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Author Topic: Bitcoin rises, litecoin plummets  (Read 5576 times)
cryptocoinsnews
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October 18, 2013, 12:08:05 PM
 #1

As you can see from the sell order:

http://www.cryptocoinsnews.com/2013/10/18/litecoin-seems-plummeting/

Litceoin owners has a reason to be a bit scared. More than 127 873 Litecoins has been submitted for sale for 0.0132 BTC per LTC which has a total value of 1 687 Bitcoins. Litecoin could be facing a massiv downtrend in the coming days, not just because of the sell order but also because of Bitcoin’s big increase in value over USD pushing alt-coins down.

/David Parker, Director of CCN
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btbrae
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October 18, 2013, 12:20:55 PM
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Litecoin owners that actually believe in Litecoin probably still hold most of their coins and aren't selling. There are projects underway and the dev team seems to be working well.

Speculators will make & lose money as has always been the way.
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October 18, 2013, 01:06:45 PM
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Litecoin owners that actually believe in Litecoin probably still hold most of their coins and aren't selling. There are projects underway and the dev team seems to be working well.

Speculators will make & lose money as has always been the way.

Hoping you are right, I am one of them that have been holding litecoin..

LiteCoinGuy
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October 18, 2013, 01:57:19 PM
 #4

and both will stay here. dont worry. up and down. bitcoin went from 30 dollars to 2 dollars some years ago  Shocked

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Seems I deinvested all my btc :(


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October 18, 2013, 07:47:02 PM
 #5

Well for what its worth , i went ahead and invested into 100 ltc, just like i did back 2 years ago when i solo mined 100 btc Smiley and held it for 2 years. So lets see what the next 2 years has in store Smiley

That said, the ltc i mining now is getting converted into btc.

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October 18, 2013, 08:21:29 PM
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this is why i've been paying close attention to the alts.

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October 18, 2013, 08:25:51 PM
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If you look at the alltime graph chart of BTC/LTC you will see that the LTC pattern is basically repeating the BTC pattern of the 2011 crash. This is also significant because LTC, like BTC in 2011, can't really buy you anything.

I think that LTC will continue to fall until it gets to at least .008BTC which are the highs prior to the LTC bubble.  Then it might stabilize.

I think there is room for a 2nd alt currency, but LTC needs BTC to continue its growth. At some point LTC will have another chance to make a claim for being the "silver" altcoin. But they have so much work to do.

If you haven't heard about what is happening with GAME, check it out.  It's revolutionizing gaming. https://bitcointalk.org/index.php?topic=1266597.0
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October 18, 2013, 08:28:34 PM
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I think there is room for a 2nd alt currency

If there is room for a 2nd alt currency (which I doubt there is), then it'll actually have to do something dramatically different than BTC. Altcoins thus far, even the popular ones, do very little than change a few settings in the bitcoin protocol.  LTC provides NO (zero, zilch, natta) benefit over using BTC besides giving emo-sad miners a chance to scam a few chumps into buying it from them.

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windjc
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October 18, 2013, 08:33:50 PM
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I think there is room for a 2nd alt currency

If there is room for a 2nd alt currency (which I doubt there is), then it'll actually have to do something dramatically different than BTC. Altcoins thus far, even the popular ones, do very little than change a few settings in the bitcoin protocol.  LTC provides NO (zero, zilch, natta) benefit over using BTC besides giving emo-sad miners a chance to scam a few chumps into buying it from them.

I disagree. That's like saying that there is no need for silver because of gold. There is NEVER a sure 100% investment. Silver is a hedge against the failure of gold, which could, in different peoples minds, mean a variety of things. The value of investments are always "perceived."

Being a 100% invested in BTC as the sole crypto is a "eggs in one basket" scenario that many investers would not like. Many investors crave diversification (for many good reasons).  

You may have a point as an additional altcoin not being a needed as currency. Although there are other arguments for. However, as a store of wealth, a 2nd altcoin has a lot of potential demand.

If you haven't heard about what is happening with GAME, check it out.  It's revolutionizing gaming. https://bitcointalk.org/index.php?topic=1266597.0
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October 18, 2013, 08:36:21 PM
 #10

litecoin isn't plummeting. it has been fluctuating between 1.80 and 1.85 on btc-e all week. yeah, ltc/btc goes down, but that's because btc is going up, not because ltc is going down.
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October 18, 2013, 08:42:15 PM
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litecoin isn't plummeting. it has been fluctuating between 1.80 and 1.85 on btc-e all week. yeah, ltc/btc goes down, but that's because btc is going up, not because ltc is going down.

One month ago, LTC was > 2.40 USD.
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October 18, 2013, 08:54:28 PM
 #12

There are 4 times more LTC than BTC.  We know what happens if somebody dumps 10k or 100k of BTC ... but what happens if early adopter will dump 1M of LTC ? or 10M of LTC ? .... LTC above $1 is like buying tulips for $1,000,000/TULIP
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October 18, 2013, 08:55:41 PM
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What is interesting about this is that it does break with the trend that LTC has been pretty much following BTC over the past year.

I initially expected LTC would be like a hedge for BTC. But it did not work that way during the past months (including the jan-apr bubble), because LTC would dip together with BTC everytime, thwarting my plan for making more BTC profits during the dips.
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October 18, 2013, 08:57:28 PM
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There are 4 times more LTC than BTC.  We know what happens if somebody dumps 10k or 100k of BTC ... but what happens if early adopter will dump 1M of LTC ? or 10M of LTC ? .... LTC above $1 is like buying tulips for $1,000,000/TULIP

lol no,

but buy FTC not LTC  Smiley

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October 18, 2013, 09:04:17 PM
 #15

What is interesting about this is that it does break with the trend that LTC has been pretty much following BTC over the past year.

I initially expected LTC would be like a hedge for BTC. But it did not work that way during the past months (including the jan-apr bubble), because LTC would dip together with BTC everytime, thwarting my plan for making more BTC profits during the dips.


Right. Which is following a BTC 2011 trendline more than a current one.

If you haven't heard about what is happening with GAME, check it out.  It's revolutionizing gaming. https://bitcointalk.org/index.php?topic=1266597.0
crazynoggin
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October 18, 2013, 09:08:58 PM
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Makes me wonder if this will be the second giant crash of BTC. Surely the price of Bitcoin is rising too fast for it to sustain itself.

Use my referral link if you want: https://primedice.com/?ref=Crazynoggin
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October 18, 2013, 09:11:14 PM
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Makes me wonder if this will be the second giant crash of BTC. Surely the price of Bitcoin is rising too fast for it to sustain itself.

Which one was the first?

Was it the correction from the $0.5-$1 rally, the $1-$32 rally (hint, this one was the biggest), or the $32-$266 rally?  And why don't the other two count?

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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October 18, 2013, 09:35:40 PM
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There is a lot more to litecoin supply than "4x as many as bitcoin". 

First, consider the distribution of bitcoin. Millions are lost, satoshi holds a million, winklevoss holds a million, dpr /feds hold 629k, and large businesses have holdings with no intent to sell.  All in all, there are probably about 2 million btc available for trading by speculators. Now consider litecoin. All of the current 20 million lite coins are in play and held by speculators. This makes the supply 10 times as heavy as btc. Also, most of these speculators are waiting to dump during a mtgox IPO.

Second, the mining suuply is actually 8 times greater than that of bitcoin. There are 4 times as many blocks and twice the present block reward. So there is also a heavy constant stream of supply on top of the huge existing supply.

This is why litecoin can trade 3,000,000 ltc in a day and close the day at only a few percent difference. Imagine if btc traded 3,000,000btc in a day, or 750,000btc even. It would shoot up into the moon.
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October 18, 2013, 09:36:45 PM
 #19

Profits are to be made here for the bold
phlogistonq
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October 18, 2013, 09:37:20 PM
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Makes me wonder if this will be the second giant crash of BTC. Surely the price of Bitcoin is rising too fast for it to sustain itself.

Second? I'd reckon third or fourth.
It might be. So, bet on that thought then and use the insight to your advantage.
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