Monday, February 26, 2018

Litecoin is Shit

I used to hold LTC.

I used to believe in LTC, with it's cheap fees, faster block times and decent community.

I even profited massively from LTC. Sick 968% profit.


However, that thesis and my expectation of LTC hitting $1,000 is no longer valid.

I sold all my LTC when Charlie Lee sold his.
Charlie Lee helped me sell the LTC top though, so I'm much richer because of him, thanks Charlie.

A crypto founder with no skin in the game? Lol, okay. Bye.

What's the point of LTC again when BTC fees are almost back to $0?

With multiple big players supporting Bitcoin Segwit and following best practices like transaction batching, fees have plummeted and the network is actually empty.

You can pretty much send Bitcoin for free now.
Huge difference to just a few months ago when it was costing $30 USD.

Sorry Litecoin.
Vertcoin.
Groestlcoin.
Bcash.
Bgold.
And whatever other shit.

And this is even before lightning network.

Bitcoin is back on the menu, at least in my books.

The massive reduction in fees also challenges Ethereum, which was becoming immensely popular due to the much lower network fees. Flippening delayed from 2018 to 2019? Possibly...

Most of all, it affects Raiblocks, now known as Nano. When BTC was expensive and slow, Raiblocks was a shining light during such dark times, offering free and instant transactions. That competitive advantage is becoming less of an issue right now, but Bitcoin will unfortunately, always have a fee. While a fraction of the world uses Bitcoin now, and even fewer use it to make actual on-chain payments, Bitcoin is still all right for now. But as adoption rises and people being to shift from speculation on off-chain exchanges to usage and transactions on-chain, this beautiful situation of low fees will not last.

Nano is still considered a great crypto in my books because instant and free really has much more special use cases that 10 minute confirmations and transactions with variable fees just cannot do.

The war of value transfer is between Bitcoin (massive hashing network security, original crypto, fiat on and off ramps) and Nano (green, instant, free).

All other value transfer coins are just irrelevant now. Sorry to break that news to you.

Will they pump and dump? You betcha.
Will I own any of them? Nope.

Good luck in crypto land, and as always, stay safe.

11 comments:

  1. OMG, lucky i hv little of LTC, mostly eth, btc, and some xmr. xrb, that is all. thanks, will sell that 20 LTC to strength, i know disclaimer, thanks

    victor

    ReplyDelete
    Replies
    1. Just check bought ave price of 116, 90% profit base on today price of 221, Thanks you. I will sell to strength when the pump come. Love this blog. God bless you.

      victor

      victor

      Delete
    2. Hi Victor,

      I don't think LTC has a bright future, but it is a long and well-known coin with some developments coming up (Litepay, maybe confidential transactions). That said, I don't find those improvements to be fundamentally game changing for LTC. I do not own LTC anymore and I don't plan to own it given the other opportunities in the market.

      90% profit is a very respectable amount, congratulations!

      Delete
  2. Hi GMGH, thanks for the info. Can i check how do you convert your ethereum to fiat, on gemini or coin base( which is more reliable wire transfer or xfers to bank a/c)?

    ReplyDelete
    Replies
    1. Hi Anon,

      Coinbase is very reliable and fast with xfers. If the amount is much larger, you should consider Gemini.

      Delete
  3. Just curious so u have made at least 50k $ on cryptos? Did u ever consider puting most of your cash in it like how some people put into stocks

    ReplyDelete
    Replies
    1. Yes, I have made more than $100k in cryptos. I won't do stocks again for a very long time.

      Delete
    2. How do u convince urself it wont drop to a very low value? Even eth founder himself said before it may happen

      Delete
    3. It might drop to a very low value. Singapore might also go to war with Zimbabwe tomorrow. A lot of things might happen, but nothing everything will happen.

      Delete

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