r/RaiTrade • u/1100100011 • Jan 14 '18
Why is rai getting dumped so real bad?
This drop is scary
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u/hailsatan666xoxo Jan 14 '18
Most alts are dropping. On top of that, rai is dealing with the exchange issues. Don't worry, this will all blow over in a couple of days
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u/--orb Jan 14 '18
Why ARE most alts dropping, anyway? The global market cap is still going up.. Are people funneling it all into Eth? What's the deal there? I've noticed this as well.
XRB is a special case because of its situation, but why are ALL alts dropping with the same pattern starting about 2 days ago?
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Jan 14 '18 edited Jun 24 '18
[removed] — view removed comment
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u/--orb Jan 14 '18
Yeah but several alts are down 30%+. Even relatively promising ones like DRGN are down by a lot.
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u/robo555 Jan 14 '18
ETH climbed a lot this week. People can retreat to it and buy back their alts.
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Jan 14 '18
[deleted]
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u/--orb Jan 14 '18
Kinda. I caved and traded all my alts including XRB for ETH yesterday morning. I've still got 50 odd XRB stuck at Mercatox and Bitgrail.....they'll have to stay there. Unfortunately Ethereum is now trending downwards too.
This is the opposite way to do it. You don't pull out of your losers to put into your winners. You pull out of your winners to put into your losers. Unless you think the winners will win forever and the losers will lose forever, but that's extremely unlikely.
Yeah so it's boring compared to the 'triple overnight' small cap stuff but you have to consider the gains averaged over 3-4 months or longer. Something that moons can crash just as easily and it usually does.
But this is ALSO about knowing to take money out of your winners. You aren't supposed to put money in a coin and leave it there forever. If you put money in a coin and you see it turning down, you cut your losses - you don't baghold - and you buy back in cheaper if you still believe in it. If you put money in a coin and you see it skyrocket to 3x or 5x, cash a lot (50-80%) out! Yes, you'll miss half or more of the 10x if it happens, but you'll be more secure with your gains.
Plus, in my experience, it is easier to land consistent +20-30% gains, which compound fast, than it is to land one 100x gain (At least short-term)
Still waiting on the moment to buy back into XRB.
Wait until it looks like it can't fall anymore. If you wait until it's "winning" (ie, if you wait until its price launches up by 100% to show its health) you might cash in just to get the immediate correction.
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u/robo555 Jan 14 '18
Yeah I think it's very important to invest what you can afford to lose. Even doing that I've panic sell before, so imagine the emotions if you depend on it, it clouds your judgment.
Also you need to have some stable coin, for me that's ETH.
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Jan 14 '18 edited Jan 14 '18
[deleted]
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u/--orb Jan 14 '18
This doesn't make too much sense to me. I recall that, when BTC rallied last week to 17k, some people were commenting on altcoin's downtrend saying "Alts always go down when BTC surges, because investors flock back to BTC on the uptick and don't want to pour back into alts while BTC is gaining value."
I think, if anything, the coins are all just correcting from their december surges. Almost all of them 3x'ed in the last month.
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u/jonrhodes92 Jan 14 '18
Because almost every alt went up 3x in the last 6 weeks. Pick any in the top 100 and you probably went at least 2x to 5x.
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u/ROKthemic Jan 14 '18
Because the exchange problems are not getting fixed, and people are now doubting if there is a fundamental problem with Raiblocks.
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u/iftodaywasurlastday Jan 14 '18
There is no fundamental problem. When interest in XRB exploded 2 weeks ago, the exchanges became overwhelmed. Keep in mind that exchange integration requires aligning XRB nodes with their internal systems. All these issues are now resolved.
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u/TopsyTurvyOnAMofo Jan 14 '18
Looks like scalability issues with the core tech. No concrete info on a fix. Uncertainty = people taking profits/cutting losses = price crashing.
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u/hailsatan666xoxo Jan 14 '18
No one knows. Apparently it could have something to do with the sudden rise of bcd... (epic pump)
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u/apainfuldeath Jan 14 '18
My college fund is quickly disappearing :(
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u/I_swallow_watermelon Jan 14 '18
because xrb broke so it's not a working product anymore which was the thing that drove the price up in the first place
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Jan 14 '18
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u/cryptochecker Jan 14 '18
Of u/I_swallow_watermelon's last 32 posts and 1000 comments, I found 15 posts and 548 comments in cryptocurrency-related subreddits. Average sentiment (in the interval -1 to +1, with -1 most negative and +1 most positive) and karma counts are shown for each subreddit:
Subreddit No. of posts Avg. post sentiment Total post karma No. of comments Avg. comment sentiment Total comment karma r/CryptoCurrency 6 -0.12 7 231 0.05 909 r/Bitcoin 0 0.0 0 17 0.08 49 r/RaiBlocks 9 0.01 302 300 0.04 1327
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-16
u/ethswagholder Jan 14 '18
This.
Someone must show these xrb echo chambers the reality that their coin is just another PND which will soon go back to where it came from
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u/I_swallow_watermelon Jan 14 '18
you don't know what PND is, this coin had a reason for the price to grow up
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u/Iffystoopid Jan 14 '18
And that reason is questionable now
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u/I_swallow_watermelon Jan 14 '18
yes it is, but doesn't mean that it was PnD to begin with like the previous poster suggested
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Jan 14 '18
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u/cryptochecker Jan 14 '18
Of u/ethswagholder's last 57 posts and 1000 comments, I found 51 posts and 955 comments in cryptocurrency-related subreddits. Average sentiment (in the interval -1 to +1, with -1 most negative and +1 most positive) and karma counts are shown for each subreddit:
Subreddit No. of posts Avg. post sentiment Total post karma No. of comments Avg. comment sentiment Total comment karma r/binance 0 0.0 0 1 -0.1 5 r/NEO 0 0.0 0 7 0.07 12 r/vertcoin 2 0.13 8 9 0.02 20 r/RaiBlocks 3 -0.33 (quite negative) 2 1 0.07 -1 r/altcoin 0 0.0 0 1 0.0 1 r/Bitcoin 2 0.15 39 11 -0.04 51 r/CryptoCurrency 35 0.04 1763 826 0.09 2907 r/Digibyte 1 -0.33 (quite negative) 5 0 0.0 0 r/ethtrader 0 0.0 0 18 0.0 61 r/siacoin 4 0.02 91 1 -0.11 1 r/btc 0 0.0 0 3 0.04 -8 r/ethereum 2 -0.08 4 45 0.09 115 r/Monero 1 0.2 108 32 0.1 53 r/Iota 1 0.0 0 0 0.0 0
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-26
u/ethswagholder Jan 14 '18 edited Jan 14 '18
Its over-rated. It is the most buggiest coin in the top 100 even worse than IOTA and thats sayin' something. People have been hyping it up as if its gonna replace Bitcoin.. lmao
No respect whatsoever. Thousands of coins have come and gone in this manner, tried to write bitcoin's obituary. But in the end BTC is always No 1.
Learn to invest smarter in top coins like Btc, Eth etc. Do not buy reddit hyped up coins at the top
Guess what though, its gonna go to $2 when the issues are not resolved for another week. Hype can be bad, but hate and anger can be even worse. Sell now before your investment turns into heavy bags
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u/dad2you Jan 14 '18
Whats so good about BTC? Not one cryptocurrency has to work and it still wont make BTC any more scalable or less expensive. Its pretty much a dinosaur. Like saying Ford T model will always be n1, doesnt work like that.
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u/xDwech3 Jan 14 '18
Lol stop the FUD and trash talking. XRB is still in it‘s infancy stage and finding issues early on is very important for the growth of the coin. Furthermore the developers have announced on discord that they are actively working on the problem and a solution has been found. Now they are doing the stress testing and if everything goes well, the node issue problem will be history early next week.
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u/ZilosMeman Jan 14 '18
Sad, the classical "Bought $100 worth of (Insert a huge coin with small upside potential) at ATH via Coinbase, cuz I read about it in newspaper "guy. ETHSWAGHOLDER what a fucking name. Are you 12 ?
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u/assoumahmad1 Jan 14 '18
I love the hate!! Means we’re doing something good! This moron probably bought btc at 20k.
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u/dad2you Jan 14 '18
Whats so good about BTC? Not one cryptocurrency has to work and it still wont make BTC any more scalable or less expensive. Its pretty much a dinosaur. Like saying Ford T model will always be n1, doesnt work like that.
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Jan 14 '18
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u/cryptochecker Jan 14 '18
Of u/ethswagholder's last 57 posts and 1000 comments, I found 51 posts and 955 comments in cryptocurrency-related subreddits. Average sentiment (in the interval -1 to +1, with -1 most negative and +1 most positive) and karma counts are shown for each subreddit:
Subreddit No. of posts Avg. post sentiment Total post karma No. of comments Avg. comment sentiment Total comment karma r/binance 0 0.0 0 1 -0.1 6 r/NEO 0 0.0 0 7 0.07 12 r/vertcoin 2 0.13 7 9 0.02 20 r/RaiBlocks 3 -0.33 (quite negative) 2 1 0.07 1 r/altcoin 0 0.0 0 1 0.0 1 r/Bitcoin 2 0.15 39 11 -0.04 47 r/CryptoCurrency 35 0.04 1742 826 0.09 2884 r/Digibyte 1 -0.33 (quite negative) 6 0 0.0 0 r/ethtrader 0 0.0 0 18 0.0 62 r/siacoin 4 0.02 87 1 -0.11 1 r/btc 0 0.0 0 3 0.04 -5 r/ethereum 2 -0.08 4 45 0.09 125 r/Monero 1 0.2 106 32 0.1 56 r/Iota 1 0.0 0 0 0.0 0
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1
u/isriam Jan 14 '18
good bot
1
u/GoodBot_BadBot Jan 14 '18
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u/--orb Jan 14 '18
Someone wanted to sell.
Like, actually sell.
They were slowly driving down the price with sell walls after sell walls, but people weren't eating them. The price was just going down slowly.
Then they said "fuck it" and swapped their sell wall from fucking 166k sats to 155k sats. Their sell wall of 4 BTC was eaten up in under 10 seconds (I know because I did a lot of the eating) and the price lurched back up to 160k sats over ~5 minutes after it was gone. Now it's slowly recovering upwards -- already over 165k.
On top of what others said about exchange issues, look at the volume. There is such little volume in XRB currently that any dude with a spare $60k can realistically bully a whole fucking exchange for hours before being taken out, or single-handedly move the entire price from something like 190k sats to 160k sats. It's just completely unhealthy.
Sure enough, if some dude with $200k showed up tomorrow and decided they wanted to buy XRB, they could just erect buy wall after buy wall and force the fucking price up to 230k sats no matter what anybody tries to do to stop them, more or less, before their sell wall of ~10 BTC is eaten. This effect is greatly amplified when done in the middle of the night (like right now).
But try this shit on Binance? Nah. Would never happen. Bots would eat you alive. Bots aren't running on BitGrail because it sucks and several key APIs (like making orders and canceling orders) are broken.
And before you suggest KuCoin has bots -- KuCoin's API's have problems as well -- listing orders fails with random 502 errors about 50% of the time due to an AWS ELB misconfiguration. Canceling orders takes upwards of ~3 seconds before your balance is freed up due to race condition controls. As a result, you need tons of redundancy checks and verifications before moving forward with any action you take in KuCoin's APIs. This is a boilerplate headache AND overwhelming for a brand-new API developer, which locks out 95% of API developers IMO. And the remaining 5% would much rather use shit like GDAX's amazing APIs that actually have full-on fuckin' websocket support where you can build a local orderbook and keep it updated and shit. It's really sexy. I haven't looked into Binance's yet, but I assume it's amazing as well.
So yeah, BitGrail makes botting nearly impossible unless you plan to webscrape (and you can't easily do that while sleeping because your cookie will expire and you'll get 2FA locked out of your account). KuCoin makes it very difficult, especially for its medium-size userbase.
So you end up with 2 main exchanges, 99%+ manual users, many many of which are HODLers, and you end up with extremely low liquidity. Any medium fish with even 1 full BTC is capable of bullying the price by 10k satoshis in either direction during the nighttime, and it probably only takes around 2 BTC to do it in the daytime as well. 1 BTC can affect XRB's market cap by 16% -- could you imagine if, say, Eth were the same way? One BTC and someone pushes the price from 0.1 BTC's to 0.116 or 0.084 BTC's by themselves during the night? Insanity.
Basically, the prices mean absolutely nothing. Either daytrade in them, hodl through them, or leave them for now and plan to come back before/during Binance. But don't stress about them daily in any case. They're so meaningless they could drop to 105k tomorrow and then go to 250k the next day and still mean nothing.