LiteCoin Creator Issues Harsh Warning to Buyers

kbarrett (48)in #bitcoin • 7 years ago

Unless you've been living under a rock, or you're just entirely uninterested in what the crypto market is doing right now (unlikely, seeing as you're on Steemit), the market for digital currencies is going through the roof with the announcement that Bitcoin futures would be traded in Chicago. The current rockstar of this spike in value is, of course, LiteCoin.

The little brother to BitCoin, LiteCoin was created by Charlie Lee, who once worked at CoinBase as their director of engineering, and has seen a ~115% increase in value over the last couple of days. This is pretty ridiculous, even by today's standards, and has people heavily invested in LTC out celebrating like its 1999.

Charlie Lee, unfortunately, is not one of these people. He's reminiscent of a time when LTC's value dropped 90% in a single day and wants people to know that there's an obvious potential for this to occur again... especially with prices increasing more than 100% over the last two days.

If you know nothing else about investing, it's to buy low and sell high. Directly translated, this means that you'd be a fool to jump into LTC today. While you may see another bump throughout the day, the fact that Lee has gone on record to advise against it leads me to believe that people will be scrambling to be the first to walk away with massive profits and leave everyone else regretting they held on to their coins 4 hours too long.

Happy trading!