Bitcoin Forum

There has yet to be a Bitcoin derivative that has come close to being half the price of a Bitcoin. I just one other peoples' opinions on the matter. I think it could help the crypto-economy if we had multiple currencies once the user base is large enough, but might also hinder it. If people choose one currency over the other this creates competition. Competition could go either way, raising or lowering the value of the coin. I just spent a few Bitcoins on a new CPU cooler to Litecoin mine with, and I've made about $0.80 mining with 30kh/s for a day or two. Maybe this is like Bitcoin, where the price skyrockets after it is publicized, making early adopters and on time sellers rich.

Opinions?

Do you mean 0.08$ ? :) or did you got ~150 litecoins for 1-2 days with 30kh/s ?

I have 80, and the price on btc-e yesterday was about $0.01/ltc

I am sure enough in a few years LTC will be be worth a very stable 0.025BTC, if a few things happen

1) all things under 0.25BTC are traded for litecoins instead
2) CPU mining remains the best way to mine LTC
3) The current speed of acceptance keeps up
4) more people mine, the generation rate is too high for the amount of miners we have, a lot of slow-medium speed miners would be a good thing.

I am thinking that LiTeCoin could maybe benefit from an FPGA mining farm that mines all the merged-mining GPU coins and uses all of them to buy Litecoins. Basically the same thing I want to do for DeVCoin except that LiTeCoin won't be one of the coins mined, unlike with DeVCoin, which itself can be GPU mined with merged mining.

The idea basically is to create things that will buy the coins, thus presumably helping to keep them sellable and maybe / hopefully even increase the price they sell for.

I'd do it the same way: have a "corp", LiTeCorp, just like DeVCorp but with the objective of promoting the value of LiTeCoin instead of DeVCoin. Preobably pretty much any approach DeVCorp comes up with for increasing the value of DeVCoins, LiTeCorp can probably apply toward improving the value of LiteCoins.

Millions of DeVCoins have already been committed to DeVCorp and other DeVCoin-oriented "corps", but the people putting in those coins mostly do not have any LiTeCoins at all so I have no idea whether LiTeCoiners would be as interested in such approaches as the DeVCoin holders have shown themselves to be.

I have created an asset contract for my Open Transactions server to support the trading of LiTeCoins, but didn't create a LiTeCorp shares/stocks contract yet mostly due to no actual LiTeCoins having been put into the system yet, unlike DeVCoin of which well over a hundred million is already in the system.

-MarkM-

I tried LTC mining a couple weeks ago. Mining was unprofitable (on top of the heat, effort, and not including wear on components - but fwiw, I was just using the cheap CPUs which run my Bitcoin miners), there was nothing I could buy (put my earnings in the one lonely lotto raffle), and I'm still not sure of why I'd want to use it over BTC even if the first two issues were fixed (particularly because even though LTC blocks are solved faster, websites seem to require more confirmations before they consider it valid). BTC was fairly unique and has a clear role as an innovative medium of exchange and has been relatively well-adopted - LTC is a spin-off competing for the same role without the benefits of being first.

I could see something like Namecoin working out as it uses the Bitcoin ideas and puts them toward something other than just facilitating exchange -- its inherent value is not only from its advantages as a medium of exchange. AFAIK, that's not the case with LTC.

Why Litecoin though? Bitcoin has so many obstacles on its path that it makes me think alternative currencies attempting to solve single issues do not contribute to the crypto-currency concept that much (they do contribute to research and development though). If it's an essential feature, it would and should be embedded into Bitcoin, otherwise there would be an inflation of crypto-currencies that appeal to particular use cases. For instance, scalability is such an enormous issue that it renders all diversity in currently implemented alt-currencies insignificant.

I'm a bitcoin man but I do hold 25,000LTC

It will be interesting to see what happens.


I do think however in about 5 or 6 years there will be a better coin than BTC and slowly that will be adopted.

One essential feature that probably will NOT be a priority feature for Bitcoin is sheer official worthlessness, like baseball cards before they took off, like comics before *they* became collectors items, worthless game-tokens that game-players can have fun with and maybe, many years later, find are worth some silly amount of money possibly for quite silly reasons.

Bitcoins are more and more unsuitable for games the more they try to be "real money", because the more "real" the money the more "gambling" type fuss gets dragged in to spoil the game(s).

We *need* poker-chips that don't turn any and every game that finds some use for them into "gambling" merely on account of the chips happening have the word "poker" associated with them in some way.

-MarkM-

I've been toying with the notion for a while about a system that pays people in points (backed by Litecoins) for website traffic/blog posts/facebook updates/twitter....etc.... The largest hurdle I think is educating people on what cryptocurrencies are, and than providing a safe/easy way for the average person to buy them like arcade tokens on a whim.  People know what tokens and points are, not bitcoins and litecoins.  So maybe set up a wallet exclusive to a website where they could cash litecoins in for some sort of prize (think warcraft mounts or second life clothing), or they could figure litecoins out a bit more with guidance and just withdraw them from their website pool.

Imagine having a currency worth a few pennies that you could tip EVERYWHERE with on Facebook too.  Millions of dollars would be tossed around daily.  Putting up little wishing wells to throw pennies in all around the internet has a lot of value.  I wouldn't throw a $10 dollar bill (bitcoin) in a wishing well, but I would a nickel.  The fact that it isn't money might separate it from certain laws and website guidelines (not really sure there). All we really need is a good facebook app (Or whatever site) and a push for wide acceptance. 

My point is Litecoin might be the wooden nickel/arcade token of the internet.  I've spent enough to buy 10,000 litecoins so far, and have been mining for over 3 months.  So I'm betting on it too.

It has no valid use.

So probably not...

It's essentially Bitcoin with less security.

well, I am accepting payments in litecoin for irc bounce accounts :) I will also be offering VPS & Shared Hosting services in the next few weeks.

So you can kinda use it for something ...  :)

I have just set up yet another web-based game, http://fantasy.mygamesonline.org/ so check it out and figure out how many Litecoins you'd be willing to pay for whatever things you'd be interested in buying there...

-MarkM-

So I still think this applies, even with the GPU miner, using that means not mining BTC.

Even so, time for a new algorithm?

There are plenty of uses for a currency to compliment Bitcoin. Just having an alternative to Bitcoin is reason enough to have Litecoin.  It is all new to everyone, and could have many possibilities that we haven't seen yet.  I certainly wouldn't feel comfortable with any of the other alternates out there.

Absolutely.  Litecoin touts itself as the silver to Bitcoin's gold, and when I mine them, it kind of feels that way.  I truly hope it DOES prosper and work in tandem with the Bitcoin economy.

I think it could prosper if it was adopted by an indi game or some Facebook type service.  But what I think will happen will it will be either Bitcoin or else something not yet created that survives long term.

#4 thats me right there! LOL 15-18 kilohashes

I have 30 haha :D

I not understand why is need for altcoins. What wrong with Bitcoin ? I mine litecoin for while then make yao ming face when see price on btc-e.

In response to the last post: lol. just lol :D

A friend and I are mining together, we have about 80kh/s right now between two i7's. If anyone wants to mine with us, we will gladly share the profit. Lemme know :D

I don't think that is what FlipPro meant for "valid use". Just being an alternative isn't valid use. Neither how it feels. Litecoin just doesn't bring enough innovation to justify itself as something you would need to use "in parallel". There is nothing inherently wrong with Litecoin, replace Bitcoin with Litecoin, and Bitcoin has no "valid use", since they are essentially the same thing. Doesn't matter where you can use or exchange them. If everyone accepted Litecoin AND Bitcoin, both would have the same rate of redundancy.

Take a few steps back and try to keep things in perspective. Most kinds of selective pressure Bitcoin might face in the future, Litecoin will face too. I mentioned scalability issues for a reason, since it's probably the biggest problem both would face, and what I would expect from Bitcoin's "silver" version is to solve that problem, since the silver-as-money does exactly that for gold. Litecoin is still gold with this metric.

In summary, if we are to have a "silver" crypto-currency as an alternative to Bitcoin's "gold", it needs to have properties that are essential to the survival of crypto-currencies as a whole.

I'm thinking of mainly off-line transactions and scalability. As far as I can think of, all block-chain solutions to the problem can successfully be integrated into Bitcoin (you probably can solve off-line transactions with signed addresses and centralized guarantee, but scalability is not ultimately solved). All other solutions can be implemented as a higher-level structure on top of Bitcoin, either as digital cash or as ripple-like systems, some of which would be ultimately scalable and allow off-line transactions. These will be Bitcoin's silver.

(@the joint: I know you like philosophizing on these issues. Think of it this way. With litecoin's metric of being a "silver" of something, you could in turn create the silver of Litecoin's gold, by essentially modifying some constants. This goes ad infinitum. One legitimacy I can think of could arise from the developing standpoint. If there is some experimental feaure Bitcoin developers won't implement, and Litecoin does, and it proves to be of alternative use (arguably faster confirmation rate is something like that but not enough), then there might be a case to be made. So yes, if there is a reason we'd expect for the list of features to diverge, then Litecoin could prosper.)

LTC will drop down to USD parity early 2015

With improvements in client and network security, there could be many benefits to having two Bitcoin-like currencies, especially when one network is primarily backed by GPU power and the other is backed by CPU power.  Obviously, security updates to each currency would be necessary if and when quantum computing scales up from its infant stages.  But, being able to shift your assets between these two currencies could become extremely practical, much like how gold and silver are stored while quarters, nickels, dimes, and pennies are used in everyday exchange.  One currency could be more active, and the other more passive. 

Or, one could become more regulated than the other, with each serving its own unique purposes in society.  Two similar currencies could also help each other grow -- it's easier to mine litecoins at least in terms of hardware accessibility, and this could help spur the adoption of Bitcoin and Litecoin alike.  Merchants familiar with one could easily become acquainted with the other, and this could open up more payment options for consumers. And in the event that one network becomes compromised for whatever reason, assets stemming from the damaged network could be converted. 

I'm sure there are other potential benefits as well.  But, I do agree with most of what you're saying -- any number of potential currencies could do the same as Litecoin, if not more.  But hey, when you're mining them, you want it to prosper at least a little bit. :)

How is it profitable to mine them right now?

There fixed for you =)

Alt currencies are still in their nascent stage.

Bitcoin was out the door first and is now robustly traded on a few exchanges so there is a real and perceived dollar value for Bitcoins.

Litecoins has some inherent advantages that could potentially make it a socially networked currency, far beyond the realm of Bitcoins. The small LTC-to-USD factor and the CPU-based mining makes it even more attractive in that respect.

On the Litecoin Development Thread there has been some interesting discussions about possible Litecoin apps / games / sites:
https://bitcointalk.org/index.php?topic=63092.0

I think the potential is there for Litecoin to prosper; all depends on how much supply and demand we can generate for this coin.

No scalability; Bitcoin/Litecoin and clone Alt Currency branches support architecture is fundamentally flawed. The block discovery difficulty and hash rate power/costs to mine coins has increased to the point that you need a small server farm to achieve a small amount of profit.  Recent cloud farming services have moved in because they can operate more efficiently to keep mining profitable.

Lack of scalability (en.bitcoin.it/wiki/Scalability) and future network support is Bitcoin’s and other clones “albatross around their neck.”  As of Sep 11, 2014, 13,250,900 out of the total possible 21 million Bitcoin’s are in circulation. Bitcoin’s support network is rapidly approaching a point where large scale mining will no longer be profitable.  You don’t need to be an economist to realize that when doing something is not profitable, people stop doing it. 

After coin mining is no longer profitable, the support networks processing power will shrink and verifying huge block chains will take longer, making it unusable as a functional daily currency.  Bitcoin could eventually become the sole digital currency (gold standard) that others are valued against.  Observing current markets, it’s well on it’s way.

NXT’s nxt.org support architecture makes more sense, it’s eco-friendly and processing power is scaleable to achieve fast block processing times. Trust, transaction speed and security are ultimately the deciding factors that will make any digital currency viable.  Depending on peoples acceptance, it’s marketplace could eventually be a serious competitor to PayPal and eBay, due to lower transaction fees.

lol reviving an old thread just to plug a 100% premined crapcoin  ::)

lol

i was looking at the dates on the first page and was like "this has to be a nxt puppet"

that or EL Dude.

: D

LTC price will continue to decline for high-perfromance ASICs are coming.

Never and ever,death countdown begin......  ;D

What's up with the performance of the current ASICs? I thought they all offer the same level of performance.

sadly,LTC was killed by asic.

The next gen LTC ASICs are about 3.5 faster on a $$/Mh basis... and use less power.
The last part means little because only regions with super-cheap $0.01 power are in play.

They are pre-order for Dec...
So they will be paid for by Western money and run full tilt in Chinese factories til Mar...
Then in Mar people will start getting used next Gen machines.

Both BTC and LTC will continue to slowly decline, so what...
They remain very valuable for a while as they remain ASIC secure.

The crypto Ecosystem is not priced by $5,000 investors, but by $1 million investors...
And only an idiot would put $1 million on NXT secured only by a password...
A network controlled by about 10 people that actively hides it's problems and scammers.

Where else could you put $1 million and sleep at night?
Nowhere... so you will have to diversify between 10-20 coins.

LTC will not prosper if it does not innovate.

Litecoin's original niche doesn't exist any longer. I don't see a future where Litecoin would prosper regardless of whether Bitcoin does well.

No one woulda given a fuck about LTC if it wasn't for the google guy being the dev, that was the big hopes of big price. If Mr Crypto Mc Curry released Litecoin no one would have cared. Sure, more than nowadays in this shit hole hell of altcoins, but the point still stands. People is realizing most alts are unnecessary.