Bitcoin Forum

Litecoins currently fluctuate between 0.001 and 0.002 bitcoins in value,
is there anyway that would increase?
more/less users?
more/less mines?
more commerce?

Proof-of-stake

too bad it´s not CPU-only anymore.

More users and more commerce.

Go one by one and talk to every merchant that takes bitcoin and ask them to take litecoin as well.

how about offering even 1 whit of difference from bitcoin

Litecoin is sort of like Bitcoin Pennies, so maybe it needs to find a niche where it can be a subdivision of wealth to an extremely small degree.

If bitcoin succeeds in becoming "The original crypto-currency", then it will become more of a holding medium than a spendable currency, much like gold. LTC, being that block/transaction confirmations are 4x faster, and there are 4x more coins to go around, I think it will become what people eventually end up using for day to day transactions.

PersonallyIi think litecoins do have a bright future.

I think the biggest advantage at the moment to litecoin is the faster block halving time, we only have a couple months to before before the reward decrease.  It's a big incentive to invest in the short term.

That is a big advantage.  Do we have an estimate of the time the reward halves?  Bitcoin's is in December this year, is Litecoin's sooner?

I also think the "Angel" investors, anyone excited about Litecoin, anyone developing projects specific to Litecoin, folks mining Litecoin & anyone actively trading Litecoin should step up and work together to INCREASE the street value of our "Precious". It's currently trading on BTC-e way below any price to make it worth spending much time working on.

I'm not encouraging Price Hiking on the markets, but if people are just hoarding LTC at this low rate instead of buying the 600,000+ Sell coins on BTC-e then Litecoin probably won't make it.  We've made it through the 2 weeks since a working GPU miner was released. It's time to bring the value UP!

Call me crazy, but I see Bitcoin as the trailblazer for a faster and more consumer friendly Litecoin.  IBM trailblazed for Microsoft, Yahoo! trailblazed for Google, MySpace trailblazed for Facebook, Napster trailblazed for Spotify.  Litecoin has great potential as a Future Digital Currency.  Let's INCREASE the street value of this mofo.

Scrypt.....nuff said.

I thought the first LTC block halving was at block # 840,000?

+1

I think that if a secondary currency (e.g. Litecoin) is to compliment a primary currency (e.g. bitcoin), it is better if they are fundamentally similar with only a few individually marked distinctions.  Litecoin's are:

-Scrypt
-Faster confirmations
-More coins

Each of these offers multiple benefits that Bitcoin does not.  Other than these distinctions, Litecoin and Bitcoin are basically the same.  If the fundamentals of a primary currency make it as great as it is, then it seems to follow that a secondary currency should use the same fundamentals to also make itself great.

I'm imagining that vendors would take bitcoin and litecoin rather than one or the other. The important question is:  What would be the reasons (for the merchant or for the customer to use either one of them) to choose one over the other when it comes time to make a purchase?

Perhaps transactions below a certain value would be done with the lower value litecoins. Bitcoin may be reserved for higher value transactions. Maybe the fees might start to differentiate them. One might do fees based on number of transactions (set fee per txn) and one might do fees based on a percentage of the amount transacted. We have to start thinking about fees now and rather than a one size fits all that isn't good for every situation, we may find that the market would prefer two different strategies and make transactions based on which is the best for the job. Maybe litecoin could be used for quick confirmations of bitcoin transactions. Kind of like using another crypto currency as a transaction processor. It could maybe be used to add more utility to bitcoin without being forced to change bitcoin's protocol.

A slightly different topic and one that I've mentioned multiple times is that I would love to see litecoin become the wild, bleeding edge coin, and bitcoin stay as a staidly, reliable, rarely changing coin. I think it would be interesting to see more experiments and more untested ideas.

Maybe we can even steal the word "bitecoin" from the few who have used it. If a vendor accepts bitecoin, that means they accept bitcoin AND litecoin. ;)

There may come a day when bitcoins breach the $100 mark, and then something like a BigMac will cost B 0.05, which is kind of awkward. I'm sure there'll be a decimal shift or something to compensate, but I also think LTC will become the Silver to Bitoins Gold.

Uh, for sure? Last time Bitcoin was a third of that, it collapsed under it's own weight and has been eking around the $2-5 mark. $100 seems lofty at best, but what do I know?

Gonna play Devil here and bring up if Bitcoin is decided to subdivide it's wealth among more coins where .01 BTC is the new "Bitcoin" denomination when it reaches a ludicrous amount, Litecoin is up a creek if it wants to be tender as opposed to the speculation currency, especially if something like Gox bucks becomes the new form of tender. What to do if that happens?

Has anyone in this thread actually approached a business to get them to accept a cryptocurrency?

Business owners don't care about the differences amongst the chains.  They barely understand bitcoin.

I hope that you continue to differentiate with all of these alt chains and their advantages, but they won't be seen for many years unless businesses actually start accepting the coins.

Right now it seems like you're waiting for bitcoin to do all of the leg work in establishing the market and then swoop in with a better coin.

We'll see what happens, but for now I'm back to getting businesses to accept bitcoin.

I suggest you all do the same (whether it's litecoin or bitcoin) to get businesses (brick & mortar & websites) to start accepting bitcoin.

Next time you're in a store, ask if they accept bitcoin or litecoin.  See if they react.  If there's a manager near by, then that comment may be well received.

The biggest reason businesses aren't accepting bitcoin or litecoin right now is that their customers aren't asking for it to be accepted.  Let's all work to change that!

Might want to mention how the founder scammed people by GPU mining whilst telling everyone it was a CPU only coin. Just so they are on a level playing field as everyone else.

Every time you make a joke I crack up! Keep it up mate, you always make my day.


I hold 20,000 LTC   Wish I had more really

^ Especially since that translates to about $100 USD. Now back on topic. Thinking about starting a Wikia bot that spits out Litecoin every time a significant edit is made as part as the Open Syllabus thing I mentioned back here. (https://bitcointalk.org/index.php?topic=70036.0) Gonna ask around to see the feasibility of it.

EDIT: (https://bitcointalk.org/index.php?topic=70067.0)

Ask Mtgox how much it costs to put LTC on their exchange, and then give them that quantity of money.

im buying 50 btc more soon :)

CoinHunter, please stop with your lies. I never scammed anyone and never GPU mined Litecoin. You have no proof because it never happened. Please stop spreading your lies.

Litecoin DID look like a viable alt currency, and had been fairing quite well before GPU mining took over. I wasn't around for the transition from CPU to GPU with Bitcoin, so Litecoin may still hold on. Who knows.

Yeah, because who would want to mine SoiledCoins right? Even their own pool won't mine SoiledCoins.

Can we just leave one thread untainted by this ridiculous SolidCoin feud? Seriously.

What is ridiculous about it?

Why does ShitCoin not get banned for trolling?

If you want to get banned, go post on the Soiledcoin "forums". Here, the mods are more tolerant of those who have a radically different world view than their own. They prefer that we ridicule them for being less awesome than "a monkey wearing a tuxedo made out of bacon riding a cyborg unicorn with a lightsaber for the horn on the tip of a space shuttle closing in on Mars, while engulfed in flames".

This thread started so well....and now it is soiled....

Anyway, I agree that we need to get businesses to start excepting cryptocurrencies for any of this to matter.  Think of the following, and if there are answers to these questions, how user friendly are they?  People DO NOT CARE how something works, they just want it to work better than what they had.

- Do we have a lot of people blogging/facebook/twitter-ing/making websites for bitcoin and litecoin promotion? Not including circle jerking amongst other bitcoin/litecoin investors.
- Has anyone been thinking about a realistic system to use smartphones for point of sale purchases at businesses?  Paypal has.
- Why is MtGox (previously hacked) the titan of Bitcoin exchange right now?  There should be dozens of these sites with hardly any differences, and a MUCH easier method to exchange USD for BTC/LTC.  How the hell do we easily translate USD to BTC?  If it isn't as easy as Paypal it isn't going to work on the average person.
- Are there any easy to use copy/paste scripts for web companies to accept cryptocurrencies?
- Look up a shop on google.  Are they excepting bitcoins?  If not, educate them.  

Nobody answered the OP question.

The only thing that increases price (in long run) is adoption & usage.

So it comes down to "Why would someone use LTC over BTC?"

Things like "I have a lot" or "you can CPU mine" are meaningless.  Merchant X wants to accept a crypto currency why would he pick LTC over BTC (or even LTC and BTC)?  If there is no genuine answer then the currency has no value.

Bitcoin is Bitcoin's silver right now.  That may change and a "silver" emerges but LTC IMHO doesn't provide enough of a tangible benefit to break that dynamic.

Silver didn't become Gold's "Silver" just because it was different.  Silver became Gold's silver because it is hard to subdivide Gold into small & usable amounts.  When a days worth of food is 1/200th of an ounce of Gold either you need something "smaller" or you need to stamp coins the size of a tiny screw.  The fact that tiny slivers of gold are difficult to transact with was the opening that made silver, gold's "silver (and copper silvers "silver").  Bitcoin can easily subdivide down to 1E-8.  Right now if I owed someone 1/200,000th of a penny I could pay them with Bitcoin.  Granted the minimum with no tx fee (dust spam avoidance) would be 0.5 cents but that is still a small amount. 

If LTC is the silver for fractional cent purchases well it has a problem. So what is the reason for a merchant to accept LTC other than a) you have a lot or b) you don't have a big GPU farm and that is unfair.

I agree with this, but I bet LTC will stay around for a while if for nothing else, great to speculate on. I bet in the future it will be easy to exchange the two making their differences meaningless.

I hold 40K now just to see what happens. I'm still hardcore bitcoin btw:)

I can think of a few reasons why one would want to buy Litecoins. The first one is to trade Bitcoin. I don't like the US dollar but if I want to trade Bitcoin then I need to trade it against something. For me, that something is Litecoin.

The second reason why one might want to buy Litecoins is because they're dirt cheap. There will be four times as many Litecoins than Bitcoins so the price should be around 0.25 BTC. The reason why it isn't anywhere near that is probably because Litecoin is more vulnerable to be 51%ed. Once the network grows and becomes more resilient the price should go up. It has a long way to go and one could make tons of money with it.

Litecoin is a highly speculative investment and nobody should put more into it than he can afford to lose. Think of it like a lottery ticket.

That's not exactly true is it?

Re: Solidcoin and reaper;
http://www.russellheimlich.com/blog/wp-content/uploads/2009/08/i-want-you-to-stop-whining.jpg

Now that we got that settled;
Litecoin is the "other" cryptocurrency at this point, and I could see a future where it's used as an intercurrency exchange medium between established exchanges in order to keep price differences in Bitcoin viable to trade, so that eventually Litecoins are the ones going round in circles behind the scenes, while Bitcoins stay unconsolidated and a bearer of independant value. Litecoins make it possible to set up microexchanges at a low entry point, not having to s#it around with Dwolla for the unscrupulous types, and being a whole lot easier to come by for the average joe.  Or as posited earlier, Litecoin may be adapt at microtransactions because you are still dealing with round numbers at minuscule levels of payment, people can get their hands on them easier, and numbers going up and down quickly make happier people than just watching interest compile.

 :o

How about a bank that you put BTC into, and it pays out compounded interest in Litecoin, so that you can feel like you are getting a better return than what you actually are? LTC becomes sort of a token system that you can then cash out on, without having to deal with crap-ass pizza. Hell, take the metaphor even further. Set up a swag shoppe with Giftcards and T-shirts and make LTC the de facto currency, offering to exchange BTC locally, and make bank off of the exchange.

GET THE FUCK OUTTA MA THREAD YOU MOTHERFUCKERS
we were talking about litecoin not any other currency, shitty or otherwise

Say Please? :P

please

I think this is a good point.  The ratio of people using digital currency like Bitcoin and Litecoin to fiat is truely one sided to the traditional side.  In order for mass adoption by customers and merchants the money has to be easy to acquire for the average Joe.  Being that Bitcoin is $5+ USD on average it may "seem" (albeit wrong assumption) to be too hard to get, too expensive to bother or even a feeling of missed the boat.  Litecoin is cheaper, faster, more of it and that is all happening now, 2+ years after the first crypto currency finally cracked the code to be a viable digital currency, a la Bitcoin.

Each day 28K LTC will be made until 2016. That is a ton of digital coins that can be divided down for many, many future digital currency carrying members.  A slow and steady growth curve would be the best thing for Litecoin until 2016. Not the violent spikes Bitcoin had during its 1st year just last year. 

Good to hear, anybody can get their hands on some litecoins even just using there cpu, whereas bitcoin deso have more of an entry curve.

will there come a point where the difficulty becomes to high for cpu miners?

No

Elaborate please why that is. One shouldn't accept an absolute answer without explanation. I'm for LTC succeeding but will not accept what people say blindly.

Thanks! ;D

If the LTC difficulty rises to 12 billion, many people might say that is too high! Others might say it is too far!
But if LTC are worth $12 Billion each...is the difficulty too far or too high?

Keep in mind the question was not asked in terms of price but in terms of difficulty and feasibility for CPU miners to attain any LTC for their efforts.

If LTC have no price, then all difficulties are too far and too high. The only thing that determines whether or not you should mine anything is the price of electricity used vs the price of the coin mined. If BTC were $12 billion each, and difficulty was 1, then I would be mining them with my CPUs as well as my GPUs(regardless of how much better it might be if each CPU was a GPU).

I would make a guess that the price will go up once all the botnets mine all the coins. Still that will be a while.

There are no botnets anymore.  The network hash rate is only equivalent to 150 5850 GPUs.

Oh, that is interesting. Why did they leave?

Not sure, probably in anticipation of the difficulty rising to extreme levels from the prospect of GPU mining (which it's now starting to) and the reward being outpaced by the risk.  There were some botnets before in the 1-3MH/s region, but now pretty much anyone can mine in that capacity and the difficulty is much higher (soon to be almost 2).