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Author Topic: Litecoins to bitcoins for cash. Why?  (Read 1107 times)
Jriker1
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July 12, 2013, 11:26:14 AM
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I read thru the forum people talking about selling their litecoins for cash like USDA that the way to do it is to convert your litecoins to bitcoins and then cash out. Is there any validity to that?  Depending on when the posts were made could selling litecoins have been harder than now so converting to bitcoins made it easier to sell on an exchange?

Thanks.
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franky1
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July 12, 2013, 12:12:57 PM
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selling litecoins to dollars straight on BTC-E is less value then selling litecoins for bitcoins on BTC-E and then moving bitcoins to MTGOX/Bitstamp which have a higher bitcoin pricetag (most of the time)

EG
right now

BTC-e.com
LTCUSD for 1000LTC = 2612.40 USD
but
LTCBTC for 1000LTC = 28.64 BTC
BTCUSD for 28.64BTC = 2594.78 USD

but
MTGOX.com
BTCUSD for 28.64BTC= 2813.88 USD

so converting to BTC and sending BTC to gox adds $200 value

adding to that just 1 hour before posting this MTGox was $104 meaning the potential for profit could have been better if well timed.

(warning: maths above is only accurate at the timestamp of this message, profits may not always occur so don't use this as a rule)

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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July 12, 2013, 03:11:15 PM
 #3

selling litecoins to dollars straight on BTC-E is less value then selling litecoins for bitcoins on BTC-E and then moving bitcoins to MTGOX/Bitstamp which have a higher bitcoin pricetag (most of the time)

EG
right now

BTC-e.com
LTCUSD for 1000LTC = 2612.40 USD
but
LTCBTC for 1000LTC = 28.64 BTC
BTCUSD for 28.64BTC = 2594.78 USD

but
MTGOX.com
BTCUSD for 28.64BTC= 2813.88 USD

so converting to BTC and sending BTC to gox adds $200 value

adding to that just 1 hour before posting this MTGox was $104 meaning the potential for profit could have been better if well timed.

(warning: maths above is only accurate at the timestamp of this message, profits may not always occur so don't use this as a rule)


Don't forget that your'e paying twice as many fees if you're converting twice.

franky1
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July 12, 2013, 04:17:34 PM
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Don't forget that your'e paying twice as many fees if you're converting twice.

0.2% LTC/BTC(btc-e.com) fee + 0.001BTC (btc-e.com) withdrawal + 0.6% BTC/USD(mtgox.com) fee

1000LTC is 2LTC fee = $5
0.001 withdrawal = ~90c
0.6% mtgox fee = $15

under $25 in fee's for over $200 in my original example.

but yes that was all just an example of a trade that could yield $175(after fee's) more dollars. and it is advisable you do watch out for the fee's


I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
Jriker1
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July 12, 2013, 04:39:57 PM
 #5

Very enlightening. Thanks Franky. Very helpful.
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July 12, 2013, 05:06:25 PM
 #6

Like to add that there is really not enough depth to do large transaction on litecoin.

Your transaction will move the market and distort calculation you have done here.
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