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

Discussion in '[H]ard|OCP Front Page News' started by Megalith, Dec 12, 2017.

  1. Megalith

    Megalith 24-bit/48kHz Staff Member

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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.
     
  2. Merc1138

    Merc1138 [H]ard|Gawd

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    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.
     
  3. Spidey329

    Spidey329 [H]ardForum Junkie

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    >$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.
     
  4. PiERiT

    PiERiT 2[H]4U

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    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.
     
    Last edited: Dec 12, 2017
  5. tunatime

    tunatime 2[H]4U

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    Man i had 400 ltc back in the day
     
  6. MrTryfe

    MrTryfe Limp Gawd

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    Large salt deposits to be found on Hardforum in the near future, directly correlated with the amount of front page threads keeping track of cryptocurrency fluctuations.
     
  7. CombatChrisNC

    CombatChrisNC Gawd

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    No, because a 100% increase would mean $1 would have turned into $2. 9650% gain means $1 into $96.50 It's still insane though.
     
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  8. PiERiT

    PiERiT 2[H]4U

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    Oh, you're right. Turns out I suck at math. Probably part of the reason why I haven't profited off of any of this crap.
     
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  9. oldmanbal

    oldmanbal [H]ard|Gawd

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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.
     
  10. Spidey329

    Spidey329 [H]ardForum Junkie

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    Can you even still mine LTC on a GPU? I thought that died out (efficiency wise) years ago.
     
  11. triwolf

    triwolf Gawd

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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.
     
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  12. RogueTadhg

    RogueTadhg [H]ard|Gawd

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    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.
     
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  13. Spidey329

    Spidey329 [H]ardForum Junkie

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    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 ...
     
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  14. Dekoth-E-

    Dekoth-E- [H]ardness Supreme

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    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.
     
  15. triwolf

    triwolf Gawd

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    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.
     
  16. buttons

    buttons [H]ard|Gawd

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    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!
     
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  17. Kdawg

    Kdawg Gawd

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    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
     
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  18. Mugato

    Mugato Muh Feelz!

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    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!
     
  19. sfsuphysics

    sfsuphysics I don't get it

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    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.
     
  20. mnewxcv

    mnewxcv [H]ardness Supreme

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    Yikes.
     
  21. CAD4466HK

    CAD4466HK Gawd

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    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.
     
  22. david_

    david_ 2[H]4U

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    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.
     
  23. Trimlock

    Trimlock [H]ardForum Junkie

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    Ummm I have a few of these
     
  24. triwolf

    triwolf Gawd

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    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.
     
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  25. RogueTadhg

    RogueTadhg [H]ard|Gawd

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    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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  26. mnewxcv

    mnewxcv [H]ardness Supreme

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    If you have 557k doge, isn't that like 2k worth of usd?
     
  27. nysmo

    nysmo Gawd

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    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.
     
  28. Paladin21

    Paladin21 Limp Gawd

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    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.
     
  29. CAD4466HK

    CAD4466HK Gawd

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    Are you sure about that? I couldn't find a USD price on them. If that's the case, all I have to do is find my password for the dat. file. :)
     
  30. mnewxcv

    mnewxcv [H]ardness Supreme

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    just double checked and it does look that way.
     
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  31. /dev/null

    /dev/null [H]ardForum Junkie

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    The big problem with BTC is the transaction fees kill you on small purchases....
     
  32. Mugato

    Mugato Muh Feelz!

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    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.
     
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  33. nysmo

    nysmo Gawd

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    As long as you choose to be willfully ignorant I guess it'll never make sense to you
     
  34. kirbyrj

    kirbyrj Why oh why didn't I take the BLUE pill?

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    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)
     
  35. oldmanbal

    oldmanbal [H]ard|Gawd

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    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?
     
  36. GilmourD

    GilmourD [H]ardForum Junkie

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    It's Megalith. I'm surprised Kyle_Bennett hasn't tested his .50cal with him, yet.
     
  37. ep0x73

    ep0x73 2[H]4U

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    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.
     
  38. tetris42

    tetris42 [H]ardness Supreme

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    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.
     
  39. workshop35

    workshop35 Limp Gawd

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    Thats where the lightning network will come in
     
  40. DeathFromBelow

    DeathFromBelow [H]ardForum Junkie

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    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.