BTC and LTC cartoon

[holy_cow]

I really like those political/economic cartoons edited for crpytocurrencies.  Here is my contribution.

https://i.imgur.com/BxZpwan.jpg

[Stampbit]

litecoin seems to be doing better, maybe that dirt road will turn into a runway before long.

[Hexadecibel]

litecoin seems to be doing better, maybe that dirt road will turn into a runway before long.

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."

[Numberless]

While I'm in the camp that's convinced that BTC is superior, if LTC's price increase is part of a pump and dump and Bitcoin isn't, what is the scenario that causes people to abandon LTC en masse?  Is it just the security risks waitingforpizza mentioned rearing their ugly head some time down the road?

[Hexadecibel]

While I'm in the camp that's convinced that BTC is superior, if LTC's price increase is part of a pump and dump and Bitcoin isn't, what is the scenario that causes people to abandon LTC en masse?  Is it just the security risks waitingforpizza mentioned rearing their ugly head some time down the road?

What will make people leave LTC en masse will be the next big alt chain. LTC is just the current flavor. I wouldn't even say that LTC's price increase is specifically due to pump and dump, so much as more people are learning about Bitcoin, and thus litecoin. Only Litecoin is inferior in regards to the above and offers nothing over bitcoin.

There are people in this forum who know this and ARE trying to promote LTC as a means to enrich themselves, whereas when we promote Bitcoin we are promoting economic freedom first and profiting second.

[Portnoy]

litecoin seems to be doing better, maybe that dirt road will turn into a runway before long.

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."

+1

[alexh]

If anyone got more keep em coming!

[paulk]

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.

This is all true, but you can say the same about the dollar and the euro. I mean the euro offers nothing fundamentally different than the dollar does. The Euro is sprouted so the ECB could control the money instead of the Federal Bank. It doesn't matter you payed out in Euros or Dollars, you can buy with both food.

Still people like to have some of currency x and some of currency y, because they are loosely coupled systems. A crash in Europe will not affect the dollar so much and at least offers some delay. I think therefore it is still preferable to have different currencies. LTC is not as strong as BTC, but it is a different system in the sense it has a different ecosystem than bitcoins. Even if the code base is largely the same, this still offers some advantages to consumers. They can spread there assets in both currencies.

Personally, I don't find LTC very interesting. I found PPC more interesting, because it has rather different principles, but I am still wrapping my head around the paper.

[Hexadecibel]

If anyone got more keep em coming!

I'd just like to say that I'm not against alternative crypto currencies in general. Truly, if an alternative crypto currency that came about that did one of the following:

1. Offered more security

2. Offered more anonymity

3. Offered more speed

And did so without drawbacks that Bitcoin could not implement itself, then yes I would consider it a valid alternative. That would be a competing Crypto Currency. Thats not whats out there now.

Bitcoin has Network Effect. More and more developers are adding their coding muscle to the Bitcoin open source project. Bitcoin continues to evolve and innovate whereas the current alt cryptos just copy the code and dork with inflation.

[Stampbit]

Thats a shame because the confirmation times really do make bitcoin a tough currency for businesses to accept. Perhaps some sort of escrow service for bitcoin would overcome this limitation.

[tobobit]

I really like those political/economic cartoons edited for crpytocurrencies.  Here is my contribution.

well played.

[BluesBrother]

Is there any dedicated thread for them? I like them to

[Hexadecibel]

Thats a shame because the confirmation times really do make bitcoin a tough currency for businesses to accept. Perhaps some sort of escrow service for bitcoin would overcome this limitation.

Look at green addresses

[Hexadecibel]

Is there any dedicated thread for them? I like them to

You can go hang out in the Alternate Crypto currencies forum with the rest of the trolls/suckers/scammers. Judging from your posts you fit at least two of those.

[BluesBrother]

Isn't this cartoon making fun of the alterantive currencies? What folly then to hang out there!

Now how can I be a sucker and a troll or a sucker and a scammer?
Either I am fucking with you or not, right?

Maybe I should draw a cartoon of for you!

http://i46.tinypic.com/35cqs5j.png


First try! Please be nice.

[ltcdice]

Cool cartoon.  However, I would pave the road though.  The recent price raise has not only fueled new development and support, but also turned the dirt road to an asphalt.

LTC is supported by many people here who have been involved in bitcoin from the beginning.  The goal was not to create something different, but create a bitcoin derivative which solved problems and potential problems that were observed by the developers in the bitcoin scene. ASICs are being one of these problems.

People are entitled to their choices and opinions.

I choose both.

[percival]

It's always good to have a backup

[WeTradeCoins]

Actually at the moment its more profitable to mine LTCs and simply trade them for BTCs...

[Hexadecibel]

Isn't this cartoon making fun of the alterantive currencies? What folly then to hang out there!

Now how can I be a sucker and a troll or a sucker and a scammer?
Either I am fucking with you or not, right?

Maybe I should draw a cartoon of for you!




First try! Please be nice.

Your troll-foo is weak.

[BluesBrother]

Guess which two one you are?

Btw:

My greed is better than yours.
Damn right it's better than yours.
I could teach you
But I'd have to charge!