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Author Topic: ASIC will crash litecoin  (Read 13019 times)
adamstgBit
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January 18, 2013, 05:33:45 AM
 #1

when ASIC comes out,

everyone mining with a graphics card is going to switch to litecoin, but will not be as optimistic on litecoin and will sell the litecoins as they come in.
this will crash the litecoins and will present the best buying opportunity their ever was?

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January 18, 2013, 05:43:03 AM
 #2

20% likely....


m'yah......wats up doc

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January 18, 2013, 06:07:33 AM
 #3

when ASIC comes out,

everyone mining with a graphics card is going to switch to litecoin, but will not be as optimistic on litecoin and will sell the litecoins as they come in.
this will crash the litecoins and will present the best buying opportunity their ever was?


The same thing was predicted before the bitcoin block reward halved, but litecoin prices went up instead. Why will this be different?


the mass of gpu miners is significantly different. and shortly after block reward halve; miners realized bitcoin was still more profitable to mine

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January 18, 2013, 06:27:35 AM
 #4

will present the best buying opportunity their ever was?



Quite possible. Besides NMC I think LTC is one of the oldest Alt currencies that's still actively traded.

Will keep an eye out.
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January 18, 2013, 06:46:58 AM
 #5

will present the best buying opportunity their ever was?



Quite possible. Besides NMC I think LTC is one of the oldest Alt currencies that's still actively traded.

Will keep an eye out.

over a year old. can't find original thread

sep or aug maybe oct 2011

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January 18, 2013, 11:04:48 AM
 #6

will present the best buying opportunity their ever was?



Quite possible. Besides NMC I think LTC is one of the oldest Alt currencies that's still actively traded.

Will keep an eye out.

Any services/goods available for LTC?? never came across any.

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January 18, 2013, 12:11:48 PM
 #7

will present the best buying opportunity their ever was?



Quite possible. Besides NMC I think LTC is one of the oldest Alt currencies that's still actively traded.

Will keep an eye out.

Any services/goods available for LTC?? never came across any.
Litecoinglobal.com - Exchange with the most assets.
Ltc-arcade.net - gambling site
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January 18, 2013, 02:27:32 PM
 #8

The same thing was predicted before the bitcoin block reward halved, but litecoin prices went up instead. Why will this be different?

Wait, what? BTC/LTC is sitting at .004 now, when it was .007 before the halving in November. People started flipping their GPUs over to LTC and dumping anything they made right to BTC, dropping the price.

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January 18, 2013, 04:05:17 PM
 #9

So logic then says that since more miners will switch to LTC, the price will go up even higher!
So your logic is more miners == higher price?
Not miners drive the price, it's supply and demand that drives the price. Demand doesn't really change so it's doubtful that there's more buyers, but with more miners, there's more potential sellers, simply because there's nothing else besides BTC that they could buy with LTC.

One needs a good imagination to dream of a rising price here.  Smiley
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January 18, 2013, 05:02:55 PM
 #10

So logic then says that since more miners will switch to LTC, the price will go up even higher!
So your logic is more miners == higher price?
Not miners drive the price, it's supply and demand that drives the price. Demand doesn't really change so it's doubtful that there's more buyers, but with more miners, there's more potential sellers, simply because there's nothing else besides BTC that they could buy with LTC.

One needs a good imagination to dream of a rising price here.  Smiley
This. It's been proven that price drives difficulty, so I can't understand why everyone things that adding MORE gpus on top of the already volatile LTC market will make it any more stable. Hell, the LTC difficulty has been bouncing up and down since the reward half. If the price had gone up and it was worth it, all those people hopping LTC would just stay. If the LTC market can't even handle those who are hopping, why should it handle even more GPUs?

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January 18, 2013, 05:05:50 PM
 #11

Don't bother trying to use some logic.  It is is just hope and magic.   People buying tens of thousands or hundreds of thousands of coins hoping it follows the same path as Bitcoin and they become millionaires within a year or two.
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January 18, 2013, 07:11:23 PM
 #12

after hopping they saw bitcoin be just as profitable and kept switching until litecoin was not more profitable ever to mine. now we have the hardware ltc miners on it, maybe a little more hashrate than we had before the halving

ltc usd ony went down from 8 cents to 6.2 cents

comparing ltc to btc when btc is having big rallies is misleading

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January 19, 2013, 03:04:19 AM
 #13

Don't bother trying to use some logic.  It is is just hope and magic.   People buying tens of thousands or hundreds of thousands of coins hoping it follows the same path as Bitcoin and they become millionaires within a year or two.

I guess logic = $32/bitcoin 1.5 years ago?

Logically the price of bitcoin goes up and down, so does the litecoin price. It goes up and down.

Litecoin ponzi debunked by D&T!!!  Shocked Shocked Shocked Shocked Shocked

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January 19, 2013, 03:06:31 AM
 #14

So logic then says that since more miners will switch to LTC, the price will go up even higher!
So your logic is more miners == higher price?
Not miners drive the price, it's supply and demand that drives the price. Demand doesn't really change so it's doubtful that there's more buyers, but with more miners, there's more potential sellers, simply because there's nothing else besides BTC that they could buy with LTC.

One needs a good imagination to dream of a rising price here.  Smiley
This. It's been proven that price drives difficulty, so I can't understand why everyone things that adding MORE gpus on top of the already volatile LTC market will make it any more stable. Hell, the LTC difficulty has been bouncing up and down since the reward half. If the price had gone up and it was worth it, all those people hopping LTC would just stay. If the LTC market can't even handle those who are hopping, why should it handle even more GPUs?

The reason the difficulty goes up and down is because it adjusts 4 times faster than bitcoin. Bitcoin difficulty going up and down now too...so your point is what? That they both have diff that go up and down? LOL! Cheesy Cheesy Cheesy

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January 20, 2013, 06:22:11 AM
 #15

So logic then says that since more miners will switch to LTC, the price will go up even higher!
So your logic is more miners == higher price?
Not miners drive the price, it's supply and demand that drives the price. Demand doesn't really change so it's doubtful that there's more buyers, but with more miners, there's more potential sellers, simply because there's nothing else besides BTC that they could buy with LTC.

One needs a good imagination to dream of a rising price here.  Smiley

Supply is constant regardless of number of miners

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January 20, 2013, 06:24:15 AM
 #16

So logic then says that since more miners will switch to LTC, the price will go up even higher!
So your logic is more miners == higher price?
Not miners drive the price, it's supply and demand that drives the price. Demand doesn't really change so it's doubtful that there's more buyers, but with more miners, there's more potential sellers, simply because there's nothing else besides BTC that they could buy with LTC.

One needs a good imagination to dream of a rising price here.  Smiley

Supply is constant regardless of number of miners

therefore prices are a direct result of demand

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January 20, 2013, 06:58:10 AM
 #17

So logic then says that since more miners will switch to LTC, the price will go up even higher!
So your logic is more miners == higher price?
Not miners drive the price, it's supply and demand that drives the price. Demand doesn't really change so it's doubtful that there's more buyers, but with more miners, there's more potential sellers, simply because there's nothing else besides BTC that they could buy with LTC.

One needs a good imagination to dream of a rising price here.  Smiley

Supply is constant regardless of number of miners
You might have noticed  that I didn't say anything about the supply, but about more potential sellers.

Sure, the overall supply is constant, with more miners, that supply is also spread across more people.
What do these people do, besides selling for BTC?
I don't actually get why there are ANY buyers at all, but with more miners the number of buyers probably doesn't change.
More potential sellers + same number of buyers == lower prices.

But hey, dream your dream, it's all yours, it might come true someday. Wink
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January 20, 2013, 03:53:21 PM
 #18

So logic then says that since more miners will switch to LTC, the price will go up even higher!
So your logic is more miners == higher price?
Not miners drive the price, it's supply and demand that drives the price. Demand doesn't really change so it's doubtful that there's more buyers, but with more miners, there's more potential sellers, simply because there's nothing else besides BTC that they could buy with LTC.

One needs a good imagination to dream of a rising price here.  Smiley

Supply is constant regardless of number of miners
You might have noticed  that I didn't say anything about the supply, but about more potential sellers.

Sure, the overall supply is constant, with more miners, that supply is also spread across more people.
What do these people do, besides selling for BTC?
I don't actually get why there are ANY buyers at all, but with more miners the number of buyers probably doesn't change.
More potential sellers + same number of buyers == lower prices.

But hey, dream your dream, it's all yours, it might come true someday. Wink
So we've established that the Supply will remain the same, due to the design of LTC. I suspect that the Demand will also remain the same. The demand is what increased the price.

So the Demand, Supply, and Price will all remain roughly the same. But when 1000 new GPUs switch to the market, the difficulty will double. So the supply remains regulated, but it becomes now twice as hard to produce that supply. Each miner earns a smaller and smaller share, to the point where it's not profitable. We've already seen this with the BTC reward half, and it's only going to get worse.

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January 20, 2013, 03:58:31 PM
 #19


Sure, the overall supply is constant, with more miners, that supply is also spread across more people.
What do these people do, besides selling for BTC?
I don't actually get why there are ANY buyers at all, but with more miners the number of buyers probably doesn't change.
More potential sellers + same number of buyers == lower prices.

But hey, dream your dream, it's all yours, it might come true someday. Wink


What do people do with gold bullion?  Eat it?

You hoard it until it's worth more.  I think it's reasonable to assume that the more money it costs you to produce, the less likely you are to sell it.

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January 20, 2013, 04:53:24 PM
 #20

Alt coins are inferior to bitcoins!, I would rather CPU mine bitcoins than GPU mine litecoins XD

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