Author Topic: Here is why I bought 100,000 LTC under $8  (Read 16769 times)

Offline Gizmoh

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Here is why I bought 100,000 LTC under $8
« on: August 15, 2014, 08:48:38 AM »
Hey Guys  here's my insight:

I've been accumulating a sizable amount of LTC starting at $8, plenty at $7 and at $5. I have nearly 100k of LTC on different exchanges and will hold most of them.
The phenomenal rise was led by massive buys from china. The LTC market is mainly determined by chinese traders on Okcoin, they hold the bulk of LTC and chinese traders are addicts and few withdraws from the trading game.

This downtrend, which is mainly due to Asic miners increasing selling pressure and westerners diversifying  from LTC to new Alt-coins . However those new alt-coins are NOT being adopted by chinese nor their trading platforms. Okcoin/huobi only trade LTC and BTC. And i'm sure they have no plans to do so.

I do not exclude LTC to go highly undervalued to around $4 as long as traders shorting( selling ltc they do not own to buy even lower) are being rewarded with more panic.  LTC is currently being loaned around 0.22% per day on Okcoin which means high volume is being borrowed and dumped to eventually be bought back. Also the gains shorters are realizing will be used whenever they decide to go long. 

Once a bottom is clearly established ( we are not far as drops have been reduced now) and shorting is no more rewarding price shall prop up quickly ( above 50 CNY so $8). And when gains start occurring chinese trader will go long again and heavy gains induce panic buying esp. in china.. I believe LTC will trade between $12-$20 whenever BTC props up through coming ETF, hopefully by late 2014.

Mining difficulty keeps increasing heavily, which is a sign that LTC is not dying but increasing its network strength. And remember LTC halving is not so far away, around August 2015.

This is buying time not capitulation time.
« Last Edit: August 15, 2014, 09:52:52 AM by Gizmoh »

Offline Bossman

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Re: Here is why I bought 100,000 LTC under $8
« Reply #1 on: August 15, 2014, 09:45:42 AM »
If your going to say that you have 100 000 [ltc] you need to prove it or else your just some guy making ridiculous claims.

Offline Gizmoh

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Re: Here is why I bought 100,000 LTC under $8
« Reply #2 on: August 15, 2014, 10:02:53 AM »
Screenshot of my okcoin a/c : 69,000 ltc in there. The rest on btc-e and bitfinex.  ;)



Offline Bossman

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Re: Here is why I bought 100,000 LTC under $8
« Reply #3 on: August 15, 2014, 10:11:52 AM »
ok lol I believe you, some may say it's photoshopped btw .

so now that you're a Litecoin whale , how do you plan on using a small portion of that to promote Litecoin?

Offline Gizmoh

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Re: Here is why I bought 100,000 LTC under $8
« Reply #4 on: August 15, 2014, 10:42:58 AM »

I'l have to hire a translator to convince the chinese traders to stop shorting as the bottom might be in, before they get severely burnt :)

And we need to petition US exchanges  to add LTC, that would provide a tremendous boost to LTC image and facilitate its adoption, i believe the next growth spurt will still come from USA through winklevoss ETF. Everyone should contact the US exchanges like coinbase.

Offline xephyr

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Re: Here is why I bought 100,000 LTC under $8
« Reply #5 on: August 15, 2014, 10:57:34 AM »
Gizmoh, I like your well reasoned argument, but I do wonder why you are storing that much ltc at an exchange rather than in cold storage.

Offline Gizmoh

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Re: Here is why I bought 100,000 LTC under $8
« Reply #6 on: August 15, 2014, 11:16:56 AM »
I bought around 10k ltc on margin on okcoin and hence cannot withdraw until the loan is repaid .


Offline ded

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Re: Here is why I bought 100,000 LTC under $8
« Reply #7 on: August 15, 2014, 11:45:32 AM »
btw, why do you use OKcoin if you don't speak chineese? I mean, how do you even risk your money on an asset which is at the mercy of the chinese market at this point.
I used to believe like you in ltc because of okcoin and btcchina but I got burn big time , LTC is not following btc at all and keeps tanking ...(see my other thread)

disclaimer: I am not saying that ltc is doomed, no body knows, personally I am back all in btc. because I basically lost faith in the chineese market.

Offline Gizmoh

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Re: Here is why I bought 100,000 LTC under $8
« Reply #8 on: August 15, 2014, 12:03:17 PM »
Okcoin is now fully translated in english and there is big volume to trade by thousands there. Even btc is at the mercy of china.
 LTC did not follow BTC last time because BTC was heavily bought on margin on the 1W chart expecting a bubble. Also during that time,  LTC was experiencing increase selling pressure from Asic miners.


LTC is still pegged to BTC, of that i have no doubt, the only thing that is preventing LTC to move up is BTC currently downtrending. Once BTC finds a bottom, we are good to go.

Offline pguerrerox

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Re: Here is why I bought 100,000 LTC under $8
« Reply #9 on: August 15, 2014, 12:15:04 PM »
wow... 100k LTC.

read around about wallet security and cold storage,  when you can withdraw the coins take them offline. 

good luck!

Offline saigoned

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Re: Here is why I bought 100,000 LTC under $8
« Reply #10 on: August 15, 2014, 12:35:20 PM »
Gizmoh, I like your well reasoned argument, but I do wonder why you are storing that much ltc at an exchange rather than in cold storage.

at least at a phone number to secure your account a bit more!  :o

Offline manfred

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Re: Here is why I bought 100,000 LTC under $8
« Reply #11 on: August 15, 2014, 02:00:13 PM »
Gizmoh, I like your well reasoned argument, but I do wonder why you are storing that much ltc at an exchange rather than in cold storage.

at least at a phone number to secure your account a bit more!  :o
I assume he uses Google Authenticator as 2 factor. I trade at OKcoin and also not use SMS Verification.
More worrying is  that he has coins sitting at bitfinex, i to not trust those shady French douchebags (Raphael, Giancarlo)


This is are examples of customer service French style
Quote
........Now even a 5 years old retard knows that.......
......symptom of douchebagness, but also of the fact that his IQ is smaller than his shoe size............
Quote
Then I will take your 10 BTC and give them to people that will cheer up to your stupidity.
You are a kid that doesn't even know what he's talking about.
If you don't like Bitfinex why do you keep trading on it, you retarded prick?
As we had nothing better to do than stealing candies from retarded kids like you, you don't even have 3 btc (2.5 to be exact) in your pocket.

Grow up and learn to take the blame of your own stupidity instead of insulting others.

Just get a life.

Giancarlo
Bitfinex Team
You really sent this guys your passport details and all other info to get fully cert. and then have your account details posted all over the net?

The operate from a virtual office address from Hong Kong (Room 1601, 16th Floor, The Sun's Group Centre, 200 Gloucester Rd) At least half a dozen Hong Kong exchanges have run away with costumer funds so far (GBL, 796, mycoin, ANX, .....)
Actually, I just remembered heard someone mention that they moved and now operate from the Caribbean (British Virgin Islands). The broom cabinet must have gotten to crowded.

Offline Gizmoh

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Re: Here is why I bought 100,000 LTC under $8
« Reply #12 on: August 15, 2014, 05:10:22 PM »
Yep Google authentication is enough in terms of security, i guess il put my number just in case.

As for Finex, well not all French are scammers and Giancarlo is Italian with a certain ego,  bitfinex team is proactive contrary to bitstamp which is sleeping on its laurels, with zero new implementations. I'd put all exchanges in the same basket as far as trust level is concerned, bitstamp is no different with their company listed in UK while operating from slovenia..

Oh Look LTC standing firm at around $5 while BTC is crumbling, major support at okcoin with 250k  bid to 28 CNY. It screams bottom IMO.  :D

Offline keithers

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Re: Here is why I bought 100,000 LTC under $8
« Reply #13 on: August 15, 2014, 07:12:39 PM »
Baller.

Offline Tirapon

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Re: Here is why I bought 100,000 LTC under $8
« Reply #14 on: August 16, 2014, 06:59:37 PM »
Now take a chunk of those coins and use them as margin for a leveraged long position

8)