yoodles (OP)
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March 13, 2013, 06:11:36 AM |
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What does everyone think? Value has jumped dramatically over the past week and am curious on everyone's opinions.
Personally I think this is a bubble, the price increase is too dramatic for natural growth. It's caused by speculation and and everyone hoping it will be there next Btc investment. The first sign of trouble will cause a calamity of uncertainty and crash the same way Bitcoin experienced it's first bubble. There is not enough liquidity or Ltc economy currently to support the large price rise. Regardless of what is in the works it is rising at too fast of a rate to support its growth. Ltc will not hit $3 before its crash.
Now please share your opinions and remember this is all my opinion, not a Ltc hater in fact I plan on buying 10k worth when it does pop.
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Bit_Happy
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A Great Time to Start Something!
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March 13, 2013, 06:16:30 AM |
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The Bitcoin wiki says Litecoin will eventually fail due to an attack on the relatively weak network. Apparently a bunch of people don't know, or choose to ignore the warnings.
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m3whiteknight
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March 13, 2013, 06:25:54 AM |
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yeah I feel it will pop too, price raise too fast in a short time with no reason.
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yoodles (OP)
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March 13, 2013, 06:35:17 AM |
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yeah I feel it will pop too, price raise too fast in a short time with no reason.
Well there is reason, it is the increased speculation and the HUGE influx of miners leaving Btc and going to Ltc as it currently offers higher rewards at it was a much more untapped market. Regarding security I've read that as well but only time will tell, I hope it can make it as a secondary to Btc but who knows what will happen. After investing with Btc for so long I'm no longer surprised at how quickly things can turn in a single hour.
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psybits
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March 13, 2013, 06:36:41 AM |
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The Bitcoin wiki says Litecoin will eventually fail due to an attack on the relatively weak network. Apparently a bunch of people don't know, or choose to ignore the warnings.
Can you link to the article for me? Be interested to read it. Peronally, my intuition tells me LTC is going to be as big as BTC, and eventually, one LTC will be worth 0.25 BTC
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yoodles (OP)
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March 13, 2013, 06:42:50 AM |
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psybits
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March 13, 2013, 07:06:31 AM |
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The article doesn't mention a weak network. Diversity is good - Bitcoin was first, yes but LTC also has a lot of potential
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Bit_Happy
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March 13, 2013, 07:27:13 AM |
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The Vulnerability to mining monopoly has been edited, I was quoting the way it used to be. The article doesn't mention a weak network. ....
This section is still the same; A pretty harsh way to describe your little brother:
Pyramid Scheme Since the aforementioned reasons mean Litecoin has no future potential, it effectively functions as a pyramid scheme, rewarding those who get in sooner at the expense of those who adopt it just before it finally fails (and are left with nothing). This is not the case for Bitcoin, since it has significant potential to become a long-term currency and continually be beneficial to adopters no matter when they begin using it. ^^^ How about someone edit that and see what happens?
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neotrix
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March 13, 2013, 07:36:45 AM |
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Since the aforementioned reasons mean Litecoin has no future potential, it effectively functions as a pyramid scheme, rewarding those who get in sooner at the expense of those who adopt it just before it finally fails (and are left with nothing). This is not the case for Bitcoin, since it has significant potential to become a long-term currency and continually be beneficial to adopters no matter when they begin using it.
So litecoin is a scheme and Bitcoin isnt cause is a biggest market...wow what a statement...Ok let explain this to my small sister : Her reply " Ho but its still exactly same and if bitcoin is biggest market then the scheme is bigger with BTC?" My reply : " Yes but BTC have more lover and LTC have ore hater so he why we can read such debility..."
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EskimoBob
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March 13, 2013, 08:43:17 AM |
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LOL, this this wiki is managed by rabid btc fanatics. What did you expect? Honest and well written description of their biggest competition (for now)? Screw that wiki. Its content is not what OP asked nor postulated. LTC massive jump, while there is no new and useful services added, sure looks like a bubble. Same with BTC. Comparing this to BTC first real bubble is probably a overstatement, unless you are not talking about the 2011 May-July happening. If you compare it to 2011 Jan - Feb rally, you are probably correct. In this case, the really rally has not even started yet. LTC and PPC must do everything to make fiat pairs more popular and become less dependent of LTC:BTC pair. Why? Because this means there is more fresh fiat poring in directly to LTC and PPC "economy" and bypassing BTC. I honestly hope that people stop talking about PPC and LTC as "new shiny internet currency" and market it as a fast, cheap and secure way to transfer fiat. Yes, it needs much better infrastructure (fiat -> LTC -> fiat) system we have right now. If you have ever been on the merchants end of CC system (VISA, MC, etc), you know how slow and absurdly expensive those actually are. You also know what a nightmare foreign currencies are unless you live and do business in a country where inflation is high, more stable currencies are welcome at most shops. Is it a bubble? I think this is just a prelude to a real bubble. But yes, at the moment we can call a bubble because it's driven by greed and not by the real demand.
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While reading what I wrote, use the most friendliest and relaxing voice in your head. BTW, Things in BTC bubble universes are getting ugly....
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smoothie
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March 13, 2013, 08:46:19 AM |
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LOL, this this wiki is managed by rabid btc fanatics. What did you expect? Honest and well written description of their biggest competition (for now)? Screw that wiki. Its content is not what OP asked nor postulated. LTC massive jump, while there is no new and useful services added, sure looks like a bubble. Same with BTC. Comparing this to BTC first real bubble is probably a overstatement, unless you are not talking about the 2011 May-July happening. If you compare it to 2011 Jan - Feb rally, you are probably correct. In this case, the really rally has not even started yet. LTC and PPC must do everything to make fiat pairs more popular and become less dependent of LTC:BTC pair. Why? Because this means there is more fresh fiat poring in directly to LTC and PPC "economy" and bypassing BTC.I honestly hope that people stop talking about PPC and LTC as "new shiny internet currency" and market it as a fast, cheap and secure way to transfer fiat. Yes, it needs much better infrastructure (fiat -> LTC -> fiat) system we have right now. If you have ever been on the merchants end of CC system (VISA, MC, etc), you know how slow and absurdly expensive those actually are. You also know what a nightmare foreign currencies are unless you live and do business in a country where inflation is high, more stable currencies are welcome at most shops. Is it a bubble? I think this is just a prelude to a real bubble. But yes, at the moment we can call a bubble because it's driven by greed and not by the real demand. If you have been watching. LTC/USD on btc-e.com has had at least 3 consecutive days of over $150,000 volume in 24 hours.
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███████████████████████████████████████
,╓p@@███████@╗╖, ,p████████████████████N, d█████████████████████████b d██████████████████████████████æ ,████²█████████████████████████████, ,█████ ╙████████████████████╨ █████y ██████ `████████████████` ██████ ║██████ Ñ███████████` ███████ ███████ ╩██████Ñ ███████ ███████ ▐▄ ²██╩ a▌ ███████ ╢██████ ▐▓█▄ ▄█▓▌ ███████ ██████ ▐▓▓▓▓▌, ▄█▓▓▓▌ ██████─ ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌ ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌ ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─ ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩ ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀ ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀` ²²² ███████████████████████████████████████
| . ★☆ WWW.LEALANA.COM My PGP fingerprint is A764D833. History of Monero development Visualization ★☆ . LEALANA BITCOIN GRIM REAPER SILVER COINS. |
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yoodles (OP)
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March 13, 2013, 08:50:22 AM |
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LOL, this this wiki is managed by rabid btc fanatics. What did you expect? Honest and well written description of their biggest competition (for now)? Screw that wiki. Its content is not what OP asked nor postulated. LTC massive jump, while there is no new and useful services added, sure looks like a bubble. Same with BTC. Comparing this to BTC first real bubble is probably a overstatement, unless you are not talking about the 2011 May-July happening. If you compare it to 2011 Jan - Feb rally, you are probably correct. In this case, the really rally has not even started yet. LTC and PPC must do everything to make fiat pairs more popular and become less dependent of LTC:BTC pair. Why? Because this means there is more fresh fiat poring in directly to LTC and PPC "economy" and bypassing BTC.I honestly hope that people stop talking about PPC and LTC as "new shiny internet currency" and market it as a fast, cheap and secure way to transfer fiat. Yes, it needs much better infrastructure (fiat -> LTC -> fiat) system we have right now. If you have ever been on the merchants end of CC system (VISA, MC, etc), you know how slow and absurdly expensive those actually are. You also know what a nightmare foreign currencies are unless you live and do business in a country where inflation is high, more stable currencies are welcome at most shops. Is it a bubble? I think this is just a prelude to a real bubble. But yes, at the moment we can call a bubble because it's driven by greed and not by the real demand. If you have been watching. LTC/USD on btc-e.com has had at least 3 consecutive days of over $150,000 volume in 24 hours. Yes but it is driven not by demand of a product or service, but as an "investment" with no real liquidity
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Puppet
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March 13, 2013, 09:06:20 AM |
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The Vulnerability to mining monopoly has been edited, I was quoting the way it used to be. The article doesn't mention a weak network. ....
This section is still the same; A pretty harsh way to describe your little brother:
Pyramid Scheme Since the aforementioned reasons mean Litecoin has no future potential, it effectively functions as a pyramid scheme, rewarding those who get in sooner at the expense of those who adopt it just before it finally fails (and are left with nothing). This is not the case for Bitcoin, since it has significant potential to become a long-term currency and continually be beneficial to adopters no matter when they begin using it. ^^^ How about someone edit that and see what happens? I dont believe in LTC, but that wiki paragraph should be edited or removed. You could make the exact same argument against BTC to call it a ponzi scheme; That bitcoin has "significant potential" whereas LTC might not, regardless of its merrits, is not how you disprove a ponzi. LTC might be grossly overvalued, its no more a ponzi than BTC is.
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romerun
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Bitcoin is new, makes sense to hodl.
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March 13, 2013, 09:14:07 AM |
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more interesting question is what would be the price when LTC pops
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samson
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March 13, 2013, 09:43:10 AM |
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more interesting question is what would be the price when LTC pops
This is the golden question, I sold about 10,000 LTC last night and I'm waiting for a correction right now. If this correction doesn't come which I think is unlikely then it's very good for LTC. It was also interesting to see some movement on PPCoin.
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Arbitrageur
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March 13, 2013, 09:44:42 AM |
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Personally, my intuition tells me LTC is going to be as big as BTC, and eventually, one LTC will be worth 0.25 BTC
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Liquid
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March 13, 2013, 10:20:57 AM |
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All i have to say is LTC & BTC forever
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Bitcoin will show the world what hard money really is.
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DrG
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March 13, 2013, 11:07:33 AM |
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Dive Dive Dive....
Too low, pull up. Too low, pull up.
LTCs first big rollercoaster
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EskimoBob
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March 13, 2013, 11:21:07 AM |
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Personally, my intuition tells me LTC is going to be as big as BTC, and eventually, one LTC will be worth 0.25 BTC
Or 1 BTC is worth 25 LTC What I really like about LTC and PPC developers is that they question almost everything that BTC crowd tends to heralds as absolute truth. Last temporary fork fiasco is a good lesson to all the coins out here. Huge transaction spam and absurdly bloated block chain are also not strengths either. I reckon PPC and LTC have thought about it and working to resolve this as early as possible. What about huge energy demands to keep BTC functioning properly? How many nuclear power plants are needed? 1? 5? 10? Best thing anyone can do now, is develop real life uses for all the coins. Brainstorm (but first make sure you actually know how to do it correctly!)
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While reading what I wrote, use the most friendliest and relaxing voice in your head. BTW, Things in BTC bubble universes are getting ugly....
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Mjbmonetarymetals
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March 13, 2013, 11:25:46 AM |
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I hope you realise how many people have been turned away from Bitcoin by calling Litecoin a pyramid scheme, crypto coins are relatively new I believe Bitcoin itself can be termed experimental still. If you do have lots of money invested in Bitcoin why wouldn't you diversify 10-20% at the very least into Litecoin for one it's an eggs in baskets thing, even bit-pay have said should something disasterous occur to Bitcoin they would switch to the next crypto coin.
Litecoin=Bitcoin hedge=higher prices=media attention=more users=more Dev=more services=higher prices
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Bitrated user: Mick.
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psybits
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March 13, 2013, 11:30:02 AM |
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I hope you realise how many people have been turned away from Bitcoin by calling Litecoin a pyramid scheme, crypto coins are relatively new I believe Bitcoin itself can be termed experimental still. If you do have lots of money invested in Bitcoin why wouldn't you diversify 10-20% at the very least into Litecoin for one it's an eggs in baskets thing, even bit-pay have said should something disasterous occur to Bitcoin they would switch to the next crypto coin.
Litecoin=Bitcoin hedge=higher prices=media attention=more users=more Dev=more services=higher prices
This
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Mjbmonetarymetals
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March 13, 2013, 11:50:24 AM |
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You have to consider how few Bitcoin+Litecoin there really will be take them both at around 100 million coins, to be generous that's 2 months mining production of silver (120 million oz) 1oz silver = $29. Sliver being produced at 700-800 million oz each year every year.
A straight comparison of bullion-cryptocoins can't really be made, bullion is great to save,store. Cryptocoins are bound to have a place as long as there is internet as a a low friction payment vehicle.
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Bitrated user: Mick.
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GIANNAT
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Bitcoin entrepreneur and Pro Trader
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March 13, 2013, 01:09:14 PM |
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Personally, my intuition tells me LTC is going to be as big as BTC, and eventually, one LTC will be worth 0.25 BTC
Exactly
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markm
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March 13, 2013, 02:34:54 PM |
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That sounds like the same kind of thinking that has people expecting GRouPcoins to be worth one thousand DeVCoins. But consider relative difficulty. GRouPcoins are much much lower difficulty than DeVCoins so although only 1/1000th as many are minted, it is much much easier to mint them. Plots of their relative prices are at http://galaxies.mygamesonline.org/digitalisassets.html-MarkM-
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nameface
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March 13, 2013, 05:32:43 PM |
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I hope you realise how many people have been turned away from Bitcoin by calling Litecoin a pyramid scheme, crypto coins are relatively new I believe Bitcoin itself can be termed experimental still. If you do have lots of money invested in Bitcoin why wouldn't you diversify 10-20% at the very least into Litecoin for one it's an eggs in baskets thing, even bit-pay have said should something disasterous occur to Bitcoin they would switch to the next crypto coin.
Litecoin=Bitcoin hedge=higher prices=media attention=more users=more Dev=more services=higher prices
This +1 and someone should petition the bitcoin wiki to remove the inflammatory suggestion that LTC is a pyramid scheme. It is structured just like BTC, so this statement makes everybody look bad.
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mr_random
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March 13, 2013, 05:52:54 PM |
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I hope you realise how many people have been turned away from Bitcoin by calling Litecoin a pyramid scheme, crypto coins are relatively new I believe Bitcoin itself can be termed experimental still. If you do have lots of money invested in Bitcoin why wouldn't you diversify 10-20% at the very least into Litecoin for one it's an eggs in baskets thing, even bit-pay have said should something disasterous occur to Bitcoin they would switch to the next crypto coin.
Litecoin=Bitcoin hedge=higher prices=media attention=more users=more Dev=more services=higher prices
This +1 and someone should petition the bitcoin wiki to remove the inflammatory suggestion that LTC is a pyramid scheme. It is structured just like BTC, so this statement makes everybody look bad. I know. That Wiki article is ridiculous. It was actually the first thing I ever read about LTC and I left the article thinking LTC was a scam of some sort. It's only when I found unbiased facts that I realised the truth, that litecoin has enormous potential and a definite place alongside bitcoin.
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mr_random
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March 13, 2013, 05:55:31 PM |
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Personally, my intuition tells me LTC is going to be as big as BTC, and eventually, one LTC will be worth 0.25 BTC
With great respect, I don't buy this theory I keep reading. 1 LTC = 0.25 BTC only if a litecoin is identical to a bitcoin. But it's NOT. They are very similar, but Litecoin has differences which actually give it some extra strengths.. faster confirmations, fairer mining, a cleaner public image (no silk road) etc. I hope people take on board what I say as I don't want a misconception to become common expectation.
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WishIStartedSooner
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March 13, 2013, 05:57:27 PM |
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Best thing anyone can do now, is develop real life uses for all the coins. Brainstorm
micro-transactions. by averting the credit card companies, bitcoin and litecoin make microtransactions a much more spur of the moment possibility. once the idea of microtransactions starts to catch on more deeply in the fiat world, the benefits of using our currency for them will make alot of people sit up and take notice. so we should brainstorm ways to make everything a possible micro-transaction.
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btctrada
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March 13, 2013, 06:09:55 PM |
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nameface
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March 13, 2013, 06:23:43 PM |
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I know. That Wiki article is ridiculous. It was actually the first thing I ever read about LTC and I left the article thinking LTC was a scam of some sort. It's only when I found unbiased facts that I realised the truth, that litecoin has enormous potential and a definite place alongside bitcoin.
I felt the same way the first time I read the litecoin page on the bitcoin wiki. So I guess their strategy of defaming litecoin is working. I traded some physical silver for BTC with gaantr2 in Toronto at that time (BTC at $30) and I decided against owning any LTC at $0.04... still thought it was shady. Then I saw LTC spike above $0.06 and I started paying attention and reading about litecoin and I started a thread to see what the community was thinking https://bitcointalk.org/index.php?topic=147015.0 There are some criticisms of litecoin in there, but you can see there are more bulls by far, and for good reasons. I guess the word has finally gotten out about the virtues of litecoin. I wish I had poured all of my BTC into litecoin at $0.07! But will we be saying the same thing about the $0.70 level? I would only consider litecoin to be in a bubble if it was worth more than 1/4 of a BTC. Considering the history of bitcoin, I still think $0.50 or even $2 is very cheap for litecoin. I've been following price action closely lately and just like with bitcoin, massive buys are being made whenever there is a big dip. I think it could tank for awhile to $0.50 or $0.25, but in the medium term I see a lot of upside and little downside. Unlike some others I don't think LTC is much of a hedge against a BTC crash. I think their fates are tied together, at least for now.
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mr_random
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March 13, 2013, 06:40:25 PM |
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I know. That Wiki article is ridiculous. It was actually the first thing I ever read about LTC and I left the article thinking LTC was a scam of some sort. It's only when I found unbiased facts that I realised the truth, that litecoin has enormous potential and a definite place alongside bitcoin.
I felt the same way the first time I read the litecoin page on the bitcoin wiki. So I guess their strategy of defaming litecoin is working. I traded some physical silver for BTC with gaantr2 in Toronto at that time (BTC at $30) and I decided against owning any LTC at $0.04... still thought it was shady. The hilarious thing is, most arguments that bitcoin owners use against litecoin are the exact same arguments that people used to use against bitcoin
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nameface
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March 13, 2013, 06:42:30 PM |
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I know. That Wiki article is ridiculous. It was actually the first thing I ever read about LTC and I left the article thinking LTC was a scam of some sort. It's only when I found unbiased facts that I realised the truth, that litecoin has enormous potential and a definite place alongside bitcoin.
I felt the same way the first time I read the litecoin page on the bitcoin wiki. So I guess their strategy of defaming litecoin is working. I traded some physical silver for BTC with gaantr2 in Toronto at that time (BTC at $30) and I decided against owning any LTC at $0.04... still thought it was shady. The hilarious thing is, most arguments that bitcoin owners use against litecoin are the exact same arguments that people used to use against bitcoin LTC is being hit by deflecting FUD! DUCK!
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yoodles (OP)
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March 13, 2013, 09:26:36 PM |
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Price is really fluctuating today, currently at .64
Speculations or ideas anyone? Buy volume has dropped significantly.
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smoothie
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March 13, 2013, 09:41:49 PM |
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Price is really fluctuating today, currently at .64
Speculations or ideas anyone? Buy volume has dropped significantly.
Really? What exchange are you looking at? LOL LTC/BTC 24 volume: 1,237,767 LTC / 18,311 BTC
LTC/USD 24 volume 484,481 LTC / $310,874 USD
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███████████████████████████████████████
,╓p@@███████@╗╖, ,p████████████████████N, d█████████████████████████b d██████████████████████████████æ ,████²█████████████████████████████, ,█████ ╙████████████████████╨ █████y ██████ `████████████████` ██████ ║██████ Ñ███████████` ███████ ███████ ╩██████Ñ ███████ ███████ ▐▄ ²██╩ a▌ ███████ ╢██████ ▐▓█▄ ▄█▓▌ ███████ ██████ ▐▓▓▓▓▌, ▄█▓▓▓▌ ██████─ ▐▓▓▓▓▓▓█,,▄▓▓▓▓▓▓▌ ▐▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▌ ▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓─ ²▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓╩ ▀▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▀ ²▀▀▓▓▓▓▓▓▓▓▓▓▓▓▀▀` ²²² ███████████████████████████████████████
| . ★☆ WWW.LEALANA.COM My PGP fingerprint is A764D833. History of Monero development Visualization ★☆ . LEALANA BITCOIN GRIM REAPER SILVER COINS. |
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HappyScamp
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March 13, 2013, 09:46:45 PM |
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I think that LTC is a solid play.
*)BTC can't keep going up without closely branded LTC getting some interest.
*) gamers that use BTC are finding that BTC is getting whacky enough in price that the idea of using LTC is starting to look like a sensibly safe play.
*) Probably same for advertisers.
*) LTC users Probably don't get the same attacks as BTC does but not sure about that
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samson
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March 13, 2013, 10:59:18 PM |
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There appears to be a lot of stagnation on LTC today.
People are trying to drive the price up far too quickly and buy orders dropped considerably while I was watching - I didn't watch for too long though so it could just have been a quiet time of the day.
I purchased a load of LTC for about $0.08/9 very recently and they were trading for upto $0.75 last inght from what I understand.
This reckless action (pumping) will be bad for LTC in the long run. A massive panic sell off isn't wanted but the way things are going I fully expect one.
Don't get me wrong, I'm ready to pounce on LTC if a big correction does happen but it will be a setback in general.
The wiki entry about Litecoin having no future is complete horseshit and should be changed.
Litecoin is about to inherit the soon to be obsolete but massive global BTC mining network which will be a major boost.
Just my thoughts.
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mr_random
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March 13, 2013, 11:42:07 PM |
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There appears to be a lot of stagnation on LTC today.
This is a good thing imo. We want stability as well as increases.
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nameface
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March 13, 2013, 11:49:13 PM |
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This reckless action (pumping) will be bad for LTC in the long run. A massive panic sell off isn't wanted but the way things are going I fully expect one.
I'm not sure I agree. When a selloff is followed by a quick recovery it breeds trust in the market.
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nameface
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March 13, 2013, 11:56:08 PM |
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There appears to be a lot of stagnation on LTC today.
This is a good thing imo. We want stability as well as increases. When a stock gains 50% or 100% in a year it's MASSIVE. I know cryptos aren't stocks, but my point is that an average gain of only 0.2% per day is pretty big, even though this would look like total stagnation compared to the price action we're used to seeing.
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Tomatocage
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brb keeping up with the Kardashians
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March 14, 2013, 04:14:09 PM |
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To answer the OP, no this wasn't LTC's first bubble. We've seen .01 BTC before.
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BrightAnarchist
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March 14, 2013, 04:17:33 PM |
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Yes. Both ltc and btc are in a bubble atm IMO. Waiting to buy back in at much lower prices. But the s&p needs to turn first. Give it another couple weeks to see if we get a turn.
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