Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[S3052]

Another boring weekend for BTC.. there are more action at the LTC market now.

Now that's so quiet at BTC... What you guys think is happening at LTC market? Really fast growth, but I'm still not ready to sell yet...

It's simple, MtGox says they will accept Litecoin soon, the price rises 1-2 dollars. They fail to deliver, it drops 1-2 dollars.  Once it finally is on MtGox, it will do the same.

having MtGoc accepting LTC may be good, but it is not THE one thing that affects LTC prices. Litecoin prices have and can further explode without MtGox

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[zoinky]

having MtGoc accepting LTC may be good, but it is not THE one thing that affects LTC prices. Litecoin prices have and can further explode without MtGox

Yes, but the recent rise is definitely due to MtGox's press release.  Same with the last few rises.  I wouldn't be surprised if Gox picks up a bunch of Litecoins over on BTC-e before they release the press.

[gandhibt]

having MtGoc accepting LTC may be good, but it is not THE one thing that affects LTC prices. Litecoin prices have and can further explode without MtGox

Yes, but the recent rise is definitely due to MtGox's press release.  Same with the last few rises.  I wouldn't be surprised if Gox picks up a bunch of Litecoins over on BTC-e before they release the press.

Or just after the release so that they can start the panic buying.

[ChartBuddy]

[ChartBuddy]

[S3052]

having MtGoc accepting LTC may be good, but it is not THE one thing that affects LTC prices. Litecoin prices have and can further explode without MtGox

Yes, but the recent rise is definitely due to MtGox's press release.  Same with the last few rises.  I wouldn't be surprised if Gox picks up a bunch of Litecoins over on BTC-e before they release the press.

This might have been a trigger. Yes.

But independently, the technical analysis showed already over the past weeks and days that the next move will be up big time.
I wonder if this could be like bitcoin in Feb - May 2013...
Litecoin 100 $ is not impossible

[gandhibt]

having MtGoc accepting LTC may be good, but it is not THE one thing that affects LTC prices. Litecoin prices have and can further explode without MtGox

Yes, but the recent rise is definitely due to MtGox's press release.  Same with the last few rises.  I wouldn't be surprised if Gox picks up a bunch of Litecoins over on BTC-e before they release the press.

This might have been a trigger. Yes.

But independently, the technical analysis showed already over the past weeks and days that the next move will be up big time.
I wonder if this could be like bitcoin in Feb - May 2013...
Litecoin 100 $ is not impossible

Mind repeat facts behind $100/LTC?

[N12]

Even S3052 has become a Scamcoin supporter. How disappointing.

Blightcoin certainly won't go to 100 before Bitcoin goes to 2000.

[Rampion]

Even S3052 has become a Scamcoin supporter. How disappointing.

Blightcoin certainly won't go to 100 before Bitcoin goes to 2000.

This.

[ChartBuddy]

[rezurect]

Offtopic:
Wow, LTC is considered a Scam coin?
Isn't Scrypt an added feature, Designed for ASIC resistance , it makes sure even any disruptive tech doesnt have as significant effect on the network as that is seen on BTC. Since people have put so much of money into Sha256 ASICs BTC can't adopt Scrypt.

[Its About Sharing]

Again, leveraged long on Bitfinex being squeezed out.

This is interesting. You got into the details in the past.  I did check out the site. Can you link to the site on how you see the squeeze play out?
Also, have you actually seen the price drop around the time of them getting squeezed out?

Thx,
IAS

[Rampion]

Offtopic:
Wow, LTC is considered a Scam coin?
Isn't Scrypt Jane an added feature, Designed for ASIC resistance , it makes sure even any disruptive tech doesnt have as significant effect on the network as that is seen on BTC. Since people have put so much of money into ASICs BTC can't adopt Scrypt.

Scrypt is not ASIC resistant at all. FYI: it was supposed to be GPU resistant too, and LTC FPGAs are being developed right now.

That said, LTC was very good to me and made me make a lot of money. But, it has nothing fundamentally different compared to BTC, Scrypt was a nice idea (ASICs are indeed a threat for crypto coins IMO) but a failed one. Theres just no easy way to be ASIC resistant, in fact it may be impossible.

LTC is just a BTC clone, thus calling it a "scam coin" is pretty accurate IMO.

[Its About Sharing]

Any coin can have an ASIC developed for it, can't they? I mean, it is just an application specific integrated circuit. I doubt a CPU or GPU can bring max hashing power to any coin out there.

LTC, as we all know, as faster transactions, but there are ways around that with BTC. Anyway, I think it is good to have another bigger competitor to BTC, just in case. It is like a proof of concept to other methods as well. We are really early in this game.

The thing we probably don't need is to many "joke of a coins" out there. Sort of like when Pets.com entered the internet arena...

[N12]

Yes, Litecoin is a Scamcoin and it's always been a Scamcoin. It's the penny stock to Bitcoin's blue chip fooling people into thinking the upside is much higher. It's pandering to people who want to be early adopters too.

A different hashing algorithm and 2.5x more "granular" confirmation times change pretty much nothing in the fundamentals, it's only superficial changes. The true value lies within the network effect and the brand awareness.

Ultimately, the market will elect only one proof of work chain the winner because that is the most efficient, and it's looking like it is Bitcoin. There is no silver to Bitcoin.

PS: There is no doubt that there are plenty of Bitcoins to be made on the Scamcoins, but beware that it's all based on the Greater Fool Theory.

PPS: I am saying all this as a Bitcoin bear in the medium term. A Scamcoin fad would actually help my bearish position. See for yourself who the people are that are shilling for their investments.

[solex]

Offtopic:
Wow, LTC is considered a Scam coin?
Isn't Scrypt Jane an added feature, Designed for ASIC resistance , it makes sure even any disruptive tech doesnt have as significant effect on the network as that is seen on BTC. Since people have put so much of money into ASICs BTC can't adopt Scrypt.

Scrypt is not ASIC resistant at all. FYI: it was supposed to be GPU resistant too, and LTC FPGAs are being developed right now.

That said, LTC was very good to me and made me make a lot of money. But, it has nothing fundamentally different compared to BTC, Scrypt was a nice idea (ASICs are indeed a threat for crypto coins IMO) but a failed one. Theres just no easy way to be ASIC resistant, in fact it may be impossible.

LTC is just a BTC clone, thus calling it a "scam coin" is pretty accurate IMO.

What is annoying is that LTC just takes the Bitcoin dev work and packages it as new versions of LTC.
The time is really overdue for the LTC dev to do something like blockchain pruning which could actually be used by Bitcoin dev, instead of all this one-way traffic.

[Its About Sharing]

Regarding investing in LTC. I'm not against it, but not for it at the moment. Many of us here see BTC coming down in price, perhaps a lot. Since the cryptocurrencies are VERY tied to BTC's price, one should probably not get into them during a BTC correction.

[rezurect]

Offtopic:
Wow, LTC is considered a Scam coin?
Isn't Scrypt Jane an added feature, Designed for ASIC resistance , it makes sure even any disruptive tech doesnt have as significant effect on the network as that is seen on BTC. Since people have put so much of money into ASICs BTC can't adopt Scrypt.

Scrypt is not ASIC resistant at all. FYI: it was supposed to be GPU resistant too, and LTC FPGAs are being developed right now.

True, with each passing day. Ive been following the FPGA project closely., But better ASIC resistance(resistance seems wrong to be used now that FPGAs have been developed, maybe a less disruptive effect than the FPGA to ASIC jump in BTC), compared to BTC, could be the inability to achieve the Mh/$ ratio of 1st generation BTC ASICs to GPUS.

[ChartBuddy]

[micalith]

Regarding investing in LTC. I'm not against it, but not for it at the moment. Many of us here see BTC coming down in price, perhaps a lot. Since the cryptocurrencies are VERY tied to BTC's price, one should probably not get into them during a BTC correction.

I agree not to advise investing in LTC for now, sure. But trading is a good idea right now. I made 20% profit on my BTCs by buying and selling LTC in the last 2 days, and I'm basically a noob at trading. Definitely worth doing again when/if gox announces doing LTC officially.