Why do they hate Litecoin?

[DiCE1904]

1) LiteCoin doesn't bring anything new, it's just a recompile of BitCoin with one changed variable.

Wrong. I think what you were referring was the block generation rate and total.
The most significant difference is the encryption (as in cryptocurrency) algorithm. It's not a variable, it's part of the foundation on which a cryptocurrency is built.

SHA256 used in Bitcoin, Terracoin and few other cryptocoins is property of USA. If only people know what that really means ...

THIS.

[420]

1) LiteCoin doesn't bring anything new, it's just a recompile of BitCoin with one changed variable.

Wrong. I think what you were referring was the block generation rate and total.
The most significant difference is the encryption (as in cryptocurrency) algorithm. It's not a variable, it's part of the foundation on which a cryptocurrency is built.

SHA256 used in Bitcoin, Terracoin and few other cryptocoins is property of USA. If only people know what that really means ...

THIS.

US government can claim intellectual property rights to the bitcoin system?!?!?!??!

[EskimoBob]

1) LiteCoin doesn't bring anything new, it's just a recompile of BitCoin with one changed variable.

Wrong. I think what you were referring was the block generation rate and total.
The most significant difference is the encryption (as in cryptocurrency) algorithm. It's not a variable, it's part of the foundation on which a cryptocurrency is built.

SHA256 used in Bitcoin, Terracoin and few other cryptocoins is property of USA. If only people know what that really means ...

THIS.

US government can claim intellectual property rights to the bitcoin system?!?!?!??!

In cryptography, SHA-2 is a set of cryptographic hash functions (SHA-224, SHA-256, SHA-384, SHA-512) designed by the National Security Agency (NSA) and published in 2001 by the NIST as a U.S. Federal Information Processing Standard. SHA stands for Secure Hash Algorithm.

[Endgame]

If a few people want to hate on litecoin for whatever reason, let them. From everything I have seen, even this thread, most bitcoiners actually support litecoin. Of course its difficult to measure the exact level of community support, but at the very least the number of bitcointalk members mining litecoin seems fairly encouraging.

[meebs]

1) LiteCoin doesn't bring anything new, it's just a recompile of BitCoin with one changed variable.

Wrong. I think what you were referring was the block generation rate and total.
The most significant difference is the encryption (as in cryptocurrency) algorithm. It's not a variable, it's part of the foundation on which a cryptocurrency is built.

SHA256 used in Bitcoin, Terracoin and few other cryptocoins is property of USA. If only people know what that really means ...

THIS.

US government can claim intellectual property rights to the bitcoin system?!?!?!??!

In cryptography, SHA-2 is a set of cryptographic hash functions (SHA-224, SHA-256, SHA-384, SHA-512) designed by the National Security Agency (NSA) and published in 2001 by the NIST as a U.S. Federal Information Processing Standard. SHA stands for Secure Hash Algorithm.

Also, as somebody else has mentioned, the US gov't has control over the "export" of this, for example it would be illegal to put it in the hands of iranians or what not.

[420]

If a few people want to hate on litecoin for whatever reason, let them. From everything I have seen, even this thread, most bitcoiners actually support litecoin. Of course its difficult to measure the exact level of community support, but at the very least the number of bitcointalk members mining litecoin seems fairly encouraging.

we need a litecoin subforum instead of just having everything in "alternative cryptocurrencies"

[creativex]

http://forum.litecoin.net/index.php

[Blazr]

IMO, litecoin is kinda pointless. There are very few services that accept them & it has very few advantages over Bitcoin. 99% of litecoin users are using it as a get-rich-quick scheme by either mining the crap out of it (using GPU's even though its original purpose was to be unprofitable to GPU mine on) or just buying and hoping the value goes up.

[smoothie]

IMO, litecoin is kinda pointless. There are very few services that accept them & it has very few advantages over Bitcoin. 99% of litecoin users are using it as a get-rich-quick scheme by either mining the crap out of it (using GPU's even though its original purpose was to be unprofitable to GPU mine on) or just buying and hoping the value goes up.

This is how BTC started. Let's talk in about 2 years and 10 months when LTC blocks halve.

[420]

IMO, litecoin is kinda pointless. There are very few services that accept them & it has very few advantages over Bitcoin. 99% of litecoin users are using it as a get-rich-quick scheme by either mining the crap out of it (using GPU's even though its original purpose was to be unprofitable to GPU mine on) or just buying and hoping the value goes up.

This is how BTC started. Let's talk in about 2 years and 10 months when LTC blocks halve.

if litecoin is around and not picked up yet maybe that will make or break it

[Blazr]

SHA256 used in Bitcoin, Terracoin and few other cryptocoins is property of USA. If only people know what that really means ...

Sure it uses SHA-256 which was developed by NSA, but so does EVERYTHING. Banks & fortune 500's use SHA-256, Facebook use SHA-256 for its password database, many Linux distro's store user password's using SHA-256, heck even the software that is running this forum (SMF) has an option to use SHA-256 to hash the password database & I would assume this is the option that is currently being used.

You're totally right about it being property of the US government & AFAIK you technically need a license to use it which obviously we don't have, that isn't a huge problem though, take a look at Linux, many distro's violate a bunch of software patents & licenses and nothing happens from it.

If only people know what that really means ...

I'd love to know what you think it really means.

[Atruk]

SHA256 used in Bitcoin, Terracoin and few other cryptocoins is property of USA. If only people know what that really means ...

Sure it uses SHA-256 which was developed by NSA, but so does EVERYTHING. Banks & fortune 500's use SHA-256, Facebook use SHA-256 for its password database, many Linux distro's store user password's using SHA-256, heck even the software that is running this forum (SMF) has an option to use SHA-256 to hash the password database & I would assume this is the option that is currently being used.

You're totally right about it being property of the US government & AFAIK you technically need a license to use it which obviously we don't have, that isn't a huge problem though, take a look at Linux, many distro's violate a bunch of software patents & licenses and nothing happens from it.

Actually as a standard published by the US government, SHA-256 is in the public domain. All government publications released to the public automatically enter the public domain.

[pazor]

i got cryptogold -> bitcoin

and

i got cryptosilver -> litecoin

and

some cryptocopper -> namecoin

happy mining
;-))

[Blazr]

Actually as a standard published by the US government, SHA-256 is in the public domain. All government publications released to the public automatically enter the public domain.

You're right, so we aren't even in violation of any licensing agreements (I was sure there was some sort of license, apparently not),

[EskimoBob]

It is beyond retarded to hate inanimate object like a pile of code - in this case it's litecoin.

I think when people say they "hate Microsoft", what they really mean is they have understood what a pile of shit MS software really is and they disapprove business practises used buy Microsoft while selling (most of the time forcefully) their crap. Nothing wrong about "hating" scumbag companies and greedy fuckers who run them.

At the same time, nobody is force-feeding you the LTC code nor the concepts implemented in LTC. You are free to chose.
If you think LTC is just a 1:1 copy, you really need to spend 10 more min. reading about LTC. Sure, it's nothing revolutionary (or is it?), but LTC still has advantages over BTC, when it comes to usefulness in business environment.

Childish statements like "litecoin users are using it as a get-rich-quick scheme" are kinda funny. If you believe that BTC and LTC are different in that department, the you are just wrong.
Most people who mine any of those coins think only about the money. If LTC is a scam, BTC and all the rest are scams too - if same parameters for defining a "scam" are used. 
Same applies to "just buying and hoping the value goes up." - no difference at all. Gold anyone?

As of today, LTC is the only successful alt-coin - it's still alive (1y+), doing well and is getting ready for the big time.

As of now, there are 2 good alternatives to BTC - LTC and PPC.
If LTC implements some of the interesting ideas of PPC, we are probably going to have a winner (if it's even possible any more)

There will be many alternative coins down the road. You can be like some of the dim witted fucks around this forum and "hate them" with all you get... until you get a heart attack and keel over for good (please do it BEFORE! you procreate) LOL

Cheers!

[Blazr]

Childish statements like "litecoin users are using it as a get-rich-quick scheme" are kinda funny. If you believe that BTC and LTC are different in that department, the you are just wrong.

I completely do. I don't buy BTC and hope that the value goes up, I buy BTC to spend.

Let me ask you this, what other reasons is there to buy LTC, other than hoping the value goes up?

Also, I'd just like to point out that I don't hate Litecoin, in fact I used to use it back when it was a true CPU chain & it was being accept for products/services, but now I honestly fail to see the point of it, I don't think there is a big enough market for altchains that directly compete with Bitcoin at the moment.

[dust]

Actually as a standard published by the US government, SHA-256 is in the public domain. All government publications released to the public automatically enter the public domain.

You're right, so we aren't even in violation of any licensing agreements (I was sure there was some sort of license, apparently not),

No license is being violated.  There is lots of FUD in this thread.

[wikiaki]

LiteCoin is (previous crypto currencies)

not innovative
a copy

For me it is a waste of time and money. 

[bitcool]

Childish statements like "litecoin users are using it as a get-rich-quick scheme" are kinda funny. If you believe that BTC and LTC are different in that department, the you are just wrong.

I completely do. I don't buy BTC and hope that the value goes up, I buy BTC to spend.

Let me ask you this, what other reasons is there to buy LTC, other than hoping the value goes up?

Also, I'd just like to point out that I don't hate Litecoin, in fact I used to use it back when it was a true CPU chain & it was being accept for products/services, but now I honestly fail to see the point of it, I don't think there is a big enough market for altchains that directly compete with Bitcoin at the moment.

but some people do spend LTC:
http://forum.litecoin.net/index.php/board,7.0.html

To further prove my point, if you pay LTC, I'd sell you a few silver bars at 10% discount comparing to what is priced in BTC:
  http://coinabul.com/silver/index.php/silver-sorted-by-weight/sunshine-minting-1-oz-bar.html

what do you think?

[coretechs]

I certainly don't understand why people are "against" litecoin for whatever reasons, as fickle as they may be - "I hate it because of kids in a chat box on one site!"   

I like litecoin purely for the fact that I can easily and quickly exchange it with bitcoin, and as I've said in another post, by proxy that makes it as useful as bitcoin.  Most other currencies become a hassle to exchange due to regulations/AML/KYC/etc.  Also I consider it a hedge for people "investing" in crypto-currencies.  Don't put all your eggs in one basket.

There are also many other potential uses.  For instance, people concerned with anonymity could utilize a few hops between LTC/BTC chains to obfuscate a transaction trail.