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lawyerdad

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Congrats to idfnl and others who have been riding this spike.
I haven't looked at this stuff nearly as closely as some of you, so I'm curious --
it doesn't seem like the other (relatively) big name cryptocurrencies are shooting up the way bitcoin is. Is that because (1) lots of people don't even know that "bitcoin" is a one particularly cryptocurrency rather than the only one, and it gets used as a generic term like "Frisbee", so people who want to jump in on this not new thing they're hearing about just pile into bitcoin without even realizing there are alternatives; (2) bitcoin's name recognition means it will get more coverage from futures markets, merchants, whatever, so that the name recognition translates into a real market advantage; (3) something else has recently happened to give bitcoin a real or perceived leg up on others; (4) whatever/profit?
 

venividivicibj

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Congrats to idfnl and others who have been riding this spike.
I haven't looked at this stuff nearly as closely as some of you, so I'm curious --
it doesn't seem like the other (relatively) big name cryptocurrencies are shooting up the way bitcoin is. Is that because (1) lots of people don't even know that "bitcoin" is a one particularly cryptocurrency rather than the only one, and it gets used as a generic term like "Frisbee", so people who want to jump in on this not new thing they're hearing about just pile into bitcoin without even realizing there are alternatives; (2) bitcoin's name recognition means it will get more coverage from futures markets, merchants, whatever, so that the name recognition translates into a real market advantage; (3) something else has recently happened to give bitcoin a real or perceived leg up on others; (4) whatever/profit?
Some 'altcurrencies' are- namely Etherum and Litecoin (both posting 1000%+ increases this year)
1/2 -Yes. Mostly first mover advantage/name recognition. The recent uptick has come seemingly at the expense of the smaller coins, as people who own the smaller coins are fleeing to Bitcoin, 'riding the wave'.
3- Main advantage of Bitcoin at this point is that it has more real world uses/applications (again, not because it's 'best' but because it is the largest/first)
 

lawyerdad

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Some 'altcurrencies' are- namely Etherum and Litecoin (both posting 1000%+ increases this year)
1/2 -Yes. Mostly first mover advantage/name recognition. The recent uptick has come seemingly at the expense of the smaller coins, as people who own the smaller coins are fleeing to Bitcoin, 'riding the wave'.
3- Main advantage of Bitcoin at this point is that it has more real world uses/applications (again, not because it's 'best' but because it is the largest/first)
Thanks. And for clarity I mainly meant over the last week or so.
 

venividivicibj

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Thanks. And for clarity I mainly meant over the last week or so.
Then yes, in a general sense you're correct.

The news media isn't as well versed in all the altcurrencies so they only report on bitcoin, and it has the astronmical price tag (you won't see headlines when smaller currencies jump from $1-->$5 in one week even though its a massive % increase).

Price has also shot up because because CME/CF are going to open BTC futures exchanges next week (as well as news of Square beginning to accept payment in BTC and rumors of Amazon accepting BTC). So I suppose the answer to your question is that intrinsically BTC isn't better than other alts- Monero has more privacy, Litecoin processes transactions cheaper and faster, etc. It's mostly first mover advantage + name recognition + real world applications.
 

brokencycle

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Thanks. And for clarity I mainly meant over the last week or so.
I'm no expert, but it feels like it is riding a momentum wave with all the press. Ethereum saw something similarly as it got press for reals growth - it just fuled the fire.
 

NGOStudio

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Then yes, in a general sense you're correct.

The news media isn't as well versed in all the altcurrencies so they only report on bitcoin, and it has the astronmical price tag (you won't see headlines when smaller currencies jump from $1-->$5 in one week even though its a massive % increase).

Price has also shot up because because CME/CF are going to open BTC futures exchanges next week (as well as news of Square beginning to accept payment in BTC and rumors of Amazon accepting BTC). So I suppose the answer to your question is that intrinsically BTC isn't better than other alts- Monero has more privacy, Litecoin processes transactions cheaper and faster, etc. It's mostly first mover advantage + name recognition + real world applications.
This may sound narrow-minded but btc market looks too risky atm for newbies. I used to read some of articles written by Mr. Altucher on SA and my observation warns me to stay away from him. I don't know where the Amazon rumor began but he used it to push the sales of his online junks pretty hard. I saw how other forms of people monies picked up and killed off by authorities so I will keep my skepticism for now. Still, I hope that day will come when people can rid of most human corruption. This is necessary for a sustainable global economy. My bet is on AI countering human.
 

venividivicibj

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This may sound narrow-minded but btc market looks too risky atm for newbies. I used to read some of articles written by Mr. Altucher on SA and my observation warns me to stay away from him. I don't know where the Amazon rumor began but he used it to push the sales of his online junks pretty hard. I saw how other forms of people monies picked up and killed off by authorities so I will keep my skepticism for now. Still, I hope that day will come when people can rid of most human corruption. This is necessary for a sustainable global economy. My bet is on AI countering human.

Agree, altucher isn’t reliable, and is a self anointed expert.

I wouldn’t jump in on Btc right now either, I’m long term bullish, but I’d pass it wait for a dip at the moment
 

venividivicibj

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BTC Futures opened today on CBOE(CME is next week) and.... the website crashed within 15 minutes.
 

idfnl

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Congrats to idfnl and others who have been riding this spike.
I haven't looked at this stuff nearly as closely as some of you, so I'm curious --
it doesn't seem like the other (relatively) big name cryptocurrencies are shooting up the way bitcoin is. Is that because (1) lots of people don't even know that "bitcoin" is a one particularly cryptocurrency rather than the only one, and it gets used as a generic term like "Frisbee", so people who want to jump in on this not new thing they're hearing about just pile into bitcoin without even realizing there are alternatives; (2) bitcoin's name recognition means it will get more coverage from futures markets, merchants, whatever, so that the name recognition translates into a real market advantage; (3) something else has recently happened to give bitcoin a real or perceived leg up on others; (4) whatever/profit?

Thanks.

Bitcoin is conflated with the space as a whole because of the poor reporting on the subject, yet another example that journalism is in shambles across the spectrum.

Bitcoin has brand recognition, and it's main purpose at this point is as a value store. Not much commerce is being done with it, and it's utility is limited beyond this. The run in price is mainly because of scarcity, and some substantial institutional money would have to be flowing in the justify such an increase from 10k to almost 20k within days. This is quite positive for establishing price levels of support.

While other coins didn't match the rise, they are substantially up versus their price before the recent spike. My take is that everyone that is buying in believes they must have some Bitcoin, and then they slowly expand from there. And yes, a lot of people don't even realize there are other coins in existence.

1 and 2 are more or less accurate. 3 is not a technology advantage, it's more about the futures trading that is driving it.
 

budapest12

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My late entry into LTC at $55 (average) is finally panning out. (This is the forum for patting yourself on the back about being a genius in hindsight, correct? Cool.)
 

idfnl

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My late entry into LTC at $55 (average) is finally panning out. (This is the forum for patting yourself on the back about being a genius in hindsight, correct? Cool.)
Yes. You're in the right place. I got my LTC at $30.80, waiting it out was worth it now that it's at 185.
 

venividivicibj

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FWIW, I've bought Ltc at $10,$30,$70, and recently at $100-I think it's still undervalued vs Btc as its much more easily tradeable, the fees are lower, atomic swaps/lightning network are coming.

(then again, it could just be wishful thinking and I lose all of my crypto investment)
 

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