I YOLO'ed into a snap purchase of LTC tonight!!!

Diamond_Darrell

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Quote from: Paycheck on January 27, 2020, 11:02:35 PM

Yesterday LTC was at $53. I was confident it might drop a bit more, I had the plan in mind to whip out the credit card and make a multi-thousand dollar purchase.

But this evening I checked the price and not only is BTC rising, LTC was back up over $59!!!!

AAAAAAAAAAAHHHHHHHHHHHHHHH sssshhhheeeeiiiittttt!!!!

So I kind of went buck wild a little bit. I had already tested one of my trading accounts last week with a $10 transfer, so I knew the deposit would hit quickly. I got home from work, whipped out the credit card, logged into my main paypal, and used it to send a purchase of $2000 to my alternate paypal account that I use for the occasional shill bidding deception on ebay or other more private transfers. From there I did an instant transfer to my bank, then logged to my bank, checked to see it was there, and then logged to my coin trading account (which one is not important), and received $2000 there instantly. Ah, the wonders of modern communications!

So I quickly snapped up 32.3 LTC for $61.something apiece.

Now LTC price needs to rise a whole hell of a lot so I can make mad profits!

If LTC goes to $62 tomorrow and then drops to $40, I will be unhappy to say the least.

I know, I know, just HODL and it'll rise eventually. Yes, but sometimes I lack patience, especially when I just threw an additional $2000 of debt on the credit card.

Now only a hard HODL and everything will be in order. Have you decided at what price you will be fixed? Or will you, as a real trader on intuitive instinct, orient yourself?

btcdie

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Even last time low, LTC was around $ 37 and many people were waiting for prices to drop at $ 30. and what happens now? these people miss the train, the price is too high right now. but buying at current prices is not too late. prediction or correction of the top Bitcoin and Altcoin prices (including LTC) on average good news. yes maybe people who are new to crypto, their emotions are indeed very difficult to control, need to remember that crypto assets are known for their volatility and high risk. OP I think is not suitable to be a trader, maybe my advice is a long-term investment.

ajeef

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Quote from: CjMapope on January 29, 2020, 09:53:50 AM

Go ahead and stack LTC, theres so many China miners that will thank you Cheesy

They own the hashrate on that coin, and will sell for w.e people will pay sadly :/
That being said, it should pump, it always does. buy at anytime under 70$ and forget about it for a year or two

Yeah i think LTC is not worth to buy because there are many other coins that have more potential comapred to this coin, but if want to collect some it's okay because it's backed up by china people so this coin won't dead in a long time. five more years i'm sure this coin still exist.

CjMapope

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Go ahead and stack LTC, theres so many China miners that will thank you Cheesy

They own the hashrate on that coin, and will sell for w.e people will pay sadly :/
That being said, it should pump, it always does. buy at anytime under 70$ and forget about it for a year or two

cotton ball

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Litecoin price depend how bitcoin going up or down, most time litecoin raise to higher price after bitcoin effect with higher price too but when bitcoin going down altcoin keep touch with lower price, now have to invest for selling and buying litecoin by looking for how bitcoin situation, when bitcoin on the top price we can buy and invest.

Chris Barth

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Quote from: Paycheck on January 27, 2020, 11:02:35 PM

I know, I know, just HODL and it'll rise eventually. Yes, but sometimes I lack patience, especially when I just threw an additional $2000 of debt on the credit card.

This happens with me too. Sometimes I would be impatient. However, the last time I did such, I had to keep it there by force. To make sure you don't touch it, make sure you have some other cash you can use to hold on. In other words, if you used your last card to purchase all of that, you may be changing it pretty soon irrespective of the price (because of the needs that'll come). Nevertheless, I wish you good luck!!!

Reid

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Quote from: Paycheck on January 27, 2020, 11:02:35 PM

I know, I know, just HODL and it'll rise eventually. Yes, but sometimes I lack patience, especially when I just threw an additional $2000 of debt on the credit card.

One of our sickness when we are using money which ain't really on our ownership. i.e. loan Grin

Well, you better add more patience.
Alts are now waving up like a tsunami. There must be an earthquake down the ocean.
Ethereum is also gaining much.
I bought at $130 and look at where it is now? Yes! So exciting to see if you are winning. But I want more!! Should I?

Ranly123

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Quote from: btc_angela on January 27, 2020, 11:06:54 PM

Welcome to the world of crypto mate, Grin

Now it's a game of mental toughness on your end, what if LTC went down to $30 tomorrow? Are you going to panic at that point? I will just advise you to really fight that psychological barrier and see how it goes for you. And I do hope that you only invest what you can afford to lose, so good luck in the next coming weeks or months.

I think he just rushed to buy LTC because of a slight spike. Yes your right, mental toughness is what he needed in this kind of trend where volatility exists. I hope he won't broke if LTC drops down to $30 tomorrow or the other day.

Bossfidelity

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It's not a good idea to invest in cryptocurrency using loan or debts. I understand that there's great anticipation for the value of litecoin to increase before long but that does not justify the loan incurred to purchase the coin. In the cryptocurrency space anything is possible, the value could increase or decrease substantially within a short period.

coin-investor

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Quote from: Paycheck on January 27, 2020, 11:02:35 PM

Yesterday LTC was at $53. I was confident it might drop a bit more, I had the plan in mind to whip out the credit card and make a multi-thousand dollar purchase.

But this evening I checked the price and not only is BTC rising, LTC was back up over $59!!!!

AAAAAAAAAAAHHHHHHHHHHHHHHH sssshhhheeeeiiiittttt!!!!

So I kind of went buck wild a little bit. I had already tested one of my trading accounts last week with a $10 transfer, so I knew the deposit would hit quickly. I got home from work, whipped out the credit card, logged into my main paypal, and used it to send a purchase of $2000 to my alternate paypal account that I use for the occasional shill bidding deception on ebay or other more private transfers. From there I did an instant transfer to my bank, then logged to my bank, checked to see it was there, and then logged to my coin trading account (which one is not important), and received $2000 there instantly. Ah, the wonders of modern communications!

So I quickly snapped up 32.3 LTC for $61.something apiece.

Now LTC price needs to rise a whole hell of a lot so I can make mad profits!

If LTC goes to $62 tomorrow and then drops to $40, I will be unhappy to say the least.

I know, I know, just HODL and it'll rise eventually. Yes, but sometimes I lack patience, especially when I just threw an additional $2000 of debt on the credit card.

It's too early to get disappointed market is just moving up and Lite+coin is not even started to pump, but I agree with you that you should be buying more Litecoin, I'm also very bullish on Litecoin that this coin will pump 50 times of its current price now, so just be patient and odnot get disappointed, you are in on a great ride this 2020.

Tipstar

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2020 is going to be a good year for crypto. With bitcoin halving approaching, it would increase the price of bitcoin to a new ATH and other alts would follow bitcoin. Litecoin as of now is about $61, so you already have a good profit there but just hang on, after a couple of months, it would just double like that.

Dickiy

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I see you are a very aggressive trader but the moment that you take is right with the increase in BTC and LTC, you dare to take credit. My suggestion is even more calm for your investment.

Paycheck

jr. member

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I couldn't care less about the value, utility, or usefulness of any coin. I don't care what problems they solve or create. All I care about is buy low / sell high, more money for me.

LTC has been following BTC for many years, all we need is a good BTC price surge to pull LTC up with it.

I feel like an ass for buying at 61 instead of at 37 like I could have very recently, but there's still lots of upside to the LTC price in even a mild bump like we had in June of last year. LTC popped from 23 to 140, I had bought in at 30 but stupidly didn't sell at 140, I still have those 15 LTC in addition to the 32 I just got.

Wh00re

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NEVER buy on a "pump"... Learned that the hard way. Do the exact opposite, and look for projects with good fundamentals, and a declining/stable price.

I did that with Blocknet, bought a huge stack of them at $0.7 a month ago, and already in crazy profit. Too early to sell, still. This project is a true winner for 2 reasons:

1) They invented, and released the first functional true DEX on the market.
2) They work on decentralized oracles
3) They've been in the game since 2014, so you know you can trust the team behind

Good luck with your purchase, don't see much "value" in LTC as a currency itself, but I'm sure you'll do well. The next bull run will likely push LTC to $500+ IMHO.

four3200

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You are a FOOL.

$61 is not a bad position. But you better have a 3 year LONG stance.

Best advice is pull it into a cold wallet.

And.

Wait.

Cnut237

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Quote from: Paycheck on January 28, 2020, 01:26:46 AM

Quote from: lunobird on January 28, 2020, 12:33:55 AM

Also any profit you make the tax man will collect on his share.

Uh, nope. Not going to report any income from profits on coins. My risk, MY MONEY. It's bad enough my paychecks get ripped off for taxes.

I need to figure a way to withdraw my profits from the exchange without going through a bank. I don't think I can pay my credit card directly from the exchange.

That's a risky strategy. I would always pay my taxes rather than have the possibility hanging over me that even years or decades later I would get a huge payment demand from the government. Your choice I suppose, but it is difficult to leave no digital footprints. I imagine it wouldn't take much investigating to uncover that you bought some LTC, and you may then have to explain what happened to it. Just a paranoid example, but what if at some point the government forces the credit card company to disclose details of the people who bought crypto?

Paycheck

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Quote from: lunobird on January 28, 2020, 12:33:55 AM

Also any profit you make the tax man will collect on his share.

Uh, nope. Not going to report any income from profits on coins. My risk, MY MONEY. It's bad enough my paychecks get ripped off for taxes.

I need to figure a way to withdraw my profits from the exchange without going through a bank. I don't think I can pay my credit card directly from the exchange.

o48o

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Quote from: Paycheck on January 27, 2020, 11:02:35 PM

Sounds like you are enjoying the rush. Personally i wouldn't tell anyone to count on anything rising eventually even if i thought that we had hit a bottom. There has been people that have hodled and been patient over 2 years and their portfolio has been absolutely destroyed.

Good luck with your bet, but i wouldn't look the dollars, anything that rises rises against btc is a win.

lunobird

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Lol. Thats the spirit I had in 2017. Good luck to your new coin purchase. But slow down a bit on that moon juice and just play the long game and risk what you can afford to lose.

Even if all goes well and price rise will it rise enough to outpace payPal credit card fees of 20 percent apr?

Also any profit you make the tax man will collect on his share. So the short term gains if any may not be a big enough payday for the work, risk, and stress involved with tax reporting and record tracking short term income gains. I would rather go for the 10-100x gains but that takes years and luck.

Bc you bought on credit your under additional time constraints and may not be able to hold out long enough to enjoy future gains.

Best to average cost buy in couple hundred every month.

Unless you feel like this is going to be just like 2017 than ya max the credit cards and sell the house

j/k don't do that bc that makes you a gambler and your wife will divorced you

btc_angela

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Welcome to the world of crypto mate, Grin

Now it's a game of mental toughness on your end, what if LTC went down to $30 tomorrow? Are you going to panic at that point? I will just advise you to really fight that psychological barrier and see how it goes for you. And I do hope that you only invest what you can afford to lose, so good luck in the next coming weeks or months.

Topic: I YOLO'ed into a snap purchase of LTC tonight!!! (Read 191 times)