Anyone Thinking Of Dumping Bitcoin In Favour of Litecoin?

[🏰 TradeFortress 🏰]

When Bitcoin mining becomes only for those rich few that can afford an ASIC, the GPU miners will turn to Litecoin.

Litecoin will have a wider base of miner enthusiasts and its popularity will grow and surpass Bitcoin.

ASICs will kill Bitcoin, the future currency has to be for the masses to be involved with not a new central bank of ASIC elite!

Go ahead. There will be a Litecoin Asic. And it will be more expensive and more Elite.

Except if you want a speed boost there is no way to efficiently parallel compute the Scrypt algorithm without throwing loads of money at it to the point it becomes prohibitively expensive. This is proven mathematically in the Scrypt paper - http://www.tarsnap.com/scrypt/scrypt.pdf (Litecoin uses Scrypt for this reason)

People will bring out ASICs and FGPAs but unless there is a computer science breakthrough the performance increase won't be dramatic on a per dollar basis. Simply not possible.

So only the rich can afford it? That sure sounds like a better plan than making it affordable and available to the masses.

No you misunderstand and didn't read the link. If someone spends 10k on a Scrypt Asic it won't give them a 100 times performance boost over someone rigging together 10k's worth of top graphics cards.

Some performance boost will be gained but the algorithm was specifically designed so a government entity for example couldn't crack a Scrypt hashed password by simply throwing more money at the hardware because it will become exponentially more expensive. Again, read the paper it's all in there.

You don't spend 10k on a ASIC, R&D are FAR MORE THAN that for bitcoin.

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[tgsrge]

As it becomes clearer that new money is finding its way to Litecoin rather than drawing from Bitcoin as in they both increase in value at the same time, then we can all site around a campfire roasting marshmellows in peace. 

yup. people seem to think that any other cryptocurrency being viable = a threat to bitcoin. this is a fallacy. it makes several non-valid assumptions.
bitcoin, litecoin, namecoin, etc are not enemies. it's not a zero sum game. they're all part of the same "ecosystem", but they are not even remotely competing for the same "food"/resources per say.

[phelix]

I like alternacoins for the fun and for experimenting to improve Bitcoin. Also for new features like with namecoin (database).

A GPU / ASIC resistant coin was a very good idea but from what I know the Scrypt parameters used in Litecoin are far from optimum. Also the launch felt kinda fishy (lots of orphans at the start; possibly secretly GPU mined later on).

Maybe it's because I don't own any but I just don't like Litecoin.

A real GPU resistant coin would be a killer: https://bitcointalk.org/index.php?topic=95257 "hash algo more GPU-resistant than scrypt?"


edit: clarification on when GPU mining started

[wizzardTim]

Litecoin is much better now. BTC may rise x5, but LTC may rise x50!!!!!

[tgsrge]

For all you profit retards, TRC went from 0.0001 to 0.005 in a week or so - that would be $1 to $50, match that! Enjoy money made on LTC because that
is the only thing you can enjoy while dealing with LTC. It ain't gonna buy you much on it's own. The same goes for all other altcoins, with Namecoin having
some value actualy. One can make money on altcoins because and only because there is Bitcoin, but you retards got it the wrong way. You probably think
that altcoins would profit if Bitcoin dies. Dump Bitcoin in favour of Litecoin? Right, let's kill Bitcoin, let's drop BTC price, it would make Litecoin more valuable,
stable and useful - not really, it is exactly the oppossite!

You are blinded by profit to extreme, hence you are aware of nothing except the fact you made some money or you lost some money. For you, nothing else
matters. Since it is so, you would be better selling drugs, doing slave trades, smuggling nuclear weapons over the border and so on - which you would be
doing for sure if only you have balls, mental and physical capabilities. Since you don't have what it takes, making $1000 because external factors caused LTC
price to rise is a major achievement for you. Go tell that to rich people around you, they will laugh at you for being lame, incapable and incompetent.

except for the "small" market depth and market cap difference. (~720025BTC ltc market cap vs ~4066BTC trc market cap , or a difference of ~17708+%). bitcoin and litecoin are not competing for the same, fixed amount of already available resources.
as for using it to actually buy stuff, you can exchange it for usd....or you can spend it on one of the various ltc-accepting services. http://uselitecoin.com/ . and no, i dont think it would be healthy for any altcoin if bitcoin died, nor would i want bitcoin to die.

[regular]

I think Litecoin's fast transactions and resistance to centralization (more ASIC proof) could give it a leg up with real merchants in the future.  Since people are now getting familiar with the wallets and cryptocoin transactions, the hurdle for LTC should be less.

[wizzardTim]

I think Litecoin's fast transactions and resistance to centralization (more ASIC proof) could give it a leg up with real merchants in the future.  Since people are now getting familiar with the wallets and cryptocoin transactions, the hurdle for LTC should be less.

Exactly 

[malvino]

I think LTC will grow up because people love to mine. Even people who just bought ASIC will keep their GPU to mine whatever they could. And LTC is the perfect way to do that. I'm talking about people with small rigs, who mines for fun (and for money too ), but more for fun.

Litecoin first will be a way to obtain Bitcoins with GPU mining in ASIC era, but due to that use will grow up to become the first altcoin and coexist with BTC.

[carborundum]

I think LTC will grow up because people love to mine. Even people who just bought ASIC will keep their GPU to mine whatever they could. And LTC is the perfect way to do that. I'm talking about people with small rigs, who mines for fun (and for money too ), but more for fun.

Litecoin first will be a way to obtain Bitcoins with GPU mining in ASIC era, but due to that use will grow up to become the first altcoin and coexist with BTC.

Exactly. I'm still buying GPUs expecting to mine Litecoin with them once the ASIC aristocracy ruining mining for the common man. Litecoin is what I'll be spending and encouraging soon.