Bitcoin Forum

after release of bitcoin asics, bitcoin difficulty will skyrocket, as we all are aware of, but what impact will it have on litecoin, as a second most famus crypto-currency?

im guessing most of the gpu hashrate will go to litecoin, infact im 100% sure of that, and difficulty will also be raised by a factor of 100 atleast.

now the big question is, will those new liteconers just dump , or will we see some sort of LTC bubble happening ?

your opinions ?

cheers

I personally wouldn't be surprised if a Litecoin bubble happened, I do expect the hash rate of Litecoins to go up a lot between now and next year at this time, but a factor of 100 seems a bit large. Possible, though!

I predict the price of LTC will tank when ASICs arrive and GPU miners switch to litecoin.  It will be similar to when the merged mining of NMC started and bitcoin miners who acquired NMC just sold immediately, pushing the price down.  Currently, most people who mine LTC care about litecoin and hold some, but after ASICs hit, there will be many miners who are just looking for revenues in BTC or USD and will sell their mined litecoins immediately.

The only chance of a boost to litecoin price is if ASICs somehow destabilized the bitcoin network and there are credible risks of a 51% attack.

yes, but NMC was awaste , side award, and LTC wont be. and difficulty rise will lower dumps to a minimum, dont u think

Large GPU miners switching from BTC to LTC are likely to need to recoup at least some of their costs, So I think a certain amount of dumping is inevitable regardless of the price or difficulty

With no huge market for LTC, the dumping is just going to drive prices way down due to saturation with no one buying decent amounts of LTC.

Litecoin isn't merge mined with bitcoin. Nuff said to debunk your speculation.

When btc price fell below $4 last year, I just pulled the plug on my miners. For any coin, if it's cheaper to buy than mining, it doesn't make sense to mine. This acts as a floor for LTC pricing.

If it doesn't die, it will get stronger.

Bitcoin started like this when one bitcoin was $0.05 each. Time will tell.

Yeah, I expect a lot of bitcoin miners to move to litecoin with their GPU's, at least until they sell off the equipment. It won't happen immediately after ASIC's, but it'll happen soon after they come.

yeah, they will, the problem is that there's nothing much to buy for LTC, so the price will probably not go up and mining will become unprofitable for anyone without "free" electricity

try harder.
http://wiki.litecoin.net/index.php/List_of_Litecoin_related_services

Yeah, well, it's not much else than hosting and gambling... I mean I'm all for LTC and I have several machines that mine LTC. It just seems too much of "currency only for mining" to me. I hope that LTC will keep on growing and have more services related to it and more use. Now it's not much...

Expect litecoin to grow a lot more over the next few years. We haven't seen the tip of the iceberg yet.

don't forget ppc or solidcoin  ;)

i dont even wanna comment on ppc, and solidcoin i dont know, maybe, if it cannot be merge-mined with btc.

cheers

I'm selling Silver Eagle coins. Seems like people are hoarding LTC given I have 57 eagles for sale for LTC and only like 2 people actually committed through PM for small purchases.

So having goods to buy or services isn't necessarily the issue. The problem is people are just greedy lol and want to hoard their LTC (it appears at the current time).

+1

that's great, I love things like these. If I had 750 LTC, i'd go for it (I'm also not in USA so it could be hassle to send them...) maybe when I mine more I will grab your offer, keep up the good work!

Thanks

That's true. but OTOH I still see people on other threads complaining there'e not much to buy with Bitcoin ....

As a community currency, main benefits Bitcoin offers include its global reach, speed, low transaction cost, and immunity from arbitrary monetary inflation. Litecoin has every attributes Bitcoin offers.

For a alt-chain currency to survive, it needs to pass two tests: achieving a "safe" network hashing rate, and establishing a "core" user group. With every day goes by, confidence in LTC increases.

As long as the BTC/LTC and LTC/USD convertibility is there, a more relevant, glass-half-full fact is: Litecoin can buy every goods/service offered in the Bitcoin world.

Smoothie, please could you change your avatar to someone better looking (not very hard I know) ;D

How about this guy:  ;D

http://www.examiner.com/images/blog/EXID12799/images/teeth08xo.jpg

OMG I'm seriously rolling on the floor laughing!!!!!!!

 ;D ;D ;D

Rubberduckie thanks for the new avatar. Now I can really say that is Luke Jr.

 :D

ROFL

I just googled Luke Snr  ;)

ROFL!!!!!! :D

sorry for quite unrelated post, but, as a GPU miner, I wonder if mining some LTC to hoard for the future could be a nice move..

Is btc-e.com a good reference, is there other trading service ?

any bitcoinWatch equivalent for LTC ?

PM me please

litecoinpool.org/stats will give you similar type information

litecoinpool.org/charts did'nt load.. bad start :(

It's a gamble either way, but I suspect LTC price will rise. Depends on your mining costs I guess

its been up and down past few days. Usually its pretty stable. Try again in an hour.

Well, as far as I am concerned for the time being, I will mine couple hundred LTC and convert the rest to BTC. I hope that LTC will achieve a lot in the future, but I have much more trust in BTC then LTC... It's true that LTC can buy anything that BTC can, but the conversion rate is pretty low right now...

Everyone has his own choice, if you like to mine and sell ltc, good for you.
But judging from price action lately , a lot of people are doing the opposite, precisely for the same reason -- ltc /btc conversion rate is too low.

The way i see it, if the "nature" rate between gold and silver is 1:4, but now it's like 1:200, I'd be happy to give you my gold and take your silver off your hands

BTC = Digital Gold

LTC = Digital Silver

PPC = Digital Cash

IMO lol

seams some people were looking at this thread and realised something, coz last night LTC/USD had peeks of 0,10$/LTC and difficulty is starting to rise in an unusual rate :)

cheers

Sorry I couldn't help my self. FTFY  ;D

btc-e is the place I use for Litecoin

BTW, I agree too...

ASICs won't be only bad to Bitcoin, but also for other cryptocurrencies as well.
In fact, it can be even worse for currencies like LTC and PPC, as they are weaker than BTC.

But are those ASICs' price for real?
I mean, shouldn't it be higher? For example, Butterflylabs 1500 GH ASIC costs $30k. But we are still talking about 1.5 TH, which it's just crazy.

Yeah...check out the mining speculation subforum, I hear it's awesome.

LTC also has the advantage of faster confirmations.  This makes it more desirable for its intended use as a currency than BTC IMO.

I've done some thinking on this lately.. and essentially i can see one of three things happening:

1. A large % of miners just quit, sell their gear and move on (unlikely IMO)
2. A large % of miners move to LTC, shooting up its difficulty to the point that it is equally profitable as BTC AFTER the halving/asics, after this initial jump a lot of people would back away, as if it wasn't profitable to mine BTC, why mine LTC?
3. A large % of miners move to LTC, shooting up difficulty AND shooting up USD and BTC price, this would help to solidify LTC as a viable alternative/'silver' and give GPU miners a home post ASICs.

Now as one that has some LTC in the wallet.. I hope #3 comes to pass (and because it would nice to keep profitably mining for awhile).

Wow, nice comparison :)  Love it ! 

FTFYA  :D

muuuuhahahhaha...funniest run of comments all day  ;D  but bet this produces a response of  >:( amongst some punters

Thanks and lol

I hear comparisons and speculations all over the place, but I think it will just boil down to trust and exchanges. 

The gold and silver market is highly profitable and people are investing in it all the time, yet, there are no stores (that I know of) here in the U.S. that excepts silver or gold.  I can't pay rent, buy a cheesburger, or get a coffee with my silver any more then I could with my bitcoins or litecoins.  People just trust these metals as a valued wealth.  Why wouldn't they?  There are hoards of people ready to buy these metals, tons of exchanges, and a cash-for-gold on every city block.

If enough people trust BTC and LTC their prices will rise and stable to accomodate mining costs and demand from investors.  As far as a usable currency , shops could help a lot, but really it is all about exchanges willing to trade for your country's currency.  If exchanges are willing to accomodate LTC, and people are willing to buy them, I could see Bitcoin ASICS making Litecoin value take off.  Currently, I feel that if BTC-E closed down, Litecoin wouldn't last 2 months, just as if mtgox went down I couldn't see BTC having a value of more then a dollar or two.  People would have a disconnection with the perceived value of the currency, and it's trust would suffer.

+1 to all but the bolded.

Someone could just open up another exchange and everyone would move their coins that weren't on the exchange that got taken down to the new one.

Solidcoin did that multiple times. The reason they failed wasn't the closure of exchanges. It was the horrible PR RealScam kept doing.

I meant the health and abundance of exchanges overall really.  If the average person can't trust an exchange to trade in their p2p currencies for their own country's currency, then most won't bother.  If btc-e and mtgox close down tonight, I'd have an immediate dismal outlook on the coins, and it would require a lot of work on the part of a 3rd company to pull in the trust and support needed to keep the idea running.  I don't even know of another exchange except vircurex, which seems shitty in comparison (although somehow it shows up first in google for me). 

I guess as transactions pick up, and exchanges start making actual money, we'll begin to see a lot more.  I'm betting exchanges will quickly turn into online banks with credit cards real soon.  Too bad they'll be screwing us on charges and fees just like the dog shit services that we have now already do.

Can't shut down OTC...so not sure what your point is. Bitcoin wasn't designed to have an exchange. It was to take the power away from the banks in the controlling of issuance of new currency.

if there is a demand for a product, SOME company will come in to fill it. If btc-e shut down, maybe mtgox would fill in the void, or maybe vircurex.. or some other new exchange eager to take some percentage of every transaction.

Bitcoin can operate without exchanges. OTC is all you need.

I disagree.  I mean, it'll still run, and a few will still use it, but I don't believe any p2p currency is ready to stand on it's own.  Most miners & users aren't going to bother without an exchange to get some sort of return.  In a perfect world we'd use JUST bitcoins and the like for currency across the world, but that is a far way off if ever.  Not too many people are going to deal with having to meet up to support a coin either.

Ever heard of old-school mail? That's how OTC currently works between people who are not near each other.

Once again an exchange is NOT necessary for a cryptocurrency to function properly. Bitcoin did just fine in 2009 and 2010 and 2011 and even 2012 whether or not mtgox was created or any other exchange was created.

 ;D

not only old-school mail that smoothie pointed out which works just fine, but there are sites like https://localbitcoins.com/ (https://localbitcoins.com/)  that I actually use way more than the exchange sites to sell my BTC. Once you meet someone for the first time and transactions go smoothly, its easy to build a working business relationship where the face to face transaction doesn't even have to take place anymore.