A Curious Case for Litecoin
Hi Friends,
I wrote about this several months ago, but i wanted to revisit the details because i figured it would be better than writing a shit post!
About 8 months ago there was a single LTC transaction for 99 million dollars. The transaction cost less than a dollar and was fully confirmed in under 5 minutes. Let that sink in...
This is HUGE!!!
World politics have gone full-retard and everyday one needn’t investigate too deeply before discovering what a shit show it is out there. Countries and indeed multi-national corporations are searching for ways to transact in goods and services outside of the influence of the “good-ol’” petro-dollar. This of course means trading outside the confines of the IMF, and thus, requiring fewer Federal Reserve debt certificates to have on hand to get the trade done. Now i am not about to go off on a tirade about the Fed — there is plenty of info out there already — but i do plan to talk a little more about cryptos.
Has it sunk in yet? $99,000,000.00 transacted in, like 3 minutes, for the whopping fees of 40 cents!!! It literally costs me more to withdraw $20 from a private bank machine — you know, the one’s at bars and coffee shops and such. And lord knows how much one would get dinged in service charges if you wanted to get your bank involved in a $99 million dollar transaction. Even a 1% fee would be like 2 million times more expensive, or 200,000,000 percent more. I think i said it already...
This is HUGE!
What astonishes me is that this gorgeous technology has not yet been embraced by more beeeelion-aires, or indeed, countries who wanna’ save some banking charges. Perhaps that is about to change.
I read an article yesterday re: Russia and bitcoin which was exciting, but somewhat suspicious. So this morning i googed the title and this is what i found:
Now who knows what is really what, but with all the bs media abounding these days it is surely interesting to read a headline about something that is “probably not” going to happen. Ha!!! I mean right there i am all suspicious and disbelieving of whomever is trying to spread more fud. I mean why wouldn’t Moscow, or any other country for that matter, buy some bitcoin?
In Russia’s case, they have notoriously been dumping USD reserves and buying up Gold — just like China — while simultaneously cutting petrol/yuan swap deals and looking at a marketplace that is free from the Fed. So why wouldn’t they hold a little bitcoin? America doesn't control it, China doesn’t control it, it is rare and scarce and secure and more effective than any other currency humankind has ever concocted. And, for that matter, with a wifi connection, you could literally spend it on the moon!!!
I would bet 100 years from now residents of the “Lunar Modular Dome” will not be transacting in material things and the “Global Reserve status” of the USD will be long over — i would bet this hard! But i won’t be around to collect.
Crypto detractors cite all kinds of reasons why decentralized cryptos like btc, ltc, Dash and Monero will fail, and they may be correct. Afterall, blockchain tech makes almost ALL of traditional banking services obsolete — except, of course, from robbing their clients (or liabilities as we are seen as...)
Don’t be a Dodo bird. Learn how this stuff works and why it is currently about 2 million times better than the i.o.u’s you hold in your fiat wallets and bank accounts. If the phrase ”trillions and trillions of dollars in unfunded liabilities” doesn’t make your blood run cold then you need to pull your head outta’ the sand.
Litecoin is:
- Decentralized
- Immutable
- Maximum Supply = transparent inflation
- Cannot be counterfeited (although “counterfeit” is one of the greatest ironies out there)
- Fast, cheap and secure
- Blind to politics, borders, prejudices and everything else that isn’t a qr code.
- Private and permissionless
- No third party fees or interest
- The second oldest (and thus secure) blockchain out there.
What are you waiting for?
I am @thedamus and i love this shit! Anyone who has used Bitcoin, litecoin or Dash loves them.
Go get you some!
Cheers! from @thedamus
⚡️🍆⚡️🤖🤖🤖⚡️🍆⚡️
The kid’s these days — they sure know what’s up!
⚡️👊😎⚡️
I think you need to have tried to move a substantial amount of money overseas via traditional channels before you can understand just how incredible crypto is.
Those who travel overseas to work and send money back home to their family will often pay 8-12% in fees.
Even if converting that fiat into crypto and sending it to family who convert it back to fiat costs 3% each end, it's still going to be their best option.
For small remittances, the percentage paid in fees can even be much higher than that:
https://steemit.com/steem/@preparedwombat/anecdotal-evidence-that-cryptocurrencies-may-have-a-bright-future-wdetpvbv
This ☝️ Too!
The world will wake up one day. Its still crazy to think, 10yrs from the first bitcoin, that we are still classed as early adopters of cryptocurrency and blockchain technologies.
The top 1% is about 70-80 million people — there’s not enough bitcoin by a factor of 3+ for each of them to hold 1 BTC! And just slightly enough for each of them to hold 1 Litecoin...
Who’s party do you wanna’ be invited too?
Aint no party like a crypto party 'cause a crypto party don't stop!
🤙🥳
Really interesting post mate. You make some excellent points. I still can’t help wondering who the hell made that transfer though??
Litecoin was my first crypto purchase after Steem. To this day, it’s still my most profitable trade as well. :)
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So very, very interesting. It was just like the times of penny stocks when many benefited from them. hmmm... many lost investing in bitcoin for selling below their buy price. I guess theprudent principles always prevail.... never buy the hype, invest only what you can afford to loose... if you don't hold it, you really have nothing. I am still all for taking out as much as you can from the debt/credit system and covert fiat to real value such as real estate and precious metals, stack enough fiat for emegencies. Do you think I am too old school, @thedamus?
No way saver, i think you’re smart (and making wise choices). And that’s why i think you will embrace this tech as it becomes more obvious to you 🤩👍👍
Thank you for your continued support of SteemSilverGold
Hope you are right but the crypto tied to USD are also popular. They have low fees and are not volatile. Like Tether where daily turnover is 1,5 times the total supply. In daily trade volume the second coin behind bitcoin.
“Tether” is a great token to use for trading against bitcoin volatility, but i sure as fuck wouldn’t hold dollars there for the long term.
That's the key... we need more people to use these things! We need more companies to accept them. Those that do, already know why they're great. Keep spreading the word rather than the FUD. Peace! 😉
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I have heard of Litecoin but I haven't bought any @thedamus.
The only cryptocurrency investment I have made so far is Steem, but I might buy other cryptocurrencies after the next Bull Run in 2020 or 2021.
I want to eventually have a diversified portfolio for my family but I only have a small amount of funds to invest, so I am counting on Steem right now.
Litecoin is only about $31 usd right now, and you can buy fractions... just sayin’, if you think another bull is coming, go get some 😜👍
I think Market Caps are better measurements than the price per currency unit @thedamus.
No Brainer for me. I'm tired of being taxed, levied, surcharged, fee-ed, to death at every little transaction I make and only the govt and bank leeches benefit big time off my dime. Every pop can I cash in, every Satoshi, LTC, Doge, Steem, etc I accumulate is my protest to the Powers That Be up until the day I hang my local leech politician from the nearest lamp standard. Bilge Rats, these Yellow Vests people, couldn't they pick a better color like Red and black?
Let it out sister! Be free! And yeah, why yellow?
great research on this Damus, surely true and make sense
😎👍