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Author Topic: Litecoin is a ponzi, a pyramid and a pump and dump scheme and crap, too  (Read 7697 times)
huggybear
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March 28, 2013, 06:02:35 AM
 #1

Litecoin is a ponzi, a pyramid and a pump and dump scheme and crap, too


no, i dont think so...

My interest is why litecoin hater like luke-jr (this is going to be ridiculous) so heavy argue against litecoin.
Is it fear litecoin could reduce the valve of bitcoin ? Than they are afraid their own profit is going less and they
dont understand the great idea behind crypto currencies.
Or would you protect the poor unaware people for the bad litecoin? I dont know it. no worries bitcoin  will continue to be the major
crypto coin  although it also litecoin gaining ground. so, what is the problem?

ltc works fine and it seems more and more folks accepet it as another currency beside bitcoin. that is THE argument.

i think discussion about it is a good thing but i cannot people be taken seriously, who argue litecoin is crap or a pyramid scheme.
they are definitive room in the world for more as one crypto coin. keep in mind who bitcoin was semilar in time to litecoin.
it needs time to grow...

sorry for the grammar, i do my best.

a crypto currency fan
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March 28, 2013, 07:06:06 AM
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My interest is why litecoin hater like luke-jr (this is going to be ridiculous) so heavy argue against litecoin.
Is it fear litecoin could reduce the valve of bitcoin ? Than they are afraid their own profit is going less and they
dont understand the great idea behind crypto currencies.
Or would you protect the poor unaware people for the bad litecoin? I dont know it. no worries bitcoin  will continue to be the major
crypto coin  although it also litecoin gaining ground. so, what is the problem?
I think most Litecoin haters aren't afraid of LTC hurting BTC, as they see little to no value in LTC.  Instead, they are genuinely trying to prevent people from investing something that they consider a scam.  This is similar to how pirate haters went out of their way to discourage the community from investing in BS&T.  These "haters" were not running competing investment offerings.

Recently, many community members have loudly warned against ordering from BFL.  Most of these people are not doing this because they want the difficulty to be lower, or because they have a stake in an ASIC company, but because they want to limit the success of something they see as a scam.

Personally, I don't think Litecoin is scam, but I question LTC's current value and the reasoning employed by its supporters.

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March 28, 2013, 07:41:55 AM
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Even the notion that someone would call themselves a Litecoin hater is ridiculous. I would like to know what financial advice people are giving friends and family if there interested in buying Bitcoin at nearly $100, buy big mom $10,000 will buy you 100 btc.......no I don't think so. Equally ooh don't go breaking the bank on $50 worth of Litecoin there virtually identical to Bitcoin but there a pyramid scheme.



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March 28, 2013, 09:44:06 AM
 #4

I am still new, but this is my speculative view...

When ASIC'S are more commonly deployed for mining BTC, the difficulty will go through the roof and make it a pointless endeavor for GPU miners.

This will then mean a large migration of miners will go to the next cyptocoin, and here Litecoin appears to be the best option; Largely due the main mining clients are already ported to use Scrypt and there are a few solid established LTC pools to choose from.

With a larger amount of miners pointing at LTC (and new people joining who will enter with an interest in bitcoin, but then learn that mining BTC on a common PC is useless), there will be a lot more people holding LTC who will want to use if for buying goods and services, so then we could see merchants being the 'supply' for a new 'demand'. What will also likely happen then, is that LTC will no longer be a sole component to convert to BTC, but a means of tender used in its own right. We may also then see LTC/USD used as a comparision, rather then LTC/BTC. If we also see an exchange pick up LTC then it will expand even more.

Last of all, you always have to look at motives behind actions. The fact that there has been what appears to be a concerted effort to damage LTC with the posts on here offering $1500 for a 51% and DDoS attacks against all the main LTC pools, gives an interesting insight. People out there (or in here rahter) are fearful about LTC doing well. This in turn lends even more credibility to LTC. Why would you bother wasting effort on a currency which is destined to fail?

To me, it looks like LTC is here to stay.
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March 28, 2013, 10:04:16 AM
 #5

+1 shinkicker

I think you summarized it pretty well.

On BTC-e the price of LTC is already independent of BTC/LTC and primary LTC/USD leads the way.

Donatioins always welcome Wink
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March 28, 2013, 10:48:39 AM
 #6

From what I can tell, most bitcoiners are actually pretty supportive of litecoin, or at least neutral towards it. Just look at the recent failed attempt to 51% attack litecoin through a bounty. Only 3 people responded, raising a pathetic $1500. Anyone who mines, trades, or sends transactions can see the benefits a second viable cryptocurrency provides.
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March 28, 2013, 06:04:06 PM
 #7

I don't mind the price of Litecoins is very low at the moment, I hoard and wait...

Why I think price of LTC goes up?

When people quit mining Bitcoins with GPU's, they have to move to another coin that can't be mined by the current ASIC's or just quit mining with them.

Litecoins also can't be "merge mined", like Namecoins (that destroyed the value but saved the network).

What will happen to Litecoin? Difficulty shoots up, 20 times at the very least... They won't be sold cheap because it wouldn't make sense to mine them at a loss...
Will Litecoins be dumped? Hard to say but when it's so hard to mine, why would you dump them?

So I predict price goes up in 2/3 months from now...

Buy now, while they are cheap.
Just 100 of them could make you a little fortune.

When Bitcoin is gold, LTC is silver.
And I like gold and silver...

Selling and/or dumping them now? You'll regret it...

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March 28, 2013, 07:12:36 PM
 #8


Personally I don't see how LiteCoins solve any problem that hasn't already been solved by BitCoins.

I find the ill thought out arguments in support of LiteCoins uncompelling. The often repeated 'all the miners will move to litecoins' argument is the emptiest of all as none of the value of BitCoins or LiteCoins exists because of miners, value exists because of buyers and the network generates coins at the same rate regardless. Second is the 'hour for a cup of coffee' argument used by people that have no understanding at all of how BitCoin transactions work. Third has to be the 'free market, multiple currencies are good' argument that doesn't hold water at all unless you claim that LiteCoin is somehow different to BitCoin in what it does, yet functionally it's identical and actually it's the same code with only very tiny changes.

The vocal supporters of LiteCoin are its biggest downside as well as its biggest asset. They don't always speak honestly and they love to trash talk the project that they essentially copied.


On the plus side at least LiteCoins don't have SolidCoin style central control or a pre-mine.
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March 28, 2013, 07:39:40 PM
 #9


Personally I don't see how LiteCoins solve any problem that hasn't already been solved by BitCoins.

I find the ill thought out arguments in support of LiteCoins uncompelling. The often repeated 'all the miners will move to litecoins' argument is the emptiest of all as none of the value of BitCoins or LiteCoins exists because of miners, value exists because of buyers and the network generates coins at the same rate regardless. Second is the 'hour for a cup of coffee' argument used by people that have no understanding at all of how BitCoin transactions work. Third has to be the 'free market, multiple currencies are good' argument that doesn't hold water at all unless you claim that LiteCoin is somehow different to BitCoin in what it does, yet functionally it's identical and actually it's the same code with only very tiny changes.

The vocal supporters of LiteCoin are its biggest downside as well as its biggest asset. They don't always speak honestly and they love to trash talk the project that they essentially copied.

On the plus side at least LiteCoins don't have SolidCoin style central control or a pre-mine.


Scrypt vs SHA256 is a tiny change?  Roll Eyes

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shinkicker
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March 28, 2013, 07:57:35 PM
 #10

I think we can debate this until the cows come home, ultimately the market will decide for itself.

Who knows, while we all stand around comparing crypto dick sizes, a corp could release their own version (with a 'trusted brand name' already in place on the back of a multi million dollar marketing campaign) and a use case that does not leave the average joe confused as hell looking at a long line of random characters not knowing a private key from a wallet.
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March 28, 2013, 08:56:45 PM
 #11

I think we can debate this until the cows come home, ultimately the market will decide for itself.

Who knows, while we all stand around comparing crypto dick sizes, a corp could release their own version (with a 'trusted brand name' already in place on the back of a multi million dollar marketing campaign) and a use case that does not leave the average joe confused as hell looking at a long line of random characters not knowing a private key from a wallet.

Interesting. Amazon could do this tomorrow and accept their new currency as payment for all their goods and services. If they let others use it freely it could eclipse BitCoin rather quickly. It could eclipse the GDP of some small nations rather quickly.

Amazon have the computing power, the on-line retail presence, and an aptitude for creative tax solutions. Somehow I doubt they want to be the world central bank.

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March 28, 2013, 09:10:07 PM
 #12

I think we can debate this until the cows come home, ultimately the market will decide for itself.

Who knows, while we all stand around comparing crypto dick sizes, a corp could release their own version (with a 'trusted brand name' already in place on the back of a multi million dollar marketing campaign) and a use case that does not leave the average joe confused as hell looking at a long line of random characters not knowing a private key from a wallet.

Interesting. Amazon could do this tomorrow and accept their new currency as payment for all their goods and services. If they let others use it freely it could eclipse BitCoin rather quickly. It could eclipse the GDP of some small nations rather quickly.

Amazon have the computing power, the on-line retail presence, and an aptitude for creative tax solutions. Somehow I doubt they want to be the world central bank.



If they get small % on each transaction they would.
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March 28, 2013, 09:12:06 PM
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If you're going to laugh at Litecoin, you may as well laugh at Bitcoin and everything Bitcoin has spawned.

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March 28, 2013, 09:40:18 PM
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Personally I don't see how LiteCoins solve any problem that hasn't already been solved by BitCoins.

I find the ill thought out arguments in support of LiteCoins uncompelling. The often repeated 'all the miners will move to litecoins' argument is the emptiest of all as none of the value of BitCoins or LiteCoins exists because of miners, value exists because of buyers and the network generates coins at the same rate regardless. Second is the 'hour for a cup of coffee' argument used by people that have no understanding at all of how BitCoin transactions work. Third has to be the 'free market, multiple currencies are good' argument that doesn't hold water at all unless you claim that LiteCoin is somehow different to BitCoin in what it does, yet functionally it's identical and actually it's the same code with only very tiny changes.

The vocal supporters of LiteCoin are its biggest downside as well as its biggest asset. They don't always speak honestly and they love to trash talk the project that they essentially copied.


On the plus side at least LiteCoins don't have SolidCoin style central control or a pre-mine.

What determines value is indeed buyer and seller. But the nature of those terms seem to eclipse you. A seller will sell at a price that compensates for the difficulty of obtaining the sellable asset (commonly that could be physical effort, mental effort, time, investment, risk, difficulty to obtain/availability). So yes, miners do dictate the price to some extent. I say to some extent because nowadays, there is coins in the wild that may be obtained through different means, but the fact stays that mining is still currently a major source. The more we approach 21mil bitcoin, the less difficulty has an influence, but it coincides extremely well with adoption being an exponential uptrend. Both lite coins and bitcoins  are affected by those factors, and miners being the heart of crypto, those GPUs moving will have a strong influence on adoption.

Its already too far along for abortion.
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March 28, 2013, 09:41:22 PM
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If you're going to laugh at Litecoin, you may as well laugh at Bitcoin and everything Bitcoin has spawned.

Agreed, LTC is here to stay.

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March 29, 2013, 12:01:57 AM
 #16

LTC forever that is all  Smiley

Bitcoin will show the world what hard money really is.
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March 29, 2013, 01:26:02 AM
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The value of any coin is whether people use it. If people use Litecoins or any altcoin for that matter it has value. By the very fact people trade it and even buy things with it negates the idea of it being "ponzi'-esque. Do people speculate and drive the price up? Sure most things bought and sold will have that profile. The fact there are people who talk the alt-coins down is just part of the economy. Basically weight the arguments and decide to move forward. If you are miner with a lot of GPU hash power it might be time to move to LTC or NVC.

Should you buy LTC and hold it? Sure put in as much as you are willing to lose or part with for months possibly years. As with any investment there is risk but I don't really see the point of endlessly promoting / shaming alt-coins considering there is a market established for them and if you are reasonably careful with your investment and not put everything into one basket say BTC only or LTC only but spread it more you should be able to protect your investment.

There is a lot of valuable information on these forums already regarding the nature of cryptocurrencies and the risks you are taking. I wish everyone luck and hope your choices bring you both financial returns but FUN.

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March 29, 2013, 01:29:57 AM
 #18

I think we can debate this until the cows come home, ultimately the market will decide for itself.

Who knows, while we all stand around comparing crypto dick sizes, a corp could release their own version (with a 'trusted brand name' already in place on the back of a multi million dollar marketing campaign) and a use case that does not leave the average joe confused as hell looking at a long line of random characters not knowing a private key from a wallet.

Interesting. Amazon could do this tomorrow and accept their new currency as payment for all their goods and services. If they let others use it freely it could eclipse BitCoin rather quickly. It could eclipse the GDP of some small nations rather quickly.

Amazon have the computing power, the on-line retail presence, and an aptitude for creative tax solutions. Somehow I doubt they want to be the world central bank.



If only a smart foward thinking amazon of tomorrow would do this rather than wait for an established dotcom... then you might have a winner and breakout in altcoins. Unfortunately I think people will have to build their own rather than expect a miracle.

Dogie trust abuse, spam, bullying, conspiracy posts & insults to forum members. Ask the mods or admins to move Dogie's spam or off topic stalking posts to the link above.
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March 29, 2013, 02:31:49 AM
 #19

Simple: Luke Jr. doesn't want the status quo of there only being 1 strong crypto to change. He is heavily invested and doesnt want to lose his foot hold on the market share he owns.

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March 29, 2013, 03:51:28 AM
 #20

Frankly, I'm surprised Luke-Jr's description of Litecoin is still used on the Bitcoin Wiki...


Also, in my totally-not-biased-at-all opinion, the Devtome wiki page for Litecoin is far more objective and more useful to new members.
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