ONTOPIC reply about bitcoin/litecoin economy (reply from another thread)

[franky1]

bitcoin is in a 'catch 22' where it prospers because its anonymous but it wont become regulated because its anonymous. if it became regulated the userbase would jump ship. instead it is left stuck in a 100k population only able to get small businesses onboard for miners to spend their earnings on. very hard to get bitcoin to mass market to compete alongside fiat. (yes i said compete with. not overtake or remove fiat as thats impossible)

and litecoin is just the same in regards to tax evasion, capital transfers. but it doesnt have a major desire for anonymity due to the lack of drug users. so it is less so stuck in the catch 22 bitcoin is in.

it is possible that bitcoin would get regulated. the drugs business runs off, userbase decreases. and then slowly builds up as a regulated, consumer friendly virtual currency. But that is alot of hurdles to jump.

where as litecoin is like a clean slate for the crypto world that want a proper real world alternative to FIAT (in a few decades after many stepping stones are dealt with ofcourse). never to replace FIAT as that will never happen, but to atleast work along side of fiat.

when speaking to merchants, they still have a few main objections to accepting bitcoin from the pretence of just the crypto community using their service, (ill talk about non tech savvi consumers further down)

1) easy non headache solution to getting their fiat for stock/wages
2) media propganda puts them off..
3) no loss of value if the exchange value drops from the time of product purchase to the time they get 'after hours' to cash-up and cash out of BTC.

so bitinstant prepaid card for bitcoin would solve point one and point three. and the same goes for litecoin if bitinstant made a litecoin prepaid card too. same also goes for any virtual curency so lets say, facebook credits if there was a option for a FBC to FIAT. a merchant would accept anything if it was easy to manage and there was a population demand for it.

litecoin already solves point two as there is no bad press, its just like bitcoin but gone back in time a couple years.

i never said that tomorrow litecoin would be a mass market virtual currency for consumer. it involves stepping stones. i and many have found talking about bitcoin to merchants, a hurdle(reasons above). but then slipping into the conversation, litecoin as the clean alternative and a possibility of a crypto to FIAT automated exchange to a debit card gets there interest.

lets address the regulated/consumer protection thing.
trying to get BTC regulated and removing / reducing silkroads presence is not an easy task. so isnt it just easier to start with a fresh slate and make a few notable real world businesses being the flagships for that crypto. to then encourage more business, instead of dealing with drug propoganda and go against what bitcoin is all about in the first place.

just like bitcoin when it gets to the point of non tech savvi consumers using it for wages/groceries you are right it does require many steps to get price stability and regulations in place along with other needed stuff. which BOTH currencies are not in any way, shape or form ready for the non crypto consumers to handle.

but the baby steps are to atleast get some businesses to adopt Litecoin for us tech savvi, crypto lovers to spend our mining earnings on, just like bitcoin done a couple years back. the businesses themselves would pay the crypto instantly to a debit card at a fixed value using the live price of the time of product purchase/crypto deposit to debitcard provider.
Meaning they are safe from large volatile changes because they never keep the crypto in their hands for long.

the difference is that if a crypto currency was to become regulated i know those druggies and anonymous loving users would not want it to happen to bitcoin because that is what bitcoin is all about, anonymity. so litecoin would be a positive solution to them. they could continue doing what they have been doing for the last couple years without their fears of regulation and enforcement agencies.

basically learning from bitcoin, and overcoming objections with actual solutions for both the anonymous lovers and the businesses.

but then again i am talking about litecoin on a bitcoin forum so i take favouritism from anyone with a pinch of salt as its expected.

im not sure if charlie thinks bitcoin is going to be the mass market thing in a few decades. or they think both wont ever get beyond the niche market of mining earning being spent meaning no non tech savvi consumer use of it. or if they just don't want anything to do with litecoin purely on bitcoin favouritism.

but it doesn't sound like charlie likes litecoin much.

i will just add this to my lengthy waffle. The 50+pages of troll statement about the foundation objectors.. i understand the thread you think i refer to. but i did not limit my numbers to just that single thread. i count many threads with objections to the foundation which total 50+.

[Yuhfhrh]

Bitcoin is litecoin. Litecoin is bitcoin. They are the same thing, except Bitcoin is more supported.

[franky1]

parts of previous message may only make sense to the original thread posters. sorry for new readers in the new subsection of forum if this is the case but i did not want to sideline the objective of that main thread with a discussion that came up.

if anyone is interested to know.it concerns me loving litecoins because they are the clean slate, no taint, less headache crypto that has less objections to it being adopted by merchants (if they had access to a bitinstant debit card for instant FIAT transfers.)

all the waffle found https://bitcointalk.org/index.php?topic=119732.0.

i deemed it as a speculation topic as it talks about the future speculation of crypto

to yuhfhrh i understand they are both the same. my second paragraph "and litecoin is just the same"

may i just add welldone on your 1000th post..  

[notme]

Bitcoin is litecoin. Litecoin is bitcoin. They are the same thing, except Bitcoin is more supported.

Technically you are correct.  That may be the best kind of correct, but he does have a point about reputation.

[Yuhfhrh]

parts of previous message may only make sense to the original thread posters. sorry for new readers in the new subsection of forum if this is the case but i did not want to sideline the objective of that main thread with a discussion that came up.

if anyone is interested to know.it concerns me loving litecoins because they are the clean slate, no taint, less headache crypto that has less objections to it being adopted by merchants (if they had access to a bitinstant debit card for instant FIAT transfers.)

all the waffle found https://bitcointalk.org/index.php?topic=119732.0.

i deemed it as a speculation topic as it talks about the future speculation of crypto

to yuhfhrh i understand they are both the same. my second paragraph "and litecoin is just the same"

may i just add welldone on your 1000th post..  

Forgive me, I didn't take time to read your entire post until now. I agree with a lot of what you have to say, but I still feel like Bitcoin is where we need to be focusing. I believe trying to pursuit litecoin instead will do nothing except bring all the baggage from bitcoin right over. By the time any merchants starts accepting litecoin from our efforts, silk road will already be using them, and we will be back at page one. I do own a few litecoin though just in case I'm wrong.  

Edit: Let me read it over one more time to make sure I'm getting it all in lol

Okay, you have an interesting idea that is worth considering. I'll come back later to comment on it again after some brainstorming.

[franky1]

even a simple thing where all litecoin clients and exchanged require an ID/Password to make the blockchain atleast more transparent for enforcement agencies to regulate would be something bitcoin would object to. but litecoin wouldnt care about.

people would just learn to do dodgy stuff with BTC and then transfer it either to dollars or litecoin. and the reputable traders can easily see who spent what so they can then give some consumer protection, possibly even chargebacks/refunds if more protocols got changed.

the worlds your oyster with litecoin. where as bitcoin is limiting its expansion.

obviously alot of work would need to go into the development/ regulation side for world adoption from non crypto consumers but for now getting a few merchants just to feed us crypto lovers is achievable. especially if bitinstant allow a instant LTC to FIAT service.

[Spekulatius]

i deemed it as a speculation topic as it talks about the future speculation of crypto

Sorry, wrong forum. This sub forums policy states that "speculation" has to be about the exchange rate of bitcoin.
The Altchain sub forum seems more appropriate for this thread.

[franky1]

i deemed it as a speculation topic as it talks about the future speculation of crypto

Sorry, wrong forum. This sub forums policy states that "speculation" has to be about the exchange rate of bitcoin.
The Altchain sub forum seems more appropriate for this thread.

plus those are guidelines not rules.

An economy consists of the economic systems of a country or other area; the labor, capital, and land resources; and the manufacturing, production, trade, distribution, and consumption of goods and services of that area.

economics speculation is about discussions of all the possibilities of future outcomes of all the items listed in economy.

anyway from an economics point of view talking about how to get a currency growth is a relevent matter as it covers resources, capital distribution, consumption. not just limiting economics to an exchange rate.. as thats trade, which is only a small part of economics.

so lets get to the point. if a crypto was to expand to be part of world economy. which would be easier to manage/achieve that goal. bitcoin or litecoin.

[smoothie]

Safe bet might be to have half of your online investment in both bitcoin and litecoin (dollar for dollar).

Offline gold and silver baby!! 

[Spekulatius]

i deemed it as a speculation topic as it talks about the future speculation of crypto

Sorry, wrong forum. This sub forums policy states that "speculation" has to be about the exchange rate of bitcoin.
The Altchain sub forum seems more appropriate for this thread.

plus those are guidelines not rules.

An economy consists of the economic systems of a country or other area; the labor, capital, and land resources; and the manufacturing, production, trade, distribution, and consumption of goods and services of that area.

economics speculation is about discussions of all the possibilities of future outcomes of all the items listed in economy.

anyway from an economics point of view talking about how to get a currency growth is a relevent matter as it covers resources, capital distribution, consumption. not just limiting economics to an exchange rate.. as thats trade, which is only a small part of economics.

so lets get to the point. if a crypto was to expand to be part of world economy. which would be easier to manage/achieve that goal. bitcoin or litecoin.

According to your logic ANYTHING about EVERYTHING applies to economy if you only stretch the rules enough. I think such threads dilute the nature and purpose of this subforum and should be posted in the one that matches them best: the Altchain forum.

[Jack1Rip1BurnIt]

Yes, please move this thread.

Sometimes any publicity is good publicity. At least bitcoin has been getting some. Litecoin will never be as secure as Bitcoin. That is what will matter the most here in about 4 or 5 years.

[420]

We're not in the catch 22. This is the path of adoption, there's very few things that would have sped it up. We're on the right course to ever increasing adoption of accepting bitcoin as payment and of bitcoin price stabilizing