Lol it was 233 I pressed purchase and boom 257. I’m finally buying in and putting some money in for fun
The only thing you should be wary of is that with VTC and IOTA, your returns are completely based on how bitcoin performs...so if Bitcoin doubles in price and so does VTC, you will have actually lost some money (paying fees) by trying to cash out. LTC on the other hand, can be directly withdrawn without the need to convert to BTC.
There is no one price for it. Different exchanges sell for different prices at any given time. Coinbase price vs GDAX price is even different most of the time, and they're technically the same company.
I've tripled my investment in LTC and torn if I want to take the profits and just wait it out lol. Only thing I regret is the fact that at 4AM a couple nights ago when it was 93 and I was like half awake I didn't buy any more, I figured I would be fine, the next day proceeded to go crazy. Between feeding the baby and being groggy I was worried I'd make a mistake lol.
This isn’t true. If vertcoin (a little bit less than) doubles in dollar value and bitcoin doubles in dollar value you’ll still have (nearly) doubled your money. They work independently of each other. The only thing that happens is your total value of bitcoin will be smaller when you “cash out” of vertcoin. If your end game is to go back to dollars it doesn’t matter what bitcoin does in the meantime. Edit: I’m gonna throw this in here to clarify something. If you buy an altcoin. And you’re ready to sell and “cash” out to dollars, you’re going to be hit with 3 transaction costs. 1) when you sell the alt to bitcoin. 2) when you transfer bitcoin out of the exchange. 3) when you sell bitcoin to dollars. Keeping all that in mind. It’s irrelevant. Do not worry about these costs. If you are gaining a high percentage on trades (read: >6%) this is completely irrrlevant. No one in this thread is doing any sort of high-frequency trading where transaction costs will matter. At the end of the day, for people here who are just buying, holding for a medium amount of time, and then selling, these transaction costs should not matter.
The only thing that you have to worry about all of this at the end of the day is going to be the time to get your Alt turned into BTC and then the BTC into an exchange where you can actually sell for USD. Right now if I am on Binance and sell one of my alts to BTC, it is going to take a long time (sometimes 12 hours) to transfer the BTC into GDAX or wherever to get it turned into USD. In those 12 hours anything can happen. Of course you have the option to trade it into ETH or LTC and do the swap which is much faster and cheaper right now. Best to probably do the math on how much difference the profit or loss is trading it into one of those other pairs.
This assumes you only own the alt-coin. Seems like most people trading alt-coins also own BTC, in which case your concern is irrelevant. You sell the alt-coin into BTC at the same time you sell your other BTC to USD. Then you move your new BTC to GDAX or whatever for the future. You end up exactly the same without any concern over time delays.
Disagree, your example assumes that a) he's only making one investment and never has a chance at a dip again to make up for the difference and b) knows how the market will develop and what the real value is. Many of the guys here wanted to wait for below 150 initially and now it is as 250, so that entry is very likely gone for a long time. Newcomers will almost always get burned waiting for a entry that sometimes never happens again, so it's better to not hesitate for days. So if they for example just pulled the trigger at 100, 150, 200, 250 instead of always thinking that it is overvalued and ready for a dip, they end up with a 175 average that is probably better than the "I want to get in but 150 seems so high. Oh **** now it went to 250 I should buy.". Another example is btc, during the recent rallies people told me I fomo'd and overbought at 5k, 6k, 7k, 11k. We can all see where it is now and I faired way better than the guys who waited for an imaginary dip and values they'll possibly never see again.
Dollar cost averaging is fine and all, but that’s only one strategy and it doesn’t always work. You’re making a gigantic assumption as well that the price will just keep frantically rising like this. This is an uncontrolled rally atm and it will probably not sustain. Although, of course, it could. You have to keep in mind, with volatility like this, people’s risk sensitivity comes into play. There are always dips. There was a huge dip just Saturday night where you could have flipped some alts for 100% value in one day. You don’t need to have perfect information or know how the market will develop to find a safer point of entry if your risk aversion is high. You’re of the opinion that dollar cost averaging to $175 on litecoin is a good idea. I’m not. 1) there was no guarantee it was going to go up to $250. In fact it was very unlikely. This is pure randomness. Which makes it a very risky play. Furthermore, 2) the probability of it going to $350, 2x your $175 buy in, isn’t high. Litecoin was $50 just a few weeks earlier. 5x returns like this come down at some point before they go back up. There’s been no actual news as to why litecoin would pump like this. It’s just new money entering the market. Which is fine and all, but there are still some fundamentals at play here. So, to me, I believe we’ll see $130 again before we see $350. At an entry at that level, I’d be able to get 2x return if litecoin goes to $260. Which it has already been to, so it is likely to again. What I’m saying isn’t exactly unprecedented. I did this with ethereum multiple times when it was pumping. Could I be wrong in this instance? Sure. Does it matter? Probably not as there are other options out there that are undervalued at the moment that are a safer play.
Not what I'm saying at all, think you misunderstood. I share your overall sentiments regarding volatility and it probably going lower again, but even then they can buy at those points again and also short partially once a correction is obviously incoming. They don't have to perfectly time the tops and bottoms and can wait for clear market signs, so the risk of messing up is significantly reduced. In the end, the difference is probably marginal when the market behaves healthily with ups and downs, but waiting for imaginary entries will f*** most people.
At this point, I’m thinking of advising my mom (since I own none) of selling. This rally is insane and I don’t have confidence it can support over $300. But once I do that, watch it head to $400... Edit: I’m gonna have her convert to btc. Almost .02 btc. A week ago it was like .007. Crazy rally.
I feel really good for not throwing all my money in to LC right now. Cause who likes to triple their money in a week. Not this guy apparently.
