Ethereum

benjamin d

This discussion is so tedious now. The standard fiat currency for crypto is USD, across the board.
If you want to use sats or BTC that's fine, and it's easy to see that's what you're doing.
If you want to use euro that's fine too, IF YOU PUT THE DAMN SYMBOL ON YOUR FIGURES.
If you just quote a number, everyone - worldwide - will assume you're talking in USD.

Is there a faqs sticky this stuff can go in to?

Selik

SureYWouldntYa wrote:

There needs to be a blanket rule put in place that either prices are quoted in the most relevant price, ie USD$, or you simply have to use the appropriate simple because this currency arguement comes up once a week across the froum

100% agreed.

CelticRambler

Dades wrote: »

When is the last time anyone read an article about crypto that quotes prices in Euros?

I assume prices quotes ANYWHERE are in USD. Anything else is definitely the exception to the rule.

In answer to the question in the first paragraph - yesterday (also read articles quoting prices in GBP)

On gdax, the relevant prices are quoted in EUR, trading in USD is not permitted, at least from where I log on. Seeing as this forum is based in the eurozone, and the trading platform most frequently recommended uses EUR as the base currency, it is reasonable to assume that prices are quoted in EUR unless specified otherwise.

As it happens, even though there are ardent defenders of the dollar-value floors and ceilings, a quick look at the depth charts show that there are plenty of trades pegged at whole-number EUR values. The next three sell walls for ETH are precisely 845€50, 850€ and 860€ as I write.

hots

CelticRambler wrote: »

... it is reasonable to assume that prices are quoted in EUR unless specified otherwise...

Evidently not from the responses in this thread.

fran426ft

On those EUR buy/sell walls, if the USD pair goes through them they generally get flatten a few seconds latter. So if you watch USD and EUR side by side I've seen the the USD is often an indicator for changes in EUR market. The volume in USD means it dictates the market even if we have a EUR trading pair.

Not wanting to continue the over done discussion on currency but from my point if you write a number you should put a symbol. But that's probably the fact I'm an engineer and think it's better to be clear and not to leave it up to interpretation

Bobeagleburger

Dades wrote: »

When discussion happens about coins breaking through or dropping under certain amount barriers - it's always in USD. These USD breakpoints are a big factor in potential gains or losses. €817 is not a big watchpoint for Ether but $1,000 is.

It's utterly pointless taking about euros at any point except to count your chips before you've left the table.

I would have thought this was just common sense and knowledge. Obviously not.

rapul

Like a broken record lads, stop repeating this same old point, stick to dollars mofos!!

drunkmonkey

Looks unstoppable this morning, breezed through 1200, 1300 within half an hour i'd bet.

pro_gnostic_8

drunkmonkey wrote: »

Looks unstoppable this morning, breezed through 1200, 1300 within half an hour i'd bet.

People dissolving their Tether holdings and selling it into ETH and BTC due to (valid) fears about the integrity of Tether.

Anthracite

pro_gnostic_8 wrote: »

People dissolving their Tether holdings and selling it into ETH and BTC due to (valid) fears about the integrity of Tether.

Shouldn't Tether be crashing if that's the case?

pro_gnostic_8

Anthracite wrote: »

Shouldn't Tether be crashing if that's the case?

Not necessarily. Tether is pegged 1:1 to the U.S.dollar, so arbitrage bots get trading whenever the ratio falls. (Theoretically, each Tether can be redeemed for one USD. However, there is a growing sentiment that there are not enough dollars -- around 2.3Billion -- to back up all the Tethers that have been issued. An audit would have clarified this aspect, but as we saw in today's news the auditing firm tasked with this job have removed themselves).

Now, if the 1:1 peg was to be broken by extreme selling of Tether and if there was evidence that the Tethers could not be "cashed-in", then the arbitrage bots would be switched off. All hell would break loose -- there would be a massive flight into BTC and ETH, the exchanges using Tether would suffer greatly from people withdrawing their crypto into cold wallets, etc. I don't think we are at that stage yet, however. But it would be advisable to keep a close eye on the USDT/USD pairs, and to withdraw your coins from any Tether-trading exchange.

Fakent.ie

pro_gnostic_8 wrote: »

Not necessarily. Tether is pegged 1:1 to the U.S.dollar, so arbitrage bots get trading whenever the ratio falls. (Theoretically, each Tether can be redeemed for one USD. However, there is a growing sentiment that there are not enough dollars -- around 2.3Billion -- to back up all the Tethers that have been issued. An audit would have clarified this aspect, but as we saw in today's news the auditing firm tasked with this job have removed themselves).

Now, if the 1:1 peg was to be broken by extreme selling of Tether and if there was evidence that the Tethers could not be "cashed-in", then the arbitrage bots would be switched off. All hell would break loose -- there would be a massive flight into BTC and ETH, the exchanges using Tether would suffer greatly from people withdrawing their crypto into cold wallets, etc. I don't think we are at that stage yet, however. But it would be advisable to keep a close eye on the USDT/USD pairs, and to withdraw your coins from any Tether-trading exchange.

Why withdraw from a USDT exchange?

DeVore

Yeah, I cant see why the exchange would care. The coin is worth what someone else will buy it from you for. Currently thats 1 USD because of belief in the coin (and its backing). The exchanges arent backing the coin and if it crashed and burned, wouldnt care. Why should they?

ps: Almost all banks in the world dont have enough money to cover their deposits. They often have a very small fraction of it. (google, Fractional Reserve Banking). https://en.wikipedia.org/wiki/Fractional-reserve_banking

Rumours like "Tether is unstable" are the sorts of thing that MAKE Tether unstable...
ps: I know nothing about the truth or falsehood of these claims, I dont have any Tether. I dont have any connection with them!

BrokenArrows

DeVore wrote: »

Rumours like "Tether is unstable" are the sorts of thing that MAKE Tether unstable...

Thats pretty much the way all currency declines work. If people think its worthless then it is worthless.

Its pretty much the queue out the door of the bank scenario. The bank will fail if everyone withdraws their money but everyone wants to withdraw their money because the bank is failing.

pro_gnostic_8

DeVore wrote: »

The exchanges arent backing the coin and if it crashed and burned, wouldn't care.

The exchanges might not care ( they can simply shut up shop and scarper) ................ but the people holding Tether AND various crypto on USDT exchanges would most certainly care.
For U.S. residents, Tethers are NOT redeemable into dollars by tether.to; Tethers are only tradeable against something else, be it BTC, Eth, USD or whatever. For European Tether holders, the picture is not much brighter: "Tether must and does at all times reserve the right to refuse to issue or redeem Tether Tokens". Yep, in their Terms of Service, tethers can be redeemed with the proviso that Tether itself can refuse to redeem them.

Now, if it did transpire that enough people started to believe that Tethers were being printed out of thin air and not actually backed by dollars on a 1:1 ratio, then, the peg price of Tether would naturally crash. When a crash happens, it happens very quickly indeed. Those exchanges who use Tether as an anchor currency would see a flight from Tether into BTC. They would be left holding a fortune of a suddenly devalued Tether. In a worst case scenario, such an exchange would have to shut down. A series of mini-MtGox's could follow. Just be sure that you don't have Tether or any crypto holdings on such an exchange in such an event.

Anthracite

pro_gnostic_8 wrote: »

They would be left holding a fortune of a suddenly devalued Tether. In a worst case scenario, such an exchange would have to shut down. A series of mini-MtGox's could follow. Just be sure that you don't have Tether or any crypto holdings on such an exchange in such an event.

They don't own the Tether, they offer a platform to trade it. They may have a small float for market-making purposes, but they don't take the hit, the people who own Tether do.

pro_gnostic_8

I'm sorry that you don't "get it".
I also apologise for myself for apparently not being able to explain clearly.

I'll give it one more go: if Tether were to collapse, everybody would stop trading into it. Tether would have been converted by the earlybirds into, say, BTC and that BTC would be withdrawn into cold storage wallets. Since Tether is a main pairing on USDT exchanges such as Bitfinex, Binance, Bittrex, Poloniex etc, and is the only "dollar" entrance to those exchanges, then, trading volume would also collapse. BTC and ETH are withdrawn because of fear, a valueless Tether is left that nobody wants to touch. People holding Tether on the exchange panic, a rush on the exchange begins; exchange closes " temporarily" to weather the storm.

Anthracite

pro_gnostic_8 wrote: »

People holding Tether on the exchange panic, a rush on the exchange begins; exchange closes " temporarily" to weather the storm.

Still not getting the mechanics of your thinking. Why would people panic selling their Tether cause a 'rush' on an exchange?

You appear to be conflating a bank run and a share collapsing in value. If a share's value tanks, the exchange makes money either way as long as trade is happening. I'm assuming the same mechanism in a crypto exchange - they earn a margin from trade; the value of the underlying asset is irrelevant.

BrokenArrows

pro_gnostic_8 wrote: »

I'm sorry that you don't "get it".
I also apologise for myself for apparently not being able to explain clearly.

I'll give it one more go: if Tether were to collapse, everybody would stop trading into it. Tether would have been converted by the earlybirds into, say, BTC and that BTC would be withdrawn into cold storage wallets. Since Tether is a main pairing on USDT exchanges such as Bitfinex, Binance, Bittrex, Poloniex etc, and is the only "dollar" entrance to those exchanges, then, trading volume would also collapse. BTC and ETH are withdrawn because of fear, a valueless Tether is left that nobody wants to touch. People holding Tether on the exchange panic, a rush on the exchange begins; exchange closes " temporarily" to weather the storm.

You seem to think that people can sell their Tether to the exchange company!!
Thats not the way exchanges work.

People will sell their Tether to other people. If nobody is there to buy it then they cant sell it.

The exchange doesn't care about what is bought or sold or in what volume. It only cares about the % fee it takes for the privilege of using their platform for performing the trade.

At no point will any exchange be left holding other peoples sold coins.

fran426ft

Very glad I changed all my BTC to ETH a few days ago. I'm still way down in the red but not as bad as I would have been. When you look at the 7 day performance ETH is still up 10% while most of the other top cryptos are down. (XLM, NEO and LSK the only other top 20 coins by market cap up over the last 7 days)

CelticRambler

Taking a long-term view, this is actually a great time to convert ETH to BTC rather than the other way around. A month ago, the conversion was ~0.050BTC=ETH, a few minutes ago it was over 0.109.

Dades

CelticRambler wrote: »

Taking a long-term view, this is actually a great time to convert ETH to BTC rather than the other way around. A month ago, the conversion was ~0.050BTC=ETH, a few minutes ago it was over 0.109.

So - I guess the same thing - I got an alert saying ETH/BTC on Binance reached an ATH.

Does this mean you get more BTC for your ETH than even before? Like more than if you bought with any other currency?

fran426ft

That was my initial thought when I changed but looking at the longer term trend ETH's strength vs BTC has been growing steadily. Will it continue, who knows but until I see a sign of a reversal I'll stick with the ETH and watch my equivalent BTC balance rise.

https://www.gdax.com/trade/ETH-BTC

CelticRambler

Dades wrote: »

So - I guess the same thing - I got an alert saying ETH/BTC on Binance reached an ATH.

The price I referred to above was an ATH; it's gone about 1% higher again in the few hours since!

Dades wrote: »

Does this mean you get more BTC for your ETH than even before? Like more than if you bought with any other currency?

It's like any other currency pair - yes, at the moment you'll get more BTC for your ETH than yesterday; but no, not necessarily more than if you bought with another currency.

As an experiment a few weeks ago, I swapped 0.025BTC for 0.3ETH @0.084 ; swapping those 0.3ETH back again today would give me 0.033BTC, so a "profit" of over 30%, but the fiat value of BTC is down by about the same amount, whereas ETH is only down by about 20% so not really a profit at all.

What would be more useful to know, for the long term, is whether BTC is falling out of favour, or ETH is being considered more attractive - and by whom?

BrokenArrows

Is there somewhere i can download the Ethereum blockchain that isnt directly from a wallet.

Im trying to get a wallet running (using the one from the ethereum.org) but the dowload keeps freezing. I need to kill and restart the client every few minutes.

even if i can download the majority of the chain from the last few days it would help.

Fakent.ie

BrokenArrows wrote: »

Is there somewhere i can download the Ethereum blockchain that isnt directly from a wallet.

Im trying to get a wallet running (using the one from the ethereum.org) but the dowload keeps freezing. I need to kill and restart the client every few minutes.

even if i can download the majority of the chain from the last few days it would help.

my ether wallet. search on google

BrokenArrows

Jesus BTC is taking a real hammering the last while.
ETH remaining reasonably stable while BTC and the rest of the market is tanking.

BTC needs to drop to $6458 and it will be equal to the current market capital of ETH.

Is this the inevitable downfall of BTC?

Fakent.ie

BrokenArrows wrote: »

Jesus BTC is taking a real hammering the last while.
ETC remaining reasonably stable while BTC and the rest of the market is tanking.

BTC needs to drop to $6458 and it will be equal to the current market capital of ETC.

Is this the inevitable downfall of BTC?

I keep reading ETC as etherum classic

seannash

BrokenArrows wrote: »

Jesus BTC is taking a real hammering the last while.
ETC remaining reasonably stable while BTC and the rest of the market is tanking.

BTC needs to drop to $6458 and it will be equal to the current market capital of ETC.

Is this the inevitable downfall of BTC?

Is this similar to the dips from previous years around this time?
Might be too early to call it but I'm sure others are thinking it.Transfering bitcoin into ethereum could be whats keeping Ethereum bouyant

BrokenArrows

Fakent.ie wrote: »

I keep reading ETC as etherum classic

Sorry your right meant ETH.