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Litecoin growth tied to ponzi scheme

CoinGuyCoinGuy Administrator
Litecoin is on fire. It is up over 8x in one month. The whole crypto trader community is abuzz with the astonishing price movement in Litecoin. Other altcoins are benefiting as well. But why does Litecoin defy gravity and continue its ascent? As with everything crypto trading related, when in doubt look to China
The claim seems to be it's a Ponzi scheme pumping the price:
https://blog.bitmex.com/chinese-promoter-pumping-litecoin-via-ponzi-scheme/

@brucewayne you might find this interesting...

Comments

  • BruceWayneBruceWayne Member Plus
    I was clutching my heart last night with an average short price of $7.79 when it was pushing near $9. I'm fairly certain that all the activity was coming from a single whale on Bitfinex since that was the exchange I was trading on and was leading the price action by a wide margin. Everyone says China but Yuan-denominated exchanges were trying to fall while Bitfinex keep ticking prices up. I believe this mostly started over the past three days since that's when 12 pm PDT pumps were happening daily. Typically this was very quiet times so I guess it's not hard to push it up. Each and every time Bitfinex was up $0.1-0.2 over every other exchange so every other exchange was rushing to catch up. Yesterday when I was shorting someone with 40,000 LTC had multiple short orders, drove down prices $0.1, lifted all orders then started buying like crazy. I'm assuming in a position to get absolute top-dollar to sell.

    My head's still a dizzy looking at my margin balance but I probably did the impossible and went to sleep with an open short position and came out on top. Or maybe I didn't wake up at all last night lol
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