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TsuyokuNaritai (OP)
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May 06, 2013, 09:56:01 AM |
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LTC, PPC, NMC, TRC, NVC, FTC, CNC... they're all suddenly going South at the same time relative to BTC.
Did anything in particular happen, or is it just coincidence? Is it just because BTC is going up against USD?
To altcoin haters: Please don't just say "because altcoins suck" unless you have a good reason why you think they suck significantly more than they did yesterday.
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BBQKorv
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May 06, 2013, 09:57:52 AM |
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They did the very same after the previous LTC bubble. There is something similar in here now.
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balu
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May 06, 2013, 10:02:47 AM |
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LTC is still 0.03x, so it went down with like a few percent max. It's definitely the strongest alt currency.
The devaluation of FTC/CNC was predictable - they were totally overvalued because of the hype.
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237
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May 06, 2013, 10:05:00 AM |
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FTC/CNC are only getting dumped by the miners.
Does anyone REALLY believe, that will be used as currency to buy things in the future?
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Donatioins always welcome  LTC: LL2UDTbQNx9UiP37ZzJ4CLQDWm6JPgZG8t |
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medicine
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May 06, 2013, 10:07:30 AM |
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I think relatively few people buy and sell alt coins. I wouldn't call these price moves tanking either.
Each of the alt coins has it's own supporters and the newer coins just have fewer supporters.
You can create value out of thin air if the masses adopt the coin, such as the case with bitcoin and to a much smaller extent LTC, but people who think they can create a new alt coin and magically it has value are mistaken.
There are too many new coins with barely any supporters so once the few supporters jump on board there is no more support to hold up the price.
There isn't room for 20 different alt coins at the moment. There is barely room for 2.
That's my thought.
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mtbitcoin
Legendary
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Activity: 876
Merit: 1000
Etherscan.io
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May 06, 2013, 10:14:49 AM |
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When BTC prices go up, the ALTs proportion against BTC goes down and vice versa. This is especially true for LTC
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medicine
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May 06, 2013, 10:16:54 AM |
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When BTC prices go up, the ALTs proportion against BTC goes down and vice versa. This is especially true for LTC
And the SH#%#$y thing is, when btc goes down LTC also follows  |
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mtbitcoin
Legendary
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Activity: 876
Merit: 1000
Etherscan.io
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May 06, 2013, 10:18:14 AM |
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When BTC prices go up, the ALTs proportion against BTC goes down and vice versa. This is especially true for LTC
And the SH#%#$y thing is, when btc goes down LTC also follows Price yes, but not the BTC/LTC ratio  |
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Craftyman
Member
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Activity: 75
Merit: 10
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May 06, 2013, 10:42:38 AM |
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People are spending money previously invested in other altcoins on the new ones. BTC price also hasn't moved during this time, so naturally those coins are lower priced. The price will correct within a few days I'm sure.
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hughperman
Newbie
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Activity: 42
Merit: 0
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May 06, 2013, 10:54:14 AM |
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When BTC prices go up, the ALTs proportion against BTC goes down and vice versa. This is especially true for LTC
And the SH#%#$y thing is, when btc goes down LTC also follows Price yes, but not the BTC/LTC ratio Yep LTC and BTC seem pretty well tied together. |
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aysyr
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May 06, 2013, 11:50:35 AM |
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FTC/CNC are only getting dumped by the miners.
Does anyone REALLY believe, that will be used as currency to buy things in the future?
Actually there's already been adoption by a few merchants such as a floor cleaning product called Got Spots and an SEO/web design service. |
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