Bitcoin vs Litecoin, where it's all headed...

[mg27341]

Well, I am not sure which of these two currencies will win out in the end. The levels as of today on 4/17/2013 at 02:45 (GMT) are:

BTC: 65
LTC: 1.80032
LTC/BTC ratio: 0.02777

The only thing staying relatively constant is the LTC/BTC ratio. Like it or not, it seems that the two are intertwined. I have a strong feeling that once the ASICs come out, BTC value will erode while litecoins will either stand still or perhaps go up as miners move out of BTC and move into alternative (bit)currencies. This also implies that the LTC/BTC ratio will increase, but perhaps matter less as bitcoins fall in value.

It would appear that more and more hash based currencies are popping up, but I think it is very unlikely that they will catch on primarily because there is little innovation. This is assuming that something new doesn't come along which pushes GPUs out of the picture. I think it would be very interesting if a currency came out that basically excluded GPUs, FPGAs and ASICs from the picture. Perhaps a variant on scrypt that used more memory than GPUs could muster.

Just my 0.000002 bitcoins worth.

Donations for my thoughts are always welcome:

LTC: LMfeJwB4RLMEhkCEzi7vawdCJVA5gLChYx
BTC: 162zC8bff81txGpP5U6WyHjbesDtNp1AqQ

[kellyhuta64]

sorry for ignorance, but can you explain the ASICS part?

tks

[dblink]

I am really thinking that LTC will increase in value vs BTC. The lack of viable FPGA or ASIC for scrypt will keep hashing more distributed, with a higher trust, and harder 51% attack.

[weterpallet]

Or at some point do you think they will all merge together to form a single currency? (Or is that not technically feasible)

[jimhsu]

I'm going with the ratio of market caps: http://dustcoin.com/mining

At the time of this post, 465155/11043350 ~ 0.04. Therefore, we would "appear" to be slightly undervalued LTC wise?

[mg27341]

sorry for ignorance, but can you explain the ASICS part?

tks

An ASIC is an "Application Specific Integrated Circuit" which is basically an integrated circuit (i.e., chip) that is built for a specific task. It is more specific than a general purpose CPU, more specific than a GPU, even more specific than even an FPGA (Field Programmable Gate Array) and basically the best you can do to solve a particular task using electronics that can fit on one chip (or set of chips).

The problem with ASICs is that if you want to change any part of how it performs its function, you have to create a new one. Therefore, companies often spend millions on the initial design/debugging prior to actually producing them, making the entire enterprise cost prohibitive for the average person (unlike FPGAs that can actually be purchased and programmed by a well versed individual).

I hope that clears things up for you.

Just my 0.000002 bitcoins worth.

Donations for my thoughts are always welcome:

LTC: LMfeJwB4RLMEhkCEzi7vawdCJVA5gLChYx
BTC: 162zC8bff81txGpP5U6WyHjbesDtNp1AqQ

[TheTick077]

I have been thinking on the same topic for a few days now (which is really the extent of my bitcoin thinking alltogether). I have debated back and forth on weather to mine Litecoin or Bitcoin. Right now I am mining Bitcoin, only because it is more mainstream. I am thinking about moving over, any suggestions on any changes I will need to make if I do make the transition?

[matthewdowns1128A1F5]

great explanations. thank you very much
as soon as I buy ltc, i'll make a small symbolic donation

[mg27341]

I have been thinking on the same topic for a few days now (which is really the extent of my bitcoin thinking alltogether). I have debated back and forth on weather to mine Litecoin or Bitcoin. Right now I am mining Bitcoin, only because it is more mainstream. I am thinking about moving over, any suggestions on any changes I will need to make if I do make the transition?

Well, all I can say is that at the moment LTC mining using a GPU more profitable. Whether this trend continues going forward is anybody's guess.

Just my 0.000002 bitcoins worth.

Donations for my thoughts are always welcome:

LTC: LMfeJwB4RLMEhkCEzi7vawdCJVA5gLChYx
BTC: 162zC8bff81txGpP5U6WyHjbesDtNp1AqQ

[dblink]

I have been thinking on the same topic for a few days now (which is really the extent of my bitcoin thinking alltogether). I have debated back and forth on weather to mine Litecoin or Bitcoin. Right now I am mining Bitcoin, only because it is more mainstream. I am thinking about moving over, any suggestions on any changes I will need to make if I do make the transition?

Right now mining LTC with similar hardware will get you about 1.4 times the profit, due to the difficulty. Then you can use BTC-E to convert LTC to BTC.

[TheTick077]

I have been thinking on the same topic for a few days now (which is really the extent of my bitcoin thinking alltogether). I have debated back and forth on weather to mine Litecoin or Bitcoin. Right now I am mining Bitcoin, only because it is more mainstream. I am thinking about moving over, any suggestions on any changes I will need to make if I do make the transition?

Right now mining LTC with similar hardware will get you about 1.4 times the profit, due to the difficulty. Then you can use BTC-E to convert LTC to BTC.

Hmmmm...So what do I need to do to get up and running on LTC mining? (BTW I am doing GPU mining at around 200 MH/s)

[mg27341]

Hmmmm...So what do I need to do to get up and running on LTC mining? (BTW I am doing GPU mining at around 200 MH/s)

Tell us which GPU (Nvidia or AMD) you are using and we'll help you out.

[dblink]

I have been thinking on the same topic for a few days now (which is really the extent of my bitcoin thinking alltogether). I have debated back and forth on weather to mine Litecoin or Bitcoin. Right now I am mining Bitcoin, only because it is more mainstream. I am thinking about moving over, any suggestions on any changes I will need to make if I do make the transition?

Right now mining LTC with similar hardware will get you about 1.4 times the profit, due to the difficulty. Then you can use BTC-E to convert LTC to BTC.

Hmmmm...So what do I need to do to get up and running on LTC mining? (BTW I am doing GPU mining at around 200 MH/s)

On the forums here there is a gui scrypt miner (LTC uses a different hashing algorithm) and just download it, and run it like you do GUI miner for BTC. I suggest give-me-ltc.com/ for a LTC pool.

[mg27341]

I second the choice of give-me-ltc.com for a pool. They do charge a 2% pool fee, but I've had nothing but good luck with them being (and paying) up. Basically, as soon as you accumulate 1 LTC, they deposit it to your address (sometimes within 2 hours of hitting 1 LTC, but they are reliable).

[TheTick077]

Hmmmm...So what do I need to do to get up and running on LTC mining? (BTW I am doing GPU mining at around 200 MH/s)

Tell us which GPU (Nvidia or AMD) you are using and we'll help you out.

It's a AMD 7770. Right now I am using bfgMiner, and am not afraid of CLIs. I do like the realtime data that it gives and all the options for fallback pools etc. Is there something like that for LTC?

[mg27341]

For AMD GPUs the best way to mine litecoins is CGMiner. Here is a link to a forum post with a link to the actual software:

https://bitcointalk.org/index.php?topic=28402.0

Just my 0.000002 bitcoins worth.

Donations for my thoughts are always welcome:

LTC: LMfeJwB4RLMEhkCEzi7vawdCJVA5gLChYx
BTC: 162zC8bff81txGpP5U6WyHjbesDtNp1AqQ

[TheTick077]

Hmmmm...So what do I need to do to get up and running on LTC mining? (BTW I am doing GPU mining at around 200 MH/s)

Tell us which GPU (Nvidia or AMD) you are using and we'll help you out.

It's a AMD 7770. Right now I am using bfgMiner, and am not afraid of CLIs. I do like the realtime data that it gives and all the options for fallback pools etc. Is there something like that for LTC?

Looking through the feature list of bfgMiner, it looks like it has scrypt support. So do I just add the LTC pool like the BTC pools I added?

[jimhsu]

For AMD GPUs the best way to mine litecoins is CGMiner. Here is a link to a forum post with a link to the actual software:

https://bitcointalk.org/index.php?topic=28402.0

Just my 0.000002 bitcoins worth.

Donations for my thoughts are always welcome:

LTC: LMfeJwB4RLMEhkCEzi7vawdCJVA5gLChYx
BTC: 162zC8bff81txGpP5U6WyHjbesDtNp1AqQ

In mine experience reaper works equally well or better...? At least for 7xxx

[bryankfurw05]

i've tryed it and is ok

[mg27341]

LOL, someone just sent me a 0.00000005 BTC donation. I had to use the mouse to count the zeroes, there were so many of them. Who knows, in another 10^33 years I might be able to buy a mouse pad.

Just my 0.000002 bitcoins worth.

Donations for my thoughts are always welcome:

LTC: LMfeJwB4RLMEhkCEzi7vawdCJVA5gLChYx
BTC: 162zC8bff81txGpP5U6WyHjbesDtNp1AqQ