Flat out, I can tell you as a Litecoin trader the last year and a half, Litecoin is Chumpcoin, and yes, I am just another chump who believed in it. There's two kinds of Litecoin trader. The kind that knows when to dump and when to buy, because they are insiders. And the chumps. If you do not know the next price move of Litecoin, you are not in the first group.
Both BTC and LTC markets are totally manipulated, but BTC at least is a buy and hold proposition. But LTC? That's to take BTC from the chumps.
If you are holding LTC now, and you're hoping the next price move is up, you are a chump. You are probably waiting and hoping to get your lost bitcoins back. Not going to happen. That last pump and chump, in July, was the final big move.
Yeah, it was beautiful. All the way up to $9, a price it had easily once beaten, and really high bitcoin price, .03 with Charlie feeding your technical wet dreams with all that unused block chain space and value proposition while Bitcoin was having a block size crisis. Oh, and the HALVENING, don't forget the halvening.
If you believed, as I did, you got CHUMPED. ALL of it was bullshit, run by both Bitcoin and Litecoin media and market makers to transfer bitcoins from the chumps, one last time.
And you think it's coming back? If LTC ever tried to hit .03, or even .02, or even ever go up again in bitcoin price, it would be simply another con to get new chumps to buy and lose their bitcoins in another round. Only this time, they can look at the history and perhaps be warned away by those who watched the last two years, and played the last two years, only to be totally made fools of if they believed in this coin.
What bothers me about this chumping, is the Bitcoin and media complicity in the pump and drama. It's a mean and manipulated market, but you won't get taken to the cleaners if you don't trade. Just buy bitcoins and in the long run you'll be alright.
I would hope the next round of new Bitcoiners will be spared the Litecoin con. They should be able to look at Litecoin's trading history and see it for the pump and chump it is.
It's a slicked up copy coin, with only the one use. It can go one of two ways. Up again, which would be to take advantage of a bunch of new losers who buy at the top. If it does that, and you're hoping to sell yours to them, good luck. So is every other fucking Litecoiner. Because Litecoins are worthless.
Or it can just keep going down from here forever, until it's painfully clear you lost every bitcoin you put into it. I don't know which it's going to do, and I don't care.
Find a value, and hold it, steady relative to Bitcoin? NO. It's not for that, because that would only inflate Bitcoin and Bitcoin does not need or want that. No, this coin has to go away, and dash the hope of all other copy coins with it.
If you have it, and believe in it?
Sell that shit.