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

[cdog]

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.

Good too see you have thought through this carefully and have some well reasoned, carefully constructed arguments.

[matauc12]

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.

Good too see you have thought through this carefully and have some well reasoned, carefully constructed arguments.

its always funny when people are so clueless that their supporting arguments actually support the opposing argument.

[sd]

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.

Good too see you have thought through this carefully and have some well reasoned, carefully constructed arguments.

its always funny when people are so clueless that their supporting arguments actually support the opposing argument.

Things change meaning when taken out of context. That's a poor attack against the points I was making but flattering that I get the same treatment as many of the great thinkers of history.

If you want to sell a mountain ( for the sake or argument ) what's it worth? It's worth exactly what the highest paying buyer wants to buy it for. Unless that mountain has some intrinsic value there is no real pressure for buyers to pay anything for it. Your argument appears to be that if the ownership of the same number of mountains is spread amongst a greater number of people then the mountains are worth more. You either don't get what mining is or you are trolling me.

You can troll all you like but without any active developers LiteCoin is going to face some serious problems sooner or later and when they get more serious then simply copying a patch from BitCoin then LiteCoin could well be sunk. This happened before with I0Coin I think, the blockchain literally froze.

[tacotime]

Litecoin has a very active dev community via irc at #litecoin-dev on freenode http://webchat.freenode.net/

[cbeast]

Litecoin is like Canadian coins. Why do they bother to mint them?

[huggybear]

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

Ok, according to this all cryptocoins are redundant, because at large, they are only all the same resolution for a problem what bitcoin has solved already.
Don't you think litecoin have a right to exist only for the simple reason there is another fair cryptocoin with own "ecosystem" beside bitcoin.
I feel better with a second accepted currency. To Example if you a trader, you can speculate without you must use fiat money.

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.

nah, that's very ignorant. but we are all agreed that the miners will move to litecoins if asics introduced into the market.
More miner means more people own litecoin, this implies that more people will use litecoins as investment, reserve, to trade or buy goods.
And this is the cornerstone for a flourishing Currency.
I say it again look who was bitcoin similar in time to litecoin. Value need time to grow.

I think a good point for ltc is the lower price in relation to btc, so for interest people in crypto coins is it maybe easier, from the psychological point of view,
to invest a small amount to experiment with crypto currencies. But it is only my opinion.

If you google "litecoin wiki" the first page is the litecoin article from crazy-luke. It's time for a own litecoin wiki.
Apart from this, this Litecoin description foals a bad light to bitcoin, too.

[huggybear]

Litecoin is like Canadian coins. Why do they bother to mint them?

yes

[SRoulette]

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


no, i dont think so...

+1

If true for litecoin then its true for bitcoin.

We have been supporting litecoin for ~9 months and have yet to see anything remotely sinister regarding the coin. 
It is wise to be concerned with the reason price jump to ~70c then back down to a stable-ish 50c but we have faith. and are cautiously optimistic about its future

[wizzardTim]

LiteCoin definately is not crap. It's the coin of the future. Based on BitCoin, it has taken the whole thing one step further.

Don't believe it? Try it yourself.

[meanig]

LiteCoin definately is not crap. It's the coin of the future. Based on BitCoin, it has taken the whole thing one step further.

Don't believe it? Try it yourself.

Coin of the future eh?

Can you list the core Litecoin developers along with some of their recent commits. Thanks

[wizzardTim]

LiteCoin definately is not crap. It's the coin of the future. Based on BitCoin, it has taken the whole thing one step further.

Don't believe it? Try it yourself.

Coin of the future eh?

Can you list the core Litecoin developers along with some of their recent commits. Thanks

Don't worry, if any updates are needed to the source, they will be done properly. We will find a way.
I have heard that the code has not been updated for 8 months, but I'm not afraid.

[antimattercrusader]

Well, I just found out there is now a new Silkroad style market for litecoin. It's here to stay. 'Nuff Said.

[mr_random]

Litecoin has gained too much traction to disappear now. It's many times bigger than all the other alternate currencies put together. Too many services are being built around Litecoin for it to plummet in value. Trust me when I say this, Litecoin is currently underpriced... you'll see in the next 3 months.

I also see PPCoin having a promising future too, with it's innovations and energy saving premise. Plus even better, it's developer Sunnyking is very talented and highly active in it's development. He even fixes vulnerabilities he finds in other coins (e.g. Terracoin).

[Vuxil]

I think Litecoin is a knee-jerk reaction to people who missed out on Bitcoin and want to be early adopters. TBH I don't think it's different enough than Bitcoin though to have a major impact in the long run. I would rather throw my money behind something like PPC, which I know is unique enough to have a chance

[sd]

I think Litecoin is a knee-jerk reaction to people who missed out on Bitcoin and want to be early adopters. TBH I don't think it's different enough than Bitcoin though to have a major impact in the long run. I would rather throw my money behind something like PPC, which I know is unique enough to have a chance

There is some truth in this. I'm getting bored of hearing LiteCoin fans saying that LiteCoin now is anything lite BitCoin was when it was new. I don't think they are even convincing themselves.

[matauc12]

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.

Good too see you have thought through this carefully and have some well reasoned, carefully constructed arguments.

its always funny when people are so clueless that their supporting arguments actually support the opposing argument.

Things change meaning when taken out of context. That's a poor attack against the points I was making but flattering that I get the same treatment as many of the great thinkers of history.

If you want to sell a mountain ( for the sake or argument ) what's it worth? It's worth exactly what the highest paying buyer wants to buy it for. Unless that mountain has some intrinsic value there is no real pressure for buyers to pay anything for it. Your argument appears to be that if the ownership of the same number of mountains is spread amongst a greater number of people then the mountains are worth more. You either don't get what mining is or you are trolling me.

You can troll all you like but without any active developers LiteCoin is going to face some serious problems sooner or later and when they get more serious then simply copying a patch from BitCoin then LiteCoin could well be sunk. This happened before with I0Coin I think, the blockchain literally froze.

So now supply and demand is one sided? Its worth what a buyer and seller agrees on. Meaning if you are offering 1$ and I am not willing to sell for 1$. No value has been established. That value will change depending on how many mountains are available (as one factor out of many).

And the scarcity is indeed a complicated concept to understand. But more different sellers in a limited supply market will tend to increase value. Mostly because of opportunity cost and limited availability making it less desirable to sell at lower margin because it cannot be compensated with sale volume for total profit. In a non-limited supply, sellers will thrive to sell more at less volume. Those facts have an inverse effect approach monopoly (thus the reason why monopoly is generally illegal).

But hey, if being wrong makes you feel like a great mind, be my guess, but that's not why historical great minds were challenged on their ideas.

[sd]

So now supply and demand is one sided? Its worth what a buyer and seller agrees on. Meaning if you are offering 1$ and I am not willing to sell for 1$. No value has been established. That value will change depending on how many mountains are available (as one factor out of many).

And the scarcity is indeed a complicated concept to understand. But more different sellers in a limited supply market will tend to increase value. Mostly because of opportunity cost and limited availability making it less desirable to sell at lower margin because it cannot be compensated with sale volume for total profit. In a non-limited supply, sellers will thrive to sell more at less volume. Those facts have an inverse effect approach monopoly (thus the reason why monopoly is generally illegal).

But hey, if being wrong makes you feel like a great mind, be my guess, but that's not why historical great minds were challenged on their ideas.

Classic LiteCoin reasoning there then. Tell me what a mountain is worth if no-one wants to buy it? Now tell me what a LiteCoin is worth if no-one wants to buy it? Here is a hint, it's zero.

LiteCoin has no goods, no services, no shops, and no possible market segments except those already filled by BitCoin. There is no reason for any merchant to accept LiteCoin when they could accept BitCoin. The only thing driving the LiteCoin price is a bunch of people trying to get rich quick by selling it to each other and trying to hook in as many newbies as possible to do the same.

[mr_random]

Classic LiteCoin reasoning there then. Tell me what a mountain is worth if no-one wants to buy it? Now tell me what a LiteCoin is worth if no-one wants to buy it? Here is a hint, it's zero.

You're peddling the same anti-Litecoin arguments that people would use against Bitcoin when it was in it's infancy at 50 cents.

The free markets will decide Litecoin's value. 

[wizzardTim]

So now supply and demand is one sided? Its worth what a buyer and seller agrees on. Meaning if you are offering 1$ and I am not willing to sell for 1$. No value has been established. That value will change depending on how many mountains are available (as one factor out of many).

And the scarcity is indeed a complicated concept to understand. But more different sellers in a limited supply market will tend to increase value. Mostly because of opportunity cost and limited availability making it less desirable to sell at lower margin because it cannot be compensated with sale volume for total profit. In a non-limited supply, sellers will thrive to sell more at less volume. Those facts have an inverse effect approach monopoly (thus the reason why monopoly is generally illegal).

But hey, if being wrong makes you feel like a great mind, be my guess, but that's not why historical great minds were challenged on their ideas.

Classic LiteCoin reasoning there then. Tell me what a mountain is worth if no-one wants to buy it? Now tell me what a LiteCoin is worth if no-one wants to buy it? Here is a hint, it's zero.

LiteCoin has no goods, no services, no shops, and no possible market segments except those already filled by BitCoin. There is no reason for any merchant to accept LiteCoin when they could accept BitCoin. The only thing driving the LiteCoin price is a bunch of people trying to get rich quick by selling it to each other and trying to hook in as many newbies as possible to do the same.

You are probably not well informed. There are services, search and you'll find the appropriate topic. There is also a great update in the code itself in the near future. Your hate is pointless. Stop flaming, if you dont like it do not support it. But stop giving false information.

For more see these topics: https://bitcointalk.org/index.php?topic=159238.msg1699934#msg1699934,https://bitcointalk.org/index.php?topic=157492.0

When you read these, you will see that you are wrong,

Litecoin may even surpass bitcoin. I mean, who knows?

[amincd]

It's in the interest of the bitcoin community to put its focus on one network, not two networks running virtually identical code.

"Yea bitcoin has a cap of 21 million coins, unless you create a copy blockchain with another 21 million coins" suddenly becomes a lot more of a threat to the viability of cryptocurrency when members of the bitcoin community promote identical blockchains as viable additions to the money supply.

I don't think litecoin is a scam, but I do believe that all of the arguments made for its adoption have fault.

How does using a network that has a tiny fraction of the hash-rate, the liquidity, and the market cap of another network, and that uses exactly the same processes for transactions, make sense for any one?

Only those who are ignorant of how bitcoin works, and are unware that altcoins are virtually identical to it, could be compelled to buy into one. Any thing you can buy with a copy-cat altcoin, you can buy with bitcoin much more easily. Any transaction you can make with an altcoin, you can make through the bitcoin network with less risk from price volatility.

The only motive I can imagine for people promoting an altcoin is profiting off of un-earned hype.

That being said, it's a complex world, and we should not presume to know all. People have a right to create and promote any open source currency they want, I just personally won't be involved, and I'll give my recommendation against it.