I've been reading recent news/rumors about Perth Mint wanting to start a gold backed crypto. For those unaware of who they are, they are Australia's largest gold refiner. This is interesting to me, because I've seen (who the hell knows who) others try to create a gold backed crypto and fail. But here we have a giant refiner looking to do it. They will be able to process a lot gold, as they already regularly do, and will be able to distribute either the bullion itself, or a crypto that may be redeemed for the bullion at any time. I think this is important, because I believe previous attempts at this have failed due to a lack of liquidity, reputation (very important), supply, and etc.

http://www.abc.net.au/news/2018-01-24/cryptocurrency-backed-by-gold-being-developed-perth-mint/9352036

If this turns out to be successful, this could/should replace Tether to some extent. While gold isn't pegged 1:1 to the USD, it's very stable compared to the likes of crypto. Holding a gold backed crypto should provide sufficient short term stability from bear markets. And to know that you could trade it in for the bullion at any time (may require big PM exchanges like APMEX or JMB to get on board) would be a pretty reassuring thing. I understand that one of the main benefits of USDT, is that allowed exchanges to avoid KYC, but everything is slowly heading that route anyway. (*cough* Bittrex)

And what should stop them for printing more crypto than gold? Maybe a success audit by Friedman LLP... but let's for the sake of discussion assume they will be 100% transparent about their balance sheets.

What do you all think about this? Does this have a place in crypto?

Right now BTC is holding the line pretty well, but I am getting the sense of fear and desperation in both the BTC and LTC subs. It's starting to feel a bit... impatient over there. It's a very different sentiment to that one in December. Either we've entered a new phase in crypto where one is going to need to be patient as the market caps are now much larger, or these impatient ones will be shaken out at losses at much lower prices.

It's cool to see DOGE at $0.01 - a cup of coffee now costs 200 DOGE! At this price, it's really easy to relate to in the real world. Just remove the decimal point on any price, and that's your price in DOGE.

I'd much rather see people support something like DOGE in the long term, versus Tether. In the super long run, long after Bitcoin has surpassed $1 trillion, maybe DOGE could peg to $1. It's got about the right amount of yearly inflation to do that!

Not sure who is selling DOGE at 20 but I'll take it. Historically speaking, these are the prices to buying. With Bitcoin on the way down, DOGE could still go yet lower, but I'm pretty confident that being stuck for a little while and breaking even long term (relative to BTC) is an absolute worst case scenario. Otherwise, if you're patient and can ride out the storm, you're looking at 2-5x gains (relative to BTC) depending on how long you hold.

If they just don't touch the account balances of those who held coins, and give them back a fixed % of that coin, they could probably figure out this situation a lot easier, plus cover fiat users better given how much higher Bitcoin prices are today. For example, with BTC being 57% higher today, I almost expect that they could give ever user 60% of their coin back, and give fiat users 50% of their fiat back. And these ratios should get higher, as long as Bitcoin keeps rising. And in fact, I think fiat users would be happy to accept crypto back too. This would avoid any necessary mass dumping of the coins.

With Bitfinex closing doors to US customers, BTC-e does actually have an opportunity to step back in, even with KYC compliance. But it's really going to rub me wrong way if I get back 7 different coins that do not add up to anything near the claimed 55% of my original Bitcoin.

The whole splitting up the coin funds into 7 coins confusing. I only had BTC sitting on there, so why can't I just get back 55% of that BTC? Why does it need to be split up into all of the coins? I don't have wallets for 7 coins. I have a feeling due to all the price differences that have happened since then, I won't be seeing anywhere near 55% value back.

Litecoin >>> BCH.

I can't believe it hit 0.4 during that initial pump. Congrats to those who increased their Bitcoin by 30-40% for free.

For once I was spot on.

Unfortunately such a collapse is (and even obviously) effecting Bitcoin negatively too.

Divesting into altcoins as Bitcoin enters bear market (not yet confirmed) is one of the worst financial decisions one can make right now. They are significantly inflated, even much more so than Bitcoin, and like all previous bubbles, will be hit much harder if Bitcoin does see a huge downfall per your prediction. It's not just about scaling right now (that will be resolved eventually) - it's about the fact that people are up like 10-30x+ in a very short period of time (much quicker than the 2+ years you waited), and that newfound wealth is only real for those who hit the sell button right now.

The low volume made the market feel exhausted to me. Bull sitting comfortably, but a lack of new buyers. And if ETH doesn't hold $300, it's going to start a domino effect and it will get very ugly in the altcoin market.

If we do enter a new bear market, it won't be a very long one. This blip we've had off the long-term trend is comparable to the one in 2012. So we'd be looking at a 4-6 month long bear market tops, with the lowest lows well above the previous ATH of $1200, imo.

I'm fine with SegWit + 2mb, so long as the following 2mb hard fork code is tested extensively beforehand.

That's the most lopsided, two headed and shoulders pattern I've seen.

I'd have to say the h&s pattern is the most overused, and incorrectly called pattern in the history of TA. Too much "outside influence" that no one can really factor in. If the Bitcoin upgrade goes smoothly, we go north of $3000. If it doesn't, then a reversal will probably play out.

Bitcoin is really losing its grip on the market. Normally what would have been a dreadful day for LTC, is turning out to the opposite. LTC/BTC rising during a Bitcoin crash is as rare as a blue moon.

It's near the mean of a very strong rise that started one month ago. The mean of a rise started in 2015 is around $1350 now. I don't think Bitcoin will drop that low, as it would require a drop almost immediately. The longer this movement plays out, the higher that mean becomes. But whatever happens, I'd rather see a bottom be reached sooner rather than later.

Imo, the biggest problem right now is ETH. It was $8 at the beginning of the year. It's so severely inflated, that if it keeps crashing, it's going to keep taking everything else with it. That's what happens when you let a competitor gain too much market share. It's stupid that I find in order for BTC to hold its price, or continue rising, that requires ETH to hold a 13x inflated price (since the beginning of March).

Sums up my emotions today perfectly. (Gif)OTY imo.

1d chart had a shooting star, and now the 3d chart is getting close to forming one. We have a descending triangle now the 2-4h charts. It looks pretty bearish. I still believe Bitcoin will hit new highs later this or into 2018, but I wouldn't be surprised o see us enter a micro-bear market for a little bit and drop back below $2000. The 2013 run up had a similar drop from $750 to $450, before continuing on to $1200.

Otherwise, this run up wasn't even close to enough to cause a major multi-year long bear market.

Quite the scary correction so far. Literally every single coin is dumping. I was worried about the altcoin bubble popping and bringing BTC down with it. We need some positive SegWit news this weekend!

Depends on the direction of the breakout. If it were to break down out the triangle, then there would be another move down. Since it's breaking up and out, this may be it for the dump. Expect it to retest the top of the triangle soon. If it holds, then its bullish. If it falls back into the triangle, then bearish. And if it doesn't retest the triangle, then obviously bullish.

I think we may be in the process of forming a much larger flag around $2500 on the 12h charts. The market needs a consolidation point badly right now. If it does, then bullish.

RIP to the shorts who lost it all.

Meaning, it's still only worth a fraction of what a tech giant is. (~500B range)