The Bitcoin Ship Has Sailed - Let's Talk Litecoins

m0rtal

m0rtal

King of the Jungle
Jul 3, 2007
3,007
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Toronto
Disclaimer: Before I get started I should note that I don't have much experience with cryptocurrency or any kind of trading. I'm kind of just learning as I go. If you invest all your lunch money into Litecoins or other cryptocurrenices based on anything in this thread and you lose it all don't blame me.

Okay. So like many of you I missed the Bitcoin boat. I remember reading lukep's thread when he made it and didn't really take it seriously. When he made that thread back in June 1 Bitcoin was worth $6.67. If you bought some back then, based on today's rate you'd be sitting on a nice 2000%+ ROI right now. Not bad. LOL.

I suppose the title is a bit misleading as I still think Bitcoins are going to rise in the long run, I just don't think the opportunity is as good as it is with Litecoins in the short term and here's why:

1.) There are a few slight advantages that Litecoins have over Bitcoins which I'm not going to get into much as I don't fully understand them myself. The one I do understand is that transactions are verified much faster. This of course is important if you want it to become widely adopted. You don't want to be waiting an hour to complete a purchase.

2.) Litecoins are still really cheap at the moment. As of this writing one Litecoin is worth $2.68 USD. The chances of them doubling or more are much better in the short term vs Bitcoins which at today's rate are sitting at $135 a Bitcoin.

3.) As I understand it 80% of all Bitcoin trades are happening on Mt.Gox. That's where all the traders are and with all the media attention Bitcoin has gotten there's thousands signing up every day. I signed up 2 days ago and am at 21560 in the verification queue.

4.) Currently Mt.Gox does NOT carry Litecoins, yet...BUT they have indicated that they will. And why not? It's currently the #2 cryptocurrency and it's just more money for them.

Here's 2 tweets from this month. Apparently LTC (Litecoins) is also already part of their API.

uatzEiF.jpg


Once it gets on Mt.Gox it should skyrocket. To what, I have no idea. I would not be surprised if it hit $5 or $10 or more though as more people look to jump into cryptocurrencies and diversify their holdings from BTC.

So, you make of this what you will. I'd love to hear lukep's and other Bitcoiner's insights on this.

How to Buy Litecoins

Mt.Gox will probably take you like 2 weeks to get approved. Nonetheless sign up now. In the meantime https://btc-e.com/ is an option and they have a few ways to fund. But honestly, they're all a pain in the ass from what I saw and take a few days to get verified. I have a fast way for Canadians but maybe someone else can suggest the best / fastest option for non Canadians.

For Canadians:

1.) Sign up at https://www.cavirtex.com
2.) Go to BMO or Scotiabank and send CASH to their account.
3.) Buy Bitcoins with your CAD
4.) Send your Bitcoins to btc-e.com
5.) Buy Litecoins with your Bitcoins

I sent the cash yesterday and it arrived same day. Basically within a few hours I was able to go from depositing the cash to having my Litecoins. None of this verification bs. I originally started uploading documents to OKPay so I can fund my BTC-E account and then got pissed off half way when they were requesting some corp documents I don't even have. I should add that as you can see it's a bit of a pain in the ass for the average Joe to get a hold of these coins, yet another reason this will most likely increase the price as they become more easily accessible and Mt.Gox opens up.

TL;DR

Scared money don't make money. Buy Litecoins, profit.

Dear Diary: I'm almost at 3k posts and this isn't my 3k thread so my posting will probably be slow in this thread. If Litecoins jump to $10 next week you can consider this my 3k thread, lol

Good luck bros.
 


I thought LTC profitability for miners went down the hole months ago when botnets took over most of the processing(unlike BTC it's a very intel CPU friendly algorithm). I used to mine more than a year ago until the returns just turned ludicrously small, presumably because of the botnets jumping in.
 
litecoins, I think are the best option right now. If you have around $2k get a rig and start mining them. If everything goes well you will make 10x the cost in a few months. The current price may not seem like a huge amount but I think bitcoin is to high to get a ground game going.
 
Lite coins are a waste of time I bought 200 bitcoinswhen they fell back to 50 now they are at about 150. Bitcoin is the only way to make real money.
 
Bitcoin is still good to make money on. However, Litecoins will be better for the first day or two, until all the pump & dumpers sell (yes, there are lots of them) and the rest of the people realise that Litecoins can be used for sweet fuck all.

I definitely wouldn't get my money into btc-e by buying bitcoins and transferring there. In fact, if you want some mtgox money, I'd do the exact opposite: deposit cash into btc-e, buy bitcoins, send them over to mtgox, sell. Current btc price on btc-e is $128. Current price on Gox is $145. There was an even bigger margin earlier.

I'd definitely deposit by cash, and choose the fastest option, even if it costs. I lost out on a lot of easy pickings by having to wait 2 weeks for my money to arrive in mtgox. UK people, bitcoincharts seems to accept local GBP bank transfers, might be worth looking into.

EDIT: also, if anyone knows any ways to get USD from Mtgox into btc-e without taking a gigantic hit, let me know :)
 
schockergd said:
So what do you invest in?
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Physical gold and silver. I try to buy some each month. My time horizon is 5 to 10 years out. I'm in the Marc Faber camp.

I have some stock in my Health Savings Account because I can't hold physical gold and silver there. However, it's in the Sprott Physical Gold and Silver Trusts.
 
-joe- said:
Bitcoin is still good to make money on. However, Litecoins will be better for the first day or two, until all the pump & dumpers sell (yes, there are lots of them) and the rest of the people realise that Litecoins can be used for sweet fuck all.

I definitely wouldn't get my money into btc-e by buying bitcoins and transferring there. In fact, if you want some mtgox money, I'd do the exact opposite: deposit cash into btc-e, buy bitcoins, send them over to mtgox, sell. Current btc price on btc-e is $128. Current price on Gox is $145. There was an even bigger margin earlier.

I'd definitely deposit by cash, and choose the fastest option, even if it costs. I lost out on a lot of easy pickings by having to wait 2 weeks for my money to arrive in mtgox. UK people, bitcoincharts seems to accept local GBP bank transfers, might be worth looking into.

EDIT: also, if anyone knows any ways to get USD from Mtgox into btc-e without taking a gigantic hit, let me know :)
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OKpay is the only way at the moment.
 
Michael_ said:
Inb4 lukep kicks OP in the nuts.
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No, he's not talking about which is the better long term investment here, nor even which will survive... Just which can make some short-term cash... And I couldn't agree with him more. When MtGox starts dealing in litecoins, anyone holding them now is going to be a happy little camper.


teatree said:
Ripple is about to come out of beta.
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NOW THIS GUY ^ I WANT TO KICK IN THE NUTS.

Ripple is privately owned, and not even open source.

It's owned & controlled by a company, and you can't see their code. What part of this is acceptable to anyone with 3 brain cells or more??


teatree said:
Also, Opencoin ... are going to be giving away a bunch of free Ripples in the next two weeks - see here for info. Might be worth putting your email address into their website just in case something comes of it.
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Giving it away for free... Wow, when they can't become popular own their own, they resort to turning into helicopter Ben! :evil_laughter::evil_laughter::evil_laughter:

charlesmartel said:
All aboard! The Ship of Fools is about to set sail!
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He clearly stated that it will be a good short-term investment, not that it could become a currency.

Who here is going to look like the foolish one when he cashes in on a short-term spike?

Full disclosure: I don't hold any litecoins at all, but I've traded them (VirtEx) with small profits from time to time. I'm convinced it will never get the chance to become the dominant cryptocurrency.
 
-joe- said:
Got it, thanks very much :) Any suggestions on the best way/exchanger for mtgox -> OKpay? (speed is a priority, although if it means waiting a day or so extra to save 20% of the transfer amount, I'd rather wait)
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Too late to edit - looks like Bitstamp has reasonable prices for Bitcoin, that correlate with Gox's, with decent volume. It seems they used to do Bitinstant (and still offer codes, unlike Gox) but that seems to be paused at the moment - their added flexibility may add some options though?
 
lukep said:
Ripple is privately owned, and not even open source.

It's owned & controlled by a company, and you can't see their code. What part of this is acceptable to anyone with 3 brain cells or more??

Giving it away for free... Wow, when they can't become popular own their own, they resort to turning into helicopter Ben! :evil_laughter::evil_laughter::evil_laughter:
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Come now, you are over-thinking things. If Ripples are being given away free - and you can then exchange them for Bitcoins - why would you say no? It's freebie money, courtesy of their venture capitalists :-) And once you have swapped them for bitcoin you don't even need to hold them in that form, you can swap them for USD if you want.

It's a bit like the dot.com boom, where there was a nice transfer of funds from Wall Street to those in the know!

Stop getting worked up and thinking that every new cryptocurrency is a threat to your precious Bitcoins. Some of them are simply arbitrage opportunities, not ways to a new utopia. Don't get emotionally attached.
 
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