What exactly is wrong with LTC?

[smoothie]

Satoshi didn't expect GPUs to come on board for bitcoin, right?

Why would you think that?  Using more efficient technology is inevitable.  General purpose computing on GPU already existed prior to Bitcoin in the form of NVidia CUDA.   Even ASICs are possible on LTC and for a lot less than most people imagine.  Just reading the scrypt whitepaper one can figure that out.  Now LTC will warrant that kind of investment but it would only be for the same reason there are no SolidCoin ASICs not because it isn't possible.  The crippled parameters of LTC made sure of that.

Ultimately the FREE MARKET is what matters, not what DeathAndTaxes think. Keep this in mind guys.

I never said ban LTC.  I said it is nearly worthless, I stated my opinion and justification for those opinions.  Guess what the free market you love so much would seem to agree with me.

DeathAndTaxes you continually talk as if litecoin supporters should STFU and that bitcoin is the all saving currency.

Well news flash that FREE MARKET you are touting as agreeing with you wasn't not very long ago (i.e. 2010).

Satoshi didn't have it all together okay? Hence why he needed others like Gavin to step in. Just because you are taking a statement out of context from 16 months ago (how long you gonna hang on to that?) doesn't mean the LTC isn't a viable solution just as bitcoin is.

No one here is against bitcoin's success. But to be blinded and think only 1 can be successful is stupid.

Free markets dont operate on an absolute solution...even Gold had silver to compliment itself.

Just like Taxes had Death (lol)

[smoothie]

 Even ASICs are possible on LTC and for a lot less than most people imagine.  Just reading the scrypt whitepaper one can figure that out.  

" for a lot less than most people imagine." Wrong, at least in the way you are attempting to present it.

+1 D&T I would love for you to give us your estimate on how much it would cost to make a genuine custom LTC ASIC and prove that it cost a lot less than we think.

[makomk]

It's not ASIC resistant at all. You could make an ASIC for LTC if you seriously wanted to and though it was worthwhile. What you mean to say, more precisely, is that Bitcoin specific ASIC's (SHA-256) will not work for LTC.

It's ASIC resistant. You can build ASICs for it, but scrypt is designed to make it impossible to get a worthwhile efficiency gain from doing so compared to general-purpose hardware.

[SRoulette]

nothing is wrong with LTC, we love it a fee reduction would be great though

http://satoshiroulette.com/?mode=LTC

[Mjbmonetarymetals]

What I know about mining can be written on the back of a stamp, gpu' miners moving to LTC is this a certain event?  , and what is the result of such a move ? The argument that focusing on LTC is at the detriment of Bitcoin is this in fact whats happening also with LTC that other altcoins draw energy and momentum from LTC ?

[markm]

Altcoins draw in people who consider being able to mine the main reason to get involved, they might just go away in a huff due to not being able to mine if there were not various alts around whose difficulty is still really low. A lot of them then sell the alts they mine for bitcoins, thus the alts serve as gateway drugs to get them addicted to cryptocurrencies then they graduate to the hard staff aka difficult stuff...

-MarkM-

[Mjbmonetarymetals]

So I take it an altcoin miner only ever sells or keeps altcoins never buys- so altcoins must be being bought by non-miners ?

[debianlinux]

So I take it an altcoin miner only ever sells or keeps altcoins never buys- so altcoins must be being bought by non-miners ?

Incorrect. I mine both BTC and LTC. I also trade BTC into LTC, never the other way around. I may be the exception and not the rule but I do defy the myth that alt coins are only mined to be traded into BTC.

[SRoulette]

Well, for our casino we have bought: LTC, PPC & TRC.

We also mined, but due to our small gpu farm (3x 5970's) it was easier to simply buy chunks of coin.

[bitcool]

So I take it an altcoin miner only ever sells or keeps altcoins never buys- so altcoins must be being bought by non-miners ?

I mine btc but would like to collect a little more ltc, I'm happy with the current exchange rate, for every btc I mine I can get 360 ltc.

[Mjbmonetarymetals]

I realise why there's heavy emphasis on the LTC/BTC ratio, if btc investors start taking profits out of btc into LTC the tables could turn, which could lead to a speculative bubble in LTC..... Anyone think this could happen? Any rich btc folk out there ready to pull the trigger on such a move ? Like they would say here of course 

Not that I'm saying speculative bubble are good for crypto coins but if anything they draw in media attention.

[crazy_rabbit]

I realise why there's heavy emphasis on the LTC/BTC ratio, if btc investors start taking profits out of btc into LTC the tables could turn, which could lead to a speculative bubble in LTC..... Anyone think this could happen? Any rich btc folk out there ready to pull the trigger on such a move ? Like they would say here of course 

Not that I'm saying speculative bubble are good for crypto coins but if anything they draw in media attention.

Welcome to 5 months ago. :-)

[Mjbmonetarymetals]

It has to be said my brain operates about 5 months behind