Litecoin time to shine, now that Bitcoin bottomed...

[The Koolio]

Wanted to see what peoples thoughts were on this. After todays crash of almost $500 million on BTC i was thinking this is Litecoin's time to shine. We all know when it comes to technicals that LTC surpasses that of BTC, and maybe the community should back the currency more. Ive often said that I dont agree with the current LTC price due to services, so now is it time for more shops and places to accept it? By having BTC lowered in price it should give a more of a level playing field for LTC to do its magic... What do you guys think?

[Praxis]

What do you guys think?

I think you have a lot of LTC. 

[GForce]

You should send me some, I'm pretty much broke

[The Koolio]

Lol im not going to lie, I do hold a few, but my argument has always been for the Litecoin community to muck together and help make it the main coin. Bitcoin introduced cryptocurrencies to the world, I think now Litecoin should take advantage

[ChanceCoats123]

Maybe I'm naive, but why is litecoin 'better'?

[Benny1985]

Maybe I'm naive, but why is litecoin 'better'?

Confirmation rate.

It takes 10 minutes for any transaction to be confirmed on Bitcoin. For Litecoin, its 2.5 minutes (and 4x more coins are being produced because of that).

So if you're a fast-paced business, LTC is far more lucrative.

[mr_random]

Maybe I'm naive, but why is litecoin 'better'?

+ Fairer mining.

[ChanceCoats123]

So if 'litecoin is the future,' what happens if the network hash rate increases such that blocks are solved every, say 30 seconds and due to slow connections, or long distances, nodes start to fall behind? The makes the point of the public block chain useless, does it not? After all, the point of the block chain being public is how the network and all transactions there in remain secure.

And could you explain fairer mining? Because it's GPU and CPU only at this point?

[mebezac]

So if 'litecoin is the future,' what happens if the network hash rate increases such that blocks are solved every, say 30 seconds and due to slow connections, or long distances, nodes start to fall behind? The makes the point of the public block chain useless, does it not? After all, the point of the block chain being public is how the network and all transactions there in remain secure.

And could you explain fairer mining? Because it's GPU and CPU only at this point?

First let me put out there that I don't think litecoin "technically surpasses" bitcoin. It's different, that doesn't make it better. I think the two could exist in a very healthy economy.

Second, that problem can't happen except for a very short time, because litecoin, like pretty much all other cryptos, has difficulty adjustment so that the average time to solve blocks stays the same. So, after ever 2016 blocks, the difficulty adjusts to average out the block time to 2.5 minutes.

[Vuxil]

If anything, I think the bitcoin "crash" (imo it is still doing very successfully) shows that the cryptocurrency community should pick a few different coins and embrace them as mainstream. My picks are LTC and PPC, as LTC seems to already be quite established and PPC is a very interesting spin on BTC and offers some potential advantages that can really be very beneficial in the future.

[ChanceCoats123]

Okay, that sounds better. I actually know a fair bit about Litecoin (so I know the difficulty retarget would keep that block issue from happening, but it would be an inconvenience at best), but I wanted to see their reasoning behind LTC being better. I happen to agree that each has their pro's and con's, with no coin really being superior.

I feel like a few currencies in place is a great idea so that ALL of the issues can be ironed out by one coin if the other does not properly address said problem.

[Peleus]

Maybe I'm naive, but why is litecoin 'better'?

+ Fairer mining.

Rubbish

[CoinHoarder]

Maybe I'm naive, but why is litecoin 'better'?

+ Fairer mining.

Rubbish

Not completely rubbish.

He is referring to the fact that you don't need to spend an exorbitant amount of money on custom hardware like you have to do now with Bitcoin mining (ASICs.)

Anyone with a GPU can more profitably mine LTC, meaning it has easier access to the masses (EVERYONE has a GPU in their computer.)

This may change one day, but for now everyone has equal footing, making it fairer.

[Vuxil]

Tbh ASICs will hit economies of scale and then everyone will have one. It's just short-term scarcity driving up the price. Plus, it's naive to think people won't make machines optimized to mine scrypt when there's enough incentive to do so

[Peleus]

Maybe I'm naive, but why is litecoin 'better'?

+ Fairer mining.

Rubbish

Not completely rubbish.

He is referring to the fact that you don't need to spend an exorbitant amount of money on custom hardware like you have to do now with Bitcoin mining (ASICs.)

Anyone with a GPU can more profitably mine LTC, meaning it has easier access to the masses (EVERYONE has a GPU in their computer.)

This may change one day, but for now everyone has equal footing, making it fairer.

It's easier, that doesn't make it 'fairer'. Besides that it's simply a reflection of where the technological process is in Litecoin mining. There is nothing stopping ASICs etc coming into LTC when it's worthwhile, just as they did for BTC. There is no inherent advantage in Litecoin's protocol that makes mining 'fairer' apart from the fact it's new so there aren't many people getting into it yet.

I could start a new coin tomorrow exactly the same as Litecoin and by your logic it would be 'fairer' than Litecoin because more people are aware of cryptocurrencies.

[CoinHoarder]

Tbh ASICs will hit economies of scale and then everyone will have one. It's just short-term scarcity driving up the price. Plus, it's naive to think people won't make machines optimized to mine scrypt when there's enough incentive to do so

I believe ASICs will come to Litecoin, and I addressed that in my post...

"This may change one day, but for now everyone has equal footing, making it fairer."

It's easier, that doesn't make it 'fairer'. Besides that it's simply a reflection of where the technological process is in Litecoin mining. There is nothing stopping ASICs etc coming into LTC when it's worthwhile, just as they did for BTC. There is no inherent advantage in Litecoin's protocol that makes mining 'fairer' apart from the fact it's new so there aren't many people getting into it yet.

I could start a new coin tomorrow exactly the same as Litecoin and by your logic it would be 'fairer' than Litecoin because more people are aware of cryptocurrencies.

You are misinterpreting my post. "This may change one day"

I realize FPGAs and ASICs will come to LTC one day. But, RIGHT NOW, you have to admit it is fairer than bitcoin mining (we are talking about bitcoin mining fairness vs ltc mining fairness, not some random ALT you create tomorrow like you suggest at the end of your post).

"There is no inherent advantage in Litecoin's protocol that makes mining 'fairer' apart from the fact it's new so there aren't many people getting into it yet."

It is not fairer because it's new so there aren't many people getting into it yet. It is fairer because no investment in special equipment is needed and ANYONE with a computer can mine litecoins profitably. Whereas as soon as batch 2/3 Avalons hit, you will need to buy custom hardware to mine BTC profitably. All ALT coins (minus the ones based on sha256) share this benefit for the time being.

[DeathAndTaxes]

*sigh* Idiots. ASICs are not going to do to Litecoin what they did to Bitcoin. Learn something about scrypt.

"Scrypt" or "Scrypt intentionally weakened by poor parameter selection by the authors of Litecoin".  You do no know that the parameters used in Litecoin make it about 14,000x less memory hard than even the low security (real-time) option recommended by the author of scrypt.  An LTC ASIC is more than possible and the scrypt whitepaper provides the analysis.  Litecoin "could" have been made highly ASIC (and GPU) resistant but wasn't.  The only question is ... why?

[Peleus]

Tbh ASICs will hit economies of scale and then everyone will have one. It's just short-term scarcity driving up the price. Plus, it's naive to think people won't make machines optimized to mine scrypt when there's enough incentive to do so

I believe ASICs will come to Litecoin, and I addressed that in my post...

"This may change one day, but for now everyone has equal footing, making it fairer."

It's easier, that doesn't make it 'fairer'. Besides that it's simply a reflection of where the technological process is in Litecoin mining. There is nothing stopping ASICs etc coming into LTC when it's worthwhile, just as they did for BTC. There is no inherent advantage in Litecoin's protocol that makes mining 'fairer' apart from the fact it's new so there aren't many people getting into it yet.

I could start a new coin tomorrow exactly the same as Litecoin and by your logic it would be 'fairer' than Litecoin because more people are aware of cryptocurrencies.

You are misinterpreting my post. "This may change one day"

I realize FPGAs and ASICs will come to LTC one day. But, RIGHT NOW, you have to admit it is fairer than bitcoin mining (we are talking about bitcoin mining fairness vs ltc mining fairness, not some random ALT you create tomorrow like you suggest at the end of your post).

"There is no inherent advantage in Litecoin's protocol that makes mining 'fairer' apart from the fact it's new so there aren't many people getting into it yet."

It is not fairer because it's new so there aren't many people getting into it yet. It is fairer because no investment in special equipment is needed and ANYONE with a computer can mine litecoins profitably. Whereas as soon as batch 2/3 Avalons hit, you will need to buy custom hardware to mine BTC profitably. All ALT coins (minus the ones based on sha256) share this benefit for the time being.

Again. Rubbish. Bitcoins have the same "special equipment requirement" in ASICs over GPUs as Litecoin has with GPUs over CPUs. "You will need to buy custom hardware to mine BTC profitably" could be said in exactly the same way about Litecoins. "You will need to buy GPU hardware to mine LTC profitably over CPUs". You're only deeming it 'fair' because you happen to have GPU's where as you don't have an ASIC. Any notion of fairness is bullshit.

*sigh* Idiots. ASICs are not going to do to Litecoin what they did to Bitcoin. Learn something about scrypt.

You're the idiot if you don't think ASICs will do exactly the same to LTC as they did to BTC if LTC becomes big enough. Yes scrypt is hugely more memory intensive. What people seemingly fail to realize is the number of hashes / second you get is irrelevant. The ONLY thing that matters is how big of a slice of the total hashrate pie you have. An ASIC doing 60 GH/s in a 5 TH/s network is exactly the same as an ASIC doing a "slower" 60 MH/s in a 5 GH/s network, assuming reward and price of the coin is the same. Scrypt is irrelevant apart from the fact that to get specalised hardware it needs to be designed again.

[elvisrene]

lite coin will rise but in my believe there will be asic for litecoin to one day so. 

[Bogart]

https://bitcointalk.org/index.php?topic=171797.0