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RE: ??? Crypto Questions #3 - Litecoin
Hey man,
Couple of questions:
- Why do you think Litecoin is more stable than other cryptocurrencies?
- What do you mean when you say a coin is "technically better" than another?
- How do you think "Litecoin" is better than Bitcoin?
I'm all for cryptocurrency analysis and trading! And I appreciate you writing a series of 3 posts on this, but honestly they seem to be promoting a "pump-and-dump' of Litecoin without answering these questions...
Hi to address your question's,
I think litecoin is more stable than some other cryptocurrencies mainly because of how long it has been around compared to say like Dash or Monero and it has always had a lot of support . also if you look at the markets through april to june where everything blew up spectacularly , litecoins gains were a far cry from alot of coins that grew 100+ times in value, we can see this again in the support that it is still receiving through this crash, yes lite coin is down but it is fairing a hell of a lot better than others.
My answer to your next question kinda ties in with the first because it's the better technology that is helping to keep it stable as well.
By technically better im talking about the features the coin has, the most relevant right now because of what is happening to bitcoin is Segwit. The hole bitcoin fiasco is centred around scaling issues with transaction fees and times, but the solution bitcoin is proposing has already been implemented by Litecoin. and there are many things in the pipeline like its proposed implementation of the 'lightening network' that are keeping litecoin ahead in my mind .
I think i've kinda covered your last question from the points i made above as to why i think Litecoin is better, but i also think it has the most room for growth in the near to mid term giving us a higher return on our money.
I do want to add though that i don't think for a second that bitcoin is being moved off its top spot anytime soon as its has already established itself as recognised brand, anyone i talk to about cryptos always say "whats Litecoin ?, Dont you mean Bitcoin ??"
I see your point now and I like your explanations. Honestly you should include this breakdown in the post, it's more useful and informative!
However, I would also caution against looking at past trends as a prediction of the future. The bubble that burst recently was fueled by a lot of speculation and the word on the street. Perhaps Litecoin managed to relatively escape this because there wasn't that much attention given to it. But as we saw from other currencies, no matter how much support a coin has, speculation can always create a bubble. Litecoin is not immune to that in the future.
Thanks for the advice, and i completely agree that we need to be cautious of speculation bubbles especially since this is all so new to many people who are just hearing on the local news about bitcoin millionaires, and are scrambling to throw money at it without much thought.