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Author Topic: why do people hate litecoin?  (Read 1062 times)
RoxxR
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March 19, 2013, 10:45:39 PM
 #1

Seriously, what are the reasons that some ppl consider litecoin is not a good thing?
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Mike Christ
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March 19, 2013, 10:46:24 PM
 #2

It's decentralized and nothing is backing it.

Tongue

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March 19, 2013, 10:47:43 PM
 #3

For the exact same reasons they hate Bitcoin, ignorance.
jinni
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March 19, 2013, 10:52:21 PM
 #4

Litecoin will just make BTC stronger.
alcibiades
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March 19, 2013, 11:03:20 PM
 #5

litecoin is an interesting altcoin. There is some real experimentation with the hashing algorithm.

My passion is creating an alt with a different monetary policy than the BTC small fixed quantity approach. I'm trying to decide between the litecoin and bitcoin hashing algorithm. Thoughts?


crack money: 1BFzpDHT69SrwLXndVogGgoSf5W4A8TMVS
MonkeyBear68
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March 19, 2013, 11:04:56 PM
 #6

I think hate is too strong a word. I have known about and invested in Bitcoin for 18 months now. From the brief information I have read about Litecoin, it is based on Bitcoin but with slightly different mining parameters regarding how coins are created.

For those of you who mine or use Litecoin can you please tell me why you find it more attractive than Bitcoin?

If there is something fatally wrong with Bitcoin that is solved by Litecoin then I could see it winning out. If Litecoin is simply (basically) the same, then since Bitcoin was first I doubt if Litecoin will ever catch up.
Mike Christ
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March 19, 2013, 11:05:20 PM
 #7

Smoothie likes it.

Now here's a red flag...

For those of you who mine or use Litecoin can you please tell me why you find it more attractive than Bitcoin?

Apparently it's more profitable.  Also, it can be GPU mined, while BTC is headed for ASICs.

Otherwise it's mostly Bitcoin wearing lipstick and heels.

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March 19, 2013, 11:10:08 PM
 #8

Its a geek thing

Many bitcoin people can't live with an alternative in their bipolar world.

Its exactly the same as the other big us vs them in tech land

Microsoft vs Apple

Android vs Iphone

Google vs Bing

Coke vs Pepsi

Debian vs Slackware

Ford vs Holden

etc!

Its irrational, its fun, it gives people something to prove their love for their side!

The basics are that Litecoin is a different interpretation of bitcoin, and personally, I like what they did.

But in the grand scheme of things, they are both different sides of the same crypto coin!


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March 19, 2013, 11:11:48 PM
 #9

I don't think people hate it, but I think the altcoin movement is kind of pathetic.
Mike Christ
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March 19, 2013, 11:13:42 PM
 #10

I don't think people hate it, but I think the altcoin movement is kind of pathetic.

Word.  Until someone invents a better cryptocurrency that isn't Bitcoin, Ditcoin, Sitcoin, or Titcoin, then we may as well refer to them as flavors.

Still beats Swiftcoin tho.

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March 19, 2013, 11:18:51 PM
 #11

People are upset that they didn't buy them earlier?
Frankie Delaney
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March 19, 2013, 11:42:18 PM
 #12

What reason is there NOT to hate litecoin? it seems like a childish "i didn't get in on the ground floor of bitcoin, so i'll get in on the ground floor of this."

Once that opportunity is up, a new coin pops up for newbies to get into the ground, and so on and so on until there are hundreds of different coins, each with a small group of early adopters hoping their coin is the one to catch. It dilutes the entire concept entirely because of greed.
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March 19, 2013, 11:44:06 PM
 #13

What reason is there NOT to hate litecoin? it seems like a childish "i didn't get in on the ground floor of bitcoin, so i'll get in on the ground floor of this."

Once that opportunity is up, a new coin pops up for newbies to get into the ground, and so on and so on until there are hundreds of different coins, each with a small group of early adopters hoping their coin is the one to catch. It dilutes the entire concept entirely because of greed.

We need an EliteCoin:  The coin for early adopters.

Oh, uh, we'll also change a few parameters, I guess.  Maximum coins is 22 mil.

Frankie Delaney
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March 19, 2013, 11:51:27 PM
 #14

What reason is there NOT to hate litecoin? it seems like a childish "i didn't get in on the ground floor of bitcoin, so i'll get in on the ground floor of this."

Once that opportunity is up, a new coin pops up for newbies to get into the ground, and so on and so on until there are hundreds of different coins, each with a small group of early adopters hoping their coin is the one to catch. It dilutes the entire concept entirely because of greed.

We need an EliteCoin:  The coin for early adopters.

Oh, uh, we'll also change a few parameters, I guess.  Maximum coins is 22 mil.

What we really need is a folding coin. A coin in which mining rewards are based on computing power contributed to folding@home. Put all this computer hardware and energy usage to good use. Making money by saving the world.
jinni
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March 20, 2013, 01:47:02 AM
 #15

I don't think people hate it, but I think the altcoin movement is kind of pathetic.

May be pathetic, but it is inevitable. If BTC gets 5% market penetration, why wont LTC get .05% market penetration?

There might not be the 1000x gain of BTC but maybe a healthy 100-200%. Why not? Who cares?

I got a tiny LTC amount just to be a part of a new world without a complete total commitment to BTC. Personally I think that having a few altcoins to exchange to will help the stability of BTC.
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March 20, 2013, 02:07:35 AM
 #16

I personally think Litecoin has a lot of potential. It's just that there are a lot of people with a lot of money invested in Bitcoin. Naturally those people will be against anything that can potentially destroy their investment.
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March 20, 2013, 02:33:04 AM
 #17

It's decentralized and nothing is backing it.

Tongue

this ^^ lol


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March 20, 2013, 05:31:23 AM
 #18

Yeah I'm not sure what's up with some of the actual hate in this thread, I think if anything litecoin helps BTC.  For one, it'd be good to have a diverse investment, and litecoin does offer SOME (not a ton, but a few) advantages.  While it will of course suffer from that "second place" syndrome for some time, I think the increased attention it's getting is pretty cool, and worthwhile. 
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March 20, 2013, 07:58:16 AM
 #19

I personally think Litecoin has a lot of potential. It's just that there are a lot of people with a lot of money invested in Bitcoin. Naturally those people will be against anything that can potentially destroy their investment.

This would be my guess.
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March 20, 2013, 07:59:30 AM
 #20

People dislike Litecoin because they think it takes away market share from Bitcoin. They dislike it because they were early adopters of Bitcoin and do not want other people to have this status. They dislike Litecoin because it seems like a cheap knock off to them.

I, on the other hand, say a couple more cryptocurrencies can only be helpful to us. If one of them fails for whatever reason, there will be another currency ready to replace it. And there are many many concepts yet to be explored.

Litecoin: LaNu5nWRrFSCmibUZkd52gZsgSQpJCdQuG
PPCoin: PXUoCN1sG2nMh55eJTSwt9Xd9yzeT6BYgF
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