Whoa, let's talk about this changeup then, particularly for those of us with a higher basis for their LTC where the current profit is less crazy.
Chart looks low (like, 70% retracement low). Volume also near the bottom seen for the past 6 months. RSI in the 30s. This strikes me as a potential risk of selling low? Past-performance caveats aside, doesn't
seem like it has a ton further to go down.
Now, I kinda get doubting in the whole 4:1 w/ BTC idea. Less of a TA issue and more of a...idk if public sentiment could ever get it there. But since you did mention fundamentals, what's got you concerned coming from Charlie? Broadly, I've liked that he's been vocal (since it helps the whole public sentiment thing). I also made out very nicely from that atomic-swap test he did between LTC/VTC (thank you for the profit-taking insights!).
This is also the first I've heard of ADA, and I'm leery of buying an ICO the day it comes on the market. What's got you interested?
Knock me over with a feather! Damn thats a surprising move compared to the past trades, but you have a point about LTC chart looking pretty weak. Any info about ADA that made you jump on it? Im in as well, but not nearly as big a chunk, and not as good of an entry
Yeah, it looks like selling low in BTC terms, but in USD terms, my average sale price on this lot was $53.95, more than a double for me. I know it may come as a surprise, and that I recently said that I think it will go to $100, but I also said that on the 24th when it looked like it was turning higher, and then we got another rally failure. I should get to $100, someday, who knows when, and there could be a lot of pain in between. And I could also be flat out wrong, and it never gets there. In any event, I was beginning to feel very uncomfortable with it, especially with such a heavy weighting. In spite of the atomic-swap achievements and the like, the idea of LTC trading back to $3.00 began to haunt me. That’s a joke, but the low 20’s isn’t a joke – remember just a few short weeks ago Chinese LTC holders saw the low 20’s on forced liquidations. Yes, Charlie’s been very vocal, but I’m really bothered by his continual obsession with Bitcoin. I haven’t done any hard analysis on the subject, but it seems to me like over half of his tweets are Bitcoin related, and usually critical with those he disagrees with. I’d be much less worried if he were focusing more on positives and on Litecoin itself. In short, I’m beginning to question if Litecoin will play the role I thought it would in the advancement and survival of first generation coins (as you know, I think the vast majority of first generation coins will disappear).
Watch the chart closely. There’s a gap on the daily chart that appeared today. It’s between .01255554 and .01244728. That could be a breakaway gap, a measurement gap, or an exhaustion gap. Best case scenario is an exhaustion gap as it should be followed by a reversal. It’s unlikely to be a breakaway considering where it is within the larger price range. Most likely it’s a measurement gap – measurement in that it comes halfway between the extremes of the move, high and eventual low in this case. Based on what I see, I think the probabilities are good that the recent spike low at .01134300 is going to be retested. Then there’s the ~.01000000 level which would become the neckline for a massive multi-month head and shoulder pattern that I wouldn’t want to be waiting to see how it works out. And the illiquidity on the buy side is, frankly very concerning: a fundamental aspect of a “saver’s coin” is that it has market makers providing a least a semblance of liquidity, but when you have problems selling a measly 4 BTC worth of Litecoin, it makes you seriously question that premise. I can’t give any kind of advice that would be appropriate for anyone’s particular situation, but I can say that I’d be very careful with LTC going forward. Ask yourself: would you buy LTC right now?
Cardano ADA is a IOHK project. It looks like the future of crypto to me, and, having said that, a once in a lifetime opportunity too. I’ll talk more about this in my reply below.
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@HR Does this make ADA your largest position? What are your thoughts on technology? It seems you really like it to make one of your largest positions. But then again that's probably why you'll reach $1 million.
edit:
It seems there is an active thread here on Bitcointalk:
https://bitcointalksearch.org/topic/--2216427yeah so what is the weight of ADA in your portfolio now ?
I am also curious about your thoughts on ADA. And what will be your "bank" currency now? It appears that what you are holding now doesn't have so much liquidity.
“
Cardano uses a revolutionary new proof of stake algorithm called Ouroboros, which determines how individual nodes reach consensus about the network. “
Ouroboros is the first proof of stake protocol that scientifically has been shown to be provably secure.”
https://www.cardanohub.org/en/ouroboros/"
designed by an extremely talented team of cryptographers from five academic institutions led by Professor Aggelos Kiayias of the University of Edinburgh."
https://whycardano.com/#designing-in-layers-cardano-settlement-layerWe’re talking about some of the best in the world and they’re not operating behind closed doors.
“
Cardano has been a marathon project involving feedback from hundreds of the brightest minds inside and outside of the cryptocurrency industry. It involves tireless iteration, the active use of peer review, and shameless theft of great ideas when uncovered.” https://whycardano.com/
More key links about some of the people involved:
https://iohk.io/about/ https://iohk.io/research/#researchershttps://iohk.io/projects/cardano/#teamResearch:
https://iohk.io/research/papers/https://iohk.io/research/library/ And that’s all really just the “tip of the iceberg”. Once you start looking around, you’ll see that there’s much much more.
Yes, it is my largest position now – when I entered, it was equal to the other big three, but with price appreciation, it’s clearly the biggest with STEEM coming in second. Since my strategy is to not take profits on long term investments until they exceed 50% of portfolio value and/or experience a 5x increase, it could possibly continue growing, becoming the de facto “bank”, if we can call it that. With a much larger float, and much larger participation (at least until now), from a liquidity standpoint, it certainly fits basic banking requirements better than others.
Thanks btcapollo for pointing out the thread here on BCT. I took a quick look and saw what looks like a lot of useful material (probably all the links I’ve posted here are already there) and will give it a thorough go over when I have the chance (probably this evening).
BTW, I also posted a little titbit on Steemit too:
https://steemit.com/trading/@cryptographic/cardano-ada-trade-on-bittrex
