It absolutely is a way to pump a coin up.. I don't think thats maybe the direct cause of the people who created the fork but whales just love the fork buzzword.. since people will attach to free dividends faster than any other thing.. the problem is its only free if youre willing to wait out the rise.. stay in through the dip and wait for it to rise again.. Check out the disrsuption of Segwit2X for example.. it was cancelled after massively pumping bitcoin then just to be implemented again at a later date.. It was valued in futures at over 1200 dollars.. then is now about 5 bucks
https://coinmarketcap.com/currencies/segwit2x/ The price of the bitcoin cooked in the gains so you don't really gain anything by holding for the fork unless youre a real long time hodler that doesn't care about the position trades or the ups and downs... Basically as a trader you have 3 choices.. you can take the dividend and not have time enough to dump (since most wallets and exchanges youd collect the fork on arent necessarily where youd want to trade anyways).. you could forgo the fork and sell during the initial pump.. or you could hodl for the last possible block before the fork and dump before others beat you to it. I personally dumped litecoin at 230 because I thought that was as high as it would go, but it could go higher in one last pump before the fork hits, depending on the anticipation (which i think personally will be low). Bitcoin cash and Bitcoin gold were both decent forks if you held bitcoin for a long time and waited for the price of the forks to pump to optimal pricing, but with each fork the community starts to groan a little more.. whats the point of valuing something so high if you have infinite copies of the same blockchain? I don't really agree with that statement, but it does make you think. I'll put some more thought into your comment about pumping the coin up, that certainly would be an interesting approach and would likely be more profitable to the developers over any gains they'd see from the coin at all (if it even gets listed anywhere to sell).
I thought about dumping my ltc when it hit 231 too but I had bought back in at 236.74 right before this entire dip happened(I was day trading for a week straight and making good clips per day, about $250 a day, at that point ltc was fluctuating form 235-245 maybe even 250ish.. I got stuck in it. if i dumped at 231 and bought back in at 210ish i could have been back in the game and day trading once again... I do have the same thought that ltc may pump one more time and then dip back again so im waiting and watching..
That is definately the catch 22 with this LCC coming into play because of the whole being locked into a wallet when this fork happens.... the thing with charlie lee claiming its a scam raises my eyebrows thugh becaue of course he doesnt want a fork being named after LTC.... but look at BCC it doesnt seem to be a scam but then again bitconnect was around for a while before it got killed. so who knows.. wild west right
I pmd you atrocityx
