User Luke-Jr claims Litecoin is a "quick pump and dump scheme" on Wikipedia

[Brunic]

Luke is right. The only reason people buy it is to make a profit off how volatile it is. Don't kid yourself in thinking it is as good as bitcoin. Think in terms of all of the COD clones, did they ever actually succeed in being the new popular game? No, because they brought nothing substantially new to the table. COD always won over the market, just like bitcoin does and will.

Agreed. I encourage people to mine LTC if it's profitable for them to do so, but it's sad that some people are actually investing in Litecoin. Litecoin and other near-exact Bitcoin clones have no chance of going anywhere, and it's a tragedy that people are spending time on them rather than Bitcoin or an altcoin that actually improves significantly on Bitcoin. There are so many interesting things that an altcoin could do, but people waste time on these tiny Bitcoin modifications...

They are simply different versions of the same concept of crypto-currency. Neither coin is "better", they are simply experiment with a different approach. You can't experiment if you're afraid of trying different things. Who knows what the results may be?

Also, some people have a warped sense of "free market" around here. It seems that free market is only good when you use Bitcoin. When (free) people decides to use Litecoin, now the concept of free market is bad and hurting Bitcoin? I think it's time for regulations to protect Bitcoin I suppose...

The only people wasting their time around here are those attacking the work of others.

[aa]

Luke-Jr may be right. Why not? Litecoin is quite similar to Bitcoin and brings nearly nothing new.

BitCoin - Money
LiteCoin - Photocopied paper

Except ASIC resistance, faster confirmations, better security too, I hear. You're an idiot.

+ ASIC resistance: --> so what? You lose to ASIC guys. No problem. You are out, someone in. Nothing bad.
+ faster confirmations: --> more network activity and bandwidth. Do you know that?
+ better security: --> how do you know it? Have you ever hacked or exploited a vulnerability of BitCoin? Are you kidding?

That, and there's no such thing as ASIC resistance, sure it will be somewhat less efficient (more expensive and complex to build), but still very possible and profitable, if any of these alt-coins ever get the valuation that bitcoin has now, ASIC's will be developed just as with bitcoin, probably even faster because we've all been there.

Do you know what "resistance" means? Try looking that up before you make yourself look like an idiot--again.

[aantonop]

Luke-jr is one of the people controlling the Press Center and advocating against Matonis for being too "radical".

These people are making Press Relations decisions.

Wake up and smell the takeover. They (luke-jr, gmaxwell and jgarzik) think they are much much more than developers, they lord over bitcoin.org and make PR decisions now.

Clueless and dangerous

[darkmule]

I personally don't care much for Litecoin, and probably won't have much if anything to do with it.  I think it might have a future, but I wouldn't be surprised to see it go belly-up either.  If any of the altcoins has any legitimacy, though, it is Litecoin, maybe Namecoin, maybe one or two others that have some purpose for exhisting.

I am a lot more suspicious of the proliferation of bullshit me-too-coins (BBQcoin I'm looking at you) that basically have no purpose or reason for existence.

That's a lot different than them being a scam.  Luke-Jr has no evidence whatsoever that Litecoin is actually a scam and is basically libeling anyone who participates in it.  Based on nothing.  At least if I say Luke-Jr is a scammer, I have plenty of evidence in the betsofbitco.in thread where he blatantly helped them rig a bet to help them steal money.  So he has no business calling anyone else a scammer.

[cdog]

it's sad that some people are actually investing in Litecoin. Litecoin and other near-exact Bitcoin clones have no chance of going anywhere, and it's a tragedy that people are spending time on them rather than Bitcoin or an altcoin that actually improves significantly on Bitcoin.

Really? Really?

You dont think Litecoin significantly improves upon Bitcoin, even though its a lot faster, easier to mine, and is orders of magnitude more secure?

OK fine, you can have your opinion, we are all entitled to one. But dont forget, a lot of the most ardent LTC adopters have been BTC supporters for years and are happy to support a new currency while they continue to support Bitcoin.

The worst argument against LTC is that by somehow supporting both currencies, you are somehow detracting from Bitcoin. Thats patently ridiculous. Its like saying, because you like Vanilla, you are Anti-Chocolate. You know what kind of ice cream I like? A Neapolitan - its a blend of vanilla, chocolate, and strawberry. I hold stock from Apple, Microsoft, and Google.

Right now, in my view, there is no real Strawberry in the cryptocurrency world, but its pretty damn clear what Chocolate and Vanilla are. When a lightspeed Taco flavored currency is released onto the market, I will be the first to support it. But Im not interested in pyramid schemes, scams, pump-n-dumps, or flavors of the week - and Im sure many of you know what coins Im referring to.

Litecoin has no chance of going anywhere? O rly? RLY? Then how do you explain how Ive made more mining and investing in LTC than most working stiffs make in a year? Im investing in the infrastructure and starting a business that accepts Litecoins. Im trading them for fiat which Im spending at local businesses while I explain to them the benefits of cryptocurrency and why they should accept BTC and LTC.

Dont be be bitter than you wrote off Litecoin as some second class citizen. Its easily earned its place as the silver to Bitcoins gold. If you cant see that reality yourself, you have your eyes wide shut.

[digitalindustry]

Luke is right. The only reason people buy it is to make a profit off how volatile it is. Don't kid yourself in thinking it is as good as bitcoin. Think in terms of all of the COD clones, did they ever actually succeed in being the new popular game? No, because they brought nothing substantially new to the table. COD always won over the market, just like bitcoin does and will.

The god thing is: No one cares what you think. Or what I think. The market has no emotions, but is always right.

In 10 years from now we all know more 

+1

[digitalindustry]

he's really just making a fool of himself -

I read the section where he/she claimed that Scrypt is actually more prone to specific devices such as FPGA or ASIC, then when ask for an explanation/reference he asked for a reference as to why Scrypt was a feature? ?

and offered no further information ?

Although no professional but from what i have learned about the Salsa core function - the speed/cost $/# multiple is maybe 6X (maybe) even with an ASIC -

But then that would rely on getting the Memory on the board - and the latest memory.

The latest GPU cards (HD7970 etc) have DDR5 cutting edge transfer rates - and that is certainly part of the key to Scrypt Slasa function # speed on these GPU's

- so he probably should have tried to break that argument down in some way - but instead he essentially said - " I have no credibility " -

re-posted.

[digitalindustry]

Not 'somewhat less efficient', a LOT less efficient. Of course, had Litecoin used smarter scrypt parameters, they could have done it better...

I hope someone does and soon , it will be a further part of the evolution .

but I think trying to pack DDR5 RAM on an ASIC board will hold people up for a little while $/# wise.

[Bogart]

We can discuss Luke-Jr till the end of eternity but this will change nothing in his behavior. He does only what voices in his head say.

You mean his imaginary friend?

I hear they're prescribing tinfoil for that a lot these days.

I've been looking into gold foil myself...

[willphase]

Luke-Jr has a right to his opinions. He must genuinely believe what he says, because in fact, if he was just doing it for the profit, he would be encouraging people to move to litecoin - right now around 25-30% of the BTC mining population are GPU people, so the more of those that move to LTC mining, the lower the BTC difficulty gets and the more BTC he mines on his BFL Jalapeno.

I feel somewhat wary when expressing any opinion on the bitcointalk forums because I know it will be ripped to shreds by the voracious masses, nevertheless - my personal opinion is that the improvements in security and speed of confirmation is not enough benefit to outweigh the fact that litecoin's main weakness is that it is a lot easier to mine from a botnet, thus meaning that cryptocurrencies as a whole will get a load of negative press when the anti-malware industry starts blogging about litecoin bots (and there will be a TON of them).  Satoshi always said that he thought the future of bitcoin would be that it would move from most mining nodes being powerful 'farms' (I could probably find

At equilibrium size, many nodes will be server farms with one or two network nodes that feed the rest of the farm over a LAN.

Another overarching issue I have with litecoin (and in fact all alt-coins) is that I can't help but think they are created by people who feel that they 'missed the boat' on bitcoin.  I see the real benefits of bitcoin coming along when all the coins have been mined and it's used as a payment system - mining is such a small part of bitcoin, it happened to be the way that satoshi decided to distribute the coins (c.f. the way opencoin decided to distribute XRP, which is probably less fair, but they had to come up with something since they didn't want to support it through mining) and I think it's a very fair/inventive way of doing it.

On the subject of alt-coins, I think ppcoin/novacoin (depending on your view on the whole botnet issue) has some really interesting ideas with the proof of stake rather than proof of work - I'll put my line in the sand here in this post by saying it probably has the most potential (other than BTC - which will be successful due to adoption and Ripple - which will be successful due to the money/VC behind it) to be successful in the long term.

Anyway, now I'm rambling.  But my point is that you should respect Luke's opinions just as much as everyone else's - how about trying to come up with arguments why you disagree with him rather than ad hominem attacks.

Will (always regrets posting on this forum)

[digicoin]

Another overarching issue I have with litecoin (and in fact all alt-coins) is that I can't help but think they are created by people who feel that they 'missed the boat' on bitcoin. 

Couldn't agree more. You said the truth

In the real world, guys who want to get rich fast can make and distribute counterfeit money
In network connected world, guys who want to get rich fast can copy BitCoin without adding any real value to it and start mining

That's why I really respect the guy who creates PPCoin.

[El Cabron]

Luke is right. The only reason people buy it is to make a profit off how volatile it is. Don't kid yourself in thinking it is as good as bitcoin. Think in terms of all of the COD clones, did they ever actually succeed in being the new popular game? No, because they brought nothing substantially new to the table. COD always won over the market, just like bitcoin does and will.

Agreed. I encourage people to mine LTC if it's profitable for them to do so, but it's sad that some people are actually investing in Litecoin. Litecoin and other near-exact Bitcoin clones have no chance of going anywhere, and it's a tragedy that people are spending time on them rather than Bitcoin or an altcoin that actually improves significantly on Bitcoin. There are so many interesting things that an altcoin could do, but people waste time on these tiny Bitcoin modifications...

They are simply different versions of the same concept of crypto-currency. Neither coin is "better", they are simply experiment with a different approach. You can't experiment if you're afraid of trying different things. Who knows what the results may be?

Also, some people have a warped sense of "free market" around here. It seems that free market is only good when you use Bitcoin. When (free) people decides to use Litecoin, now the concept of free market is bad and hurting Bitcoin? I think it's time for regulations to protect Bitcoin I suppose...

The only people wasting their time around here are those attacking the work of others.

this plus 1 so much.

People who are only BTC and hate all other crypto coins are just BTC fan boy. They are only in it for the name brand, not the ideas behind it.

Luke Jr and Theymos will soon be calling for regulations on what crypto coin can be traded? Will they go to the govt and try to stop Mt. Gox from listing LTC as they have publicly said they would do? Wil they ask the govt to use violence to stop the free market and protect BTC's failing market share?

Man these guys are so but hurt it is not even funny.  

Free market for the win! Cryto coins for the win!

Don't be a hater guys, if you truly understand the ideas behind crypto coins you will not try to attack them.



Edit: I hope this never happens but if BTC breaks or has a hard fork and we all are forced to use LTC I will lol so hard at people like theymos. At least Luke-Jr has held LTCs for almost a year.

[digitalindustry]

https://bitcointalk.org/index.php?topic=192401.0


that's all i want to say.

[-ck]

You dont think Litecoin significantly improves upon Bitcoin, even though its a lot faster, easier to mine, and is orders of magnitude more secure?

Sir, since I maintain the most used software that mines both, I strongly beg to differ on that point.

[romerun]

They all hate it because all the man hour is put into bitcoin, other coins just fork, adjust some params, or change a few algorithms, and compete with the original.

Maybe bitcoin needs a new license to prevent the clone from taking benefit from it.

[nathanrees19]

They all hate it because all the man hour is put into bitcoin, other coins just fork, adjust some params, or change a few algorithms, and compete with the original.

Maybe bitcoin needs a new license to prevent the clone from taking benefit from it.

Restrictive licensing? That'll improve adoption.

[kano]

Hypocritical of Luke-Jr hey Complaining about a clone ...

Though I do wonder about the thread title "quick"
It's been around for quite a while.
But Luke-Jr does have his own definition of words given to him directly by a priest or maybe even the pope ...

[nathanrees19]

Hypocritical of Luke-Jr hey Complaining about a clone ...

Though I do wonder about the thread title "quick"
It's been around for quite a while.
But Luke-Jr does have his own definition of words given to him directly by a priest or maybe even the pope ...

Perhaps compare the speed to that of the Catholic church accepting new ideas.

[Simran]

They all hate it because all the man hour is put into bitcoin, other coins just fork, adjust some params, or change a few algorithms, and compete with the original.

Maybe bitcoin needs a new license to prevent the clone from taking benefit from it.

That's the most retarded shit I've ever read. There's reasons why Bitcoin is open source.

Hypocritical of Luke-Jr hey Complaining about a clone ...

Though I do wonder about the thread title "quick"
It's been around for quite a while.
But Luke-Jr does have his own definition of words given to him directly by a priest or maybe even the pope ...

He's stuck in 2011.

Hypocritical of Luke-Jr hey Complaining about a clone ...

Though I do wonder about the thread title "quick"
It's been around for quite a while.
But Luke-Jr does have his own definition of words given to him directly by a priest or maybe even the pope ...

Perhaps compare the speed to that of the Catholic church accepting new ideas.

Indeed.

[El Cabron]

Luke is right. The only reason people buy it is to make a profit off how volatile it is. Don't kid yourself in thinking it is as good as bitcoin. Think in terms of all of the COD clones, did they ever actually succeed in being the new popular game? No, because they brought nothing substantially new to the table. COD always won over the market, just like bitcoin does and will.

Agreed. I encourage people to mine LTC if it's profitable for them to do so, but it's sad that some people are actually investing in Litecoin. Litecoin and other near-exact Bitcoin clones have no chance of going anywhere, and it's a tragedy that people are spending time on them rather than Bitcoin or an altcoin that actually improves significantly on Bitcoin. There are so many interesting things that an altcoin could do, but people waste time on these tiny Bitcoin modifications...

I'll just leave this here.

The free market remedy is the altcoin.

When the free market decides that the ownership of Bitcoins is too lopsided in a manner that is against the public interest, or that there are too many coins out there that are sitting idle, not circulating, and causing people anxiety... those people will start accepting altcoins for their goods and services and will potentially make the value of a Bitcoin plummet.  That should be an incentive for big/majority holders to make sure the coins start flowing.  I mean, this is why Bitcoin is succeeding...the people buying it are jumping, at least in a small part, out of the dollar and euro and perhaps even gold.

And by altcoins, I don't mean any specific altcoin.  In other words, it's not going to be a run to Litecoin.  If the masses start chanting that all old money needs to go down the toilet, they'll start accepting a brand new coin totally free of prior speculators.  The old money won't go to zero, it will just go down a lot and lose its "bubble air" as the speculators jump ship (probably a good thing for stability overall).

You'll have cryptocoin clients with plugins that allow entities to pick which coin they will and won't accept for whatever reason, so the overhead of businesses deciding to accept or not accept a new "whatever coin" will be trivial, especially if there are mostly automated tools and platforms for converting them to whatever asset the business really wants to hold or do their accounting in.

OK, I will admit, I've wandered into pure speculation territory myself.  It is at least plausible, however, I think.  I can't imagine people would want Bitcoin if one entity had a significant percentage of the total coins and was using it to disrupt the markets (presumably without concern for a loss of their own wealth).