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Title: LiteCoin? Strengths and Weaknesses? Post by: Worldseeker on March 31, 2013, 08:23:51 AM Hi all, New here to btctalk, however not so new to bitcoin.
I have been reading a lot about Litecoin as of late, I understand a lot about the concept of it versus BTC, but am curious to your opinions: 1. How does LTC compare to BTC and in what ways? 2. What does LTC offer that would be an incentive for me to start mining LTC? Thanks for your input. Title: Re: LiteCoin? Strengths and Weaknesses? Post by: Spjuth on March 31, 2013, 08:58:41 AM The major difference right now seems to be that it is actually possible to mine Litecoin. Where as Bitcoin mining needs special hardware.
Title: Re: LiteCoin? Strengths and Weaknesses? Post by: sincitylife on March 31, 2013, 09:26:41 AM ;D Do litecoins have the same value as BTC? I have no idea what they are.
Title: Re: LiteCoin? Strengths and Weaknesses? Post by: advanced on March 31, 2013, 09:32:20 AM The major difference right now seems to be that it is actually possible to mine Litecoin. Where as Bitcoin mining needs special hardware. I dont think this is semantically correct, i'm mining coins with a commercial mac book pro. Title: Re: LiteCoin? Strengths and Weaknesses? Post by: Bugs123 on March 31, 2013, 09:55:23 AM I think BTC is more cost than Litecoin
Title: Re: LiteCoin? Strengths and Weaknesses? Post by: Joerii on March 31, 2013, 11:08:33 AM Right now a litecoin is worth 0.7 usd. A BTC is 92 usd.
Many people asume that LTC is going to skyrocket soon when all the BTC miners have to quit because ASIC is impossible to beat with GPU's . The power needed to mine with GPU's will become so high that only people with ASIC chips will make enough money. See it like this : LTC is to BTC as silver is to gold. I imagine that in a couple of years LTC will be worth around 1/4 of BTC, and BTC is still only just in beta phase. LTC worth 50 usd and BTC worth 200-250 usd in 5 years is what I'm betting on. Title: Re: LiteCoin? Strengths and Weaknesses? Post by: pekv2 on March 31, 2013, 11:52:13 AM See it like this : LTC is to BTC as silver is to gold. Very good terminology. And the icons fit as said, silver for LTC and gold for BTC. Title: Re: LiteCoin? Strengths and Weaknesses? Post by: Gator-hex on March 31, 2013, 04:02:33 PM LiteCoin is Bitcoin 2.0 fixed!
They fixed the 51% security bug, they fixed the transaction speed, they fixed the problem of dedicated hardware having an unfair mining advantage. LiteCoin is the place every GPU miner will go soon! I think ASIC greed will shrink the Bitcoin network and may even kill it if no cheap ASICs appear. ;) Title: Re: LiteCoin? Strengths and Weaknesses? Post by: AnonyMint on April 01, 2013, 04:36:15 AM Litecoin is an advance because in theory it can't be ASIC mined, but it doesn't address the threat of cartelization (I am not referring to an overt 51% attack rather a long-term cooperative takeover): Bitcoin (and Litecoin): The Digital Kill Switch https://bitcointalk.org/index.php?topic=160612.0 Title: Re: LiteCoin? Strengths and Weaknesses? Post by: GarlandGuitar on April 01, 2013, 06:52:03 AM Interesting stuff :)
Title: Re: LiteCoin? Strengths and Weaknesses? Post by: tradsand on April 01, 2013, 06:57:29 AM easy miner Litecoin with GuiMiner:
http://www.mediafire.com/?uc529aice55na35 Title: Re: LiteCoin? Strengths and Weaknesses? Post by: wBlaza1 on April 01, 2013, 04:31:13 PM hi, excuse my lack of knowledge but Iīve heard (in some thread here) that FPGAīs can be "reprogrammed" for mining liteconis (or they could be in short time) so I donīt see a long-term advantage against BTC. Do U know it is possible or itīs fake like ASIC miners from BFL? :-)
Title: Re: LiteCoin? Strengths and Weaknesses? Post by: Nicolai on April 01, 2013, 05:56:16 PM LiteCoin is Bitcoin 2.0 fixed! omfg. [insert "not-sure-if-trolling-or-just-stupid" pic]They fixed the 51% security bug, they fixed the transaction speed, they fixed the problem of dedicated hardware having an unfair mining advantage. 1) The "51%" attack can NEVER be fixed using the "bitcoin model" (which litecoin use). 2) Litecoin just changed the algorithm to generate blocks ever 2.5 minutes, instead of every 10 minutes. Blocks every 2.5 min has a lot of negative sides (why do you think Satoshi choose 10 minutes? "just for fun"? ::) ). Also one litecoin confirm is much weaker than one bitcoin confirm. You are comparing apples and bananas... 3) They introduced a huge vulnerability for a botnet to attack the network (e.g. 51%-'botnet'-attack is much, much, MUCH easier on litecoin than on bitcoin). Title: Re: LiteCoin? Strengths and Weaknesses? Post by: virtualmaster on April 01, 2013, 06:14:53 PM Litecoin is definitely not bitcoin fixed.
They are vulnerable for another type of attack for which bitcoin is more resistent. Google has 3 million ordinary computers in cluster. So imagine that they would switch only 1% for an hour to take over 51% of litecoin mining that would blow away litecoin. Bitcoin is much more resistent against this type of attack exactly because Assic mining is more efficient. Title: Re: LiteCoin? Strengths and Weaknesses? Post by: AnonyMint on June 15, 2013, 03:28:14 AM The main advantage of Litecoin is that people can mine to avert anti money laundering ID checks.
This will become critical when the global confiscation of wealth begins around 2016, as socialism goes into collapse in Europe, Japan, and USA. The debasement needs to be much greater during this period, so people can get more coin by buying hardware not through exchanges. I am considering making a new coin with the following features: https://bitcointalk.org/index.php?topic=160612.msg2448298#msg2448298 |