Bitcoin Forum

Break it down for me - crypto for dummies  ;D

Just speculating here but.. maybe many people bought in on the MtGox talk. And now that Gox is in an uncertain position + it's taking a long time for LTC to appear there + BTC price is going up again = lots of people would rather hold BTC because they've lost confidence in Gox more so than LTC, and they're impatient.

So, to summarize: I don't think people lost confidence in LTC, they lost it in Gox. And they're losing patience so returning to BTC instead.

Personally I still like LTC - but because of the above it was probably overvalued for a long time.

its sad to say but i fear that as soon as it rises there will be swarms of hoarders dumping their ltcs. so we might see price being unstable for quite a while until the confidence increases and people actually decide to keep their ltcs as investment.

Because the stock exchanges went down. Litecoin was only able to survive because people could use them to buy virtual stocks and bonds and because of stuff like Atlantis.

Litecoin will be back and better than ever once there is a place to spend them. But for right now expect the price to go back under $1 where it was before April.

because litecoin brings nothing significant to the table that bitcoin does not have.


(bring on the flamers, im right!)

This! It's a good opportunity to buy LTC now. It most likely won't go below 0.01 btc.

It will most definitely go below 0.01 BTC. How low it will go depends on how far away is the next MtGox announcement which will lead to another temporary pump.

In order to say how low LTC will go I would need to know how many people still hold LTC only as a speculative bet on Mt.Gox... if 90% of LTC holders are only waiting on Gox: it could go abysmally low. If most speculators have already dumped their LTC, we could see a more stable price. Simply put; I don't know where the bottom is because I don't know who the active players are. The more strong hands we have in LTC, the more stable the price will be.

Frustration over Mt.Gox?

Litecoin is special for the mass adoption by merchants and people accepting it as payment. The network is solid.
The only coin that can stand in the shadow of Bitcoin.

is this English?

 Exactly! LTC is steady and its prob the last opportunity to get it cheap.

  is this Greek?   ;)

the main question is... once bitcoin gets mass adopted will early bitcoin users be buying their coins for $1k each? or will they be looking for alternatives. in the end, we just use it to store our wealth - mechanisms are the same. and ltc at the moment is second strongest network.

Thanks to Mt Gox...

just up and down. litecoin is here to stay, dont worry  ;)

its the second largest network AND has good developers. no other coin has that.

naa, litecoin will either die out, or be a toy currency.

true, but still insignificant compared to bitcoin.

lol, no they have not. no cryptocurrency have good developers.

Isn't Litecoin just a Bitcoin with some numbers multiplied by 4? Is there any development required?

Its hashing algorithm is totally different (the memory-intensive Scrypt instead of SHA-256).

Is Colin Percival in the list of Litecoin developers?

Gox isn't responding so his promises about adding ltc there are viewed as fake + bitcoin is going up = people can't see potential in it at this time.

Especially because scrypt have been implemented earlier in Tenebrix.
BTW I like LTC but I must agree there are not much development or new features. I follows the latest BTC code with very little changes, instead of trying to find new ways or adding more features.

Litecoin kicks puppies and steals candy from little kids. I heard it once pushed down an old man for no reason. It was just in a bad mood or something.

On the other hand, Bitcoin works hard, gets good grades, and always eats its vegetables.

Scrypt idea was borrowed from Tenebrix and Fairbrix.

There isn't any good news for Litecoin. Wait till you see "MtGox Litecoin has arrived". Booom, litecoin at $20.

it will never be until someone comes out with ltc asic.

And you would class that as good news?

Litecoin shot a man in Reno, just to watch him die.



In all semi-seriousness, BTC is up and LTC isn't on Gox (no surprises there). IIRC, something similar happened the last time Gox made a "we're gonna support LTC!" announcement, so I'm not surprised it's happened again.

Dunno why everybody is panicking. The exact same thing happened to Bitcoin a couple years ago (2011 some time) when it slowly slid down to $1.96'ish. The non-early adopters were crying about how expensive BTC was, even at $1.96. Those who bought at the peak were crying about how much the price diminished from the $32 high or whatever it was. Seemed like everybody was crying about something, but a few of the wiser ones (or really lucky guessers) were saying, "You want cheap BTC, here's your chance." Turns out they were right, and it looks like LTC is following a similar trajectory.

Maybe because newer coins with more innovative features are gaining popularity. 

That illustrates what CAN happen, but not necessary what WILL happen.

The cryptoworld was a very very different place back then. Quick example, we have about 70 other altcoins to choose from now.

name just one better alt coin with his own network which is evenly distributed to ppl

pls don`t say XPM which is ruled by 50+ % by botnets and ppl having power to abuse big server clouds for free (who want a coin which is mined by thief?)

also working scrypt fpga will be out in ~2 months

There is a loss of confidence because gox didn't happen, people are waitng from April I think. Also there is that thing where a lot of miners are hoarding LTC with the idea that they will all earn huge amounts of money. And when there are a lot of people that know a "trick" to make money, it stops being a trick anymore  ;)

Litecoin market cap is several times bigger than all of the other alt coins put together. It's also known in the wider community as the 'number 2 coin' behind Bitcoin. Then there is it's active development team - see the six month development road plan here http://www.reddit.com/r/litecoin/comments/1o3fdz/we_are_the_litecoin_dev_team_ama/ccr2my7. Also factor in that Litecoin gets lots of media mentions off the back of Bitcoin and has had a ton more media exposure than any other alt coin. Litecoin also has Coblee the one of the developers, who is very well connected in the crypto community (connections make things happen more than anything)... he works for Coinbase and his brother is CEO of btcchina the third largest bitcoin exchange atm.

Remember, Litecoin made huge gains from 5 cents when Bitcoin bubbled upwards. Imo Bitcoin is thinking about bubbling again... that will bring fresh money in and they will feel like they've missed the boat until they do five minutes research and find out that the second most popular coin is less than 2 dollars and has been confirmed by mark karpeles mtgox ceo as going on mtgox when their new trading engine is complete.

As for the loss in alt value, it's people selling their alts to buy Bitcoin and ride the Bitcoin bubble back up again. Trust me the time to buy is when the currency slowly fades in value. When the trend reverses, it will spike very quickly.

Where are the best places to purchase or otherwise obtain litecoin?

Usually btc-e, but you can also try asking in the alt-coin trade part here

i recomend cryptsy.com

is year always alt coins normal official and real exchanges stable rate % fee

i agree with much of this. with btc's bull run, people want out of most alts anyway to ride the bull. plus, the many pump and dumps based on mt gox rumors eventually fizzled out -- many finally dumped for good, thinking that since so much time has passed and hype died down, that potential gains aren't that big even if if goes to gox.

https://bitcointalk.org/index.php?topic=53949.0

If you trade Alts all day...
And keep an eye on the Chat Box, Whales, and Pumpers...
You get the best information on what's moving coins.

IMO, in terms of LTC:

(1)  BTC up... Alts down (it's the same money flowing).

(2)  Traders rarely talk of pumping LTC... just how dull it is.

(3)  LTC is no longer Locked at #2...   
LTC $40,000,000... rest of Alt Space $20,000,000...
Some coins will take a serious run at LTC in the next 6 months.

What was that $20 million 6 months ago? It was tiny... maybe 10% of that.

When, not if, Alt Space grows from $20 million to $100 million (maybe 6-12 months)...
You will see a lot of quality coins bunched together and jockeying for position.

(4)  I doubt that Gox matters at all...
When you have BTC-e, MCX, and Cryptsy... plus new exchanges in the pipeline.

Gox is just a desperate straw LTC bag-holders are grasping.

I like RS' new MCXnow exchange, but there are a number to choose from.  I list the main exchanges on http://weuselitecoins.com/trading/.

The development team for LTC does seem to be active, they are putting together a foundation (http://litecoinassociation.org/), and have an actual roadmap.  Who knows how it will all pan out?  LTC has just as good of a chance as any other the others, and the second largest network of miners, merchants and developers.

Can anyone confirm to me at $0.10/kWh if mining LTC is starting to get to close to unprofitable?

I hate to call you out, but the "Chat Box, Whales and Pumpers" _are_ what moves the coins on an exchange on any given day.  Same as any non-news day on the stock exchange.

LTC has a solid technical difference from BTC, and it has the second largest support infrastructure.  What would cause that, realistically, to change?  Alt-coins, with few exceptions, are clones of BTC or LTC.  Most merchants accept BTC and LTC now, I can't see them wanting to accept 50 different types, even if a payment gateway automates the process.

I'm not dissuaded by troll boxes because I spend my spare time watching what type of actual support is building from merchants and services.  These aspects of any crypto-coin are tenfold more important than the movement of exchanges, and will ultimately reveal what coins become mainstream.  So many of these coins were created to trade, or for fun or as a proof of concept.  I'm all for that, but LTC has services, merchants and uses outside the exchanges--unlike almost any other coin in my portfolio.

I am always frustrated by cryptsy. I really only use it at this point to dump crap altcoins because liquidity is very low there. Every time you place a limit order, bots repeatedly move orders 1 satoshi (or similar) above you, and since there is no liquidity/movement, your order never gets filled. I stick to BTC-E.

Let me put it another way...
It's the MARGINAL movement of capital BETWEEN Alt Coins that affects prices...
Not some perceived, imaginary real-world use or "community".

These are Tiny Cap Alts, baby. (Not Bitcoin).

When both XPM and WDC tripled in the last 2 weeks...
The Whales you think don't matter took $1,000,000 out of LTC...
And pumped the shit out of XPM and WDC... you have to watch it happen to appreciate it.

You might think $1 million out of a $40 million cap is trivial...
But on a MARGINAL basis in terms of exchange pricing...
It's large enough to drop-kick LTC by 10-20%... and the BTC spike did the rest.

Sunny King's coins are more than "proof of concept", Market Cap = $8,300,000...
Alt Pumpers are VERY sophisticated... and show them a lot more respect than LTC.

There's a bet for that:

http://bitbet.us/bet/525/litecoin-to-fall-below-01-btc-before-2014/?ref=17SY2XwzgViNLrNhELPYpj7ps1FokqfFBN

I think this is spot on. Most only mined Litecoin to exchange for Bitcoin at some unknown future date. This of course is unsustainable.

Litecoin has no merchants, Litecoin does not have any significant features that Bitcoin does not(nobody cares about the hashing algorithm, except the angry cpu miners that got left behind). The only driving force behind Litecoin is speculation by stupid people, that does not realize that they are worthless.

Im not saying that altcoins are bad or they will all die, but litecoin will not survive becuase its too similar to bitcoin, and we already have bitcoin. A altcoin that could survive or even have a symbiotic relationship with bitcoin, could for example be one where miners could spend others coins after a specific number of blocks. This could reduce the txout set, by the transactions where the key has been lost. Bitcoin could then become long term storage of value, and this new altcoin could become a everyday coin where its only your own loss that you lose your keys, and not the networks.

who carez? this iz not grammer skool, itz an onlien forum

The problem is the signal-to-noise ratio... when english is written poorly its meaning is lost, obfuscated, or worse. I don't care about grammar, as long as stuff is understandable.

Don't believe people who hating on LTC so much, these are the impatient types who come and mumble some BS or very unexperienced with investing/trading in general. Also go and read the Litecoin AMA on Reddit instead of asking people who don't care about you. Same goes for trollbox. LTC has a very bright future

Your a joke

There appears to be some concerns over Litecoin Foundation. Don't know if this has been resolved as of yet?

https://bitcointalk.org/index.php?topic=313210.0;all

There has been plenty of information about Litecoin. I'm sure you have read them, but still not convinced. Makes me think when people where bashing Bitcoin in it's early days, look where it's now. I would say time will answer your question

I don't believe people hate Litecoin. It's just most people were using it as a tool to obtain more Bitcoins than they could mine otherwise. That's been and gone now, they got what they wanted and now have no further use for it. For the time being anyway.

I think bitcoin has a future and litecoin has none. If litecoin has no future, then you are losing money by holding litecoin and not bitcoin.

The problem is that in the early days of bitcoin, bitcoin did not already exist. Bitcoin was and is an bright innovation.


Bitcoin now exists, and Litecoin is only reinventing the wheel.

I don't hate Litecoin, i just don't care about it.

+1

+1

I have LTC but it's a hedge against something unforseen happening to Bitcoin. I have other alts but I still see LTC as the silver and no other alt so far is a threat in that regard (just my opinion). Some people like XPM because it's scientific and fair enough but again IMO it's science of finding primes is of very limited value and results so far seem very "meh".

The bigger question is if both of these fail then there are going to be some big questions hitting altcoin investors and you could see the demise of altcoins in their current form altogether, and perhaps a move to software that sits above the Bitcoin protocol rather than alongside it.

CoinMKT has it on exchange too.

I bet you all will care when Litecoin gets more attention and it's value has gone up a lot. Like i said early Bitcoin days arrogant people thought the same and didn't care, thought it wasn't going to make it, redditors posting their big sell off stories since their trust was gone because of mtgox/btc/govenment/regulator issues. Look where it's now. You can believe whatever you want, time will tell. Also i'm investing with money i can afford to lose and i made a nice profit with Litecoins present, but the biggest up rallies has yet to come

+1

cool, just repeat yourself. It is not the same critisism that hit bitcoin when started. Your whole argument is built around that the history of Litecoin is similar to Bitcoin's history.
Quick hint for you: IT IS NOT.

The reason for this, is that before bitcoin came into existence there existed no such concept as cryptocurency or blockchain. Bitcoin invented this. Litecoin is a copy "made in chain"-style. The void that Litecoin tries to fill, is already filled by Bitcoin. The void that bitcoin filled does not exist anymore, so the chance for Litecoin's survival is very very small.

Bitcoin did not exist before Bitcoin existed.
But bitcoin existed before Litecoin existed.

Litecoin is a reinvention of the wheel.

When BTC drops, LTC will rise. Same old story... Oh, and I hear Gox will post LTC "soon"!  ::)

There just can't be only 1 digital currency in mainstream. The today's stock/currencies/commodities world we live in you don't find only 1 of them but much more different kinds/values/purposes. It's the system we live in where people get the chance to search for alternatives and this counts the same for digital currencies. In the near future, next to BTC there will be a secondary digital currency with the same attention as BTC, maybe even a third one. We are still in a very very early stage of cryptos. In a couple of years there won't be only BTC which will be popular and the second coin i see that has the most potential to succeed in the future (if BTC doesn't fail) is LTC. Now i'm sure the dev team behind Litecoin is working on it's progress. Like i said time will tell. You are looking at it from a technical perspective but it's not only the technical side that matters or the argument of Litecoin has to differentiate itself massively from Bitcoin to succeed. It doesn't have to be like that, not to mention Litecoin is not exactly the same and it's dev team are working to make it better and more different. It needs TIME

I was referring to different markets in general, your answer didn't make sense at all

Give me one single example of something bad which might happen to affect Bitcoin but not affect neither Litecoin nor cryptography in general.
(hint: is sha is broken, we would have much bigger problems than Bitcoin)

It looks like you provided one for yourself, but with the caveat that if it were to occur that you would also have other concerns.

Another might be a code implementation.
A third might a bad effect from a hostile fork (say Mastercoin has something weird happen, zerocoin, colored coin, etc)

Maybe some might advocate a world with just one Operating System as the best of all possible worlds, but people are free to choose.

It is also a good thing to have another viable currency with an active economy where other sorts of experimentation can occur.  Personally I'd have wished hostile forks such as Mastercoin be implemented on Litecoin first, but I don't have the luxury of making such choices.

how many of you have heard of the ip protocol? this is NOT about OS'es or freedom of speech/choice. its about have a common protocol for communication/money transfers, because that is in the best interest of everybody.

IMO, it's all temporary burnout due to Mt Gox's unfulfilled stated ambitions.

Seems to me it makes a perfect little sidekick for BTC, I see buying coffee or article subscriptions or MP3s with LTC, fast(er) microtransactions. There's always going to be "disputed territory" between the two of them, but I think there's stuff that BTC doesn't necessarily want to bend itself over backwards to accommodate, that litecoin will.


BTW "7950s in milkcrates" jab, hah, took only 6 months to be a snob about it. At last peak in spring, with all the transaction volume that entailed, most of BTC was running on that kind of thing, apart from the 5 people that got B1 Avalons by then.


Anyway, I'd think it would be trading at 7 or 8 bucks by now if the Mt Gox stupidity had not ensnared it. It probably will be about there a month after the first Gox bubble and crash, or Gox claim no way no never no how on LTC, and release it from the bonds of uncertainty.


Sign up for my cryptofinance newsletter for only 6 BTC for a year ..... (Kidding)


Flash

Wat?
You really think that there might be a bug in bitcoin, a software with many expert developers and thousands of active uses, so bad to completely undermine it and unfixable... and you compare it to litecoin, that... I can't even bear to finish the sentence.
It's unbelievable.

And what could these coins do to undermine bitcoin?
And why should litecoin be immune instead?

So far you have only said "bitcoin could fail because of X, litecoin is not bitcoin, hence if bitcoin fails litecoin will be still here".
This is beyond nonsense.
You should have pointed out something litecoin-specific that saves it while bitcoin fails.
And, btw, the resons for possible failures do not work anyway, as I already explained.

Please try again.

there is bug in the satoshi client, only a fool would say otherwise. On the other hand the bitcoin protocol is open, and anyone is free to implement it, i for one have made my own toy client in python. the problem with litecoin is there is only one client, and that is heavily based upon the satoshi bitcoin client. and i don't think there exists a alternative client for Litecoin(no, i have not researched it).

A bug in the satoshi client, would also like be a bug in the Litecoin client. but a bug in the satoshi client would not do as much damage, as there exist alternative clients.

Completely wrong.

If you buy an AMD chip you can still use the same programs as people who use an Intel chip.

If you buy litecoins you have a different currency, incompatible with bitcoin.

the Bitcoin/Litecoin is not the same as AMD/Intel or Coke/Pepsi. There is a difference between AMD and Intel, and that difference is significant enough to actually make them competitors. Bitcoin and Litecoin is also different, but they are not so different that it matters. Therefor because bitcoin is biggest, Litecoin will die out.

If a altcoin be able to coexist with Bitcoin, it most be different enough

???
I am free to buy an AMD chip because this will not prevent me from doing stuff I would do with an Intel chip, since they are compatible. They are compatible alternatives. If I need an Intel chip, I can buy an AMD chip instea and be fine.
If I need bitcoins, I buy bitcoins. If I need bitcoins, buying litecoins won't help me, since they are incompatible with bitcoins.
Get it now?

AMD brings to the table a chip which is compatible with Intel's, so you can buy either, pick your choice.

Litecoin brings an incompatible network, so you have no reason to use it when you can use the main network instead.

I.e. in what exact situation it would be more convenient to me to buy litecoins instead of bitcoins? (other than being a speculator)

I am happy to believe that Bitcoin will be forever perfect and that the smartest people in the world will always and forever write the code and that all the updates will also be perfect, and that the testing considers every future possibility that may break something.

But I also like a backstop.


On the contrary.  If there is some ill effect, I would prefer it happen with Litecoin.  


In our perfect world, nothing bad will ever happen, and if it does it won't matter, and if it matters, it will get fixed fast enough, and if it doesn't get fixed fast enough, a miracle will save us.
I hope the currency lives long enough to survive our optimism.  Hope for the best and prepare for the worst.
My great grandkids deserve good things too.

I am sure your experience with globe spanning 5 sigma implementations is at least equal to mine, and that you also have more than 20 years in watching what was once thought of as perfect crumble, and have the confidence that the smartest people are all on our side and that nothing can stop us.  

This is so very new.  Just a bit over 10 years in the making, and less than 5 in the running.  It is too soon to strangle the siblings in their cribs.

Sure. The idea that something, perhaps many things co-existing with Bitcoin is one I share. But for it to be LTC, no thanks.

OK, so some benefit may be there.
What is the cost of Litecoin's existence that folks would see it ended?

It doesn't need to end, I just don't like how it's currently treated compared to some other coins out there. It's really more of a community issue. I see so many people parading around with LTC like it's so special when there's other coins doing it or easily more; and yet they are so vile about it when you mention them. Makes you gain a vendetta about the coin.

PPC

I agree.  And all Litecoin folks should hear what you just wrote.
Truly this is probably true of all of the coins, including Bitcoin.  
What people have, they tend to have some pride in, it helps to justify the choice to one's self.

However...

There is certainly some socialisation needed among our community.  We are a tiny tiny community compared to where we want to be, and yet we compete with each other.  This is really pretty silly behavior and entirely unnecessary.  It just makes us look bad.

I mint silver and gold.  I celebrate when another minter or coin designer or anything similar comes along.  It is excellent, I hope for folks I can learn from and share stories with that can understand what it is all about.  Sometimes I think what they are doing is not great, but I am still happy they are doing it and I try to help.  If there is something I need to correct that could be embarrassing for them and it can possibly be done privately, then it should be done in private.  Since I am human I sometimes fail at this effort and I regret that and learn from it.  

We tend to be judgmental, but we ought to be helping each other, the opposition is large and organized and far more powerful than we even with all our hubris and perfect codebases.  When we see something wrong, we need to pitch in and help.  Problem identification is more common than problem fixing and though necessary, it is far less useful.

I'm not a big Litecoin guy, but I also don't want to see it torn down.  There are many alternatives, LTC is just one of them and certainly we can all learn to work together better over time.  Say nice things about each other more often, it is good for you, and good for them.

You seem to be very hostile to Litecoin for some reason.

Most of my experiences with investing not just in cryptos but also in the "real" world has taught me that you should never assume to have so much understanding of something that you place 100% faith in your own convictions, as being pompous nearly always costs you money. This is why I used the word unforseen. It appears you can't grasp the concept.

It's more of an ideology I notice some people have, and others don't... I'm sure you are right about everything though. Carry on.

Litecoin is NOT for microtransactions. If you want microtransactions you either want an offchain tx processor or another alt coin. For example, Bitcoin is a good choice for microtransactions, which is one of the reasons for blockchain bloat. Some developers believe Bitcoin would be better off with fee rules that discourages wasteful bloat, which would thereby allow delaying an increase in maximum block size for several years. Keep Bitcoin Free expresses similar ideas, although we Litecoin do not agree with their proposed solution where people are told to use offchain processors. Litecoin's solution can be improved further where it can be adapted into a market driven floating-fee mechanism that penalizes inefficient uses of the blockchain in a similar manner to today's anti-spam rule.

Problem is that so far I've never seen any single argument in favous specifically of litecoin.
(as opposite as "in favour of any random alternative")

Sorry if I'm being harsh, and I appreciate you're not being hostile, thanks : )

Sure, I guess I wasn't making an argument suggesting Litecoin as the only hedge or the white knight of alts, just that it is still a hedge, and IMO this hasn't changed yet despite the price plummeting.

I would recommend anyone to always hold a bag of coins as opposed to a single one.

Maybe this is overly simplistic and the point has already been made, but it seems to me the key thing for any alt coin is its ecosystem, and how much has been set up for people to DO with it once they have it.  This is consistent with the Mt. Gox idea, LTC was going up because its ecosystem was about to get a lot better with (at the time at least) the addition of the leading exchange. 

Bitcoin is obviously king here, but given LTCs relatively early start I'm surprised it is not doing better.  There don't seem to be any LTC faucets on par with dailybitcoins nor any marketplaces or pay per click sites (abitback offers a LTC option but you need a huge amount of points, and it's a less good deal than BTC or USD).  I thought LTC would get a boost as ASICs forced people out of BTC mining, and maybe that has also hurt it, those miners dump the LTC (since there isn't as much to do with it) for BTC rather than helped it.

I think sites such as dicenow that feature both LTC and BTC may help some, but it seems development of sites that use litecoin haven't really surpassed the other alt coins despite its broader acceptance and lead time.

I can't be bothered to waste my time beating this dead horse for the 100th time to fools who can't even be bothered to do their own research and have been wrong for coming on 2 years straight so i'll just repost something I said a while back:

Exactly. All these GPU rigs and nothing to do with them but mine the altcoin with the most market depth. This, and the fact that there is absolutely nothing to do with your litecoins (except sell them for bitcoins as you watch their value slowly but surely continue to tumble downwards).

If there were a 'loss of confidence' in litecoin I would expect difficulty to be dropping. If anything the current state of events would indicate stronger than ever confidence in Litecoin. Consider this: Many people for a long while have only mined litecoin to convert to btc. With the exchange rates sinking there is still no shortage of hash power for litecoin.

Bitcoin is doing well now and that is great for not just bitcoin but all cryptocurrency.
Last i checked the prices of Litecoin vs. US Dollar have changed around 2-3%.
That is fairly small or close to even and correlates with the difficulty holding up.

Most large gpu mining is done for profit and sale of the coins for btc.  If those who operated the farms wanted to just "baghold" litecoin or other alts for a long term investment it would be far cheaper and easier to just buy the Litecoin or other coin and sit on it.

When you see the difficulty of Litecoin drop lower and stay there I think you can say people have lost confidence. Not now.

It's not that bad.

I have fond memories of buying litecoin at BTC0,0022. :)

There's a number of places to spend LTC. (http://weuselitecoins.com/merchants/)  Do you even Google, bro?

lol, that's a really impressive list.  ::)

Looks like the size of the list of places that accepted bitcoin 2 years ago.  Litecoin right now reminds me of when I first got into bitcoin.   It's only 1/2 way to the first block reward halving and the first generation of dedicated scrypt mining hardware is just around the corner.  I believe there is value in having a "digital silver" to trade, and I think litecoin is the best secondary chain BECAUSE it isn't that different from bitcoin.  The mining algorithm separates the mining economy from bitcoin (and the current ASIC market) and I consider that to be positive as well.  Long live the queen!  :)

Agree - and that other altcoin is Devcoin, which is perfect for microtransactions. Devcoin was deliberately developed with the decimal place moved (so 50000 coins generated each time instead of 50), and the transaction fee set to just 1 DVC. That makes the transaction fee $0.0000561, which is practically nothing, whereas Litecoin's transaction fee is a comparatively hefty $0.10.

It's interesting to compare the two coins - Devcoin was launched in August 2011 and Litecoin was launched in October 2011 - so they are near siblings, but they've taken completely different approaches.

The Devcoin community has focused on trying to reward doers (developers, writers and so on). Devcoin now owns an asset (Devtome) which is monetised with bitcoin advertising and Amazon affiliate promotions, which means hopefully a steady stream of dollars earned which then get converted into bitcoins and then devcoins. On the spending side, you can buy amazon vouchers for devcoin (http://dvc4giftcards.us/store.html). The Devcoin community has mostly ignored the speculative element, apart from moaning about it from time to time.

The Litecoin community seems to have spent an inordinate amount of energy on MtGox acceptance - maybe because they see speculation against the dollar as a way to acceptance.

The speculative element can be destructive - IMO, having lots of alt-coins traded solely against Litecoin on Cryptsy is one the main reasons for the price dropping. Think - all those alt-coin miners really want to cash out into BTC. But Cryptsy forces them to buy Litecoins, which they then immediately sell for bitcoins. Cryptsy takes two sets of transaction fees, but Litecoin suffers a persistent selling pressure that wouldn't exist of the altcoin miners could trade directly into Bitcoin. Back in June there were maybe 4 altcoins being traded for litecoin, and now it's about 20 - and you can see the effect.

If the Litecoin community can step away from all the speculative element, and find a true raison d'etre (and it's not microtransactions, nor is it about ways of fixing parts of the crypto-economy that bitcoin neglects, such as ways to earn coins apart from mining - Devcoin has bagged both those elements). It has to be something else, something unique that no-one is offering.

(Disclosure: I hold some litecoins, just wanted some, "just in case")

Aren't those the same guys that backed bitcoin from the beginning till very recently...

It doesn't drop much because there is not much option to support large GPU mining operations. They can't mine BTC, they have to mine LTC as long as they can just recover the electricity cost.

When I was saying "microtransactions" I was meaning it in the real world sense of 25c to $5 ish.. not the bitdust, and 0.001c a click sense. I was also under the impression that the high LTC tx fee was supposedly temporary... but could be like all those quick hacked up bits of "glue" in COBOL the banks are still running 30 years later :D

no, we did not think 7950's was ideal. else we would not have made acis miners...

GPUs were used during the early bootstrapping stage, because that was the best available. They are no longer needed.

Is there anyone that you can point to that claims milk crates with graphics cards are the "ideal infrastructure", or is this just a generalized snipe at all Litecoin miners?  (full disclosure, my 13yr old kid mines a little litecoin on his game computer when not playing games)
Do you imagine that FPGA and ASIC will never be made for Litecoin, or any Alt, or do you really believe that the Litecoin supporters don't want them and prefer milk crates?
Who is it that is bad-mouthing other types of crypto-currency again?  :)

Lets play nice.  We are all friends here.

FPGAs and ASICs can be made to mine litecoin, but they would only do a few percent better then GPU's. The reason for this is that the algorithm used in litecoin is mainly memory-intensive, wheres Bitcoin's algorithm is computation-intensive.

Ergo, Litecoin miners think that milk crates with GPUs are the best infrastructure for a cryptocurrency. The reason that they think this is because they are narrow minded losers that lost money buying GPUs, when there where FPGAs on the way.

The price of a Big Mac in South Africa for example is just $1.82 and in India it's $1.50 - and mere cheeseburgers are cheaper still. In that context the Litecoin fee of $0.1 is too expensive. A 5-6.5% charge just for the pleasure of paying with a crypto is too much - hence the reason no-one will bother to use it.

People need to understand that Cryptocurrencies are not just about the USA. Satoshi was not American and the majority of people who currently hold of cryptocurrencies are not American. It's quite conceivable that they will be outlawed in the USA but continue and thrive everywhere else. So it's a bit short-sighted to pretend that transaction fees do not matter.

so what's the consensus here? is litecoin dead or not?  :D

It's (Un)dead.

i don't know what i want really. part of me thinks that i want it to drop to .80$ so i can buy it up, but then, it might really be dying then.

This post +1. It gets annoying that USD almost the standard to which other fiat currencies must look up to. I really hope bitcoin changes this somehow

I almost bought some litecoins at .014. And then .013. And then I re-assessed this whole "investing in litecoin" thing, at least until BTC stabilizes. Then we'll see. But the very longterm downtrend it's in, which just won't bottom out, and the increased irrelevance of Gox.... I'm not confident.

As long as the Litecoin is traded, it is not dead. You can still mine it with GPU and exchange for BTC, so definitively useable coin for me.

When BTC goes down you all will get another window to get off the LTC train.

Although we will take many payment types and currencies for the Silver Bitcoin Specie, they are denominated/priced in Bitcoin and based on the price/value of silver in bitcoin.  If bought locally, all the listed local fiat currency can buy them, and we are adding more as a way to bring people everywhere to better understand how Bitcoin is money.

lol  :D

this has always been my position and i don't understand how some of you can go around supporting such a troublemaker!  >:(

Everyone is waiting for LTC to become the next BTC. But the question in hand is, do we need more of the same? Neither is practical for instant paying like lets say VISA, its not like LTC is instant, it is only faster than BTC

Its not the same, BTC has asic sha256 network!
LTC has GPU scrypt (multi algos!) network!

also scrypt is advenced protection and more secure then just sha256!, more volume also faster block!

so if one coin has a problem (network overload) the other will help@!

http://majesti.co/cryptonerd/what-is-wrong-with-litecoin/

you have no idea about what you are talking about.

Well, for website payments LTC sure is quicker. For example, a user can sit and wait while the popup window displays this "please wait while we're processing your transaction" and not get bored while an LTC payment is being processed, but get much more bored while a BTC payment is being processed. So there is clearly more demand in the future for LTC in web services. Like all these social networks that has 'credits' that can be purchased with LTC.

I don't know if you can understand without a programming background, but I would compare BTC to LTC as Perl to PHP. Remember 10-15 years ago, most sites were running cgi applications written in PERL, but these days PHP is very likely more popular, because PHP was created to be a websites coding language, while perl is more universal. PHP is becoming more universal too as it evolves, but it has won its niche from perl in web applications. I think LTC in the future can be as PHP is for web services, and will win its niche for online transactions that need to be relatvely speedy.

 Don't know about you, but my incoming transactions for both BTC and LTC arrive in seconds.

God I dislike PHP.  >:(

Ok, what I meant is a certain number of confirmations time.

You hate PHP, must be a perl hardcore type ) But most forums these days run on PHP, like this one, same is true for many other web apps. It's just your personal grudge, which has nothing to do with the objective reality :)

It's not a grudge, just my opinion/view. For example, try using a standard unsigned integer in PHP. Arrrgghhh.

i had a dream last night that LTC went up 8 USD in like one day.

Yes it was a dream.

But reality soon, say, after Gox adoption? ;D

Gox will never adopt Litecoin, it was a manipulation of the market, saying to for sell litecoins for high and then buying low when the time past, and then again says to adopt it one and another time the same manipulation.

So you say Mark K. is trading LTC at BTC-e are you sane???? and doing market manipulation to earn few dimes at BTC-e????

I have my doubts if Gox will even exist a year from now.

There are a few more sites popping up that allow for the direct purchase of Litecoins with fiat, so the reliance on Gox is for the ignorant, IMO.

But gox is still the most famous for litecoin for some reason... the price jump so much just from gox news...

CoinMKT.com (http://CoinMKT.com), for example.

Maybe it's a hope train for saving gox  :P

Kraken is non-US, correct?  So Kraken for EU and CoinMKT.com (http://CoinMKT.com) for US?

Litecoin is bound to appreciate relative to bitcoin, makes no sense that it's 75x cheaper now.

Oh, I am sorry. Well, my point is litecoin is only 4 times 'worse' than bitcoin (max coin cap) and comparable in other aspects. The only advantage of bitcoin is it being a pioneer of cryptocurrencies and more initial user base, but that can grow for both bitcoin and litecoin with time. This advantage of bitcoin may be somewhat counterbalanced by litecoin's faster confirmations time and human psychology where bitcoin can be priced out of reach by common folks while litecoin can still be affordable for a while.

I know that bitcoin is divisible and such, but owning just a fraction of bitcoin and being unable to buy at least 1 full BTC once its price has sky-rocketed makes it less attractive (a person can feel like a loser being able to afford only a 0.1 BTC) and makes alt cryptos more attactive and the first cadidate among them is LTC. And even if LTC can't be 1:4 of LTC per technical design, 1:10 is reachable in the future, where as 75x cheaper to bitcoin is crazy in my very honest and thouroughly thought through opinion, which I am going to stick to until proven by time otherwise.

i agree. its only us are able to understand technical differences between altcoins. the masses will only have to google 'alternative to bitcoin' and they will discover litecoin as the second biggest with powerful enough network. so it will be a no brainer for the masses to invest into litecoin suddenly once the signs of usd plummeting will become evident. all we need now is alternative to localbitcoins.com for litecoin and just wait for demand.

And one more. Computer users know the importance of backing up data. Data is precious. If data is only available on one physical device - that's a single point of failure. Hard drives do crash from time to time with data rendered unrecoverable. So, backups are exteremely important. I am sure everyone has ever lost some of their data and feeling bad about it. Did I mention backups are important? Oh yes, I guess I did.

So, not to beat around the bush here. Litecoin (and other alt coins in lesser extent at this time, but may be more in the future) is a backup of bitcoin. If (knock on wood here) something happens to BTC network, LTC can take over and be a backup network and payment mechanism to rely on while BTC network is being repaired, etc. Backups are important, what more can I say.

Its going to hit $10 in no time...... when Gox announce something...

It will hit that without Gox if bitcoin keeps making progress. Other exchanges have offered LTC for a long time.

And a marketplace in which to spend them.

the spread of alternative crypto currencies has been a factor as well.

+1 The inevitable occurs  ;)

that isnt crucial. bitcoin didnt need places of spendature (excluding sr) to rise into triple digits. i personally beleive that we have big chunk of bitcoin users just buying it as a backup to their wealth as well as long term storage. knowing that such market attracts these people means that bitcoin will only rise. the ones who are into bitcoin for speculation purposes only are very fractional group imho. litecoin can be a wealth storage for poorer folks in the future just as working class mostly stack on silver and richer folk stack on gold.

You are comparing apple to oranges.

So if I create a shitcoin with a coin cap of "1" it is automatically better? Or automatically worse?

Makes exactly ZERO sense.
As usual, with litecoin fans.

the litecoin potential is still there after all its the 2nd biggest coin with a market cap of almost 100 million

see this post for a list of reason , why Litecoin will succeed https://bitcointalk.org/index.php?topic=314238.msg3590060#msg3590060

Lets just wait for litecoin to go up, it has the potential to reach 4times cheaper then Bitcoin...

you also need to take into account other alts. i'd give it 1/20 at its best.

Mt Gox is definitely hurting all of crypto because people have money tied up on there and cant get it out.

Gox wont update to Midas until they have their banking issues fixed, and thats proven incredibly hard as no banks want their business.

So Gox is stuck paying out at a trickle and is losing tons of market share every day, so the importance of Gox to LTC dropped dramatically.

Given all this, the fact that LTC is back over $4 and holding steady at .01 BTC is proof positive that this coin is here to stay and has major support.

LTC has a big, bright future which has only just begun. We need to ask merchants and vendors to accept LTC as soon as possible.

Well thanks for jinxing it. :p

Not to discount anything else but that makes little sense.  The reason wealthier people hold gold vs silver is that it is more portable in larger volumes.  Litecoin and bitcoin take up the same amount of space.

Cryptocoins have value because people use them for transactions.

Bitcoin has lower transaction cost than Litecoin (no fee transactions seem to take a day)

Litecoin's default transaction fee is 0.1, which feels to me like significantly higher cost than credit cards, checks, cash, bitcoin, or Dwolla. Why the heck would I want to use litecoin to transfer a lot of money around when I can use bitcoin?

Now make it 0.0001 and watch the market cap of litecoin skyrocket. I'm half tempted to start a mining pool and/or fork the code and do that.

Maybe there's an argument here that the high transaction fee is necessary to make it economical to mine based on transaction fees and not the block reward, but I don't see that one being made much.

Sorry, I haven't been keeping up with the Kardashians. What loss in confidence are you referring to?

As usual, with bitcoin fans, they can't see nothing but bitcoin, missing out on other opportunities :)
For the record, I am no fan of any crypto-currency. I look into their pros and cons before I buy. No emotional attachment to any investment is a good way of managing it properly.

Litecoin transaction fee is not 0.1, it is 0.02 ($0.16 at current price).
The devs suggested to reduce the fee to 0.01 ($0.08 at current price) a few days ago, users voting on this at the moment and it'll likely pass.

Recently BTC transaction fee that guarantees normal confirmation time has been around 0.0005, which is roughly $0.30 at current price. So, litecoin fee is already lower than the practical BTC fee.

Nonsense.  Take a look at a recent block count the number of tx which pay 0.5 mBTC per kB.  While there might be one or two out of hundreds of thousands of txs it is utter fud to say 0.5mBTC is needed.    The min fee of 0.1mBTC is sufficient.  Tx which don't confirm usually have other issues (like having dust outputs, unconfirmed inputs, no fee, fee below the 0.1mBTC threshold, etc).

As an example here is a recent large block.  It was mined by Eligus which does not include any free tx.  It is 608kB and contains 677 transactions
https://blockchain.info/block-index/441261/00000000000000036af9c03ac779286f3f8ce922b9aa1f8c2c51909c1d89cc67

~2% of tx contain a fee of less than 0.1 mBTC per kB
~82% of tx contain a fee between 0.1 mBTC and 0.11 mBTC per kB
~2% of tx contain a fee between 0.12 and 0.19 mBTC per kB
~5% of tx contain a fee between 0.2 and 0.49 mBTC per kB
~0% of tx contain a fee of 0.5 mBTC per kB or more  (there are 3 of the 677 tx)
may not add up to 100% due to rounding.



Bitcoin is ill suited for micro transactions and it is still cheaper (~$0.05 per kB) than LTC now (~$0.16 per kB) and after the fee reduction (~$0.08 per kB)

I admit, I haven't tried to send BTC with a 0.0001 fee recently, just read the forum threads that people had issues with slow confirmations. All my recent 0.0005 fee transactions were fast. But in the future things could and would change quickly as the number of transactions grows, the fee has to be raised to make it to the top of the list. So my expectations for the next 1-2 years are that LTC will take the niche of micro-payments, whereas BTC will grow into a more heavy-weight category.

Why would LTC take the niche of micro-payments? The EXACT same economics of orphan rates vs block size apply to LTC.  It would be any lower cost for miners to make large LTC blocks as they do for BTC blocks.

In theory one could design a micro tx with the stated goal of having a low processing cost and designed around micro transactions.  Nobody has done it, but it could be done.  LTC is no better suited for micro transactions than BTC is.

How many thousands of transactions per second in the world do credit card companies process? BTC has serious limitations in this regard, so as it gains more user base, it'll have to stick to large transactions only or it becomes unuseable, too expensive, etc.

Network effect will hit BTC first, LTC will take over the micro-payments niche and be able to process them more efficiently for a while, then network effect will hit LTC, some other alt-coin will take its niche, then some other alt-coin, and so on. That's my vision of it for the next couple of years, given current tendencies, can't predict longer than that, this industry is too dynamic, anything could happen.

You kinda just imagined up a non answer to fit your always stated conclusion.

It has to stick to large tx or it will become to unuseable?  too expensive?

Why would including smaller tx make it unuseable?  Why would incuding more transaction and thus having a lower cost per tx make it more expensive?

Why is it starting to happen now? Greed? Miners want higher fees. Human nature. Imagine miners have to process 10x, 100x, 1000x more transactions than now? How would they handle it? Of course, they'd first service the transactions with the highest tx fee. I mean, come one, it's just common sense logic. Low fee transactions would have to wait indefinite time in that case. So people would switch to a coin that still has adequate transaction time, more than one coin has a chance to compete, LTC is just the natural first candidate, but there are others waiting for their turn to dance.

And the LTC miners won't be greedy?

It actually isn't greed on the part of BTC miners.  The orphan cost for a BTC miner is 3.3 mBTC per kB of block size.  Most tx pay less than that.  Miners are reluctant to make significantly larger blocks because it means they actually lose money.  If you get 0.1 mBTC per kB of block size and lose 3.3 mBTC per kB of block size due to increased orphans it doesn't make much sense to increase the block size.

LTC has the exact same economics.  It just so happens right now it is used for absolutely nothing and thus blocks have a negligible amount of txs.   If its tx volume grew it would be looking at the exact same outcome.

Yes, please read what I posted above. LTC will take over just for some time, LTC miners will also be greedy. Then some other alt-coin takes over, until its miners become too greedy, and users switch to another alt-coin for micro-payments. I don't have illusions about human nature, and knowing it, this is the most natural development to occur.

Well it is a theory.  A dubious one best on wishes and hopes but it is a theory.  Read again, BTC miners aren't being greedy it just doesn't make sense to radically expand block sizes.   Average fees on paying Bitcoin txs have actually gone down over the last two years.  The issue is the large number of free tx and a reluctance on miners to expand block sizes especially for free tx only to have them lose money to higher orphan rates.

Miners actually have very little pricing power.  If one miner won't accept a paying tx then another one will and the first just makes less money.  With pools it means the first pool is less profitable and miners switch to pools which accept more paying txs.

Yes, it's a theory, but this theory is based on knowing human nature, and human nature has been the same for thousands of years, so it's safe to assume it'll stay the same for a while.

BTC miners aren't being greedy? Yeah, right :) They are into mining for a profit or for fun? Some are for fun, I am sure, but most are for profit. I don't want to blame miners here, please don't get me wrong. Users are as greedy as miners. I am just outlining what is most likely to happen next, based on what used to happen previously with other money systems that mankind had invented.

See, you just said it yourself, miners don't want to lose money. Current number of transactions is still too low compared to credit card transactions rates. Just wait for it to increase and you'll see what I mean.

If one miner will accept and process it at a loss, that miner will soon be out of business. Again, just common sense.

Ok have fun with that.

Wall Street Journal (Germany): From Litecoin to Freecoin
http://www.anonmgur.com/up/d8728f6c1474af8a28ec4d9ce96ab682.JPG

translate pls?

Bitcoins already take too long to transfer.

Over the internet, the delay is usually fine, because it is quicker than any other way.

At point of sale transactions, other hard money alternatives are better suited.
Don't buy your cup of coffee with virtual bitcoin, use a 1/10 ozt silver piece bitcoin specie.
(coming soon)

I've never had to wait more than 5 seconds. Did you report the problem to devs?

There is no loss in confidence the volume in china on 3 exchanges is huge check it out, gox bitcoin volume is weak. The high has been 78 yuan (~USD 13) currently it is over 10USD
Only Goxes inability to function as a money exchange slowing the expansion in other parts outside of china and india.
What options have you got to trade on gox? Bitcoin with bitcoin and bitcoin with dirt (fiat).
Lots of people would give the left nut to be able to buy some litecoins on gox as long as they are so cheap. long term the price will be about a quarter of bitcoins price.
Darkside, russian equivalent of silkroad accepting LTC too now

https://www.okcoin.com/ (https://www.okcoin.com/)
https://www.fxbtc.com/s/ltc_cny (https://www.fxbtc.com/s/ltc_cny)
edit:http://www.btctrade.com/ltc/ (http://www.btctrade.com/ltc/)

Indian exchange dealing with bitcoin/litecoin (just opening)
https://buysellbitco.in/ (https://buysellbitco.in/)

You are forgetting that CC and check also use ID and 3rd party verified?
With those, bitcoin point of sale will likely follow the same path.
However there is strong resistance to implementing them for many reasons.

and yet the price of ltc just keeps going up. I think you are confusing your obsessive opinion (that there should only be one cryptocurrency) for fact. The price (fact) proves that most people disagree with you.

How strong is YOUR delusion? I bought litecoins when they were 1/5 of a penny back in 2012 - I'd say they went up - A LOT.

The downtrend against bitcoin coincides with a lot more new scrypt coins taking market share from LTC. While BTC really only has Peercoin competing against it in SHA-256.


Being mined on GPUs instead of ASICs is all the difference I need, and a lot of people agree.

This statement is delusional: http://www.cryptocoincharts.info/period-charts.php?period=1-year&resolution=day&pair=ltc-usd&market=btc-e

Litecoin has just as much as a chance to go to 0 as Bitcoin has.

This statement is just that, your OPINION. It is obvious there are others that share a very different opinion of Litecoin, as can be seen in the market.

-------------------------

I like both Bitcoin and Litecoin and use both, but my honest opinion is that I prefer to use Litecoin for transactions because they are confirmed faster. BTC fanatics love to say this is also less secure than the same number of confirmations compared to a Bitcoin confirmation, which is technically true. However, after over a year using Litecoin I haven't once had any problems with the security of confirmations or been scammed in this way.

we are not arguing about the nature of bitcoin being good or not, but the thing that you don't realize is that when Bitcoin gets mainstream its Blockchain will need some tweeking, we have been discussing the Block size limit for so long and all debates point to not increasing the Block size limit for a good reason, soon Bitcoin will be so valued that it would not make any sense sending $10 equal of bitcoins, more people will start making transactions, and many of them will make small ones. they will spam the blockchain with small transactions.

that being said, here where comes the litecoin part, I saw big attention lately around Litecoin from developers and entrepreneurs, hell even Bitpay was tweeting about the easiest way to buy Bitcoin and Litecoin, this attention wasn't brought just for fun or to scam people. think of the support that Litecoin offers to Bitcoin eco-system, How? follow me...

when Bitcoin price hits $1000 it will raise much faster, I don't know if you agree but most likely it will hit it and continue raising fast, people will start making really small transactions and I mean do allot of them, in 10 minutes (the average block target) the network will get really spammed.

Litecoin will be Ideal, 4x blocks in 10 minutes can release some unnecessary load on the bitcoin blockchain, $10,20,30,40,100 is not that problem now but it will be in the future and Litecoin will solve it, now you can argue about why Litecoin why not "put your desired coin" ? well I can answer this really easy, Litecoin is the most secure Alt and one of the few without Insta-mine or Pre-mine and maybe the only Alt with really active development which its developers also help developing Bitcoin, and the most accepted alt, and at this point there is no chance for existing alts to compete with its network or technology, everything I saw was a bad copy cat that they cant maintain.


most important, I will re-post this here, this analyses was over the weekend, and Chinese exchanges were excluded for some reason, but yet it is interesting to watch.


someone on the Wall Observer BTC/USD thread mentioned that Bitcoin price at BTC-e is $100 shorter   comparing to Gox and Bitstamp, so I remembered that I once wanted to deposit some Fiat in order to try arbitrage between Bitstamp and BTC-e (buy at BTC-e and sell at stamp), the surprising thing was that they acquire so much fee and they ask you to mark the deposit as it was meant for advertisement.... when I calculated what I would make of it I found out at the time it would cost me more to buy Bitcoins at BTC-e than at Bitstamp ( price was only $30 shorter than Bitstamp).


the point is that I was checking again, and the BTC-e Bitcoin order book was so small, so I made some research and I was amazed:


BTC-e Volume the last 24 hours combined on all pairs (alts) Is almost equal to Gox and stamp together:


https://i.imgur.com/sysmnpA.jpg

Litecoin Trading Volume is the biggest and most surprising that Today comparing to the last few days is really small


https://i.imgur.com/c9Jv5bb.jpg

so based on these charts I went and looked for transactions on both networks and again I was amazed when I looked to the last 24 hours Transactions, compare these charts

Litecoin

https://i.imgur.com/1wBzEkB.jpg


Bitcoin

https://i.imgur.com/tcwxjRg.jpg





now I believe that Strong Alts such Litecoin are really necessary for the long Term health of the eco-system, and even when I start thinking about the block size limit, we would not like to spam Bitcoin with worthless transaction when it goes more mainstream, as Litecoin can handle 4 blocks in 10 minutes it would make more sense to use the smaller transaction with Litecoin and Keep the big ones for Bitcoin.











  

You sir look to be the one thats butt hurt. The reason why Bitcoin is going up faster in value is simply because of the "network effect". It has nothing to do with whether it is better or worse than Bitcoin.


Yes, it is certainly a possibility, not an impossibility like you imply. If a vulnerability is found in SHA256, perhaps a Scrypt coin would become more valuable than Bitcoin because it is likely to crash in this scenario. There are a few other scenarios where I could see this happening as well, perhaps due to constricting government regulation of Bitcoin, implementation of black lists, etc.

Yes I know this, but to say it is an impossibility is silly.

It's not as easy to switch to a new PoW as you make it seem. First of all, all ASICs would be paperweights and the network would be very vulnerable to attack during the switch. Before they could get it switched, the devs would need to fix the code, users would need to download new clients and obtain majority, miners would have to get their old GPU rigs back up and running (if they still own them) and/or configure them for Bitcoin mining instead of scrypt. Simply switching to a new PoW would not neccessarily be the white knight bullet proof back up plan you seem to think it might be.

Again, this is just your opinion.

If it's so easy to do, then why don't you get a contract with the government and go for it? To setup a black list is actually very complicated. There are many ways one could launder BTC to make it untraceable. Including exchanging for another crypto currency then back to Bitcoin. Or selling Bitcoin via localbitcoins and then buying clean Bitcoins with cash. I'm not sure how you would track this, but according to you it is easy so I will await your reply.

Eh, I've got to get to work. I'll respond later.

Just so everyone knows, Pankkake runs this service: https://bitcointalk.org/index.php?topic=240677.0

::)

There's no way to tell if he's being paid for his services at this very moment, but it is certainly a possibility.

There is some confidence booster.
Litecoin on Businessinsider (http://www.businessinsider.com/introduction-to-litecoin-2013-11)
New high ($11.56) and still cheap.

somebody heavily invested at 7pm gmt. impressive. seems they know something we dont. the price will probably rise alot soon. its funny to remember all those who dumped their ltcs for pennies when it was going down for a while. now we witness ressurection of a coin!

Wow, nice to see how much money I made off crappy litecoins today..lol

Well his dream came true...

Apparently, someone massively lost confidence in litecoin about 10-11 hours ago  ;)

LTC/BTC ratio is slowly but surely approaching a fair one, 0.05 by February-March -> 0.1 in 1-2 years time -> maybe 0.25 some day.

Has the price jumped in response to your litecoin hate? Keep trolling  :D

There is such a thing as risk/reward ratio.

With other alt-coins risk/reward ratio is significantly higher, that's exactly why you wouldn't recommend buying them.

With Litecoin risk/reward ratio, in my opinion, is lower than with other alt-coins, so if somebody wants to make a wild bet, but wants to maintain relative peace of mind (not even bitcoin can provide 100% peace of mind, so it's all relative), Litecoin would be the first choice to buy. Other alt-coins do have potential, but are too risky now, that's why I wouldn't recommend putting more than 5% of total investment into other alt-coins, too risky. Yes, they can double in 24 hours, and they can lose their value as fast.

Of course, your view on risk/reward ratio can be different, and you are free to think that Litecoin is as risky as other alt-coins. And that's a good thing that you do, that way we can have balanced opinions about stuff. It's certainly not a good thing to be emotionally inclined when investing, and thank you for providing this kind of sobering down hot heads :)

thanks for reminding me. i forgot about that. its great to notion that all those months of mining based on this belief didnt go to waste. i held on tight while all were abandoning the coin. i somehow thought there will always be market for alternatives and distribution of wealth must also apply to cryptos.

$13.75 and climbing!!

Keep trolling, pankkake!!

You are always looking for an excuse to cover up your predictions that are way way...way off. I think your ego makes you blind to see how awesome and supportive Litecoin to Bitcoin actually is.

you do realise that most of forum members here mined their ltcs. only few actually bought/exchanged it.

Still climbing!! Going great

God lite coin and namecoin are flying away

its probably speculator's children are having a go.

ATH $17....

ATH $18.3....

While I'm glad my litecoin holdings have risen recently, all I have to do is look at LTC/BTC to know that they were once valued much higher. Why would I care about dollar value? I invest in BTC.

What is LTC/BTC ATH?  it is 0.02201 at moment

At the rate it is rising, should be well before New Year.

ATH LTC/BTC was 0.044

Oh, some people don't have enough fun and excitement with the cryptos fluctuations as it is, they also have to bet on certain events, that's addiction :)

So what if it doesn't rise to 0.04, but only to 0.035 or even 0.03, who cares, the trend is set now. Most importantly, the rise is not as sudden as in April when ltc/btc briefly and abruptly spiked high and then crashed as quickly, this time it's slowly but surely grinding to the new heights, which proves there is weight to this trend.

I don't like casinos, so I don't want to bet on a certain ratio, I just do ltc/btc trade, that's good enough bet for me.

+1

yeah... I find the price of $28 per litecoin to sure a lack of confidence.

It should be $100 by now.

I will add this http://www.coindesk.com/litecoin-silver-bitcoins-gold/

and this image :

https://i.imgur.com/5y0zizD.jpg







and you know what quit bitching already, we know where you stand about Litecoin, let people have nice moments, move on already nothing to watch here

I mostly agree. It would be big surprise for me if LTC crashes back to couple dollars.

Looks like 0.03 ltc/btc is the floor now, after the last 24 hours trading.

There is so much misinformation in that blog post.... jesus. I hate people spew bullshit like they're some expert and they don't have any idea what they're talking about.

This argument is quite flawed. The Bitcoin network is currently running at 5044.60 Th (or 5,044,600 Gh), compared to Litecoin's 50,250.3 Mh/s (or 50,250,300 Kh). I agree the Bitcoin network is faster than Litecoins, but this does not mean it is more secure from 51% attacks for the following reasons:

Speed needed to 51% Bitcoin: 2,572,746 Gh
Current best price per Gh for a Bitcoin ASIC: $1.93 *
Total $$$ needed to 51% Bitcoin: $4,965,399.78

Speed needed to 51% Litecoin: 25,627,653 Kh
Current best price per Kh for a 7950 (FPGAs are more expensive $ per Kh):  $0.38 **
Total $$$ needed for the GPUs to 51% LTC: $9,738,508.14

Bonus points:
1. This doesn't even include the fact Bitcoin ASICs are incredibly more effecient than GPUs, so to attack Bitcoin would require exponentially less power (which the power costs would be very expensive to attack either BTC or LTC.)

2. This doesn't even include the fact that you must buy Mobos, CPUs, PSUs, etc. to 51% LTC. Adding in these costs will also make the cost to 51% LTC go up exponentially.

3. This doesn't even include cooling requirements, which would cost much more to 51% LTC than BTC because GPUs are so much more inefficient than ASICs and thus produce more heat.

4. Due to economies of scale, if you made your own Bitcoin ASIC, the cost per Gh would go down dramatically, making it cost much less than the above number to 51% Bitcoin.

* Source: https://en.bitcoin.it/wiki/Mining_hardware_comparison
* Source: http://www.pricewatch.com/video_cards/

That's all I have time to refute for now. I'll be back later to refute some of the other (false) points he made in the blog. Maybe he should think about what he writes before acting like what he is writing are facts. This blog post is almost entirely FUD.

Why bother? Let them bark :)

Well.. I don't like FUD. Also, a lot of times I learn something new when debating about cryptocoins when looking up facts for my arguments. I even sometimes prove myself wrong or the other person does, and have a change of heart on some issues every now and then.

Because it has dropped again.

Litecoin is a potential coin, and I think Litecoin coin is one of the most valuable coins in the future. It is normal to lose money, and you do not need to worry too much. Surely prices will keep rising again