Litecoin Price is falling. Could this be the end?

[crazyates]

I've never been a big fan of LTC, as I believe we should all focus our efforts and hashrate into one currency, rather than splitting it between multiple alt-coins. However, a lot of people saw LTC as their salvation when ASICs hit, as they could just move all of their GPUs over, and profit.

Well over the last month, the difficulty has gone up by ~50%, and the price has gone down ~25%.

As of right now, GPUs are still profitable while mining BTC, but I suspect that by the time fall comes, they won't be. Will we see a massive spike in LTC difficulty? Will the price rise enough by that point to make it worth it?

I personally wouldn't shed a tear if LTC went away, but I know a lot of people have bought GPU rigs just for LTC, and would turn a loss if it failed (and BTC wasn't profitable enough).

[mgio]

yes its going away. it serves no purpose other than giving gpus something to mine once asics show up. but there wont be anyone who wants to buy litecoin so it will die.

[Nemo1024]

There will be a further price fall, if only because the supply will increase (yes, I know it's mined at a constant rate, but there will potentially be more miners who would sell immediately rather than hold).

Everything depends on the market and if LTC can be spent for something meaningful (and not shady). The same applies to BTC, btw.

A small digression: shady is fine, up to a certain proportion. For that matter, dollars is the currency for shady dealings. Drugs, weapons, trafficking, removal of legitimate middle-eastern governments are all financed by dollars (and, to a lesser extent, by Euros).

So, if LTC price was falling, I would not be too alarmed, if the LTC-based market gets a chance to establish itself. If not, then yes, this is the end of LTC.

PS: Currently its mining profitability is 94% of BTC.

[TheSpiral]

It's possibly an issue of alt-coin-palooza 2013. Trading X coin in batches of 1000 for LTC in batches of 10 increases value of X coin and devalues LTC. It'll probably bounce back fine, it's established, a standard in trades, can actually be used for purchasing things, etc. It'll probably continue to fall for a while though as the altcoins run free; until the market shifts and they become unprofitable to mine a currency with a lifespan of a week.

[freedomno1]

Litecoin in my opinion has the strongest chance of any of the Alt Currencies
Bitcoin is always there
Lite may be around
The others have a battle
If not as a less risky way of trading alt currencies by people not wanting to use Bitcoin's
Litecoin will hold as the speculator trading alt currency for a while

[nutildah]

You should ask Darkota if this is the end of Litecoin, he seems to know what he's talking about 

[tiggytomb]

Litecoin is halving soon so maybe there will be a little flux in the price and might be a good time to buy some, it has been around for a while and It probably will be with us for the foreseeable.

[nonbody]

Litecoin is halving soon so maybe there will be a little flux in the price and might be a good time to buy some, it has been around for a while and It probably will be with us for the foreseeable.

the halving takes place this month if i am right?, personally i think litecoin has nothing particularly new to offer except a different algo rhythm. i dont see why the price would drop, it resembles bitcoin in almost every other way so why not price stability?

[nutildah]

Litecoin is halving soon so maybe there will be a little flux in the price and might be a good time to buy some, it has been around for a while and It probably will be with us for the foreseeable.

the halving takes place this month if i am right?, personally i think litecoin has nothing particularly new to offer except a different algo rhythm. i dont see why the price would drop, it resembles bitcoin in almost every other way so why not price stability?

The halving is already "baked" into the price. About the price drop... You should have checked the original date of the thread.

[GriffinHeart]

Oh tits. I'm thinking about cashing my 450 LTC in. Should I wait and pray the price rises or light the line of gasoline?