Why I Sold All My LTC Just Now :(

#1

Hi everyone,

This is officially my first post, and I only joined because I’m highly emotional at this point and need to warn other newbie investors.

I was on various forums where people were touting their cryptocurrency success stories. So I wanted to try it out. I did some research and some people said on forums that LTC was going to $50 because segwit was going to be activated. I did more research and it looked like everyone hyped it up a lot and it seemed like a sure thing.

I bought 200 LTC when it was at $15 and didn’t sell when it hit $16 because I waited for SegWit.

Then when it finally locked in a few hours ago, THE PRICE SUDDENLY DOVE SO HARD. I quickly turned to reddit and saw everyone jeering cruelly at investors who bought LTC for the hype! It was like some kind of cruel joke and all the major LTC people who were happy for segwit all jeered and said the price was going to fall to $2 and that investors who were looking for quick cash are stupid.

I cried so hard because I kept checking and LTC fell and fell to 13.6! $2 was inevitable! So to save my investment or what was left of it, I sold everything just now. . .

People are so cruel that they would do this. I don’t know why hype it up just to trick noobs? It’s real money!

I just want to warn any new investors. . . Don’t buy the hype – do more careful research. If something seems too good to be true, do more research. Just because segwit gets activated, doesn’t mean price will go up :frowning: :(.

#2

Damn man that suxx, but anyways doing other cryptos is much more profitable anways

#3

Hmm sorry to hear that. Trading and investing in crypto definitely can’t be done without a lot of research.
It’s not a cruel trick to scam newbies, it’s just that you weren’t informed enough I believe.
It’s always ufnortunate to lose money but you’ve gained an experience and you can always profit next time - don’t give up crypto yet!

#4

But you found the secret to sustainable trading/investing all by yourself !!! If you want to dwell further into the subject of “The Madness of the Croud” / “Contrary Opinion” there are many good books out there.

#5

You are the “weak hand” everyone is talking about

#6

I don’t know why you would say this?

Yes it was dumb to invest on hype. But there’s no need to kick a dead horse when it is dead.

I’m just trying to warn others of my mistake rather than keeping my loss to myself and acting with pride like nothing’s wrong.

No one else should buy LTC. No one all should believe people like you.

#7

Not trying to be a dick but your behaviour is what the term “weak hand” refers to, best to learn from these things we’ve all done it!

Market makers shake up the price after a big news event (buy the rumour sell the fact) weak hands panic and sell off soon as they see a small price drop and the whales pick up cheap coins.

If you believe in the fundamentals of a coin you should have faith in your investment, if you panic at every single price drop you will miss the big moves up, LTC is already recovering and will likely exceed the price you paid for yours, if you had a stronger hand and held you may have come out on top.

It’s why people are always saying don’t invest more than you can afford, if you over extend yourself you will be trading emotionally and that’s a recipe for disaster.

Take it as a lesson learnt and do better next time if you still want to be in the crypto space.

#8

Okay, I understand now. Thank you for your explanation.

I honestly don’t think this is the case. Segwit locking in is big news because it can’t not activate now. That should have driven the price up above what it was before. It’s a large milestone in LTC.

For the price to drop means that something else happened, like perhaps everyone moved to BTC because they realized that LTC was worthless after segwit happened.

It’s for these reasons that I also dropped all my LTC.

LTC is not recovering. It’s still dipping at 14.00 to 13.xx and maybe sometimes reaches 14.70ish.

There’s nothing to have faith in. I think prices were up before just because it was a popcorn show between Jihan and Charlie, and now the entertainment is over, and LTC’s true value is showing because segwit is a 100% truth, and now we see the real price.

I don’t recommend that you stick with your LTC, nor do I recommend anyone buy LTC. It’s good to ride the hype, when there’s hype. But like I said, the drama is over and the Star Wars battle has finished.

I will try to invest in something else when I do more research. But not LTC. Unless some other nice drama happens that seems popcorn-worthy, then I won’t be coming back to LTC.

But I see you still have faith in litecoin, and I guess that’s okay. In a couple of weeks or a month, I will revisit my thread and if the price is above that which I bought, you can say “i told you so.” but if it is back to $4 or $10, then I will be correct.

Ty again for your input.

I will also read up on whales and strong hands and weak hands.

#9

You may also want to do a quick google search for “fear of missing out” aka FOMO

While you are at it, also check out the term “trolling”

One poor example of trolling is when an alleged “new” user shows up to a forum, tries to spread fear, uncertainty, and doubt, and then spouts something ridiculous like “LTC has no future, it will never recover, that is the 100% truth bleh bleh puke…”

Thanks for the good laugh by the way, your story is 100% hot garbage. Let’s see how falsely offended you act and maybe I can find some sweet memes for you. I do my best to find good memes for quality trolls…

#10

Never sell LTC, i remember BTC went down from $1250 to $150 2015 if am not mistaken, and now look at it @ $1300 same thing is gonna happen to LTC or even better is not going back just to $47 but higher number.

#11

I can always screenshot my orders for LTC. Or you can blindly believe in LTC and I just shake my head and sigh. I mean, I’m out. You’re still in. That’s on you, not me. I was mature enough to take my loss and stop it before it got worse. Then I tried warning others. You just want everyone to be in the same boat as you.

#12

BTC went down to $150 from $1000? Wow I didn’t know that.

I’m really new to crypto but I thought BTC had always been on the steady rise. I wish I had bought some in 2011. Then I would be like one of those early shareholders from Microsoft :D.

If BTC goes down to $150 again. . . I would have rather bought that.

#13

Your orders prove nothing.

If your story had any truth to it at all, and if $3,000 actually represented a large portion of your “investment” capital, then what you did was nothing short of casino gambling. Are you actually trying to profit off of short term trading or even day trading cryptos? So you think it’s OK if the price runs up, and you dump coins on somebody else for a tidy profit then that is A-OK but if the price falls, that is not acceptable?

Nobody feels sorry for you. Deal with it.

#14

I don’t understand your logic. Who would be buying your LTC when you decide to sell them, are you not concerned with someone else’s loss when you profit from a trade?
I personally bought LTC at or below $4 and sold some as the price moved upwards, in fact you probably bought some of mine at $15. The real concern here is would you feel bad selling your coin at $50 if it peaks at that price, my guess is not likely, yet you are here trying to persuade people against investing since you made a terrible judgment with dollar signs in your eyes.
Bottom line–
Don’t ever invest short term on a rumor unless you are willing to lose, do your proper research. This research includes prior gains relative to news events as well as upgrades in coin code.
BTW the price will go up, just likely not overnight. My prediction is $75+ by the end of this year.

#15
#16

You sound exactly like I thought you were. Just plain mean.

As I said, I got into crypto trading, which even people who reply to this thread do because they say they bought LTC at $4 and sold at $15.

There’s nothing wrong with buying low and selling high, no idea what your problem is.

And I don’t see how I’m dumping my LTC onto someone else? Even if I was able to buy LTC at 13 and dump at 14, the person who bought my LTC didn’t buy at 13 so they wouldn’t be at a loss???

#17

As I said to the guy above you, why should anyone feel bad about selling LTC? Someone agreed to buy it at that price. They’re not at a loss because they have no history with LTC.

It’s like when I bought bitcoins to buy LTC. I traded USD on coinbase to get BTC at whatever high price it was, cuz I didn’t care. I was able to buy LTC at the current price.

Not everyone who buys crypto is in it for trading. They do it for transactional stuff, as in they buy it then offload it without experiencing a price difference.

You and the other guy seem to assume everyone is buying crypto to trade with it, which makes no sense.

So no I wouldn’t feel bad for offloading crypto for a higher value than I bought it for, if I’m selling it for the current market value.

And yes I’d still like to warn people not to buy LTC (FOR TRADING PURPOSES) because it’s just going to go down from here.

If it goes to $75, I’d be surprised. But if LTC goes to $75, I bet everything else went up to x,xxx… so yeah.

#18

EckhartJV, sorry to write that, but you’ve made a too-late-panic-buy and now try to blame LTC because of your too-late-panic-buy&weak-hands-sale. No matter what coin you would have bought according to such scheme you will always lose (imagine you bought bitcoin during last bubble (~$1000), and then sold it when price dropped. Now, you would have made a profit, BUT… a weak-hands-sale had occured…).

#19

seems like a noobs trading mistake for me…we all have made them…every coin rises in price based on hype happened with both eth and dash before it did with litecoin…happens every day with bitcoin…I remember when trump was elected bitcoin went form 900 to 1200 then back to 850 then abck to 9…ITS TRADING MAN…NOT A DANG BANK…you want security for you funds buy some tether…its 1:1 with the us dollar…otherwise price volatility and hype is the name oif the game…maybe trading is not for you if your gonna get pissed off your first loss and not just wait until the price goes back up…

when the price goes down…that is the time to buy more not sell because your panicking…matter of fact the price is back at $15 right now…so an irrational decision to sell cost you even more

#20

SegWit isn’t active yet…you apparently didnt do the research your telling others to do…btw price is over $15 now and rising so apparently you don’t understand how the market works…its based off buying and selling and has nothing to do with segwit being active or not…hype should always be taken as a grain of salt…any trader will tell you that…maybe you should watch some how to videos on trading before you try investing in something next time