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Author Topic: Why the loss of confidence in litecoin?  (Read 13653 times)
#Darren
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October 18, 2013, 09:23:51 AM
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Break it down for me - crypto for dummies  Grin
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kriwest
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October 18, 2013, 09:32:50 AM
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Just speculating here but.. maybe many people bought in on the MtGox talk. And now that Gox is in an uncertain position + it's taking a long time for LTC to appear there + BTC price is going up again = lots of people would rather hold BTC because they've lost confidence in Gox more so than LTC, and they're impatient.

So, to summarize: I don't think people lost confidence in LTC, they lost it in Gox. And they're losing patience so returning to BTC instead.

Personally I still like LTC - but because of the above it was probably overvalued for a long time.
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October 18, 2013, 09:40:17 AM
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its sad to say but i fear that as soon as it rises there will be swarms of hoarders dumping their ltcs. so we might see price being unstable for quite a while until the confidence increases and people actually decide to keep their ltcs as investment.

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October 18, 2013, 09:43:40 AM
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Break it down for me - crypto for dummies  Grin

Because the stock exchanges went down. Litecoin was only able to survive because people could use them to buy virtual stocks and bonds and because of stuff like Atlantis.

Litecoin will be back and better than ever once there is a place to spend them. But for right now expect the price to go back under $1 where it was before April.
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October 18, 2013, 09:46:46 AM
 #5

because litecoin brings nothing significant to the table that bitcoin does not have.


(bring on the flamers, im right!)

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October 18, 2013, 09:52:02 AM
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Quote
So, to summarize: I don't think people lost confidence in LTC, they lost it in Gox. And they're losing patience so returning to BTC instead.
This! It's a good opportunity to buy LTC now. It most likely won't go below 0.01 btc.

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October 18, 2013, 09:54:07 AM
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So, to summarize: I don't think people lost confidence in LTC, they lost it in Gox. And they're losing patience so returning to BTC instead.
This! It's a good opportunity to buy LTC now. It most likely won't go below 0.01 btc.
It will most definitely go below 0.01 BTC. How low it will go depends on how far away is the next MtGox announcement which will lead to another temporary pump.
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October 18, 2013, 09:59:36 AM
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So, to summarize: I don't think people lost confidence in LTC, they lost it in Gox. And they're losing patience so returning to BTC instead.
This! It's a good opportunity to buy LTC now. It most likely won't go below 0.01 btc.

In order to say how low LTC will go I would need to know how many people still hold LTC only as a speculative bet on Mt.Gox... if 90% of LTC holders are only waiting on Gox: it could go abysmally low. If most speculators have already dumped their LTC, we could see a more stable price. Simply put; I don't know where the bottom is because I don't know who the active players are. The more strong hands we have in LTC, the more stable the price will be.
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October 18, 2013, 10:20:02 AM
 #9

Frustration over Mt.Gox?

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October 18, 2013, 10:25:46 AM
 #10

Litecoin is special for the mass adoption by merchants and people accepting it as payment. The network is solid.
The only coin that can stand in the shadow of Bitcoin.

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October 18, 2013, 10:27:50 AM
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Litecoin is special for the mass adoption by merchants and people accepting it as payment. The network is solid.
The only coin that can stand in the shadow of Bitcoin.

is this English?

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October 18, 2013, 10:35:32 AM
 #12

Litecoin is special for the mass adoption by merchants and people accepting it as payment. The network is solid.
The only coin that can stand in the shadow of Bitcoin.

 Exactly! LTC is steady and its prob the last opportunity to get it cheap.

Quote
is this English?
  is this Greek?   Wink

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October 18, 2013, 11:57:15 AM
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the main question is... once bitcoin gets mass adopted will early bitcoin users be buying their coins for $1k each? or will they be looking for alternatives. in the end, we just use it to store our wealth - mechanisms are the same. and ltc at the moment is second strongest network.

"between 'lives' we all have a great laugh about the parts we have performed in the 'play', and look forward to and have great fun preparing the next chapters to act out."
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October 18, 2013, 01:31:41 PM
 #14

Thanks to Mt Gox...

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October 18, 2013, 01:40:47 PM
 #15

just up and down. litecoin is here to stay, dont worry  Wink

its the second largest network AND has good developers. no other coin has that.

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October 18, 2013, 02:04:23 PM
 #16

just up and down. litecoin is here to stay, dont worry  Wink
naa, litecoin will either die out, or be a toy currency.

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its the second largest network
true, but still insignificant compared to bitcoin.

Quote
AND has good developers. no other coin has that.
lol, no they have not. no cryptocurrency have good developers.

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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October 18, 2013, 02:25:05 PM
 #17

... AND has good developers.

Isn't Litecoin just a Bitcoin with some numbers multiplied by 4? Is there any development required?
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October 18, 2013, 02:34:31 PM
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... AND has good developers.

Isn't Litecoin just a Bitcoin with some numbers multiplied by 4? Is there any development required?

Its hashing algorithm is totally different (the memory-intensive Scrypt instead of SHA-256).

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October 18, 2013, 02:35:57 PM
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Its hashing algorithm is totally different (the memory-intensive Scrypt instead of SHA-256).

Is Colin Percival in the list of Litecoin developers?
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October 18, 2013, 02:45:22 PM
 #20

Gox isn't responding so his promises about adding ltc there are viewed as fake + bitcoin is going up = people can't see potential in it at this time.

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