So Long /r/litecoin, Thanks For The Lack of Memories

I wrote a few weeks ago about my frustration with the quality of subreddits in the Crypto Currency area. Today was my breaking point for at least one of them. /r/litecoin has become nothing more than useless memes and useless posts that reference the cryptocurrency going to the moon or how someone is Hodling. There is very little of substance to be seen in the community and they allow people like mastertrader777 come in and pollute the subreddit with his pump and dump crap.

Today the price moved up around $10 or so and instead of thoughtful discussions about what was happening instead my home page was filled with shit posts referenced above. The moderators don’t seem to care about increasing the quality of the subreddit so I’ve decided to move on.

Best of luck to those who care about the coin and stick around to filter past the trash.

Shadow Banned On /r/Litecoin

It appears I have been shadow banned on /r/litecoin. Reached out to the moderators but no feedback. Unfortunately, it appears the self promoters and trash meme style posters will be the ones that continue to be able to post to the subreddit while those who wish to clean it up and provide a more positive and safe environment are tossed to the side.

I have over 14 years experience in running online communities and 10 years in the U.S. Stock Market. I can tell you without a doubt that the /r/litecoin community is in for some major issues as the popularity of Litecoin continues to rise. Pump and Dump and just overall lack of quality of content will continue to take over. I do not envy the job of those that shadow banned me. Their promotion and allowance of the kind of quality of content that is currently being allowed is going to cause a lot of issues down the road.

Best of luck to that community.

Edit: It appears I can comment again. Would have been nice to have any information about why I was banned. Oh well.

Edit 2: It appears I was banned by their auto script for being a new account.

Litecoin Makes Investing Into Cryptocurrencies Easy By Being Stable

There are a lot of people right now that are mad because Litecoin hasn’t made them millionaires or they feel like Charlie Lee isn’t doing enough to make their Litecoin worth more while they sit on their ass and comment on Reddit.

Personally, I don’t expect anything from anyone when investing in something that was meant to be decentralized from the start. If you want structure, guidance and accountability with a chance to make it big, there are plenty of companies on the OTC Markets that report to their shareholders. Feel free to gamble there.

When it comes to cryptocurrencies, I love Litecoin for its stability. I look at it as a safe gateway to the unstable world of cryptocurrencies. It is essentially my bank account for investing. I buy Litecoin with USD and store it until I am ready to invest into another cryptocurrency. Then I use Shapeshift.io to convert Litecoin into whatever cryptocurrency I desire.

I don’t day trade, I research and invest for the long haul. I have a general idea for each currency on when I might take profits out. This is where I really love Litecoin. Not only does LTC make it easy for me to get into a new cryptocurrency via Shapeshift but it also makes it easy to get back out of that cryptocurrency when it goes up to my exit level. Instead of converting it straight to USD and having to worry about taxes at that moment, I can simply convert it back into LTC, now gaining more LTC than I initially used to invest.

While there is no guarantee that Litecoin will not become volatile one day, right now the few dollar swings are well within my comfort zone for my current strategy and I can sleep better knowing that my newly gained LTC is going to remain relatively stable. Sorry to those that got into Litecoin for reasons that are not playing out for them but it is working perfectly for my setup right now.

When it doesn’t work for me, I’ll adapt, instead of whining about it like a 2 year old that didn’t get his way.

The Immaturity of Cryptocurrency Communities

Reddit is about the best place you can go to right now if you are interested in Cryptocurrency. If you have a coin you are interested in, chances are there is a subreddit dedicated to that coin where you can subscribe and ask questions.

The problem with a lot of these subreddits is the immaturity of the overall member base that submits content. I spend a lot of time in /new/ down voting pump and dump style posts, immature meme and misspellings trying to be cute (what the hell is this HODL shit anyways?) Continue reading “The Immaturity of Cryptocurrency Communities”