LiteBit (OP)
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Activity: 1133
Merit: 1050
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October 24, 2012, 02:23:17 PM |
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"Yes, Litecoin is faster than Bitcoin, but what else does it do?"
I've hear this rebuttal in conversations about Litecoin and Bitcoin everyday. Well what if that is the only difference? What's wrong with that?
As I move coins back and forth (on BTC-e for example) I get my LTC within minutes and my BTC within hours. This is a HUGE DIFFERENCE! This could be the only difference between these siblings and I'm ok with that. As LTC services start to populate the cryptocoin community and beyond I'll take the faster coin everytime. Especially if/when comparable services are in place
All around the world people move to the faster & more efficienct "anything." It's adaptation. Upgrade hardware/software, automobiles, homes, furnaces, appliances, spouses (just kidding).
The adaptation of Litecoin outside of a small group of us in the community is still a ways off. But, we are working with the faster coin. And I don't think that's a bad thing at all. Even if it's the only meaningful difference.
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SRoulette
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October 24, 2012, 02:58:36 PM |
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Litecoins speed is a huge bonus for instant gambling as your winnings confirm quicker.
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hamdi
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October 24, 2012, 03:40:44 PM |
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i wonder totally who buys litecoins at all?
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SgtSpike
Legendary
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Activity: 1400
Merit: 1005
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October 24, 2012, 03:48:04 PM |
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You get your LTC within minutes and your Bitcoins within hours?
Try LTC in 3 minutes and Bitcoin in 10...
LTC hasn't proven it is scalable either. I heard there was already problems with blocks not being propagated quickly enough, causing forks in the chain that take a good deal of time to resolve.
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Brunic
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October 24, 2012, 06:52:59 PM |
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It's not about the speed.
It's about having 2 blockchains that runs in parallel without any special "proof of steak" or "divines nodes".
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nobbynobbynoob
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October 24, 2012, 06:59:23 PM |
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i wonder totally who buys litecoins at all?
I certainly did when the price was below four tenths of a cent BTC, and will buy back in if/when the price drops that low again. |
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tatsuchan
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October 24, 2012, 07:45:58 PM |
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Bitcoin seems to be more of an investment with value going up 400%+ yearly. Litecoin might be a reality with online spending if the price stablizes somewhere low. To me, and many others, they are both an instrument of investment and trade just like Gold and Silver.
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nobbynobbynoob
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October 24, 2012, 10:42:23 PM |
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If LTC rises above BTC0,02 I'll almost certainly try building a GPU-based LTC mining rig to double as a block heater for the winter.  Practically speaking, I reckon 1 LTC currently justifies a price in the range BTC0,003 to BTC0,005, i.e. where it was before the recent rally. |
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legolouman
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October 24, 2012, 10:49:40 PM |
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It's all awesome and stuff.
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If you love me, you'd give me a Satoshi!
BTC - 1MSzGKh5znbrcEF2qTrtrWBm4ydH5eT49f
LTC - LYeJrmYQQvt6gRQxrDz66XTwtkdodx9udz
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luffy
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October 25, 2012, 01:46:51 PM |
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more coins the better. i love LTC,BTC,PPC etc even if LTC is somehow useless at the moment i am expecting to be used a lot in the future  |
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markm
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Activity: 2940
Merit: 1090
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October 25, 2012, 02:22:01 PM |
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If its price does not stay constant against bitcoin is could be useful to to hedge against movements in bitcoin prices. Actually all the various coins can be useful so one can move around among them to avoid those that happen to be going down in value and ride those that are going up.
Maybe this will become more useful when more people have Open Transactions clients running so that they can easily trade any coin against any other coin directly and without percentage-based fees.
-MarkM-
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molecular
Donator
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Activity: 2772
Merit: 1019
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October 25, 2012, 02:27:09 PM |
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If its price does not stay constant against bitcoin is could be useful to to hedge against movements in bitcoin prices. Actually all the various coins can be useful so one can move around among them to avoid those that happen to be going down in value and ride those that are going up.
Maybe this will become more useful when more people have Open Transactions clients running so that they can easily trade any coin against any other coin directly and without percentage-based fees.
-MarkM-
arbitrage bots would stabilize the coins against each other, no? |
PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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markm
Legendary
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Activity: 2940
Merit: 1090
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October 25, 2012, 02:31:11 PM |
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There does not seem to be much arbitrage going on at all.
For example for a long time DeVCoins were much more valued on the Digitalis Open Transactions server than on Vircurex yet there was not much sign of a lot of people rushing over to buy them cheap at Vircurex.
I suppose maybe once people finally catch on some degree of arbitrage happens but the more currencies there are the more different pairs there are to reconcile.
So far I do not even see arbitrageurs buying 100,000-lots at scale 100000 cheap to re-sell in 10000-lots or 1000-lots or 100's etc at higher markups, so we are basically not even seeing "buy wholesale sell retail" yet (volume / lot-size arbitrage) let alone "compare all pairs and balance them out" arbitrage.
-MarkM-
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