LTC may overtake BTC

[jubalix]

I am coming to the view that the longer LTC can hold out from specialty hardware, and its scrypt nature appears to make this at least a while....(eventually as the price goes up some one will weld on enough memory to a FPGA and write a driver) that LTC may >>> overtake BTC for these reasons

[1] faster transactions
[2] more coins, people just like the idea of having more whole coins.
[3] more distributed

BTC could counter by changing client and fork....but that's probally never going to happen, easier to just buy into the other model on an exchange.


Not saying LTC is the winner another coin may overtake it, but LTC does seem better that BTC at what BTC is trying to do.

any views?

[nwbitcoin]

There is no reason that view of the future couldn't happen.

I would also add that one reason that Litecoin could do better than bitcoin in the long term is that it isn't bitcoin.

All the press for crypto currencies are focused on bitcoin, so if something really bad happened to bitcoin, the name litecoin doesn't get involved. 

Just a thought!

[kokjo]

... may ...

you speek the truth, sir. the moon may fall down too.

[wizzardTim]

I am coming to the view that the longer LTC can hold out from specialty hardware, and its scrypt nature appears to make this at least a while....(eventually as the price goes up some one will weld on enough memory to a FPGA and write a driver)


that LTC may >>> overtake BTC for these reasons

[1] faster transactions
[2] more coins, people just like the idea of having more whole coins.
[3] more distributed

BTC could counter by changing client and fork....but that's probally never going to happen, easier to just buy into the other model on an exchange.


Not saying LTC is the winner another coin may overtake it, but LTC does seem better that BTC at what BTC is trying to do.

any views?

i agree 

[Wekkel]

I agree as well, but it is highly speculative. In the end, both could find a place in the digital world.

[jubalix]

... may ...

you speek the truth, sir. the moon may fall down too.

yes I did say may, didn't I, mayhap I should have proffered some stronger term.

one thing that really hold's LTC back is the troll box on BTC-e

I can't help wonder if this is deliberate some one can mine the crap out of it while just keeping it burbling along

[jackjack]

[jubalix]

But for your adroit presence in this thread, replete with sound articulated reasons, it would be bereft of all wisdom

[MaGNeT]

Could Bitcoin still be changed to 2 minute blocks and a smaller reward per block if a majority of the community would accept it? Or is it impossible to make those changes?

If it is impossible, LTC will get a strong position for small, fast transactions for services like "Satoshi Dice".

Is it bad? No... You need big bucks to buy a car or a house or quick pocket change to buy a hamburger.

[jubalix]

Could Bitcoin still be changed to 2 minute blocks and a smaller reward per block if a majority of the community would accept it? Or is it impossible to make those changes?

If it is impossible, LTC will get a strong position for small, fast transactions for services like "Satoshi Dice".

Is it bad? No... You need big bucks to buy a car or a house or quick pocket change to buy a hamburger.

But what advantage would BTC offer, over total LTC use then?

[MaGNeT]

Could Bitcoin still be changed to 2 minute blocks and a smaller reward per block if a majority of the community would accept it? Or is it impossible to make those changes?

If it is impossible, LTC will get a strong position for small, fast transactions for services like "Satoshi Dice".

Is it bad? No... You need big bucks to buy a car or a house or quick pocket change to buy a hamburger.

But what advantage would BTC offer, over total LTC use then?

The world is full of different currencies.

[BIGMERVE]

There is no reason that view of the future couldn't happen.

I would also add that one reason that Litecoin could do better than bitcoin in the long term is that it isn't bitcoin.

All the press for crypto currencies are focused on bitcoin, so if something really bad happened to bitcoin, the name litecoin doesn't get involved. 

Just a thought!

The problem is that if bitcoin fails people will lose trust in crypto currencies. There may be many differences but to the eyes of most of the public litecoin and bitcoin are the same. So if one fails the other can fail too.

[mr_random]

People may laugh at the title but I don't think it is actually that crazy.

The mining landscape is going to alter drastically over the coming 12 months. The Litecoin algorithm is mathematically proven to be sequentially memory hard which means any specialist hardware (ASIC) which offers a massive performance boost will be very expensive. So you will have two coins, Bitcoins which are slower and dominated by those who can afford expensive specialist equipment (a small minority), and then you have Litecoins, which are faster and can be mined fairly by anyone with an interest a small amount of money.

[shinkicker]

People may laugh at the title but I don't think it is actually that crazy.

The mining landscape is going to alter drastically over the coming 12 months. The Litecoin algorithm is mathematically proven to be sequentially memory hard which means any specialist hardware (ASIC) which offers a massive performance boost will be very expensive. So you will have two coins, Bitcoins which are slower and dominated by those who can afford expensive specialist equipment (a small minority), and then you have Litecoins, which are faster and can be mined fairly by anyone with an interest a small amount of money.

I don't have any data, so this can be discarded as opinion, but I think we might well be seeing the biggest influx of new miners at the moment / near future (on the back of all the press around bitcoin).

As prospective miners research the current standing, they will soon see that mining BTC is no longer viable as the difficultly is to high for those entering with 'starters' gear (one or two ATI cards), its also expensive to buy in at the moment ($90 a coin) and ASICs will be making it even harder and are even further from reach (avalon costs 75BTC which is almost $6500 at the current BTC buy rate).

Some will also find LTC and even though not as known as BTC, they will see mining can be more fruitful for new miners (even with basic gear you get a couple of coins each day). The coin is not going anywhere (even though a lot of haters are trying to sink it and failing). They can even increase there stock by buying in at a much lower price. If it takes off they could do well for themselves, if it fails, then they will lose much less then they would buying bitcoins at $90 each should BTC have another big drop as before.

So for new miners / crypto converts, LTC is much better option. Far less risk and much more opportunity.

For those already vested in BTC, it's a different case.

[wizzardTim]

Guys, it' s allready skyrocketing! We broke the wall of 0.80$

[sd]

I am coming to the view that the longer LTC can hold out from specialty hardware, and its scrypt nature appears to make this at least a while....(eventually as the price goes up some one will weld on enough memory to a FPGA and write a driver) that LTC may >>> overtake BTC for these reasons

[1] faster transactions
[2] more coins, people just like the idea of having more whole coins.
[3] more distributed

BTC could counter by changing client and fork....but that's probally never going to happen, easier to just buy into the other model on an exchange.


Not saying LTC is the winner another coin may overtake it, but LTC does seem better that BTC at what BTC is trying to do.

any views?

My view is that you are astroturfing because you want your LTC to go up in value. None of your three points are valid arguments for LTC overtaking BTC.

You forgot some of the more common arguments used by LiteCoin supporters:
[4] LiteCoin has a blockchain that grows 4 times as fast as BitCoin and more is better.
[5] LiteCoin is based on a really old version of BTC so it's more stable.
[6] It has 'Lite' in the name and is therefore less heavy than BitCoin which is full of 'Bits'.
[7] It doesn't cost as much as BitCoin therefore everyone wants to use it because it is cheaper.
[8] BitCoin was cheap once and went up in value. LiteCoin is cheap now so it will go up in value because it's the exact same thing.
[9] Every single GPU miner will mine LiteCoin and because there will be so many different people selling LiteCoins the value will go up.
[10] LiteCoin has no active developers therefore it must be really good because it doesn't need any changes.
[11] There is one shop somewhere that takes LiteCoin for sea shells therefore its economy will soon overtake the entrenched BTC economy.

[sd]

Is it bad? No... You need big bucks to buy a car or a house or quick pocket change to buy a hamburger.

Does your local burger place keep a currency expert and a full lab of his equipment ready so that they can be real sure that you don't give them a fake note? No, they accept a tiny amount of loss because it's the pragmatic thing to do.

The validation of currency has to be proportional to the value of the purchase. Buying a car may take 6 confirms but buying a burger doesn't need any.

[matauc12]

But for your adroit presence in this thread, replete with sound articulated reasons, it would be bereft of all wisdom

Hey shakespear. We are in 2013.

[jubalix]

I am coming to the view that the longer LTC can hold out from specialty hardware, and its scrypt nature appears to make this at least a while....(eventually as the price goes up some one will weld on enough memory to a FPGA and write a driver) that LTC may >>> overtake BTC for these reasons

[1] faster transactions
[2] more coins, people just like the idea of having more whole coins.
[3] more distributed

BTC could counter by changing client and fork....but that's probally never going to happen, easier to just buy into the other model on an exchange.


Not saying LTC is the winner another coin may overtake it, but LTC does seem better that BTC at what BTC is trying to do.

any views?

My view is that you are astroturfing because you want your LTC to go up in value. None of your three points are valid arguments for LTC overtaking BTC.

You forgot some of the more common arguments used by LiteCoin supporters:
[4] LiteCoin has a blockchain that grows 4 times as fast as BitCoin and more is better.

[5] LiteCoin is based on a really old version of BTC so it's more stable.<<solved with time


WTF>> [6] It has 'Lite' in the name and is therefore less heavy than BitCoin which is full of 'Bits'.

This helps>>[7] It doesn't cost as much as BitCoin therefore everyone wants to use it because it is cheaper.
This helps [8] BitCoin was cheap once and went up in value. LiteCoin is cheap now so it will go up in value because it's the exact same thing.
User base power  = n^2 this helps [9] Every single GPU miner will mine LiteCoin and because there will be so many different people selling LiteCoins the value will go up.

See above [10] LiteCoin has no active developers therefore it must be really good because it doesn't need any changes.

There was no where to send email at one time >>>[11] There is one shop somewhere that takes LiteCoin for sea shells therefore its economy will soon overtake the entrenched BTC economy.

[allthingsluxury]

Both are here for the long term.