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Thread: The Litepresence Report on Cryptocurrency

  1. #61

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    So you don't expect a new low (below 2120 on Huobi)?

    I would expect the price to bottom between 375 and 100 on MtGox, based on other months long downtrends of the 2011 and april 2013 bubbles.
    I am an engineer and according to my knowledge, WTC 1, 2 and 7 came down in a controlled demolition on 9/11/2001.

    https://m.youtube.com/watch?v=dWUzfJGmt5U

    http://www.ae911truth.org



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  3. #62

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    MasterCoin looks like the first attempt to implement exactly what I have already described. Except the big glaring problem, also exactly as I have described, is the attempt to stack layers on top of BTC protocol. MasterCoin functionality is perfect, and should be built inside a brand new protocol core.

    I also completely disagree with the following assumption,

    • New protocol layers on top of the bitcoin protocol will increase bitcoin values, consolidate our message to the world, and concentrate our efforts, while still allowing individuals and groups to issue new currencies with experimental new rules. The success of any experimental currency protocol layer will enhance the value and success of the foundational bitcoin protocol.
    No they won't. New protocol layers that are designed to
    • Will fix the two biggest barriers to widespread bitcoin adoption: instability and insecurity.
    simply mask those problems in the core. It does't fix them.

    The author of this software is probably highly vested in the original protocol, but understands as I do the problems that will eventually crash the value. He will be unable to place these repairs to the protocol into the core, since that would require a hard forking of the block chain, which is why he invented "the Exodus" block for MasterCoin.

    This was the next best thing to a hard fork. This begs the question, if the crypto dev community has raised 5k BTC to implement security layers in this fashion (embedding a pseudo fork patch inside the original block chain data), is the original protocol really worth what people are paying for it?

    I don't think so.

    I think people are actually paying for the wrong thing. The nature of open source software is that it may be replicated by anyone (copy paste attribute source) and improved upon.

    BTC protocol has become brittle to this approach. BTC protocol because the financial investment into some arbitrary iteration (version 0.5) of that protocol has become closed sourced. Or semi-closed source.

    Meaning, no new iterations of the block-chain implementation, when it in fact is the blockchain itself which needs the most improvement.

    I think of it this way, BTC as a complete vehicle for financial freedom is like a model-T. It's such a great improvement over horse drawn carriage. But, yeah, I think you get the point.

    MasterCoin is a layer that's like trying to drop a hemi into a model T. Good luck with that.
    Last edited by newbitech; 01-02-2014 at 06:18 AM.

  4. #63

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    Quote Originally Posted by newbitech View Post
    and should be built inside a brand new protocol core.
    It was already attempted and it failed.

  5. #64

    Default

    Quote Originally Posted by Paladin69 View Post
    Almost slept in it.

    out 00769
    seems we both shorted ourselves


    00821 this morning

    'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988

    Awareness is the Root of Liberation Revolution is Action upon Revelation

    'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3

    Flectere si nequeo superos, Acheronta movebo.

    ...the familiar ritual of institutional self-absolution...
    ...for protecting them, by mock trial, from punishment...


  6. #65

    Default

    Quote Originally Posted by fatjohn View Post
    So you don't expect a new low (below 2120 on Huobi)?

    I would expect the price to bottom between 375 and 100 on MtGox, based on other months long downtrends of the 2011 and april 2013 bubbles.

    no... I don't expect a new low; this last bounce was not "dead cat" IMHO


    Are you lead dev for Mastercoin? or just same avatar?

    'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988

    Awareness is the Root of Liberation Revolution is Action upon Revelation

    'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3

    Flectere si nequeo superos, Acheronta movebo.

    ...the familiar ritual of institutional self-absolution...
    ...for protecting them, by mock trial, from punishment...


  7. #66

    Default

    And so the final bull run before the bear market begins:


    'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988

    Awareness is the Root of Liberation Revolution is Action upon Revelation

    'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3

    Flectere si nequeo superos, Acheronta movebo.

    ...the familiar ritual of institutional self-absolution...
    ...for protecting them, by mock trial, from punishment...


  8. #67

    Default


    'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988

    Awareness is the Root of Liberation Revolution is Action upon Revelation

    'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3

    Flectere si nequeo superos, Acheronta movebo.

    ...the familiar ritual of institutional self-absolution...
    ...for protecting them, by mock trial, from punishment...


  9. #68

    Default

    Is LTC/BTC going to reverb? If so, I'm going to try to sell high.
    I'm an adventurer, writer and bitcoin market analyst.

    Buy my book for $11.49 (reduced):

    Website: http://www.grandtstories.com/

    Twitter: https://twitter.com/LeviGrandt

    Facebook page: https://www.facebook.com/grandtstori...homepage_panel

    BTC: 1NiSc21Yrv6CRANhg1DTb1EUBVax1ZtqvG

  10. #69

    Default

    Quote Originally Posted by PaulConventionWV View Post
    Is LTC/BTC going to reverb? If so, I'm going to try to sell high.
    NMC and PPC just both pumped for 70%+ gains on weak fundamentals over 48 hours.


    The 48 hour dollar volume for both combined is EQUAL to the LTCusd volume in the past 3 hours.


    I'm holding LTC... 2 days.


    I don't think we're looking at a "5%" gain anymore...



    The market and trollbox is wild with speculation right now.



    We could easily see $30/ltc or more in the next 48 hours if the buying frenzy with the lesser alts carries over.



    I'm gaining confidence we will see 0400 ltcbtc by midnight EST today.
    Last edited by presence; 01-02-2014 at 01:55 PM.

    'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988

    Awareness is the Root of Liberation Revolution is Action upon Revelation

    'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3

    Flectere si nequeo superos, Acheronta movebo.

    ...the familiar ritual of institutional self-absolution...
    ...for protecting them, by mock trial, from punishment...


  11. #70

    Default

    Quote Originally Posted by presence View Post
    NMC and PPC just both pumped for 70%+ gains on weak fundamentals over 48 hours.


    The 48 hour dollar volume for both combined is EQUAL to the LTCusd volume in the past 3 hours.


    I'm holding LTC... 2 days.
    What about BTC?
    I'm an adventurer, writer and bitcoin market analyst.

    Buy my book for $11.49 (reduced):

    Website: http://www.grandtstories.com/

    Twitter: https://twitter.com/LeviGrandt

    Facebook page: https://www.facebook.com/grandtstori...homepage_panel

    BTC: 1NiSc21Yrv6CRANhg1DTb1EUBVax1ZtqvG

  12. #71

    Default


    'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988

    Awareness is the Root of Liberation Revolution is Action upon Revelation

    'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3

    Flectere si nequeo superos, Acheronta movebo.

    ...the familiar ritual of institutional self-absolution...
    ...for protecting them, by mock trial, from punishment...


  13. #72

    Default

    Quote Originally Posted by PaulConventionWV View Post
    What about BTC?

    bitcoin is always the "safer" bet... LTC is like leveraged trading. If you're not watching your crypto and don't have time for it... then BTC.... If you're willing to take greater risk... LTC... If you want that crazy rise and crazy risk... NMC... but I wouldn't touch NMC right now... you can get it for $4 tomorrow. NMC and PPC are "done" LTC and BTC still have room to grow.

    'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988

    Awareness is the Root of Liberation Revolution is Action upon Revelation

    'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3

    Flectere si nequeo superos, Acheronta movebo.

    ...the familiar ritual of institutional self-absolution...
    ...for protecting them, by mock trial, from punishment...


  14. #73

    Default

    Quote Originally Posted by presence View Post
    seems we both shorted ourselves


    00821 this morning
    yeah...damnit. 0094. Can't complain about taking profits though.

  15. #74

    Default

    Quote Originally Posted by presence View Post
    bitcoin is always the "safer" bet... LTC is like leveraged trading. If you're not watching your crypto and don't have time for it... then BTC.... If you're willing to take greater risk... LTC... If you want that crazy rise and crazy risk... NMC... but I wouldn't touch NMC right now... you can get it for $4 tomorrow. NMC and PPC are "done" LTC and BTC still have room to grow.
    I just got locked out of my coinbase account for 24 hours. Where do you think BTC will be by then?
    I'm an adventurer, writer and bitcoin market analyst.

    Buy my book for $11.49 (reduced):

    Website: http://www.grandtstories.com/

    Twitter: https://twitter.com/LeviGrandt

    Facebook page: https://www.facebook.com/grandtstori...homepage_panel

    BTC: 1NiSc21Yrv6CRANhg1DTb1EUBVax1ZtqvG

  16. #75

    Default

    Quote Originally Posted by PaulConventionWV View Post
    I just got locked out of my coinbase account for 24 hours. Where do you think BTC will be by then?
    I suspect it will work out to your fortune

    No option to panic sell on the way up!

    Be sure to get back online to cash out at the top, I think we have 36 more hours of BTC gains ahead of us... but time is much more difficult to quantify than are price points.

    I don't think we will see $1000 BTC again... but I wouldn't be surprised if your BTC is worth 10% more tomorrow.

    'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988

    Awareness is the Root of Liberation Revolution is Action upon Revelation

    'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3

    Flectere si nequeo superos, Acheronta movebo.

    ...the familiar ritual of institutional self-absolution...
    ...for protecting them, by mock trial, from punishment...


  17. #76

    Default

    Along the same lines as Mastercoin


    What is Link? Link is an open source protocol for embedding data in the blockchain of Crypto-currencies.
    Why would you want to do that? Crypto-currencies like Bitcoin have a number of useful properties which Link exploits:

    • The blockchain is built on a peer-to-peer network which makes broadcasting of data far and wide easy to accomplish.
    • The blockchain is verified by all the participants in the network, meaning data embedded within it cannot become corrupted.
    • The blockchain is used as a record of account, so it already has existing utility, meaning it's less likely to be censored.
    • The act of embedding data in the blockchain via the Link protocol requires users to spend their coins, meaning there's a cost associated with publishing.

    By building on these foundational properties, Link allows anyone to publish data in a way that is effectively anonymous, and will be very hard to censor, yet easy to find.
    Does it destroy coins? Yes. Every publish requires spending to addresses for which the private key isn't known. This causes further deflation of the currency, making the existing coins more valuable.
    But won't this bloat the blockchain? While the blockchain will increase in size with every piece of data published, because the coins are being destroyed, they can never move again. This means they will never generate another transaction to increase the size of the blockchain. Any cost in size is paid once and never again, as opposed to when coins transfer ownership and will subsequently generate more transaction. If the blockchain was only used for this purpose, there would be an upper limit on the blockchain size, as opposed to the present assumption that it will grow forever. So while adding data to the blockchain will increase the size of it, it can't possibly increase it more than sending coins around.

    http://blockchain-link.com/#faq

    'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988

    Awareness is the Root of Liberation Revolution is Action upon Revelation

    'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3

    Flectere si nequeo superos, Acheronta movebo.

    ...the familiar ritual of institutional self-absolution...
    ...for protecting them, by mock trial, from punishment...


  18. #77

    Default

    Quote Originally Posted by presence View Post
    I suspect it will work out to your fortune

    No option to panic sell on the way up!

    Be sure to get back online to cash out at the top, I think we have 36 more hours of BTC gains ahead of us... but time is much more difficult to quantify than are price points.

    I don't think we will see $1000 BTC again... but I wouldn't be surprised if your BTC is worth 10% more tomorrow.
    And by "again", I assume you mean "before the looming 40% decline".
    I'm an adventurer, writer and bitcoin market analyst.

    Buy my book for $11.49 (reduced):

    Website: http://www.grandtstories.com/

    Twitter: https://twitter.com/LeviGrandt

    Facebook page: https://www.facebook.com/grandtstori...homepage_panel

    BTC: 1NiSc21Yrv6CRANhg1DTb1EUBVax1ZtqvG

  19. #78

    Default

    Quote Originally Posted by presence View Post
    Along the same lines as Mastercoin

    http://blockchain-link.com/#faq
    I've been following Kevlar (the dev) as he's been writing this. If people are interested in seeing how things came together, check out [Kickstart] Link - The File Sharing Blockchain Protocol on the Feathercoin forums, as well as [ANN] Link - The Blockchain File Sharing Protocol for the original announcement thread. It's some really fascinating stuff. zerodrama is also working on an extension of Link titled FLUX, which is itself a whole other beast and pretty awesome if it comes to fruition.
    Last edited by Aldanga; 01-02-2014 at 06:18 PM.
    I have sworn upon the altar of God eternal hostility against every form of tyranny over the mind of man. -Thomas Jefferson

  20. #79

    Default

    Quote Originally Posted by presence View Post
    I don't think we will see $1000 BTC again
    Sure we will, just not until after Spring.

  21. #80

    Default

    Quote Originally Posted by Paladin69 View Post
    Sure we will, just not until after Spring.
    Yep, last call for cheap coins. Plan accordingly peeps.

  22. #81

    Default

    Quote Originally Posted by PaulConventionWV View Post
    And by "again", I assume you mean "before the looming 40% decline".


    yes... of course we'll see $1000 at some point... but 40% down from here... I'm not as confident in further continuation of our bull run. I'm in fiat. The rise was too much too fast... and the lack of the pop in LTC? that was davidpate liquidating.

    He's 80k ppc deep now and the rest in fiat. $3m usd of marketshare @ btce


    BTC up 7.5% on the day. LTC up 8.5%.


    Bear market down is my estimation.


    I'm sleeping in fiat.

    'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988

    Awareness is the Root of Liberation Revolution is Action upon Revelation

    'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3

    Flectere si nequeo superos, Acheronta movebo.

    ...the familiar ritual of institutional self-absolution...
    ...for protecting them, by mock trial, from punishment...


  23. #82

    Default



    davidpate buying into PPC




    BTC post consolidation gaining 7.5% then Bear




    LTC post consolidation gaining 8.5% then Bear




    BTC was right within the realm of expectations, I was silently hoping for a multiplier effect by holding LTC... but by the time I realized davidpate had moved his cards... I was stuck holding a 5% gain on the day.


    bummer?


    Absolutely crazy 24 hour gain in PPC tho as davidpate shifted his holdings.

    'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988

    Awareness is the Root of Liberation Revolution is Action upon Revelation

    'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3

    Flectere si nequeo superos, Acheronta movebo.

    ...the familiar ritual of institutional self-absolution...
    ...for protecting them, by mock trial, from punishment...


  24. #83

    Default

    huobi btccny and mtgox usd are diverging !?

  25. #84

    Default

    Quote Originally Posted by presence View Post
    yes... of course we'll see $1000 at some point... but 40% down from here... I'm not as confident in further continuation of our bull run. I'm in fiat. The rise was too much too fast... and the lack of the pop in LTC? that was davidpate liquidating.

    He's 80k ppc deep now and the rest in fiat. $3m usd of marketshare @ btce


    BTC up 7.5% on the day. LTC up 8.5%.


    Bear market down is my estimation.


    I'm sleeping in fiat.
    I'm using BTC from a small purchase (relative to net) that got stuck at 960. Since I don't think it will come back for a while, I decided to just use this as my play money in alts. I can't complain. Made my first successful swing trade gain in NMC. This is all, more or less a learning exercise for me. Day-trading crypto is like training wheels if you aren't worried about the price because you believe it to come back.

    davidpate buying into PPC
    Who?

  26. #85

    Default

    Quote Originally Posted by Paladin69 View Post
    Who?
    davidpate is a btce trader with a very large bankroll ($3m USD?) perhaps the largest bankroll @ btce. Same class of money as fontas; I'm not sure who has more.


    davidpate had always held predominately LTC, BTC, and cash until today. He shifted at least $1m usd into PPC in about 8 hours.

    'We endorse the idea of voluntarism; self-responsibility: Family, friends, and churches to solve problems, rather than saying that some monolithic government is going to make you take care of yourself and be a better person. It's a preposterous notion: It never worked, it never will. The government can't make you a better person; it can't make you follow good habits.' - Ron Paul 1988

    Awareness is the Root of Liberation Revolution is Action upon Revelation

    'Resistance and Disobedience in Economic Activity is the Most Moral Human Action Possible' - SEK3

    Flectere si nequeo superos, Acheronta movebo.

    ...the familiar ritual of institutional self-absolution...
    ...for protecting them, by mock trial, from punishment...


  27. #86

    Default

    Quote Originally Posted by presence View Post
    davidpate is a btce trader with a very large bankroll... perhaps the largest bankroll. Same class of money as fontas; I'm not sure who has more.


    davidpate had always held predominately LTC, BTC, and cash until today. He shifted at least $1m usd into PPC in about 8 hours.
    Did he declare he would do this before buying? I guess I should pay attention to the trollbox more.

  28. #87

    Default

    pumpers do not declare anything before buying.
    One of the methods are:
    Buy slowly while its low, then add huge buy order just under the current price, set a top target, and sell off what you bought at the top. With enough capital, you can define where the top is by pulling your buy support when you're done. You can rinse-and-repeat by buying at the bottom of the trap you just made.

    I don't think davidpate is doing this. I think he is just being rational and selling off when he thinks it will be a bear market.

    Edit: also, you need insane capital to pull that off with LTC, its market cap being in the hundreds of millions (probably less in reality if you were to sell a large amount in one go, but still, a lot!)

    Edit2: they announce around the same time that they add a "support" buy wall under the current price, after having bought in.
    Last edited by lotsOfCake; 01-02-2014 at 10:47 PM.

  29. #88

  30. #89

    Default

    presence, thoughts on Unobtanium? 250K supply cap. Could it possibly reach BTC parity before collapsing?

  31. #90

    Default

    I've never opened an account at vircurex. Do you remember them for USA customers? Or is coinbase still the easiest way to get fiat dollars into crypto?

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