The Litecoin Thread

GreeBo

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.

value = number of coins X price of coins

the number of coins stays the same when you transfer (assuming no fees)
but the price of coins and hence the value is difference on different exchanges.

The big issue (and hence cause of this) at the moment is the slowness of confirmations. It can take hours to get your money between exchanges.

EagererBeaver

I obviously understand that ffs. However, the poster made no mention of selling. He simply asked would be make a profit by transferring the coins to Kraken, the answer to which is categorically "no".

Uncle Mclovin

EagererBeaver wrote: »

I obviously understand that ffs. However, the poster made no mention of selling. He simply asked would be make a profit by transferring the coins to Kraken, the answer to which is categorically "no".

I've a question there on moving coins to an exchange. Appreciate if anyone can help me.

I did it yesterday for the first time. I moved Litecoin from Coinbase to Binance. I moved about 3 coins.

Coinbase was valuing the Litecoin much higher than Binance so when I moved the coins across I took a significant hit on the value.

I think Coinbase valued 1 coin at 300 while Binance valued 1 coin at 260. Rough figures.

So my 3 coins were worth 900 in cash on Coinbase but when I moved across they were only worth 780.

I guess what I'm asking is do you get screwed on all exchanges when you transfer across?

I know it was a rookie mistake but you live and learn I guess.

EagererBeaver

You don't get "screwed" on any valuation until you actually decide to dispose of the litecoin. The only thing you've actually lost is a relatively tiny amount of your LTC in fees

fran426ft

The market price on GDAX is higher than other exchanges at the moment making it a bit more expensive to purchase there. This is not really a problem if you plan to only use GDAX but when you transfer to other exchanges it appears you take a hit like this due to reduced market value. If you transferred them back to GDAX to sell they would be worth the GDAX market price (minus transfer fees) again.

fran426ft

take a look at the markets for LTC on Coinmarketcap and you will see how prices vary

https://coinmarketcap.com/currencies/litecoin/#markets

Uncle Mclovin

Cheers guys.

I see what you mean regarding transferring back the Litecoin.

Got a bit confused there in relation to the exchanges.

GreeBo

EagererBeaver wrote: »

I obviously understand that ffs. However, the poster made no mention of selling. He simply asked would be make a profit by transferring the coins to Kraken, the answer to which is categorically "no".

Sorry but it seems you dont understand it.

You categorically *will* make a profit if you buy coins on exchange A for a lower price than you then sell them on exchange B.

Bringing selling into it doesnt really make sense....no one makes a "real" profit until the cash back into fiat, but the will have unrealized profit by transferring between exchanges as explained above.

EagererBeaver

It's nothing to do with buying or selling, that's not the question. The question was whether any profit is realised through simply moving litecoin from one exchange to another. The answer is very clearly "no".

A direct analogy is if I hold 20 euro in Bank of Ireland and I move it to to AIB. I still have my 20 euro, despite the differences in exchange rates the respective banks might offer me on dollars or sterling or tulips.

Autochange

This thread was better when we were excited about Litecoin.

GreeBo

EagererBeaver wrote: »

It's nothing to do with buying or selling, that's not the question. The question was whether any profit is realised through simply moving litecoin from one exchange to another. The answer is very clearly "no".

"Would I make a small profit" was that was asked.
Realized or unrealized wasnt specified.
So yes, you can make an unrealized profit by moving coins between exchanges, if you then dispose you realize that profit.
Its using the exchange spread to "almost" do currency arbitrage.
Its not true arbitrage since its not simultaneous.

EagererBeaver wrote: »

A direct analogy is if I hold 20 euro in Bank of Ireland and I move it to to AIB. I still have my 20 euro, despite the differences in exchange rates the respective banks might offer me on dollars or sterling or tulips.

No, a direct analogy would be if you move 1oz of AU from an exchange buying at €1k to another exchange buying it at €1.1K.

But even to take your own example, if there is difference in prices for any of the currencies or indeed tulips offered by both banks, then yes, you can take advantage of that to make a profit.

Look at it this way.
if you but 1 BTC for $17k and then the price drops to $100, have you lost money or not?
By your logic you havent as you still have your 1 BTC...

/anyway, Im out of this conversation. Enjoy your tulips!

GreeBo

Autochange wrote: »

This thread was better when we were excited about Litecoin.

I'd love to be excited again, but a stop loss kicked in and Im hoping to drops back down so I can buy back in and be excited again!:mad:

Wombatman

GreeBo wrote: »

I'd love to be excited again, but a stop loss kicked in and Im hoping to drops back down so I can buy back in and be excited again!:mad:

My stop loss kicked in at 246 (like to keep them a little below the walls).
Waited around for signs of an bottom out or upturn and bought back in at 250.

Stop loss now at 184 heaven forbid

GreeBo

Wombatman wrote: »

My stop loss kicked in at 246 (like to keep them a little below the walls).
Waited around for signs of an bottom out or upturn and bought back in at 250.

Stop loss now at 184 heaven forbid

Mine was at €250..I had one earlier at €210 but when we were at €300+ that seemed way too low.

Over the course of about 2 hours last night I tried to get back in as close as I could but it never came back.
Got in again at €262 so all is not lost...annoying though...its really hit a plateau for the last few hours....though maybe, long term, thats a good thing!

The One Doctor

machiavellianme wrote: »

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

It can be unnerving when that happens. Stop losses need to be updated constantly, I keep meaning to use them but never get round to them. This morning I wanted to set a stop loss on ETH at 625. By the time I remembered to the price was at 627. I looked at the chart, got a funny feeling and got the hell out. Lucky me.

In reality a buy order at the low price might be better than a stop loss.

Next time I use a stop loss will be during a pump, like what happened to LTC and ETH this week.

LTC really seems to be out of its comfort zone now but that's just my opinion. Easy to make money in a bull market as someone said here.

EagererBeaver

Dropping like a stone at the minute. Some buying opportunities ahead.

fran426ft

Just dipped down to 230. I had bought a bit more at 240.50. Hopefully it doesn't keep dropping.

GreeBo

Autochange wrote: »

This thread was better when we were excited about Litecoin.

Anyone still excited?

Selling @ €300 seems like it would have been a pretty awesome idea about now

Sarah1916

I just see this dip as a chance to buy some more at a cheap price. But that is just me I think I might buy 1/2 more if it goes to 190

blindside88

GreeBo wrote: »

Anyone still excited?

Selling @ €300 seems like it would have been a pretty awesome idea about now

I sold at my initial investment amount at €285 after buying in at €142, still have the profit left in and will leave it there for the next while anyway. If the price continues to fall I may buy back in for a bit more

Wombatman

GreeBo wrote: »

Anyone still excited?

Selling @ €300 seems like it would have been a pretty awesome idea about now

Sold half at €340 and somebody called me a chicken.

Bok bok

GreeBo

Wombatman wrote: »

Sold half at €340 and somebody called me a chicken.

Bok bok

You misunderstood, I was telling you to sell them all, FOMO chicken! :cool:

Autochange

I bought my one and only coin at 70 odd euro. Considering selling and maybe getting back in if it drops back bit more.

What other coins are you guys trading?
Ripple and Iota are 2 I am hearing about recently.

Are there any good sites you guys use for your crypto currency new? Im a noob at this.

The One Doctor

Got a paltry €125 out of that bounce, although if I'd gotten that 6 weeks ago I would've punched the air in triumph. Amazing how the mind adapts.

If you're a hodler, think very carefully before continuing to hodl.

jonny_b

Really? I bought in at €49 and was gonna HODL...

The One Doctor

jonny_b wrote: »

Really? I bought in at €49 and was gonna HODL...

Well, LTC was at €300. Now it's €240. The creator of Litecoin thinks it will hit $4 again. Do you take your certain 489% profit now or...

If you're a hodler you need an exit strategy.

Hammer Archer

The One Doctor wrote: »

Well, LTC was at €300. Now it's €240. The creator of Litecoin thinks it will hit $4 again. Do you take your certain 489% profit now or...

If you're a hodler you need an exit strategy.

Where did he say that? Saw him mention the previous fall where it went fromaround $50 down to $4 while advising people not to buy if they couldn't handle it dropping back to $20.

As long as you've only invested what you can afford, I don't see the problem with hodling. I will and if it does go belly up, then fcuk it. It's not gonna break me.

GreeBo

The One Doctor wrote: »

Well, LTC was at €300. Now it's €240. The creator of Litecoin thinks it will hit $4 again. Do you take your certain 489% profit now or...

If you're a hodler you need an exit strategy.

If you are going to FUD, at least quote correctly!

He thinks it could hit $20.

Charlie Lee wrote:

Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can't handle LTC dropping to $20, don't buy!

The One Doctor

Hammer Archer wrote: »

Where did he say that? Saw him mention the previous fall where it went fromaround $50 down to $4 while advising people not to buy if they couldn't handle it dropping back to $20.

As long as you've only invested what you can afford, I don't see the problem with hodling. I will and if it does go belly up, then fcuk it. It's not gonna break me.

Apologies, I misremembered the tweet.

Nevertheless, a drop from €300 to €30 is epic, and I'll be delighted if it happens (more LTC for me to trade) but it would be a prudent move to decide your exit strategy now.

The One Doctor

I'm not FUDing. I like Litecoin, but not having an defined exit strategy is insane.