Yeah, I’ve just noticed how far everything else has dumped too… looks like a pretty epic few hours lol.
Looks like stellar took an expected pounding in particular!
I just picked up some more MAID thanks to the dumper
Looks like a play between Bitcoin and alts to me.
Those with the most hype got hit hardest.
Holly crap, I managed to sit this all out without buying or selling anything. The temptation was great of course, I a very happy with myself it was not easy. Nice to watch the chaos without accumulating grey hair
I’m probably totally wrong, but continue to think there is a bubble in alt coins that may be in the early stages of bursting. The good news is that all revolutionary technologies seem to go through the stages of bubble --> collapse --> recovery + real impact. So that confirms there’s truly something revolutionary being built.The bad news is that the market reacts emotionally when the bubble bursts and everything (viable and non-viable projects) fall. During the 1987 stock market crash a little company called Microsoft dropped 90%. So, personally I’m not trying to make any money off the short-term swings (not confident anyone can do this consistently), but will add to MAID if we get a >80% decline. Ultimately the only way to approach this is with a long-term view IMO.
Looks like dumping into BTC again. Newcomers to alts have had their fingers badly burnt if they panic sold but who could blame them? Wonder if they’ll come back after realising they had jumped into shark infested waters? Maid again taking a real hammering. Bargain Maids for now. She’ll be back.
personally I wouldn’t mind MAID crashing below 10k satoshi as I could double my position there.
But then again, I am a late comer and I understand it would suck for most of you.
How many of you have managed to get verified at level 2 or 3 on Polo ?
I have read on reddit some people have been waiting for months for level 2 verification.
I suspect they do that intentionally and 90% of the money is stuck on this website.
It took me 2 or 3 days when I did it in 2015. Given the exponential growth in users, I suspect there is a massive backlog in the processing of new users. I know someone trying to get approved for the Winklevoss exchange. This used to take 2 days but he was told they’ve had such an influx of new applicants that they won’t be able to process for weeks. Feels very much like the massive wave of people opening online brokerage accounts during the internet bubble.
Could be, but I think they are just seriously understaffed, with the increase in activity the last weeks (and maybe accompanied with a couple of DDOS attacks).
I had a ticket of almost 1 week old (nothing big).
When I drew their attention on the fact that it was taking that long, it was solved within an hour.
It is not so simple to just hire extra people: they have to be worked in…
EDIT: and if you can’t quit manage the volume (yet) it is maybe wise to prevent the volume to get even larger, by extra level 2 or 3’s.
Same here. As Merkle says though, there were only a couple of thousand users online back then, now there are over 30,000. I expect they’re trying to keep up with it all and have fallen victim of their own success. KYC and compliance in general is an expensive and time consuming process.
Crazy huge spread still… only 100btc between 15k and 20k sats!
1000 Btc buywall on Maid)
IMO, as.long as new money is coming into Bitcoin, alts will keep getting plumper. The pie is growing, rather than Bitcoin and alts just swapping trades.
I also believe Bitcoin has very real flaws and design limitations, which alts are addressing. There is genuine competition out there now, which is a relatively new situation.
Yes, medium to long term I agree with this. That said I’m not confident enough in the long term success of most of them. I only hold Bitcoin and MaidSafe coin. I remember Bill Gates arguing very strongly against TCP/IP in the mid-90s claiming it couldn’t scale (no similarities with Bitcoin there then). He wouldn’t even refer to it as the Internet, using the term “information superhighway”.
The takeaway for me is that currencies have strong network effects (everyone wants to use the one everyone else is using), but so do protocols. Bitcoin is both a currency and a protocol. IMO it would be a mistake to underestimate this.
I think Decred is a great altcoin, with the governance system. The people that own the coins will have control not the miners this way people will choose that what the coin needs and not what greed needs.
Assuming an investment is a bubble because it went up in value a lot is a strategic error.
Good investments go up.
Great ones go up a lot.
If you can buy your way to hashing power supremacy on bitcoin, you sure can buy votes on Decred don’t you think ?
(just curious, I don’t know this coin well enough).
Your not really right here bitcoin miners do it for the money and sell to recover mining gear, electric etc.
So actually the miners dont have to be holders of the coin itself. And miners focus on an as much as possible ROI.
With decred to vote for an proposal you need to own coins and buy tickets, and when you buy a ticket you lock your dcr in the blockchain untill your vote is beeing casted (approx. 28 days). So the votes will determine if for example LN or any other innovation will happen. So you actually putting your money where your mouth is sort of speak.
Right, whether or not we’re in a bubble comes down to a simple question: Do these projects warrant their market cap/valuation?
It is like a pendulum, you want to aim it to hit the target, but it overshoots and goes way beyond.
We overreact and then we panic.
Technical analysts and classical economists keep their mantra that the market is efficient and rational. I beg to differ, behavioral economics is a better approach to understand markets.
None of the altcoins is worth what they are valued right now.
People are not using it, there is no commerce, there are no implemented solutions, there are no demands for its utility.
They are just essentially bets on its theoretical potential, fueled by pure speculation.
Monero is the only one that could be justified for having become the currency of choice for some dark marketplaces.
MaidSafeCoin for some reason has not participated of the irrational pump and dump, and it’s been evolving at the same pace of its software development, it has been a steady evolution. It looks really healthy, in my view.