Bitcoin Forum

Hey

Why is LTC rising vs BTC? Is it just pure speculation?

I tend to think so.

No services, no merchants....lots of miners.

Edit: I don't believe it is a "scam". It is a developing alternate cryptocurrency.

I think Litecoin is a scam.

Aha how so?

This is just another copy of Bitcoin.

Pump and dump
Scam

Bitcoin = experiment

Litecoin = copied experiment

People just make accounts to post that word (scam) with no context or common sense.

Seriously.... why bother. Say something reasonable to back the post or stick to throwing food at your school cafeteria.

Look at merchants for Bitcoin, they're going down. Look at how many mining companies Bitcoin has, if anything is speculation it's Bitcoin. There's no engagement.

Litecoin is going up because:
I use less power to mine litecoins.
I get more bitcoins by mining litecoins.
Litecoiners want to open stores as soon as possible.
Bitcoiners just want to skim off the surface of whatever everyone else is doing.

The above does not apply to the people who devote a lot of time here.

I like Litecoin and everything, but the current price is just WAY too high.  A few hundred bucks worth of BTC is all that's keeping the house of cards that is the order book up above .003.

no comment

Litecoins prices right now are mostly backed by BTC prices. Its a partnership not a Vs situation. People who trust in BTC trust in LTC, but at this point they are just years behind BTC in development. The people that mine/buy them are hoping that they will catch up.

^ THIS +1

Price is waaay too high.

No its true.

I mine ~.245 BTC a day with my GPUs.

I mine about 52 LTC a day with my GPUs.

At last sell price on BTC-e, 52LTC * 0.006192BTC = ~.328BTC

I'm making 0.083BTC more a day mining litecoins. That is almost $0.75 more at mtgox high currently.

They prefer pay to survive LiteCoin ...

This is entirely true, and has been for some time now. BUT, this is soon to change. Difficulty is rising FAST, and profitability is going down.

Just a couple weeks ago, I was mining over 1000LTC/day @ 1.5Mh/s. Right now, at current diff, I can mine less than 200/day. In another 36hrs or so, that will drop even further.

Check-mate ;)

Poland

So if it's anything like BTC, LTC price will rise as difficulty goes up?

It's actually the other way around! To an extent, miners can expect to get more, but it isn't sustainable. There will always be downward pressure, as miners try to cash out, pushing the price down.
Price goes up-->more miners-->Difficulty rises.
Price goes down-->miners quit-->Difficulty drops.

Same goes for BTC! In the end of October, BTC was trading @ $2-$3, while difficulty was ~1.8million. Only the most efficient miners were still profitable.

Price==cause
Difficulty==effect

Aha but BTC price seems to have gone up, and difficulty has gone up too?

Yes! The more profitable it becomes, the more difficulty goes up. MOST people aren't going to mine at a loss.

Agreed as well.  Litecoin is too much at .006 under normal conditions at this point in time.  I wouldn't touch litecoin at all unless it was around .003 with the 51% possibility(no matter how remote of a chance that is.) due to the fact btc-e opened up deposits, for the next few days.  I would go .004 - .0045 in "normal" conditions.

This is just from someone who would like to invest more in Litecoin (disclaimer: I hold 10k LTC right now) and thinks there is a real chance.  But also thinks the miners are a little too greedy and the price is being artificially propped.  Plus there are no services.  Well, no notable ones anyways.  There are almost 900.000 LTC on btc-e and only 1400 BTC.  Having that much at a single exchange not moving day after day hurts Litecoin's economy overall.  Not good for an emerging coin with potential.  It's time to let go of a little LTC guys.

And maybe I'm just missing the deal of the decade but there are too many variables right now and too much LTC on the market.  (= No more buying from me at this point.)

This price is pure speculation.

0.005 is the normal psychological price.
If it's below than that, there's lots of selling without much buying.
If it's way more than that, there's lots of buying without so much selling due to difficulty creeping up to  8.63320

It constantly moves to 800k - 1000k range but people deposit their LTC again so it's filled up to 900k.
Now it's 841k.

Again, without offering up something useful with this coin, services, goods, et cetera.  It's just a bunch of guys sitting behind computers mining an unused coin trading to each other.

Your difficulty isn't really my concern.

Just saying from an investment viewpoint.

And that's why right now your coin is not worth .006 to me and obviously others, at this moment.

The exact same thing can be said to bitcoin when it's still $0.0041 too.
It has potential, and that's why people buy it in the past, and mining at loss.
Just saying from a miner viewpoint.

https://bitcointalk.org/?topic=137.0

Yes and what big event happened shortly after that?  I'll just answer, Silk Road.  Right now LTC is hopes and dreams and I agree I see them too.  .0041 is acceptable to me as I've already stated. :)

That's not true.
With the recent panic selling (because of our beloved friend BCX), the buying side dropped to 300BTC, but the price stayed above 0.0045. When the panic was over (within an hour), the buying side went up and up and up until 1600BTC right now. When people noticed the drop in price they were like 'ZOMG BUY BUY BUY!' and lots of extra BTC was put in the exchange (~10 grand).
Also, there is one (or more) guy(s) showing off some BTC in the LTC/BTC trade (with a buying order trying to buy 6.66 million coins). Although this means nothing, it shows that a lot of money CAN be put into LTC and that people with lots of BTC actually know about LTC.

Why litecoin is better than BTC? Faster transaction times, FPGA's and ASIC's will need more memory (bandwidth) to be capable of outrunning GPU's and the creator can (and does) actually do something against (claimed) 51% attacks...
And by the way, an addition to BTC can't be that bad... It actually brought me back to the whole cryptocurrency community! If it wasn't for the profitability of LTC, I wouldn't have spend $400,- on BTC recently. There you go, an example of how LTC enriched BTC.

I got in @ .004


:)

Just wish I would have had more BTC ready at the time.

LTC seems to be an investment tool right now.  I know everyone keeps saying it needs more services, and I wholly agree, but it is using Bitcoin as a buying/selling vessel.  A lot of people are mining Litecoin to get MORE Bitcoin.  The LTC market can stay as health as long as BTC is healthy as well.  I really don't have any faith in that working the other way around.

Litecoin is an extension of Bitcoin, and should be viewed as a Bitcoin service as well as a potential currency. 

I'm no litecoin hater, but let's see where the price is in about 2 to 6 weeks from now. Short-term....price is still too high. Go ahead guys and buy it at these prices....as Bruce Wagner would say..."it can only go UP UP UP!!!"

 :D