Traders are punishing Litecoin today. Litecoin traders, some of whom have begun to turn less bullish over recent months, are at a loss for words.
One reddit post is titled “This drop is unbelievable. Bought at an average of $18. I am not even mad anymore, I just give up.” The comment sums up the broader sentiment quite well; losses on this scale transform frustration and annoyance into fright and horror, especially if positions were leveraged, followed by indifference and reconciliation.
One commenter points out that because 28,800 new LTC are produced every day, its annual inflation rate is around 30%. Miners are just dumping their coins, with a corresponding drop in value as experienced in any hyperinflationary economy.
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And while still a long way off, one can’t help but keep an eye on Ripple, and others, slowly gaining ground on Litecoin’s market cap. Litecoin hasn’t been surpassed since the great Auroracoin pump earlier this year.
Some are writing Litecoin’s obituary. Some though remain defiant. One commenter proclaimed his purchase of 34,000 LTC on OKCoin- an equivalent of roughly $150,000 worth- and provides a screenshot in an effort to prove it. As “nothing has changed fundamentally”, “once LTC rebounds many of the same people who are scared right now are going to be going all in at $9+ instead of taking advantage of current prices.”
And in keeping with tradition, the most negative commenters are certain to get downvoted to the bottom. Negative point scores are allowed. Rated at -4 is the following: “Everyone here is living under a rock. If you bought ltc at any stage you deserve to lose money because your nothing less than stupid.”
The debate will continue until either stabilization and recovery or an irreversible crash.