@miscreanity what I see on those charts is that Bitcoin is making lower highs and lower lows after the $1280 (isn't that a double-top from the peak intraday price in 2013?), which is short-term bearish. And the candlesticks on Litecoin are forming a wedge pattern which about to breakout, either to the upside or downside (but normally such a pattern will continue in the direction it was on, so upside breakout).
Combine that chart understanding with
the fundamental understanding of Bitcoin as Nash's ideal money, and that is why I posit that Bitcoin can't move higher until Litecoin catches up.
...
I am hypothesizing that BTC will be range-bound (eyeballing it perhaps $800 - $1150ish), until Litecoin has clearly signaled that it is resuming its relevancy and on the way towards an ATH.
That chart is clearly indicating that Bitcoin can't move higher until Litecoin catches up.Litecoin's price is undergoing the same technology adoption as Bitcoin and all the rest, it is just that the first hump is very volatile (because
silver is more volatile than gold for the reasons I have explained). So this means Litecoin's price is going to $100+:
My prediction that BTC would remain range bound until LTC catches up, is so far proving to be true.
The simple reason for this is that the market is not stupid. The market knows that
Bitcoin can't ever get any scaling improvements to its protocol. Bitcoin will forever be relegated to small blocks, because it was intended that Bitcoin be the most reliable (i.e. no experimental shit) settlement layer for the power brokers of finance. As the fee per transaction rises to $10 on Bitcoin over this year (and let's guess $100 per transaction by 2019), then most of us will not transact on Bitcoin any more. We will transact on Litecoin. And Blockstream will transfer its efforts to Litecoin, which will give Litecoin legitimacy.
So Bitcoin can't move higher until it is assured that Litecoin will provide the scaling solutions that our ecosystem needs so that blockchains can begin to invade the mainstream world of payments systems and fractional reserve banking. Upthread
I explained why Ripple is dogshit, so I expect once it becomes clear that Litecoin will have Lightning Networks coming, then Ripple will collapse. So the smart money should be moving from Ripple to Litecoin.
Note the current jump to $12 looks like it might be overheated and too fast, so I'd be cautious about buying too much too fast. Average in your buys in case we get a dip, but do get some now (nibble) if you don't have any because price can run higher yet. Yet I remain adamant that Litecoin is easily going to exceed $30 and probably $100 before the end of this year, unless somehow SegWit activation is defeated. At the moment SegWit signaling is at 70.8% for those blocks in the last 21 hours. We are very close.
Some myopic people haven't realized that Litecoin needs scaling because it will be receiving all the excess volume from Bitcoin that can't fit in Bitcoin's small blocks, and because the volume will increase exponentially with Lightning Networks enabling private fractional reserve banking and the banks will evangelize Litecoin ecoins to the masses. Litecoin either grabs this opportunity, else Ethereum will take this role with its coming Raiden clone of Lightning Networks. But Blockstream is not going to let that happen. Bobby Lee of BTCC is the brother of Charlie Lee the creator of Litecoin. BTCC will push SegWit activation over the 75% threshold with its GPU farm that is mining Ethereum, if need be.
Also myopic people don't realize that block size increases can't scale because due to the equation on orphan rate, orphan rates increases exponentially as block size increases. Exponential worsening is the antithesis of scaling for anyone who understands math and computer science. I also explained why
Xthin is no solution to this dilemma.
I was checking yesterdays trading volumes and 22% of all crypto trading was Bitcoin trading with fiat. 11% was Litecon trading with fiat.
If you take out bitcoin trading with alts, Bitcoin dont look that big anymore.
and since talk in this thread was what LTC have that most other alts dont have is exactly this build infrastructure.
LTC would gain traction due to the centralists of the DCG
here is a list of those prominent services in DCG portfolio that have alot of sway of the whole crypt-onomy
-blockstream
-btcc(litecoin inventors brother)
-bitpay
-bitpesa
-changtip
-coinbase(litecoin inventor)
-coindesk (puppetmaster of propaganda owned by DCG)
-gyft
-kraken
-purse
-shapeshift
-xapo
plus many more
imagine if all of them (shh they are already becoming) start being LTC friendly. ETH wont stand a chance with being 'merchants accept' available
