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Author Topic: ASIC will crash litecoin  (Read 13014 times)
Korbman
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January 20, 2013, 04:56:00 PM
 #21

What do people do with gold bullion?  Eat it?

Oohhh...I suppose that explains the stomach aches Sad

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January 20, 2013, 07:51:49 PM
 #22

http://www.cryptocoincharts.info/period-charts.php?period=alltime&resolution=day&pair=ltc-btc&market=btc-e

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January 20, 2013, 08:57:21 PM
 #23


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?
LOL
Are you serious? I guess not.
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.
If you want to hoard it, ok.
What I don't get is why you think it'll become worth more.
Higher prices come with a growing economy and have nothing todo with how hard or costly something is to produce, with more miners there is no growing LTC-economy, the demand doesn't grow.

People switching their GPUs to LTC probably just do it, because they might get more BTC that way, at least that's the only reason I can think of. So it's BTC they want, not LTC.
When there's actually no other use for LTC, all those people want to sell their LTC for BTC as quickly as possible, result is a lower price, not a higher one.

But that's just my opinion,
it's your life, your choice.
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January 20, 2013, 09:36:27 PM
 #24

Higher prices come with a growing economy and have nothing todo with how hard or costly something is to produce, with more miners there is no growing LTC-economy, the demand doesn't grow.

Umm..you might want to take a step back and do some research on micro and macro economics...


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January 20, 2013, 10:35:53 PM
 #25

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

Well thats a really well balanced un-biased statement...You really add value to the Crypotocoin community

What about...."I would rather kill myself than ever accept a LTC coin..."

You should join Al-BitCoinda and fight against this evil infadels who are trying to repress BTC and go join the JiHAD






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January 20, 2013, 11:16:48 PM
 #26

Higher prices come with a growing economy and have nothing todo with how hard or costly something is to produce, with more miners there is no growing LTC-economy, the demand doesn't grow.

Umm..you might want to take a step back and do some research on micro and macro economics...



Yup

This is about where I'm gonna stop posting in the thread, it's entering the shenanigans-zone.  The only other thing I have to say is that I've been mining both BTC and LTC for a few years now and as far as I can tell the price has little to do with anything that makes a lot of sense aside from the network hash rate/difficulty.  Difficulty can be both a leading and lagging indicator of price.  If you've ever traded equities or commodities you know that the best and easiest way to make money is to just seek out something you believe to be unvalued and hoard it for as long as possible.  I'm totally happy to be mining at the low difficulty of the current LTC network because it's netting me more LTC, and I'm not spending that LTC any time soon.

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January 21, 2013, 04:04:40 PM
 #27

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

Well thats a really well balanced un-biased statement...You really add value to the Crypotocoin community

What about...."I would rather kill myself than ever accept a LTC coin..."

You should join Al-BitCoinda and fight against this evil infadels who are trying to repress BTC and go join the JiHAD


 Grin I just feel that other crypto currencies designed off of bitcoin (like solidcoin for example) kindof devalue bitcoins themselves, I think that some people go "wtf are all these "coins" and why do they have any value to them" And generally they have value because they can be easily converted to btc

http://bitcoin-otc.com/viewratingdetail.php?nick=DingoRabiit&sign=ANY&type=RECV <-My Ratings
https://bitcointalk.org/index.php?topic=857670.0 GAWminers and associated things are not to be trusted, Especially the "mineral" exchange
muyuu
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January 21, 2013, 04:12:24 PM
 #28

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

Well thats a really well balanced un-biased statement...You really add value to the Crypotocoin community

What about...."I would rather kill myself than ever accept a LTC coin..."

You should join Al-BitCoinda and fight against this evil infadels who are trying to repress BTC and go join the JiHAD


 Grin I just feel that other crypto currencies designed off of bitcoin (like solidcoin for example) kindof devalue bitcoins themselves, I think that some people go "wtf are all these "coins" and why do they have any value to them" And generally they have value because they can be easily converted to btc

Not really, because nobody gives a f*ck about them.

If anything they take momentum from each other and leaves BTCitcoin as the reference cryptocurrency.

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January 21, 2013, 05:16:03 PM
 #29

Grin I just feel that other crypto currencies designed off of bitcoin (like solidcoin for example) kindof devalue bitcoins themselves, I think that some people go "wtf are all these "coins" and why do they have any value to them" And generally they have value because they can be easily converted to btc

Not really, because nobody gives a f*ck about them.

If anything they take momentum from each other and leaves BTCitcoin as the reference cryptocurrency.

Altcoins do not "devalue bitcoins" or "take momentum."

Altcoins add value and momentum to Bitcoin by expanding the cryptocash ecosystem, speeding up innovation and providing additional instances of the basic schema (with tweaked parameters) for comparison.  Plus providing redundancy, which is essential for critical systems.

Namecoins are a special case.  They complement Bitcoin and may eventually be needed to ensure network resiliency in the event of regulatory interference.

Imitation is the most sincere form of flattery.  Translated into economics, competition is a powerful measure of validation (especially for emergent disruptive technology).

If "nobody gives a f*ck about" altcoins, they would not have value.  But the markets say they do, and even tell us the exact exchange rates.



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Fiyasko
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January 21, 2013, 05:37:56 PM
 #30

I disagree with your first scentence, But the rest is bangon

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January 21, 2013, 05:55:07 PM
 #31

I disagree with your first scentence, But the rest is bangon

Then you agree with this?

Quote
Altcoins add value and momentum to Bitcoin by expanding the cryptocash ecosystem, speeding up innovation and providing additional instances of the basic schema (with tweaked parameters) for comparison.  Plus providing redundancy, which is essential for critical systems.

I agree with it and found it to be well stated.

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January 21, 2013, 08:04:21 PM
 #32

If you take a look at the actual features of some of the altcoins and compare them you can see why some of them are more likeable than others. Premined coins for example are less preferable for obvious reasons.

Bitcoin is great, but it doesn't mean that technological progress or people's interest will stop there. It proves the concept can work and does work. However, some things could be improved that can't be changed anymore with Bitcoin without changing the entire algorithm or creating a huge amount of fuzz.

Waiting for confirmation times is one of those things, the amount of coins generated could be another. Exactly because Bitcoin is so valuable I find it hard to believe that bitcoin will be used much to buy everyday items for 0.00006324 Bitcoins for example. Even if there are micro Bitcoins and whatnot, it just isn't very convenient. It doesn't mean that Bitcoin won't be useful as a storage of value, I just don't feel like moving say half of my belongings around in Bitcoins ever so often.

Then, exchanging one cryptocurrency to another may in itself be a service because it offers people not only a means of speculation (seemingly the most favorable of all services in the entire crypto-world, including btc) but a means of hedging against other currencies, especially Btc and USD. You can do this with NMC, or LTC or which ever coin you think is most promising/useful for the future.

Extreme caution is good advice with any alt-currency, but so it is for bitcoin. Bitcoin has "made it" to a realm where people think it won't fail anytime soon, but just because services are offered now doesn't mean this was in any way forseeable in the past. So, before you judge an altcoin keep in mind that the present state of services must not necessarily mean these services will not be created.

Finally, some altcoins are described as being pump and dumps or pyramid schemes. This may be the case for some or many of the altcoins. However, I wouldn't recommend buying Btc at 17 $ either to be honest. Someone always sits at the top of the food chain.
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January 21, 2013, 08:34:10 PM
 #33

Hi!

It seems that there is some FUD around here, just want to give you some facts:

- More miners doesn't mean more LTC to sell. The supply is fixed, it's the same amount whatever there is 1 or 46644326 miners. The supply will simply be divided in more parts than before.

- Miners are also people. What strengthen an economy is the people behind. The more people there is, the better the chances of that economic domain will gain in value. So having more miners mining LTC is the best thing that could happen to that currency, simply because more people join the crowd. Also, those miners are high-valued people, since they are the backbone of any crypto-currencies. No miners = no BTC or LTC.

- LTC is ASIC-resistant. You cannot make a dedicated ASIC like the BTC ones for LTC. Why? Because Scrypt, the algo behind the LTC use clock speed AND memory. You get the best performance by balancing the performance between those twos and the best tools on the market that can provide that kind of balance are GPUs. GPUs are ASIC with dedicated memory, so having a start-up like BFL coming in and trying to beat AMD and nVidia in that category is almost absurd. Because of that, it creates a sort of "safe-haven" for GPUs in the crypto-currencies world.

It doesn't mean that Litecoin is going to succeed. Companies offering high-processing computing like Coinlab is trying to do right now or like GPUMax tried to do could certainly use those GPU. The biggest competitor to Litecoin is not Bitcoin, it's those probable HPC businesses.

I would even say that I'm a little worried about the possible mass exodus of BTC miners if ASIC shows up. Some BTC miners are going to make the switch, but many others are not buying into ASIC. Difficulty and network hashpower are relative numbers. The security is not made by having higher numbers, but by having those numbers backed by the biggest amount of people. The less people there is, the easier it is to attain the 50+1%. Having less people hashing BTC is not something I would qualify as "good".

What will happen? I don't know. We're living in an interesting time.
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January 21, 2013, 09:02:25 PM
 #34

Alt coins are inferior to bitcoins!

On the contrary, alt coins usually improve on the Bitcoin model in some way. However, Bitcoin is, and will always be, the purest form of crypto-currency.
A first-of-its-kind digital currency designed by an anonymous genius, not looking for fame or riches, but to free people of their dependency on currency controlled and regulated by special interest groups.

In that sense, yes, all the other alts are inferior.
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January 21, 2013, 10:24:25 PM
 #35

Hi!

It seems that there is some FUD around here, just want to give you some facts:

- More miners doesn't mean more LTC to sell. The supply is fixed, it's the same amount whatever there is 1 or 46644326 miners. The supply will simply be divided in more parts than before.

- Miners are also people. What strengthen an economy is the people behind. The more people there is, the better the chances of that economic domain will gain in value. So having more miners mining LTC is the best thing that could happen to that currency, simply because more people join the crowd. Also, those miners are high-valued people, since they are the backbone of any crypto-currencies. No miners = no BTC or LTC.

- LTC is ASIC-resistant. You cannot make a dedicated ASIC like the BTC ones for LTC. Why? Because Scrypt, the algo behind the LTC use clock speed AND memory. You get the best performance by balancing the performance between those twos and the best tools on the market that can provide that kind of balance are GPUs. GPUs are ASIC with dedicated memory, so having a start-up like BFL coming in and trying to beat AMD and nVidia in that category is almost absurd. Because of that, it creates a sort of "safe-haven" for GPUs in the crypto-currencies world.

It doesn't mean that Litecoin is going to succeed. Companies offering high-processing computing like Coinlab is trying to do right now or like GPUMax tried to do could certainly use those GPU. The biggest competitor to Litecoin is not Bitcoin, it's those probable HPC businesses.

I would even say that I'm a little worried about the possible mass exodus of BTC miners if ASIC shows up. Some BTC miners are going to make the switch, but many others are not buying into ASIC. Difficulty and network hashpower are relative numbers. The security is not made by having higher numbers, but by having those numbers backed by the biggest amount of people. The less people there is, the easier it is to attain the 50+1%. Having less people hashing BTC is not something I would qualify as "good".

What will happen? I don't know. We're living in an interesting time.

++2

Totally Agree its about people Not GPU's or HashRate....

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January 21, 2013, 11:17:54 PM
 #36

"Alright sir that'll be 48.57 cryptos"

"here you go" *beep*

"payment received; ok your change is one satoshi and 43 Litecoin, have a good day"c

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January 22, 2013, 12:24:08 AM
 #37

"Alright sir that'll be 48.57 cryptos"

"here you go"

"ok your change is 0.001 btc and 4 LTC, hav ea good day"


....OMG

I See the furture Cheesy Cheesy Cheesy

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January 22, 2013, 01:12:43 AM
 #38

Please don't move your GPU's to LTC...

More for me.

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January 22, 2013, 06:56:46 AM
 #39

Please don't move your GPU's to LTC...

More for me.

how many GPU's at your disposal?

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January 22, 2013, 02:13:40 PM
 #40

If "nobody gives a f*ck about" altcoins, they would not have value.  But the markets say they do, and even tell us the exact exchange rates.

What market? lol

Try to make any significant movement of capital to LTC or any of the lesser altcoins.

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