Huge Bytecoin pump and imminent dump the big story today. There is an absurd amount of money behind this coin's price push. The market cap in this pump would make it 3rd/4th in market cap. The odd thing is very few transactions are being confirmed so only selected transactions are going through. Binance is being pulled into focus as it appears to be the epicenter of the pump.
Yeah it seems to be a coordinated scam/pump and dump.
Binance listing, almost no bytecoins on binance, nobody can sent bytecoin to binance, binance price pumps and moons for that reason, nobody can sent their Bytecoin to binance because transactions don't work, price pumps on the other exchanges too because people think the coin is actually worth anything(hitbtc and another one). Scammers sell there.
Really smart, I am curious how much the bytecoin devs are in this.
Same shit that happened with bcash on Coinbase. Price went to what, like $6k before they froze trading?
I can't have any sympathy for those who bought at 2c+. Even ignoring that bcn is a scam shitcoin, why the hell would you pay 10x what it was the day before for no reason other than it being on binance? Pure stupidity.
hodling getting destroyed. Tether continues to get bigger as capital leaves other coins. I wouldn't be buying right now as it's likely the market will continue to sell as we continue consolidating and pushing skittish retail investors out despite there being an overwhelming amount of bullish news as opposed to bearish. The market no longer reacts to news so it's all bot trade. Meanwhile, for the speculation betters on here, I'm still in with the big projects. As someone who came into the space in February, I'm hoping to see a bullrun after my position is over a year old.
The market has looked artificial for a while now. Just sideways "barts" for BTC for months, it seems like. Volume is low (and lots of it fake). I feel like volume has been low enough that EOS has been moving the market recently as larger holdings position themselves for more votes for block producers. (Top block producers in EOS make >$10k per day...) Tinfoil hat alternative theory on telegram channels says this is a "war" between BTC miners trying to flush out less profitable operations and consolidate... not sure if I believe that but whatever.
I'm in the February boat as well. I have been averaging in every dip into the $6k to $7k BTC levels. I'm also looking at a 1 year timeframe but I am looking at re-allocating my portfolio a bit if/when I get above my buy in average on some of my alts. I am second guessing some of my current alts for various reasons and I feel like the SEC's security/not a security waffling has changed the landscape quite a bit since the beginning of this year.
Also some of the puzzling exchange adds, like Gemini adding Zcash, have me scratching my head. (??) I get why Coinbase added ETC (following ETH security clarity from SEC, it was the only next one to add that was clearly outside SEC crosshairs.)
BTW some of you more libertarian types interested in governance philosophy should really check out the EOSGov telegram channel. Some interesting stuff going on there with EOS and its constitution and governance system.
ETC going on coinbase was a big headscratcher for me as well. Maybe because of the fork back whenever and they want to be on the clear with all the ETC they got there. It is the only thing I can think of though. They clearly stated they only want coins with a viable working product, and then they ad this thing...
EOS is an outright scam imho. In theory the voting stuff is nice, but there are plenty of evidence that democracy is not the end all be all for every single system. Blockchain is one of them where it simply doesn't work. People don't even know how half of this works, they are not voting. In the meanwhile, cartels are forming.
I sold all my alts (that are listed on bittrex) to get a good stack of ETH on a bot last week (gsmg.io for the interested). It is a bot that buys alts at low points and only sells if they are higher again, so it will create new bags when the market keeps declining, but at least at a better price. I too was stuborn not to sell my alts, but some of these might not come back to the januari ratio. Kinda sad I missed the BAT and ENG pump, but I probably wouldn't have sold anyway.
Honestly I hope BTC will go back up, but I am not too sure. It might just keep dying and dying, and the market really is waiting for another project to take the top.
Honestly, I think the market may indeed be waiting for the next big idea. I wonder if the fact BTC is the primary trading pair is interfering with market growth despite its name recognition. Listing ETC on Coinbase became attractive when the SEC indidated it wasn't a security. The wording behind the ruling was rather strange tho. Yeah, the OG coins had no expectation of future growth but does that mean almost all the altcoins today can potentially be classified as securities? Murky waters still on that front since it seems heavily dependant on intent when the coin was brought to existence. By the way, the US government is turning its menacing gaze on privacy coins (openly considered problematic), so I would be wary of having a large position for them in your crypto portfolios.
I do think a lot of coins can be classified as securities, yes. I don't think that is a problem perse though, or at least not as big as everybody is making it to be. The US is not the only market. I am just glad ETH is not a security, and the coins on eth will shine anyway with adoption.
BTC pairings is a problem imho, but I am not sure the market is waiting for a big invention. To me it seems like a spring is loading to be released. I am DCA (or actually ECA) on alts right now. I am quite positive a bullrun is going to happen within the next months.