“Crash” is a relative description.

From CNBC:

So for latecomers it may feel like a crash. But for early adopters, I’m guessing it feels more like a correction. And one (based on previous fluctuations) they were well prepared for.
Being neither, I can only watch.

 

Woe is me, my original $100 is now only worth $10k

 

Buy the dip!

 

lol!

 

Found this online...

 

Yeah I would say it' a correction of the currency.

Big money wants everyone to say it's a horrible crash.

 

Sorry to dig up an old-ish thread. I saw an article today that said $99m USD of LTC was transferred between 2 parties yesterday, only took 2.5mins to settle and cost 0.40 in mining fees. This is very impressive, imagine trying the same transaction through a bank wire.

Which got me thinking about accepting cryptos (BTC, ETH, LTC mainly) in the future if I ever list a watch. Should be relatively quick and simple, has anyone ever done a watch transcation with crypto successfully? I imagine it would be more risk for a buyer though.

 

The best way to think about cryptos like BTC, LTC, etc is as a value trasportation mechanism. You use it to move the move faster and move conveniently with minimal cost and not as a speculative investment. It is rather practical.

 

Take a hard look at BTC process times... it’s a bit of a problem that has no good answer.

 

Well not at the moment, BTC is taking a few minutes, although in the recent past it took over an hour.
ETH and DASH is almost instant.
Even at over an hour, BTC is still lightening fast compared to a bank wire. Especially when you time it from my desire to send, to my recipient receiving.

 

....And shall we talk about banks "protecting" us?

if I want to send money I have to say what it is for, why I am sending it, and how I know them.

So its not really my money, is it, if I have to have a third parties permission to spend it?

 

I thought it was running 12-24 hours delay.

 

Not for me - I sent some three days ago and it was completed in minutes - I was expecting it to take some time but it was fast.

 

Did you use an independent service? Or transfer bank to bank?

Not questioning you, just curious how it processed so fast.

 

Even an hour is better than the amount of paper work and process required for a bank transfer.

 

At what point does one determine the exchange rate, if I say, for example, that I’ll take $3000 or crypto equivalent? As long as the crypto is reasonably stable it’s not really an issue, but during the recent BTC rollercoaster either party could have gained or lost considerably between setting the price and completing the sale.

 

True. That is something to consider.

 

Immediately convert to Tether. It’s pinned to USD 1:1

 

I have no idea about bitcoins so I searched for a video for explanation.
Check it out

 

Transferring by crypto may be safer than bank-to-bank to some extent. With bitcoin and most cryptos, anyone in the world can see the amount that was transferred into an address. For example, if two parties on Omega Forum wanted to arrange a $5,000 dollar transfer, the receiving party could post the receiving blockchain address onto the Omega Forum. Everybody could see exactly when the bitcoin/eth/litecoin was transferred. It is impossible for clawbacks or to claim that you did not receive the crypto.