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Author Topic: What exactly is wrong with LTC?  (Read 6383 times)
sublime5447
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February 11, 2013, 08:00:56 PM
Last edit: March 03, 2013, 01:21:15 AM by sublime5447
 #1

So what is wrong with LTC why do people hate on them? Is the structure of the coin sound? Does it have a design flaw? What is the deal with the high sending fee for small amounts of LTC? Is the price stable? Does the price move more evenly than BTC?

So far like it. I was thinking of only selling LTC and letting my customers exchange for BTC on BTC-e. Does anyone see any problem with doing that? Any advice is appreciated. Thanks  
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February 11, 2013, 08:31:55 PM
 #2

Nothing wrong with it really. I think the main argument that people against it use is that it isn't that much different from BTC. If you're only selling LTC, chances are people won't buy from you if they just want BTC, because then they have to go through another step of exchange to get it. But people who actually want LTC will buy from you.

I like BTC and LTC.

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sublime5447
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February 11, 2013, 08:35:46 PM
 #3

No they will buy LTC to get BTC. I sell for Paypal so they will do it.
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February 11, 2013, 08:36:51 PM
 #4

I have often traded BTC for LTC. I have never done it the other way around.
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February 11, 2013, 08:39:43 PM
 #5

I have often traded BTC for LTC. I have never done it the other way around.

The guy who sold you the LTC has.
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February 11, 2013, 08:40:33 PM
 #6

So what is wrong with LTC why do people hate on them? Is the structure of the coin sound? Does it have a design flaw? What is the deal with the high sending fee for small amounts of LTC? Is the price stable? Do the price move more evenly than BTC?

So far like it. I was thinking of only selling LTC and letting my customers exchange for BTC on BTC-e. Does anyone see any problem with doing that? Any advice is appreciated. Thanks 


Litecoin wasn't first.

http://en.wikipedia.org/wiki/Network_effect
Ryland R. Taylor-Almanza
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February 11, 2013, 08:45:33 PM
 #7

No they will buy LTC to get BTC. I sell for Paypal so they will do it.
It's not too hard to find someone to sell BTC for PayPal if you have a good reputation. I've actually never bought BTC with anything other than PayPal. Why not just target the LTC crowd?

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2112
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February 11, 2013, 08:45:41 PM
 #8

Does it have a design flaw?
It isn't as much flaw as deception. Litecoin used the same scrypt parameters as Tenebrix. Artforz had gamed almost everyone involved in the scrypt()-based coins. He had choosen the set of parameters that made GPU mining possible, but made claims that the design is GPU-resistant. Then he proceeded to mine all the scrypt()-based coins (Tenebrix/Fairbrix/etc) on his GPU farm that was significantly more efficient than the CPU miners.

Please comment, critique, criticize or ridicule BIP 2112: https://bitcointalk.org/index.php?topic=54382.0
Long-term mining prognosis: https://bitcointalk.org/index.php?topic=91101.0
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February 11, 2013, 08:46:49 PM
 #9

So what is wrong with LTC why do people hate on them? Is the structure of the coin sound? Does it have a design flaw? What is the deal with the high sending fee for small amounts of LTC? Is the price stable? Do the price move more evenly than BTC?

So far like it. I was thinking of only selling LTC and letting my customers exchange for BTC on BTC-e. Does anyone see any problem with doing that? Any advice is appreciated. Thanks 


Litecoin wasn't first.

http://en.wikipedia.org/wiki/Network_effect

So who cares?
Mike Christ
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February 11, 2013, 08:49:08 PM
 #10

I refuse to use other cryptocurrencies simply because I want one of them to get really mainstream.  Right now, Bitcoin is the leader when it comes to popularity, and the more people use Bitcoin, the more things I do with my Bitcoin.

No offense to LTC, it's just, why would I use it if I could use Bitcoin?  There's already only very few things I can buy with it.  A currency needs people using it to become useful.  If only my dog accepts my SunnyCoins, I may as well not even have them.  And yes, my dog has a little dog computer to browse the dogwebs.

On the other hand, if people suddenly started using LTC more than BTC...

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February 11, 2013, 08:53:37 PM
 #11

I have nothing against Litecoin or any other Altchain.

There is simply no reason to use any of them. All of them are simply BTC clones, none of them has any improvement so far.

If there where at some point one that makes something significant better than Bitcoin I would give it a try. But there is simply none.

All previous versions of currency will no longer be supported as of this update
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February 11, 2013, 09:02:39 PM
 #12

The only use I can foresee for an alt-cryptocurrency is, some day in the somewhat distant future, to have a currency that isn't capped at a certain arbitrary number, and that is backed by BTC, with a free floating BTC/XXX rate of exchange.

This may prove moot if Bitcoin becomes divisible to less than a satoshi and if the blockchain size issues are addressed (by super pruning, for example).

Other than that, I'm still to find a glaring problem with Bitcoin.
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February 11, 2013, 09:11:50 PM
 #13

The only use I can foresee for an alt-cryptocurrency is, some day in the somewhat distant future, to have a currency that isn't capped at a certain arbitrary number, and that is backed by BTC, with a free floating BTC/XXX rate of exchange.

This may prove moot if Bitcoin becomes divisible to less than a satoshi and if the blockchain size issues are addressed (by super pruning, for example).

Other than that, I'm still to find a glaring problem with Bitcoin.
It's already moot because bitcoin is already plenty divisible.

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Piper67
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February 11, 2013, 09:16:54 PM
 #14

The only use I can foresee for an alt-cryptocurrency is, some day in the somewhat distant future, to have a currency that isn't capped at a certain arbitrary number, and that is backed by BTC, with a free floating BTC/XXX rate of exchange.

This may prove moot if Bitcoin becomes divisible to less than a satoshi and if the blockchain size issues are addressed (by super pruning, for example).

Other than that, I'm still to find a glaring problem with Bitcoin.
It's already moot because bitcoin is already plenty divisible.

I tend to agree, but if BTC ever became universally adopted, then those two issues (divisibility and an unwieldy blockchain) would have to be addressed. One way to do that would be to start an inflationary currency that would piggy-back onto Bitcoin... but we're talking a few decades down the road anyway.
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February 11, 2013, 09:19:47 PM
 #15

No they will buy LTC to get BTC. I sell for Paypal so they will do it.
It's not too hard to find someone to sell BTC for PayPal if you have a good reputation. I've actually never bought BTC with anything other than PayPal. Why not just target the LTC crowd?

It has been crazy hard for me to find. To get a reputation. You have to pay ridiculous fees and go through all kinds of crap. Almost all of the BTC I have purchased have been for PP too, but it is very hard to find for new users. I offer it on ebay and off my facebook page bitcoin friends.

The reason I dont just target the LTC crowd id i want it to compete will BTC to force the price down and keep it more stable. If people have a choice between btc and something else there will be compition and the price stability of both will benefit and the users will benefit from that.   
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February 11, 2013, 09:25:53 PM
 #16

The only use I can foresee for an alt-cryptocurrency is, some day in the somewhat distant future, to have a currency that isn't capped at a certain arbitrary number, and that is backed by BTC, with a free floating BTC/XXX rate of exchange.

This may prove moot if Bitcoin becomes divisible to less than a satoshi and if the blockchain size issues are addressed (by super pruning, for example).

Other than that, I'm still to find a glaring problem with Bitcoin.

The number of altcoins is not capped, and some individual altcoin chains are not themselves capped, and all the altchains are basically backed by bitcoin with floating exchange rates. So all of those parts are already in place.

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February 11, 2013, 09:34:44 PM
Last edit: February 11, 2013, 09:53:29 PM by franky1
 #17

litecoin is like bitcoin in some ways.. comparing where things were at the same age of under a year and a half, there values were very similar.. bitcoin moved into the SR economy and grew, where as litecoin is now growing some merchant tools and services to attempt at a clean mainstream direction without any of the negative bitcoin propaganda.

also selling the bitcoin concept to miners is soon going to be obsolete as people trying to make it rich with just GPU's from their home computers on bitcoin wont happen. that's where litecoin will still gather more fresh faces and interest.

it may become that litecoin gathers some recognition as the introduction coin where people begin to mine, sell it for a few items available , and then make enough profit to buy an asic to enter the big coin industry.

it may be that all the hackers and darknet users become the sole users of bitcoin and genuine businesses move to the cleaner coin.

anything can happen. and thats the great thing about these coins. freedom of change, freedom of movement, freedom of choice.

and anyone that loves bitcoin to such an extent that they will try tarnishing other coins is not really into the whole concept of freedom.

thats why im in both boats.

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
sublime5447
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February 11, 2013, 09:43:06 PM
 #18

litecoin is like bitcoin in some ways.. comparing where things were at the same age of under a year and a half, there values were very similar.. bitcoin moved into the SR economy, where as litecoin is now growing some merchant tools and services to attempt at a clean mainstream direction without any of the negative bitcoin propaganda.

also selling the bitcoin concept to miners is soon going to be obsolete as people trying to make it rich with just GPU's from their home computers on bitcoin wont happen. that's where litecoin will still gather more fresh faces and interest.

it may become that litecoin gathers some recognition as the introduction coin where people begin to mine, sell it for a few items available , and then make enough profit to buy an asic to enter the big coin industry.

it may be that all the hackers and darknet users become the sole users of bitcoin and genuine businesses move to the cleaner coin.

anything can happen. and thats the great thing about these coins. freedom of change, freedom of movement, freedom of choice.

and anyone that loves bitcoin to such an extent that they will try tarnishing other coins is not really into the whole concept of freedom.

thats why im in both boats.

Someone with a brain, thank god. Great post.
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February 11, 2013, 09:46:33 PM
 #19

So what is wrong with LTC why do people hate on them? Is the structure of the coin sound? Does it have a design flaw? What is the deal with the high sending fee for small amounts of LTC? Is the price stable? Do the price move more evenly than BTC?

So far like it. I was thinking of only selling LTC and letting my customers exchange for BTC on BTC-e. Does anyone see any problem with doing that? Any advice is appreciated. Thanks 


Litecoin wasn't first.

http://en.wikipedia.org/wiki/Network_effect

So who cares?

New users.
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February 11, 2013, 09:51:45 PM
 #20

So what is wrong with LTC why do people hate on them? Is the structure of the coin sound? Does it have a design flaw? What is the deal with the high sending fee for small amounts of LTC? Is the price stable? Do the price move more evenly than BTC?

So far like it. I was thinking of only selling LTC and letting my customers exchange for BTC on BTC-e. Does anyone see any problem with doing that? Any advice is appreciated. Thanks  


Litecoin wasn't first.

http://en.wikipedia.org/wiki/Network_effect

So who cares?

Bitcoin is a new standard for digital payments.  Litecoin is just an alternative that does the same thing.  There could be hundreds of clones made.
Now imagine if for data transfer cables people didn't only use USB (I know there are some alternatives)but hundreds of alternatives.  How handy would that be?  How much would you like yet another alternative that didn't add any extra speed to the data transfer compared to USB?  The more everybody standardizes to 1 format, the better.  Same for power plugs etc. .
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