Litecoin, Bitcoin’s Fourth-Biggest Rival, Is up Nearly 5,800 Percent This Year

Megalith

Megalith

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Litecoin, the fourth-largest cryptocurrency in the world by value, has hit a record high and rallied nearly 5,800 percent this year, beating rival bitcoin's rise. The price of litecoin reached an all-time high of $255.42 on Tuesday. Litecoin was trading at $4.36 January 1.

There is a limited supply of 84 million litecoins, compared to 21 million bitcoin. Currently, 54,268,358 litecoin and 16,736,137 bitcoin are in circulation. Litecoin transactions take just over two minutes to go through, compared to an average of around nearly 300 minutes for bitcoin.
 
Ok, now this is just getting silly with the reporting of all time highs and what not for coins. You just posted this, and the current 24hr high is $349 with a current price floating around $325. You gotta at least make sure it's reasonably close to current when posting.
 
>$255.42

I literally just checked it a few days back and it was at $105 or something.

I don't feel too bad with this. I did some spring cleaning a few months back to see what balances my cold wallets had. Turns out, I never transferred to Bitcoin and still hold Litecoin. Whoops? Maybe not.
 
Right now it's up 9650% this year, according to Coinbase. In other words, if you bought $1 of LTC a year ago, it'd be worth $9650 right now.

Edit: I must have slept through elementary school math, pay no attention to me.
 
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This is all just trickle down from Bitcoin. Also, anything you can mine on a consumer GPU is going to continue to see market share gain since the everyman will continue to carve a niche everywhere and anywhere he can get his little gpu that could to pump out some overnight hash.
 
oldmanbal said:
This is all just trickle down from Bitcoin. Also, anything you can mine on a consumer GPU is going to continue to see market share gain since the everyman will continue to carve a niche everywhere and anywhere he can get his little gpu that could to pump out some overnight hash.
Click to expand...

Can you even still mine LTC on a GPU? I thought that died out (efficiency wise) years ago.
 
Spidey329 said:
Can you even still mine LTC on a GPU? I thought that died out (efficiency wise) years ago.
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Check some online calculators, you would need lots of hash to make it worthwhile. Best bet is to mine something you research that seems to be a good long term bet. You could then trade those for litecoin, except now you will get way less with the price increase. Best bet is to find a few coins you like and invest or mine and hope they go up. It's sort of like a lottery, gamble only as much as you can lose.
 
oldmanbal said:
This is all just trickle down from Bitcoin. Also, anything you can mine on a consumer GPU is going to continue to see market share gain since the everyman will continue to carve a niche everywhere and anywhere he can get his little gpu that could to pump out some overnight hash.
Click to expand...
I don't know how you did that, but you made it sound like we're making meth in our basements.

...Not that I do.
 
So today I decided to check in on my wallets from coins I mined in 2014. I found a spreadsheet that I had forgotten about. Turns out, I have more wallets that I completely forgot about. Bitcoin, Litecoin, Dogecoin, and a few others.

The downside? I created a puzzle to decrypt the wallet keys. So now it's like a multi-thousand dollar game of trying to decipher the cryptic clues I've left for myself in 2014. Sometimes i wonder about my brain ...
 
I'm badly hoping Litecoin does at least half of what bitcoin does since I missed the bitcoin train. I bought about 100 Litecoin a year ago at a touch over $1 a pop.
 
Spidey329 said:
So today I decided to check in on my wallets from coins I mined in 2014. I found a spreadsheet that I had forgotten about. Turns out, I have more wallets that I completely forgot about. Bitcoin, Litecoin, Dogecoin, and a few others.

The downside? I created a puzzle to decrypt the wallet keys. So now it's like a multi-thousand dollar game of trying to decipher the cryptic clues I've left for myself in 2014. Sometimes i wonder about my brain ...
Click to expand...
Best of luck to you, you could try hypnosis, I really do hope you get your coins unlocked. I would suggest setting a long password that is hard to break and hard to forget. Also use it in a way that you have to actually type it in occasionally. Always just have a clear head, if it goes to one million or zero, at least have a chance by having your wallets and passwords.

Remember that the coins were meant to be very divisible, so even a little bit could have value at some point.

When the market swings way down is the worst. I bet lots of people have deleted or lost wallets worth millions.
 
This is the last straw for me. I am just going to point my miners at every new coin, save a thousand of them on some flash drives - lock them in a safe and not peek for a year! I sold 24 eth last year for $260. that eth today is $15,500. I sold 300 bitcoins for $5 each.... I sold Litecoins for $10-20 each. I sold dogecoins for .00000000000000005 each the list goes on and on!
 
man. If I just put in $20000 one year ago, I would have a nice damn $1M house. for the price of a car.

Dear God, or Santa
Please give me a time machine
 
I say buy still, even if it’s 20$ a week, pretty much what I’m doing and mining around .2 eth a month with a small setup, then exchanging for different coins and sitting on them. Here’s part of the reason LTC went gangbusters and why I switched everything except the little stuff to it around a month ago: (last I heard anyway) LTC will be partnering with a wordpress plugin dev to accept currency, as wordpress is millions of websites, a TON of vendors will use this plugin. I wonder what will happen with PCI compliance? You’ll probably just need a privacy and terms policy!
 
So seems like smart money is to buy a set amount of all the available "coins" out there in equal fashions, and for every 10 that flop you get 1 that does this 6000% increase stuff and it makes it all profitable in the end. Of course that's assuming they are purchasable on some market somewhere.
 
buttons said:
This is the last straw for me. I am just going to point my miners at every new coin, save a thousand of them on some flash drives - lock them in a safe and not peek for a year! I sold 24 eth last year for $260. that eth today is $15,500. I sold 300 bitcoins for $5 each.... I sold Litecoins for $10-20 each. I sold dogecoins for .00000000000000005 each the list goes on and on!
Click to expand...

Yikes.
 
Found my box of jump drives and looked for my old wallets after reading this post and discovered I wrote the amounts in Sharpie.
2 Lite coins(whoot!) and 557,000 Doge(lol). The amount of Doge I have was worth about $50 and then it crashed hard and I said fuck it.
Wonder how much their worth now?

Edit: 1 Doge is worth 0.0001900 mBTC . I think the jump drive is worth more than the Doge lol.
 
I have 1.45 sitting on my desktop encrypted with a password I'll never remember from 4 years ago.

So I just bought 1.5 so I can still take the ride, good or bad, and not feel too terrible about my lost 1.45.

I know this makes no sense, but now I feel better.
 
buttons said:
This is the last straw for me. I am just going to point my miners at every new coin, save a thousand of them on some flash drives - lock them in a safe and not peek for a year!
Click to expand...
That is the hold on for dear life (HODL) strategy, combined with investing in multiple types of investments (coins) known as hedging and is what smart investors do. Nothing is a sure bet, so spread it out, greater chance for success. The ride's not over, you can still win big.
 
Mugato said:
I say buy still, even if it’s 20$ a week, pretty much what I’m doing and mining around .2 eth a month with a small setup, then exchanging for different coins and sitting on them. Here’s part of the reason LTC went gangbusters and why I switched everything except the little stuff to it around a month ago: (last I heard anyway) LTC will be partnering with a wordpress plugin dev to accept currency, as wordpress is millions of websites, a TON of vendors will use this plugin. I wonder what will happen with PCI compliance? You’ll probably just need a privacy and terms policy!
Click to expand...

This is the type of news that [H] needs to post. Not the "Oh shit, the price is rising!"

Anyone whose been on [H] for the last month will have heard of the coins by now :p
 
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CAD4466HK said:
Found my box of jump drives and looked for my old wallets after reading this post and discovered I wrote the amounts in Sharpie.
2 Lite coins(whoot!) and 557,000 Doge(lol). The amount of Doge I have was worth about $50 and then it crashed hard and I said fuck it.
Wonder how much their worth now?

Edit: 1 Doge is worth 0.0001900 mBTC . I think the jump drive is worth more than the Doge lol.
Click to expand...

If you have 557k doge, isn't that like 2k worth of usd?
 
triwolf said:
That is the hold on for dear life (HODL) strategy, combined with investing in multiple types of investments (coins) known as hedging and is what smart investors do. Nothing is a sure bet, so spread it out, greater chance for success. The ride's not over, you can still win big.
Click to expand...
Honestly I do not see a future in multiple cryptocurrencies. BTC does everything anyone needs it to do. Universally acceptable & has actual value. All of these other coins exist solely to capitalize on BTC's rise, and the only reason anyone buys them is to try and "win big" and cash out for USD as you put it. BTC investors hold on with the possibility that BTC becomes a legitimized currency in the eyes of the world that can be used to buy and sell things on a regular basis, not just dump for whatever fiat currency your homeland uses.
 
Until crypto shakes out into a stable trading range (which may or may not ever happen), it's never going to be a legitimate currency. Currency is very stable and has (absent large-scale socio-political issues) a very narrow trading range. Banks and businesses accept it because they know that when they post a price today, they'll make money at that price tomorrow. With the wide swings in crypto value right now, it's just not a reasonable option, even disregarding issues with transaction processing time.

I see a long future for blockchain tech in a variety of roles, but it's half-baked at best right now for a currency.
 
nysmo said:
Honestly I do not see a future in multiple cryptocurrencies. BTC does everything anyone needs it to do. Universally acceptable & has actual value. All of these other coins exist solely to capitalize on BTC's rise, and the only reason anyone buys them is to try and "win big" and cash out for USD as you put it. BTC investors hold on with the possibility that BTC becomes a legitimized currency in the eyes of the world that can be used to buy and sell things on a regular basis, not just dump for whatever fiat currency your homeland uses.
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The big problem with BTC is the transaction fees kill you on small purchases....
 
/dev/null said:
The big problem with BTC is the transaction fees kill you on small purchases....
Click to expand...

I know, it feels almost pointless doesn’t it? I mean, if I want to trade say Ethereum into BTC it’s like 100$ USD of ETH gets you what 29$ in BTC? How does that make any sense at all, how are you going to use this for everyday purchases? A cup of coffee is 4.25 with a 25$ transaction fee that takes 4 hours? That’s why I’m thinking LTC will be the way to go.
 
Mugato said:
I know, it feels almost pointless doesn’t it? I mean, if I want to trade say Ethereum into BTC it’s like 100$ USD of ETH gets you what 29$ in BTC? How does that make any sense at all, how are you going to use this for everyday purchases? A cup of coffee is 4.25 with a 25$ transaction fee that takes 4 hours? That’s why I’m thinking LTC will be the way to go.
Click to expand...
As long as you choose to be willfully ignorant I guess it'll never make sense to you
 
Spidey329 said:
So today I decided to check in on my wallets from coins I mined in 2014. I found a spreadsheet that I had forgotten about. Turns out, I have more wallets that I completely forgot about. Bitcoin, Litecoin, Dogecoin, and a few others.

The downside? I created a puzzle to decrypt the wallet keys. So now it's like a multi-thousand dollar game of trying to decipher the cryptic clues I've left for myself in 2014. Sometimes i wonder about my brain ...
Click to expand...

I logged back into Coinbase for the first time in 3 years and found that I left some remainder of BTC that wasn't worth cashing out back then. Now it's worth $250 (y)
 
RogueTadhg said:
I don't know how you did that, but you made it sound like we're making meth in our basements.

...Not that I do.
Click to expand...

To support your meth obsession, I'm limited to 2 psuedoephedrine products a month at my pharmacy a month and must show state ID and sign for them. Newegg also limits me to 2 videocards in a lot of situations. . .coincidence?
 
Mined litecoin for a few months in a group and made about 1 coin in that time, what a waste of time and energy.
You won't get rich off a modest home computer, that is certain.
 
nysmo said:
As long as you choose to be willfully ignorant I guess it'll never make sense to you
Click to expand...
I can't speak for the poster, but I don't consider anything willful about what he just said. You seem to think his statement is so far off base to the point of sticking his head in the sand. What exactly is going to bring down bitcoin transaction fees to the point of it being usable as a currency and not just an investment medium? By all means, tell us. You can count me as ignorant on this, but not intentionally so.
 
Kdawg said:
man. If I just put in $20000 one year ago, I would have a nice damn $1M house. for the price of a car.
Click to expand...

Not unless the seller happened to take cryptocurrency as a form of payment. Between the withdrawal limits and long processing times its difficult to actually convert large amounts of cryptocurrency into dollars.
 
tetris42 said:
I can't speak for the poster, but I don't consider anything willful about what he just said.
Click to expand...

He said it costs $25 to buy a $4 coffee with bitcoin. That is ignorant, and there is no point in talking to someone like that who clearly hasnt done the first inkling of research into bitcoin, fees, how it works, etc. He saw a forum post like this somewhere else and latched on because it tickled his troll bone.

As for the future if bitcoin, yeah it is turning more into an investment like gold than actual currency since people are just trying to hoard it. Personally I think it is certainly way overvalued and it cant be used as currency in its given turmoil, but I'd like to see it as such one day if things can settle down.
 
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