The Litepresence Report on Cryptocurrency
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PaulConventionWV
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That was disappointing. I'll take my 2 BTC profit and wait for another opportunity.
I've learned that whenever I expect something to happen, it's usually disappointing. It's the ones you don't expect that turn out huge.
I've learned that whenever I expect something to happen, it's usually disappointing. It's the ones you don't expect that turn out huge.
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Dianne
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2 BTC profit is pretty good !!
lotsOfCake
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So I noticed that there was this effect;
1: New altcoin added on small exchange
2: There are rumors of it being added to a larger exchange
3: Around when it gets added, the price spikes
4: Price drops, stabilizes afterwards
..
Seems similar to now that huobi added ltc - it spiked around when it got added then dropped. Wonder what's next.
That said, hashing power of ltc is going up as the new asics are getting into it. Which increases the security of the network and hence the value of the coin as a means of exchange.
Also when looking at historical data, it may sound strange, but it looks more like the news follows the price, not the other way around....
Full disclosure: I sold 5% ish of my ltc in a spread above 0.03 and bought back with half below 0.03, rest put in to get a few more % of nmc. 70% ish in ltc at the moment. The rest is in risky altcoins other places, and nmc.
Eyes open for LTC in the news
Edit:
https://bitcoinwisdom.com/litecoin/difficulty
the blue line in the first graph - litecoin difficulty is going up
1: New altcoin added on small exchange
2: There are rumors of it being added to a larger exchange
3: Around when it gets added, the price spikes
4: Price drops, stabilizes afterwards
..
Seems similar to now that huobi added ltc - it spiked around when it got added then dropped. Wonder what's next.
That said, hashing power of ltc is going up as the new asics are getting into it. Which increases the security of the network and hence the value of the coin as a means of exchange.
Also when looking at historical data, it may sound strange, but it looks more like the news follows the price, not the other way around....
Full disclosure: I sold 5% ish of my ltc in a spread above 0.03 and bought back with half below 0.03, rest put in to get a few more % of nmc. 70% ish in ltc at the moment. The rest is in risky altcoins other places, and nmc.
Eyes open for LTC in the news
Edit:
https://bitcoinwisdom.com/litecoin/difficulty
the blue line in the first graph - litecoin difficulty is going up
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PaulConventionWV
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I know, but it could've been more. I guess nothing really turns out as you plan it, so I can't complain.
What was your entry & exit points?
PaulConventionWV
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In at .02539, and out after the crash at about .03
You must've been playing with a lot of LTC. 2 BTC of pure profit is nice. Thought I read you only had 0.25 btc somewhere. I must've read something wrong.
PaulConventionWV
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Well, I did lose a little bit before I gained it, so basically just recouping losses. And no, I have quite a bit more than .25.
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PaulConventionWV
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Just speculating here, but in retrospect, it seems like it makes sense when looking at the chart, that LTC would fall short of .035. If we are to look at where it was before the last bubble, then it isn't anywhere near consolidating, so it makes sense that this bubble would be brief and rather small, unless you believe that LTC is actually better than BTC, which I don't.
PaulConventionWV
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The primary reason is that bitcoin has already been more or less widely (widely being the operative word) adopted in society, whereas litecoin is not widely adopted at all. It also does not offer enough unique advantages over bitcoin in order to make it a superior form of currency. When choosing between two basically equal currencies as time goes on, society will favor the one with more infrastructure in society, bitcoin. There is simply no good reason or motivation for people to adopt litecoin when we already have bitcoin infrastructure. Litecoin's value is being held up mainly by speculation and a few residual believers that think it will eventually overtake bitcoin for reasons they deem adequate.
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nayjevin
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That makes sense, thanks. I was sort of viewing it as inevitable that if bitcoin is accepted widely, litecoin will be the other viable option. Greater supply meaning psychologically more affordable seeming investment and increased ability to facilitate trade. Is it possible that a substantial portion of the market will accept bitcoin but not litecoin? It never occurred to me that a retailer might do that.
PaulConventionWV
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It could happen that way. I wouldn't completely dismiss that possibility, but it depends on if people think bitcoin can be useful for all forms of transactions. If that is the case, then litecoin will be seen as unnecessary and will fade from public use as the speculators begin to see the writing on the wall. In fact, I see it as likely that a substantial portion of the market will accept bitcoin but not litecoin because bitcoin would be all they would need to accept if litecoin were to fade away, which I think will happen, eventually. It may take awhile, but it really depends on how far bitcoin itself progresses since it is the trailblazer.
presence
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For the exit last night yes... my bot dumped me (small beans) out at $19 and my big beans friend was running two offset instances:
58582 + 58744 = 117,326 / 6400 = 18.33 average exit
manual buy in
117362 / 16.95 (average) = 6923
6923 - (3200+3200) =
523 LTC profit
hows that for cool beans?
I am not leaving my bot running live however... I will turn it on after MA 95x135 cross on 1d again in about 30 days (they're currently crossing right now) I have no backtest data for this phase of the bubble. What I did know was the bot was pretty good at selling off the peak. Closer to 20 would have been nice... but 100k dump @ 18.33 average works too
eta:
shortcut link
http://pastebin.com/xNjp60pB
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nayjevin
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For the exit last night yes... my bot dumped me (small beans) out at $19 and my big beans friend was running two offset instances:
58582 + 58744 = 117,326 / 6400 = 18.33 average exit
manual buy in
117362 / 16.95 (average) = 6923
6923 - (3200+3200) =
523 LTC profit
hows that for cool beans?
I am not leaving my bot running live however... I will turn it on after MA 95x135 cross on 1d again in about 30 days (they're currently crossing right now) I have no backtest data for this phase of the bubble. What I did know was the bot was pretty good at selling off the peak. Closer to 20 would have been nice... but 100k dump @ 18.33 average works too
Totally confused. So the bot works in the bear part of the bubble now?
amonasro
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Last night was a "buy the rumor sell the news" type situation so it simulated a large exponential run-up except on a smaller scale. Looks like the bot did pretty well. Can't wait to try it out (sent you an email about it, btw pres).
presence
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^^yep
So this past 72 hours was a large bullish spike at the end of an otherwise bear market... so once we were well up into the spike we initialed the bot live for testing purposes... each with about 20% of our bank. The goal was "let it make the sale while we sleep and turn it off in the morning". It was a risky proposition because its largely untested in this market and we had 6 figures riding. The drop was very sudden... so a lot was left on the table at the peak... but nonetheless... the bot dumped and dumped well without continuing to push the price down at the mid 18's. This left us in good position to re acquire manually 24 hours later.
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