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Author Topic: Litecoin IS Bitcoin  (Read 2765 times)
TheMage
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August 20, 2016, 01:40:33 AM
 #41

With that said, I feel that Satoshi does deserve the coins that he mined (as well as every cent they are worth).

completely disagree, and it almost entirely defeats the purpose of having a decentralised p2p currency. not point in having an alternative to the banker/gov controlled fiat if we just replace them with a new banker with an even bigger cut.

Well it wasnt a premine, it was Satoshi keeping the network alive for us to use now. I feel its pretty fair that he reap his rewards, but we can agree to disagree Smiley.


For the record LTC distribution is actually worse than BTC. This address: https://bitinfocharts.com/litecoin/address/3J5KeQSVBUEs3v2vEEkZDBtPLWqLTuZPuD holds 10.95% of all litecoins.

All coins that were launched in the early days have bad distribution because there were very few miners back then. In any system you are going to have some centralisation of wealth simply due to the early adopter effect.

Disclaimer: I do not hate litecoin.

At least not initially. Litecoin is probably one of the fairest coins upon launch.
Take a look at this keynote by Charlie Lee (coblee) about how this was done: https://youtube.com/watch?v=yi845h24aTQ. This meant that there was initially a larger number of miners who started mining.

The top 5 addresses are all held by big exchanges (cold wallets); if I remember correctly the top 1 address was held by Huobi. With Bitcoin, this might not be so obvious, but Coinbase claims to hold a larger number of BTC in cold storage. + same with Bitcoin too (Chinese exchanges)...

It makes sense that exchanges handle some of the largest amount of currency, since that's where trading occurs.


Litecoin was one of if the the most fair launch in cryptos. Find me another coin that has a more fair launch.


For the record LTC distribution is actually worse than BTC. This address: https://bitinfocharts.com/litecoin/address/3J5KeQSVBUEs3v2vEEkZDBtPLWqLTuZPuD holds 10.95% of all litecoins.

All coins that were launched in the early days have bad distribution because there were very few miners back then. In any system you are going to have some centralisation of wealth simply due to the early adopter effect.

Disclaimer: I do not hate litecoin.

Pretty sure thats BTC-E, and those coins belong to a hell of a lot of peoples combined accounts.





Also....lots of newbie accounts here trying to spread fudders.  Roll Eyes

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August 20, 2016, 02:40:23 AM
 #42

Even if that is BTC-e they really need to break that wallet up for security reasons... Why the hell do all these exchanges still do that??? Haven't they learned by now?
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August 20, 2016, 04:17:58 AM
 #43

Pretty sure thats BTC-E, and those coins belong to a hell of a lot of peoples combined accounts.

Btw, yesterday I have looked at one of the LTC's block explorers (haven't done this in years) and I think that 48% of the coins are in control of the top 100 addresses.

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August 20, 2016, 07:22:45 PM
 #44

As the first cryptocurrency, the work done by the founder was necessary and having an amount of coins to test the network was something he could not escape.
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August 21, 2016, 12:06:36 AM
 #45

As the first cryptocurrency, the work done by the founder was necessary and having an amount of coins to test the network was something he could not escape.

He also could have helped fund the BTC core devs or a BTC faucet to help spread awareness... Instead he kept every single coin that he ever mined... hmm

Idk, I just think it's weird that this is supposedly a gift to humanity yet if BTC dominates the world he'll become the worlds first trillionaire... ROFL

It reminds me of the Monavie MLM program. Those who got in first receive exponential gains and everyone else that does all the work (such as word of mouth) receive very VERY little in comparison...
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August 22, 2016, 07:39:51 AM
 #46

It is like the litecoin supporters feel they are also entitled to the success if bitcoin. I think this is a bad attitude to have. If the founder and the developers of LTC want success then they should double their efforts to get everyone interested in the coin. With bitcoin it was a combination of cleverness, hard work and luck that made it what it is today.

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August 22, 2016, 07:52:40 AM
 #47

maybe a little step for litecoin is to make the rate is back like before, i remember the rate its somewhere in 0.008. with the rate right now, many people don't have a trust with litecoin and make litecoin like the other coins. the rate is going down just before btc halving until now, and its still getting down.

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August 22, 2016, 08:19:29 AM
 #48

It is like the litecoin supporters feel they are also entitled to the success if bitcoin. I think this is a bad attitude to have. If the founder and the developers of LTC want success then they should double their efforts to get everyone interested in the coin. With bitcoin it was a combination of cleverness, hard work and luck that made it what it is today.

I don't think it's that... They say imitation is the best form of flattery. Charlie copied and improved Bitcoin after seeing it function in the wild for 2 years. He noticed there could be slight adjustments creating the perfect POW balance and also wanted to become the "silver" to Bitcoin's gold. I'd assume that's why people are willing to speculate and maintain some kind of price floor for it. 

The problem with the silver branding analogy is that the marketing efforts are not so exciting... It's more sensational to say XYZcoin is going to overtake Bitcoin and dominate the world with xyz features. Whereas with Litecoin it's like saying... "Hey, come join us and forever be considered the #2 coin!" ROFL do you see how ridiculous that sounds?

So what works for Litecoin is to instead piggy back off the success of Bitcoin (and I know they hate that) basically allowing LTC to become the inheritor of their efforts both in marketing/development. Charlie refers to it as Bitcoin being the test bed for Litecoin (so then I refer to it as the official BTC diaper). When the next price rise occurs people will be looking around for that second option and LTC will be there as usual.
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August 22, 2016, 08:31:34 AM
 #49

Ok. Since litecoin IS bitcoin then what do you suggest the people behind litecoin do to also have the kind of success bitcoin is having? \

Unless you think that it should be automatically given because you said litecoin is much better than bitcoin. That is self entitlement.

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August 22, 2016, 08:34:18 AM
 #50

Well it wasnt a premine, it was Satoshi keeping the network alive for us to use now.

funnily enough thats also the angle the bankers use  Shocked
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August 22, 2016, 12:32:01 PM
 #51

Ok. Since litecoin IS bitcoin then what do you suggest the people behind litecoin do to also have the kind of success bitcoin is having? \

Unless you think that it should be automatically given because you said litecoin is much better than bitcoin. That is self entitlement.
It's too late for that I guess. Mainly because Litecoin is seen as some sort of back-up coin in case something bad happens with Bitcoin.

Having that said, I like how it maintains a value of at least $3 for quite some months. That's quite impressive for a coin that isn't being hyped.

 
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August 22, 2016, 09:00:01 PM
 #52

This thread is ridiculous. This topic is ridiculous. Ridiculous, I say!  Cool
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August 23, 2016, 01:25:10 AM
 #53

It is like the litecoin supporters feel they are also entitled to the success if bitcoin. I think this is a bad attitude to have. If the founder and the developers of LTC want success then they should double their efforts to get everyone interested in the coin. With bitcoin it was a combination of cleverness, hard work and luck that made it what it is today.


I would dare to say very few Litecoin supporters feel entitled to the success of Bitcoin. Rather, we continue to work to build on cryptocurrencies (Litecoin, Bitcoin, Dogecoin, and others) and contribute to a large swath of other ecosystems.

Id even state that Litecoin is supported by more people than any other alt out there, monetarily or otherwise.

maybe a little step for litecoin is to make the rate is back like before, i remember the rate its somewhere in 0.008. with the rate right now, many people don't have a trust with litecoin and make litecoin like the other coins. the rate is going down just before btc halving until now, and its still getting down.


My personal opinion on this, speaking as an individual, its not my prerogative to hype the market so a couple of kids can get rich. I really dont give a damn what the market does (to an extent, I am a systems engineer and I do understand the economic complexities of price and cryptos).


Well it wasnt a premine, it was Satoshi keeping the network alive for us to use now.

funnily enough thats also the angle the bankers use  Shocked


Haha touche Smiley

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August 23, 2016, 02:45:33 AM
 #54

litecoin or bitcoin. whats the difference? they are both crypto currencies. the only differs them is bitcoin is the main coin of everything and the other coins are use for trades and sells to gain bitcoin. so whether you mine litecoin or bitcoin. its up to you. or what you want to buy.
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August 23, 2016, 06:30:38 AM
 #55

Ok. Since litecoin IS bitcoin then what do you suggest the people behind litecoin do to also have the kind of success bitcoin is having? \

Unless you think that it should be automatically given because you said litecoin is much better than bitcoin. That is self entitlement.
It's too late for that I guess. Mainly because Litecoin is seen as some sort of back-up coin in case something bad happens with Bitcoin.

Having that said, I like how it maintains a value of at least $3 for quite some months. That's quite impressive for a coin that isn't being hyped.

Yes but to say that litecoin should be as successful as bitcoin is wrong. It is like discrediting all the hard work that the people in bitcoin did. Not to mention going thru all the hardships, bad press and doubts that came with it. Success is earned, not given.

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August 23, 2016, 12:31:33 PM
 #56

Ok. Since litecoin IS bitcoin then what do you suggest the people behind litecoin do to also have the kind of success bitcoin is having? \

Unless you think that it should be automatically given because you said litecoin is much better than bitcoin. That is self entitlement.
It's too late for that I guess. Mainly because Litecoin is seen as some sort of back-up coin in case something bad happens with Bitcoin.

Having that said, I like how it maintains a value of at least $3 for quite some months. That's quite impressive for a coin that isn't being hyped.

Yes but to say that litecoin should be as successful as bitcoin is wrong. It is like discrediting all the hard work that the people in bitcoin did. Not to mention going thru all the hardships, bad press and doubts that came with it. Success is earned, not given.
I didn't say Litecoin should be as successful as Bitcoin. I was just talking about how I like the fact that Litecoin without getting hyped up, it is still performing in a decent manner price wise. That's all, really.

 
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.CryptoTalk.org.|.MAKE POSTS AND EARN BTC!.🏆

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