Bitcoin vs Litecoin : I sold LTC for BTC . May I wrong ?

[ammy009]

Hello guys,

I owned about 5000 LTC & I sold them when LTC/BTC pair hit 0.006 (1 BTC = 166 LTC). I frustrated about crash of LTC price & it's future. My thoughts behind of this decision is :

LTC is just a pump n dump coin. It has no worldwide acceptance like btc has. the market of ltc is very small & normally merchants don't accept it. the development team of ltc doesn't give any unique project for a long time. there is less discussion about it.

But, now , I see ltc price is just pumping to the moon...... 216% price increase of LTC/BTC pair. Why people sell their bitcoins for ltc ??

My decision was wrong

[glub0x]

if that comfort you i am going to sell some 400 aswell for the same reason as you. I mined a lot that has already been sold a long time ago and that is all i have left

[WhatTheGox]

Hello guys,

I owned about 5000 LTC & I sold them when LTC/BTC pair hit 0.006 (1 BTC = 166 LTC). I frustrated about crash of LTC price & it's future. My thoughts behind of this decision is :

LTC is just a pump n dump coin. It has no worldwide acceptance like btc has. the market of ltc is very small & normally merchants don't accept it. the development team of ltc doesn't give any unique project for a long time. there is less discussion about it.

But, now , I see ltc price is just pumping to the moon...... 216% price increase of LTC/BTC pair. Why people sell their bitcoins for ltc ??

My decision was wrong

Its important to diversify your crypto, you probably should have gone half and half.  Im currently 50/50 bitcoin and litecoin.  1.) I would never dump all my litecoin at this price.  Even now people were dreaming about $5 litecoin when we were @$30-$50. 2.) As long as bitcoin is strong we need a #2 coin and that is litecoin. You are in crypto for a high risk investment i assume might aswell reap the rewards of both coins.

[LiteCoinGuy]

i would keep some LTC just in case. it is like a backup-chain for bitcoin and the second biggest crypto in the world. there could be some interesting ideas in the future for that kind of secure blockchain.

[Possum577]

You have to think of the good or bad of your investment decisions within the context of time. If LTC price goes up today, it doesn't mean it won't go down more tomorrow, next month, or next year. It might be good to keep some Litecoin in your wallet, just in case it becomes a real option (from Retailers) to consumers. I don't think owning bitcoin now is a bad thing at all. You've taken a position with many many people, don't feel as if you're alone out there. A lot of us are long on bitcoin with little to no position in Litecoin.

[gentlemand]

 It's nowhere in terms of acceptance or attention but it's heavily traded and used as a trading pair. It may not be sexy but it plods along quite contentedly and markets seem to have a use for it.

If there is to be another rally it's still prime pumpage material. Its lack of flakiness and gimmicks is a bonus. It's worth parking a little gamble on I think.

[Amph]

when did you bought that amount? it was at its lowest or it was a old amount that you held for so long? because if you bought it at 0.002 to dump at 0.006 then yes it wasn't a good decision

something like ltc , doge, and monero cannot die so easily they are big currency, despite what majority thing of them, they are still heavily accepted in trading, and they are seen as a good alternative

[greBit]

The opinions you are provided with would only make sense when you tell what price did you buy your coins at? And what were your expectations? If your expectations have surpassed, then yes, you made a good decision. if you went into much less expectations and are at loss, then it definitely is a bad decision. The decision to make now would be to still hold or trade it off. That's your call. I'd say hold half, trade half.

[WhatTheGox]

when did you bought that amount? it was at its lowest or it was a old amount that you held for so long? because if you bought it at 0.002 to dump at 0.006 then yes it wasn't a good decision

God last time i remember it at like 0.002 was pre mtgox $266 bubble. Infact i think the first ever chance i got bitcoin on BTC-e to buy some litecoin it was 0.007.  

[manselr]

Being in anything else that isn't BTC is a big gamble. BTC is a gamble within itself but a reasonable one.
Now, one may be tempted to buy LTC. "Oh look at the ATH, we are still so far from it". The thing is, we have no idea how high it may go, it may crash back to 1, so it's up to you.

I confess I was an idiot to not buy LTC when it was 1 dollar, but at that point the coin seemed like it was headed to 0. Development is poor, community is poor (check its reddit).

This is nothing but a speculative bubble, but may make a ton of people rich if they bought at 1 dollar.
I want to get in and test my luck, but i dont feel like it at the same time.

[scarsbergholden]

I was lucky enough to re up on LTC around 1.10 to 1.40  i have sold for BTC but im looking for a new entry so no matter what if your trading just make sure you sell to make a profit in order to get a better position either on BTC or LTC.

[Alley]

Market is too thin for me. At 1/3rd the volume of bitcoin price is up 30% today.  Could crash so fast it would make your head spin.

[bryant.coleman]

In my opinion, you did the right thing. You should not look at the current LTC vs BTC exchange rate. In the long term, the real worth of Litecoin will be close to zero. Just do the calculation yourself. Right now, there are hardly any sites where you can use Litecoin. Litecoin is dead now, and these temporary pump and dumps will only help to delay its demise.

[BTCevo]

IMO, hold some like around 10-20% and the rest to bitcoin, bitcoin price is going high nowadays, may be you can still get some profit by trading bitcoin. Never hold altcoin that long, because we can't do some speculation on altcoin but bitcoin we still have a chance to speculation it although it is not 100% guarantee but at least it is higher chance than altcoin

[DirtyUniverse]

Nevermind mate you did right. keep it!

[scarsbergholden]

In my opinion, you did the right thing. You should not look at the current LTC vs BTC exchange rate. In the long term, the real worth of Litecoin will be close to zero. Just do the calculation yourself. Right now, there are hardly any sites where you can use Litecoin. Litecoin is dead now, and these temporary pump and dumps will only help to delay its demise.

could we say that the litecoin pump is just temporary do to the halving ? maybe a pump group trying to have leverage from their accumulation vs what is coming to play now.

[NorrisK]

Why would you sell your litecoin after a 1.5 year decline in price vs bitcoin? That is just screaming "Too late, better wait for a better opportunity!!".

[cellard]

Market is too thin for me. At 1/3rd the volume of bitcoin price is up 30% today.  Could crash so fast it would make your head spin.

This. I think right now there is a handful of whales with tons of BTC that pushed the price up, which means they can get tired at any given time and deliver a good ol dump. Of course, the coin can go both ways, as a scenario where more whales + random people enter in a panic buy cycle you could miss on some epic gains if you aren't holding any... gamble on.

[Cluster2k]

Remember that Litecoin is still one tenth of its peak value.  When was the last time you heard main stream media talking about Litecoin?  I never have.  Bitcoin dominates public mind share.

[bryant.coleman]

Remember that Litecoin is still one tenth of its peak value.  When was the last time you heard main stream media talking about Litecoin?  I never have.  Bitcoin dominates public mind share.

The Litecoin peak value of $50 per coin was achieved as a result of the China boom.When crypto got banned in China, Litecoin lost that advantage. But even now, it is clear from the trade data, that Litecoins are almost exclusively traded by the Chinese crypto-traders. And that makes the exchange rates highly unstable in the long run.