Bitcoin Forum

I have no idea what ASICS are, nor do I care. I just know they are about to screw average joe miners. (correct?) I want to know if ASICS will be allowed to mine LTC. If I bought a $100 dollar GPU on ebay and put it in an old tower with a monitor, would I need anything else and how many LTC would I be creating a day at the current difficulty?

You need to know your hash rate.  Look up your card here:

https://github.com/litecoin-project/litecoin/wiki/Mining-hardware-comparison

And then enter the hash rate in the calculator here to see how many coins you will mAKE:

http://www.litecoinpool.org/calc

It's highly unlikely that you'll see Litecoin ASICs, producing scrypt ASICs isn't cost-effective:
http://www.tarsnap.com/scrypt/scrypt-slides.pdf
https://github.com/litecoin-project/litecoin/wiki/Comparison-between-Bitcoin-and-Litecoin

However, there might be a hard fork that modifies the scrypt parameters in Litecoin so that it'd be more cost-effective to use CPUs (there are pros/cons with different scrypt params).

The highest hash rate I saw (720) was only producing like $3.71 a day. How do people make a profit with this?

There is little profit to be made at the current LTC price unless you are getting free hardware (or just using hardware you have anyway), and/or cheap/free electricity.
However, if the price of LTC goes up and you hold the coins you mine, that could change significantly.
Remember the first days of Bitcoin, it was also down at very low prices. The 10k for 2 pizzas legend etc applies to LTC now.

Litecoin already has its own pizza legend story: 3500 litecoins for a single meat lovers! https://bitcointalk.org/index.php?topic=90019.0 (https://bitcointalk.org/index.php?topic=90019.0)

Actually ASICs will help average miners, you just need to buy them and they just mine. No need to mess with gpu, motherboard, overclock, temperature etcetc. It will screw those who said "i buy tons of gpu and become rich, ahahah".

i like this shit :P
https://github.com/litecoin-project/litecoin/wiki/Comparison-between-Bitcoin-and-Litecoin

$3.71 a day.... That's $111.30 per (30 day) month, or $1,354.15 per year, at current prices (I haven't checked your $3.71 figure, just extrapolating to longer time spans).  If you get a few of whatever card that was and have electricity cheap enough to not bite into too much of that revenue, you can make decent profit... I don't see what the problem is.

Now, it's not going to be something where you can buy hardware, then two weeks later you have paid it off from the magic unicorn bubbles that it produces; Bitcoin, and in turn the alt-coins that are derived from it, are not a get-rich-quick scheme.  They can be a valid investment if done intelligently.  I, for one, could stand to have an extra hundred dollars per month, but make sure you don't dive in too far:  ALL ALT COINS HAVE FAILED EVENTUALLY, except for the few that haven't (If you'll forgive the tautological statement).  Never invest more money than you can lose in anything.

iddo this is the best explanation I have seen as to why ASICs wont be made for Litecoin.

What is the proposed "hard fork" you talk of? Something to stop GPUs working on LTC?

If we switch to more intensive scrypt params (larger memory buffer) then GPUs will be less effective, but the performance will degrade even for non-miners who just send/receive litecoins, because the client will have to work harder to verify the blocks.