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Litecoin has lost half its value since the creator sold all of his stake

19 points by everdev 9y ago

maxander 9y ago
Judging by the chart, the writer probably had this ready to go for awhile and set an alarm for the precise moment that a random price fluctuation finally put it below the 50% mark. That, and of course the price is going down in general, but that's because it's no longer December 2017, doesn't necessarily have anything to do with the creator's sellout.
- seehafer 9y ago
  Then again, going on CNBC and touting your coin as the next big thing and then selling your stake a few days later... there's a reason we've banned that kind of behavior in securities markets for decades.
threepadstack 9y ago
what this article fails to mention is that, while litecoin's price has halved since charlie lee sold all of his stake, so has bitcoin. the entire market has corrected, at its peak the crypto market cap was at ~$850 billion, right now its at ~$500 billion
- geezerjay 9y ago
  By "corrected" surely you mean "entered the dump stage of a pump-and-dump scheme". That's essentially the underlying story of litecoin and the common thread of all so called cryptocurrencies.
  - coralreef 9y ago
    Yeah, an unhackable protocol that is decentralized and solves the double spend problem has no value to society whatsoever.
    - mayank 9y ago
      > an unhackable* protocol * unhackable except for the 51% attack. Decentralized does not mean invulnerable. > ...solves the double spend problem has no value to society The value of a cryptocoin reflects people's belief in the ROI of holding on to it, rather than how "good" to society it can be.
      - carlmr 9y ago
        Like you I believe it's a pump and dump. I still believe we're discovering valuable technology. This is like the first motor-drawn-carriage that went at nimble walking speed. It led to proper cars about 20 years later. I think we'll see a lot of iterations and people losing their money in the next few years, until we've figured out how to make the currency slightly inflationary. Which is what is needed to actually make it a currency that people use. Pretty much every government knows that deflation is bad for spending, because hoarding means making money. Too much inflation and people don't want to save for big purchases because they're losing too much. Slight inflation (e.g. 1%) is the golden middle. We could maybe have an algorithm that achieves this somehow by regulating the crypto supply to make it grow at a rate of 1% (+ the losses in crypto going out of circulation via people losing their private keys).
  - threepadstack 9y ago
    you can say the same thing about the stock market, its been rigged for decades
  - aje403 9y ago
    By "entered the dump stage of a pump-and-dump scheme" you mean "printed off digital, counterfeit currency and tricked the media and gullible people into thinking it's the next internet" (not discounting that the technology will likely value in the future).

19 points by everdev 9y ago

Judging by the chart, the writer probably had this ready to go for awhile and set an alarm for the precise moment that a random price fluctuation finally put it below the 50% mark. That, and of course the price is going down in general, but that's because it's no longer December 2017, doesn't necessarily have anything to do with the creator's sellout.

seehafer 9y ago
Then again, going on CNBC and touting your coin as the next big thing and then selling your stake a few days later... there's a reason we've banned that kind of behavior in securities markets for decades.

threepadstack 9y ago

what this article fails to mention is that, while litecoin's price has halved since charlie lee sold all of his stake, so has bitcoin. the entire market has corrected, at its peak the crypto market cap was at ~$850 billion, right now its at ~$500 billion

geezerjay 9y ago
By "corrected" surely you mean "entered the dump stage of a pump-and-dump scheme". That's essentially the underlying story of litecoin and the common thread of all so called cryptocurrencies.
- coralreef 9y ago
  Yeah, an unhackable protocol that is decentralized and solves the double spend problem has no value to society whatsoever.
  - mayank 9y ago
    > an unhackable* protocol * unhackable except for the 51% attack. Decentralized does not mean invulnerable. > ...solves the double spend problem has no value to society The value of a cryptocoin reflects people's belief in the ROI of holding on to it, rather than how "good" to society it can be.
    - carlmr 9y ago
      Like you I believe it's a pump and dump. I still believe we're discovering valuable technology. This is like the first motor-drawn-carriage that went at nimble walking speed. It led to proper cars about 20 years later. I think we'll see a lot of iterations and people losing their money in the next few years, until we've figured out how to make the currency slightly inflationary. Which is what is needed to actually make it a currency that people use. Pretty much every government knows that deflation is bad for spending, because hoarding means making money. Too much inflation and people don't want to save for big purchases because they're losing too much. Slight inflation (e.g. 1%) is the golden middle. We could maybe have an algorithm that achieves this somehow by regulating the crypto supply to make it grow at a rate of 1% (+ the losses in crypto going out of circulation via people losing their private keys).
- threepadstack 9y ago
  you can say the same thing about the stock market, its been rigged for decades
- aje403 9y ago
  By "entered the dump stage of a pump-and-dump scheme" you mean "printed off digital, counterfeit currency and tricked the media and gullible people into thinking it's the next internet" (not discounting that the technology will likely value in the future).