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You have to consider how few Bitcoin+Litecoin there really will be take them both at around 100 million coins, to be generous that's 2 months mining production of silver (120 million oz) 1oz silver = $29. Sliver being produced at 700-800 million oz each year every year.
A straight comparison of bullion-cryptocoins can't really be made, bullion is great to save,store. Cryptocoins are bound to have a place as long as there is internet as a a low friction payment vehicle.
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I hope you realise how many people have been turned away from Bitcoin by calling Litecoin a pyramid scheme, crypto coins are relatively new I believe Bitcoin itself can be termed experimental still. If you do have lots of money invested in Bitcoin why wouldn't you diversify 10-20% at the very least into Litecoin for one it's an eggs in baskets thing, even bit-pay have said should something disasterous occur to Bitcoin they would switch to the next crypto coin.
Litecoin=Bitcoin hedge=higher prices=media attention=more users=more Dev=more services=higher prices
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Yes, competition is good. The Bitcoin community should work hard at making Bitcoin as good as it can be to ensure the network effect takes hold and makes it as difficult as possible for an alt-coin to gain market share. This doesn't mean that an alt-coin would ultimately have to cease to exist, it just means that Bitcoin should capture the bulk of the new adopters of digital currencies such that Bitcoin enjoys a better growth rate (and hence, appreciation in value) than these competitors. The altcoins could still exist and serve some niche markets. Is it likely bit pay etc. could offer checkout in any alt-coin of choice?
Yes, but not in the way you think. Here's some insight into our thought process on this question: Bitcoin is currently the most secure method of electronic payment on the planet. The network of miners is what provides that security and today it vastly exceeds that of any altcoin. Bitpay will use the most secure and private payment method available for the actual transaction. But that doesn't mean you couldn't use Litecoin, you just need a wallet that can automatically exchange Litecoin for Bitcoin just prior to a transaction. Should something disastrous happen with Bitcoin and Litecoin became the most secure method of payment, we would transition to using Litecoin for the payment mechanism (and then you would need to exchange your Bitcoins for Litecoins just prior to conducting the transaction). So, when I think about Litecoin (and the other alt coins), I think of it in terms of: - providing that competitive pressure to Bitcoin that you allude to - being a contingency solution should something disastrous happen to Bitcoin- being of some utility for people that might like to have transactions that aren't visible on the Bitcoin blockchain In view of recent events I've come to the conclusion, even if it's only for the bold portion above, supporting litecoin is essential, it's similarity to Bitcoin is a stregnth not a weakness. |
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If they had upgraded to use LevelDB like 0.8 then the same event would have happened if Litecoin had more users. Only worse.
is there a reason why liecoin hadn't been upgraded ? |
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The Bitcoin fork event looks to have been handled swiftly, it does highlight the still experimental nature of Bitcoin and seems to be an excellent argument in favour of Litecoin, I would be interested to know who the Litecoin Dev. Team consist of and whether they would handle some similar event as well as it appears the Bitcoin Dev team has .
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0.44  |
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Not sure about a square Litecoin  |
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If you think litecoin will fail I think that's simply because your being short sighted about the impact Bitcoin is going to make over the next 5 years - rhetorical question based on many opinions in bitcointalk.
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Does a higher price draw in more development like air into a vacuum ?
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Which came first the chicken or the egg ? Speculation or development ?
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..... Mjbmonetarymetals that may have been a joke but lol maybe we should actually buy up all the paper and ink manufacturing factories so that the federal reserve can't print any more notes, or at least make it so that it's too expensive for them to keep it going  Fed does not really "print" any dollars. All the trillions that "exist" only appear in imagination of the people involved and affect their decisions, but they have no paper representation. You beat me to it |
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..... Mjbmonetarymetals that may have been a joke but lol maybe we should actually buy up all the paper and ink manufacturing factories so that the federal reserve can't print any more notes, or at least make it so that it's too expensive for them to keep it going Think Ben "The Zero" Bernanke realised a while ago that more dollars would be required to buy the same amount of ink, easier to just stick a zero on the end...... The digital age |
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Thanks for the calc. At 297,012 Satoshi per person - what could I buy with 1 satoshi ? |
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