LTC Volume as High as BTC Today

[cylonmaker2053]

And finally and inevitably - the crash. Down over 30% the last 2 hours...

i was happy to sell into the hype and will start buying again when LTC is back below $3

[xeroc]

it seems @btswildpig was right all along:
https://blog.bitmex.com/chinese-promoter-pumping-litecoin-via-ponzi-scheme/

The 9 million Litecoin that the addresses has received represents 22% of the total Litecoin in existence. It is obvious now how the price can go from $1 to $8 in a month.

What is the promoter’s end goal here? The most plausible explanation is that they are cashing out via Bitcoin. They transfer a portion of the Litecoin received to a number of exchanges that have a liquid LTC/BTC market. They then sell the Bitcoin for RMB on the large Chinese exchanges. The selling pressure from the promoter explains why Bitcoin hasn’t followed Litecoin up towards $300.

[starspirit]

And finally and inevitably - the crash. Down over 30% the last 2 hours...

[BunkerChainLabs-DataSecurityNode]

They had to put their money somewhere until 2.0 comes out... make some profits pumping and dumping everyone into oblivion for the final exit to here.

delusion

Sorry you didn't get it was a joke. Sad. 

[cylonmaker2053]

Looks like high volume top

it would seem that way, but who knows how many more suckers can be pulled into the ponzi?

[Empirical1.2]

significantly form BTCE?look at the volume.
The pyramid scheme company point their customers to Huobi and OKCOIN for ltc trading.

I can't read that but Coinmarketcap says 44% of the volume ($17 500 000) has come from btce the last 24 hours http://coinmarketcap.com/currencies/litecoin/#markets

I also think btce has been one of if not the main volume leader throughout the LTC rise.

hmm. don't know why CM doesn't include okcoin's LTC/CNY pair.
okcoin's volume was 20 times than btce.

Well you're right their volume is interesting. Still I won't try guess the LTC high, I'll wait for a significant drop.

[Krills]

significantly form BTCE?look at the volume.
The pyramid scheme company point their customers to Huobi and OKCOIN for ltc trading.

I can't read that but Coinmarketcap says 44% of the volume ($17 500 000) has come from btce the last 24 hours http://coinmarketcap.com/currencies/litecoin/#markets

I also think btce has been one of if not the main volume leader throughout the LTC rise.

hmm. don't know why CM doesn't include okcoin's LTC/CNY pair.
okcoin's volume was 20 times than btce.

[jsidhu]

Looks like high volume top

[Empirical1.2]

significantly form BTCE?look at the volume.
The pyramid scheme company point their customers to Huobi and OKCOIN for ltc trading.

I can't read that but Coinmarketcap says 44% of the volume ($17 500 000) has come from btce the last 24 hours http://coinmarketcap.com/currencies/litecoin/#markets

I also think btce has been one of if not the main volume leader throughout the LTC rise.

Edit: Huobi seems to have massive volume but no trading fees so they've excluded it. I'm not sure what to make of that.

[Krills]

significantly form BTCE?look at the volume.
The pyramid scheme company point their customers to Huobi and OKCOIN for ltc trading.

[xeroc]

Litecoin is popular in both East and West & so got buying support from both during the Greek crisis and China's market problems, being no.2, Bitcoin having problems and the reward halving soon, all added up to perfect storm which is now feeding itself and sucking up BTC  and Alt-coin speculators. It's obviously in very bubbly territory now.  However if it gets into the $500-700 million CAP range then things could get interesting. You might start to get BTC fear feeding the bubble too. (All the headlines will be 'Could LTC replace BTC?' and BTC fanboys will start hedging BTC positions just in case.)

Prepare for inside story:

They finished implementing Midas and LTC will be traded at Mt.Gox soon(tm)!

[Empirical1.2]

yeah, technologically LTC ought to be more attractive than BTC, but that's always been the case; i wonder why now we're seeing such a big investment in the network? i should probably get over to their discussion board one of these days...

I mean price and volume don't lie. Obviously there are some whales pushing it. Question is why?
Another issue may be the fact that BTC couldn't even have a civil discussion on the block size limits. Imagine if LTC actually increases limits before BTC.

agreed...something's up with these volumes. my guess is either a handful of wealthier crypto investors or maybe even an institution or two are starting to buy into LTC. BTC does seem to have some dysfunction at the moment, which i can see causing some migration over to the next alternative in line...hopefully BTS ends up being on that short list!

Litecoin is still considered the next crypto-currency should Bitcoin run into problems and is also coming up to a block reward halving which could significantly reduce selling pressure.

Capital controls this weekend possibly for Greece could be good for all crypto too if it actually happens this time.

Litecoin is popular in both East and West & so got buying support from both during the Greek crisis and China's market problems, being no.2, Bitcoin having problems and the reward halving soon, all added up to perfect storm which is now feeding itself and sucking up BTC  and Alt-coin speculators. It's obviously in very bubbly territory now.  However if it gets into the $500-700 million CAP range then things could get interesting. You might start to get BTC fear feeding the bubble too. (All the headlines will be 'Could LTC replace BTC?' and BTC fanboys will start hedging BTC positions just in case.)

Just like the last LTC rise, which was also logical at the time. I got in early so I don't mind where the top is, even if I end up selling 30% off the highs, I'll still be a very,very happy man    (Not as happy as I could have been with BTSX - in August last year  BTSX was already worth more than  NXT+Ripple+Peercoin, popular in China and on track to wipe the floor with LTC and then the moon.)

http://8btc.com/thread-20406-1-1.html
It is because of a pyramid scheme from China,this company called "微莱科技” ask people buy at least 500ltc for them，and return them part of ltc daily,people can invite others for more return.
this is their LTC address http://qukuai.com/ltc/address/34Ae29qWAhGGTw3cSNkPygiwsgKbbCatou
you can see many 500 ltc income.

that's effing nuts! thx for the intel...it makes me more conformable continuing my LTC-->BTS conversions with every price jump.

The Litecoin volume has also come significantly from btce, I don't think the pyramid scheme has played a major factor.

[cylonmaker2053]

http://8btc.com/thread-20406-1-1.html
It is because of a pyramid scheme from China,this company called "微莱科技” ask people buy at least 500ltc for them，and return them part of ltc daily,people can invite others for more return.
this is their LTC address http://qukuai.com/ltc/address/34Ae29qWAhGGTw3cSNkPygiwsgKbbCatou
you can see many 500 ltc income.

that's effing nuts! thx for the intel...it makes me more conformable continuing my LTC-->BTS conversions with every price jump.

[Krills]

They had to put their money somewhere until 2.0 comes out... make some profits pumping and dumping everyone into oblivion for the final exit to here.

delusion

[Krills]

http://8btc.com/thread-20406-1-1.html
It is because of a pyramid scheme from China,this company called "微莱科技” ask people buy at least 500ltc for them，and return them part of ltc daily,people can invite others for more return.
this is one of their LTC address http://qukuai.com/ltc/address/34Ae29qWAhGGTw3cSNkPygiwsgKbbCatou
you can see many 500 ltc income.