usually do the opposite the say short ltc means they wanna buy it on the cheap. Personally I think btc maximalist is a good place to be given the market but if you want those big returns you got to take risks.
RE: Crypto Hedge Fund Says "Short Litecoin"
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Crypto Hedge Fund Says "Short Litecoin"
Not in this case. They short at a higher price and they need more and more people to sell in order to make their bets more profitable. Not sure how this isn't market manipulation though.
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They want to short squeeze whomever adheres to their official "opinion".
A typical Peter Schiff-Marc Faber-Mike Maloney-Jim Sinclair-Bill Holter tactic.
Both bitcoin and litecoin are obsolete and still have more downside, but to start to short LTC now is less wise than it was before.
A down cascade is what multicoin's "opinion" relies upon, and it is speculative since another asset bubble may be on its way.
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Well, even at $55 litecoin is still worth over $3 billion, still a lot of cheddar to be made if litecoin is indeed mostly without a use case going forward like they claim.
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Not sure I agree with bitcoins obsolete for people to want to pay $6200 for a 1 btc tells me it's very much alive I remember $620 a coin not that long ago and the network is still only getting stronger.
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The main reasons to Bitcoin's soar were Chinese trying to rescue their labor's income from China and the Tether scam (fractional reserve banking by a larger multiplier than in fiat).
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The Tether "scam" was never proved by the way. In fact one might even argue there is just as much evidence against it being a scam as there is for it...
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What evidence is there against the claim of a scam?
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Well the fact that they got a former FBI law firm to sign off on them having more than enough money in the bank to cover all tethers is a big one. Then you have multiple unrelated exchanges, including kraken saying there is nothing nefarious going on with tether in the crypto ecosystem. Then you have the fact that multiple very wealthy people/entities have chosen to do business with tether, and you would imagine they would have looked into it a bit before they put hundreds of millions into it... not to mention it is still operating despite a CFTC investigation as well as all kinds of negative press. If it was a scam one could reasonably assume it would have been shuttered by now. And these are just to name a few off the top of my head.
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You got a 50.00% upvote from @luckyvotes courtesy of @fersher!
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You got a 50.00% upvote from @sleeplesswhale courtesy of @fersher!
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This comment has received a 64.52 % upvote from @steemdiffuser thanks to: @fersher.
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I'm not convinced by the tether scam either as most exchanges accept it, with more adding it all the time.
The only evidence I see of any thing here is self upvoting lol
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Haha nice one! Yea I mean there has been so much talk about it and investigation already, I would think that if there was as big of a scam going on there that some of these people think, it would have been shuttered by now. Though perhaps I am just giving authorities too much credit?!
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Also much of bitcoin's trading was done in dollars in late 2017 and early 2018. That tells me that bitcoin is much more than just an Asia story or China story like it was in the past.
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The Chinese wanted to convert to dollars, so how could much of bitcoin's trading not be done in dollars in late 2017 and early 2018?
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Much of the buying was done in dollars...
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For every seller there is a buyer.
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Yes, but that means the buying coming in was in fiat dollars, the selling was in bitcoin. That does not mean Chinese money was the dominant factor flowing into bitcoin like you seem to be fixated on.
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You got a 50.00% upvote from @luckyvotes courtesy of @fersher!
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any references to back up your claims? btc is prone to hype cycles which is what caused the high price everyone was talking about it and rushing to buy cryptos even though bitcoin didn't make sense with the fees at that time
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I agree. Boom and bust cycles are par for the course with bitcoin. It's not going away. Institutions will only buy bitcoin when they first enter and they will be the next main value drivers for crypto. Bitcoin is likely the safest bet of anything that currently exists.
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The hype was marginal compared to the factors that I mentioned.
You think it was so big because you are where it gets promoted.
The Tether scam:
https://steemit.com/cryptocurrency/@fortified/re-fortified-brock-pierce-or-is-billionaire-bitcoin-board-member-founder-of-tether-and-alleged-pedophile-a-covert-cia-asset-20180118t181617300z
About the Chinese I heard it in one of Martin Armstrong's interviews.
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