The problem with Litecoin is that nobody is using it. The most transactions it ever did in a day was 27k, while Steem is doing over 800k transactions per day, Bitcoin over 300k and Ethereum also over 300k. Even if you exclude all transactions from Steem bar the most basic transfers, Steem did around 28k transfers yesterday, more than Litecoin has done transactions in any day.
What do you have when there's $2.5 billion tied up in buying it on the markets but nobody is actually using the network?
Its because people are buying litecoin and holding onto it.
Holding alone does not make a currency. To take that step you have to have both widespread commerce AND widespread holding. Litecoin is severely lacking in commerce.
sure, but the more people hold the more it will be worth more. Thats the reason why the price is pretty stable when it comes to litecoin because people hold.
Holding alone, with no utilitarian function is not stable when there's an event that causes widespread need to cash in their liquidity. Commerce is the cushion against such events, if it doesn't come in the long run then you may as well be investing in a pyramid scheme.
I don't know man...Litecoin is still an awesome coin. It's just for now not many people are exchanging actively because people are holding onto it until it skyrockets.
What exactly is awesome about it that isn't available in other coins with better network effects?
What is awesome is it is a stable coin price wise and has good patterns. Just because the majority doesn't exchange the coin doesn't mean its bad. Many places in canada have litecoin atms, as well as many places here in america do as well. It is a growing coin with awesome potential. Keep and open mind. That is why I don't only invest in litecoin, never keep your eggs in one basket.