Why would you prefer the other two coins? I feel like they’re kind of riding the coattails of BTC right now. BTC is where I would put most of my money and where I plan on putting some into soon.
I think any rational person, even the most bullish, would admit a pullback at some point is inevitable. Nobody knows when though. Will BTC/ETH/LTC run straight to $100k/$20k/$10k over the next year to then lose 50% each? Will they all fall 80% in the next week and then remain for the next couple years floundering around the same values (BTC has had a history of 80% fall after a bubble and 1+ year of stagnation).
In any case it should be a fun ride and I got in (though only in very small amounts) at BTC/ETH/LTC $900/$250/$30 so I am along for the ride. Haven’t sold any yet and don’t really plan to unless something comes up where I need the money. When I put it in it was just a little bit of fun money and now it has ballooned drastically. I feel like I maybe should take some profit soon but I haven’t decided yet.
Not who you asked but BTC has a fairly fractured base IMO. BCH fork happened a few months back and those are still out there. BTC2X fork recently failed completely. BTC are straying from the original whitepaper objectives. Fees and transaction times are really high. Hard to tell where they will end up but I think their momentum and being the “first edition” crypto certainly help them. If the fundamentals of others are stronger though who is to say a later gen can’t come along and knock 1st edition Charizard off his throne? Will be an interesting ride.
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Thank you @gottaketchumall for explain all this, I really appreciate it! 
Yeah my investment in BTC was more to get my foot in the door of the crypto currency world and learn more about it as well as possibly investing into other coins in the future!
Hi Miracle Gro! I have put some money into BTC but nothing else. I honestly don’t prefer any coin over the other, but have been studying Ether mostly and came to few conclusions. Ether tends to have faster transaction times/ cheaper cost, as it is more efficient. Ether can be used as a base in future technology whereas bitcoin is really just a pure currency.
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I just mine crypto. I have made some good money, but not from an investment standpoint. Rather I find new promising alt coins and mine them. I currently run 9 computers with 31 GPU’s.
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I am mining eth on one 4 GPU rig. Ordering equipment for a 6 card GPU later tonight that I will look into dual mining and altmining. Winter is the perfect time as the electricity cost at least is useful in that it offsets the gas bill.
Hopefully you weren’t bit by that Nicehash hack.
Remember if you don’t have the keys (seed) you don’t have the coin.
I’ve been in and out of crypto since 2009. I mine my own coins and hold my own coins. I’ve never been affected by any hack in crypto.
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I first heard about BTC in 2011 and bought my first bitcoin in 2012 or so when they were about $13 each ( I have long since sold, and sadly do not own any). I’ve been keeping an eye on it for the past 5 years and here are a few things I’ve noticed:
– For Litecoin, if you compare the line graph of price changes over the same span of time for each crypto, you’ll notice that they appear similar. LTC’s growth tends to more or less follow the same rate of change as BTC.
Here is the 1 month price chart, LTC on top, BTC bottom:
Notice between November 14 and December 8th or so, LTC nearly tripled in price. (~$60 to $150).
Between the same 3 weeks, BTC increased to about $17,000 on Dec. 8th from $6,000 on Nov. 14, nearly tripling as well. If you compare other spans of time too, you’ll see that the spikes occur at about the same time. The movement is of course not identical, but strikingly similar.
I’ve noticed this trend for awhile (though I’ll admit I haven’t really glanced at LTC in a couple years). If I have $1000 to spend on a crypto, whether I put it in LTC or BTC, the ROI could be the same. More widespread adoption of LTC could certainly drive it’s price up independent of BTCs trends though.
– The BTC price jump the past few weeks is exciting and is getting a lot of people excited, especially new investors. Four years ago, the same exact thing happened when the price crashed from about $1163 to a low of $387. There were people who put everything they had into BTC and lost everything. BTC was young enough then and exchanges were shaky enough that a large part of the sell-off came as a result of the infancy and uncertainty of the BTC world at the time. It’s safe to say that BTC is much more established, but it still does not exclude the possibility that hackers could **** everything up, regulation or governmental policy could complicate the accessibility and/or legitimacy of BTC, or the technology could at a certain point fail or become obsolete/unsustainable. I can certainly imagine a scenario where a genius develops a new crypto that suddenly resolves all the problems and uncertainties with current cryptos and suddenly everyone sells BTC and buys the new one that ends up becoming the world’s currency.
– Others have said it, but I can’t reiterate enough: Don’t put more money in BTC or LTC than you absolutely can afford to lose. I’ve read articles recently about people putting BTC purchases on CCs and taking out $100,000 mortgages. That is absolutely nuts and it could make you a millionaire. It could also put you in a mountain of debt and cause you to go bankrupt.
– On that note, the rapid increase in prices and massive amount of buy-ins of people hoping to get rich from BTC is seen by many as extremely dangerous and unsustainable. No one knows for sure, but a lot of people are expecting a significant downturn in the near future. Others are suggesting that we could see $60,000 by the end of next year.
I get a little disappointed that I didn’t hold onto some BTCs when they were $13, but when I got rid of them, I got a decent return out of it at the time so I thought I was making a good decision >.>. However, even as I stare at the price climb and think about getting back in, just like I did 3 months ago, just like I did a year ago… I still feel no greater motivation to buy-in because as I’ve seen many times before the price can drop just as fast as it can go up.
I think Charlie Lee, the Litecoin creator and former director of engineering at coinbase covered this well the other day. Check out his tweet: https://twitter.com/SatoshiLite/status/940357341723082752
Basically yeah the market is bullish at the moment, but if you look at the candles for bull runs on almost anything (crypto, pokemon cards etc) you’ll see there’s usually a retrace. I spoke about this in relation to pokemon cards the other day here and the same logic applies to crypto. When you see massive gains like this you have a heap of people buying in for whatever reason driving the price up, some of the reason might be FOMO but I think there’s more than just that in relation to litecoin specifically which I’ll mention later. When the price surges so much you’re going to have people taking profits, if you look at the litecoin buy/sell order book on exchanges during this time you see some massive sell orders. The huge sell orders usually list a little lower than the ask so they can dump all their coins ASAP, once the buying slows down this kind of practice causes a price retrace as people undercut each other and supply outweighs demand. As for when this point is reached who knows, with so many nw coinbase accounts opening daily bull runs could go on for weeks or months like what bitcoin experienced.
In terms of litecoins price increase, some of the factors that I believe go into this are coinbase’s massively increasing user base - the site only supports BTC/LTC/ETH and with BTC/ETH being expensive already I think a lot of newer people jumping into crypto have been picking up litecoin. I also think these new users probably look at what they’re getting for their money and think owning 1 LTC is more attractive than 0.01 BTC. The mentality of why have a fraction of a coin when you could have a whole coin that might be the next BTC (with 60 million more coins in the cap over BTC it won’t be but I don’t think people understand this).
Other reasons for growth would be the demand for BTC and the ETH crypto kitties causing network degradation and long confirmation times, day traders are most likely working around this by doing instant swaps on the exchanges from BTC to LTC to make other trades, then converting back into BTC as a value store later. There’s no confirmation times doing this because it’s crypto the exchange already holds so they just assign you an equal value of LTC for your BTC and no actual transaction takes place - you get the crypto instantly and can make your actual trades on LTCs uncongested network.
Charlie Lee has also been appearing on a lot of national news station and doing a media push talking about crypto and he’s been raising LTC awareness and pushing it on all of his engagements, this has probably helped get more people into litecoin as well.
I also think that while bitcoin will probably still rise (Elon Musk tweeted recently that he expects 35k soon) it’s now at the point where there is far more risk to make serious money. Eg. You’ve got to pay $16k for one BTC then you need the price to jump to $36k to make $20k. That’s a huge amount of capital to tie up just to buy in … and bitcoin would need to more than double to get to the point where you make $20k. I’m not saying that’s impossible over time but it’s not a bet I’d be comfortable making … there’s also the risk that bitcoin halves and you lose $8k which is entirely possible in such a volatile market. On the other hand if you put that $16k into litecoin, you would have around 53 coins at a $300 buy in, the price would still need to more than double to make $20k on your litecoin investment but I think at this point it’s far more achievable for litecoin to get to the required $670 than bitcoin to get to $35k to make the same amount of cash … that’s only a $370 per coin increase and litecoin would still be cheaper than ETH and under $1k/coin.
I know a few BTC investors that have moved the majority of their holdings into LTC because they see more upside there, it’ll be interesting to see if they’re correct. One last interesting point that I should make is BTC/LTC has started to become popular in the sale of MTG cards, a lot of vendors now accept crypto payments and a lot of high end cards are being bought and sold with crypto.
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@teraz I’ve noticed this coupling as well, LTC price seems to sit at around 0.01 BTC. If BTC continues to push up I think LTC will be pulled with it.
Also good point on being responsible, I want to reiterate that as well to anyone interested in crypto. It’s cool and exciting tech but there’s a lot of hype at the moment, it could be a bubble, it could be world changing event unfolding like the internet, nobody knows. It’s still early days and the world needs to start accepting crypto as payment options and making it more accessible otherwise all this hype could die and people could be left with some worthless bytes. Everything I’ve put into litecoin I accept I could lose and if it did happen it won’t really change my financial situation other than be a bit of a bummer. Over extending into an investment in the hopes of a big payout is a great way to lose your ass, be safe!
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I Bought 150 litecoins a few days ago for 1 bitcoin exactly (around 90 dollar)- my initial reason to convert was the huge price increase of bitcoin the days before plus that litecoin is much faster to move around and transfer. I had no idea it was going to push the price like it did. On the one Side i was very lucky but on the other i didnt feel comfortable at that point in bitcoin and if bitcoin usually stagnates for a while the other 2 go up. But nowI think that the litecoin push makes it for me less attractive to Keep holding it all (my feeling) and I am looking to go back to bitcoin with the profit I made. I am Also keeping an eye open on neo because i think one piece of good news Will give it a huge push.( this is no financial advice). And theres another coin coming out that i believe Will go straight to top 15 in marketcap and catapult me to 6 digits.
Has anyone gotten on a site like binance and played around with some of the cheaper currencies?
If so what are your experiences?
I mainly use English exchanges, but I don’t invest much. Mainly just mine coins. Right now I mine Bismuth. The first Python based crypto. It’s still being built, but it has Nvidia and AMD miners. TOR support, nicknames for addresses and other features. I think it will be big in a year or so. It’s only on cryptopia right now.
@flawww could probably tell you more about other currencies and thoughts on them.
I’ve been interested in Stellar, a friend dropped $30k into it recently … here’s a site with some info on it.
emptybucket.co.uk/the-next-bitcoin/
I don’t think it’s the next bitcoin, the max supply is like 18 billion compared to bitcoins 17 million units … that’s gonna mean it’s never going to be $1000, or even $100. If Ripple (Stellar is a fork of Ripple) can get to 50c then Stellar which is backed by IBM could too, maybe even $1 if it’s adopted by the banking sector.
$5000 into Stellar is 33.3k units, if it goes up 35c to reach Ripple you’ve made $11.6k … $1 and you’ve made $30k. If you put 5k into litecoin you’d only get 16 coins now and would make $8k if the price went up another 500, it really highlights that to make big cash you really need to be an early adopter and take some risk.
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Actually, that is one of the 3 I invested in to. I really didn’t put much in because I want to make sure I fully understand all the processes. I want to learn more about paper wallets and then maybe I will put a good amount in.
I read up on a few and just kinda thought stellar, tron, and verge were interesting. Maybe they will suck, but I am going to take it as a learning experience.
What’s the coin?
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Not sure what it is… but the more crypto research I do, the less I want to buy. I know it gets thrown around a lot but there really are a lot of parallels to the tech bubble. The throw a dart at a dartboard and you can’t miss doesn’t appeal to me.
I also feel like this could be completely undermined if the banks themselves delved into blockchain technology allowing for faster transactions with privacy/anonyimity. I’ve already got a message that my bank (in Australia) will allow for instant transactions in 2018. So now cryptos have lost that on the banks. anonymity and middle man taxes… I’m sure the banks can come out with a private purchasing system (like chrome incognito using block chain) and will reduce their fees to equal those imposed by buying and selling through crypto wallets. Then what?
Couple more issues
- I can’t see the average family using cryptos. In fact I can foresee the possibility of an actual rejection at least in Australia. There is less of that “the banks” are corrupt down here.
- unlike the tech bubble which had actual websites and companies established… much of the crypto world is still theoretical. People are betting on ideas based on the premise that future techhnology will realise these ideas (think golem).
- a lot of new holders don’t understand cryptos. They’re in to be overnight millionaires. A drop + bearish view and they’re gone for sure because they don’t know the purpose of BTC. They just react to rising and falling dollar signs.
In saying all of this I do like some cryptos out their specifically IOTA AND Golem. I like the concepts behind these two and think they could make positive changes.
Do I wish I’d put money in earlier … sure! Do I regret not doing so… no… there will always be another speculative mania in the future.
Sorry about the overload. Not trying to put people off cryptos. Those who are holding - im sure there is significant wealth coming for some of you. In fact I’d welcome open criticism and correction. What have I got wrong? Besides profiting off the growth of prices why would I, the average consumer want to hold a crypto like LTC or BTC if my bank could provide the same speed, fees and anonymity that they do?
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I do agree, 99% of all cryptos is going nowhere and are solely a speculative pump and dump ( parallel with the internet bubble) however the 1% percent is what you want to be looking at. Theres a lot of bad info out there like Iota (which has an amazing idea behind it but is still full of flaws) and I am not even certain bitcoin will exist in xx amount of years (because of
Governments and old money mainly) but I do know that the current price of bitcoin is nowhere near what it Will be in 2 years( it really has the best characteristics of
Both cash and gold) and that the blockchain Will never go away. I was Also very sceptical about all this blockchain and bitcoin etc. but the difference between me and many People is that I actually did and do a lot of research and I try to understand it as Good as possible that makes it for me easier to deal with the fluctuations and fear. Dont forget the market cap is still only about half a trillion which is nothing!! But You have to be very careful with Your investments and you Should never try to invest into something you dont understand just because you hear about it on the news. In short there are currently infrastructures being built to connect blockchains with existing companies and public services etc. And I believe those kind of things Will have a huge future ahead of them. As for the coin I have mentioned iTS something i believe strongly in and you can ask me by pm .
Sorry for the huge wall of text (typing on my phone is difficult)
Ideologicaly I felt all my mature life that FIAT money has a huge amount of flaws. Before it was backed by gold now iTS backed by debt… I dont see the current monetary system and banking viable in the long term. people are happy they are able to afford a house and can afford food etc. But one day something is bound to happen and money Will become useless(see Venezuela etc.) this is where cryptos could provide a solution. I do believe a new crisis is coming and the Banks Will be the cause again. The question is do you want to give the Banks control over Your money or do
You rather have a transparant system where there is
No need for a middle man in a system that is
Based on a true deflationary coin.
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