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$1175 on gox and $967 on btc-e. That's $208 per coin up for grab...
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The price was $958 yesterday at one point. Since then we have gone up $266  |
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The intention of this topic was to discuss the importance of mBTC by using alternative currencies as example of how the human brain is easily fooled. Apparently this was not understood by moderator and topic has been moved into the alternative cryptocurrencies forum. It loses its purpose so I'll lock it.
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I feel like this doesn't address that there is in fact already the infrastructure in place to move litecoin into 'acceptability' much more quickly then 2011 bitcoin.
We already have services like coinbase, bitpay, mtgox, etc. that make it fairly straight-forward for merchants to accept bitcoin. That was the hard part. I don't see a reason that any of these services in the future couldn't roll out litecoin support, and instantly put it's acceptability right up there with bitcoin.
I'm not saying it's there yet, but I don't think comparing it to a 2011 bitcoin is a very fair comparison when in fact lots of pieces are in place to make litecoin (or any other coin, for that matter) acceptance a much more simple proposition.
If bitcoin can be inflated by adding litecoin, it can be inflated by adding more currencies, thus the limited supply of bitcoin and all other currencies are destroyed. The result of this would be catastrophic since unlimited supply means value will go to $0. There is no reason to pay for something with unlimited supply. The fact that price is going up indicates that people have confidence that this won't happen and I believe the reason so few have chosen to support litecoin through merchant integration is because it's not in their own interest to do so. I think the only reason litecoiners want to see it integrated anywhere is for a quick buck. |
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There is definitely a psychological factor but litecoin can also serve as a hedge against a major bitcoin failure.
With a market cap of 12 billion i'm pretty confident any "major bitcoin failure" can be overcome. However this isn't a topic about whether litecoin serves a purpose, just that money is leaking out from the btc economy due to irrationality. |
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So right now 1 litecoin is trading at $36.5. There will be 4 times as many litecoins as bitcoins, so that would equal the time when bitcoin was worth $146.
I have been here since jan 2011 and at that time I was able to follow pretty much all developments in the bitcoin world. Every new interview, news article, project. As years gone by, at the time bitcoin was valued at $146 I had long lost all track of all that was happening in the bitcoin space. Too much going on and too few hours in the day. News articles and new merchants everywhere, exciting projects I never even heard of.
Now how often do we see a litecoin article in the media? How often do we hear about new merchants accepting it? Not very often! I'd argue that it's way back in the early 2011 level. But the price is where bitcoin was at $146
When I'm telling people about bitcoin these days, they tell me that 1 bitcoin is "too expensive". People look around and they see litecoin. "$36.5, not to bad" they're thinking while comparing it to bitcoin. And they end up buying alternative currencies instead, not realizing that they are being tricked by their own mind.
Anyone remember ripple XRP? Those used to have a larger market cap than bitcoin itself, right out of the box! Just because there are so many of them.
I'm thinking, that by introducing mBTC, people will compare bitcoin to litecoin again and think that litecoin is WAY overpriced at $36.5 when (m)bitcoin is trading at only $1
I'm simply baffled by how much these psychological factors matter, litecoin is a living proof of the silly human brain. Now we just need to take advantage of this situation and do the switch.
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LTC is the largest threat to crypto. If it wins, everyone loses. Not even jokin' mang. It needs to crash. Not I want but we need.
If you want to see how irrational people who claim to be "rational" can be, just find yourself a litecoin user. They gain no benefit from using litecoin except providing some funding to BTC-E in ways of fees and give the public and investors a reason to be skeptical.
It used to me that we could laugh off queries about why someone couldn't just make up a new coin that would make theirs worth less. We'd laugh and say "because people aren't so stupid as to actively ruin their own investments!" Our laughter is a lot more nervous now. Turns out people are so stupid.
The only possible goal of litecoin is to make all cryptocurrency worth nothing in the long term.
I keep seeing tards asking "when will 4 LTC = 1 BTC" thinking it's inevitable because there are 4 times as many LTC. Well, what they don't seem to realize is that if this happens both LTC and BTC will be worthless because long before this becomes a reality it will be clear to everyone that bitcoin can be inflated thus invalidating the limited supply and paving way for unlimited other currencies to be included (and unlimited inflation). I don't think this will happen though, there is very little support for LTC and other alternative currencies beyond wild speculation. Also if anything new significant comes out, bitcoiners have vested interest in adopting those features into bitcoin. It is quite possible that LTC will do poorly with respect to BTC but very well with respect to USD. EUR, CAD etc., sort of like silver has done with respect to both gold and fiat. Now will 15.5 oz of silver ever equal 1 oz of gold again? Yeah I agree. I think the LTC/BTC ratio will keep dropping over time while the value goes up in USD. LTC is not keeping up with the progress bitcoin is making, the ratio has to fall. |
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Maybe one of the reasons people are so keen for mBTC to be adopted as the "industry standard" is that they're scared Litecoin is too attractively priced.
Litecoin is living proof that by switching to mBTC bitcoin could go much much higher based on that psychological effect alone. Think about it, right now LTC is where bitcoin was at 21*4 = $84. Do you think people would buy litecoin if there was only 21 million and price was $84? Probably not. Bitcoin was much further ahead in terms of merchants and media exposure than litecoin is today when it was at $84. Once we switch to mBTC bitcoin will look very cheap again at $0.95, and sky is the limit. |
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LTC is the largest threat to crypto. If it wins, everyone loses. Not even jokin' mang. It needs to crash. Not I want but we need.
If you want to see how irrational people who claim to be "rational" can be, just find yourself a litecoin user. They gain no benefit from using litecoin except providing some funding to BTC-E in ways of fees and give the public and investors a reason to be skeptical.
It used to me that we could laugh off queries about why someone couldn't just make up a new coin that would make theirs worth less. We'd laugh and say "because people aren't so stupid as to actively ruin their own investments!" Our laughter is a lot more nervous now. Turns out people are so stupid.
The only possible goal of litecoin is to make all cryptocurrency worth nothing in the long term.
I keep seeing tards asking "when will 4 LTC = 1 BTC" thinking it's inevitable because there are 4 times as many LTC. Well, what they don't seem to realize is that if this happens both LTC and BTC will be worthless because long before this becomes a reality it will be clear to everyone that bitcoin can be inflated thus invalidating the limited supply and paving way for unlimited other currencies to be included (and unlimited inflation). I don't think this will happen though, there is very little support for LTC and other alternative currencies beyond wild speculation. Also if anything new significant comes out, bitcoiners have vested interest in adopting those features into bitcoin. |
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We really need to get that mBTC switch done so that people can stop buying LTC thinking it's "cheap".
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omg page 2 666!!! the apocalypses is here!  What's really cool is that the bitcoin price seems to increasingly catch up with the page numbers in this topic. It may actually surpass it one day  |
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Someone create a radio show from this thread please!  I know right? most fun I ever had in a message board...I love you folks You know, bitcointalk is probably one of the message boards with the largest number of new rich people as well. Laughs like this helps cheer everybody up |
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"Bitcoin could make people dynastically rich. Because the price of Bitcoin could go all the way to $1 million or more" - Henry Blodget
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 If you run fast enough you may still be able to get on  choo choo These "losing the train" pics are killing me. TheKozi: I miss your songs and animated gifs, it's about time for some more. Animated gifs are disabled now. All images are run through a proxy to protect our privacy, this proxy doesn't support gifs properly. I'd love more bitcoin songs, the reason I don't make any is that it's difficult to think of anything good right now. Why not try to make something yourself? Pick a song, replace lyrics, pay cheap singer, done Guys: imagine the kind of pain those who dared to short bitcoins are into. We had a couple of those guys during the summer, do you remember them? That's why we got to keep posting these "losing the train" pics, it creates emotional uncertainty, and then panic buys will bring us to $1000 and beyond. |
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If you run fast enough you may still be able to get on choo choo |
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