LITECOIN PARTNERSHIP WITH FACEBOOK? For now, it's one hell of a rumor.steemCreated with Sketch.

in #cryptocurrency7 years ago (edited)

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oxforddictionaries.com

First Of All


The market has been in decline the past 5 days, and after the very poor showing of the past 24 hours, many commentators1 have begun to speculate that this is the start of the correction.

Another Explanation


Now there may be another theory. Before the sharp decline in the price of BTC from $174002 to $145002, two events shook the market.

First, there was the unexpected addition of Bitcoin Cash to CoinBase, which stopped BTC in its tracks and drove BCH through the ceiling to over $4000 on Bittrex. The price was even higher on GDAX, with trading briefly above $9000 per share.
Then, news broke that Charlie Lee, the founder of Litecoin, had sold his entire stake in his own creation at around $300, near LTC's all-time high. Though he stated his reasons for doing so, Lee's action was seen by many as a Crypto-Titan jumping ship in anticipation of sharp price declines.

Rumors


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zerohedge.com

Around 10 hours before the time of this article's writing, rumors began to circulate that Facebook was planning to incorporate LTC-based payment support into its messenger service. This cast Lee's selloff in a new light; perhaps he was contractually bound to sell in order to avoid any conflicts of interest. In the hours since, Litecoin's price has risen from a trough of $2732 to current trading prices just above $3002

The volume of the rumors on has risen in the hours since with much rehashing of the same information happening on Twitter, but neither Lee nor Facebook have come forward to confirm or deny. While one can understand an unwillingness on both of their parts to confirm such news earlier than planned, it's hard to see why they would fail to deny the rumors if they weren't true.

This is, of course, as yet, nothing but speculation.

Possible Fallout


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entrackr.com

Needless to say, if the it turns out to be true, LTC will be flying direct to the moon. While large corporations have announced cryptocurrency partnerships/endorsements in the past —such as KIK's upcoming ICO with Stellar, previously Ripple—, no company with anywhere near Facebook's size or visibility has done so.

Staying Informed


When news breaks, whether it be confirmation or denial, it will do so in one (if denial) or all (if confirmation) of the following places:

Notes — Links — Jargon


1 - CoinDesk | BitcoinMagazine | CryptoCoinNews | Fortune | Forbes | Investopedia | CNBC
2 - prices quoted as seen on Bittrex
Links:
My Blog
Hire Me

Disclaimer: Nothing read herein is to be taken as investment advice. Always do your own research before investing.
Disclosure: I own LTC

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Lol I know you posted this rumor yourself to just make that extra cash in the litecoin market yourself and also to get something posted here to make you a few extra bucks also.

Wow, where did you hear this rumor? Sources?
Wow, Bow WoW!

The rumor began as a comment on an article on zerohedge.com (linked in the post, I'll link again here). The commenter seemed to be pointing out the convenient timing of

  1. Charlie Lee's selloff
  2. Facebook's messaging executive joining the CoinBase board of directors (coinbase sells litecoin)
  3. Lee's mention of 'conflicts of interest'

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