Litecoin just hit $2,21

[AmDD]

I don't mean to derail the litecoin bashing, but can someone explain the chart in the op? How does the market drop that low and then recover nearly instantly? I've never had a very strong understanding of trading. Thanks

[thimo]

Bagholder alert:

lordoliver

[devphp]

I don't mean to derail the litecoin bashing, but can someone explain the chart in the op? How does the market drop that low and then recover nearly instantly? I've never had a very strong understanding of trading. Thanks

There were few buy orders, and someone sold too many Litecoins within a span of a few minutes. Of course the market recovered but not to the point where it was before the massive dump, it's like a big crack in the shield.

[lordoliver]

ASICS killing the scrypt market off which why a lot of coins switching to diff Algos or going complete POS. ASIC miners trying to frantically dump out as fast as possible to ROI.

guys... are you serious? if you have a hardware only for scrypt-coins, do you think they will throw it all away then, if the price drops a little?
it will probably be used... and thats why the price only can go higher.
As the bitcoin asics came out, litecoin would go up heavily. It didn't.
Litecoin is not existing only because of gpu-mining but as the first alternative to bitcoin.

[thimo]

ASICS killing the scrypt market off which why a lot of coins switching to diff Algos or going complete POS. ASIC miners trying to frantically dump out as fast as possible to ROI.

guys... are you serious? if you have a hardware only for scrypt-coins, do you think they will throw it all away then, if the price drops a little?
it will probably be used... and thats why the price only can go higher.
As the bitcoin asics came out, litecoin would go up heavily. It didn't.
Litecoin is not existing only because of gpu-mining but as the first alternative to bitcoin.

That is nothing but an entitled childish argument: We were FIRST, so we DESERVE to have a place.

[lordoliver]

Bagholder alert:

lordoliver

ok, i have exactly 15.11077235 LTC. If you want to call that a bagholder. OK ;-)

I am just refering to that one:
https://bitcointalk.org/index.php?topic=649739.msg7272992#msg7272992

its behaving like all other ordinary Altcoins. Worldcoin, namecoin, usw...

[CoinHoarder]

I don't mean to derail the litecoin bashing, but can someone explain the chart in the op? How does the market drop that low and then recover nearly instantly? I've never had a very strong understanding of trading. Thanks

Someone saw a buying opportunity and bought it all up.

It was well played IMO- they could slowly sell it off not affecting the market too badly and pretty much have an instant profit. I'm not sure this is their strategy as they could be hodling for a rebound, but someone(s) saw a buying opportunity for one of those two reasons. I think it's anyone's guess as to what the reason was.

Whomever sold off that much at once on one exchange didn't really think it through very well.

[AmDD]

I don't mean to derail the litecoin bashing, but can someone explain the chart in the op? How does the market drop that low and then recover nearly instantly? I've never had a very strong understanding of trading. Thanks

There were few buy orders, and someone sold too many Litecoins within a span of a few minutes. Of course the market recovered but not to the point where it was before the massive dump, it's like a big crack in the shield.

The more i think about it I can see how it works. I was thinking it would have to stay that low and slowly rise back up rather than instantly. Thank you

[lordoliver]

ASICS killing the scrypt market off which why a lot of coins switching to diff Algos or going complete POS. ASIC miners trying to frantically dump out as fast as possible to ROI.

guys... are you serious? if you have a hardware only for scrypt-coins, do you think they will throw it all away then, if the price drops a little?
it will probably be used... and thats why the price only can go higher.
As the bitcoin asics came out, litecoin would go up heavily. It didn't.
Litecoin is not existing only because of gpu-mining but as the first alternative to bitcoin.

That is nothing but an entitled childish argument: We were FIRST, so we DESERVE to have a place.

no, its not because of first, but because of the good distribution. there are already a lot of shops out there using it...

[devphp]

Lordoliver,

it's a misconception that more ASICs/GPUs/miners/hashrate affect the price to the upside. At most, they are neutral, but all signs are pointing that they are negative for the price.

Here is my explanation on this:
https://bitcointalk.org/index.php?topic=662058.msg7468164#msg7468164

[lordoliver]

Lordoliver,

it's a misconception that more ASICs/GPUs/miners/hashrate affect the price to the upside. At most, they are neutral, but all signs are pointing that they are negative for the price.

Here is my explanation on this:
https://bitcointalk.org/index.php?topic=662058.msg7468164#msg7468164

no, I didn't want to say, that the asic make the price better, but more stable.
It will go up there were it was, thats what I ment. Asic is just running not switch all the time to other coins.

[hellscabane]

Clearly this was an attempt by a certain person to win a "moral" bet with another person that LTC would dip under $2.

Clearly this attempt failed. Well, better luck next time.

[CoinHoarder]

Clearly this was an attempt by a certain person to win a "moral" bet with another person that LTC would dip under $2.

Clearly this attempt failed. Well, better luck next time.

Clearly that statement is a guess. 

[Netnox]

Clearly this was an attempt by a certain person to win a "moral" bet with another person that LTC would dip under $2.

Clearly this attempt failed. Well, better luck next time.

Well maybe his bet was under $3 and he succeeded 

[ChekaZ]

panic sell all your litecoins for Quarks and NXT !!

Only dumb people would do that.

[hellscabane]

Clearly this was an attempt by a certain person to win a "moral" bet with another person that LTC would dip under $2.

Clearly this attempt failed. Well, better luck next time.

Clearly that statement is a guess. 

I was just teasing on the bet that never happened between Darkota and Smoothie (in the LTC Critique thread that you have). That's all.  

Admittedly, looking at the right-hand trend, this really does look like a "fat-finger" error because of the pair mismatches between BTC/LTC and LTC/USD on btc-e.

[devphp]

panic sell all your litecoins for Quarks and NXT !!

Only dumb people would do that.

Smart people wait till it hits 0.008

[gondel]

https://bitcointalk.org/index.php?topic=658541.0 ----Litecoin is officially dead

I warned you guys....I know plenty whales myself who have already Sold all their litecoin. It's only going to go down into nothingness. Litecoin is dead..

WE cannot say tha LTC is dead , but really the coins is going slowly down and dipping into nowhere. In my opinion there will be a lot of better coins out there with the time, which will make litecoin not so interesting for the newcomers to the board. May be it will not die, but shrink a little.

[CoinHoarder]

Clearly this was an attempt by a certain person to win a "moral" bet with another person that LTC would dip under $2.

Clearly this attempt failed. Well, better luck next time.

Clearly that statement is a guess. 

I was just teasing on the bet that never happened between Darkota and Smoothie (in the LTC Critique thread that you have). That's all.  

Admittedly, looking at the right-hand trend, this really does look like a "fat-finger" error because of the pair mismatches between BTC/LTC and LTC/USD on btc-e.

Figures you were joking 

[hellscabane]

Clearly this was an attempt by a certain person to win a "moral" bet with another person that LTC would dip under $2.

Clearly this attempt failed. Well, better luck next time.

Clearly that statement is a guess. 

I was just teasing on the bet that never happened between Darkota and Smoothie (in the LTC Critique thread that you have). That's all.  

Admittedly, looking at the right-hand trend, this really does look like a "fat-finger" error because of the pair mismatches between BTC/LTC and LTC/USD on btc-e.

Figures you were joking 

Found it. Admittedly, the stipulation was that it'd have to be sub $2 for 48 hours.

https://bitcointalk.org/index.php?topic=662058.msg7501331#msg7501331

Popcorn?

[On an aside: The more I think about it, the more I wonder if this was intentional...The pair mismatch really was drastic after all.]