Investing

Bitcoin and Ether

  • Last Updated:
  • Sep 25th, 2017 8:13 pm
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Deal Addict
Jun 21, 2008
2070 posts
217 upvotes
Toronto
Buggy166 wrote:
Sep 11th, 2017 6:57 pm
thats not how that works. if BTC collapses, the shitcoins will be 1st to go. there's a reason every trade is made in BTC but stuff like altcoins arent even listed in some exchange houses.

if BTC takes a beating, altcoins are gonna take it up the arse 1st. People will be pulling crypto into fiat. They'll start subtracting their crypto from the most insecure altcoins first, then the top 5 coins (eth, dash, ltc, etc), and lastly bitcoin. Alternatively when bitcoin goes up, altcoins follow on a multi-day delay.

BTC is the moon that the altcoin ocean dances to.
Ok so what you're telling me then - is when looking at trading between BTC and alt-coins, it more or less translates into dollar equivalents.

So if you buy $ worth of BTC and if you wanted to buy an alt coin, it pretty much trades at what BTC is worth in $ and the alt coin is worth in $ right?


So it doesn't matter if I trade in BTC or ETH, for my $ amount, i should be able to buy the same $ amount of alt coin regardless of whether i trade with BTC or ETH right?

So generally if the market crashes, they all pretty much crash together.

My reasoning was that in case BTC goes down and an alt coin goes up - you're saying that pretty much doesn't happen?

My main issue with buying alt coins right now, is that I look at their value on coinmarketcap - which tells you how much it's worth in USD.

But when you trade on bittrex, you're trading a BTC/ETH for an alt coin and I don't think it really tells you what price in USD you are buying at - it tells you what price in BTC you are buying at. So how do you keep track of whether or not you're getting a good price lol.
Deal Fanatic
User avatar
Oct 23, 2003
6504 posts
701 upvotes
Ticco wrote:
Sep 11th, 2017 7:08 pm

My reasoning was that in case BTC goes down and an alt coin goes up - you're saying that pretty much doesn't happen?
It would have to be a unicorn moment / news break / something special for an altcoin to go severely against the BTC movement

at that point, its basically a bet, not an investment, unless you have insider information the market doesnt know about. This is in terms of trying to time the market & specific alt-coin purchase before BTC drops.

BTC dictates the way the market flows. If it suffers, and people pull out BTC into fiat, the market also suffers for it and goes down.


Remember BTC collapsed many times before and people were going all suicidal. It'll happen again.

If you think of BTC as the "gold standard" you can buy other shitcoins with, you've basically understood how the market reacts to swings, up or down, in relation to fiat.
Deal Addict
Jul 7, 2004
4525 posts
481 upvotes
I've had enough of this, I'm just going to do what I've done for the past four years. Just forget about it and check in on it later. Maybe when it starts to come back up I'll put some more into crypto. Was a good wake up call though, I had some thoughts of putting down some big money, I certainly would have regretted it (for now). It's a good reminder to all that Bitcoin investing is not just free money.
Newbie
Feb 1, 2017
64 posts
22 upvotes
baz5 wrote:
Sep 12th, 2017 12:03 am
I've had enough of this, I'm just going to do what I've done for the past four years. Just forget about it and check in on it later. Maybe when it starts to come back up I'll put some more into crypto. Was a good wake up call though, I had some thoughts of putting down some big money, I certainly would have regretted it (for now). It's a good reminder to all that Bitcoin investing is not just free money.
So you're just going to keep buying high? If anything now is a good time to buy when everything is at a discount.
Jr. Member
Jan 29, 2007
153 posts
13 upvotes
Markham
phisherman wrote:
Sep 12th, 2017 9:45 am
So you're just going to keep buying high? If anything now is a good time to buy when everything is at a discount.
There must be some people in the market that buys high sell lows so that others can stand to gain. It's a zero-sum game :D
Deal Addict
Jun 21, 2008
2070 posts
217 upvotes
Toronto
phisherman wrote:
Sep 12th, 2017 9:45 am
So you're just going to keep buying high? If anything now is a good time to buy when everything is at a discount.
Yup - before the institutional investors bring their big money into it.
Deal Addict
User avatar
Aug 7, 2007
2454 posts
212 upvotes
GTA
Finally got my Nano Ledger S. Tested both Litecoin and Ethereum and successful! Moved all my coins off Coinbase and I feel real good about it!
Newbie
Mar 1, 2011
79 posts
25 upvotes
ADRiiAN` wrote:
Sep 12th, 2017 11:14 am
Finally got my Nano Ledger S. Tested both Litecoin and Ethereum and successful! Moved all my coins off Coinbase and I feel real good about it!
It's a good idea to first put a small amount in your nano. Enter the pin incorrectly and perform the recovery with your 24 words to see that it works.
Deal Addict
User avatar
Aug 7, 2007
2454 posts
212 upvotes
GTA
studentoflife wrote:
Sep 12th, 2017 1:44 pm
It's a good idea to first put a small amount in your nano. Enter the pin incorrectly and perform the recovery with your 24 words to see that it works.
Good idea...now to transfer back to coinbase to test....lol
Jr. Member
Mar 2, 2011
127 posts
12 upvotes
Toronto
ky.antz wrote:
Sep 12th, 2017 10:12 am
There must be some people in the market that buys high sell lows so that others can stand to gain. It's a zero-sum game :D
Exactly. Just the way it works
Member
Sep 28, 2010
346 posts
67 upvotes
Surrey
studentoflife wrote:
Sep 12th, 2017 1:44 pm
It's a good idea to first put a small amount in your nano. Enter the pin incorrectly and perform the recovery with your 24 words to see that it works.
That's what I did as well. I wish a lot more alt coins could go into the wallet.
Deal Guru
User avatar
Dec 7, 2009
13357 posts
1211 upvotes
With China trying its hardest to depress cryptocurrencies within its borders, the best projects to get behind right now would be decentralized exchange protocols like 0x ($ZRX) and Kybernetwork ($KNC). These will allow the Chinese to participate in crypto behind a VPN, regardless of what their government wants.

Current Decentralized exchange (DEX) solutions suck. These two projects are looking to fix that.
In a perfect system, corporations would fear the government and the government would fear the people. - David Wong

Check out caRpetbomBer's picks in this thread.
Newbie
Feb 1, 2017
64 posts
22 upvotes
Syne wrote:
Sep 12th, 2017 2:18 pm
With China trying its hardest to depress cryptocurrencies within its borders, the best projects to get behind right now would be decentralized exchange protocols like 0x ($ZRX) and Kybernetwork ($KNC). These will allow the Chinese to participate in crypto behind a VPN, regardless of what their government wants.

Current Decentralized exchange (DEX) solutions suck. These two projects are looking to fix that.
Have you looked into Komodo?

Also Charlie Lee and Jihan Wu basically are saying China will ban bitcoin exchanges. Right at the same time JP Morgan's CEO called bitcoin a fraud. Watch everything tank now.
Deal Guru
User avatar
Dec 7, 2009
13357 posts
1211 upvotes
I'm sick of bouncing in and out of tether based on mainstream news. China is losing credibility with these threats. People aren't going to divest in decentralization because a centralized entity doesn't like it. China's anger is neither surprising or remarkable. Ditto JP Morgan.

China has spent the last 30 years pulling themselves from the developing into the first world by manipulating fiat on a global scale. Of course they are pissed that crypto is hitting the reset button just as they are starting to squeeze. It makes sense, but I don't care. Centralization sucks. JP Morgan can suck a fat one too. We never should have bailed out that sh** show.
In a perfect system, corporations would fear the government and the government would fear the people. - David Wong

Check out caRpetbomBer's picks in this thread.
Deal Addict
User avatar
Aug 7, 2007
2454 posts
212 upvotes
GTA
studentoflife wrote:
Sep 12th, 2017 1:44 pm
It's a good idea to first put a small amount in your nano. Enter the pin incorrectly and perform the recovery with your 24 words to see that it works.
Hey! Thanks for this post. I just did it as a test and my 24 words was successful!

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