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Author Topic: Bitcoin vs Litecoin [Winner Prediction]  (Read 2859 times)
nobbynobbynoob
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April 01, 2013, 09:06:40 PM
 #21

Sooner or later the US & UK will push for tighter controls over Bitcoin, I mean come on, there is over 1 Billion USD worth so far!!  Shocked
I'm amazed they have not done anything yet!  Huh

What can they do about Bitcoin et al, besides try to shut down the Internet? They can and already do impose fairly strict regulation upon bitcoin exchanges via AML and the like. Indeed, various exchange services have had their UK bank accounts frozen in the past few months. In the US, FinCEN recently published guidelines emphasizing the strong regulation on bitcoin exchanges.

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cryptotrade
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April 01, 2013, 10:41:15 PM
 #22

Stacy Herbert keeps saying people keep suggesting "shutting down the internet"

*lol*

I think we are standing on a tiny dot in an ever expanding universe of currencies and alternatives. 

Think big!

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Pentel
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April 06, 2013, 09:15:16 PM
 #23

They can stop exchanges' changing BTC to USD or GBP. Or any other currency.
This would not only stop you but business too.

If no one can "cash in" BTC can it still function?

Or I'm I missing something? 

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nobbynobbynoob
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April 06, 2013, 09:20:30 PM
 #24

They can stop exchanges' changing BTC to USD or GBP. Or any other currency.
This would not only stop you but business too.

If no one can "cash in" BTC can it still function?

Or I'm I missing something? 

Bitcoin OTC. Person-to-person and underground trades, bypassing all the AML crap. I'm sure it's common today with cash in briefcases.

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Btuser1
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April 06, 2013, 10:07:11 PM
 #25

Is it possible to make ASIC or FPGA for litecoin mining?
Stampbit
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April 06, 2013, 11:20:19 PM
 #26

I was going to ask whats the difference but this post explains it:


Litecoin is garbage. LTC does not offer anything innovative over bitcoin, and the first thing any LTC nut exclaims is "herp! its got lower confirmation times! derp!" Well there is a reason behind 10min confirmations times. Pertinent discussion from Reddit:
http://www.reddit.com/r/Bitcoin/comments/1bcr1s/why_is_difficulty_set_to_10_minutes_per_block_why/


[–]seweso 22 points 6 days ago
Smaller also means more chance of collisions and thus forks. Its build to create a good consensus about what is the longest chain. And it needs to account for slow connections. Bitcoin wants to reach the smallest outreaches of the earth. It should even work when an entire country is connected through a dialup line with the rest of the world. That's the goal.
Other services on top of bitcoin can provide faster confirmation times (like with green adresses).



[–]NicolaiS1993 15 points 6 days ago
Faster block generation time = more orphaned blocks = longer (orphaned) blockchain forks = you would need more "confirms" (blocks) to trust a transaction.
So "faster block generation time" != "shorter confirmation times". You do not get the same level of security for one bitcoin confirm (10 min) and one litecoin "confirm" (2.5 min).
Also; more blocks = more bloat (you don't "feel" this in the bitcoin forks, simply because they are not as used as bitcoin).


On top of that, since LTC is "Asic Proof" LTC will be the playground for botnet operators and the proliferation of malware as it grows. Specialized hardware is beginning to push those people out of Bitcoin.

Edit: Here's a really good snippet from the above discussion:
http://www.reddit.com/r/Bitcoin/comments/1bcr1s/why_is_difficulty_set_to_10_minutes_per_block_why/c95pnbt

"I've always seen claimed by Litecoin fans that this change was for better, and it's the first time that I read some other arguments against Litecoin that "It's just a copy with nothing more" (which was already a very good argument for me)"


"Personally it is just a copy with nothing more, you just have to qualify the "nothing".
A faster blockchain doesn't help in any real scenarios. 2.5 minute blocks (with more uncertainty) are in no way going to facilitate different kinds of transactions to 10 minute blocks. If you could pull off 10 second blocks (NOTE: This is ridiculously unviable) then maybe it'd be interesting for point of sale.

The different hashing is a silly idea of making things "equal" for miners. Whomever made litecoin wanted to stop GPU miners from having control, so they put in a memory hard hash instead of the SHA256 hash. But then of course it transpired that people can do this on GPUs, so they rebranded it to be ASIC resistent.
In reality the more dedicated miners like ASICs result in a safer block chain because in the Litecoin world, someone could build a really expensive but functional FPGA or ASIC at some point and completely take over the market. The artificial limits that Litecoin imposes on mining growth due to the mistaken notion of 'fairness' ultimately cripple miners' ability to secure that blockchain as effectively as Bitcoin's.

So yeah my TL;DR is that Litecoins were created because of mining jealousy, and are being perpetuated by speculator jealousy and greed. Litecoin offers nothing fundamental that is of any value to a merchant or customer, and would actively add to costs where merchants must support competing identical standards.
People want alternative blockchains to succeed for some legitimate purposes, and attach to litecoin in the mistaken belief that Litecoins offer something different. But for the most part, Litecoins just exist because a handful of people 'missed the boat' and wanted to create an alternative pump and dump scheme."

euskara
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April 06, 2013, 11:29:20 PM
 #27

btc will win...
btcminer021
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April 06, 2013, 11:39:10 PM
 #28

I think BTC being the first and most publicized will be around the longest. I think lite coins will be a close second, but not near BTC.

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saveawedge
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April 06, 2013, 11:44:17 PM
 #29

I can see Litecoin being very popular for smaller transactions. I think has a bright future ahead. Which will be the 'winner', I couldn't say.

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April 06, 2013, 11:46:29 PM
 #30

As long as over-inflated paper money doesn't win after all of this I don't care who wins really Tongue
3waystocross
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April 06, 2013, 11:51:48 PM
 #31

bitcoin is def the 'winner' already

but there's no reason why bitcoin and litecoin can't exist together
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April 06, 2013, 11:54:06 PM
 #32

I like both.

I predict they will becoming fully automated, seamlessly integrated, end users do not need to care.

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April 07, 2013, 05:35:35 AM
 #33

I think both will co-exist with LTC being 0.25 of BTC.


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btcminer021
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April 07, 2013, 03:13:50 PM
 #34

As long as over-inflated paper money doesn't win after all of this I don't care who wins really Tongue

+1

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