Litecoin price is blowing up!

[smoothie]

How did I get owned given the price spiked to 0.001 on low volume? As I said people aren't stupid enough to put their bitcoins into PPC as shady as it is.

Oh right...at least 3 other miners. Wow okay so we have instead of 1 person with a huge lot of PPC we have...at least 4 people? Wow great ...so much better decentralization of PPC.

"less than 50% of PPC total is needed to manipulate the network" - Sunnyking

Need I say more?

Edit: What's to stop a collusion of the large stacks of PPC that mined early from manipulating the network that has an incomplete whitepaper and forumla/analysis?

[AndyRossy]

Let's count how many shady things have happen to date surrounding PPC and Sunny Drags...

1. PPC released with an incomplete white paper that comes along after launch.
2. Huge amounts of PPC mined (30%+ mined in 5 days total (to-date) supply))
3. Sunny's trolls like AndyRossy and Server etc come out to defend Sunny as soon as he is caught in a tight spot claiming $100-$200k development time has gone into PPC to date and that Bitcoin's development is only about $500k worth.
4. PPC bitparking exchange price spikes to 0.001btc then back to 0.0001btc and AndyRossy claims that isn't a pump and dump (at all).
5. Mr. Sunny Drag Queen admits he doesn't even have a formula or mathematical analysis of how PPC should work.
6. Difficulty on the block explorer shows erratic jumps in difficulty from like 1.18 to 10,000 every few blocks. No real pattern here it seems. Reminds me of "trust nodes" that get to mine every other block etc.
7. Sunny also admits that much less than 50% of total PPC is needed to manipulate the network (what number? he doesn't even know).

Oh another subject change, yes LTC is a pump and dump..... oh wait, no, PPC is, oh wait, sunny king has lots of coin, oh wait.... maybe ppc is just.

Last answer / reply for you in here, you're wasting my time.

1) You've not even read the white paper, I doubt you even understand it.
2) Correct, and, as you point out, this diminishes over time, the total PPC's out there is over 10m now.
3) 100-200k is fair; and as to the above point, im happy to reward the lead dev for doing a good job.  He doesnt have "over 30%+", but im sure he has, and he should, hold some of the currency.  It's a working incentive.
4) This has been answered before, like LTC in early days, it's price stability, you've not addressed the flat line since, over the last month. LTC charts shows its a cycle of pump/dump, nothing more. Some people like this.
5) This is inaccurate, and ties to your point 7.  
6) See point 1, this made me laugh btw.
7) Maybe you can solve / map this, it's not a trivial problem.

Andy

[smoothie]

Let's count how many shady things have happen to date surrounding PPC and Sunny Drags...

1. PPC released with an incomplete white paper that comes along after launch.
2. Huge amounts of PPC mined (30%+ mined in 5 days total (to-date) supply))
3. Sunny's trolls like AndyRossy and Server etc come out to defend Sunny as soon as he is caught in a tight spot claiming $100-$200k development time has gone into PPC to date and that Bitcoin's development is only about $500k worth.
4. PPC bitparking exchange price spikes to 0.001btc then back to 0.0001btc and AndyRossy claims that isn't a pump and dump (at all).
5. Mr. Sunny Drag Queen admits he doesn't even have a formula or mathematical analysis of how PPC should work.
6. Difficulty on the block explorer shows erratic jumps in difficulty from like 1.18 to 10,000 every few blocks. No real pattern here it seems. Reminds me of "trust nodes" that get to mine every other block etc.
7. Sunny also admits that much less than 50% of total PPC is needed to manipulate the network (what number? he doesn't even know).

Oh another subject change, yes LTC is a pump and dump..... oh wait, no, PPC is, oh wait, sunny king has lots of coin, oh wait.... maybe ppc is just.

Last answer / reply for you in here, you're wasting my time.

1) You've not even read the white paper, I doubt you even understand it.
2) Correct, and, as you point out, this diminishes over time, the total PPC's out there is over 10m now.
3) 100-200k is fair; and as to the above point, im happy to reward the lead dev for doing a good job.  He doesnt have "over 30%+", but im sure he has, and he should, hold some of the currency.  It's a working incentive.
4) This has been answered before, like LTC in early days, it's price stability, you've not addressed the flat line since, over the last month. LTC charts shows its a cycle of pump/dump, nothing more. Some people like this.
5) This is inaccurate, and ties to your point 7.  
6) See point 1, this made me laugh btw.
7) Maybe you can solve / map this, it's not a trivial problem.

Andy

I'm curious, does Sunny Drag Queen pay you by the hour or by the minute to try to detract from the shadiness that surrounds PPC?

oh and 100k-200k is hardly fair worth for PPC when it has an incomplete whitepaper AND has also an incomplete analysis/formula of how it supposed to work. LOL this made me laugh and will continue to do so for some time.

 

I like how you did not address the centralization of PPC by a few...and how that IS a huge problem. Oh right because it isnt a huge problem because you are one of the big holders...oh right...sorry nevermind lol

[smoothie]

Let's count how many shady things have happen to date surrounding PPC and Sunny Drags...

1. PPC released with an incomplete white paper that comes along after launch.
2. Huge amounts of PPC mined (30%+ mined in 5 days total (to-date) supply))
3. Sunny's trolls like AndyRossy and Server etc come out to defend Sunny as soon as he is caught in a tight spot claiming $100-$200k development time has gone into PPC to date and that Bitcoin's development is only about $500k worth.
4. PPC bitparking exchange price spikes to 0.001btc then back to 0.0001btc and AndyRossy claims that isn't a pump and dump (at all).
5. Mr. Sunny Drag Queen admits he doesn't even have a formula or mathematical analysis of how PPC should work.
6. Difficulty on the block explorer shows erratic jumps in difficulty from like 1.18 to 10,000 every few blocks. No real pattern here it seems. Reminds me of "trust nodes" that get to mine every other block etc.
7. Sunny also admits that much less than 50% of total PPC is needed to manipulate the network (what number? he doesn't even know).

Oh another subject change, yes LTC is a pump and dump..... oh wait, no, PPC is, oh wait, sunny king has lots of coin, oh wait.... maybe ppc is just.

Last answer / reply for you in here, you're wasting my time.

1) You've not even read the white paper, I doubt you even understand it.
2) Correct, and, as you point out, this diminishes over time, the total PPC's out there is over 10m now.
3) 100-200k is fair; and as to the above point, im happy to reward the lead dev for doing a good job.  He doesnt have "over 30%+", but im sure he has, and he should, hold some of the currency.  It's a working incentive.
4) This has been answered before, like LTC in early days, it's price stability, you've not addressed the flat line since, over the last month. LTC charts shows its a cycle of pump/dump, nothing more. Some people like this.
5) This is inaccurate, and ties to your point 7.  
6) See point 1, this made me laugh btw.
7) Maybe you can solve / map this, it's not a trivial problem.

Andy

So again please explain to me how point 5 is inaccurate... lol
 

You are right I don't have a math analysis of how much coins are needed to attempt control of block chain. First it's more difficult than Satoshi's design, secondly I think there maybe other practical attacking vectors that I have missed so putting a math formula there as the final say on security is a bit misleading as well. So no I don't think I am ready to do this type of analysis. I think I have mentioned this before.

I did not claim that you need 50% coins to control ppcoin block chain. Much less of that would be enough.

It may not match your expectations but I did what I can to contribute, rather than sitting there and accusing other people being lazy and greedy while they are the ones doing the real work. How convenient.

If you are so helpful then why don't you polish your analysis and continue discussion on the security properties? Instead you would just launch your personal crusade to attack me and ppcoin project. If you worried so much about investors then why I haven't seen one pm from you describing the vulnerability of ppcoin and discuss with me ways of fixing it? I have received quite a number of pms but none are from the detractors as their main goal is to discredit ppcoin in public.

However given all that I have endured from you, you are still welcome to pm me if you truly wish to discuss about security analysis of ppcoin. Otherwise we would just have to part our ways.

[pyra-proxy]

Last answer / reply for you in here, you're wasting my time.

Good advice for you and others, particularly newcomers here is that there are certain personalities that are just more efficient to just ignore... to the newcomers to this board, the shade of urine, right up to full blown kidney stone blood in the urine color highlighting their "ignore" link is a great indicator.

Just sayin'...

**Holds no PPC, does not plan to deal with it yet, just watching and waiting to see how it develops for the time being.

[smoothie]

Last answer / reply for you in here, you're wasting my time.

Good advice for you and others, particularly newcomers here is that there are certain personalities that are just more efficient to just ignore... to the newcomers to this board, the shade of urine, right up to full blown kidney stone blood in the urine color highlighting their "ignore" link is a great indicator.

Just sayin'...

**Holds no PPC, does not plan to deal with it yet, just watching and waiting to see how it develops for the time being.

Thanks for your input Mr. Created my account on October 6th, 2012 and thinks I have much input and not enough to read to get caught up to have a meaningful discussion. 

[ajareselde]

it seams like its too early for ltc to rise, price came falling like a rock today.

what do u think will it ever even have a chance against btc.

cheers

[AndyRossy]

it seams like its too early for ltc to rise, price came falling like a rock today.

what do u think will it ever even have a chance against btc.

cheers

Yep, it's round one of the dump

This whole thread, title included, was just to set up a dump, everyone knows this. LTC is a cycle of pump/dump regularly.  It's a bit like a ponzi come pyramid if you think of the mechanics/who profits. It'll drop a lot more too also for other reasons, esp as some miners jumped on as soon as difficulty went up, basically to maximize the money they can generate before it readjusts again, they'll be selling off as soon as they're mine - they're not in it to "hold the currency".

Img




Edit. Also, lol at the volume spike.

[BitBlitz]

As much as I'd like to see LTC be successful, how will the value hold up if tons of GPU miners start mining it, drive the difficulty up, just to sell it?  If it doesn't serve a purpose other than than converting it right away, it will not remain profitable against what it is converted to for long.

The quantity of LTC created is still the same as before. The number of miners doesn't change anything about the supply. And if it's not profitable anymore, the miners with the higher cost will drop, reducing the difficulty and making mining more profitable for those who stay.

I was there when the same scenario happened with Bitcoin last year after the bubble. The same questions arised. What happened is that after the big boom of 30$ where tons of miners came to mine, miners dropped slowly but constantly as the price dropped down to 2$. The only miners still mining on November were people like me who have low electricity cost. We were not making a lot of money, but we were making a ton of Bitcoin that compensated for the lack of value of Bitcoin.

The value is relative and is not that important for the survival of Litecoin. What is important is how many different people move Litecoin. The more there is people, the better it is for the currency. More miners means a better diversification of Litecoin, and that's always a good thing.

I think you missed my point.  This has nothing to do with miners reaching equilibrium with difficulty and earnings.  My point is that the price of LTC won't go anywhere if it serves no purpose other than converting into another currency.

The contrast with Bitcoin was that there were investors, markets where you could spend them, hoarders, and value other than exchanging for cash.  If Bitcoin was only being sold into cash last year, it would be dead today.. 

[Brunic]

Hey guys,

This topic is about Litecoin. I don't give a f**k about PPcoin. There is other topic for that, discuss that matter elsewhere.

I think you missed my point.  This has nothing to do with miners reaching equilibrium with difficulty and earnings.  My point is that the price of LTC won't go anywhere if it serves no purpose other than converting into another currency.

The contrast with Bitcoin was that there were investors, markets where you could spend them, hoarders, and value other than exchanging for cash.  If Bitcoin was only being sold into cash last year, it would be dead today.. 

Well, first, the price of Litecoin is between 6 and 9 cents. Last time Bitcoin was at that price, there was not a lot of investors or markets either. I know I'm acting like a little girl with my topic, but I'm realist enough to see that Litecoin is still valued very low. Currently, the value of Litecoin is around 0.007% of the price of Bitcoin. We can consider the market of Litecoin is also around 0.007% of what Bitcoin is.

I know the market needs to be build, but it takes time. There's interesting opportunities for having two legit blockchains. I already have a couple of ideas of projects that could be done using two blockchains. As an alt-currency, in one year, Litecoin has already made a lot of accomplishments when you compare to other alt-currency.

What you said has been said many times of Bitcoin since I've been around. Bitcoin is still here because people found things to do with it. I'm confident it will be the same thing for Litecoin.

[smoothie]

it seams like its too early for ltc to rise, price came falling like a rock today.

what do u think will it ever even have a chance against btc.

cheers

Yep, it's round one of the dump

This whole thread, title included, was just to set up a dump, everyone knows this. LTC is a cycle of pump/dump regularly.  It's a bit like a ponzi come pyramid if you think of the mechanics/who profits. It'll drop a lot more too also for other reasons, esp as some miners jumped on as soon as difficulty went up, basically to maximize the money they can generate before it readjusts again, they'll be selling off as soon as they're mine - they're not in it to "hold the currency".

Img




Edit. Also, lol at the volume spike.

LOL I love how your dump theory only applies to litecoin when PPC had a spike in price where someone took a dump too....oh wait...low volume so it dont count....ooooh lol

[Nolo]

What I'm seeing right now is a huge wall up at .00799 on btc-e.com.  Looks like one person has about 52,000 LTC sitting there, and every time the price runs up it drops back down again, simply because it can't break through that wall.

[AndyRossy]

it seams like its too early for ltc to rise, price came falling like a rock today.

what do u think will it ever even have a chance against btc.

cheers

Yep, it's round one of the dump

This whole thread, title included, was just to set up a dump, everyone knows this. LTC is a cycle of pump/dump regularly.  It's a bit like a ponzi come pyramid if you think of the mechanics/who profits. It'll drop a lot more too also for other reasons, esp as some miners jumped on as soon as difficulty went up, basically to maximize the money they can generate before it readjusts again, they'll be selling off as soon as they're mine - they're not in it to "hold the currency".

Img




Edit. Also, lol at the volume spike.

When's the next pump/dump cycle starting?

[El Cabron]

When asics, but it will be all pump and no dump

[AndyRossy]

When asics, but it will be all pump and no dump

Or, people with GPU's will sell them an upgrade to ASIC's, if ASICS happen / anytime soon.

People assume that ASICs->GPU'ers all move to LTC->LTC price goes up. Yet to believe this is the accurate route of how things will pan out, if ASICS are released (afaik first ASIC should be out by now.)

[smoothie]

When asics, but it will be all pump and no dump

Right and....

Rainbows, pretty colors, marshmallow clouds, Unicorns, and money growing on trees. World peace and price can only go....

Quote (Bruce Fagner): "up up up"

[El Cabron]

When asics, but it will be all pump and no dump

Right and....

Rainbows, pretty colors, marshmallow clouds, Unicorns, and money growing on trees. World peace and price can only go....

Quote (Bruce Fagner): "up up up"

lol, calm down buddy. basic economics:)

[Come-from-Beyond]

When asics, but it will be all pump and no dump

I would use "If" instead of "When"...

[El Cabron]

When asics, but it will be all pump and no dump

I would use "If" instead of "When"...

Everyone knows ASICs can happen and there are 3 differnt operations working on them. One of the four (if not all 4) will have them sooner or later.

[Come-from-Beyond]

One of the four (if not all 4) will have them sooner or later.

I don't believe they'll manage to make a finished product having only 10 megaUSD. Will see...