I'm a bagholder of LTC. Bought in at 34 with 9k. Bagholding to the ground because every time I panic sell I lose a few hundred and buy back in. Anyone else losing money in crypto haha?
Getting rapped in crypto market
- Thread starter skullfucker
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the opposite bro... but give me a few months (or hours) and I may end up on the losing end, as well.. I've no doubt crypto will succeed, but it could very well crash and burn many times til it does.
SO... I did the exact thing you did... put all my money in litecoin. Luckily, I bought in in the $9-$18 range and while I missed my chance to sell in the $50+ range - I was lucky enough to convert it all over to Doge at the right time - So I'm sitting in a decent position.
I've made a bunch of dumb ass trades over the past 4 months but I'm slowly getting better as I get more familiar with the crazy ass, 24 hr, always crashing, crypto-markets... so I'm no pro but imo you really need to at least partially understand what you're investing in - especially with 9k at stake.
Lots of people (myself included) rushed in and threw tons of money in Litecoin after Bitcoin surged trying to get rich quick... but not all of those people (again, me too) actually took the time to learn about the technology behind crypto, the history of the markets, the way the markets are cyclical, etc..
Once you spend enough time watching the markets they almost become rather predictable.. A coin is created.. it's either innovative or it's not, and it's success is usually a direct correlation of having at least some type of innovation. If it qualifies (got to know your shit here) then it will hit the exchanges - inevitably spike up a few hundred percent - drop about 3/4 of that for a week or two - then spike back up higher than it's exchange debut price.
Knowing the technology allows you to distinguish "worthless" coins and "valuable" coins. This isn't just a bunch of Bitcoin clones... FAR from it.. and an understanding of that is imo crucial to success.
As for Litecoin specifically.. personally, I completely sold out. Nothing unique about it other than it was second to market and dubbed "the silver to Bitcoin's gold"... Plus it has a direct competitor in Doge, which is an exact Litecoin clone (only different number of total coins) and has stolen away 50% of Litecoin's hashrate, most of it's community, and only a fraction of it's price..
That said.. Litecoin could triple by tomorrow and you would hate me forever.
IGNORE WHAT I SAY IT IS NOT INVESTMENT ADVICE.
Its actually pretty damn easy to take advantage of it with bitcoin. Buy all the way down from peak, and sell on rebound. With bitcoin it's typically pretty obvious. Pretty much if you get the urge to panic sell, do the opposite and buy.
With that said, bitcoin/ crypto speculation risks are nearing an all time high. Look for major negative regulation to come out of the US this summer. You could easily see BTC <$100 by the end of August. What that would mean to long term prices? Who knows.
I'm curious to what that does/could do to altcoins. Will they all be tied to BTC, or will some break free and form their own stability?
(O_o)
H̨̼̩͐̑͆̀̚&
Have any of you fucksticks heard about PotCoin yet?.. yeah, a big fat +183632.04 % return today! and I'm not even kidding...
This crypto shit has made me filthy rich over just 5 months..
fuck marketing?
This crypto shit has made me filthy rich over just 5 months..
fuck marketing?
You really get what you are saying here? So, when litecoin is nothing special/unique and not worth to hold...
Doge is, which is following your argumens, a exact clone of litecoin but with more coins (where more coins means ALOT more coins by factor 10 or 100 when i remember right).
So, how can a exact clone of a "bad" or at last nothing unique coin (which you skipped for its non uniqueness) be better, when all what really differs is an inflated number of coins? Thats all what you have to say about doge and in fact, that is all.
Yes, there is money in because its has become in a strange way "viral" but we will have a point where the market will flush all the redundant coins away and if litecoin fades away doge will fade too.
No, but I can admit one time I accidentally bought some coins on accident. I was like crap, I just paid a fee, now I have to pay another fee to get back to bitcoins, ugh. So I put in a sell order for a little bit higher to make up for the fees + some extra profit, then went and did something else. Trade executed a few minutes later. Oops, accidentally made a profit.
There will be many but I doubt that they would like to admit it.
Just learn from your mistake/s and move on, its done.