I have a general rule in investing. I only invest in products I use. Take apple for instance. I have an apple phone so I invest in apple. I shop at Kohls, so I own the stock. Walmart is good for everything from an oil change, fishing tackle, and potato chips so I shop there and own the stock. You can not walk into a Home Depot without walking out with a 3M product. So I own both! Bottom line the products I use every day are the companies I want to own.
I didn't realize it until today, but I use Litecoin' more than any other coin. Sure I use bitcoin for buying BTC/XXX on exchanges, but I use Litecoin as a utility! Ok I'm not the sharpest rock in the pile, but I still have some sharp edges.
It started with being on overstock.com last night shopping for a dog sweater, and sure enough they accept Litecoin'! For a split second I was like, ohhh I can use my Litcoin'. Now I didn't use it, but the thought did entered my mind and the coin that popped up was Litecoin'. Wow talk about subliminal marketing!
So today I was closing out some trades and transferring my litecoin back to the main hub, selling back to USD', but then stopped, thought for a moment, struggled with my inner self and emotions, and that is when I had the Ephiphany! I decided to sell off some BCH' to get to my 30% cash position because I did NOT want to sell all that litecoin'. Call me a hypocrite! But rules are rules (70/30) and I use litecoin more than BCH'. Sorry Roger but the truth is the truth.
LTC is cheap, its quick, DONE! When I want to go to that rogue exchange to buy that speculative coin for a trade the first thing that comes to my mind is "how much litecoin do I have". As much as I was hammering LTCinc I realized today that I have become goldbug1LTC! I should have realized this after the last dip when I sold out of LTC and afterwards was like "crap that was stupid" because I actually use it and ended up buying it back! DOHHH!!!!. The trolls will be all over this, but hey, being wrong is one thing, admitting and correcting it is another. I have no problem admitting when I am wrong and I'm not going to be dishonest.
Old habits are hard to break. This is why I still drink Yuengling, why I still buy Charmin, why I use only tide. I have added LTC to my list of things never to be out of with toilet paper. I could use BCH' but I don't, it just doesn't "feel" right. I'm sure I am not the only one.
This gives LTC' a psychological advantage or FMA.
Once people get familiar with something they seldom change. This does not mean I'm a BCH' or Dash' hater. But five months after entering the cryptosphere I find I use Litecoin' more than any other coin, and almost used it for my first purchase at OS.com. Using LTC' has become habitual and I can not live with out it! There you go, at the right place at the right time and sometimes its better to be lucky then good. Does anyone use anything other than LTC' to transfer money (other than ETH' tokens)?
So I have updated my chart for LTC' which isn't much. We can go higher from here but I believe we get a minor pull back as well, its 50/50 in my opinion which is why I closed out trades. Ideally the yellow box is where I want to start to build a long-term position if we do pull back here, but I will be ready to trade a breakout.There are some lower target levels, but it will be short lived so I have already placed my buy orders. Its like stocking up on coke during a Piggly Wiggly BOGO sale, I do not want to miss it. Nobody knows where the market may go, but when trading, I never hesitate to take profits when I can as I posted earlier today.
This does NOT mean they do not need to tighten it up at LTCinc. They do! Now even more than ever because I'm extra long litecoin! Someone tweet this to Charlie Please! I think he blocked me ;)
Sometimes we need a little Epiphany! For the record I am market neutral.
Really appreciate your posts goldbug1 !! Can you please help me understand the 70/30 strategy. Are those percentages of the USD amount that you have invested so if you put $1000 into the market, at the end of the day you take out $300? Or is it a percentage of the unrealized gain at the end of the day i.e. that $1000 invested may be worth $2000 due to increases in the coins price so you work your percentages of the 2k. Thanks a lot!
NIce read, much recognition. LTC is a must have. When one moves funds between exchanges or even to convert to fiat, LTC is the only real option. Fast, well supported, voluminous and relatively well pegged to BTC. There's been lack of confidence in it and lack of support but its liquid, it's money. It deserves more confidence and support. Doesn't need to be sexy or flashy, just lite.
justsomeguy
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It takes maturity to admit when you're wrong. Count my respect as earned.
Here's my analysis on LTC for those interested:
OutPerformOrNot
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Thanks for the analysis Goldbug1! I like to use Ripple for transfers because it is instant and almost free. I used Litecoin before just like you but Ripple is a clear winner here. Bitstamp has XRP/USD and XRP/EUR for fiat transfers (no USDT for tax evasion though).
ReadingRoom
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I used to use dogecoin to transfer, but that's been shut down on cryptopia as well.
airwolfke
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Thanks for the post,
Can someone just help me on this,
I'm using so far Kraken but it's more down then up.
So what you are saying is, the best to do is to buy LTC, for example on Kraken and then transfer it to Bittrex or other exchanges, because LTC has the lowest costs in transferring?