The Litecoin Thread

garrettod

Dohnjoe wrote: »

I understand selling to cover the initial investment but I never get why people sell them to make peanuts or small margins knowing how profitable these can be in the long run

As a far wiser man than me once said, you'll never go broke making a profit !

Saying something like "knowing how profitable these can be in the long run" is simply wrong. We have absolutely no idea if there will be any profit in these in the long run, or if there's going to be any value in them at all (they could be worth zero), as none of us can predict the future.

There is an equal (if not greater) risk of the currency losing all of its current value, as doubling in value, so it's a pure gamble.

We pay our money and we take our chances, but none of us can predict the future and the reality is that we know nothing about how these currencies should be valued

papu

Today has been incredibly profitable for day trading.

I'm back into at 275 to HODL now.

I had thought it was going to correct to ~250€, and it still might, but I think it's more likely to stabilize here and go mental tomorrow again.

fran426ft

Just picked up another 2 myself at €265. Had another limit order at €255 but never got that low. I wish I hadn't hesitated this morning when it was sitting around €210. I kept waiting for the correction that didn't come.

Truckermal

GreeBo wrote: »

I guess thats why he kept the 5 of them?

Ya I was happy out it paid a few bills plus I treated myself to a new phone! I didn't even know about all this last week!

The One Doctor

Dohnjoe wrote: »

I understand selling to cover the initial investment but I never get why people sell them to make peanuts or small margins knowing how profitable these can be in the long run

Yes I get the whole trying to make a quick buck, but everyone knows the cryptocurrency stories by now - the friend who bought a couple of bitcoins for nothing back in whenever, kept them and now they are worth 80 grand.

No one knows which way the market with go, but these things could be worth a couple of grand a piece in a few years. This time last year, Bitcoin was worth 700 euros, it's gone up x20. Litecoin was worth 3 euros, it's gone up almost x100.

Whatever people think about cryptocurrencies, the money they can be cashed out for is very real. Based on everything we know so far, long term holding seems to be the most profitable by order of magnitudes.

I accept what you're saying, but it's the same argument as holding gold - when do you get out? Tomorrow? In two weeks? In ten years? People need an exit strategy for their cryptocurrencies. Without an exit strategy the fiat value of your coins is zero.

I am not a hodler - yet. I trade crypto daily to try to make ends meet for my family. I have no interest in the long-term value of a crypto, be it LTC, ETH or BTC. However, when I spot a bargain in future (next bitcoin/ETH/LTC splat) I will hodl it with the intention of creating a rainy day fund.

pro_gnostic_8

papu wrote: »

Today has been incredibly profitable for day trading.

Day-trading in a bull market makes it seem like day-trading is child's play. Easy money, etc.
Just be very careful and be prepared when the market turns.

pro_gnostic_8

banie01 wrote: »

Holding is always a great way to go if you believe that past performance is an indicator.
I have some HODL myself and to this day kick myself for selling my original bitcoin at €500
I try and hold on to the fact that it was a 1000% gain at the time but if i had it now...
I'd be in a lambo and up to my eyes in coke and hookers! :pac::pac:

Nice one, Banie ! Thumbs up.
Everybody, this guy gets it -- he gets the significance of Hodl.
He also understands and appreciates the important things in life .......... Lambo's, hookers, and blow.

Elemonator

papu wrote: »

Depends where you trade, but you can usually generate a report and calculate your profits from that.

Actually having gone onto Coinbase, its reports are complete garbage. Their reports show even my failed transactions where it looks like I've put in way more than I have.

Dohnjoe

papu wrote: »

They could also become suddenly worthless, or all drop to a small fraction of the value they are now.

Yeah which is why I wrote "No one knows which way the market with go"
*will

Indeed potential global regulation (such as central banks banning banks from conducting business with crypto exchanges) could make them almost worthless, they could plummet down a 3 year bear market, or..

they could rise exponentially.

No one knows what will happen next, but based on the data we have - there's a significant chance they will continue to rise over the long term

We don't know which way the stock market is going to go, but based on historical data there's a relatively higher chance it will continue to grow rather than drop over the long term

Dohnjoe

garrettod wrote: »

We have absolutely no idea if there will be any profit in these in the long run, or if there's going to be any value in them at all (they could be worth zero), as none of us can predict the future.

In the situation yesterday, if you bought at X price you had absolutely no idea whether it would drop immediately or go up

It wasn't based on an update, it wasn't based on an event being held in the future (buy on the rumour, sell on the news), etc

However if you bought at X price but held long term .. while it seems the same 50/50 risk - historical data weighs it (slightly) in your favor

e.g. over the past 100 years the stock market raises an average of 6% per year, of course it could go anywhere .. plummet down next year, it could shoot up - but historical data supports growth over the long term

(sorry to labour the point but it's worth bearing in mind)

Wombatman

Dohnjoe wrote: »

I understand selling to cover the initial investment but I never get why people sell them to make peanuts or small margins knowing how profitable these can be in the long run

Yes I get the whole trying to make a quick buck, but everyone knows the cryptocurrency stories by now - the friend who bought a couple of bitcoins for nothing back in whenever, kept them and now they are worth 80 grand.

No one knows which way the market with go, but these things could be worth a couple of grand a piece in a few years. This time last year, Bitcoin was worth 700 euros, it's gone up x20. Litecoin was worth 3 euros, it's gone up almost x100.

Whatever people think about cryptocurrencies, the money they can be cashed out for is very real. Based on everything we know so far, long term holding seems to be the most profitable by order of magnitudes.

This guy must have loads invested and is trying to encourage more of us to invest so the price goes up. Fiendish. Like we need any more encouragement

But seriously. You contradict yourself in the last sentence. You say real money can be made if you cash out but you are saying don't cash out. Which is it?

We are without doubt dealing with a bubble here. Everyone adopting a HODL strategy will be stung when the bubble pops.

Take your profits as you go and you can still make serious money. You haven't made a penny from crypto until you cash out.

McCrack

You dont necessarily need to "cash out" either.

Just diversify/add into other coins with gains.

sheroman01

Sorry if this is the wrong place - maybe I should start a new thread, but, Coinbase! Tried setting up an account for my sister and a perfectly uploaded picture of her passport was uploaded (with flash). It now says Failed to Verify. No reason given.

Any ideas?

SlowBlowin

The ID process is broken check their status page. Same as GDAX (same back end).

SB

garrettod

Dohnjoe wrote: »

In the situation yesterday, if you bought at X price you had absolutely no idea whether it would drop immediately or go up

It wasn't based on an update, it wasn't based on an event being held in the future (buy on the rumour, sell on the news), etc

However if you bought at X price but held long term .. while it seems the same 50/50 risk - historical data weighs it (slightly) in your favor

e.g. over the past 100 years the stock market raises an average of 6% per year, of course it could go anywhere .. plummet down next year, it could shoot up - but historical data supports growth over the long term

(sorry to labour the point but it's worth bearing in mind)

Absolutely nothing to apologise about, this is well worth labouring on my friend

First off, you are wrong to make any comparison between the cryptos and the stock market. The stock market is based on investing in physical companies, that have day to day activities, generate profit or loss etc. Cryptos do none of this and have no tangible assets in a liquidation situation so investors lose everything if it's a "dooms day".

Second, you mention historical data giving slightly better than 50:50 odds of the price going up, but that's just wrong because past performance is not indicative of future results when it comes to speculating on the value of something with no tangible worth. If anything, some might argue that the growth over the long term only increases the risk of values now falling, given those who have made profits may decide to get out. If you spin a roulette wheel 100 times and the ball lands on red 51 times, does that mean that it will favour either green or red in the next 100 spins ?

Honestly, I'm all on for a little flutter myself here ... but lets keep it real, it's a gamble and nothing more

Father Hernandez

From a relative crypto newbie (bought ETH in June and have held thankfully since), I recently bought LTC on Coinbase.

What's the best cause of action now? Before I transferred the ETH to Kraken and held there for a while before putting it into an ETH wallet.

I'd like to transfer to Kraken (or similar) but not 100% on how to go about finding a Kraken LTC address. Also, wondering if if I were to send the coins to Kraken, would I make a small profit? Apologies for asking

EagererBeaver

How would you make profit by sending your coins to another exchange? You have X coins at A. If you send them all to B you have X coins less whatever fees you've to pay.

GreeBo

Father Hernandez wrote: »

From a relative crypto newbie (bought ETH in June and have held thankfully since), I recently bought LTC on Coinbase.

What's the best cause of action now? Before I transferred the ETH to Kraken and held there for a while before putting it into an ETH wallet.

I'd like to transfer to Kraken (or similar) but not 100% on how to go about finding a Kraken LTC address. Also, wondering if if I were to send the coins to Kraken, would I make a small profit? Apologies for asking

Go into Kraken, Funding, deposit and then pick LTC and it will give you your Kraken LTC wallet address.

then just send money there from Coinbase/GDAX.

Uncle Mclovin

Uncle Mclovin wrote: »

If you cash out today you have to pay your CGT liability by 31 January 2018.

If you hold and sell in January 2018, CGT doesn't need to be paid until 15th December 2018.

Presumably you are referring to moving money to your bank account when you say cashing out as this is when I'd assume the CGT arises. If you sell coins but hold money in your euro wallet on the exchange then CGT wouldn't arise?

Also for calculating CGT I see people talking about calculating on each trade, why would this be necessary? You capital gain is surely calculated against the money you originally invest. So if you invest 1k and across many months and multiple trades you withdraw 4k to your bank account then your CGT is calculated on a figure of 4k-1270-1k = 1730 euro.

GreeBo

Martha Early Scorpion wrote: »

Presumably you are referring to moving money to your bank account when you say cashing out as this is when I'd assume the CGT arises. If you sell coins but hold money in your euro wallet on the exchange then CGT wouldn't arise?

Also for calculating CGT I see people talking about calculating on each trade, why would this be necessary? You capital gain is surely calculated against the money you originally invest. So if you invest 1k and across many months and multiple trades you withdraw 4k then your CGT is calculated on a figure of 4k-1270-1k = 1730 euro.

Anytime you dispose of an asset you are elligible CGT (either a gain or a loss)

So if you sell BTC for LTC you have made either a gain or a loss on the BTC purchase and so need to file CGT return.

Transferring to EUR or to your bank account is not necessary, its no different than transferring to LTC on your Coinbase account from a CGT point of view.

GreeBo

GreeBo wrote: »

Anytime you dispose of an asset you are elligible CGT (either a gain or a loss)

So if you sell BTC for LTC you have made either a gain or a loss on the BTC purchase and so need to file CGT return.

Transferring to EUR or to your bank account is not necessary, its no different than transferring to LTC on your Coinbase account from a CGT point of view.

This doesn't tally with what the dept of finance are saying. They say capital gains tax is payable on net profit from the year which tells me you just tot everything up at the end. There is not a single person going through the long winded approach above that I'd be fairly sure off.

Also it's not so clear cut that CGT is due unless you withdraw the money to your bank account as this is when you are realising your actual gain.

Also as the first 1270 is exempt you could end up submitting loads of returns which would then be offset by losses and at the end of the your your overall gain could be less than the 1270 so no return would be required which again makes it much more practical to calculate everything at the end and see if a return is even needed.

GreeBo

Martha Early Scorpion wrote: »

This doesn't tally with what the dept of finance are saying. They say capital gains tax is payable on net profit from the year which tells me you just tot everything up at the end. There is not a single person going through the long winded approach above that I'd be fairly sure off.

There are plenty of apps (such as cointracking.info) that will do all this for you.
Yes its on your net profit, but not just your net profit in a fiat currency. You are realising a profit or loss any time you trade crypto also.

Martha Early Scorpion wrote: »

Also it's not so clear cut that CGT is due unless you withdraw the money to your bank account as this is when you are realising your actual gain.

It says its true any time you dispose of an asset, i.e. sell it. Doesnt matter what you sell it for, at least it doesnt distinguish that its only payable on any EUR profit.
Would you consider it due if you cashed in your crypto for USD?

Martha Early Scorpion wrote: »

Also as the first 1270 is exempt you would not be submitting any returns on any trades below this going by your method as none would individually trigger a capital gains event. This makes it far more sensible to look at the full year and add all gains less losses, the 1270 exemption. And your initial investment.

I'm not saying you submit CGT for each trade, just that each and every trade goes towards your CGT profit/loss for the year, not just the trades into EUR, which is what you are saying.
Even if you never cash into EUR, CGT is due on any profits earned from trades.

Think of your wallet/exchange as an off shore account.

If you are making a profit through the disposal (selling, gifting or exchanging your asset) of your cryptocurrency, you will need to declare it to Revenue for Capital Gains Tax (CGT).

flashforward

Litecoin slowly creeping down - time to change to FIAT -> wait -> Buy back Litecoin @ closer to €200??

GreeBo

flashforward wrote: »

Litecoin slowly creeping down - time to change to FIAT -> wait -> Buy back Litecoin @ closer to €200??

I dont think it will drop that much, if it all.

lots of buy support around €250 and above; 4,000 waiting to be bought at €269 for example.

I'm thinking of cashing in at €300 and then buy back around €275

The volume over the last week is more than the previous 3 months combined, so its moving very quickly

machiavellianme

Support at 250 means nothing if it starts to move quickly.
Previous crashes have told me that those buy walls disappear quickly to lower values if momentum gathers.

GreeBo

machiavellianme wrote: »

Support at 250 means nothing if it starts to move quickly.
Previous crashes have told me that those buy walls disappear quickly to lower values if momentum gathers.

Yeah but its only likely to move quickly & gather momentum if there are large sell walls, which I dont see.

Its holding pretty solid at €280 +-€5 for the last while

machiavellianme

GreeBo wrote: »

Yeah but its only likely to move quickly & gather momentum if there are large sell walls, which I dont see.

Its holding pretty solid at €280 +-€5 for the last while

Or one whale (which you won't see).
Had similar happen to me on Saturday where a sudden spikedown sold all my Bitcoin on a stop loss set well below any support at 12000 and filled at just 11200 and it was back at 13600 just 30s later.

GreeBo

machiavellianme wrote: »

Or one whale (which you won't see).
Had similar happen to me on Saturday where a sudden spikedown sold all my Bitcoin on a stop loss set well below any support at 12000 and filled at just 11200 and it was back at 13600 just 30s later.

as you said yourself, a whale will drop the price immediately triggering all the buy walls before anyone can cancel them and the price will jump right back.

Your issue was that your stop loss kicked in, so arguably it was too high...then again it did exactly what it says on the tin, stopped your losses so you cant really complain!

machiavellianme

I'm not complaining. Just warning that those walls mean very little. A 25% spike can come and go in an instant.

The One Doctor

EagererBeaver wrote: »

How would you make profit by sending your coins to another exchange? You have X coins at A. If you send them all to B you have X coins less whatever fees you've to pay.

You buy Eth on an exchange for 500. You then transfer them to another exchange that is selling for 530 and liquidate them. Did it this morning.