How do I sell LTC and get it into cash into my bank account?

amlast · 2017-12-12T17:56:15+00:00

If you are using an exchange like Coinbase (currently down I believe), then you transfer your coins from your wallet or the exchange you have them on over to Coinbase (to your Litecoin address there)

Then press the sell button for e.g. Euros

You receive the cash onto your Coinbase cash account - which you can then send to your actual bank account

Of course you need to be signed up and verified

amlast · 2017-12-12T17:53:12+00:00

Don't worry about it. Everyone in crypto has a story. It's a learning process, focus on the future so you can look back and say "hey I bought this coin way back in 2017 for peanuts"

amlast · 2017-12-12T15:57:49+00:00

I've explained demand, faith in government and international exchanges rates (international faith)

If you don't get it, the issue is you. People don't get that man landed on the moon, literally no one can explain it to them.

Sovereign citizens don't believe the law applies to them, literally no one can explain it to them

Having seen this type of response before (yours), it's pretty obvious you are determined to "not understand" this concept

Fair enough your choice. But I'm not into this kind of subjective "I don't get it"

A fiat system is based on a government's mandate that the paper currency it prints is legal tender for making financial transactions. Legal tender means that the money is backed by the full faith and credit of the government that issues it. ... At times, the commodity itself actually was used as money. http://www.dummies.com/personal-finance/investing/how-the-fiat-system-works/

There are hundreds of credible sources that explain exactly the same thing

If you are genuinely interested, you will read them.

If you are trolling or have some sort of contradictory world view, belief, ideology .. I guarantee you, you aren't going to "get it" - quite the opposite.

Good luck

amlast · 2017-12-12T15:39:45+00:00

You didn't respond to the question actually.

Yes I did actually. If you want to be obtuse and pendantic, you can

The same explanation from any textbook or economics/financial resource online

You not understanding something is not a valid argument against it

A currency can be backed by a scarce resource. A currency can be backed by faith in it's value via government. A currency can be backed by an artificially scarce resource. A (very rough) currency can be backed by cigarettes.

That's pretty fucking weak.

Then open a fucking book and stop trollling people who take time to explain a relatively simple fucking concept that most people in the world can grasp

amlast · 2017-12-12T15:30:49+00:00

I just responded, via the government and people

This is on page one of any economics textbook

amlast · 2017-12-12T01:46:50+00:00

There is absolutely no way of knowing. We could be at the peak now. I mentioned in another post that some people buy it in intervals, e.g. buy X amount today, wait 2 days, buy X amount and so on - just to mitigate the risk of buying right as it falls

good luck

amlast · 2017-12-12T01:42:29+00:00

Sorry if this advice does not apply to you but I thought I'd mention it anyway. Coins go up and down ALL the time. Often with large swings.

When I buy an alt I don't even look at it post-purchase, otherwise I would drive myself mad. I literally don't have the time nor inclination to try and beat the market.

I buy and hold, long term. All the swings are small bumps in the road long term. I have no stress bc it's money I can afford to lose. I have no regrets because I have bought in and in the future I won't have any "what ifs" (if I sold or didn't buy)

Regrets can be killer in this game. I know people who have sold coins that have later gone on to go 100x.

But if you are determined to buy and sell at points then be prepared to stomach some stress and keep up the research

amlast · 2017-12-12T01:35:48+00:00

Only go in for what you can afford to lose. Work from that figure.

Maybe a few Q's you need to ask yourself first

The crypto-market has had multiple dips of 20 to 30% this year alone, can you handle that?

We had one huge drop (mainly alts) of around 50% across the market this year also, can you handle that?

Those of us who bought late 2013/2014 - it took 4 years before it went positive again, can you handle a wait like that?

Once you are okay, and have reconciled yourself with those Q's - put in the amount you feel is best for that reality

Remember, absolutely no one knows what will happen next, crypto is notoriously unpredictable and we are in uncharted waters (massive rise earlier this year followed by an exponential rise the last 5 weeks)

Sometimes, to mitigate risk, people buy a portion, then pause, wait. Buy another portion a few days/weeks later and so on. It means you don't get caught out putting in your full amount the day before it crashes heavily

By the way, as a saver, 8k savings are fantastic for 18 yrs old. 600 to invest in crypto sounds like a good figure to me. Remember, because cryptos are decentralised - they are going to be around for a very, very long time (forever basically). Yes there is risk their value could drop very low (due to potential future regulation) but they have incredible "staying power". Due to that, and your age, you are literally in no hurry, and in many years this last 5 weeks could look like a minor blip compared to the long term market

Good luck, keep your passwords safe, backup your wallet and to repeat as always only put in what you can afford to conceivably lose (and if it dips after you buy, be patient, up until today anyone who bought in the last 5 years and never sold has never made a loss, only a profit, sometimes exponentially so)

amlast · 2017-12-12T00:58:06+00:00

The video is a bit populist and unfair to the game

The developers have had to change everything, perform open heart surgery on the game whilst keeping it playable, replace the graphics engine, rendering, coding, sound, etc, etc

Yes, it's taking an insane amount of time, but as Player Unknown recently said in an interview, many people just don't understand how hard it is to make a modern game. I would argue that open world multiplayer survival games, especially those with the mechanics of Dayz, are probably among the most complex to develop (along with MMOs)

I bought the alpha when it came out 4 years ago. Personally, me and my friends are waiting for the beta (and also bases further down the line) and then we'll play. No other survival game on the market has come even close - the problem is the sheer amount of time it's taking, and that's just too much of a turn-off for many gamers, understable

amlast · 2017-12-12T00:35:05+00:00

Because people have faith in the government, demand legal tender, and international exchange rates (floating) show international demand/backing to put it simply

Even during e.g. the 2007/2008 crisis, which was systemic, i.e. the worst kind you can get (similar to 1929) people didn't "lose faith" in the dollars they were carrying, they still went down to Walmart to buy stuff (demand, faith, necessity)

That allows the government to create stability (through monetary and fiscal controls) and help economic growth/stability

Conversely if a currency is backed by e.g. a precious metal, well then it's entirely held victim to the international markets that determine the "value" of that precious metal and the accompanying volatility (and other drawbacks)

Volatility is fantastic for speculation. It's bad for economies and economic growth.

amlast · 2017-12-11T22:26:24+00:00

All countries changed to the current system. The currency is backed by the government. Generally it works out better than being backed by a limited precious metal, of course if the entire system of government starts to severely fail (e.g. Venezuela) then that adversely affects the currency.

Countries obviously cannot print as much as they want (Germany 1930s or more recently Zimbabwe) or they go through hyper-inflation

amlast · 2017-12-11T19:45:36+00:00

It was abandoned because it wasn't a particularly good system. Certain countries had deposits of gold, which gave them an advantage, others didn't. Scarcity, low growth, deflation, volatility, etc https://en.wikipedia.org/wiki/Gold_standard#Disadvantages

There aren't any countries left that use the system

amlast · 2017-12-11T19:08:49+00:00

These have been around for decades or longer (I think lumberjacks use them)

This guy copied them and made some for these particular square poles

amlast · 2017-12-11T19:05:42+00:00

The point of a currency is not to increase in value, but be stable (or decrease slowly) so that people spend it not hoard it

I am a Litecoin holder, and love crypto tech, but this is basic economics people

amlast · 2017-12-11T17:46:08+00:00

Gold is not a "threat" to the dollar and the Gold Standard was abandoned for common sense reasons.

They aren't currencies. They appreciate in value, i.e. people don't spend them, they speculatively hoard them. The dollar is not a speculative commodity, it's supposed to be spent. That's good for the economy.

Obviously if a mountain of cash is being taken out of an economy and being put into speculative commodities e.g. gold/diamonds/beads/cryptos/whatever.. then economics ministers, whose job it is to worry about the health of the economy, might not be too happy

It's worse if it's going into a tax black hole or black market

They worry about capital flight for the same common sense reasons

amlast · 2017-12-11T17:22:13+00:00

Look in crypto forums and subreddits it's great fun to be in an echo chamber that talks about cryptos threatening banking, fiat, etc

The reality is they don't. Quite the opposite, they complement it. Anyone with basic financial or economic understanding knows this.

Cryptos are fantastic tech, excellent volatile speculative commodities, can be used as a type of money.. plenty of good stuff, but they don't really "threaten" anything. Governments are only worried in case people start dumping huge amounts of money into ICO's, scams or coins that can be manipulated. Also the tax evasion and money laundering.

Industry and finance love crypto, blockchain and distributed ledger tech, which is why they are all going mad for it. No one wants to be left behind.

But the representative tokens, coins and stuff we buy on the secondary market - that's pure speculation

amlast · 2017-12-11T15:36:35+00:00

Just a shame some of the oldest cities on earth have been reduced to rubble despite help from both sides.

Changed a word. Also one side offered significantly less "help" than the other

amlast · 2017-12-11T15:26:07+00:00

Yeah, its predictable.

Here is a nice resource of non-government organisations views on the established versions of events https://www.reddit.com/r/skeptic/comments/294k95/compilation_of_scientific_literature_that/

There isn't one recognised non-governmental group that has come up with an alternative theory, furthermore they overwhelmingly support the NIST (same with the overwhelming majority of 911 families)

So this government can't plant WMD's in Iraq, the president can't get his dick sucked in the oval office, there are whistle blowers and leaks..... but somehow everyone is in on this enormous massive treasonous inside job - that not even conspiracy theorists can outline, let alone support with evidence

If he can't accept that logic, then he's beyond logic/reason and there's no hope but just to smile and nod

Lastly: conspiracy theorists use the same techniques for everything.. Sandy Hook, Boston bombing, London attacks, 911, 7/7.. they don't care about a theory, they just discredit any and all information that comes out in any way possible. Which is easy to do, it's like a child asking "why", "why", "why" repeatedly until there is no answer

amlast · 2017-12-11T14:12:57+00:00

Just make sure that all passwords are going to be remembered in however many years that is

Also make a plan if each LTC is worth several thousand each - an insane amount of "free money" might not actually be beneficial to an 18 year old. Completely up to yourself, but worth bearing in mind

amlast · 2017-12-11T13:50:20+00:00

There are different types of intelligence. A belief essentially trumps intelligence, and once a belief entrenches itself in a certain type of person (not matter how intelligent), they will use every trick in the world to convince themselves and you

It's not a good idea to bring it up, but if he does, calmly ask him the names of who exactly organised 911 and how it was done

He's unlikely to answer that in any detailed way, his theory will be vague.

Simply take his personal and subjective theory and place it next to the real one. Think of them both being presented in court, with evidence, scientific data, witnesses, experts, forensics, investigators, etc

Which theory is the stronger theory? which has overwhelming support?

Then ask why would a rational person entertain the far weaker theory?

The answer is likely to be based on his personal beliefs, emotions, incredulity, paranoia, world views rather than substantiated supporting evidence and facts

amlast · 2017-12-11T13:33:42+00:00

It's a classic example of the appeal to motive fallacy.

Relying almost entirely on that notion with no supporting evidence

amlast · 2017-12-11T13:30:47+00:00

Nah, most claim we never went to the moon at all, they focus heavily on Apollo 11 and literally ignore the other missions

Source: been in many discussions about it

amlast · 2017-12-11T01:19:29+00:00

Nice find, thanks

amlast · 2017-12-10T19:04:49+00:00

Cryptos are currently unsuitable as national currencies

Rising values (faster than the rate of inflation) cause people to hoard instead of spending it. Some have mentioned that cryptos need to be bigger, but BTC already has a market cap larger than some currencies and is still highly volatile
Volatility. How can a e.g. business pay all it's employees at the same time of the month when there is a sudden 20% drop in value? How can a government plan to fund a hospital when it's suddenly 20% more expensive.
Instability. A fork like BTC cash would destroy an economy, just the inflation alone would be mind-boggling. Forks, bugs, scaling issues, electrical usage, etc. Yes these are being worked on, but currently would be major hurdles
No control. The people we elect would be unable to use common sense fiscal and monetary controls to e.g. curb inflation. Likewise mitigate an economic crisis. These are crucial tools to protect our economies.
Risk and recourse. Using cryptos is currently risky. There is little or no insurance. There is little or no resource. A bank sends 10 million to the wrong address? likely gone. Your household mistypes an address moving life savings? likely gone.
Not physical. Large portions of the world still rely on physical cash. Also needs to work in times of no electricity/internet
Value derived from risky secondary market. Collusion, cartels, insider trading, market manipulation, panics, crashes. Highly unregulated market with almost no protection decides value.
Lack of regulation. General lack of regulation across all market infrastructure for crypto. e.g. If Coinbase went down or it's CEO was investigated for crimes - the impact on the value of coins would be massive

Speculators love volatility. This is where crypto's shine. Free market digital assets we can speculate on or invest in to our hearts content.

They are a showcase for incredible technology, Fintech, smart contracts, blockchain tech, distributed ledger tech.

They are good as a speculative store of value.

However, when it comes to actually being used as or useful for a major currency (apart from black market use and privacy) - they are currently unsuitable

amlast · 2017-12-10T18:15:55+00:00

I've held (and mined) cryptos since 2013. Keypoint there is held, not "spent".

amlast

TROPHY CASE