GPU farms moving over to Litecoin

[Este Nuno]

Just how crazy is it going to get? Anyone starting early on the Litecoin switch over?

Anyone just throwing in the towel and selling off all the gear?

I'm really curious as to what everyone plans. This last part of 2012 is going to be really interesting.

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[meebs]

Just how crazy is it going to get? Anyone starting early on the Litecoin switch over?

Anyone just throwing in the towel and selling off all the gear?

I'm really curious as to what everyone plans. This last part of 2012 is going to be really interesting.

I would imagine that even if someone was trying to sell.. on ebay, craigslist etc.. they'll still mine every last coin than they until they get the price they want.

honestly.. LTC mining is stupidly profitable right now (with current difficulty, fx rate, etc). a single 7950 ($320 on amazon) nets about .25-.3 btc/day when mining ltc.

however... those glory days are ending in a hurry and it'll quickly eqaulize out to what BTC mining is worth due to natural market forces.

[Sitarow]

Just how crazy is it going to get? Anyone starting early on the Litecoin switch over?

Anyone just throwing in the towel and selling off all the gear?

I'm really curious as to what everyone plans. This last part of 2012 is going to be really interesting.

I would imagine that even if someone was trying to sell.. on ebay, craigslist etc.. they'll still mine every last coin than they until they get the price they want.

honestly.. LTC mining is stupidly profitable right now (with current difficulty, fx rate, etc). a single 7950 ($320 on amazon) nets about .25-.3 btc/day when mining ltc.

however... those glory days are ending in a hurry and it'll quickly eqaulize out to what BTC mining is worth due to natural market forces.

I don't know I may end up moving the GPU portion back onto BOINC..

Just depends on the return for ASIC investment.

[Brunic]

Just how crazy is it going to get? Anyone starting early on the Litecoin switch over?

I've moved my complete farm to Litecoin more than 1 month ago. I had 18 GHash in BTC mining, and no way I'm waiting for those 60 GHashs ASIC to come by and make my farm completely irrelevant.

however... those glory days are ending in a hurry and it'll quickly eqaulize out to what BTC mining is worth due to natural market forces.

It's more that GPU will still be relevant for a good chunk of time with Litecoin, while they are going to be almost useless with Bitcoin. Litecoin being more profitable is a great bonus too!

[goxed]

Just how crazy is it going to get? Anyone starting early on the Litecoin switch over?

I've moved my complete farm to Litecoin more than 1 month ago. I had 18 GHash in BTC mining, and no way I'm waiting for those 60 GHashs ASIC to come by and make my farm completely irrelevant.

however... those glory days are ending in a hurry and it'll quickly eqaulize out to what BTC mining is worth due to natural market forces.

It's more that GPU will still be relevant for a good chunk of time with Litecoin, while they are going to be almost useless with Bitcoin. Litecoin being more profitable is a great bonus too!

In your opinion how much more profitable LTC mining has been compared to BTC?

[Brunic]

Just how crazy is it going to get? Anyone starting early on the Litecoin switch over?

I've moved my complete farm to Litecoin more than 1 month ago. I had 18 GHash in BTC mining, and no way I'm waiting for those 60 GHashs ASIC to come by and make my farm completely irrelevant.

however... those glory days are ending in a hurry and it'll quickly eqaulize out to what BTC mining is worth due to natural market forces.

It's more that GPU will still be relevant for a good chunk of time with Litecoin, while they are going to be almost useless with Bitcoin. Litecoin being more profitable is a great bonus too!

In your opinion how much more profitable LTC mining has been compared to BTC?

It's not about opinion, it's about facts, check the top-right corner:
http://coinotron.com/coinotron/AccountServlet?action=home

The lowest I saw was 1.2 times the profit you can make with BTC. Usually, it's around 1.4 to 1.5 times more profitable.

[goxed]

Just how crazy is it going to get? Anyone starting early on the Litecoin switch over?

I've moved my complete farm to Litecoin more than 1 month ago. I had 18 GHash in BTC mining, and no way I'm waiting for those 60 GHashs ASIC to come by and make my farm completely irrelevant.

however... those glory days are ending in a hurry and it'll quickly eqaulize out to what BTC mining is worth due to natural market forces.

It's more that GPU will still be relevant for a good chunk of time with Litecoin, while they are going to be almost useless with Bitcoin. Litecoin being more profitable is a great bonus too!

In your opinion how much more profitable LTC mining has been compared to BTC?

It's not about opinion, it's about facts, check the top-right corner:
http://coinotron.com/coinotron/AccountServlet?action=home

The lowest I saw was 1.2 times the profit you can make with BTC. Usually, it's around 1.4 to 1.5 times more profitable.

Thank you very much. This is enlightening. The gap is closing fast with the LTC diff rising quickly

[conspirosphere.tk]

I've moved my complete farm to Litecoin more than 1 month ago.

How do you mine Litecoins with GPUs? Which software do you use?
edit: (I need one for Windoze)

[Este Nuno]

How do you mine Litecoins with GPUs? Which software do you use?
edit: (I need one for Windoze)

cgminer

[goxed]

How do you mine Litecoins with GPUs? Which software do you use?
edit: (I need one for Windoze)

cgminer

cgminer --scrypt

[vitruvio]

Difficulty will increase to more than 22 in some minutes, while current is 16.01 and before was 14, and I remmber you that in LTC new difficulty is calculated every 3.5 days by average.

So in less that a month Litecoin diff has double and the price too.

Regards

[Sitarow]

Difficulty will increase to more than 22 in some minutes, while current is 16.01 and before was 14, and I remmber you that in LTC new difficulty is calculated every 3.5 days by average.

So in less that a month Litecoin diff has double and the price too.

Regards

Another reason Litecoin lacks the "stable" factor to be used as a store of value and be used in everyday transactions. IMHO it's a fun crypto-c to speculate and gamble with.

[Brunic]

How do you mine Litecoins with GPUs? Which software do you use?
edit: (I need one for Windoze)

I use cgminer 2.6.4 currently, compiled with scrypt option enabled. My farm is using BAMT 0.5c. More details here:
http://forum.litecoin.net/index.php/topic,651.0.html

As for Windows, I don't mine using that OS but this section has many useful guides:
http://forum.litecoin.net/index.php/board,45.0.html

Thank you very much. This is enlightening. The gap is closing fast with the LTC diff rising quickly

Mmm, don't think it will stay that way. The gap moves A LOT, sometimes by the hour. Remember that this gap is dependent on:
-Bitcoin difficulty
-Bitcoin price
-Litecoin difficulty
-Litecoin price

If one of theses 4 variables move, the gap changes.

[Cranky4u]

I dont have a huge capability compared to a farm, but I am moving my 3 * 6770s + 10 * CPU cores over to LTC this week. I have 2 FPGAs that will remain mining BTC.

Also busy building a 800W wind turbine and integrating the storage and a synchronised inverter so to have $0.00kW/hr after payback. Total set up cost me <$150 from scrap parts (windmill, battery + inverter).

[goxed]

I dont have a huge capability compared to a farm, but I am moving my 3 * 6770s + 10 * CPU cores over to LTC this week. I have 2 FPGAs that will remain mining BTC.

Also busy building a 800W wind turbine and integrating the storage and a synchronised inverter so to have $0.00kW/hr after payback. Total set up cost me <$150 from scrap parts (windmill, battery + inverter).

Hey, where did you get the scraps for the windmill? looks like a neat project.

[aqrulesms]

Litecoin mining seems to consume more electricity than bitcoin mining however, for me.

I'll probably switch when ASICs come out as well.  Litecoin's value is also rising too which is good.

[crazyates]

Litecoin mining seems to consume more electricity than bitcoin mining however, for me.

It will. BTC mining responds positively to underclocking the RAM, which saves power and heat, and sometimes even gives better performances. All of these are not true for LTC mining.

[Graet]

Just how crazy is it going to get? Anyone starting early on the Litecoin switch over?

pretty crazy I think
a week ago network hashrate was in the 300Mh/s range, right now 798Mh/s. ppl are definitely moving over
not sure what is causing the high price - cant see it sustainable atm tho. People flooding on to mine and convert straight to BTC will put severe pressure on LTC price.
my 0.0002LTC worth

[-ck]

Speculation. Expect a rise and then a crash and then a correction...

[Epicblood]

Once ASICs are out, and mining bitcoins as an amateur is no longer an option, I will most definitely be going to litecoin

[Sitarow]

Once ASICs are out, and mining bitcoins as an amateur is no longer an option, I will most definitely be going to litecoin

What happens if BTC Value goes up and the difficulty of the litecoin network goes to the moon?

[Adrian-x]

I am stuck in the Bitcoin ecosystem until something better comes along.  I am waiting for GaussCoin

[Epicblood]

Once ASICs are out, and mining bitcoins as an amateur is no longer an option, I will most definitely be going to litecoin

What happens if BTC Value goes up and the difficulty of the litecoin network goes to the moon?

I'll curl up into a ball and cry

[Graet]

Once ASICs are out, and mining bitcoins as an amateur is no longer an option, I will most definitely be going to litecoin

What happens if BTC Value goes up and the difficulty of the litecoin network goes to the moon?

and Litecoin price drops to the bottom of the ocean, it is great to be able to mine something, but there is limited use for LTC and eventually people willing to pay Bitcoins for it will dry up...
despite the wishes of the masses I do not see Litecoin being the GPU miners saviour
I really hope to be wrong.... but dont expect to be.

[Desolator]

if anyone is currently mining litecoin, shouldn't they tell everyone it sucks, it doesn't work, and it doesn't exist and is actually just a myth? Then less people will mine, lol.

[Graet]

if anyone is currently mining litecoin, shouldn't they tell everyone it sucks, it doesn't work, and it doesn't exist and is actually just a myth? Then less people will mine, lol.

what like people buying asics are?

[odolvlobo]

Just how crazy is it going to get? Anyone starting early on the Litecoin switch over?

pretty crazy I think
a week ago network hashrate was in the 300Mh/s range, right now 798Mh/s. ppl are definitely moving over
not sure what is causing the high price - cant see it sustainable atm tho. People flooding on to mine and convert straight to BTC will put severe pressure on LTC price.
my 0.0002LTC worth

I think the price rise is simply due to the increase in interest by people mining or looking at mining LTC. The big increase in interest when GPU miners switch to LTC probably means a big increase in price as more people start to accumulate small amounts of LTC.

[LiteBit]

if anyone is currently mining litecoin, shouldn't they tell everyone it sucks, it doesn't work, and it doesn't exist and is actually just a myth? Then less people will mine, lol.

what like people buying asics are?

So true!

Litecoin does suck!  Waste of time!
ASICs are a fairytale people! 

[aqrulesms]

Once ASICs are out, and mining bitcoins as an amateur is no longer an option, I will most definitely be going to litecoin

What happens if BTC Value goes up and the difficulty of the litecoin network goes to the moon?

and Litecoin price drops to the bottom of the ocean, it is great to be able to mine something, but there is limited use for LTC and eventually people willing to pay Bitcoins for it will dry up...
despite the wishes of the masses I do not see Litecoin being the GPU miners saviour
I really hope to be wrong.... but dont expect to be.

Limited use? Bitcoin had limited use upon its creation as well.  All it takes is time, there's already projects being developed for LTC and it will continue to grow.

[Fcx35x10]

how is the market currently on LTC? is it still on the up rising?

[meebs]

how is the market currently on LTC? is it still on the up rising?

....sure!

I'm such a nice guy that I'll sell ya my LTC for the basement bargain price of .007 BTC per litecoin :-D

(but honestly.. they're only worth 0.005 BTC each now..

[Crypt_Current]

how is the market currently on LTC? is it still on the up rising?

https://btc-e.com/exchange/ltc_btc

I've been mining BTC with between 800MH - 2GH for about a year now.  When my two Jalepenos arrive, I'll move that GPU hashing power to LTC.

[LiteBit]

The "Network Performance & Difficulty Chart" shows a steady decrease in miners.  Even hitting below 400 earlier today.

http://www.litecoinpool.org/charts

[ewibit]

It's not about opinion, it's about facts, check the top-right corner:
http://coinotron.com/coinotron/AccountServlet?action=home

The lowest I saw was 1.2 times the profit you can make with BTC. Usually, it's around 1.4 to 1.5 times more profitable.

a time ago there was at coinotron.com the possibility to switch automatic to the coin which is most profitable - is this disabled now?
I don't find it anymore...
TIA

[meebs]

It's not about opinion, it's about facts, check the top-right corner:
http://coinotron.com/coinotron/AccountServlet?action=home

The lowest I saw was 1.2 times the profit you can make with BTC. Usually, it's around 1.4 to 1.5 times more profitable.

a time ago there was at coinotron.com the possibility to switch automatic to the coin which is most profitable - is this disabled now?
I don't find it anymore...
TIA

I'm not sure how beneficial that would be. At least for a 7xxx series GPU, the overclock and even clock speed settings are completely different.

[420]

It's not about opinion, it's about facts, check the top-right corner:
http://coinotron.com/coinotron/AccountServlet?action=home

The lowest I saw was 1.2 times the profit you can make with BTC. Usually, it's around 1.4 to 1.5 times more profitable.

a time ago there was at coinotron.com the possibility to switch automatic to the coin which is most profitable - is this disabled now?
I don't find it anymore...
TIA

I'm not sure how beneficial that would be. At least for a 7xxx series GPU, the overclock and even clock speed settings are completely different.

yup. would only work with coins that have the same hashing algorithm. then if coinotron was a big enough part of the hasing power it could produce a circle of coins always switching place for who's most profitable or worse get stuck on one gaining value and the others failing

[Fcx35x10]

me too am considering moving to ltc. but i thought ltc was more for cpu?

[420]

me too am considering moving to ltc. but i thought ltc was more for cpu?

NO! its now way better to use GPU's:
http://wiki.litecoin.net/index.php/Mining_hardware_comparison

PM me your GPU's and setup I'll tell you how much profit you can make, also your power costs

[AngelusWebDesign]

Limited use? Bitcoin had limited use upon its creation as well.  All it takes is time, there's already projects being developed for LTC and it will continue to grow.

"Hope springs eternal."

Bitcoin isn't even mainstream yet. Litecoin doesn't stand a chance.

Litecoin is the latest worthless alt-coin Pump & Dump being chased by the miners for a few extra bucks. It will fail just like the other two dozen "alt-coin" blockchains before it.

You show me one of these "projects" in the works for Litecoin, and I'll show you a dozen for Bitcoin. If you show me 2 projects for Litecoin, I'll show you 2 dozen. And so forth.

[SAC]

Limited use? Bitcoin had limited use upon its creation as well.  All it takes is time, there's already projects being developed for LTC and it will continue to grow.

"Hope springs eternal."

Bitcoin isn't even mainstream yet. Litecoin doesn't stand a chance.

Litecoin is the latest worthless alt-coin Pump & Dump being chased by the miners for a few extra bucks. It will fail just like the other two dozen "alt-coin" blockchains before it.

You show me one of these "projects" in the works for Litecoin, and I'll show you a dozen for Bitcoin. If you show me 2 projects for Litecoin, I'll show you 2 dozen. And so forth.

Don't know why your here if you can so clearly predict the future you should be rich by now...

[LiteBit]

Litecoin is the latest worthless alt-coin Pump & Dump being chased by the miners for a few extra bucks. It will fail just like the other two dozen "alt-coin" blockchains before it.

Litecoin has been around for over a year.  Has outlasted multiple "alt-coin" blockchains that started in vain before it.  Has outlasted multiple "alt-coin" blockchains since it.  Has surpassed alts like NMC and SLC :facepalm: in market value (not that that means much).

Look, I'm an architect and the most important thing in designing buildings that last is a strong foundation.  The Litecoin community has been methodically strengthening that base over the past year.  Surviving potential 51% attacks, evolving from a purely CPU coin to mainly a GPU coin (still many of us boting w/CPUs).  It's got it's small band of coders, designers & creatives collaborating over on LitecoinTalk and on IRC.  And that group is growing as more folks learn about it. 

The biggest draw I've seen to Litecoin (besides the hoarders & strike it rich types that bog the community down) is the speed of Litecoin.  Faster transactions is, to me, the only difference there needs to be between Bitcoin and Litecoin.  The blockchain is 4x faster by design and pending transactions don't get held up in a bumper to bumper traffic jam.  The speeds might slow, but at least the traffic is still moving.

These speeds will improve online purchasing if a site chooses Litecoin as a currency.  And merchant tools are being developed by the band of brothers on the forums and chats as we speak.  http://forum.litecoin.net/index.php/topic,936.0.html

Anyone can rattle off a dozen Bitcoin sites / 1 Litecoin sites.  Many of us use Bitcoin everyday online.  Bitcoin has built it's foundation and now is designing the beautiful architecture above the ground that amazes more people around the world every day.  Litecoin is building it's foundation and will soon be joining Bitcoin above ground in all it's glory.

"Hallelujah! Holy shit! Where's the Tylenol?"

[SAC]

  Bitcoin has built it's foundation and now is designing the beautiful architecture above the ground that amazes more people around the world every day.  Litecoin is building it's foundation and will soon be joining Bitcoin above ground in all it's glory.

"Hallelujah! Holy shit! Where's the Tylenol?"

Been helping out as I can manage it in the cluster fuck that is happening after Paypal cut off the usenet providers/indexers. Ebay plus blockchain.info seems to be best bet for getting the coins needed into people hands. Followed by localbitcoins with bitinstant and going through the exchanges total nightmare. From what I have seen last few days not a hope in hell of people going through this BS on a regular basis as many of them have told me never again. They are lying of course as if they need their usenet fix and it is only way they will do it again begrudgingly as they are now, it is not winning btc many friends. Anyways that is all I got to say let the flame/troll fest begin.

[AngelusWebDesign]

Litecoin is the latest worthless alt-coin Pump & Dump being chased by the miners for a few extra bucks. It will fail just like the other two dozen "alt-coin" blockchains before it.

Litecoin has been around for over a year.  Has outlasted multiple "alt-coin" blockchains that started in vain before it.  Has outlasted multiple "alt-coin" blockchains since it.  Has surpassed alts like NMC and SLC :facepalm: in market value (not that that means much).

Look, I'm an architect and the most important thing in designing buildings that last is a strong foundation.  The Litecoin community has been methodically strengthening that base over the past year.  Surviving potential 51% attacks, evolving from a purely CPU coin to mainly a GPU coin (still many of us boting w/CPUs).  It's got it's small band of coders, designers & creatives collaborating over on LitecoinTalk and on IRC.  And that group is growing as more folks learn about it. 

The biggest draw I've seen to Litecoin (besides the hoarders & strike it rich types that bog the community down) is the speed of Litecoin.  Faster transactions is, to me, the only difference there needs to be between Bitcoin and Litecoin.  The blockchain is 4x faster by design and pending transactions don't get held up in a bumper to bumper traffic jam.  The speeds might slow, but at least the traffic is still moving.

These speeds will improve online purchasing if a site chooses Litecoin as a currency.  And merchant tools are being developed by the band of brothers on the forums and chats as we speak.  http://forum.litecoin.net/index.php/topic,936.0.html

Anyone can rattle off a dozen Bitcoin sites / 1 Litecoin sites.  Many of us use Bitcoin everyday online.  Bitcoin has built it's foundation and now is designing the beautiful architecture above the ground that amazes more people around the world every day.  Litecoin is building it's foundation and will soon be joining Bitcoin above ground in all it's glory.

"Hallelujah! Holy shit! Where's the Tylenol?"

Ok, I'll grant you that Litecoin is the shiniest tricycle around -- in a world of cars.

How many devs? How many projects? I'm sure BTC has 10X as many, and it is still far from mainstream. I'm a fan and all, but I'm objective enough to admit it has a LONG way to go. Most people still haven't heard of Bitcoin, unless in some vague manner, "Bitcoin? Isn't that how you buy silk or drugs or somethin' like that??"

The fact is that the geek/libertarian/etc world isn't big enough for 2 currencies at this point. All Litecoin (and its lesser brothers) does is increase the total amount of "alt currency" in circulation.

Like a game where all the neighborhood kids start trading/selling seashells -- then a few kids decide to start collecting/trading/selling pine cones. Now the "wealth" of that community is divided up into seashells AND pinecones -- I guess that would take away some of the value from seashells.

My closing point:

Go to Google, and type in "litecoin"
74,200 results

Type in "bitcoin"
About 11,000,000 results (0.25 seconds)

So it's not a factor of 10 -- Bitcoin trounces it much more than that.

Long story short, LTC is only worth messing with if you're a miner, or maybe a developer that wants to be a HUGE fish in a microscopic pond. But who would ever put their money in such a currency, unless you had a ready-to-gamble-it-in-Vegas-anyhow level of risk aversion?

[420]

Soon as Litecoin gets on an episode of 'The Good Wife' we're good

[smoothie]

Soon as Litecoin gets on an episode of 'The Good BAD Wife' we're good

FTFY 

[420]

Soon as Litecoin gets on an episode of 'The Good BAD Wife' we're good

FTFY 

The Bad Wife is the debut solo album by Julie Christmas

[Brunic]

Long story short, LTC is only worth messing with if you're a miner, or maybe a developer that wants to be a HUGE fish in a microscopic pond. But who would ever put their money in such a currency, unless you had a ready-to-gamble-it-in-Vegas-anyhow level of risk aversion?

Right now, it's true. A couple of miners (like me), couple of speculators, some small traders and some small projects makers. It's small, not too long ago, I had 6% of the whole LTC network in my basement.

But I think the future of crypto-currency is not by trading in the same blockchain, it's by trading between multiple blockchains. Different groups can now issue their custom currency based on what they need. Bitcoin have a general value right now, it's the default crypto-coin. But it's possible that in many years from now, crypto-currencies will be created for a more specialized value of specific domains. For example, I've talked about it in another thread, you could create a FFCoin, that could be used in the next Final Fantasy MMORPG as a currency. The "mining" is done by players playing the game and the game uses FFCoin for all transactions in that virtual world. FFCoin comes with the same security that Bitcoin offer, but is customized for the MMORPG experience. If that happen, you could easily trade Bitcoin and FFCoin, while keeping the two economy separated.

We are far from that now, I completely agree. I see Litecoin as the first step of that FFCoin(or whatever they could be called). Right now, it achieved two important things.
- The mining is completely separated from Bitcoin (no merged mining) but it still have a pretty strong network for an alt-coin.
- It's economy is also largely separated from Bitcoin, their respective prices are mainly independant from each other. It means that if BTC price moves, LTC keep it's value and is largely not affected by BTC price movement.

The real value of crypto-currency is not Bitcoin, it's the concept of it. Bitcoin is simply a bunch of parameters for the crypto-currency concept. We don't use Bitcoin because of the "perfect" parameters, we use Bitcoin because of the concept behind it. Changing the parameters is simply a way of adapting that concept to different needs.

Consider I support Litecoin simply because it uses the basic concept behind it. I don't support PPCoin, Solidcoin or any coin that try to change the crypto-currency concept for no good reasons.

[odolvlobo]

The fact is that the geek/libertarian/etc world isn't big enough for 2 currencies at this point. All Litecoin (and its lesser brothers) does is increase the total amount of "alt currency" in circulation.

Well, if you believe that, then you must believe that Bitcoin is doomed.  Gold is the #1 geek/libertarian/etc currency, followed by silver. Bitcoin is, at best, a distant third. There is $8 trillion worth of gold in the world vs. bitcoin's miniscule $130 million. If Bitcoin can compete, then why can't Litecoin?

[AngelusWebDesign]

The fact is that the geek/libertarian/etc world isn't big enough for 2 currencies at this point. All Litecoin (and its lesser brothers) does is increase the total amount of "alt currency" in circulation.

Well, if you believe that, then you must believe that Bitcoin is doomed.  Gold is the #1 geek/libertarian/etc currency, followed by silver. Bitcoin is, at best, a distant third. There is $8 trillion worth of gold in the world vs. bitcoin's miniscule $130 million. If Bitcoin can compete, then why can't Litecoin?

1. I don't think Bitcoin is doomed.
2. Gold is NOT the #1 geek/libertarian currency. It's the #1 survivalist currency. Some libertarians might like it as well, but it's certainly not popular among geeks!
3. While I agree that EVENTUALLY there will be room for more than 1 "bitcoin-like" currency, the 2nd one will have to be really unique and have something special to offer -- like being backed by a city, state, country, or 1st-tier online retailer (Amazon, Wal-mart, etc.)

Just another me-too "hey, Bitcoin is open source so here, I made my own blockchain" currency is never going to be able to gain mindshare. Not yet. There aren't enough of us geeks messing around with crypto-currencies.

I think some Litecoin fans on this thread are not the most objective -- they're probably sitting on a pile of LTC and stand to gain MUCH by being the early adopters in the next Bitcoin.

I, on the other hand, am a disinterested 3rd party, who stands to gain nothing if I'm wrong or right.

[crazyates]

The fact is that the geek/libertarian/etc world isn't big enough for 2 CRYPTO-currencies at this point. All Litecoin (and its lesser brothers) does is increase the total amount of "alt currency" in circulation.

FTFY. Otherwise, this is the exact reason why I'd rather shut my GPUs off that mine LTC.