Litecoin is a ponzi, a pyramid and a pump and dump scheme and crap, too

[Wekkel]

Ah, Streat Fighter money 

[shinkicker]

People claim the introduction of ASIC's will be to the benefit of Litecoin because former Bitcoin GPU miners will have no option but to mine other coins. Some posts even go as far to suggest they have no choice BUT to mine alt coins. I'm not sure why this continues to be repeated but it's incorrect. If you're a BTC miner, it's more likely you're going to sell your existing hardware to fund the purchase of more ASIC's than move to another coin if your main interest is BTC. Perhaps none/some/many will dabble in alt coin mining but it's not a done deal as some are claiming.

I've bought LTC, I mine LTC but I still think it's going to end up like Bison dollars.

Well that only factors in existing miners. We have a lot of new miners coming on board now who would have taken an interest from the recent media attention.

I am one of them. I started to look at mining BTC with my single ATI card and soon realised I was pissing in the wind and it was not going to get any easier. So then I looked at the possibility of getting an ASIC and here I hit a wall too; to buy an avalon you need a lot of BTC, so with not being able to mine it, I would have to exchange (a lot!) of fiat to BTC and be paying thousands of dollars while others who got in earlier would be paying a fraction of that cost.

So the options were:

Mine at 300mhz and not even cover the electic costs

Spend approx 75BTC / $6500 on an avalon

Buy in at $90 a coin.

Mine LTC which currently yields results (I get a few coins a day and I can afford to buy a few too)

So I choose Litecoin. With LTC there is a level playing field. I don't have any advantage over early adopters, and they don't have any over me. The community even though smaller, is friendly helpful. I feel confident about LTC's future and so now I back it.

[Vuxil]

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)

[MaGNeT]

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)

Even botnets make the network stronger.

And if you are afraid of a 51 attack... You need 6200 HD5870's to accomplish that... It could be done... But most botnets are "CPU miners" (low hashrate) or badly optimized "GPU miners"...

[shinkicker]

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.

[mr_random]

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.

[Vuxil]

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'

[mr_random]

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

[kwukduck]

I don't see how Scrypt is going to keep Litecoin safe from the move towards ASIC's if it ever gains serious attention (although i can see no reason why that would happen).
Scrypt requires lots of memory! That's the argument for Scrypt.
If you're somewhat aware about hardware you should know that memory is extremely cheap nowadays compared to raw processing units.

Litecoin will make the same move CPU->GPU->FPGA/ASIC
It's just lagging behind because it started later and doesn't bring anything new to the table.

I'm all for competing (virtual) currencies, and i'm sure the market will sort it all out over time. But all these people trying to hype it and come up with bogus arguments seems really like p&d.
Also i'm a little worried about not seeing any commits in a while, some serious issues in bitcoin have been addressed in the mean time, were they all fixed in litecoin already?

[Vuxil]

I thought Greedi was kicked from the dev team ages back

I thought that too, but I saw a post by Coblee in February saying Greedi is still a lead dev and had been doing a good job running their forums. I haven't heard of him being kicked out since then, only about Greedi being booted before February. I suppose that's a bit of the uncertainty concerning the dev team that I am experiencing.

I will say, Coblee seems like a much more stable guy out of the two

[nutildah]

Hey, this guy's prediction about Litecoin was almost as bad as Darkota's, but not quite.