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Actually no, there are about twice as many LTC in existence than BTC, so a price of $5/LTC gives a market cap equivalent to what Bitcoin's market cap was at $10/BTC. So basically the market is saying the Litecoin system is worth what Bitcoin was worth last summer. Seems completely preposterous. And that Litecoin is worth a tenth what Bitcoin is. Equally insane. Oh well, LTC is easy to hedge out of by selling them for BTC.
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Late summer we should hit $1000. At least by September, probably August.
-Signed, The 2013 Exponential Growth Trend
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Don't we have to multiply the LTC price by 4 because of the 84 million coin limit? Then LTC reached $20 today?! Holy fuck there is no way LTC is worth what Bitcoin was worth in February!  |
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Floodgates continue to open to keep this meteoric rise going.
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Just watch out: importing private keys is a minefield. Some guy on reddit lost $10,000 because he didn't know about "change" addresses and assumed his unspent coins stayed in his cold wallet address.
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Go back and look at the price action when we broke $10. It temporarily jolted down below again, making anyone positioned like this a lot of money. People get cold feet about new orders of magnitude.
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The remarkably steady 2013 exponential growth trendline reaches $200 on almost exactly June 1.
However, we are riding above that line, and the line might actually turn out to be support, in which case we could be well over $200 even by May 1.
I'll tentatively predict the following:
$200 by May 1 (50% chance)
$200 by June 1 (75% chance)
$200 by July 1 (90% chance)
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Perhaps the right people should be informed (Tony Galippi, ??), so that WU is professionally presented with workable use cases that they can see will increase profits, before they find anything that might scare them away or get any bright ideas about making their own WUcoins, though surely they will be soon.
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Word from several posters on Reddit is the MtGox line is now over 9,600. Someone else on Reddit says they've noticed they move up about a thousand places in the verification queue per day.
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That said, the price of Litecoins is outrageous right now. Since there are 84 million LTC to be mined in total, that is like a BTC price of $8, which is a twelfth of what Bitcoin is at now. There is no freakin' way Litecoin is a twelfth as valuable as Bitcoin, by any measure at all. However, since they are about the same the price could equilibriate to something like one-fifth of the BTC price if nothing goes wrong, though that seems ridiculously optimistic.
In any case, any gain in Litecoin is a gain for Bitcoin as well. If it continues with its present function, it will probably be as big as it needs to be to provide an adequate hedge for BTC price. A third redundant coin won't join, because the hedging, tumbling, and testnet/backup functions it could provide would be minimal at the margin.
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Litecoin is not a threat to Bitcoin. In fact it makes it more useful because speculators can hedge into litecoins whenever they think the BTC price is bubbly, and do this without dealing with fiat or fiat regulations. It's also a better tumbler than S.DICE because transferring between them "air-gaps" the two blockchains. And of course it's a backup and second "testnet" with many similar characteristics. These three aspects make Bitcoin far more valuable, so Litecoin or at least one non-Bitcoin cryptocurrency will always thrive.
The fear is that this will inflate the money supply, but it won't (at least not more than 2x, which takes us back to only last month in market cap), because there is no such value for a third cryptocurrency, unless it adds really useful functionality.
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It doesn't matter so much if they actually do implement it. If the article is legit, this is tremendously stupendously huge news.
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What does Bitcoin have to do with us becoming a space faring species? Wow some people truly are brainwashed by their own hype about Bitcoin.
That's like asking what the Industrial Revolution has to do with our becoming a space-faring species. |
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April Fool's  |
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Reddit could be the next Ebay. They already have a pretty strong reputation system with many multi-year users. They have long been looking for a way to monetize.
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"by much" - much relatively (% increase in users, transaction, merchants) or absolutely (No. of users, transaction, merchants)?
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Veiled threat to bittip bot? "If you can't make us money, GTFO"?
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The price, being a little fluffy at the moment, is susceptible to bad news. Bitcoin Central and/or Instawallet getting raided and losing everyone's money would cause a news splash and a crash, especially since it throws cold water on the "move your money out of banks and into Bitcoin" theme that the media is running with. It would be a great buying op, could take us down to $60. Otherwise, we're likely to continue this meteoric rise.
Unless the hypothetical thief dumps all his coins at once I doubt we'll see anything to crazy. The fork issue was a MUCH larger test of bitcoin than this. It's all about how they spin it. BC partnering with a bank stood out as huge for some people, and it hurts extra because we're riding the Cyprus wave. Depends on how bad the hack was, too. People would say, "What's the difference if my money gets haircutted or hacked away?" |
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April Fool's!
But the fact that they mentioned microtransaction is suggestive. They must be noticing how Bitcointip is a zillion times cooler than reddit gold. I mean, to give someone reddit gold when you could've just as easily given them $3 is almost sadistic!
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If price crashes due to bad news (hack, glitch, regulation, etc.), would it count as an accurate forecast or just be a wash?
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