Litecoin

[BitzMD]

I've come across this new crypto currency (litecoin), is anyone here purchasing these coins? What's the possibility that they increase in value, as now they are <$1 a coin. It seems as this may be something to invest in at the moment.

If so what is the equivalent of a Mt.Gox where we can purchase and store the coins?

Thanks

[nobbynobbynoob]

It's brilliant, kind of like a faster-confirming clone of Bitcoin (it uses a different algorithm, however). From the end user's point of view, if you already know how to use Bitcoin then you can just as easily use Litecoin as well.

The most liquid Litecoin exchange is BTC-e. Vircurex also trades the BTC/LTC pair but has less volume.

You can get LTC within minutes on those exchanges if you already have BTC.

[Gator-hex]

LiteCoin is the biggest threat to Bitcoin.

It's the only altcoin I would recommend and is where most GPU miners will end up after the ASIC invasion.

I've never used them but https://btc-e.com seem to have a LTC exchange.

MtGox needs to open an exchange for it.

[nobbynobbynoob]

I've never used them but https://btc-e.com seem to have a LTC exchange.

MtGox needs to open an exchange for it.

Yes, they should, but there's another consideration: their commission of 0,6% isn't competitive with BTC-e, which only charges 0,2% per trade. So if Gox were to accept litecoin, they would probably either have to lower their commission or provide superior offerings to BTC-e's.

[BitzMD]

Great advice from you all, thanks for the insight. I'll jump on this litecoin now before I regret doing so.

[FortPotato]

I love Litecoin for the fact that the hardware I have can aftually make a profit mining it! CPU mining has been dead on Bitcoin for ages now, but it still has a hold in LTC. I still plan to invest in Bitcoin trading, but now I'm expanding into Litecoins as well.

[Mike Christ]

I love Litecoin for the fact that the hardware I have can aftually make a profit mining it! CPU mining has been dead on Bitcoin for ages now, but it still has a hold in LTC. I still plan to invest in Bitcoin trading, but now I'm expanding into Litecoins as well.

Always good to diversify   As they say, don't hold all your eggs in one basket.

[BitzMD]

Wierd, I just sent 2 BTC from MT.Gox to my automatically created BTC address at btc-e.com, and its been 5 minutes and still haven't received them? How long doe sit usually take for the coins to appear in the account?

[FortPotato]

I love Litecoin for the fact that the hardware I have can aftually make a profit mining it! CPU mining has been dead on Bitcoin for ages now, but it still has a hold in LTC. I still plan to invest in Bitcoin trading, but now I'm expanding into Litecoins as well.

Always good to diversify   As they say, don't hold all your eggs in one basket.

Exactly! And better yet, LTC are still relatively cheap! 

[doobadoo]

Litecoin has been a scam from day one.  All the litecoin promoters keep posting on the newbie boards.  They want to suck all the inexperienced folks in.

The founder of the coin claimed there would be cpu only mining using and algo that wouldn't work on gpus.  Then a few months in we all discover that there is a way to gpu mine it.  Sure enough the founders were gpu mining from day one.  Suckers to all who were believers in a CPU-based currency.  Seriously, it was a major selling point.

Now its just another bitcoin clone.  There is literally no difference btwn bitcoin and litecoin except that litecoin is more concentrated into the hands of a crooked group of founders who betrayed every one who got in on it during the launch phase.  it offers nothing that bitcoin doesn't, and is accepted by practically no one.  You can't even buy it on a legit exchange.  BTC-E is run by some anonymous guy in Romania.

[doobadoo]

I love Litecoin for the fact that the hardware I have can aftually make a profit mining it! CPU mining has been dead on Bitcoin for ages now, but it still has a hold in LTC. I still plan to invest in Bitcoin trading, but now I'm expanding into Litecoins as well.

If you are 5 posts new to bitcoin how do you know about the cpu mining days with bitcoin?  you are another fake account created by the pumpers of ltc.  they have a lot of GPU mined coins they need to unload.  Colbee et al are a bunch of scammers.

You register'd your account 2 hours ago...you scamming pile of shit!

[BitzMD]

@doobadoo

You essentially saying that litecoins aren't decentralized? The concept of BTC being decentralized is what makes them so popular and attractive, this guy can just close shop any day and run with the prize.

[FortPotato]

I love Litecoin for the fact that the hardware I have can aftually make a profit mining it! CPU mining has been dead on Bitcoin for ages now, but it still has a hold in LTC. I still plan to invest in Bitcoin trading, but now I'm expanding into Litecoins as well.

If you are 5 posts new to bitcoin how do you know about the cpu mining days with bitcoin?  you are another fake account created by the pumpers of ltc.  they have a lot of GPU mined coins they need to unload.  Colbee et al are a bunch of scammers.

You register'd your account 2 hours ago...you scamming pile of shit!

Because I've been screwing around with this stuff for months. I lurked on the forums until I needed help with Reaper mining today. GO look through my posts if you want. Hell, I'll even PM you timestamped pictures of the laptops I'm CPU mining with. I understand that there are probably a lot of fake accounts out there, but I am NOT one of them. Not that I really care what your opinion is. I specifically made this account with a different name than any other account I use besides the notroll.in mining pool. I tried to get into bitcoin about 3 years ago, but didn't understand it and went into SETI@home instead. At the end of last year I realized I had missed the boat on CPU mining, but still tried to. A few days ago I found out I still had half a chance with LTC, and here I am.

[doobadoo]

Whatever FortP.  Take a word from the wise LTC is not hte next anything.  Its a bubble and can't be cpu mined.  They have gpus that do a lick better, not as much as BTCs SHA, but much better than cpus.  They lied to all the early adopters who thought that they were getting involved in a truly cpu mineable currency.  They were being beaten by the gpus secretly from day one.  So without that what does LTC have?  Nothing that BTC doesn't.  if you understand what makes something valuable and think it through you will see why.  But if you are just like a pigeon looking for the next button to peck because you learned from the BTC button that food comes out, you will starve.

[weex]

The founder of the coin claimed there would be cpu only mining using and algo that wouldn't work on gpus.  Then a few months in we all discover that there is a way to gpu mine it.  Sure enough the founders were gpu mining from day one.  Suckers to all who were believers in a CPU-based currency.  Seriously, it was a major selling point.

At the time people were trying out the the first GPU miners (2/16/2012 https://bitcointalk.org/index.php?topic=47417.msg753567#msg753567 ) the network difficulty was only 1.592. Meaning a network hashrate of 1.592 * 2^32 / 150 seconds = 45Mh/s. This amounts to about 3000 cpus (at 15kh/s) or 225 5770s (at 200kh/s). Less GPUs if you're using anything more serious. On day one it was worse. The first diff change was to 0.003 meaning a network hashrate of 86kh/s. That's the math. I'll leave the judgements to you.

[Benny1985]

Mining LTC is enjoyable for me, simply because I'm actually mining something more than a fraction of a coin per day... And its closing in on $1 USD. Not bad.

[greentech101]

It looks like the price of litecoin going tandem with bitcoin.

[nobbynobbynoob]

Wierd, I just sent 2 BTC from MT.Gox to my automatically created BTC address at btc-e.com, and its been 5 minutes and still haven't received them? How long doe sit usually take for the coins to appear in the account?

Three confirmations.

[jarias]

I've come across this new crypto currency (litecoin), is anyone here purchasing these coins? What's the possibility that they increase in value, as now they are <$1 a coin. It seems as this may be something to invest in at the moment.

If so what is the equivalent of a Mt.Gox where we can purchase and store the coins?

Thanks

I'm trading on https://btc-e.com since more than year ago with no problems.

[BTCisthefuture]

I agree with others that litecoin is btc's biggest threat in the crypto currency arena.

with that said, i'm personally not sold on the idea that ltc ever be as popular as btc.  like the btc wiki mentions, its unlikely ltc will be the "silver" version of btc because btc already esentially has something like since its divded until many decimals

i do however mine some ltc....just because you never know