Community post
Time to short LTC (At $52.83)
Hi guys, I just shorted LTC at 52.8 USD/LTC, wish me luck! LTC is a great currency for transfer of value (exchanging your fiat for tokens), due to the smaller fees compared to BTC. But as a gateway token I don't believe the surge of today is justified, hence my short.
I'll happily liquidate this position once the reaction downtrend stabilizes, if we see this downtrend, otherwise I'll be shorting more at higher prices.
P.S. This is a very small position as all my funds are locked up in funding (I actually had to liquidate EOS for this position).
Replies (6)
Brave man! I would not short any Cryptocurrency. Not when they can make a 20% gain in a few hours.
Are you saying you sold the coin? I never saw "short" feature on crypto exchange/trading yet" Welcome to steemit. followed n upvoted
Thanks mate, you should take a look at bitfinex, they allow for margin trading, and basically you are selling someone else's tokens (which you intend to buy back from the market at a lower price), anyway, look it up :D
Like there was any reason not to short bitcoin cash at $900 :D But yeah shorting seems way more risky than longing right now, especially as you'll only pocket 5%-10% on a successful short, while 100% is not uncommon on a successful crypto long
Anyway, if you want to protect yourself against the market uptrend, a long-short would suffice.
thanks.