The Litepresence Report on Cryptocurrency
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presence
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PaulConventionWV
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There's FOMO'ing, then there's real MO'ing (missing out). A good trader can tell the difference. The effects of breaking 300 are most likely real. We already got scared once at this level, plus another ridiculous dildo before that to $315. This time it's for real.
PaulConventionWV
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W00t! There goes BTC. What did I tell ya? I'm in at 299.
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Warrior_of_Freedom
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everyone give me your bitcoins so i can go retire on the moon
https://blog.bitmex.com/chinese-promoter-pumping-litecoin-via-ponzi-scheme/
Chinese Promoter Pumping Litecoin Via Ponzi Scheme
Posted on July 10, 2015July 10, 2015 by Arthur Hayes
(FILES) A picture taken on January 14, 2009 in New York, shows Bernard Madoff leaving US Federal Court after a hearing regarding his bail. The French prosecutor’s office opened on May 29, 2009 an investigation into allegations of fraud following complaints from investors who say they were harmed in a pyramid scheme orchestrated by US financier Bernard Madoff, legal sources said. AFP PHOTO / TIMOTHY A. CLARY (Photo credit should read TIMOTHY A. CLARY/AFP/Getty Images) Litecoin is on fire. It is up over 8x in one month. The whole crypto trader community is abuzz with the astonishing price movement in Litecoin. Other altcoins are benefiting as well. But why does Litecoin defy gravity and continue its ascent? As always with crypto trading: when in doubt, look to China.
Some inquisitive traders on Bitcointalk.org posted a video link to a promoter telling investors to buy Litecoin, send to their address, and receive “mining returns”. Here is the link to a forum on 8btc.com describing the scheme. The promoter promises an income stream, if investors will send 500 Litecoin to this address.
Over $76 million worth of Litecoin has been sent to the above mentioned address. $68 million worth of Litecoin has been spent from the address. I assume that a portion of the spent output goes to investors, and a portion the promoter is cashing out.
The 9 million Litecoin that the addresses has received represents 22% of the total Litecoin in existence. It is obvious now how the price can go from $1 to $8 in a month. As investors feel “richer” because their 500 Litecoin is skyrocketing in value, they will invest more sums into the scheme.
What is the promoter’s end goal here? The most plausible explanation is that they are cashing out via Bitcoin. They transfer a portion of the Litecoin received to a number of exchanges that have a liquid LTC/BTC market. They then sell the Bitcoin for RMB on the large Chinese exchanges. The selling pressure from the promoter explains why Bitcoin hasn’t followed Litecoin up towards $300.
How long can this go on? And when do you short it? The Litecoin movement is gathering speed. The positive feedback loop, is attracting not just victims but traders who see a rising altcoin and want to join in on the party. Many still remember when Litecoin traded north of $40. Greed will take over and goad regular traders to take the plunge back into Litecoin. Shorting at this point is very hazardous. Don’t fight China. With the stock market down substantially, Chinese traders will latch onto any market that is rising. The promoters appear to be well organized and have a well oiled machine to reach a vast number of traders.
Chinese Promoter Pumping Litecoin Via Ponzi Scheme
Posted on July 10, 2015July 10, 2015 by Arthur Hayes
(FILES) A picture taken on January 14, 2009 in New York, shows Bernard Madoff leaving US Federal Court after a hearing regarding his bail. The French prosecutor’s office opened on May 29, 2009 an investigation into allegations of fraud following complaints from investors who say they were harmed in a pyramid scheme orchestrated by US financier Bernard Madoff, legal sources said. AFP PHOTO / TIMOTHY A. CLARY (Photo credit should read TIMOTHY A. CLARY/AFP/Getty Images) Litecoin is on fire. It is up over 8x in one month. The whole crypto trader community is abuzz with the astonishing price movement in Litecoin. Other altcoins are benefiting as well. But why does Litecoin defy gravity and continue its ascent? As always with crypto trading: when in doubt, look to China.
Some inquisitive traders on Bitcointalk.org posted a video link to a promoter telling investors to buy Litecoin, send to their address, and receive “mining returns”. Here is the link to a forum on 8btc.com describing the scheme. The promoter promises an income stream, if investors will send 500 Litecoin to this address.
Over $76 million worth of Litecoin has been sent to the above mentioned address. $68 million worth of Litecoin has been spent from the address. I assume that a portion of the spent output goes to investors, and a portion the promoter is cashing out.
The 9 million Litecoin that the addresses has received represents 22% of the total Litecoin in existence. It is obvious now how the price can go from $1 to $8 in a month. As investors feel “richer” because their 500 Litecoin is skyrocketing in value, they will invest more sums into the scheme.
What is the promoter’s end goal here? The most plausible explanation is that they are cashing out via Bitcoin. They transfer a portion of the Litecoin received to a number of exchanges that have a liquid LTC/BTC market. They then sell the Bitcoin for RMB on the large Chinese exchanges. The selling pressure from the promoter explains why Bitcoin hasn’t followed Litecoin up towards $300.
How long can this go on? And when do you short it? The Litecoin movement is gathering speed. The positive feedback loop, is attracting not just victims but traders who see a rising altcoin and want to join in on the party. Many still remember when Litecoin traded north of $40. Greed will take over and goad regular traders to take the plunge back into Litecoin. Shorting at this point is very hazardous. Don’t fight China. With the stock market down substantially, Chinese traders will latch onto any market that is rising. The promoters appear to be well organized and have a well oiled machine to reach a vast number of traders.
Warrior_of_Freedom
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I really don't get it. If I put $1000 into a crypto currency and then a month later it's worth $100,000, Who's going to buy it from me at its highest price?
Actually grabbed close to 012 on LTC. Exited 0169, might have to get back in.
The amount of actual Greeks playing bitcoin is irrelevant. That news brought in new people from all over the world.
Accumulating BTC during this dip right now. Which means it is time to dump hard after I'm in. lol
The amount of actual Greeks playing bitcoin is irrelevant. That news brought in new people from all over the world.
Accumulating BTC during this dip right now. Which means it is time to dump hard after I'm in. lol
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Dianne
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I got in LTC yesterday, but never asked when I should exit lol... Is everyone still in?
presence
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Imagine there's 10 cups of magic pixie dust in the world.
This month there are 10 people that know about it each with a willingness to pay $100 for however much that can afford them.
Everybody gets a cup each.
Next month there are 1000 people, each with $100 willing to take whatever amount of pixie dust they can get for $100.
Each of those people w/ a cup of pixie dust now have the option to sell 1/100th of a cup for the same amount they bought the whole damn cup for.
Follow?
Barrex
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No timeline? It looks it happened a lot faster than you thought it would.
Dianne
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Well I went ahead and sold at 017 after looking at this chart. I hope I read it correctly, that we're heading to 016. Any thoughts on where btc is going?
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presence
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time scale can be very deceiving.
think in terms of "renko candles"
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:renko
exactly when people choose to buy and sell is as stochastic a process as the price at which they choose. So time can slip into the future or speed up rapidly at any given moment.
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Barrex
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I meant you didnt draw time line on your graph. Vertical is value and horizontal is time. You show value but not time. Every time you post a chart you need to have both values shown. That are basics of presenting your papers, theory...
In BTC around the same time as Paul. Nice thing to wake up to. Staying above 300 for a week would look good if we're now in the 300-400 trading range.
Horizontal time is nearly impossible to predict, IMO. Vertical value is based on fib lines and elliot wave resistance/support which can be predicted a bit better. That's why I'm thinking about just getting back in on the portion I'm allowing myself to trade LTC and not looking at it for a while. I made a new HODL plan with some new diversified allocations to USD & LTC and feeling good about it.
Keeping a close eye on the lower timeframe macd's trying to make a decision.
Horizontal time is nearly impossible to predict, IMO. Vertical value is based on fib lines and elliot wave resistance/support which can be predicted a bit better. That's why I'm thinking about just getting back in on the portion I'm allowing myself to trade LTC and not looking at it for a while. I made a new HODL plan with some new diversified allocations to USD & LTC and feeling good about it.
Keeping a close eye on the lower timeframe macd's trying to make a decision.
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