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Author Topic: Why Litecoin?  (Read 6238 times)
tonto (OP)
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April 04, 2013, 01:34:01 PM
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So I realize there are some other forks of bitcoin, but I occasionally see people trying to throw litecoin into a bitcoin conversation with the public, and that only further confuses folks away from getting into bitcoin.   I think if we want any of these to "win" (as in go mainstream), I think we should just focus on the one (bitcoin).
 
Also, some of my own minor ignorance, but why litecoin?  What purpose does it serve, right now, other than seemingly a competing coin? 
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April 04, 2013, 01:36:53 PM
 #2

Litecoin is silver to bitcoin's gold. It can be mined without fear of ASICs.

I still think the current price is a bubble, though, and I was lucky enough to have bought in below BTC0,005 and turn a fair profit in the recent two rallies (could've made even more in the latest rally had I been greedier, however!).

Litecoin is also a good hedge against bitcoin without having to buy fiat. For me, that's been its killer app, though you can actually buy stuff with Ł too.

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April 04, 2013, 01:40:50 PM
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Litecoin is not silver to bitcoin gold.  Silver is silver because it has other properties of gold.  There are no advantageous characteristics of litecoin to bitcoin.  Litecoin was created when some individuals felt that they missed out on the early mining opportunity of bitcoin and its still hanging around. 
mccorvic
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April 04, 2013, 01:41:21 PM
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Litecoin is not silver to bitcoin gold.  Silver is silver because it has other properties of gold.  There are no advantageous characteristics of litecoin to bitcoin.  Litecoin was created when some individuals felt that they missed out on the early mining opportunity of bitcoin and its still hanging around. 

This is exactly right. 

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tonto (OP)
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April 04, 2013, 01:46:32 PM
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yeah I wondered if it was one of those folks who missed out on the early days of CPU mining... like me.  Smiley  But rather than worrying about a competing coin, I pulled myself up by the bootstraps and embraced that we were (are?) still in the early adoption phase. Smiley
 
So are the people still into litecoin trading hoping that it'll take off?  Can it be mined in conjunction with (beside/on top) of my bitcoin mining w/out harming my bitcoin hash rate?   If so I might mine it to trade for bitcoin, but that'd be the only reason.
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April 04, 2013, 01:48:09 PM
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It's clear that bitcoin derives value from utility.  None of the coins provide clear advantages in terms of utility accept maybe the proof-of-stake coins.... and even that is untested in scale.  This conversation belongs in alt coins.

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April 04, 2013, 01:49:35 PM
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http://www.reddit.com/r/Bitcoin/comments/1bcr1s/why_is_difficulty_set_to_10_minutes_per_block_why/

This is why we have 10  minute confirmation times.
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April 04, 2013, 01:50:07 PM
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So are the people still into litecoin trading hoping that it'll take off? 

The only logic you will find from litecoin users is that since there are 4 times as many litecoins they should be worth 1/4 a bitcoin.  Nothing beyond that.  It's really dumb.

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April 04, 2013, 01:50:51 PM
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Also, some of my own minor ignorance, but why litecoin?
Because it's not just another "me-too" bitcoin clone started by people who missed out on mining when it started Smiley

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tonto (OP)
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April 04, 2013, 01:59:52 PM
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Well I'm annoyed, I guess, because at a time where we should be pulling together, some asshat in a forum will pull out "litecoin" and then people get more confused.  I guess I'm looking for some information so that I can respond and retort in threads when that happens.
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April 04, 2013, 02:08:56 PM
 #11

Litecoin is not silver to bitcoin gold.  Silver is silver because it has other properties of gold.  There are no advantageous characteristics of litecoin to bitcoin.  Litecoin was created when some individuals felt that they missed out on the early mining opportunity of bitcoin and its still hanging around. 

says the person joined on February 01, 2013, 05:17:36 AM

different algorithm? faster confirmation times?

Show me solid proof of ur statements and I will listen... till then... educate yourself


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April 04, 2013, 02:16:10 PM
 #12

Litecoin is not silver to bitcoin gold.  Silver is silver because it has other properties of gold.  There are no advantageous characteristics of litecoin to bitcoin.  Litecoin was created when some individuals felt that they missed out on the early mining opportunity of bitcoin and its still hanging around. 

says the person joined on February 01, 2013, 05:17:36 AM

different algorithm? faster confirmation times?

Show me solid proof of ur statements and I will listen... till then... educate yourself



Faster confirmation time = less security, higher risk of forks.  It's "best" attribute it actually terrible.  Plus, jebus man, how many scam coins are you promoting?! You're the problem we're talking about here.

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April 04, 2013, 02:22:51 PM
 #13

Quote
Because it's not just another "me-too" bitcoin clone started by people who missed out on mining when it started
It actually is. Designed for miners, by miners Smiley
However if someone wants to mine them and someone else is willing to buy them... I'm okay with that.
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April 04, 2013, 02:39:22 PM
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Litecoin is not silver to bitcoin gold.  Silver is silver because it has other properties of gold.  There are no advantageous characteristics of litecoin to bitcoin.  Litecoin was created when some individuals felt that they missed out on the early mining opportunity of bitcoin and its still hanging around. 

says the person joined on February 01, 2013, 05:17:36 AM

different algorithm? faster confirmation times?

Show me solid proof of ur statements and I will listen... till then... educate yourself



Faster confirmation time = less security, higher risk of forks.  It's "best" attribute it actually terrible.  Plus, jebus man, how many scam coins are you promoting?! You're the problem we're talking about here.

Faster confirmation times means better real world application IMO... people should wait 6 confirmations for BTC... how long does that take?? who actually does this?? older people who have been scammed more in the past maybe, but Noobs who see the coins after 0 confirms may take this as read and sent, I go back to the buying a cup of coffee in a coffee shop the transaction needs to have cleared and been confirmed in the time it takes to make the coffee... or the seller will be waiting for the confirms before handing over the coffee...

But anyway my coins in my sig...

BTC well y not ?
LTC hedge ur bets, different algorithm, good community backing
PPC excellent Developer (sunnyKing) and offers Proof of Stake
NMC - actually offers something different again, .bit domain names
DEV - Ethical currency, supports open source development and as a developer i'm all for that
TRC - My own speculation here having had many chats with Crazy rabbit,  and opportunity to try making my own apps without feeling people have to risk their precious BTC if all goes wrong in my apps
FRC - Again added something different - demurrging so interested to see if that develops
BBQ - This was my plug a little while ago as a great coin to test solo mining on to see how to set up solo mining as was an unheard of coin by many and abandoned as was 51% attacked.

As a developer I am keen to support those coins that allow me to show support for other developers work and thought

Enough though... altcoin forum was a pleasent place to be not to long ago... the shear number of posts a day, and repeated posts means that people are not reading everything new, let alone reading the past conversations that have happened, I'm gonna leave u all to speculate as u see fit and do what u want.  All my thoughts are here in this forum on most coins, and I have better things to do than justify myself when only trying to help bring some insight into the madness that is unfolding.

I wonder if the aim of some is to spread FUD at such a time simply to keep the new joiners to the cryptoworld in the dark and missinformed. But we all entitled to our own opinions i suppose.

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April 04, 2013, 02:42:34 PM
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LTC has a trust issue with me.  It's website litecoin.org still has no real names listed on it.  Bitcoin.org has always had Gavin Andreson's name along with three others, not including Satoshi's.  Someone has pointed out that Coblee (who is the main programmer of LTC) is Charles Lee b/c he represented LTC at a 2013 conference.  If so, he should put his name on the litecoin website to get more credibility.  At least PPCoin has real names on their white paper and Sunny King (main programmer) is an active poster on bitcointalk, fielding questions and misinformed statements.

LTC was suppose to deter GPU's as well as ASIC's but GPU's are the dominant way of mining.  And ASIC-proof?  If LTC does continue to garner interest, an ASIC will easily pop up having the BTC manufacturers cut their teeth with BTC ASIC's.  Then where's the difference?  LTC could end up acting as counterfeit BTC.  Building a cryptocurrency based on deterring specific technology like GPU's and ASIC's to make mining easier defeats one of the founding premises of BTC -- that is, BTC's mining technology is based on the concept of Moore's Law.  BTC does not target specific technologies; only that processing speed will follow along the difficulty of solving the increasing blockchain size.
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April 04, 2013, 02:49:12 PM
 #16

Litecoin is not silver to bitcoin gold.  Silver is silver because it has other properties of gold.  There are no advantageous characteristics of litecoin to bitcoin.  Litecoin was created when some individuals felt that they missed out on the early mining opportunity of bitcoin and its still hanging around. 

says the person joined on February 01, 2013, 05:17:36 AM

different algorithm? faster confirmation times?

Show me solid proof of ur statements and I will listen... till then... educate yourself



I guess you equate involvement in and knowledge of bitcoin/cryptography/p2p networks, to the time on this forum and number posts.  If that's true, bitcoin and every other similar project is destined to fail.
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April 04, 2013, 02:54:37 PM
 #17

Itt massive butthurt from people who didn't buy at 6 cents.

Litecoin increase in value has been 70 fold while bitcoin is 14 fold over the past six months. The market speaks for itself.

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tonto (OP)
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April 04, 2013, 02:56:49 PM
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I wonder if the aim of some is to spread FUD at such a time simply to keep the new joiners to the cryptoworld in the dark and missinformed. But we all entitled to our own opinions i suppose.

This couldn't be further from the truth, my question was why keep throwing all these alt-coins in to the public (instead of keeping them here on these boards for mental masturbation and theoretical talk) since the public is what we want to legitimize, and the more options(?) they see, the more confusing and convoluted this whole thing (which is already confusing and convoluted to the general public) becomes.
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April 04, 2013, 02:59:16 PM
 #19

Litecoin is not silver to bitcoin gold.  Silver is silver because it has other properties of gold.  There are no advantageous characteristics of litecoin to bitcoin.  Litecoin was created when some individuals felt that they missed out on the early mining opportunity of bitcoin and its still hanging around. 

says the person joined on February 01, 2013, 05:17:36 AM

different algorithm? faster confirmation times?

Show me solid proof of ur statements and I will listen... till then... educate yourself



I guess you equate involvement in and knowledge of bitcoin/cryptography/p2p networks, to the time on this forum and number posts.  If that's true, bitcoin and every other similar project is destined to fail.

No... But i see ur post still failed to show me any evidence of ANY knowledge whatsoever??

looks like tacotime hit the nail on the head I think Smiley

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April 04, 2013, 03:02:09 PM
 #20

Tonto, I don't even care anymore for the dumb sheep that are still ignoring cryptocoins (btc, ltc, nmc and others): They're here, they work and they're ready to kick paypal's ass  Grin

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