Bitcoin Forum

IRC has been abuzz with LTC soon to be hosted on MtGox.
I see five different scenarios:

1) The combined traffic of BTC and LTC users both on gox puts gox in its grave.

2) LTC moving to Mtgox causes a short spike in LTC price and short drop in BTC price as people can easily diversify using mtgox.

3) The price of both LTC and BTC stabilize at a lower level, because people could move BTC money into LTC when BTC drops, and vice versa for BTC when LTC drops

4) LTC being available on mtgox confuses new users and convinces them not to invest in either cryptocurrency

5) BTC and LTC are two different entities, and both will continue being traded with no price affect from Mtgox adding LTC

6) BTC up, LTC up (specifically as a result of LTC being added to MtGox)


any other speculation? I'll add alternate hypotheses to the poll.

I see one scenario: This thread gets moved to Alternate Cryptocurrencies and remains there.  :D

I don't like this development...people are stampeding their way into Mtgox to get a hold of the all precious Bitcoin that they've heard is the new 'digital' gold...how will they feel when they hear something almost exactly like it is available and that Bitcoin is not that scarce. It could put people off and cool them down from all the hype. I hope I'm wrong, because this could be one of the worst things for BTC.

LTC being added to mtgox would (in my opinion) affect BTC price as much or more than it would affect LTC price. The largest bitcoin exchange suddenly diversified, with even more traffic, and an easy route to move funds between two competing currencies in larger volumes than is possible with the btc-e user base? Perhaps the thread will be moved but I won't be the one to do it, this question is more valid than some of the spam rampant in this subforum.

As LTC's only goal is the destruction of all cryptocurrency, probably not good.

BTC ~= Gold!  (factorial)
LTC ~= Silver!

...
I don't see any problem / issue.  Just evolution into the future.

LTC is Quantitative Easing for Bitcoin.  It contributes nothing and only serves to confuse and dilute.  If someone think that either LTC's "increased speed" or "increased number" are benefits of any sort then that person is stupid beyond measure.

Any basis for this strong statement aside from emotion (i.e. meaninglessness)?

links to other threads here, anything...

LTC up, Bitcoin up.

This, but i don't think BTC will drop much.

Agreed!  At a time when Bitcoin is getting attention from the masses, adding something similar will, for most people, just add to confusion.  Or worse. 

"Why use LTC instead of BTC?"
"Well, LTC fixes these problems with BTC..."
"Problems? ..."  uh oh...

I still can't dig up a definitive, official announcement date for LTC being hosted on MtGox. I keep hearing mixed stories

That's because there isn't one yet.

If they add LTC and it looks they will at some point soon, it will be good thing for ltc holders but awful for cryptocurrency being adopeted by masses.

They are still to be introduced to bitcoin, last thing needed is another thing to come to them.

I have a strong feeling that many newcomers will see it as an investment opportunity to invest in LTC but primarily because they'll think it may spike just as BTC did (plus the huge price difference will sway them). This will cause an initial increase followed by a drop and then a return to gradual progression.

Or it will jump up to $545.89 exactly and we will all be filthy rich. :P

LTC arriba, BTC will slow down a bit in short term.

Over 300.000 people suddenly get access to Litecoin when MtGox accepts them... Imagine what happens... The price will go up like a rocket...

bla bla bla  ::)


btc ltc up

Honestly I don't see GOX supporting LTC before they fix the problems with the BTC trade engine. How could they? Imagine the revolt they would face from the Bitcoin user base if they added another coin without fixing their current problems? Indeed their user base is already in open revolt with them over this.

I think Gox will add other currencies for sure, but I think it will be months down the line. The volume of trades/money/users coming into Gox is increasing every month at an incredible rate. They are overwhelmed as is. As much as I would like LTC on GOX- its pretty inconceivable that they would add LTC while in the midst of all their current problems.

LTC will skyrocket in the short term...

On another note, am I the only one worried and terrified by the fact that a single site alone(MT Gox) actually sets the price for everything..?

You are not alone.

+1

If it's to hard to understand the gold-silver comparison, I don't think this person would understand btc and buy them. The part that more cryptocurrencies exist just like metals is probably the easiest part to understand. :-\

it doesn't

if it crashes, a million compeditos would rush in, and the price would drop and I would buy buy buy

they have announced, they'll fix the lag by 17th, so LTC should be there after that.

btc will go up and ltc too

Price could also go down couldnt it?

Not where bulls are concerned.

This will be the last really good buying window for BTC/LTC for quite some time.

I may be wrong but it looks like in the long run, the only advantage of LTC for most people would be that transactions are faster than BTC.

is there any way that BTC transactions could be made faster in order to compete with LTC for buying stuff?

That's the most irelevant difference between LTC/BTC.
LTC will provide diversification and that's why LTC might be even 1:1 on BTC. When some big players move at the only crypto it generates vola and panic/greed. Too much vola makes a currency useless.

On a multi crypto enviroment panic sellers can move to the alternative crypto(s) and the overall market vola on crypto stays lower. But don't worry, one 50% less volatile bitcoin at 30% market cap is definitively more worth than 1 BTC of todays 95% cap.

BTC will go down, LTC will go up.

BTC is quite stable now at the 100$ value so for many investors it is not that interesting anymore.
LTC is still in it's early days, the network hashrate and difficulty is at it's all time high and more (underground) merchants are starting to accepts Litecoins.
So for an investor/newbie it will be far more interesting to invest in LTC then in BTC.

I expect a lot of BTC owners to sell some BTC for LTC, thus decreasing value of BTC and increasing value of LTC.
But hey, I could be wrong.

Also, the CEO of MtGox has said on Twitter that LTC and NMC will be added. Now they are just being vague and saying "other crypto currencies" but I think that there is a good chance that LTC and NMC get added.

Cool Poll, thanks. I was happy to see that many think as I do, it will be an interesting poll to revue post LTC listing on Gox.

+1 for the OP