What exactly is wrong with LTC?

[Piper67]

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.

Nonsense, of course. It's exactly the other way around. Hackers and darknet users won't become the "sole users" of anything, they will go wherever there is a viable currency. If that's LTC (which is extremely doubtful) then that's where they'll migrate to.

The logic in the previous post is precisely upside down.

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[smoothie]

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. .

Yup copies can be made...but agreement by communities that it is a store of value and that the miners secure it will make it stand out from the rest.

[franky1]

Nonsense, of course. It's exactly the other way around. Hackers and darknet users won't become the "sole users" of anything, they will go wherever there is a viable currency. If that's LTC (which is extremely doubtful) then that's where they'll migrate to.

The logic in the previous post is precisely upside down.

not if litecoin exchanges all do the customer due diligence, AMLKYC stuff to ensure that it stays legit and honourable for merchants to trust using it.. then the anonymous community wont want to touch it.

there's some logic.

[dstruct2k]

I see LTC being a good alternative for the online microtransaction ecosystem, allowing near-instant digital payments at microscopic scales. While BTC could handle this niche also, the longer block times mean longer waits for digital purchases that need at least 1 confirmation.

Just my 2¢ (which apparently gets rounded to 5¢ now in Canada )

[smoothie]

The biggest problem is the lack of useful things you can do with a litecoin.
Outside of trading it against other currencies it has no real ecosystem.

What is USEFUL?

Silver?

Pizza?

Clothing?

Hardware?

I've bought and sold all of the above with Litecoin so far. So can't say that there is no usefulness.

[sublime5447]

No thought on LTC stabilizing BTC? You will be able to use litecoin everywhere you can use BTC in the future so if you have a choice why not choose the coin that processes faster and is easier to obtain.

[iCEBREAKER]

There's nothing wrong with LTC.

LTC is BTC's understudy.  If something catastrophic happened to BTC, LTC is ready to act as a substitute for the duration of the emergency.

LTC also provides an ASIC-proof form of cryptocash, giving GPU miners something to do after the Lunar New Year celebration.

[markm]

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. .

Ah but Ripple is coming, so no one need care which of huindreds or thousands or millions of different currencies people choose to use to pay them with since it will all get converted automagically by the Ripple system into whatever kind they happen to prefer, via whichever bank or other gateway they prefer or even directly to their addresses on their favourite blockchain via a Ripple-to-Blockchain gateway.

So don't worry about it, let your customers choose what weird currency you maybe never even heard of they want to pay you with, just tell Ripple what currency you want to recieve, set your prices in that currency, and go on about your business.

-MarkM-

[sublime5447]

I have looked into ripple very little, but what I have seen I didn't like. I will look at it a little deeper.

[payb.tc]

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...

if that happens, you'll be S.O.L, because you didn't have the foresight to diversify

[laughingbear]

The biggest problem is the lack of useful things you can do with a litecoin.
Outside of trading it against other currencies it has no real ecosystem.

as someone said before me...

Silver, Fast food, pizza, anything on amazon, computer hardware, sexy panties, clothing, dildos, flowers, anything at walmart, coffee, visa gift cards, hell you can even buy sex legally... and this is just at MY website.  There are others that offer more. Lots of places to buy hosting.

Can you name me one thing that you can buy with BTC, that you cant buy with LTC?

I think the main problem is that a lot of people are unaware how much ltc has grown, and how strong the community behind it is.

I think that BTC "needs" at least one alt coin.  having all your eggs in one basket is dangerous.

[payb.tc]

Can you name me one thing that you can buy with BTC, that you cant buy with LTC?

LTC?

[laughingbear]

you got me

[goxed]

I think lack of core developers is what's wrong with LTC. We need one or two great developers to continue LTC development, and thus people will be more confident with using it.

[laughingbear]

I think you need to do more research. LTC does have some great developers, and a lot of advancements/services coming soon.

[Walter Rothbard]

I've got nothing against LTC, and I like alternative cryptocurrencies and wish them well.  I don't see any value added by trying to make a coin "GPU-mining resistant," so given that that seemed to be one of the LTC design goals I wasn't as interested as I might have been.

[sublime5447]

Anyone in the LTC market know how it moves? It it determined by btc value or does it stand alone?

[Ryland R. Taylor-Almanza]

Can you name me one thing that you can buy with BTC, that you cant buy with LTC?

LTC?

Actually wrong. I bought 1.5 LTC for 1 LTC a long time ago as a joke.

[nobbynobbynoob]

Anyone in the LTC market know how it moves? It it determined by btc value or does it stand alone?

It's free floating. Since I've been involved with Litecoin, the Ł price has varied between about 2,5 mBTC (should've bought even more of those!) and almost 8 mBTC per Ł. It's currently hovering around 3,4 mBTC per Ł on BTC-e (Litecoin's "Mt Gox").

Both BTC and Ł have been surging versus fiat recently, obviously.

[sublime5447]

Great cool i am going to start using it and selling it.