leaked video explained the recent pump of litecoin

[Za1n]

Today litecoin volume is higher than bitcoin volume, is this the first time?

http://www.coincap.io/

I don't know but when I was clicking on the sort by volume I noticed there is a Taco Coin!!  Second from last in volume, but hey its Tacos! Gonna try and buy a few just because....

You heard it here first, Taco Coin pump incoming.

[The Sceptical Chymist]

That's awesome, I've been stacking litecoin for a year or so.

Will they be moving to bitcoin next?

How exactly are they promoting litecoin?

Taking a page from DOGE, it's now referred to as RiteCoin, albeit runar is stricken from all marketing campaigns. You feel rucky, punk?

That was deliciously racist, thank you for not being PC.  'Tis one of the things I like about this board.

[futureofbitcoin]

And the thing is, Chinese KNOW how to pronounce the "R" sound and "L" sound differently, because they exist as distinct sounds in Chinese. Only Japanese and Korean confuses r with L.

[dmwardjr]

Thanks for sharing.

I'm still in LTC at the moment.  I got in with 36 BTC worth on June 13th.  I have now tripled my profits.  Trying to decide when to get out.

So, does anyone think the present pump is a grand pump and dump scheme for LTC?  As well as the other alts?

[JerryCurlzzz]

This is crazy. Something like 22% of all mined LTC has moved through that address. I'm beginning to think this is for real. Has anyone uncovered any more info on the people behind this? I wonder where the other 7 million LTC have gone. There are batches of 500 --- something like 8000 tx in the past month or so -- still being sent. Hundreds today.

Crazy.....

I'll just leave this here.
https://coinplorer.com/LTC/Addresses/34Ae29qWAhGGTw3cSNkPygiwsgKbbCatou?skip=20

[DecentralizeEconomics]

So, the Chinese are attempting to corner the Litecoin market...  that's a bold move, let's see how that works out for them.

[Foerster]

Here also with chart: https://bitinfocharts.com/litecoin/address/34Ae29qWAhGGTw3cSNkPygiwsgKbbCatou
I think they might be A factor in the price increase but the traded LTC volumes on exchanges are so big that they can't be the only reason.

Also what happens to the LTC?
Are they just collecting LTC, paying  out an ever increasing sum of unrealistic interest as the scam(?) expands, and when they no longer can expand they run with the coins? Do they sell the LTC as they come in?
Someone should do a deep analysis of the wallet's payment streams and we need definitely more info about what it is that they offer and how they describe their system.

[DecentralizeEconomics]

ProTip:  This is how the game ends:

https://en.wikipedia.org/wiki/Cornering_the_market

Although there have been many attempts to corner markets by massive purchases in everything from tin to cattle, to date very few of these attempts have ever succeeded; instead, most of these attempted corners have tended to break themselves spontaneously. Indeed, as long ago as 1923, Edwin Lefèvre wrote, "very few of the great corners were profitable to the engineers of them." A cornerer can become vulnerable due to the size of the position, especially if the attempt becomes widely known. If the rest of the market senses weakness, it may resist any attempt to artificially drive the market any further by actively taking opposing positions. If the price starts to move against the cornerer, any attempt by the cornerer to sell would likely cause the price to drop substantially. In such a situation, many other parties could profit from the cornerer's need to unwind the position.

[JerryCurlzzz]

ProTip:  This is how the game ends:

https://en.wikipedia.org/wiki/Cornering_the_market

Although there have been many attempts to corner markets by massive purchases in everything from tin to cattle, to date very few of these attempts have ever succeeded; instead, most of these attempted corners have tended to break themselves spontaneously. Indeed, as long ago as 1923, Edwin Lefèvre wrote, "very few of the great corners were profitable to the engineers of them." A cornerer can become vulnerable due to the size of the position, especially if the attempt becomes widely known. If the rest of the market senses weakness, it may resist any attempt to artificially drive the market any further by actively taking opposing positions. If the price starts to move against the cornerer, any attempt by the cornerer to sell would likely cause the price to drop substantially. In such a situation, many other parties could profit from the cornerer's need to unwind the position.

Indeed, this is my first thought as well. But I also wonder how long it could go on for.

Warning: tin foil hat on. What if the same group behind this scheme are also the ones spamming the bitcoin blockchain? There has been a whale on OKcoin selling thousands of coins into any bid wall or rally attempt in the last couple days, while LTC rallies. Meanwhile, 30k blocks out of that address listed above, 30k order blocks on BTCE LTC/BTC.

I know, serious conspiracy theory. But almost 25% of the mined supply of LTC has been through that address in a couple months. And all this lines up so well..... if this is all one group, I am seriously impressed.

[nextblast]

The guy in the vid is basicly saying 2013 was the year of bitcoin, and 2015 is the year of litecoin. So everyone should buy while it's not too late.
They've got a very professional team for this. One thing for sure is they are really persuasive. And the buyers are rich enough to pump the price up, fast.

[Mickeyb]

Disclaimer: Own zero Litecoin and I think its' presence is damaging cryptocurrency.

How is this different from Bitcoin? 

not this shite again.. oh my. I thought we got over this back in 2013.

Yes, for God's sake, when will people learn!!

[grahvity]

So how long before this things crashes? a lot of people bought in to ltc last time at 21 usd...they won't wait to leave

oh, about NOW!

[CointelegraphDE]

It`s in german, but it basically summarizes what you guys have found out in this thread:
http://cointelegraph.de/news/114804/litecoin-anstieg-steckt-ein-schneeballsystem-aus-china-dahinter

Thanks everybody for your help!

[klintay]

coin is crashing hard now from 8 to 5 in hours!

[bitjamz]

I think ltc will go up again to 10$ a piece

[Macno]

They are withdrawing like crazy from that adress:

https://bitinfocharts.com/litecoin/address/34Ae29qWAhGGTw3cSNkPygiwsgKbbCatou

[Nxtblg]

sounds like a pyramid scheme. He's saying that some people doing whatever (probably investing in him) is getting 4000 LTCs a day as a reward

Well: given the recent plummet, it now looks like a pyramid scheme that's collapsed...

[Nxtblg]

ProTip:  This is how the game ends:

https://en.wikipedia.org/wiki/Cornering_the_market

Although there have been many attempts to corner markets by massive purchases in everything from tin to cattle, to date very few of these attempts have ever succeeded; instead, most of these attempted corners have tended to break themselves spontaneously. Indeed, as long ago as 1923, Edwin Lefèvre wrote, "very few of the great corners were profitable to the engineers of them." A cornerer can become vulnerable due to the size of the position, especially if the attempt becomes widely known. If the rest of the market senses weakness, it may resist any attempt to artificially drive the market any further by actively taking opposing positions. If the price starts to move against the cornerer, any attempt by the cornerer to sell would likely cause the price to drop substantially. In such a situation, many other parties could profit from the cornerer's need to unwind the position.

In other words, it ends in the same way that "drawing to the inside straight" does in poker.

[Dafar]

So did this dude just dump nearly all his LTC last night and singlehandedly caused the crash?

https://coinplorer.com/LTC/Addresses/34Ae29qWAhGGTw3cSNkPygiwsgKbbCatou?skip=20





Mother fucker... I was hoping he would keep pumping a bit more. Is this game over? LTC back to $3-2?

[pedrog]

sounds like a pyramid scheme. He's saying that some people doing whatever (probably investing in him) is getting 4000 LTCs a day as a reward

Well: given the recent plummet, it now looks like a pyramid scheme that's collapsed...

I don't think so, it seems that someone who had a shitload of litecoins took advantage of the situation and cashed out, and this may actually help the pyramid scheme, as now it's cheaper to get in, in fiat I mean.

I think it's impressive that a scheme like this can drive the price up so much.