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The hatred coming in is a VERY healthy sign for Litecoin and all alt currencies in general. You can almost feel the fear dripping off every annoyed sentence they type that their vision of a single cryptocurrency world is falling apart and they have to accept there will be competition.
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What is wrong with OP thinking that there would only ever be ONE cryptocurrency in the world. Stop and think for a second how silly that sounds.
People like you are just mad because it eats into the market share of Bitcoins... that's all it is and you know it.
yes, and? Therefore you have no rational basis for the global economy not to accept Litecoins. It's an emotional response on your part. |
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I suspect MTGOX is accepting LTC for the same reason, not because it has any inherit advantage over BTC.
Mtgox is accepting them because they are currently missing out on a 0.6% fee of millions of litecoins that are traded daily. They are a business and they care about making money... at the moment btc-e is making tens of thousands of dollars per day from these litecoins, and they are still small. |
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LTC broke one dollar before this news surfaced. And the day before it was 85 cents. People keep forgetting that lol.
No doubt though the gox news added a LOT of momentum after it broke a dollar.
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When Bitcoin mining becomes only for those rich few that can afford an ASIC, the GPU miners will turn to Litecoin.
Litecoin will have a wider base of miner enthusiasts and its popularity will grow and surpass Bitcoin.
ASICs will kill Bitcoin, the future currency has to be for the masses to be involved with not a new central bank of ASIC elite!
Go ahead. There will be a Litecoin Asic. And it will be more expensive and more Elite. Except if you want a speed boost there is no way to efficiently parallel compute the Scrypt algorithm without throwing loads of money at it to the point it becomes prohibitively expensive. This is proven mathematically in the Scrypt paper - http://www.tarsnap.com/scrypt/scrypt.pdf (Litecoin uses Scrypt for this reason) People will bring out ASICs and FGPAs but unless there is a computer science breakthrough the performance increase won't be dramatic on a per dollar basis. Simply not possible. So only the rich can afford it? That sure sounds like a better plan than making it affordable and available to the masses. No you misunderstand and didn't read the link. If someone spends 10k on a Scrypt Asic it won't give them a 100 times performance boost over someone rigging together 10k's worth of top graphics cards. Some performance boost will be gained but the algorithm was specifically designed so a government entity for example couldn't crack a Scrypt hashed password by simply throwing more money at the hardware because it will become exponentially more expensive. Again, read the paper it's all in there. |
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What is wrong with OP thinking that there would only ever be ONE cryptocurrency in the world. Stop and think for a second how silly that sounds.
People like you are just mad because it eats into the market share of Bitcoins... that's all it is and you know it.
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Increased hash rate == increased network security.
True but Litecoin has found a sweet spot where users can get a high hashrate using GPUs without unfair ASICs offering ridiculous perfomance enhancements. |
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When Bitcoin mining becomes only for those rich few that can afford an ASIC, the GPU miners will turn to Litecoin.
Litecoin will have a wider base of miner enthusiasts and its popularity will grow and surpass Bitcoin.
ASICs will kill Bitcoin, the future currency has to be for the masses to be involved with not a new central bank of ASIC elite!
Go ahead. There will be a Litecoin Asic. And it will be more expensive and more Elite. Except if you want a speed boost there is no way to efficiently parallel compute the Scrypt algorithm without throwing loads of money at it to the point it becomes prohibitively expensive. This is proven mathematically in the Scrypt paper - http://www.tarsnap.com/scrypt/scrypt.pdf (Litecoin uses Scrypt for this reason) People will bring out ASICs and FGPAs but unless there is a computer science breakthrough the performance increase won't be dramatic on a per dollar basis. Simply not possible. |
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Mined some Litecoins for a week, when Bitcoin Difficulty went above 2.9M! Maybe one should dig out the HDD with the wallet?
I've always wished Mt.Gox would support other Crypto currencies as that would make it less hassle not having a balance in "real money". However thats a moot point now when Fincen have spoken, and all crypto currencies now are considered having value in a monetary sense.
There is the point still about inflation from competing Crypto currencies, i.e. the total market for a P2P currency gets dilluted the more Alt coins we have. Thats great for the idea and security of a P2P Crypto currency, but bad for the value of Bitcoin and merchant adoptation of Bitcoin.
So in all this good news about Litecoin let's not make it a VHS / Betamax debate in the press!
Just before I'm proclaimed a FUD spammer, I hold both currencies, I guess, more Litecoins now than BTC.
Good points. I also own both currencies btw and also some PPCoin which I think could be another game changer one day. These are exciting times. The cryptocurrency which goes on to be dominant may not even have been designed yet... if there even is a dominant one. |
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Let's face facts. Most people don't want Litecoin to succeed because it is a threat to the market share of Bitcoin. I've read all manner of silly arguments against Litecoin lately and they are becoming more common as Litecoin gains more and more traction. People say LTC is also ASIC-proof, but it's short-sighted to think no one is going to build machines optimized for LTC mining if LTC sticks.
Of course optimised machines will be built for LTC mining. What you aren't understanding is there is no known way to efficiently parallel compute the Scrypt algorithm. That's why it was chosen. It will take a computer science breakthrough to build a machine that offers a tremendous advantage that is economically viable. Read the Scrypt paper or go to wikipedia if you don't believe me. |
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Um okay, do you really want it to reach $30?
Um yes. That was a bubble. So selling at $30 and buying back at $5 wouldn't have made a lot of money? I don't think you mentioned that it crashed back down after the $30. Because it was caused by an anomaly - mtgox getting hacked. Regardless, see my point above. |
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As soon as the US wakes up the media will soak this up and probably double or triple this.
what happened when bitcoin hit $1 anybody know? just curious It went onto hit $30 within 3 months. Serious. I posted the graph in another topic. |
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1. People are emailing mtgox asking for Litecoin support now it's broken one dollar and are getting this response back: Hi, Thank you for your email. Our developer has advised that there are plans to implement other crypto-currencies in the future, however none of these are currently confirmed. We'll do an official announce a bit later once we're done with testing. If you have any further enquiries, please do not hesitate to contact Mt.Gox Support. Thanks, MtGox.com Team I see it only as a matter of time before they add Litecoin and that is going to bring a whole new wave of acceptance along with it. 2. When Bitcoin hit $1, within three months it was then at $30. There is something very psychologically powerful about breaking that one dollar barrier. Of course, I don't claim to have a crystal ball and can say Litecoin will hit $30 in three months, but we can certainly expect a nice bull rush in the coming weeks. (graph here: http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2011-04-09zeg2011-06-15ztgSzm1g10zm2g25zv) |
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We're already seeing more Bitcoin miners switching over to Litecoin which is spreading awareness and creating more market activity. This will only increase over time, unless something unforseeable occurs.
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How do these khash rates compare to PPCoin?
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Both are here for the long term.
agreed, but as the dedicated mining/tech base migrates en mass to LTC, you will see a proliferation of applications, support etc....and info given out.....proselyting, conversation...chatter etc... Already I've noticed more and more people querying about Litecoin mining. The litecoin subreddit http://www.reddit.com/r/litecoin is growing super fast too. |
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Not "hating on litecoin", just stating my doubts and trying to have a CONVERSATION about it. Stop attempting to marginalize what I'm saying as troll comments, thanks  Let's see. I'll give you some real examples of what I am talking about: Greedi (lead dev of LTC) regularly insults people and acts like a child, so I'm not sure if I would want a guy like that being a main dev on a currency I am working on. The last commit was 17 days ago, but if you go look at it, it's a very minor fix and nothing major has been touched in a long, long time. That's not inherently a bad thing, but no major development in months is very worrisome; we don't even have a development roadmap! Additionally, both devs disappear on and off and barely read their own forums (as evidenced by people on their forums talking about how the developer are mostly silent). No matter, your time and money. I'll be investing in another alt coin as BTC is too saturated right now, and I just have 0 faith in LTC's long-term chances. I've looked into it extensively, even mined some, but ultimately felt too uncomfortable to continue investing in it. At the end though, this is all a speculator's market anyway Often times, I evaluate real world companies by the quality of their management team. That's how I judge how well a company can do if a crisis hits. If something bad happens to Litecoin, I don't trust the LTC devs will react quickly enough (or perhaps even intelligently enough) to save the value of their currency. That's really what it comes down to for me. If you look at some devs of other alt currencies, like Sunny King and his PPCoin, you will see a really intelligent guy who has been contributed a lot of new concepts and quality code to the community. If you look at Coblee and Greedi, you observe a quite different experience. Just sayin' I thought Greedi was kicked from the dev team ages back |
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You can tell some Bitcoiners are starting to get very scared of Litecoin's future success  |
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People may laugh at the title but I don't think it is actually that crazy.
The mining landscape is going to alter drastically over the coming 12 months. The Litecoin algorithm is mathematically proven to be sequentially memory hard which means any specialist hardware (ASIC) which offers a massive performance boost will be very expensive. So you will have two coins, Bitcoins which are slower and dominated by those who can afford expensive specialist equipment (a small minority), and then you have Litecoins, which are faster and can be mined fairly by anyone with an interest a small amount of money.
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Why Litecoin when it can be so easily influenced by botnets? ASIC miners will eventually hit economies of scale and everyone can own one. It's short-run scarcity that has everyone moving to scrypt, but how Litecoin is setup causes it to be less of a stabilize cryptocurrency imo. I also have massive questions (i.e. doubt) about the LTC development team given their attitude and how long the last commit on github was (8 months at the time of this post)
This is getting pathetic. The last commit was 17 days ago https://github.com/litecoin-project/litecoin/commit/7fd4c83da7d5315720ff9e481f319ccfddc5f958 "I also have massive questions (i.e. doubt) about the LTC development team given their attitude" What are you talking about? The developer posted just yesterday about how they are planning the next merge right now. "attitude"?? When I compare what I have seen on this very forum, there are bitcoin devs flaming litecoin constantly and claiming they are a scam in the wiki. The litecoin developers public persona appears the opposite to me - professional i.e. not entering into petty mud slinging. I have to say I love what bitcoin is about, but you can see it has its failings, and those failings are its people. +1 I love all these Litecoin haters coming out of the woods in masses as they see Litecoin continuing to rocket in value. When you debate enough with these people it usually comes down to them being worried that Litecoins will eat into the market share of Bitcoins. Litecoins are still underpriced and will continue appreciating in value, I urge anti-litecoiners to consider diversifying their cryptocurrency portfolio whilst they can still afford to do so cheaply. My vision is a future filled with cryptocurrencies. Bitcoins, Litecoins, PPCoins, maybe some other new coins that haven't even been invented yet. Only the coins that gain traction will succeed and Litecoin is snowballing. |
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