Hey everybody
Really new and excited recruit to the whole cryptocurrency revolution.
Was made aware about bitcoins back in 2011 from a peter joseph documentary and have been keeping one eye on it the whole time as a bystander, but after this weeks performance i have to say im a believer! I'm a student so havent got alot of money to invest and anytime i have its always been to purchase off silkroad
Well today i bought around 2.5BTC whilst the price dropped this morning (GMT). I then bought 50 LTC at 0.022 LTC/BTC just to hedge my small investment. I don't intend to cash back into fiat currency at-all and would like to continually invest into cryptocurrencies for the long term.
After reading around this forum and watching loads of youtube reports and speculation, its really hard to be completely sure where the bitcoin is heading due to level of mixed views.
I personally believe that BTC will stabilise around $150 by the end of next week as people begin to regain confidence in BTC after the huge crash. If it does I think I would invest into LTC with a hope that mtgox also begin to trade it, which will drive the LTC price up to around $10.
Do you think hedging BTC against LTC is a good strategy?
I'm not sure because it seems that whenever BTC increases the LTC also increases :S And the exchange rate between the two stays fairly constant...Why?
I'm no genius, however i find all of this such an exciting movement to be part of and would really like to hear your opinions on the matter!