Why the large drop? mod note: post 82

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asteroids over berlin

asteroids over berlin wrote: »

REDCOIN is macafees one today - communicated a few mins ago..

Just to note, McAfee's coin of the day was Reddcoin (RDD). Redcoin (RED) is a completely different coin as far as I can see.

The one which McAfee promoted, Reddcoin, I like its MO of social media tipping and I also have a sentimental fondness for the coin; To get me started in trading cryptos, a friend sent me a few hundred as my first coin in my first wallet. Thankfully, he did this before it hit the 1c mark, otherwise he probably would have only given me 10 of them or something :pac:

While I really like the idea of Reddcoin and its potential, I have a bit of research to do on the actual progress of the development team before I put some of my own funds into the coin. Apparently, one of them left the project and subsequently returned over the last 3 years, and as a result the project has not made the progress yet which it was hoping to by this stage.

Reddcoin seems to have nothing major in the pipeline at the moment apart from a general 'Here's some stuff we're working on' tweet which went out in mid-November. It sounds promising, but is quite vague with the timeline. Everything is 'close'. I'd like to see a more detailed timeline.

https://twitter.com/reddcoin/status/930463073319751680

Even as a relative newb, I can even see the effect of McAfee's coin of the day tweets on the various coins. Not sure if it's a good thing overall for Crypto. Yes, it will make you some fast gains if you are quick in there (so quick, that you might have to hop on before the tweet, just as rumours of it are circling) but the long-term benefit remains unknown, possibly negligible.

I'd like to see an announcement soon from Reddcoin to follow-up on this McAfee tweet. The tweet alone is short-term buzz, but that coupled with some action from the company could see progress and some more recognition in the market.

This Reddcoin and its technology is actually in use right now. For example, there is an extension for Chrome which allows you to tip with Reddcoins on Twitter.

I do like this coin. It's just...please show us something new or a more concrete timeline soon, team.

Jobs OXO

All Ponzi schemes have to end some time lads.

Aspiring

[Deleted User] wrote: »

Just to note, McAfee's coin of the day was Reddcoin (RDD). Redcoin (RED) is a completely different coin as far as I can see.

The one which McAfee promoted, Reddcoin, I like its MO of social media tipping and I also have a sentimental fondness for the coin; To get me started in trading cryptos, a friend sent me a few hundred as my first coin in my first wallet. Thankfully, he did this before it hit the 1c mark, otherwise he probably would have only given me 10 of them or something :pac:

While I really like the idea of Reddcoin and its potential, I have a bit of research to do on the actual progress of the development team before I put some of my own funds into the coin. Apparently, one of them left the project and subsequently returned over the last 3 years, and as a result the project has not made the progress yet which it was hoping to by this stage.

Reddcoin seems to have nothing major in the pipeline at the moment apart from a general 'Here's some stuff we're working on' tweet which went out in mid-November. It sounds promising, but is quite vague with the timeline. Everything is 'close'. I'd like to see a more detailed timeline.

https://twitter.com/reddcoin/status/930463073319751680

Even as a relative newb, I can even see the effect of McAfee's coin of the day tweets on the various coins. Not sure if it's a good thing overall for Crypto. Yes, it will make you some fast gains if you are quick in there (so quick, that you might have to hop on before the tweet, just as rumours of it are circling) but the long-term benefit remains unknown, possibly negligible.

I'd like to see an announcement soon from Reddcoin to follow-up on this McAfee tweet. The tweet alone is short-term buzz, but that coupled with some action from the company could see progress and some more recognition in the market.

This Reddcoin and its technology is actually in use right now. For example, there is an extension for Chrome which allows you to tip with Reddcoins on Twitter.

I do like this coin. It's just...please show us something new or a more concrete timeline soon, team.

McAfee made me 60% profit today. I hope he keeps doing this coin of the day thing for a long time.

Selik

WhiteMemento9 wrote: »

Someone on reddit has created a trade bot to take advantage of this stuff. I'd say a few are using it so you'll need to be quick to beat the machines :P

True! I'll take 50% on that trade everytime though which has been the case the last couple of days. Super risky though to get at least some of the pump and out before the dump. Reddcoin is up another 30% since my previous post and Digibyte is doing ok as well. I wouldn't be holding any of these coins on that basis though!

Selik

Aspiring wrote: »

McAfee made me 60% profit today. I hope he keeps doing this coin of the day thing for a long time.

Agreed. I bet he stops in a few weeks though so might as well ride the wave while it's high and keep the trades for the fun money only

GreeBo

server down wrote: »

Wow. Selling on the way down. Buying on the way up. Let me write that down

If you still don't get it in a few days, ask and I'll go over it slowly for you.

Aspiring

And Reddcoin breaks 2c!

Aspiring wrote: »

McAfee made me 60% profit today. I hope he keeps doing this coin of the day thing for a long time.

Yep, the tweets make gains and that should be the main concern as such for many in the Investments and Markets forum.

I'm just wondering about the sustainability of this. When will we see these tweets become so successful that they gather news in the mainstream? Then we'll have your average joes remortgaging their house to invest in those McAfee coins. They will lose their bollix just like they did with BTC.

Also, there's the concern for Crytpos as a whole, beyond the money element. No, there isn't that concern if you just want to make some short-term gains off Cryptos. However, those invested in the good of the technology and its futures generally see those McAfee tweets as harmful overall.

But if you/I just want to make money in the short-term, all that doesn't really matter. Congrats on your profit/successful trading btw.

Tinder Surprise

Selik wrote: »

Agreed. I bet he stops in a few weeks though so might as well ride the wave while it's high and keep the trades for the fun money only

He has just tweeted thay due to pressure he won't be doing it daily anymore, but only weekly.

Dohnjoe

Tinder Surprise wrote: »

He has just tweeted thay due to pressure he won't be doing it daily anymore, but only weekly.

Of course he changed it to weekly, he's realised he can make money from pumping these random coins

It's like the 4chan pumps, just with one central point to kick them off (a McAfee tweet)

Tinder Surprise

Dohnjoe wrote: »

Of course he changed it to weekly, he's realised he can make money from pumping these random coins

It's like the 4chan pumps, just with one central point to kick them off (a McAfee tweet)

Do you indulge sir?

Shauny2010

GreeBo wrote: »

I politely disagree.
The guys making the real money are the ones who truly believe in bitcoin, sell on the way down, buy on the way up and are quietly increasing their number of coins at next to no cost.
Amassing huge potential fortunes with each click.
That's where you want to be.

Corrections are difficult and should not be traded. The smaller the time frame the more chaotic the price fluctuations. The longer the time frame the trend is much more clear and prices do not fluctuate as much.
Its easy to have 20:20 vision in hindsight but the reality is most traders get left behind when they call the top incorrectly. We seen this 3 or 4 times this year already, like back when it failed to break $5000 it fell back to $3100 but quickly reversed and surged to $7k. How many traders call that correctly? I can point to many calling a fall back to $1000 at the time.

For the average Joe the best option is to give yourself a time frame of maybe 18 months to 3 years and just Hodl.

GreeBo

Shauny2010 wrote: »

Corrections are difficult and should not be traded. The smaller the time frame the more chaotic the price fluctuations. The longer the time frame the trend is much more clear and prices do not fluctuate as much.
Its easy to have 20:20 vision in hindsight but the reality is most traders get left behind when they call the top incorrectly. We seen this 3 or 4 times this year already, like back when it failed to break $5000 it fell back to $3100 but quickly reversed and surged to $7k. How many traders call that correctly? I can point to many calling a fall back to $1000 at the time.

For the average Joe the best option is to give yourself a time frame of maybe 18 months to 3 years and just Hodl.

I wouldn't try to call the top, if you believe you don't need to.
Just sell on the way down and buy on the way back up.

E.g
If you believe it's eventually worth 50k, then anytime you buy below that you will be happy.
Any time you sell above your buy price you are also happy.

Keep doing this and you keep increasing your number of coins.

Tops and bottoms are irrelevant, just sell for more than you bought at and but anytime it's lower than your end value.

Shauny2010

Again this is easy to do with hindsight. The reality is short term trends can reverse with no warning. Their are too many whales more than ready to reverse a trend if it suits them.
So tell me, Bitcoin now stands at $16800 should I sell now and wait for a dip to buy back in? and if so what should my buy price be?

dubrov

GreeBo wrote:

Tops and bottoms are irrelevant, just sell for more than you bought at and but anytime it's lower than your end value.

That only works if Bitcoin continues to rise (which it has done mostly to this point).

If there is any sort of sustained fall, say over a month or more, I can see a lot of people being forced to close their long positions and then the fun really starts.

GreeBo

Shauny2010 wrote: »

Again this is easy to do with hindsight. The reality is short term trends can reverse with no warning. Their are too many whales more than ready to reverse a trend if it suits them.
So tell me, Bitcoin now stands at $16800 should I sell now and wait for a dip to buy back in? and if so what should my buy price be?

Do you think the price is going to increase?
What's your average unit price for your current coins?

GreeBo

dubrov wrote: »

That only works if Bitcoin continues to rise (which it has done mostly to this point).

If there is any sort of sustained fall, say over a month or more, I can see a lot of people being forced to close their long positions and then the fun really starts.

Which is why I started it all with "if you truly believe in btc"
If you don't then you are just gambling.
If you do then any price under what you believe it will eventually be worth is cheap.

Shauny2010

GreeBo wrote: »

Do you think the price is going to increase?
What's your average unit price for your current coins?

Long term yes
Medium term - looks likely but I'm no chart expert, from what I do know the RSI is indicating oversold so it should move up over the next few days
Short term < day - who knows

Average price
Long term holding (The Bitcoin I never intend to sell really) average price < $150

Rest of Bitcoin (Bitcoin I started buying over the last 2 years) average price ~$1500

GreeBo

Shauny2010 wrote: »

Long term yes
Medium term - looks likely but I'm no chart expert, from what I do know the RSI is indicating oversold so it should move up over the next few days
Short term < day - who knows

Average price
Long term holding (The Bitcoin I never intend to sell really) average price < $150

Rest of Bitcoin (Bitcoin I started buying over the last 2 years) average price ~$1500

Are you an active investor, do you have stop losses and alerts setup?

Assuming 15k now, I'd have sell orders at 14k

Alerts down to about 12k and then buys at 13k.

You are in the position of really not being able to lose, sure you might skip some profits, but unless you time the ultimate ATH that's always going to happen.

Shauny2010

I moved some of my Bitcoin to the exchange this morning and put those limits in place. It will be interesting to see the sell order gets hit after the next fork this evening. Hopefully they don`t get triggered before the fork and I loose out on some of the B2X coins. But I'm not bothered at this stage as there seems to be another fork every other week now

Aspiring

Aspiring wrote: »

McAfee made me 60% profit today. I hope he keeps doing this coin of the day thing for a long time.

Just as a follow-up on this, it seems that he tried to shakedown Verge after promoting them as his Coin of the Day. Since they didn't cave to his demands, he's been actively FUDing Verge since...

https://imgur.com/a/wdwIj

It's legit apparently.

This isn't news to a lot of people about McAfee being a paid shill, but I thought it would be a bit more organised, formal and above board than "I did that thing for you. Pay me now or I'll ruin you".

Fine, the man made a little money for me and a lot of money for whales. Still, money isn't everything, I'm not a fan of McAfee's at all and hope that this ends his 'Coin of the Day/Week/Whatever' bullshít. In another industry he would be jailed for this, and rightfully so.

Aspiring

[Deleted User] wrote: »

Just as a follow-up on this, it seems that he tried to shakedown Verge after promoting them as his Coin of the Day. Since they didn't cave to his demands, he's been actively FUDing Verge since...

https://imgur.com/a/wdwIj

It's legit apparently.

This isn't news to a lot of people about McAfee being a paid shill, but I thought it would be a bit more organised, formal and above board than "I did that thing for you. Pay me now or I'll ruin you".

Fine, the man made a little money for me and a lot of money for whales. Still, money isn't everything, I'm not a fan of McAfee's at all and hope that this ends his 'Coin of the Day/Week/Whatever' bullshít. In another industry he would be jailed for this, and rightfully so.

I stopped with his recommendations too. He is just creating pump and dumps.

ThunbergsAreGo

This bitcoin drop is killing me, at this stage holding seems to be my move at least for the next week or so

Is this idiocy?

h0neybadger

naughtb4 wrote: »

This bitcoin drop is killing me, at this stage holding seems to be my move at least for the next week or so

Is this idiocy?

Never sell BTC during a drop.

sunrainmooncl

The question is whether BTC will go back up again.

I had such high hopes of widespread adoption but with competition of cheaper coins, competition with banking coins (XRP), lack of usability and still a lot of FUD there doesn't seem to be a clear path for BTC

asteroids over berlin

sunrainmooncl wrote: »

The question is whether BTC will go back up again.

I had such high hopes of widespread adoption but with competition of cheaper coins, competition with banking coins (XRP), lack of usability and still a lot of FUD there doesn't seem to be a clear path for BTC

Bitcoin is the gold of cryptos, there is only 1 way it's going, up up up

pro_gnostic_8

sunrainmooncl wrote: »

The question is whether BTC will go back up again.

Tough question !
I do think, tho', it might be worthwhile to ask ourselves if WE would buy bitcoin right now at the current price taking into account the high tx fees, the long tx times, the FUD, the better and more technically advanced alternatives out there? I know I wouldn't buy -- and that's coming from a longtime bitcoin fan. Would you buy?
If the answer is "No", then be assured there are many more like you. If people stop buying, it is hard to foresee a rise in price .......... in the short term. I emphasize "short-term, tho', a successful LN implementation and Shnorr signatures etc might change the landscape into one of positivity.

pro_gnostic_8

asteroids over berlin wrote: »

Bitcoin is the gold of cryptos, there is only 1 way it's going, up up up

It's going down, down, down for the past fortnight, however.

asteroids over berlin

a natural correction is good, btc can jump 10k in a day, that's where we are at now (i believe), next year will be mental. The big boys are also probably manipulating the market against the futures, so you may see some pretty wild see saw events for the next while. The overall crypto marketcap is nothing - it will easily tripple next year(various predictions from known advocates of the game), although i think it will go easily 10x.

EagererBeaver

asteroids over berlin wrote: »

Bitcoin is the gold of cryptos, there is only 1 way it's going, up up up

The price of gold has been going down for years.