700 seems to be the number of the day, but its still early in the US.
My apocalyptic streak (a little doom in your view never hurt anyone) makes me feel that 450 is a genuine possibility, but even I’m skeptical it’ll drop that far today. I also think a bounce back long term (in the next few months) is inevitable, but that 850 might be out of reach today.
The price is going to drop further in the next few days/weeks…which seems more like an opportunity than a problem.
Haha, well, whomever this is, they’ve done a nice job. A whale himself, perhaps? Anyway, it’ll be interesting to see what happens in the next few days.
I’m in a similar boat - albeit still deciding how many/how I’m gonna buy. I have an older (but not out dated) computer I keep a worker on; its not profitable at all, but its more for the symbolism.
I see FTC going up steadily (as far as cryptos go) over the next 6 months, even as BTC and LTC fluctuate. Then again, I don’t pretend to be an expert - I’m still learning. :)
[quote name=“Horizon” post=“40467” timestamp=“1386321277”]
I think it’s way too early to peg gains and losses of crypto to gains and losses of fiat. If anything has lost value pegged to crypto it’s Gold, not the reserve currencies. I still think during this shift period from fiat to crypto investors will not see crypto as an alternative to fiat, they’ll see it as alternative to Gold as a storage of value. FTC’s price has nothing to do with the devaluation of fiat as countries desperately compete to raise exports to save their economies by offering the cheapest option. FTC’s price is pegged to BTC, which is viewed as ‘digital Gold.’
[/quote]
The comparison to gold is very interesting and the point here, more so than many might think, is an apt one: since banks and governments has begun moving away from the tangible to fueling growth with debt (obviously accumulating debt to finanace projects is ancient, but nothing like we’ve seen since the late 70s/early 80s), ‘gold’ has lost significant value.
‘Gold’, far different than the piece you can actually hold, because the piece you actually hold hasn’t been wrung through the securities department of huge banks 50+ times. Similar points can be made about many commodities; my favorite anecdote comes out of Michael Lewis’ book Boomerang, about the financial crisis. One of the more paranoid (realistic?) investors he interviewed kept physical gold bars and hundreds of thousands of dollars in physical nickels* (metal = a bit under $0.07) in a vault, largely due to his belief that buying it electronically is largely worthless. While worthless may be a strong word, I’d certainly say a case could be made that artificial ‘gold’ is being created by banks at a higher rate than BTC are being mined.
I’ll stop before getting into this: [url=http://www.zerohedge.com/news/2013-11-25/how-gold-price-manipulated-during-london-fix]http://www.zerohedge.com/news/2013-11-25/how-gold-price-manipulated-during-london-fix[/url]
*He, incidentally, was heavily questioned at multiple levels for trying to buy X amount of a specific form of currency.
Haha, yea, that’s more or less what I was trying to say. Sorry if I wasn’t clear.
Hi Everybody,
I’m interested in buying $20 of FTC via Paypal. I understand that the use of Paypal is contentious here (justifiably so), but I can’t shake the feeling that its better to just buy something directly, rather than through layers - I feel like I’d lose % unnecessarily. If anybody is interested, or can correct me, please let me know.
Thanks
Alex
My thoughts exactly. China’s move here is kind of a case for cryptos in and of itself.
I’m glad (maybe the wrong word) of the hours I keep for times like this (its 5:15 am in New York). What will be even better is seeing the legacy media response to BTC’s price drop - $300 in the past hour. I’m not particularly worried, and I’m sure most here aren’t either, but the implications for the Chinese consumer should definitely be kept in mind.
Anybody in China want to weigh in?
Hi All!
Longtime lurker on several sites, only really getting into things recently (ever since I left my job :/). But I’m pretty optimistic! Anyway, my job was actually in marketing…well, marketing consumer goods to retail chains, but many skills carry over to internet marketing.
About me: I live in New York, I’m 23, I have a BS in Biology, Rudimentary coding experience, and am a strong writer (ignore this right now, I’m being informal/in a rush). I’m looking to get more involved in the community here, which I feel is far more vibrant than other currently cryptos. Let me know if I can be of any help.
Alex
Posting in the Feathercoin forum about crypto currencies, chances are we can assume two things about each other: we think crypto currencies have a future of some significance and we’re not short term speculators. While these two statements are obviously linked, I’ll accept the former, a priori, for now and focus on the latter. I’ll freely admit to having no more hard data than my own observations and opinions, so take all of this as my speculation.
Speculation is the key word here: people are buying crypto currencies, BTC/LTC especially, speculatively, instead of as usable currency; this statement is neutral, and several possible conclusions can be drawn from it.
Negative: Tulip Bulbs, South Seas, Real Estate etc. People have thrown the word bubble around extensively as the crypto currency concept has reached mainstream critical mass. While I question if BTC really behaves like an unregulated stock, there is no doubt that even now with its mainstream exposure, it’s still dismissed by most people - something that can greatly affect it in its current state.
Positive: People are buying speculatively, but they’re buying, and with them comes the retailers. More goods can be bought than ever, and people lacking confidence in their own government are always seeking alternatives - Cyprus could not have been a better indicator of BTC’s appeal. I’ve observed the reaction of crypto currencies in general to be similar to dot-com era companies: some people are buying in to whatever they can get, and many are circling around, unsure about the lack of a ‘physical’ product.
Three Final Thoughts:
Not all coins will survive - Some may argue otherwise, but I agree with previous posters that a few coins will come out on top; I don’t feel confident about how they’ll coexist, but I think people downplay how regional norms might affect coin adoption. It wouldn’t be surprising that, through some strange social or corporate quirk, different coins are accepted more or less frequently in different regions.
Don’t underestimate investors - We don’t definitively know who owns X bitcoin, but hedge funds, VCs et al. have been investing in them. Q4, ending December 31st, and Q1, ending March 31st, may affect crypto prices in the short term. Hedge funds are notorious (as a recent Bloomberg piece pointed out) for manipulating their numbers towards the end of the year, so as to appear to have huge growth. I’m generally over anxious, so I may be blowing this out of proportion, but those dates are worth watching.
LTC as silver - LTC has exploded these past two months. The growth, coinciding with BTC (obviously), has made many people excited, but I feel a bit more cautious. Rather than LTC being silver (which , against gold, still has intrinsic and popular value), it can be seen as a spinoff of BTC (in the eyes of speculators). If LTC’s dramatic price increase is a function of the value of BTC (which seems to have a far deeper value in the present) then its price can be seen as a more pure form of hoarding or speculation. It will also be interesting to see if BTC price has an effect on LTC price, but not vice versa, in the long term.
Again, these are just (believe it or not the short version of) my thoughts on the subject. Feel free to accept, reject, or ignore, no hard feelings. :)
Hi,
just signed up.
Username: Alex890
Wallet: 6oEWzd6XRiM27Mh8xSRBEHqSJLFWkWbm2C
(if needed)
Thanks!
Too Late? Hope not.
Merry Christmas regardless!
6oEWzd6XRiM27Mh8xSRBEHqSJLFWkWbm2C
Hi Everyone,
I posted here before but I’m not sure if it went through, so…Hi again! I live in New York, for any other NYC-metro area Litecoiners. I’m looking to become active asap, so hopefully people can lend a hand if needed. :)
Thanks,
Alex