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Author Topic: Will Bitcoin be replaced by Litecoin?  (Read 1789 times)
xus
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April 02, 2013, 02:41:24 PM
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Hi guys,

i have a question and i am exicted for you opinions. considering the fact that the asci technology will dominate all normal users with simple graphic cards on bitcoin mining, dont you think bitcoin will fail? only a limited user class will have access to ascis and giving them to much power over the network. since litcoin claims to be resilent against ascis doesnt it have a brighter future thant bitcoin?

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xus

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BadBear
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April 02, 2013, 02:44:08 PM
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lol

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April 02, 2013, 02:44:19 PM
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I don't see any reason why the two can't co-exist, it depends on how the developers of each will go forward really, as far as I'm concerned I think paper money is the only thing that's going to be taken over here.
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April 02, 2013, 02:47:32 PM
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Hi guys,

i have a question and i am exicted for you opinions. considering the fact that the asci technology will dominate all normal users with simple graphic cards on bitcoin mining, dont you think bitcoin will fail? only a limited user class will have access to ascis and giving them to much power over the network. since litcoin claims to be resilent against ascis doesnt it have a brighter future thant bitcoin?

best regards,
xus

No, the point of a currency is to be a good strong secure transferable currency, not to be easily minable.

"Resilient against ASIC" means less secure, not more secure.

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April 02, 2013, 02:52:10 PM
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Lol.

"Resilient against ASIC" means that ASIC makers aren't looking to investing in ASICS for Litecoin yet. There's no such thing like ASIC proof.

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April 02, 2013, 02:54:47 PM
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In 3 years' time:

Bitcoin= strong reserve currency
Litecoin= strongly transferable currency
xus
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April 02, 2013, 02:58:40 PM
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No, the point of a currency is to be a good strong secure transferable currency, not to be easily minable.

"Resilient against ASIC" means less secure, not more secure.

I really dont get your point. Doesnt bitcoin's security rest on something like a "multiparty computation"? if someone can develop a special, fast and cheap hardware to mine bitcoins that one could manage to overtake the network buy supplying > 50% of the computation power. isnt that harder to do with litecoin, once it has reached a "certain" size? you can not develop a specific hardware for litecoin mining or?

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xus

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April 02, 2013, 03:06:49 PM
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bitcoin will not be replaced by litecoin.
Lol.

"Resilient against ASIC" means that ASIC makers aren't looking to investing in ASICS for Litecoin yet. There's no such thing like ASIC proof.
Lol, no.

scrypt requires memory. requiring memory = parallelization not nearly as cost beneficial. parallelization not nearly as cost beneficial = requires more money in relation to how many kh/s you want. requiring more money relative to how many kh/s you want = not anywhere near the same scale in advantage that they have in bitcoin. not anywhere near the same scale in advantage that they have in bitcoin = asic is not worth it. asic is not worth it = you would be a fool to invest in developing them, and a even bigger fool in buying them.

litecoin market cap is 459576625599 BITCOINS, btw...and the profitability (against all other altcoins as well as bitcoin) is literally through the roof ;-)
I really dont get your point. Doesnt bitcoin's security rest on something like a "multiparty computation"? if someone can develop a special, fast and cheap hardware to mine bitcoins that one could manage to overtake the network buy supplying > 50% of the computation power. isnt that harder to do with litecoin, once it has reached a "certain" size? you can not develop a specific hardware for litecoin mining or?

best regards,
xus
you can, but dont expect anywhere near the same scale in advantage that they have in bitcoin.

"Resilient against ASIC" means less secure, not more secure.
no, it does not. it's a tradeoff. it depends what you want security against. it's shameful how we have allowed the bitcoin pools to become so centralized (and that people seemingly refuse to use things like p2pool) and now with all the custom hardware we also have even more hashing power being centralized into the hands of fewer people still. That makes bitcoin doubly centralized, pools and people with custom hardware. When there was the unexpected blockchain fork this was shown very clearly, and it's fucking disturbing. This pretty much defeats the entire purpose of having a cryptocurrency when control falls over into the hands of very small set of people.
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