Litecoin in enormous cup-and-handle formation

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Steve Sokolowski
Posts: 3661
Joined: Wed Aug 27, 2014 3:27 pm
Location: State College, PA

Litecoin in enormous cup-and-handle formation

Post by Steve Sokolowski » Tue Jul 04, 2017 3:24 pm

I don't have time to say anything else interesting today, since we are hard at work improving the system. I just wanted to point out that Litecoin is at the top of an enormous cup-and-handle formation that spans back for about three years.

When ETH's chart looked like this, it was worth $18; now it is worth $280. When bitcoins looked like this, they were worth $1137; now they are worth $2500.

If a breakout occurs, then this will further confirm my theory, which I've had since they were worth $4, that litecoins have been ridiculously undervalued for a long time. Segwit2x, assuming that it actually gets adopted and that bitcoin survives the DDoS attacks and other criminal activity to come, will result in a bitcoin network that is no more than half as capable than litecoin is. Litecoin is API-compatible and is a drop-in replacement for Bitcoin.

But that doesn't tell the entire story, because litecoin has more functional miners behind it, who are not mired in petty disputes. The bitcoin war will continue, because the "solution" will barely increase capacity. Even if litecoin doesn't have as many developers behind it, they can just copy code from bitcoin without all the political drama, and still produce a better product. The coin already has transaction fees on the order of cents compared to Bitcoin's dollars.

That's why people like us have switched their default coin to litecoin rather than bitcoin. The only possible reason why litecoin should be worth less than bitcoin right now is simply because people are still switching away from bitcoin. The size of our Bitcoin transactions has plummeted since last week when we removed it as the default coin. Those who are stumped by why the number of transactions on the bitcoin network has declined recently should recognize that once people like us switch networks, there is no reason to ever switch back. Bitcoin's current state is still worse than Litecoin is.

The future is a multi-coin world, where money flows between networks based on which one is the most capable. There are no "altcoins" anymore. The price of litecoins over the coming days will demonstrate that users are not satisfied with the supposed "consensus" on Segwit2x, and that they will take their money to the network that is the easiest to use and which has the lowest fees.
jaybizz
Posts: 17
Joined: Sun Jun 18, 2017 10:04 am

Re: Litecoin in enormous cup-and-handle formation

Post by jaybizz » Tue Jul 04, 2017 6:36 pm

I'm very new to the crypto world relatively speaking, but in my time reading up and researching things LTC has always jumped out at me. I've wondered why it wasn't considered superior to some of the other coins. I'm definitely on board the hype train, anything in between the breakouts for BTC and ETH would be OK in my book!
tmopar
Posts: 64
Joined: Sun Apr 16, 2017 1:50 pm

Re: Litecoin in enormous cup-and-handle formation

Post by tmopar » Tue Jul 04, 2017 11:33 pm

And to think it was just 36 dollars a coin a few days ago.


A fortune could have been made just investing then!
hackg
Posts: 1
Joined: Wed Jul 05, 2017 3:06 am

Re: Litecoin in enormous cup-and-handle formation

Post by hackg » Wed Jul 05, 2017 3:14 am

Curious to see what MIT has been up to.... http://litecoin.mit.edu/

It seems they have an announcement on August 1st
GenTarkin
Posts: 136
Joined: Wed Dec 02, 2015 10:52 am

Re: Litecoin in enormous cup-and-handle formation

Post by GenTarkin » Mon Jul 10, 2017 10:36 am

Except for the fact that, all altcoins STILL trend w/ bitcoin's price movements.
Its not until an alt or alts start to consistently move independently of BTC's price movements that pretty much all your statements(in this topic and previous ones) would become valid.
Once august roles around ... interesting thing will happen, but if altcoins still follow BTC's lead then a new "victor" will still not have emerged lol!
GregoryGHarding
Posts: 665
Joined: Sun Apr 16, 2017 3:01 pm

Re: Litecoin in enormous cup-and-handle formation

Post by GregoryGHarding » Mon Jul 10, 2017 10:59 am

GenTarkin wrote:Except for the fact that, all altcoins STILL trend w/ bitcoin's price movements.
Its not until an alt or alts start to consistently move independently of BTC's price movements that pretty much all your statements(in this topic and previous ones) would become valid.
Once august roles around ... interesting thing will happen, but if altcoins still follow BTC's lead then a new "victor" will still not have emerged lol!
youre not understanding the definition of an altcoin. an altcoin is a coin which uses the same algo as the main coin, example bitcoin/peercoin. litecoin,dash,monero,ethereum, etc are all NOT altcoins.they are the leading coin of their algorithm
GenTarkin
Posts: 136
Joined: Wed Dec 02, 2015 10:52 am

Re: Litecoin in enormous cup-and-handle formation

Post by GenTarkin » Mon Jul 10, 2017 8:02 pm

GregoryGHarding wrote:
GenTarkin wrote:Except for the fact that, all altcoins STILL trend w/ bitcoin's price movements.
Its not until an alt or alts start to consistently move independently of BTC's price movements that pretty much all your statements(in this topic and previous ones) would become valid.
Once august roles around ... interesting thing will happen, but if altcoins still follow BTC's lead then a new "victor" will still not have emerged lol!
youre not understanding the definition of an altcoin. an altcoin is a coin which uses the same algo as the main coin, example bitcoin/peercoin. litecoin,dash,monero,ethereum, etc are all NOT altcoins.they are the leading coin of their algorithm
Im not sure how long youve been involved in cryptocurrencies, but the technical and simplest definition of "altcoin" - any cryptocurrency that came after Bitcoin. Mining algo or other features of these altcoins have nothing to do w/ the term "altcoin" if you want to further split up altcoins into their own category I guess you could use labels such as "Scrypt altcoins, SHA256 altcoins, ethash altcoins etc..." or even "PoS altcoins, PoW altcoins etc.."
GregoryGHarding
Posts: 665
Joined: Sun Apr 16, 2017 3:01 pm

Re: Litecoin in enormous cup-and-handle formation

Post by GregoryGHarding » Mon Jul 10, 2017 10:33 pm

GenTarkin wrote:
GregoryGHarding wrote:
GenTarkin wrote:Except for the fact that, all altcoins STILL trend w/ bitcoin's price movements.
Its not until an alt or alts start to consistently move independently of BTC's price movements that pretty much all your statements(in this topic and previous ones) would become valid.
Once august roles around ... interesting thing will happen, but if altcoins still follow BTC's lead then a new "victor" will still not have emerged lol!
youre not understanding the definition of an altcoin. an altcoin is a coin which uses the same algo as the main coin, example bitcoin/peercoin. litecoin,dash,monero,ethereum, etc are all NOT altcoins.they are the leading coin of their algorithm
Im not sure how long youve been involved in cryptocurrencies, but the technical and simplest definition of "altcoin" - any cryptocurrency that came after Bitcoin. Mining algo or other features of these altcoins have nothing to do w/ the term "altcoin" if you want to further split up altcoins into their own category I guess you could use labels such as "Scrypt altcoins, SHA256 altcoins, ethash altcoins etc..." or even "PoS altcoins, PoW altcoins etc.."
Anchor coins vs. Altcoins - viewtopic.php?f=11&t=1472
GenTarkin
Posts: 136
Joined: Wed Dec 02, 2015 10:52 am

Re: Litecoin in enormous cup-and-handle formation

Post by GenTarkin » Mon Jul 10, 2017 11:02 pm

GregoryGHarding wrote:
GenTarkin wrote:
GregoryGHarding wrote: youre not understanding the definition of an altcoin. an altcoin is a coin which uses the same algo as the main coin, example bitcoin/peercoin. litecoin,dash,monero,ethereum, etc are all NOT altcoins.they are the leading coin of their algorithm
Im not sure how long youve been involved in cryptocurrencies, but the technical and simplest definition of "altcoin" - any cryptocurrency that came after Bitcoin. Mining algo or other features of these altcoins have nothing to do w/ the term "altcoin" if you want to further split up altcoins into their own category I guess you could use labels such as "Scrypt altcoins, SHA256 altcoins, ethash altcoins etc..." or even "PoS altcoins, PoW altcoins etc.."
Anchor coins vs. Altcoins - viewtopic.php?f=11&t=1472
Yeah, thats based off of one guys "perception" or "proposed new definition" of the meaning of "altcoin" ... Im guessing the pool OP's havent been involved in crypto long either.
The term "altcoin" was born when "namecoin" was created. To this day, the term "altcoin" literally means exactly what I previously stated it means, no more, no less.
GregoryGHarding
Posts: 665
Joined: Sun Apr 16, 2017 3:01 pm

Re: Litecoin in enormous cup-and-handle formation

Post by GregoryGHarding » Mon Jul 10, 2017 11:12 pm

GenTarkin wrote:
GregoryGHarding wrote:
GenTarkin wrote:
Im not sure how long youve been involved in cryptocurrencies, but the technical and simplest definition of "altcoin" - any cryptocurrency that came after Bitcoin. Mining algo or other features of these altcoins have nothing to do w/ the term "altcoin" if you want to further split up altcoins into their own category I guess you could use labels such as "Scrypt altcoins, SHA256 altcoins, ethash altcoins etc..." or even "PoS altcoins, PoW altcoins etc.."
Anchor coins vs. Altcoins - viewtopic.php?f=11&t=1472
Yeah, thats based off of one guys "perception" or "proposed new definition" of the meaning of "altcoin" ... Im guessing the pool OP's havent been involved in crypto long either.
The term "altcoin" was born when "namecoin" was created. To this day, the term "altcoin" literally means exactly what I previously stated it means, no more, no less.
so, when bitcoin dies, are there still only altcoins? open your mind.

edit: by die i mean become the non dominant coin
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