Alt Coin Thread (Vertcoin, OMG, CVC, PAY etc).

SteelyDanJalapeno

Pussyhands wrote: »

Can someone explain how Tether works? How does the price always stay at 1$?

They've got a dollar under the mattress for every 1 tether they create

JohnnyFlash

Pussyhands wrote: »

Can someone explain how Tether works? How does the price always stay at 1$?

This is a good read.

https://medium.com/crypto-punks/tether-misconceptions-2984430e7e48

People question how 2 billion dollars of 'magic money' can manipulate a market. It easily can when the whole cryptocurrency scene has so little real money washing around it. That article does a great job of explaining it.

Dudes create coins out of thin air by downloading the source code from github, creating a website, copying a whitepaper, few linkedin profiles, fake partnerships etc - ye all know the spiel by now. Give them ethereum or bitcoin (that one is a bit cheeky) for some of their coins during this magical ICO. They then pump the price of their magic coins with their stash, and dump it for ethereum asap. That's grand. Shítcoins. Pump and Dump. One born every minute and all that. But them dudes need to get that back into real money asap so they can buy real things in the real world with real money. Lambos in Costa Rica for example.

Now there's only so many 'investors and day traders' born who convert real money into virtual magic coins. And that can't keep the bitcoin train going. Wash trading helps to keep the price at a level for a period of time, but you need real money washing through the system so the scam artists can cash out. So Tether was created to deal with this highly leveraged market. This is supposedly crypto backed by real dollars. Only they've never shown that it is backed by real money. They have never had a proper audit done of their accounts, or revealed who is putting this real money into their coin. And the same honchos who own tether own bitfinex. Bitfinex is dodgy to say the least.

Skeptics (often dismissed as FUD merchants, or vested interests) are saying they are creating this out of thin air, and using this supposed tethering to the dollar to buy bitcoin. That's a very bad thing. So punter sticks in a 1000 quid from his savings, while some other punter just creates the same value out of thin air, and pumps the size of Bitcoin? Sounds fishy to this punter. Meanwhile the exchanges are facilitating this move of 'magic money' into real money.

Now I'd suggest that these exchanges have very little cash reserves, and that every 'whale', exchange owner, and twitter 'expert' is desperately trying to cash out into real money. Tether (As per the article above), can facilitate this, up and until it collapses. It's fake money pretending to be real money. It's propping up the market while the smart dudes at the top are trying to cash out.

It's really cool stuff to observe as an outsider looking in.

Pussyhands

JohnnyFlash wrote: »

This is a good read.

https://medium.com/crypto-punks/tether-misconceptions-2984430e7e48

People question how 2 billion dollars of 'magic money' can manipulate a market. It easily can when the whole cryptocurrency scene has so little real money washing around it. That article does a great job of explaining it.

Dudes create coins out of thin air by downloading the source code from github, creating a website, copying a whitepaper, few linkedin profiles, fake partnerships etc - ye all know the spiel by now. Give them ethereum or bitcoin (that one is a bit cheeky) for some of their coins during this magical ICO. They then pump the price of their magic coins with their stash, and dump it for ethereum asap. That's grand. Shítcoins. Pump and Dump. One born every minute and all that. But them dudes need to get that back into real money asap so they can buy real things in the real world with real money. Lambos in Costa Rica for example.

Now there's only so many 'investors and day traders' born who convert real money into virtual magic coins. And that can't keep the bitcoin train going. Wash trading helps to keep the price at a level for a period of time, but you need real money washing through the system so the scam artists can cash out. So Tether was created to deal with this highly leveraged market. This is supposedly crypto backed by real dollars. Only they've never shown that it is backed by real money. They have never had a proper audit done of their accounts, or revealed who is putting this real money into their coin. And the same honchos who own tether own bitfinex. Bitfinex is dodgy to say the least.

Skeptics (often dismissed as FUD merchants, or vested interests) are saying they are creating this out of thin air, and using this supposed tethering to the dollar to buy bitcoin. That's a very bad thing. So punter sticks in a 1000 quid from his savings, while some other punter just creates the same value out of thin air, and pumps the size of Bitcoin? Sounds fishy to this punter. Meanwhile the exchanges are facilitating this move of 'magic money' into real money.

Now I'd suggest that these exchanges have very little cash reserves, and that every 'whale', exchange owner, and twitter 'expert' is desperately trying to cash out into real money. Tether (As per the article above), can facilitate this, up and until it collapses. It's fake money pretending to be real money. It's propping up the market while the smart dudes at the top are trying to cash out.

It's really cool stuff to observe as an outsider looking in.

So basically the bots keep the price at 1$, while not putting in 1$ everytime they buy (so not backing up by USD)?

But tether make out that they trade dollars and tether to these bots making everything backed up and ok?

Chancer3001

Whether say that for every coin they produce they have a real dollar to back it up.

It's absolute complete nonsense.

Maybe it would be ok if they refused to show it on principle or something.

Instead they've tried to fudge an audit. Makes it so transparent that it's a scam.

BrokenArrows

Chancer3001 wrote: »

Whether say that for every coin they produce they have a real dollar to back it up.

It's absolute complete nonsense.

Maybe it would be ok if they refused to show it on principle or something.

Instead they've tried to fudge an audit. Makes it so transparent that it's a scam.

Ya i agree that it must be a scam or just a very badly run organization.

It would be so easy to calm everyones fears by release regular updates of their balance sheets and account details.

Instead they provide vague details of their bank balances which could honestly have been put together by a 2 year old messing around on excel.

NomadicGray

Might need to cash in a few Alts in the near future, whats the best way to cash out?
The bitcoin is on coinbase, its not much so would probably just transfer from there to the bank. But I have most in Neo in a Neon wallet and then a few spurious coins on Bittrex.
I have Coinbase, Kraken, LoclaBitcoins, Kucoin accounts.

bebeman

Im not going to spoon feed you, you will have to do your own research from here on out.
Why did we enter a bear market at the start of the week?
Why will it change to a bull market Friday?
Convert fiat to crypto Friday morning, walk away from it, come back Saturday morning to see easy 10% gains.

NomadicGray

NomadicGray wrote: »

Might need to cash in a few Alts in the near future, whats the best way to cash out?
The bitcoin is on coinbase, its not much so would probably just transfer from there to the bank. But I have most in Neo in a Neon wallet and then a few spurious coins on Bittrex.
I have Coinbase, Kraken, LoclaBitcoins, Kucoin accounts.

The few times I have taken some profits, Coinbase have been extremely reliable for me to get them into my account as fiat. I don't have an account on Kraken, LocalBitcoins, Bittrex or Kucoin. I use Binance.

- Sell my alt(s) for ETH on Binance. (Instead of Binance, use your own relevant exchange for this step. You can also sell for BTC, I prefer ETH for trading)

- Transfer that ETH from Binance to my ETH wallet on Coinbase.

- Sell that ETH for Euro on Coinbase.

- SEPA transfer out of Coinbase to my bank account.

With this method there are two fees. I have a withdrawal fee on Binance for withdrawing my ETH (0.01 ETH fee), and a proportionate transaction fee on Coinbase for selling my ETH to convert it to Euro.

The money shows up 2 business days later, at the most, in my bank account.

august12

Deleted User wrote:

With this method there are two fees. I have a withdrawal fee on Binance for withdrawing my ETH (0.01 ETH fee), and a proportionate transaction fee on Coinbase for selling my ETH to convert it to Euro.

Use Gdax to transfer back from Binance, trade eth to euro on Gdax and then transfer to Coinbase and back to bank account, Gdax has same login as coinbase as they are the same company and Gdax has free limit trading and free transfers in and out.

NomadicGray

Cheers lads, good tips to help reduce fees and I had forgotten about Gdax.
Hopefully I wont have to sell anyways, but its nice to know its there

august12

NomadicGray wrote:

Cheers lads, good tips to help reduce fees and I had forgotten about Gdax. Hopefully I wont have to sell anyways, but its nice to know its there

Some of us crypto Traders are ladies, not lads.

Dohnjoe

Deleted User wrote: »

The few times I have taken some profits, Coinbase have been extremely reliable for me to get them into my account as fiat. I don't have an account on Kraken, LocalBitcoins, Bittrex or Kucoin. I use Binance.

- Sell my alt(s) for ETH on Binance. (Instead of Binance, use your own relevant exchange for this step. You can also sell for BTC, I prefer ETH for trading)

- Transfer that ETH from Binance to my ETH wallet on Coinbase.

- Sell that ETH for Euro on Coinbase.

- SEPA transfer out of Coinbase to my bank account.

With this method there are two fees. I have a withdrawal fee on Binance for withdrawing my ETH (0.01 ETH fee), and a proportionate transaction fee on Coinbase for selling my ETH to convert it to Euro.

The money shows up 2 business days later, at the most, in my bank account.

How do you record it for tax purposes

NomadicGray

august12 wrote: »

Some of us crypto Traders are ladies, not lads.

Christ. Lets not, yeah?

Autochange

Dohnjoe wrote: »

How do you record it for tax purposes

:D:confused:

SteelyDanJalapeno

Deleted User wrote: »

The few times I have taken some profits, Coinbase have been extremely reliable for me to get them into my account as fiat. I don't have an account on Kraken, LocalBitcoins, Bittrex or Kucoin. I use Binance.

- Sell my alt(s) for ETH on Binance. (Instead of Binance, use your own relevant exchange for this step. You can also sell for BTC, I prefer ETH for trading)

- Transfer that ETH from Binance to my ETH wallet on Coinbase.

- Sell that ETH for Euro on Coinbase.

- SEPA transfer out of Coinbase to my bank account.

With this method there are two fees. I have a withdrawal fee on Binance for withdrawing my ETH (0.01 ETH fee), and a proportionate transaction fee on Coinbase for selling my ETH to convert it to Euro.

The money shows up 2 business days later, at the most, in my bank account.

Why do you prefer ETH for trading?

The Haven

Cheaper ETH fees I think, make it easier to trade.

august12

august12 wrote: »

Use Gdax to transfer back from Binance, trade eth to euro on Gdax and then transfer to Coinbase and back to bank account, Gdax has same login as coinbase as they are the same company and Gdax has free limit trading and free transfers in and out.

Thanks august. I use Gdax for going the opposite way, getting my euro/ETH from Coinbase to Binance with minimal fees. I hadn't considered the savings to be made with your suggestion for getting fiat out. Much appreciated.

SteelyDanJalapeno wrote: »

Why do you prefer ETH for trading?

I originally read that ETH had lower and fees and faster transaction times. Also, at the time I got into crypto, mid-December, BTC was quite intimidating to me. It was heading towards $20k and I just didn't want to touch it.

There was reportedly quite a backlog with transactions too, so BTC just didn't strike me as something that was ideal for me to use to get swiftly into the alt market at that particular time. It was alts I came to the market for, not BTC or even ETH. Though now, I am trying to accumulate some ETH for holding as well as trading.

Dohnjoe wrote: »

How do you record it for tax purposes

I keep a digital record of all my trades as well as a handwritten one. How this will transcribe to working out/submitting my tax liability, well that's up to my accountant when the time comes. I'm already self-declaring with my day job, so am used to keeping records. I just haven't been in crypto long enough yet to have had to submit an EOY tax payment on it.

august12

Am the same, use Gdax to transfer eth to Binance and trade from there, Gdax makes everything less complicated, Binance is a bit expensive but trades are reduced up to 28th Feb due to some issues they had last week, no reduction on fees for transfers though and they can be quite expensive, but best option is to trade back to eth, litecoin or Bitcoin, and then transfer back to Gdax, someone else more experienced might have other suggestions, I am new to this crypto world, would appreciate any advice offered with the futures market, how do I locate dates which are relevant to crypto trading?

grindle

august12 wrote: »

...would appreciate any advice offered with the futures market, how do I locate dates which are relevant to crypto trading?

CME currently has 29th March tagged.

Basically towards the end of every month.

Tinder Surprise

https://twitter.com/cryptomarsx/status/968057341194133504

jobless

Tinder Surprise wrote: »

https://twitter.com/cryptomarsx/status/968057341194133504

and price is less than what it was before announcement... bear market indeed!

Tinder Surprise

jobless wrote: »

and price is less than what it was before announcement... bear market indeed!

Yep!

Also looks like lots are selling the news.
There was rumours for a couple weeks so wondering if it was built into the price like lots of coins seem to be these days

garrettod

Hi,

NEO Ontology (ONT) airdrop on the way - info. here.

Binance will support - see here.

Tango One

Any interest in petro, 6 billion ico

http://www.elpetro.gob.ve/index-en.html

garrettod

Nope,

AFAIK, it's not decentralised.

Also, I wouldn't touch anything to do with Venezuela, as things stand.

WhiteMemento9

VeChain is the perfect example in this space of buy the hype and dump when the news hits. I have never owned any but I see it has gone nowhere and actually instead fell off the back of what all looks like really positive stuff in regards partnerships/rebrand etc

garrettod

WhiteMemento9 wrote: »

VeChain is the perfect example in this space of buy the hype and dump when the news hits. I have never owned any but I see it has gone nowhere and actually instead fell off the back of what all looks like really positive stuff in regards partnerships/rebrand etc

That's true.

A partnership with a company like BMW is great news and yet, the price dropped.

Granted, there may be other reasons which have contributed to the price drop, but I think it's a bit of a trend when it comes to cryptos - official announcements are worth less than the whispers (almost the same with equities, now I think about it).

Anyway, I'm keeping my VEN (and may even buy a few more in the near future )

Tinder Surprise

It seems the likes of Wanchain are holding back until the market is in better shape, so I would take their launch as a good sign, seeing they more than likely have some v.good advisers behind them.

I also wouldn't be surprised if some companies have news/announcements on ice til the market improves..

jobless

garrettod wrote: »

That's true.

A partnership with a company like BMW is great news and yet, the price dropped.

Granted, there may be other reasons which have contributed to the price drop, but I think it's a bit of a trend when it comes to cryptos - official announcements are worth less than the whispers (almost the same with equities, now I think about it).

Anyway, I'm keeping my VEN (and may even buy a few more in the near future )

people want profits and they want them now! .... i'm keeping my ven too and hope to add more on this drop...

come the years end i hope patience is rewarded

Pussyhands

So after my **** up of selling nano at 8 and buying vechain, I have the only two coins in the top 22 that are in the red.