Mt Gox announces Litecoin in letter(sorry if repost)

[mskryxz]

https://mtgox.com/pdf/20130424_ddos_statement_and_faq.pdf?1

Litecoins went trading over $3.50 as of now and it was around $3.15 this morning.

This is good news for litecoin miners or people switching from bitcoins to litecoins.

[redwraith]

I am really happy to hear this!   Thanks for the heads-up

[ex-trader]

This is terrible for Bitcoins.

The adoption for Bitcoins will be slowed if there is confusion with one or more competing currencies. Currencies are all about confidence, especially virtual ones since they are backed by nothing, mindless offerings of additional currencies detracts from the whole effort on virtual currencies and is just greed from those who missed the early stages of BTC hoping to catch another.

[Jackin Jill]

Where and how can litecoins be spent?

I'm torn. On one hand I agree that it is bad for bitcoin, but on the other hand, F@*% litecoin. Mt.Gox sees an opportunity to make profit. They don't really care if litecoin is useful or not. They only see profit.
Can litecoin be used to buy anything? Even close to the buying power of bitcoin? Unless that comes to fruition, I don't see any threat in litecoin. Speculation will end up driving the price up and down wildly, a lot of intelligent people will profit and the morons will lose their shirts.
Welcome to a free and open market. Especially where the only regulations are the exchange house rules.

[qwk]

Welcome to a free and open market.

This. A thousand times this.

Ponzicoin Litecoin may be the suckers miner's pump'n'dump, but who am I to judge?

Let the market decide what the support of Litecoin trading says about Gox.

[Jackin Jill]

Welcome to a free and open market.

Let the market decide what the support of Litecoin trading says about Gox.

Amen to that

[odolvlobo]

Welcome to a free and open market.

This. A thousand times this.

Ponzicoin Litecoin may be the suckers miner's pump'n'dump, but who am I to judge?

Let the market decide what the support of Litecoin trading says about Gox.

Sigh. Has the Bitcoin FUD now shifted to Litecoin? Is Litecoin going to have to endure the same FUD that Bitcoin has had to endure for the last couple years?

Please do some research before disrespecting things you know nothing about. I suggest starting here: http://forum.litecoin.net

[qwk]

Sigh. Has the Bitcoin FUD now shifted to Litecoin? Is Litecoin going to have to endure the same FUD that Bitcoin has had to endure for the last couple years?

Yes. Your cryptocurrency of the day wants to challenge Bitcoin?
It's going to have to go through exactly the same testing and poking.
I'm not going to start an argument about the benefits of Litecoin here.

I can see why people see sCrypt as superior.
I would even go so far as to wish for Bitcoin being based on that instead of sha.

But Litecoin is too little too late.
No real world benefits for anyone but GPU-miners. Period.

[Shawshank]

It is useless adding alt coins trading which offer no extra advantage to Bitcoin. Network security is based on focusing miners work in one solid cryptocurrency. If miners work gets diluted in several forks, the stability of the network can get compromised.

I feel I will shut down my Mt.Gox account if this happens.

[Jackin Jill]

It is useless adding alt coins trading which offer no extra advantage to Bitcoin. Network security is based on focusing miners work in one solid cryptocurrency. If miners work gets diluted in several forks, the stability of the network can get compromised.

I feel I will shut down my Mt.Gox account if this happens.

Ok, then send me your btc when you do.

As for living in reality, when high powered ASIC's are mainstream and the GPU's have gone to ltc, I want you to think long and hard about the life choices you made that got you to that point of regret.

Or are you one of those people who never accepts coins because it's a different kind of currency and doesn't fit in your wallet?

Do you lose sleep because you keep coins in the front of your pants and bills in the back?

You realize that at one point in human history, one person had eggs and another had grain. You could actually trade the eggs for grain. AND holy crap, you could even trade milk, for both!

get over yourself princess...

[Shawshank]

It is useless adding alt coins trading which offer no extra advantage to Bitcoin. Network security is based on focusing miners work in one solid cryptocurrency. If miners work gets diluted in several forks, the stability of the network can get compromised.

I feel I will shut down my Mt.Gox account if this happens.

Ok, then send me your btc when you do.

As for living in reality, when high powered ASIC's are mainstream and the GPU's have gone to ltc, I want you to think long and hard about the life choices you made that got you to that point of regret.

Or are you one of those people who never accepts coins because it's a different kind of currency and doesn't fit in your wallet?

Do you lose sleep because you keep coins in the front of your pants and bills in the back?

You realize that at one point in human history, one person had eggs and another had grain. You could actually trade the eggs for grain. AND holy crap, you could even trade milk, for both!

get over yourself princess...

I will happily keep my bitcoins.

Just saying I may trade them in some other exchange that doesn't foster diluting the work of miners in several forks.

[dg2010]

Just saying I may trade them in some other exchange that doesn't foster diluting the work of miners in several forks.

This is because you are uneducated on the subject of bitcoin mining.

Within 12 months GPU's will be completely unprofitable. ASICs will rule the Bitcoin world.

At which point many miners are gonna jump into LTC and mine that instead.

There is no dilution of the work because the ASICs will continue to grow the network.

[virtualmaster]

They are a lot of litecoin spammer and multiaccounter which reposts this message again and again in the hope that litecoin price will rise. But litecoin price is already  much over its market value and soon will crash together with its brother feathercoin.
Unfortunately Mt Gox is only interested in trading profit only no matter if cryptocurrencies will succeed or fail.

[abbyd]

This is terrible for Bitcoins.

The adoption for Bitcoins will be slowed if there is confusion with one or more competing currencies. Currencies are all about confidence, especially virtual ones since they are backed by nothing, mindless offerings of additional currencies detracts from the whole effort on virtual currencies and is just greed from those who missed the early stages of BTC hoping to catch another.

I don't understand such an attitude. When file sharing came along people didn't say "ZOMG kazaa is horrible for bittorrent".
I doubt that many people will buy Litecoins by accident, then scream about not being able to buy anything (which is false BTW).

Word of the day "diversification": http://en.wikipedia.org/wiki/Diversification_%28finance%29

[ManBearPig]

This is terrible for Bitcoins.

The adoption for Bitcoins will be slowed if there is confusion with one or more competing currencies. Currencies are all about confidence, especially virtual ones since they are backed by nothing, mindless offerings of additional currencies detracts from the whole effort on virtual currencies and is just greed from those who missed the early stages of BTC hoping to catch another.

I think (it's early days so my opinion isn't fully formed) I disagree with you.

Bitcoin must grow massively if it is to become a global transactional tool.

I envisage Litecoin acting as a layer between BTC and fiat offering faster confirmations and only needing to have a much smaller market cap.

Disclaimer: I mine Litecoins mostly for lulz - I don't expect them to be worth anything at all in a year's time.

[geoburke]

Amen to that.  My team's exchange Crypto Street will also trade litecoins but were planning to use only BTC-e to provide trading volume and liquidity.  It's really good to hear that MtGox is offering LTC so that we have a 2nd exchange to trade against.  Plus, it's always good when all the litecoins I've mined double in value :-)