monkey gave up on getting btc any cheaper.
monkey is all-in.
Good monkey. Have a banana. My monkey's not back in yet. But I'll forgive him if he's wrong this once, for he has doubled my position this summer. |
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LTC is the only alt traded with heavy volume on the top three Chinese exchanges.
Its creator works for Coinbase.
LTC isn't going anywhere.
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if you trade you BTC for BC you're gonna have a really good time because BC is going up! and BTC is going down  ridiculous In general, if you mess with altcoins you're gonna have a bad time. And that BC rap is the worst thing I've seen in quite awhile. |
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Nonsense. LTC is a useless clone of Bitcoin, which only "added value" compared to Bitcoin was a different hashing algorithm (Scrypt) that was supposed to be ASIC resistant (no ASIC = no mining centralization). Nowadays we have Scrypt ASICs, thus Litecoin is completely useless.
There's no reason to hold LTC other than trying to sell at a premium to a "greater fool".
I completely agree. I had a friend ask me about litecoin about a year ago. I told him it was pointless. It's even more pointless now that Scrypt ASICs exist. It's on par with Dogecoin, except it doesn't have the fun aspect and great marketing. I can't imagine it gains value in any significant way. To OP, keep holding. The worst is either over, or will be over soon. Don't sell the bottom. Referring to bolded section, what makes you reach the conclusion that scrypt ASICS make LTC "more pointless?" I see scrypt ASICs as a great thing for the LTC network (e.g. greater network security, greater community investment, etc.). I think that as SHA-256 is monopolized by BTC, every other decent mining algorithm will also become monopolized. LTC has always been a dominant player among scrypt coins, and although it's seen some heavy competition from other coins like DOGE, I don't see scrypt or LTC going away anytime soon. However, I would concede that, in general, the momentum behind LTC has been rather grim if you exclude the rallying we've seen over the past 48 hours. One thing that I think severely limits LTC, however, is that while its 2.5 minute confirmation times make it more practical for in-person transactions (i.e. because 1 confirmation is infinitely better than 0 confirmations), I think this is still too slow. That's one reason why I remain skeptical about LTC's future growth potential. you said it, scrypt make it monopolized and centralized, how is that good by any mean? if scrypt were not so damn fast in reaching a better hash they could have been good to be honest, but right now they are bad very bad, they are a run for who has more money No hashrate of any coin is monopolized. There is no law preventing you or anyone else from inventing a newer, faster ASIC. |
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Litecoin going nuts  Just a short squeeze, that garbage is still dying  Not so fast, Litecoin's creator works at Coinbase. |
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Litecoin, I believe, has a significant advantage over other alts for a few reasons.
1. It has merchant adoption. Not nearly what Bitcoin has, but there are a number of retailers that accept it, including a giftcard service. No other coin can claim this.
2. The Chinese trade it on all three of their largest exchanges, and in much higher volumes than the US or Europe.
3. It has a head start. It is the #2 crytpo to market, and it separates itself from the rest of the pack by a large margin.
I realize #3 is psychological, but there's a reason psychology is a science. Humans tend to act in repeatable, predictable patterns. Crypto is not widely known nor is it well understood. Think of a new investor. When he sees that Litecoin is traded on all three major Chinese exchanges, that is a significant psychological effect. It gives the coin more legitimacy.
And let's be honest. If you've played the altcoin game you realize they are almost all pump & dump. Only a select few may make it out alive while the rest languish in virtual obscurity. Let's not delude ourselves into thinking otherwise.
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Just remember kids: sharp bounces don't necessarily mean a true reversal.
Just look at what happened in April - a sharp bounce from bottom off 339 all the way to 554 on about 4X the volume of this recent bounce. Everybody cheered "Hooray! Look at that volume! Downtrend is over, bottom is in, only up from here!" Then look what happened over the next 2 weeks after the rally... slow fall from 554 down to 420's. Where it stayed for a month.
So yeah. I predict that within 10 days (by 9/1) you'll have your answer whether this rally was sustainable or not.
who cares? up! ccmf! What he's not taking into account is that we're coming to the end of a long continuation pattern that started when $1100 fell in November, so volume is expected to dry up as the price bounces off an ever-decreasing price ceiling. That means if we break above $570 it will be a more important breakout psychologically than the one in April, giving us an almost textbook bullish pennant, breaking out 3/4 of the way through. |
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Weekly green candle. Reversal forming on Huobi 12h with solid volume. Will probably bounce back to $500, but this last dumpfest loaded the spring even more so I wouldn't trade it.
Bullish.
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I demand respect and adoration from every bull in this thread. A brief statement about how awesome I am will suffice for now.
I am only half bull, half bear, and half indifferent, but nevertheless admit my admiration for your awesomeness. You've got to be kidding me. |
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[...] Margin trading is evil [...]
Generalization is evil. As a generalisation I would agree with what you say..... in general.... but not in this case... those borrowed funds are not being made available just to help people out... out of the kindness of brokers etc hearts... they know the game... it is their game... and their game is rigged for them to win... Long term margin trading is hazardous to fish, and I think detrimental to crypto. Also I said that it is "in general" evil - not always and in of its self... but the outcome is almost always the same in the long run... a few do well.. the rest... get made into sausage At least it's not Forex with 50:1, 100:1, even 200:1 margin. Quite a racket they have going on there for new traders. Digital currency markets are so volatile there is really no need to trade on margin, but to each his own. I don't personally do it, but I can see situations where it could be applied in a very strict, controlled fashion. Posters here trading on margin, however, don't inspire confidence. |
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Shorting LTC @4,3 was a genius idea
Of course it was. Thanks for the coins, Newbie. More than doubled my stash this summer thanks to panic sellers. |
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I've got through 60$ and 340$ but this is the worst one for me, first time I feel fear.
At 60$ it was play money, few btc and I couldn't care less. Than I managed to make that 30+ btc and invested all in one alt that went down heavily and I still couldn't care less. At September alt jumped up, I recovered and then came bubble, then I made some huge good trades in alts and mcx fees and in no time I was at 500 coins. Around 300 000$ net worth after one year and initial investment of 1000$.
And then I started to make mistake after mistake, investing too early, buying too late etc, etc..
But today I am at my lowest. Got called first time and lost 16 BTC. Not big deal that usually, I have taken losses in that range or bit below before.
But I'm currently only on like 70 BTC that are not locked in various bad investment. So my available net worth without taking losses on invested stuff is barely 30k. And it looks like this id not end of downtrend.
In April, I laughed 340.. my alts investments were still good, not in profit but in acceptable losses. And most important of them were at break even and I was extremely positive it's going to be profit one soon. And I was in fiat with 80k bucks available. Then that big investment went down heavily out of nowhere and instead of being in position to take 120-150 BTC out of it whenever I wanted, I can't take 30 of it now, lol.
It's so different now and it's first time ever I feel fear. Gonna be some heck nervy period in front of me. Got out of much worse one and came one step of dreams, hopefully I'd do it again, and if I do this time it would be dreams. But loooong way to go now, lol.-
Holy ****! How did you lose 430 bitcoins ?? Only with altcoin trading ? Asic hardware ? Shitcoins and margin trading. Sorry to hear about your losses, seleme. Gotta risk big to win big I guess. |
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It might be more effective if you could spell common English words correctly.
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People who bought at the beginning of the year are now tired and fearful of this market. People who bought since mid- May are now tired and fearful of this market. So who's left to buy now?
It works both ways. At some point there will be nobody left to sell and plenty of buyers waiting with forks and knives. That's when it reverses. |
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Ugh, dump after dump. If it is the Ethereum guys doing this you'd think they would at least spread it out over a longer period of time to get more fiat.
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Keep selling everyone I'm redoing my kitchen.
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Yeah he has pretty well known radio show in the US that is broadly syndicated. Fairly conservative, establishment investor. Surprising that is recommending Bitcoin.
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Ouch. Trolls really come out during bear markets. Still waiting for their doom & gloom predictions to come true.
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Walls suggest sell-off back in motion... if you are playing a day trader game (don't do this by the way)... then take notice.
Walls are chest-beating. Let's see how badly they really want cheap coins. |
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