This is not something unusual however in the crypto market which is supposed to be more of a free market it may be corruption has set in with naked shorting. If this is the case then this market will turn into a market very similar to the stock market and futures and will indeed no longer be the free market and decentralized that it is promoted as being. This really needs to be closely monitored now.
LTC breaking below $40 here along with BTC and ETH reversing is beginning to show signs of temporary concern.
Is this a buying opportunity? Not necessarily however LTC looks better than BTC and ETH which may indicate that LTC is actually a RELATIVE SAFE HAVEN compared to other cryptos.
Comments
unitednoobies
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I believe you are more right then wrong in this case. We are seeing a lot of resistance and exacting a lot of buyers at this point. I believe the new entry point will be around 33 - 38, more likely at 35. What are your thought(s)?
Toothpickle
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... you have no idea what decentralized means.
thunderpreacher
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@Toothpickle, I don't mind learning so please explain.
Toothpickle
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@thunderpreacher, decentralized simply means there is no governing authority. Regardless of the trade action, no one group makes decisions about BTC, LTC, or Eth.
thunderpreacher
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@Toothpickle, In other words does this mean there's no SEC, FEDERAL RESERVE, shareholders, or any influence whatsoever? It means this is purely a free market then? If so then the growth potential of this market might be just a sliver of what's coming and this is going to go exponential beyond belief.
Toothpickle
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@thunderpreacher, Correct. Crypto is meant to be completely trustless. The only thing to be wary of is the potential of one mining group to control 51% of the hash rate. But the largest mining group for BTC controls only 17% right now. Unfortunately, its currently the case with LTC. 51% is controlled by one mining group. Its not dire, but, they could compromise the integrity of the currency.