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Blazr
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December 18, 2012, 09:42:49 AM |
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A major bonus of Litecoins is the fact that transactions confirm so much faster. That alone will add to the value of them.
A common misconception, the number of confirmations on a transaction doesn't make it safer from a 51% attack, its time that does that. 4 LTC confirmations = same protection as 1 BTC confirmation. Sure it get confirmations faster, but thats of no benefit at all. |
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Nagato
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December 18, 2012, 10:29:40 AM |
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Personally i don't see enough of a difference from Bitcoin to warrant any interest. Unlike Gold, where dividing into smaller quantities is difficult to measure and assay and therefore allowed silver to be used for smaller transactions, Bitcoin still has 8 decimal places to go before we encounter this issue.
Faster confirmations may be an advantage for retail POS transactions but i forsee that this issue will probably be solved by large payment processors/exchanges working together to bypass the bitcoin network for small/instant transactions all together. We are already seeing this via BitInstant working with large exchanges which issue their own redeemable codes which are redeemed instantly. Most people would probably maintain a hot wallet with 1 of these exchanges/processors which allow instant transactions amongst each other.
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Chief Satangkai
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December 18, 2012, 10:38:08 AM |
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In order for LTC to be attrictive in the long run we need more services and projects that accepts Litecoins as payment.
Sure, there are already some of games and raffles using LTC but we need "real" services fast or LTC will stay the
"pump and dump" coin it is right now. We will see $0.12 - $0.15 next year and thats not crazy-talk...
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psybits (OP)
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December 18, 2012, 01:28:44 PM |
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I'm guessing around $0.00, maybe even into the negative.
Ha ha! Feel free to shoot some my way and help me out if you don't want your LTC to reduce your bank balance (evil little things)  LQ5E526EFy5TqBV5y3K4w54bakVVZUNgrA |
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psybits (OP)
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December 18, 2012, 01:31:57 PM |
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In order for LTC to be attrictive in the long run we need more services and projects that accepts Litecoins as payment.
Sure, there are already some of games and raffles using LTC but we need "real" services fast or LTC will stay the
"pump and dump" coin it is right now. We will see $0.12 - $0.15 next year and thats not crazy-talk...
I've got a few ideas. Give me a couple of weeks ALL BTC businesses could start accepting LTC right now (no skin off their back for doing so) |
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Yuhfhrh
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December 18, 2012, 02:27:10 PM |
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It will probably be worth a lot less. It isn't different enough from bitcoin, which just makes it a pump and dump currency. Once an alt coin comes out with realistic benefits compared to BTC, then all litecoin users will migrate over there leaving the value of litecoin to almost nothing.
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Prattler
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December 18, 2012, 03:12:55 PM |
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I think litecoins will have a value of $0.00 in a year. I might be wrong though |
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mccorvic
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December 18, 2012, 03:15:48 PM |
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I think litecoins will have a value of $0.00 in a year. I might be wrong though You're right on the money, good sir. |
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psybits (OP)
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December 18, 2012, 03:19:23 PM |
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I think litecoins will have a value of $0.00 in a year. I might be wrong though You're right on the money, good sir. What are the specific cryptocurrency market mechanisms / conditions that you guys believe will lower the price of LTC to $0 within a year? I'm curious to know...  |
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mccorvic
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December 18, 2012, 03:51:36 PM |
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What are the specific cryptocurrency market mechanisms / conditions that you guys believe will lower the price of LTC to $0 within a year? I'm curious to know... Offers no benefit over BTC. BTC is established and has an actual market and use. Litecoin designed for pure pump and dump once enough chumps sign-up. CASE CLOSED |
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psybits (OP)
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December 18, 2012, 03:54:19 PM |
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What are the specific cryptocurrency market mechanisms / conditions that you guys believe will lower the price of LTC to $0 within a year? I'm curious to know... Offers no benefit over BTC. BTC is established and has an actual market and use. Litecoin designed for pure pump and dump once enough chumps sign-up. CASE CLOSED What about the faster rate to confirm transactions? How do you know LTC is designed for pump and dump? What are your sources for both statements? |
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SgtSpike
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December 18, 2012, 04:17:07 PM |
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A major bonus of Litecoins is the fact that transactions confirm so much faster. That alone will add to the value of them.
A common misconception, the number of confirmations on a transaction doesn't make it safer from a 51% attack, its time that does that. 4 LTC confirmations = same protection as 1 BTC confirmation. Sure it get confirmations faster, but thats of no benefit at all. Well, getting one confirmation faster IS a benefit (see recent SatoshiDice fraud). A small one, but a benefit nonetheless. Comparing at least one confirmation on both sides though, and I agree, they are equal. |
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Prattler
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December 18, 2012, 04:54:21 PM |
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What about the faster rate to confirm transactions?
If litecoin were to become a popular worldwide currency in the future, it would not be unreasonable for block propagation times to reach 1-5 minutes. This would dramatically increase the rate of orphaned litecoin blocks, reduce the network security and make litecoin unusable. If it were that simple, wouldn't bitcoin use shorter times, too? Now if litecoin has no future by design, the value will eventually reach 0. |
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Nagato
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December 18, 2012, 05:02:37 PM |
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I forgot to add that Litecoin's blockchain would consume ~double the bandwidth and disk space of Bitcoin at similar transaction rates, this could make running full Litecoin nodes on consumer level devices unattractive. As it is, I already dread running the Bitcoin client for my own personal use, i simply use blockchain.info to watch my balances and maintain a small hot wallet there.
The exception would of course be running a full node if you were operating a Bitcoin business and it may not be too prudent to depend on a 3rd party server to confirm your transactions and balances.
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TooCasual
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You can't be Serious?!?
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December 18, 2012, 05:16:32 PM
Last edit: December 18, 2012, 06:02:40 PM by TooCasual |
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Word. You involved in any online projects at the moment involving Bitcoin, Litecoin etc?
Not much at the moment really. Just online trading (Vircurex/MtGox) and Mining of course... torn between PP and Lite atm. And BTW, my statement above is null and void if Dec 21 2012 comes to pass... LOL  TooCas. |
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psybits (OP)
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December 18, 2012, 06:10:03 PM |
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What about the faster rate to confirm transactions?
If litecoin were to become a popular worldwide currency in the future, it would not be unreasonable for block propagation times to reach 1-5 minutes. This would dramatically increase the rate of orphaned litecoin blocks, reduce the network security and make litecoin unusable. If it were that simple, wouldn't bitcoin use shorter times, too? Now if litecoin has no future by design, the value will eventually reach 0. Interesting. What about the increasingly difficulty? Blocks will get harder to mine naturally - no? And how do you know increased orphan blocks (if they occur) would reduce the network security and therefore make LTC unusable? I am genuinely asking as I want to know as much as possible about it! |
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psybits (OP)
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December 18, 2012, 06:11:07 PM |
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Word. You involved in any online projects at the moment involving Bitcoin, Litecoin etc?
Not much at the moment really. Just online trading (Vircurex/MtGox) and Mining of course... torn between PP and Lite atm. And BTW, my statement above is null and void if Dec 21 2012 comes to pass... LOL TooCas. Ha ha ha I'm going to be on a plane so it should be quite a show from the air. Ha ha |
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Bendur
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December 19, 2012, 12:15:42 AM |
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In a year I'd expect them to be worth perhaps 0.1 btc or so. They are designed to eventually be worth about 0.25 of a bitcoin, but probably it will take a bit longer than a year to get to that point. Just my 0.02 ltc.
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CountSparkle
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December 19, 2012, 08:00:30 AM |
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Network effects. Bitcoin has massive amounts of money and infrastructure behind it, litecoin has hobbyists. Litecoin can only get father and farther behind in adoption and development.
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Blazr
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December 19, 2012, 08:24:06 AM |
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What about the faster rate to confirm transactions?
I addressed this above. More confirmations does not mean more protection, its more about time. 4 LTC confirms = 1 BTC confirm in terms of protection against double spends. How do you know LTC is designed for pump and dump?
LTC was designed to be GPU-hostile, which meant that it would be more efficient to mine on a CPU. This was the entire purpose of the currency, however it was discovered months later that it wasn't GPU-hostlile and GPU mining is more efficient than CPU. A lot of people have accused the Litecoin developers of GPU mining LTC since day one with the plan of doing a pump-and-dump. It is also strange as originally LTC was supposed to use Bcrypt as its hashing algorithm which should make it GPU-hostile, but this was later changed to scrypt, which isn't GPU-hostile at all. |
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