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glon (OP)
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June 27, 2013, 10:28:57 PM |
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So a lot of GPU miners these days are saying it's time to jump ship to LTC. They say the pasture is greener over there in LTC land and you can get more profit by exchanging LTC for BTC, than just by mining BTC. Sounds like a plan, but can anyone explain why anyone in their right mind would use their BTC to buy the mined LTC? I mean why would anyone even need to buy LTC, in the first place? Are people really doing this or is it just some legend?
Honest question. Thanks!
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pontiacg5
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June 27, 2013, 10:36:06 PM |
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Sounds like a real great plan, all of us still mining btc with gpus should go mine litecoins. We'll all get rich!
It may be more profitable, slightly, right now, but if all remaining gpu miners switched to litecoin the difficulty would jump eating whatever extra profit you might have made.
It's possible that LTC could increase in value with so many people invested, or it could just tank.
Does that answer your question?
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Please DO NOT send me private messages asking for help setting up GPU miners. I will not respond!!!
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B. Tazed
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Activity: 28
Merit: 0
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June 27, 2013, 10:36:21 PM |
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So a lot of GPU miners these days are saying it's time to jump ship to LTC. They say the pasture is greener over there in LTC land and you can get more profit by exchanging LTC for BTC, than just by mining BTC. Sounds like a plan, but can anyone explain why anyone in their right mind would use their BTC to buy the mined LTC? I mean why would anyone even need to buy LTC, in the first place? Are people really doing this or is it just some legend?
Honest question. Thanks!
Some people dont have rigs to mine. |
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temor
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June 27, 2013, 10:37:32 PM |
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I use Bitcoins to buy Litecoins because I have too many Bitcoins and not enough Litecoins.
Pretty simple.
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craslovell
Legendary
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Activity: 1470
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June 27, 2013, 10:40:24 PM |
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I use Bitcoins to buy Litecoins because I have too many Bitcoins and not enough Litecoins.
Pretty simple.
There's no such thing as too many  |
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spider4
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June 27, 2013, 10:42:24 PM |
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Why people buy yuan, euro, ruble... when they can use dolar  |
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B. Tazed
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June 27, 2013, 10:43:31 PM |
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Why people buy yuan, euro, ruble... when they can use dolar How did this get here 3 posts  |
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escrow.ms
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Activity: 1274
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June 27, 2013, 10:46:53 PM |
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Why people buy yuan, euro, ruble... when they can use dolar How did this get here 3 posts Because He's "Jr. Member" and Forum permissions are based on ranks but ranks are not based on post counts now. |
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billionaire
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June 27, 2013, 10:48:46 PM |
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Every era has it's legends. Knight of the Round Table, Zorro, Paul Bunyan, ect. Today's day and age is far more mundane. Our legend is people buying mined LTC with their BTC.
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B. Tazed
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June 27, 2013, 10:49:03 PM |
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Why people buy yuan, euro, ruble... when they can use dolar How did this get here 3 posts Because He's "Jr. Member" and Forum permissions are based on ranks but ranks are not based on post counts now. Hmmm, great... |
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spider4
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June 27, 2013, 10:52:22 PM |
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Why people buy yuan, euro, ruble... when they can use dolar How did this get here 3 posts I don't see where is the problem your opinion is better becayse you have more posts, really? |
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lazydna
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June 27, 2013, 10:55:06 PM |
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So a lot of GPU miners these days are saying it's time to jump ship to LTC. They say the pasture is greener over there in LTC land and you can get more profit by exchanging LTC for BTC, than just by mining BTC. Sounds like a plan, but can anyone explain why anyone in their right mind would use their BTC to buy the mined LTC? I mean why would anyone even need to buy LTC, in the first place? Are people really doing this or is it just some legend?
Honest question. Thanks!
because a lot of BTC mining is from people with ASICS, they buy LTC to hedge their capital. Because they are so efficient at mining BTC, they can pick up more LTC then GPU miners through the exchange. this gives them a significant advantage if LTC were ever to rise in value. Sounds like a real great plan, all of us still mining btc with gpus should go mine litecoins. We'll all get rich!
It may be more profitable, slightly, right now, but if all remaining gpu miners switched to litecoin the difficulty would jump eating whatever extra profit you might have made.
It's possible that LTC could increase in value with so many people invested, or it could just tank.
Does that answer your question?
40% more profitable is not slightly better then mining BTC, it's significantly more profitable then BTC. And, by now almost all BTC GPU's have already switched over. |
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B. Tazed
Newbie
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Activity: 28
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June 27, 2013, 10:56:15 PM |
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Why people buy yuan, euro, ruble... when they can use dolar How did this get here 3 posts I don't see where is the problem your opinion is better becayse you have more posts, really? I didn't say that... But at least users can understand me because I know how to spell. |
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glon (OP)
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June 28, 2013, 05:28:20 AM |
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So a lot of GPU miners these days are saying it's time to jump ship to LTC. They say the pasture is greener over there in LTC land and you can get more profit by exchanging LTC for BTC, than just by mining BTC. Sounds like a plan, but can anyone explain why anyone in their right mind would use their BTC to buy the mined LTC? I mean why would anyone even need to buy LTC, in the first place? Are people really doing this or is it just some legend?
Honest question. Thanks!
because a lot of BTC mining is from people with ASICS, they buy LTC to hedge their capital. Because they are so efficient at mining BTC, they can pick up more LTC then GPU miners through the exchange. this gives them a significant advantage if LTC were ever to rise in value. Are you saying the only use of LTC is its possible future value, and these people are buying it in droves just because they are banking on it? Instead of outright liquidating their BTC? |
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FiiNALiZE
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June 28, 2013, 05:43:05 AM |
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So a lot of GPU miners these days are saying it's time to jump ship to LTC. They say the pasture is greener over there in LTC land and you can get more profit by exchanging LTC for BTC, than just by mining BTC. Sounds like a plan, but can anyone explain why anyone in their right mind would use their BTC to buy the mined LTC? I mean why would anyone even need to buy LTC, in the first place? Are people really doing this or is it just some legend?
Honest question. Thanks!
because a lot of BTC mining is from people with ASICS, they buy LTC to hedge their capital. Because they are so efficient at mining BTC, they can pick up more LTC then GPU miners through the exchange. this gives them a significant advantage if LTC were ever to rise in value. Are you saying the only use of LTC is its possible future value, and these people are buying it in droves just because they are banking on it? Instead of outright liquidating their BTC? Yes |
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glon (OP)
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June 28, 2013, 11:41:36 AM |
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So a lot of GPU miners these days are saying it's time to jump ship to LTC. They say the pasture is greener over there in LTC land and you can get more profit by exchanging LTC for BTC, than just by mining BTC. Sounds like a plan, but can anyone explain why anyone in their right mind would use their BTC to buy the mined LTC? I mean why would anyone even need to buy LTC, in the first place? Are people really doing this or is it just some legend?
Honest question. Thanks!
because a lot of BTC mining is from people with ASICS, they buy LTC to hedge their capital. Because they are so efficient at mining BTC, they can pick up more LTC then GPU miners through the exchange. this gives them a significant advantage if LTC were ever to rise in value. Are you saying the only use of LTC is its possible future value, and these people are buying it in droves just because they are banking on it? Instead of outright liquidating their BTC? Yes OK let me ask another way. By mining LTC (and hoping to sell it for BTC), I am pretty much relying on people to behave irrationally? |
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Mahn
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June 28, 2013, 12:36:28 PM |
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So a lot of GPU miners these days are saying it's time to jump ship to LTC. They say the pasture is greener over there in LTC land and you can get more profit by exchanging LTC for BTC, than just by mining BTC. Sounds like a plan, but can anyone explain why anyone in their right mind would use their BTC to buy the mined LTC? I mean why would anyone even need to buy LTC, in the first place? Are people really doing this or is it just some legend?
Honest question. Thanks!
because a lot of BTC mining is from people with ASICS, they buy LTC to hedge their capital. Because they are so efficient at mining BTC, they can pick up more LTC then GPU miners through the exchange. this gives them a significant advantage if LTC were ever to rise in value. Are you saying the only use of LTC is its possible future value, and these people are buying it in droves just because they are banking on it? Instead of outright liquidating their BTC? Yes OK let me ask another way. By mining LTC (and hoping to sell it for BTC), I am pretty much relying on people to behave irrationally? Just because you don't believe LTC has any other inherent value other than to exchange it for BTC, it doesn't mean the rest of the world is acting irrationally by selling BTC for LTC. That's just how you perceive it, not how everyone sees it. |
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glon (OP)
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June 28, 2013, 12:41:29 PM |
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So a lot of GPU miners these days are saying it's time to jump ship to LTC. They say the pasture is greener over there in LTC land and you can get more profit by exchanging LTC for BTC, than just by mining BTC. Sounds like a plan, but can anyone explain why anyone in their right mind would use their BTC to buy the mined LTC? I mean why would anyone even need to buy LTC, in the first place? Are people really doing this or is it just some legend?
Honest question. Thanks!
because a lot of BTC mining is from people with ASICS, they buy LTC to hedge their capital. Because they are so efficient at mining BTC, they can pick up more LTC then GPU miners through the exchange. this gives them a significant advantage if LTC were ever to rise in value. Are you saying the only use of LTC is its possible future value, and these people are buying it in droves just because they are banking on it? Instead of outright liquidating their BTC? Yes OK let me ask another way. By mining LTC (and hoping to sell it for BTC), I am pretty much relying on people to behave irrationally? Just because you don't believe LTC has any other inherent value other than to exchange it for BTC, it doesn't mean the rest of the world is acting irrationally by selling BTC for LTC. That's just how you perceive it, not how everyone sees it. But the thing is there is currently no inherent value in LTC and people are just hoping it may get some value some day, instead of outright exchanging their BTC for fiat? Sorry but that's irrational in my book... I will gladly mine LTC and exchge it for BTC... but I guess I need to understand why would anyone want to acquire my LTC in the first place...  |
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reb0rn21
Legendary
Offline
Activity: 1901
Merit: 1024
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June 28, 2013, 12:49:31 PM |
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You need why, here few:
1. LTC is CHEAP!
2. There is lot going on about LTC atm being updated and developed, 10 000 LTC faunds donated for that cause
3. LTCPP paying processor should open any time now
4. Biggest BTC exchange MtGox is going to adopt LTC
5. Merchants starting to accept LTC
You need more or you just try to troll here?
Also mine own opinion ~10 million BTC is not enough for all world treading, also high price, transfer time and fee for BTC is not good for small transactions
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glon (OP)
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June 28, 2013, 12:56:05 PM |
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You need why, here few:
1. LTC is CHEAP!
2. There is lot going on about LTC atm being updated and developed, 10 000 LTC faunds donated for that cause
3. LTCPP paying processor should open any time now
4. Biggest BTC exchange MtGox is going to adopt LTC
5. Merchants starting to accept LTC
You need more or you just try to troll here?
Also mine own opinion ~10 million BTC is not enough for all world treading, also high price, transfer time and fee for BTC is not good for small transactions
Thanks. Not trolling - I just genuinely don't understand why people use BTC to buy LTC, instead of exchanging for fiat. |
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