Hey there wonderful people,
I’ve made the unpopular decision to sell some of my LTC. I’ve seen my “portfolio” crash and burn in 2017/2018, so today I’ve pussied out a bit and split my LTC into 3 equal parts (by todays value) BTC/LTC/PAXG(gold stablecoin)
I wanted to accomplish these goals:
)Tell me it was a good decision, or if it was bad tell me why.
Seems like a reasonable decision. I think it’s hard to go wrong with half-half LTC ＆ BTC and this seems like a reasonable time. I don’t know much about gold stablecoins.
From holders point of view, I think it is ok. But strictly thinking about market, I would wait a little longer. On May 12, LTC was about 0.006 to 0.0068 and climbling from previous 0.0032 bottom.
LTC is just starting to climb over BTC, setting ascendant highs and ascendant lows. This means it will continue to climb up and that it will require a notable trend reversal so start failing.
I would recommend to split on equal parts as soon as you see a trend reversal, so you don’t loose money arbitrarily.
I would set a “stop-loss” trigger point (as I don’t leave money on exchanges) and follow it closely. For example: If you follow the 1D chart, you would set first ‘stop-loss’ at 0.0046 and then move it to 0.0057, and today you could move it to 0.0060. (I don’t know it it’s clear, I could draw it on tradingview if you wish.)
Just as I said, it seemed to be a reasonable time to do what you did. I think you are not questioning yourself now.
Intresting!
Now, after reaching ATH and following crypto crash… What would have been better in the following hypothetical situation?
Let’s say, for simplicity, you have 10 LTC, bought at 100 $/LTC. You suspect that reaching 400$/LTC it’s time to sell, anticipating an imminent correction. The idea is to sell some or all, for later buy back LTC.
Say those 10 LTC are in Paper wallet. How do you proceed to minimize risk, fees and to later buy more LTC?
Remember, you will never sell at the top. Your goal is to sell close enough to the top.
On the 1D chart, you can clearly see the previous bottom at $330. As soon as the price reaches 400, you could have updated your stop-loss to $329,99 - a strong support line at that particular moment.
You could have made 329% profit and watch the price goes down to buy it back.
Trying to time the market is very hard… One day Elon might mix up the letters and tweets about LTC instead of BTC and things go crazy.
A lot depends also on taxation laws in your country. In some countries, even if there is no regulation in place at the moment, they might tax your gains within maybe 5 years. I specifically avoid trading because of that. (And because I’m crap at it and because all damn traders just make fluctuations worse. I don’t like to be part of the problem.)
“The best thing to do is simply to HODL.”
After some years, when, even after a big crash, you are still hundreds of % up on your portfolio, it must become easy to HODL. See all the OG bitcoiners. Even if the market crashes 90%, they are still hundreds of % up. Nothing to fear. One must sit patiently and worry about the other aspects of life. Health, family, friends, self-fulfillment etc. Money is worth nothing if your life sucks and you are alone.
Thank for answers, but is was looking for other advice
What wallet or exchange you will use to move the LTC from a paper wallet and later exchange those LTC for what? USDT? USDC? BUSD?
If I’m not wrong, when you buy those stablecoins, then later you have to pay some fees in their original chain (ETH or BNB) so, you need to purchase in advance some of those coins.
Later when you buy back LTC you end with some small amount of ETH or BNB (dust?).
And all those swaps means high fees in ETH.
So, again, lets say you bought 10 LTC at 100$ and decide (lucky) to get out at 400$ for later buy back: What is the best efficient way to proceed?
I suggest you don’t use a paper wallet, just download “Electrum-LTC” from official sources and write down the passphrase seed and the password you choose to protect your wallet.
Also, don’t swap for stablecoins since LTC is the ‘real deal’.
Always use good passwords, research about diceware and mnemonic to choose yours.
I suggest you don’t use a paper wallet, just download “Electrum-LTC” from official sources and write down the passphrase seed and the password you choose to protect your wallet.
Also, don’t swap for stablecoins since LTC is the ‘real deal’.
Always use good passwords, research about diceware and mnemonic to choose yours.
Agree 100% thanks.
But this is not a real situation, is an exercise “What IF” you as hodler have a paper wallet, decide to exchange for something will not crypto crash (USDT?) for later buy back LTC, and finally store in Electrum-LTC!! 
I’m looking for answers on how to react in the hypothetical situation exposed before.
I just don’t understand why you are concerned about “paper wallet”.
USDT is an ERC-20 token, you could add to your Ethereum wallet though Metamask, Trezor, Ledger…
I just don’t understand why you are concerned about “paper wallet”.
Forget paper wallet. It was just an example!! as a starting point.
Think you have some LTC in cold storage (any) and you want to exchange for digital fiat. For later convert back to LTC.
Seems this forum lacks users with the knowledge to understand the question and provide a logical answer. I will try to answer myself. Any better solution will be appreciated!
Steps:
Are you trying to find an answer or trying to reaffirm what you already have in your mind? In both cases, we are not mind readers.
I think before you assume people don’t have “knowledge”, you could ask yourself If you are being clear enough.
After reading again everything you wrote, I understood that you are so worried about fees, and I am actually not that worried about fees. LTC have improved, BTC have improved and there are others stablecoins projects not dependent on ETH high fees. Just duckduckgo it.
Well, if you have 1000 LTC, fees will don’t matter.
My questions where done as better I can, nothing strange. I want to LEARN an optimal solution for the situation explained. (10 LTC in a paper wallet to be exchanged for fiat and back to LTC).
I think before you assume people don’t have “knowledge”, you could ask yourself If you are being clear enough.
See, I explained several times the hypothetical situation and lets talk about the answers:
I’m not concerned about wallet papers (never told that)
I know USDT is an ERC-20 (never asked about that).
I know about strong passwords (never asked)
I know about Electrum-LTC (never asked)
I’m just looking for an optimal way to move LTC from cold storaget to digital fiat, wait, and later exchange back to LTC and move to cold storage. It’s so hard to understand?
Are you trying to find an answer or trying to reaffirm what you already have in your mind? In both cases, we are not mind readers.
No, I give a step by step answer just to make more clear the kind of answer I’m looking. The steps to move some LTC into a exchange, do the exchange and back to LTC. The answer I wrote seems too bad and expensive.
I ask because “maybe” some experienced user know a better way.
Thanks anyway, and sorry if someone got offended by my writing. (English is no my native language and I get help from translator to express myself as best I can)
The timing of the transactions (which is impossible to optimize) will make a much bigger difference than the fees. Don’t overthink things.
The timing of the transactions (which is impossible to optimize) will make a much bigger difference than the fees.
I am glad you wrote this.
Don’t overthink things.
Indeed a good advice. The simpler the better.
I would say that you (@nacho) could construct a good HODL-Swing-Daytrade ratio to minimize time and transactions fees.
Assuming you have a $1000 capital, to make things more clear.
| Coin/Wallet | HODL | Swing | Daytrade | Total LTC (BTC/LTC/USD equivalence) |
|---|---|---|---|---|
| Ideal percentage | 40% | 30% | 30% | - |
| Ideal USD value | 400 | 300 | 300 | 1.76 (0.02644 - 1.76 - 1000 ) |
You will have always have to re-balance.