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Skeptical on litecoin (self.litecoin)

williamj2543 が 投稿

I currently have a couple hundred dollars in litecoin, and all this up and down makes me unsure about the future of the currency. How are we supposed to use it if its going up and down 20% each day? Lets say I want to buy a monitor, but gotta use my bank transfer to transfer into litecoin. Takes a couple days, and by the time I actually have the ltc, they are now worth 20% less, and I can't buy the monitor anymore. I am almost going to get out of litecoin, this is too much volatility.

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[–]CLSmith15 8ポイント9ポイント  (8子コメント)

Couple of days? It's way quicker if you use bitcoin as an intermediary. Instant buy bitcoin on coinbase, then use shapeshift to convert to litecoin, whole process takes less than 30 minutes. I guess maybe you don't want to rely on bitcoin, but personally I see the future of the two going hand in hand.

[–]Plazma_doge 1ポイント2ポイント  (1子コメント)

Why would you convert to LTC instead of just paying with the BTC?

[–]CLSmith15 2ポイント3ポイント  (0子コメント)

I wouldn't, but OP is saying it takes days to purchase litecoin, and I'm saying there's a much quicker way.

[–]aG_Infamous 0ポイント1ポイント  (4子コメント)

How do you do instant coinbase? My transactions take 5 days to complete

[–]Angry__Jonny 0ポイント1ポイント  (2子コメント)

Credit card

[–]CLSmith15 1ポイント2ポイント  (1子コメント)

You don't have to use a credit card to use instant buy. You may have to add one to enable instant buy, not sure how they have it set up now. But the only time they would draw from your credit card is if you didn't have enough in your bank account to pay them.

[–]Angry__Jonny 1ポイント2ポイント  (0子コメント)

That's what I meant, just didn't elaborate. Need a credit card.

[–]CLSmith15 0ポイント1ポイント  (0子コメント)

I think all you have to do is link a bank account to have access to instant buy, and if I remember correctly adding a credit card as a backup payment method raises your limit.

[–]Architekk 0ポイント1ポイント  (0子コメント)

Coin works well too, couple days ago someone recommended them. Then I just use btc-e.com. Or another exchange

[–]Coinist 7ポイント8ポイント  (0子コメント)

Lol its funny how people complain about volatility only when the price is going down. Yes you will lose money of your in it just for profits but if you actually believe in the technology i dont think volitality will matter to you. Just remember it took the internet many years before it really took off.

[–]sociomath 2ポイント3ポイント  (3子コメント)

Why would you add the extra step of buying cryptocurrency to purchase the monitor? It's not always a popular opinion on here but for everyone apart from early adopters, buying shit online with cryptocurrency is expensive and pointless. .

I think it has already been shown with BTC that people aren't very interested in using it for purchasing everyday (legal) things online. LTC/BTC's strengths lie elsewhere.

[–]ekofromlost 0ポイント1ポイント  (0子コメント)

I agree.

[–]FyaShtatah 0ポイント1ポイント  (1子コメント)

I can understand how you see the strengths in that way, but I also feel like this is almost passive FUD against cryptocurrency if that's the only thing advertised about the technology. It hasn't been shown with a very well rounded sample of people that there is no interest in everyday purchases. That's because that sample doesn't exist yet. We are a very small group of enthusiasts interested and invested in a new tech. This has not hit mass adoption in the least.

LTC/BTC's strengths are in a decentralized currency eliminating financial industry fees and questioning the idea and evolution of banking.

The idea upon public acceptance isn't strictly "oh, this monitor is on sale if I use ltc, i'll buy a little ltc then grab the monitor." Ideally, some will be in that boat, while others will store wealth and savings in it and use it online, in brick and mortar stores and in person to person money transfers. The "app store" of crypto currencies isn't created yet, so largely the black market uses get way too much limelight.

[–]sociomath 0ポイント1ポイント  (0子コメント)

I didn't mean to imply that buying stuff off of blackmarkets is it's only use but that's where BTC is mainly used as a currency, pretty much everyone else uses BTC/LTC as a highly speculative store of wealth. The op complained about volatility but that is the thing that attracts most people to it, they are buying into it in the hope that the crazy volatility will work in their favour.

I do agree that crypto's strength is that it cuts out financial institutions. For me, It's been an amazing tool for remitting money.. I also consider my paper wallets to be like an offshore bank for plebs like me.. So yeah there's plenty of good uses for crypto but paypal 2.0 imo ain't one of them.

[–]solled 1ポイント2ポイント  (0子コメント)

Companies will let you peg the value of your litecoin to something else, like what bitreserve allows for bitcoin. When we moon, I'd expect them to add litecoin. Remittance companies too, like BitPesa, Abra etc.

Also litecoin will be used for more than just currency, just as bitcoin will. For these applications the price won't be important because you'll only be using small fractions of litecoin.

[–]crazymofo13 1ポイント2ポイント  (1子コメント)

A merchant can accept bitcoin payments without any risk of price change by using companies such as bitpay https://en.wikipedia.org/wiki/BitPay . I imagine there are similar ways of making purchases without holding any bitcoin. These services could be extended to altcoins. Crypto is a way of sending and recieving fiat money that is far more efficient then banks. Its very risky to choose to hold these coins to make profit but you do not have to hold coins to use them. Cryptocurrency is a way of sending money, not really the money itself. Thats one way of looking at it anyway.

[–]autowikibot 1ポイント2ポイント  (0子コメント)

BitPay:

BitPay is a global bitcoin payment service provider headquartered in Atlanta, Georgia. It was founded in May 2011 by Antonio Gallippi and Stephen Pair. BitPay provides payment processing services for merchants, and is one of the largest Bitcoin payment processors. In 2014, BitPay started processing $1 million USD daily.

BitPay has partnered with many large merchants over the past year including Microsoft, NewEgg, TigerDirect, and Warner Bros. Records. BitPay has also partnered with PayPal as well as Merchant Acquirers such as Global Payments and Alternet Systems.

BitPay has developed many open source bitcoin projects.

Image i

Relevant: Tony Gallippi | St. Petersburg Bowl | CoinDesk | 2014 St. Petersburg Bowl

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[–]Blow-that-DogeBearWhale 1ポイント2ポイント  (0子コメント)

LOL first off it if you can get BTC instantly you can get LTC instantly..Next thing bitcoin was way more volatile back in the day... Lastly If you cant afford to lose any money at all, get out of crypto

[–]losh11eLITE 1ポイント2ポイント  (6子コメント)

It's up from 800% since last week - so now what? If you'd send some LTC to my account through lite tip.

I think proportionate wise, Bitcoins fluctuations can lead to a bigger change in value vs Litecoin. Price fluctuations in stable periods seem to fluctuate +-$0.05. Bitcoin can be plus minus $10. So if one LTC equals 100 BTC, and BTC starts moving (due to correlations), BTC can lose you a lot more value compared to LTC.

At the moment though, not so much. I'm guessing that you got these Litecoins before the increase, so you technically made profit. So stop moaning - as crypto currencies grow older, and mature, they will eventually become more stable.

[–]kraml 2ポイント3ポイント  (2子コメント)

800%? I don't think so.

[–]losh11eLITE 0ポイント1ポイント  (1子コメント)

Wasn't it like $1.50 about a week ago - it went all the way to $8, and halved.

[–]1023bet -1ポイント0ポイント  (0子コメント)

300% from 5 weeks bud

[–]tastypic -2ポイント-1ポイント  (0子コメント)

400%, maybe.

[–]Cock_unblocker -1ポイント0ポイント  (0子コメント)

It was $4.00 on 7/1 and now it's $4.55. Where did this 800% come from?

[–]t9b 0ポイント1ポイント  (0子コメント)

At the beginning of the oil industry prices fluctuated wildly. Any substantially nee and risky industry suffers the same problems in their early days.

[–]greendragon100 0ポイント1ポイント  (0子コメント)

Litecoin is more volatile and immature than bitcoin. Right now I see it as a far more speculative asset used for trading and a hedge against bitcoin without going into fiat. You are investing into the penny stocks of the crypto world when buying anything but bitcoin. My advice is if you can't handle the volatility, either buy low and hold or don't use it at all. If you're new to trading, you will lose. As Litecoin matures its volatility should calm down just like bitcoins has. BTW, everything you said about Litecoin has been said about Bitcoin and now look where it's at.

[–]FreeJack2k2 0ポイント1ポイント  (0子コメント)

This is a problem that is not limited to Litecoin, but MOST crypto currencies.

[–]Cock_unblocker -3ポイント-2ポイント  (2子コメント)

Lol this post is proof the average age in this sub is 16

[–]losh11eLITE 2ポイント3ポイント  (1子コメント)

Only one post like this here for a while now - anyways, most 16 year olds wouldn't understand this crypto stuff.

[–]Greencheckmark -4ポイント-3ポイント  (0子コメント)

It's a pump and dump whale coin. That's what happened when everyone put a ton of money into it 2 years ago and now everyone has an interest in it since they are trying to make their money back.

[–]cryptogLitecoiner -4ポイント-3ポイント  (2子コメント)

LTC and BTC cannot become currencies because they ll never be stable. Instead use something such as NuBits.

https://twitter.com/manfred_karrer/status/620585533417390080/photo/1

However LTC and BTC are apparently very good speculative instruments.