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Billionaire Mike Novogratz Slams Litecoin: ‘Buy Bitcoin Instead’

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Billionaire Mike Novogratz Slams Litecoin: ‘Buy Bitcoin Instead’

For two days now, Litecoin has not been able to recover above $90.00 (range limit). However, the downside is strongly supported at the range support ($80.00).

The former Goldman Sachs partner and the founder and CEO of Galaxy Digital, Michael Novogratz recently said: “I don’t get this” Litecoin rally. He advised investors to sell LTC and buy BTC. His comments came after Litecoin rallied towards $100:

“Gold has an $8.5 trillion dollar market cap. Silver is $15bn That is .17%. $BTC has a $90bn mkt cap. $ltc is $5.7bn which is 6.4% of $BTC. Silver is at least useful for industrial production. $ltc is a glorified test net for $btc. I don’t get this rally. Sell $ltc buy $btc.”

Twitter user, Jon Moore, responded to Novogratz saying:

“Like most rich out of touch Billionaires you have No clue about the use case for payments. LTC is much cheaper to send, 4 times faster than BTC and is also compatible with Lightning Network. People actually use LTC dude!!”

What’s surprising is that it took Novogratz so long to rail against Litecon. After all, Litecoin’s price rally started well before Bitcoin broke out in recent days.

The LTC price has been on a tear since year-end 2018, over which time it has rocketed by approximately 150%. That’s about when the coin’s creator Charlie Lee revealed his interest in integrating privacy features into the cryptocurrency, giving Litecoin the chance to forge its own identity.

While Novogratz sees no value in Litecoin beyond being a testnet for Bitcoin (which some argue is quite valuable), the altcoin has locked down several high-profile marketing partnerships in the last few weeks.

Namely, Litecoin recently partnered with both Glory Kickboxing, the world’s premier kickboxing organization, and K-pop concert production company, C&U Entertainment Global, to promote Litecoin at the upcoming Feel the K-Pop concert.

Litecoin creator Charlie Lee has often said that if Bitcoin is digital gold, then Litecoin should be considered as digital silver. For example, this is a tweet sent out by Lee in May 2017:

What Lee says makes sense since the two cryptocurrencies share the same basic philosophy, but Bitcoin is much harder (i.e. more expensive) to mine.

Novogratz’s use of the words “glorified test net” seems to suggest that he has been influenced by Tushar Jain, a managing partner at crypto hedge fund MultiCoin Capital Management.

As CryptoGlobe reported, back on 14 September 2018, Jain published a blog post titled “Debunking Market Narratives: Litecoin ($LTC) Edition” that claimed that the most popular narratives used for defending Litecoin all seem inaccurate, and called LTC (even at around $50) “significantly overvalued.”

In that blog post, Jain said that he believed that Litecoin is “a relic of the pre-smart contract platform crypto ecosystem,” that its fundamental value is a lot less than its current price (around $50 when the report was written), and that the only things propping up its price are “outdated narratives.”

It looks like Jain’s feelings about Litecoin have not changed since the day after Novogratz’s tweet, Jain sent out the following tweet:

However, not everyone agrees with Novogratz’s assessment of Litecoin. One notable example is Mati Greenspan, Senior Market Analyst at social trading platform eToro, who sent out the following tweet to defend Litecoin:

The truth is, Bitcoin has a dominance factor of more than 50%. It will always be the first cryptocurrency and it isn’t going anywhere. Nonetheless, the network has been plagued by transactions that move at a snail’s pace and hefty fees attached. As a result, it has become more popular as a store of value versus a currency, something that the Lightning Network stands to change.

Litecoin, meanwhile, has been able to capitalize on those inefficiencies with block times of two-and-a-half minutes versus bitcoin’s 10 minutes, as per eToro research. This makes Litecoin more conducive to micro-transactions such as purchasing a daily cup of coffee, which is needed for wide-scale adoption.

Bear in mind that Litecoin’s price has doubled in the first three months of 2019 to register its best first-quarter performance on record.

The fourth-largest cryptocurrency by market capitalization is currently trading at $61, representing a 100 percent gain on January’s opening price of $30. It clocked a six-month high of $64.20 earlier this month.

Billionaire Mike Novogratz Slams Litecoin: ‘Buy Bitcoin Instead’

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How Litecoin Gambling Actually Works

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How Litecoin Gambling Actually Works

As Bitcoin started its take on the entire world, one Google programmer decided to create an enhanced version of the famous cryptocurrency that would allow even faster transactions and easier mining process.

Thanks to its Scrypt technology, Litecoin takes off the advantage of powerful GPU rigs, which allows all miners an equal chance of earning coins. In fact, Litecoin generation is four times faster than Bitcoin, which makes the currency less expensive and more difficult to become scarce.

As soon as this enhanced cryptocurrency spread out, online businesses started adopting Litecoin payments, and that’s when LTC gambling was born, as well.

How to Gamble with Litecoin

In the modern-day market, online casinos accept a wide variety of cryptocurrency, including Litecoin. All it takes for a person to take on Litecoin gambling is to find a proper, reliable venue and set up an account. The next step would be depositing the desired amount of Litecoin and all that’s left to next is to find your favorite game and have fun.

The best thing about LTC gambling is that if regular gambling is banned in your country, cryptocurrency doesn’t fall under the ban – therefore, you’re free to enjoy your favorite pastime.

Is Litecoin Gambling Safe?

The online environment is extremely versatile, and there are a lot of ways to get into trouble if you’re not well informed about the actions you are about to take. When it comes to online gambling, the greatest threat is running into a casino that doesn’t provide enough security or provable fair games.

FortuneJack Litecoin Casino games are one of the most prominent options with an extensive amount of provable fair gaming options. It is extremely important to make sure that the games you play provide fair terms and allow seamless retrieval of your winnings. It’s also a good practice to check out what other players have to say about the platform and look for some expert reviews. This way you can make sure that you are gambling at a safe and fair venue.

How to Store Litecoin Winnings

The good thing about Litecoin gambling is that reputable online casinos keep your deposit safe, which means you can always keep your winnings within your deposit. However, in case you wish to take a portion of your coins and use them for some other online activity, that’s also an option. All you have to do is transfer your coins from the deposit to an online wallet or even a physical hardware wallet for enhanced security.

All things considered, Litecoin gambling works just like any other kind of cryptocurrency, it’s easy, safe, discrete, and helps you avoid government bans on gambling. It is superior to FIAT currency gambling in all aspects.

How Litecoin Gambling Actually Works

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Litecoin Breaks Into Top Five Crypto Ranks Jumping 30% in Single Day

CoinSpeaker
Litecoin Breaks Into Top Five Crypto Ranks Jumping 30% in Single Day

On Friday, February February 8, Bitcoin and the overall cryptocurrency market made a much-needed relief recovery. However, the start of the show was Litecoin posting a massive 30% recovery in a single day. At the press time, Litecoin (LTC) is trading at a price of $43.72 with a market cap of $2.63 billion. Friday’s recovery has helped Litecoin reclaim its position in the top five digital currencies after slipping down last year.

This massive price recovery also gives huge relief to LTC investors as the cryptocurrency lost over 90% in 2018 bearish year. Earlier during the 2017 bull run, Litecoin had surged to hit its all-time high of $350.

Cooperation Between the Litecoin Foundation and Beam

One of the major reasons behind Litecoin’s price surge is the announcement of the cooperation between the Litecoin Foundation and Beam. The Litecoin foundation is seeking help and expertise of Beam to implement the Mimblewimble protocol on the Litecoin network through Extension Blocks.

Since long, Beam is working on improving privacy in the cryptocurrency sector while promoting the Mimblewimble protocol. The company explains:

“We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.”

It added:

“Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.”

Since the beginning of 2019, Litecoin developers have shown their intent on implementing Confidential Transactions and Mimblewimble. These solutions were initially developed for the Bitcoin blockchain network back in July 2016.

But with Litecoin and Bitcoin networks having a similar structure, LTC developers are also able to work with it. Last month, Litecoin founder Charlie Lee tweeted that the LTC community is actively working to complete the implementation of Confidential Transactions by end of 2019.

Charlie Lee further added:

“Litecoin dev team spent hours discussing how to add Confidential Transactions. The way to do a softfork CT is very similar to doing extension blocks and extension blk may be simpler and can do a lot more”.

Analyst Views On Recent Rally

Many of the popular cryptocurrency analysts claim that despite the jump to $43, LTC is facing crucial resistance at these levels. Crytpo analyst The Crypto Dog said that he is offloading his LTC at $43 before taking further long positions. The Crypto Dog said that LTC is lacking enough volumes to further pull it northwards.

Another popular crypto analyst Don Alt noted that LTC/BTC is nearing its resistance at 0.015 BTC, that is slightly higher that LTC’s current price of 0.0117 BTC.

Last week on February 4, a tweet from Moon Overload showed that LTC was heading for $50. Here’s what he said.

It will be interesting to see where does LTC go from here onwards.

Litecoin Breaks Into Top Five Crypto Ranks Jumping 30% in Single Day

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Germany’s Second Largest Stock Exchange Boerse Stuttgart Rolls Out New Crypto-Trading App

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Germany’s Second Largest Stock Exchange Boerse Stuttgart Rolls Out New Crypto-Trading App

An amazing announcement has come from Germany’s second largest stock exchange, Boerse Stuttgart. The exchange has launched its own mobile app for cryptocurrency trading. Called Bison, the app is already available for iOS 9+ and Android 4.4+ devices in Germany.

As Boerse Stuttgart said, the app was developed by its subsidiary, Sowa Labs. It took a year to create Bison.

According to the press release, Bison is aimed at making access to cryptocurrencies easier for investors accustomed to using traditional markets.

Dr. Ulli Spankowski, CEO of Sowa Labs GmbH, commented:

“With BISON, we make trading in cryptocurrencies as simple as possible and break down entry barriers.”

He added that Bison is the first cryptocurrency trading app from a provider in Germany.

Currently, the app enables free-of-charge trading in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP), including the funding of these account with euros. For that, Boerse Stuttgart partnered with an external banking partner SolarisBank.

Users are able to trade on Bison from 6.00 to 24.00 hours (CET) Monday to Sunday at the prices that are displayed in the app. According to Dr. Ulli Spankowski, the company will get profit from the spread the buying and selling prices.

Moreover, Bison will act as a wallet for storing tokens and carry no trading fees as a result of its partnership with its financial subsidiary EUWAX that will handle all the trades. Another Bison’s partner Blocknox will handle custody of the coins.

The advantage of the app is that it is easy to use and has a clearly arranged user interface. To register and prove the identity by video-identification, users will need only a few minutes. When identified, they can then transfer money into their Bison account to trade digital currencies.

After the launch, additional functions will gradually be added to Bison, as the developers will be continuously refined. Dr. Ulli Spankowski revealed what these functions may be:

“These will include the extension of trading to 24 hours a day, seven days a week, and additional trading functionalities. We will also enable trading in further cryptocurrencies, which will be selected considering criteria such as market capitalization, customer interest and whether they can be kept in safe custody.”

Now, Bison is available only in Germany, but the team behind the app promises it will be provided in other EU countries during 2019.

Boerse Stuttgart to Immerse Deeper into Crypto Sphere

Boerse Stuttgart is Germany’s leading floor-based exchange. It enables investors to trade equities, securitized derivatives, debt instruments, exchange-traded fund units (ETFs), investment fund units and participation certificates.

Being the European exchange number one in the securitized derivatives segment, Boerse Stuttgart implements all the regulatory and control mechanisms. Last year, Boerse Stuttgart managed to record a total trading volume of around
EUR 71 billion across all asset classes, which made it Europe’s tenth largest exchange.

In August 2018, Boerse Stuttgart decided to get deeper involved into the crypto sphere and to create a “multilateral regulated trading venue”. In December, the exchange revealed its plans to launch a crypto trading platform by the second quarter of 2019. Now we see that the intentions of the exchange are very serious and in the near future, Boerse Stuttgart will be even more engaged in the crypto-related activities.

Germany’s Second Largest Stock Exchange Boerse Stuttgart Rolls Out New Crypto-Trading App

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SIX Swiss Exchange to List the World’s First Multi-Crypto ETP

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SIX Swiss Exchange to List the World’s First Multi-Crypto ETP

On Friday, the Financial Times reported that SIX Swiss Exchange, Switzerland’s major stock exchange based in Zurich, approved the listing of the world’s first multi-crypto-based exchange-traded product (ETP). The news outlet informed:

“The Amun Crypto ETP, which will start trading next week on the Six exchange in Zurich, has been designed to track an index based on the movements of five leading cryptocurrencies.”

The “Amun Crypto ETP” is backed by Amun, a London-based financial technology firm. According to Hany Rashwan, the Chief Executive Officer (CEO) and co-founder of Amun, the crypto exchange-traded product was designed with a view “to meet the same strict standards required of conventional exchange-traded products widely used by investors.”

Listed under index HODL, the ETP will track five major cryptocurrencies: Bitcoin (BTC), XRP, Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). On its website, Amun states:

“Amun Crypto Basket Index tracks performance of the top 5 crypto assets in terms of market cap and liquidity, providing diversified exposure to the crypto space while using its proprietary methodology to effectively manage the volatility associated with less liquid/smaller crypto assets.”

50% of Amun’s ETP will be allocated in bitcoin, while XRP will make up a quarter (25.4%). Ethereum makes up one-sixth of the fund, with BCH and LTC consisting of the rest at 5.2% and 3% respectively.

Cryptos tied to fiat currencies, such as Tether, are not included. An annual management fee of the Amun ETP will make up 2.5%. As Hany Rashwan said, the Amun ETP will be available for both institutional and retail investors. He explained:

“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”

The SIX Swiss Exchange believes that exchange-traded products are “secured bearer debt securities which don’t earn interest”, that is why “they are not subject to the Collective Investment Schemes Act (CISA). ETPs are not even supervised by FINMA.”

The trading will start this week.

The approval of a crypto ETP by the Swiss major stock exchange is a positive milestone for the industry, but not the first. An ETP already exists in the US market in the form of Grayscale Investment’s Bitcoin Investment Trust, and investors in the local market can purchase investment vehicles that represent the value of BTC.

But not all the businesses are ready to follow the example. Recently, BlackRock, the largest asset management firm in the world with approximately $6.4 trillion USD in assets, said that despite their belief in cryptos, they would not launch an exchange traded fund for digital coins until the industry grows up a bit and becomes ‘legitimate’.

About SIX Exchange

SIX Swiss exchange is the main exchange of Switzerland based in Zurich. SIX operates a competitive infrastructure for the Swiss financial center, catering to a broad, international client base. The company provides services relating to securities transactions, the provision of financial information and cashless payment transactions.

The SIX Swiss Exchange delivers fair and transparent trading in equities, bonds, sponsored funds, sponsored foreign shares, exchange-traded funds (ETFs) exchange-traded products (ETPs) and structured products. The exchange uses the trading platform X-stream INET and trades primarily in the Swiss franc (CHF).

SIX Swiss Exchange was the first stock exchange in the world to incorporate a fully automated trading, clearing and settlement system in 1995. The exchange is currently controlled by an association of 55 banks.

The exchange is known for its friendly attitude to cryptos. Recently, the exchange stated that its blockchain based platform would replace traditional analog-centric systems in the near future. The head of security and exchange at SIX Swiss Exchange, Thomas Zeed, said:

“The existing system could be completely replaced by the digital exchange in about ten years… The moment that brokers, banks, insurance companies, and big asset managers really see the cost advantages, they’ll move relatively quickly.”

SIX is planning to launch the so-called “SIX Digital Exchange (SDX)” in 2019, which will initially run alongside the classical SIX system.

SIX Swiss Exchange to List the World’s First Multi-Crypto ETP