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Author Topic: Litecoin and other "competitors"  (Read 661 times)
bitbit
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April 03, 2013, 01:31:19 AM
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Why does it increase in value? I read that MtGox.com will start trading LTC this month. Is this true? If so, why? What is the use of Litecoin and other copycat P2P currencies when we already have bitcoin?
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pro
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April 03, 2013, 01:38:56 AM
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because everybody want to get rich, and tought they missed out the bitcoin -buy in

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April 03, 2013, 01:44:45 AM
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because everybody want to get rich, and tought they missed out the bitcoin -buy in

Basically this.

But we know it's true.  Bitcoin will have competition, and the more people you get to buy these coins, the higher the price.

Ignoring human greed, this is a good thing.  The more people hop on board, the greater the odds that Bob will accept those coins at his shop.  It's like cancer Smiley

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April 03, 2013, 01:46:27 AM
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All of the existing "competitors" are just Bitcoin's code with trivial modifications. Their prices are supported entirely by speculation: some people think that these altcoins will increase in value just like Bitcoin did. However, Bitcoin has 4 years of inertia. Any altcoin that doesn't have huge improvements over Bitcoin (likely with totally different code) is no competition at all.

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I read that MtGox.com will start trading LTC this month.

They announced that on April 1st...

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bitbit
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April 03, 2013, 02:10:13 AM
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They announced that on April 1st...

So it's just a joke?
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April 03, 2013, 02:16:16 AM
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maby, nobody knows till it really happen or not. but be sure if mtgox suport ltc, we will see a 10$ ltc soon

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April 03, 2013, 02:33:27 AM
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because everybody want to get rich, and tought they missed out the bitcoin -buy in

That is how it seems to me as well.  Although BTC are still increasing in value fairly rapidly.  Just a few days ago when I set up my first wallet the value of a bitcoin was about $90 USD.  Now it's over $110 USD.  I doubt this rate is sustainable (and I hope it doesn't continue on actually for stability reasons) but it indicates there is still money to be made by speculators.
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April 03, 2013, 02:49:50 AM
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There are lots of people that don't know about bitcoins, so I imagine that the demand will keep going up as more people discover the currency.

My Game Dev Portfolio:  http://www.nejuf.net
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April 03, 2013, 03:38:52 AM
 #9

Why does it increase in value? I read that MtGox.com will start trading LTC this month. Is this true? If so, why? What is the use of Litecoin and other copycat P2P currencies when we already have bitcoin?

Yes, it increased as people think they might miss the bandwagon.
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April 03, 2013, 03:49:13 AM
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Litecoin is actually different. The main reason you're hearing about it is because it uses a different mining algorithm from Bitcoin. This different algorithm makes it so GPUs are the most efficient hardware that will exist for mining for the forseeable future.

Scrypt is not FPGA or ASIC-friendly.

Since ASICs are now working on Bitcoin, GPUs are shifting to where they will be profitable for some time. This is why people are building rigs for Litecoin and Litecoin's price has spiked up. See, it all starts with the miners and we're set to have more individual miners in Litecoin than Bitcoin ever counted.

On competition, I don't actually see Litecoin as a competitor to Bitcoin. It can be a way to hedge. It can be a training ground for Bitcoin miners. Or maybe it'll be the first altcoin to show that altcoins can and will succeed if they offer value to a significant number of people.

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April 03, 2013, 05:26:00 AM
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Scrypt is not FPGA or ASIC-friendly.


Well, until ASICs built specifically for litecoin are created, anyway. If litecoin gains enough value, ASICs will be created to mine them, and will kill CPU/GPU/FPGA mining.
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April 03, 2013, 05:55:53 AM
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All of the existing "competitors" are just Bitcoin's code with trivial modifications. Their prices are supported entirely by speculation: some people think that these altcoins will increase in value just like Bitcoin did. However, Bitcoin has 4 years of inertia. Any altcoin that doesn't have huge improvements over Bitcoin (likely with totally different code) is no competition at all.

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I read that MtGox.com will start trading LTC this month.

They announced that on April 1st...

Bytecoin is exactly like bitcoin, only without the 3 million hoarded bitcoins satoshi mined. We can be in peace because we have no fear of him dumping his massive coins on the market. that alone is a huge advantage over the current bitcoin. Miners are voting with thier cpu power and the only people who will lose at the end are those who invested in heavy mining gear such as ASICs etc.
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April 03, 2013, 05:57:50 AM
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Litecoin and Bytecoin et al are the retarded inbred children of Bitcoin
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April 03, 2013, 06:02:15 AM
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Litecoin and Bytecoin et al are the retarded inbred children of Bitcoin

Maybe. But i Hope they will raise up so there is a real financial system of cryptocoins at the end
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April 03, 2013, 06:08:46 AM
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Litecoin and Bytecoin et al are the retarded inbred children of Bitcoin

Maybe. But i Hope they will raise up so there is a real financial system of cryptocoins at the end
No, Litecoins and Bytecoins and crap like that are no different than Bitcoins except for some retarded inbred mutations. like Litecoin having 4 times the amount or some bullcrap trivial thing like that

A real seperate cryptocoin/p2p coin would work differently than Bitcoin altogether and isn't based on the same code core
bitbit
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April 03, 2013, 12:55:30 PM
 #16

I regard Litecoin a parasitic copycat currency. Why would the Bitcoin community welcome it?
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