTGE6SV.gif [imgur.com]
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, logically so too, why should there even be more than 1 digital currency?
Why should there be more than one model of car?
Why is there more than one brand of rice?
SchruteCoin (Score:1)
Can't we go back (Score:2)
to daily bitcoin articles? At least we knew where we stood with bitcoin articles, unlike this {$ALTCOINNAME}coin garbage that no one can keep track of.