What would it cost, to make a transaction of that kind, in any fiat currency?
Just imagine what it would involve, the lawyers, the brokers, the custody costs, the admin… And then imagine you were moving it across borders as well, and involving forex brokerage and international banking. We’d be looking at weeks to actually do the deal, and doubtless fees and commissions that would run into hundreds of thousands of dollars.
Then check this out instead - https://bitinfocharts.com/litecoin/address/LZYCpYnV8VE4X7TbH8jjuvYPMfAugGLNAs
700k LTC, transaction fee -40c
I guess it must have been a long 2 and a half minutes though, right?
So was it the Winklevoss’, consolidating their position before adding Litecoin to Gemini? A big institutional fund as yet unidentified? Or a secret whale who just did a deal on a private island somewhere…
Either way, it’s made me look at Litecoin again in a thoughtful way. Because a lot of people are going to say, ‘oh well XRP would have been 2 and a half SECONDS ‘ or whatever, but the truth is very few blockchains have the credibility and provenance to get seriously considered for a deal of this magnitude.
So maybe Litecoin is hitting the sweet spot, for a nimble and cheap way to transact, combined with a 7 year history and a trusted team (even if Lee did sell out all his position at the ATC in Dec, but that’s another story).
Also I noticed that Alzashop is now taking Litecoin for online orders. I first heard of them as a place to buy a Trezor, they’re both Prague-based firms, but Alza is actually huge in Eastern Europe and they have a massive inventory of stuff, mostly tech and consumer electronics, but plenty of big ticket items in there.
Mass adoption, that’s where it’s at, bring it on!!