Bitcoin Forum

Hello :) I have recently become interested in LTC and have mined 7-8 of them (mostly on GPU, ~75khash/s).

I was curious what you guys thought... is litecoin dead? Are there any known merchants that accept LTC? I poked around on the internet and couldn't find any merchants accepting them, did I miss something? I understand the exchange rate is orders of magnitude lower than BTC (1BTC is worth thousands of LTC).

i'm also curious how these are going.

i bought a few for 0.001 btc each, and since then they've dropped to 0.0006.

ltc is alive. People trade lots of it everyday. It's difficult to asic mine due to the heavy memory requirements, and still remains the only memory hard currency. It's probably worth more now that it's not botnet mined, and it's one of the longest lasting alt chains in existence.

I've done a few private ltc transactions recently.

At the risk of stating the obvious, make the market. Sell something for ltc. Or offer to buy something for ltc.

I think I'm in the minority however, as most ltc 'supporters' are hoarding them for speculative reasons.

I have hope for litecoin, because it has lasted so long, but it does need something bold to reinvigorate the market.

if I rent a VPS to mine the litecoin, will the VPS service provider ban my account?  It's using KVM.

If it survives, it will become a secondary transaction medium once bitcoins become impossible for the average person to mine, and too valuable to spend directly.

It does after all have a much faster verification rate and higher "total coin" limit, making it better for day to day transactions.

That won't be for a long while though, so don't hold your breath.

Average people don't need to mine, they can work for bitcoins or buy in with some other currency. BitCoins will never get too valuable to spend as they can be split into tiny fragments.

The faster verification rate is the only really useful thing about LiteCoin.

Probably.  Any real VPS provider will have an acceptable use policy, and you can be sure abusing CPU resources is a part of it.

LTC is live and well but needs some serious service development. This is the only way to add any value to any coin - usable in real life. 
If you can code, please write a LTC payment plugin for Drupal, OsCommerce etc.

And here is a page, that needs help http://en.wikipedia.org/wiki/Litecoin :)
My English is not good Enough to write it. Can you do it?

It really depends on the hosts AUP, im currently mining LTC on a cloud and my hosting provider has not suspended my account.
(touch wood)

I good provider shouldn't ban you maybe if you was taking up too many resource's on the VPS?  Anyway it probably makes a lot more sense to use the money you would spend on the VPS to buy litecoin at an exchange.  You'd probably get more LTC at the moment.

Litecoin is dead.

I acquired some before they were on a exchange for 0.01 btc and they were loosing in value ever since.
I supported LTC from the start and even participated in the logo contest. It turned out to be the worst investment both in time and money I ever made.

What, waving your hands and whining is not helping?

I wouldn't call litecoin dead, just dormant. Its revival will probably depend on a great success of Bitcoin.

The same types of products available for purchase with BTC need to be available for purchase with LTC, simple enough.

Nope  :-[
I'm not whining btw. Just telling my story about litecoin.
Now if I were to make a thread complaining about the crackdown on litecoin prices that would be whining, but I'm not gonna do that.

And who knows maybe they'll rise in value again some day. So I'm fine :)


But now I can safely make the following statement:
Copying BTC with another cryptocurrency within it's community is not viable, at all, the whole concept of alternate cryptocurrencies is flawed as long as there isn't a substantial difference and/or improvement.

OK. Let me guess the connection :

they both start with the letter V !

Vorksholk = ViperLemon dude ???

How much are you getting paid to pump up MicroCa$h this time around ?

Strange you were dormant for months but since MC has been announced you are always promoting ScamCoin ...

That's been proved true over and over again.

We need alts that actually do different stuff not more BitCoin copies with very minor changes.


BitCoin was a proof of concept and it proved the concept amazingly well. What now?

Guys I don't support SolidCoin, doesn't seem like the people behind it have any interest in anything but profit, and the latest MicroCash whatever seems more than a tad fishy with statements like "Sell your bit coins while you can!", etc. I was simply wondering what you guys thought about Litecoin as I've had some fun mining them lately and have around 45 and was wondering if the project was dead or not.

At any rate, does anyone know of any retailers that actually do accept LTC for one thing or another? I'd simply like to know if I have any options for spending them.

I don't believe Litecoins to be anywhere near dead.. In fact, I personally feel that they are the most viable alt-currency currently available-- They just need an appropriate avenue. Don't fret, expand its usability, and watch it be a success. Provide LTCs with a purpose and the realized value will come. :)

I don't know if he's Coinhunter, but he is a suspected/probable scammer and has an alt account called Never2sleep.  Dude got called out in this thread:

https://bitcointalk.org/index.php?topic=77327.0

To get a few things straight (although I don't think this will help anything):
1.) I am not coinhunter, I don't support solidcoin, I have never even used solidcoin.
2.) I am also not never2sleep, I lent him bitcoins and he returned them quite quickly. After that whole issue, I moved on to investing in more ensured things (relatively speaking), at the momeny hash king's bitcoin deposits.

As well, even if I was either of these people, I am only trying to ask whether Litecoins are a viable currency and whether people accept them, and I got my answer, thank you :). Do you think there would be any demand for a text-based RPG that uses litecoins as an internal currency? Litecoins seem like a perfect choice because of their relative ease of mining/producing, and since they are cheap, they'd be an interesting currency for truly micro-transactions, and could be used as the true or secondary internal currency that players trade in. Just an idea that I've had rolling around for a bit of time now.

And BitcoinEXpress: why would I be a scammer? I have never scammed anyone... as well @BitcoinEXpress, not sure if your response was sarcastic, but LTC at the moment seem much more useful than Solidcoins.

Vorksholk,

That is a lovely idea.

Rothgar

@Rothgar: you are talking about the text-based RPG? Thanks :) Do you know any kind of thing to link an amount received in LTC to a wallet to a certain address to writing a file? This is the one major roadblock I see in the way of the project...

I too am running into this type of issue.  I just need the website to verify that funds have been sent.  I want to keep the wallet on a separate machine.  I figure that I will need the server to run a full client to verify payment. 

Does anyone else have an answer to these type of questions?

A good VPS provider doesn't sell more CPU power than he has... In my country, at least, that's what VPS providers do (I saw offers in other countries where it wasn't the case at all indeed) - so a VPS is really just like a tiny dedicated server. No crappy random burstable RAM and CPU, you just get what you pay for.

As for the original question, yeah I think it's quite dormant. Steadily losing value and no recent news as far as I know. Also, hashrate has dropped quite a bit despite the release of a GPU miner.

Someone else may have a stock storefront they can point you to, but I can tell you how I'd implement it...

You have the game running on server X.  You have litecoind (preferably stripped down to only accept the two RPC commands mentioned below) running on server Y (And although X could equal Y, that just begs to get hacked).

When someone goes to make a payment, you invoke the getnewaddress RPC call (remote this however you like - I'd probably go for a simple webservice wrapper rather than expose "real" RPC to the network), and tell the customer to send however many LTC to that address. 

Once a minute or so, you invoke listtransactions (you could hook this in a cleaner way and thus avoid polling, but seriously, not a lot of overhead here on the wallet-side) with only a tiny change to the litecoind source, but I'll presume from the nature of the question that you want to minimize custom coding here) and compare it against your list of outstanding payments.  If you have a match, credit the customer for their purchase.  Note that you can do almost all of that on Y and send a message (via Email for all it matters) to X on receipt, rather than having X and Y chattering constantly for no reason.
 
And as a matter of good practice, you really shouldn't keep more LTC on Y than you could stand to lose; Manually send its balance to a "real" account, preferably on a normally-offline machine, on a reasonably frequent basis (daily?).




I would say instead that it dropped because of the GPU miner, which stripped it of at least part of its raison d'etre as a GPU-hostile alternative to BitCoin.  That said, you still don't have quite the disparity between CPU and GPU mining as you do with BitCoin, so I for one continue to have a lot of hope for LTC (or at least, only slightly less than I do for BitCoin, which too sadly seems to have jumped the shark already).


/ Sorry if this posts more than once, it gave an error on my first try...

Thanks pla, that was really helpful!!!

I have been finding that litecoins and bitcoins are both not very popular for games compared to the coins you can merged-mine since the merged-mined coins seem more "free", they are something people just get automatically as a side-effect of mining, instead of being the main product that "justifies" the cost of mining.

Basically once you get p2pool set up to mine bitcoins, you can add a whole bunch of other coins too as "freebies", and people mostly seem to prefer to use such "freebies" for games rather than their main coins for which they have to justify electricity costs and maybe also equipment costs.

-MarkM-

Pla: thank you :) Not sure exactly how to implement this, but that logic will help alot :)

markm: I haven't really seen litecoins used for virtually any gaming aside from 1 or 2 sites, bit coins seem of course more frequent, but still not "common". Yea, I see what you mean, litecoins would be more for products not currency in a virtual game?

I think it has to do with how much trouble it is to go cash them in at an exchange compared to how useful they are in the game. At some low value per coin the huge number of coins you would need to make the whole taking them to an exchange thing worthwhile starts to look like a lot of game goodies, and just spending them in the game seems easier and more worthwhile than going through all the exchange hassle for a few cents, especially with coins that are not perceived as really having any use outside of the game.

It will be very interesting to watch clans grow up around each coin, each trying to offer better in-game goods for the coin they are championing than the clans who back other coins are offering, as that could make the relative values of the various coin types change quite a bit in the game as compared to on the exchanges. On the exchanges people are mostly looking to maximize the fiat value of their holdings, whereas in games maybe people will, at least with the cheaper coins, be more interested in what specific goods the clans accepting a particular coin have on offer.

-MarkM-

35cents