It may be time to buy some LTC again. Here’s why. The golden rules for altcoin trading.

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Litecoin price in BTC on the btc-e exchange, for as long as bitcoinwisdom.com can remember. We are at about all time lows.

This blog post is a glorified (with some images and minor changes) copy pasta of my post on /r/cryptomarkets.

LTC – how low can it go? It might be time to take a shot with LTC for a potential bitcoin profit.

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Past performance is no indication of future…oh whatever. Let’s get some LTC. 1) it’s old 2) its inflation rate is very slow 3) it’s not bitcoin 4) historically speaking, this is an OK price.  5) LTC enjoys special status in the cryptocurrency world as a secondary market, and should always be watched out of the corner of one’s greedy eye.

I have done this with LTC a few times – the best of which was last November. Priced in BTC, it is now near parity with DRK and below .01 … which isn’t far from the price I think I paid for a bunch of LTC right before the boom in November, when I started writing about trading in /r/cryptomarkets with “the golden rules for alt trading.”

One thing that makes LTC different from other scrypt alts is its very slow ditribution – it’s just as slow as bitcoin. To me, that makes it still attractive as a swing trade, because big investors are probably thinking about it. What do y’all think?

BTW, just looked. I decided to buy lots off LTC last year at .008, and it’s not far from this mark. I wrote the golden rules to this sub from a 5-star hotel (I don’t stay in those) thanks to that trade. Good times…

Avoid the 5 Common Mistakes of Altcoin Traders

heh.

A reminder to myself and others that Protoshares is a scamcoin

I couldn’t believe my eyes.  There it was at #8 on coinmarketcap.com – Protoshares, the latest and greatest of digital currencies for “regular folks.”

I was stunned to see it placing above XPM, but couldn’t exactly recall why I hated protoshares from the get go.  I only had to poke around their website for 4 or 6 minutes to remind myself why Protoshares is an inane cash grab based on an old bitcoin scam trick (the old “pre-order”) that only normal humans would fall for.

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Here’s what I did.  I went to the website and looked at the front page.  There was the initial objection staring me in the face – the abhorrent speed at which Protoshares distributes currency to early adopters.  No wonder why it hit market cap so quickly! It was invented last week and already 1/4 in circulation!  Just kidding, judge for yourself, here’s a screen cap below from their website:

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Wow, if you mined Protoshares for that first ten weeks, you would be rich!  That’s why everyone likes it.  Ok, great, case closed, or…

…perhaps Protoshares has an excuse for this ridiculous rate of introduction. It says here on the front page, somewhere beneath the bald faced lie “”We never mine anything until everyone else can too…” that there’s a reason for this ridiculous premine garbage, being:

“This schedule was chosen because ProtoShares is not a currency play but a speculation play on the future value of BitShares and BitShares should be fully developed and deployed within 6 months to 1 year.”

Oh! The old BUTTERFLY LABS TRICK. The ol’ preorder bitcoin scamzilla. Classic trick.  Let’s not buy bitcoin, a revolutionary asset class of its own, whose value is breaking price ceilings of our wildest dreams for 3 years strong – let’s forget bitcoin, and instead let’s bet on a promise from a stranger for an even better thing at a later time.

I would do this only if I were extremely high on a drug that made me temporarily very stupid.  This is classic bitcoin BS, so do not be fooled by this “oldest trick in the book.”  Protoshares has proven at this very early stage in my investigation to be completely insane and devoid of value.

But I gave it a chance – I followed the links to BitShares thinking…maybe it will sort of make sense. But it didn’t.  I have screen capped the brochure for you with some comments (above) and left links for the interested readers.  Feel free to use protoshares to profit off others in the markets, but don’t expect this joke to exist for too long.

I mean with Protoshares you’re…you’re not participating in a classic bullshit premine scam.  You’re premining for shares of a currency that hasn’t been invented yet…it’s cool, it’s all in the “October newsletter.”  But where the hell is the November newsletter?

Protoshares website: http://invictus-innovations.com/protoshares/

Crappy newsletter: http://static.squarespace.com/static/51fb043ee4b0608e46483caf/t/5270b93ee4b08363c17ae93b/1383119166043/News%20Letter%2001b%20-%20October,%202013.pdf

Donations:

BTC:  17NA1jYg5u6ejboArdM7HW4MwSa6cWfnEd

LTC: LQ1XbTGMiNfL4tQoqA3doVKwUDEuddSpRx

XPM: AejVQ34ntJAwUhebe7GMtC8aQ2oPg4bHDf

PPC: PQzT1tFMB5ECbQPhp41R5cTc7jpbgGUDfb