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Author Topic: Why the loss of confidence in litecoin?  (Read 13692 times)
NewLiberty
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October 20, 2013, 06:13:48 PM
 #101

Bitcoin is moving beyond a hobby, litecoiners (bagholders) think 7950's in milk crates is ideal infrastructure for the economy. Dump this rubbish for bitcoins while you still have the option.

Aren't those the same guys that backed bitcoin from the beginning till very recently...
no, we did not think 7950's was ideal. else we would not have made acis miners...

Is there anyone that you can point to that claims milk crates with graphics cards are the "ideal infrastructure", or is this just a generalized snipe at all Litecoin miners?  (full disclosure, my 13yr old kid mines a little litecoin on his game computer when not playing games)
Do you imagine that FPGA and ASIC will never be made for Litecoin, or any Alt, or do you really believe that the Litecoin supporters don't want them and prefer milk crates?
Who is it that is bad-mouthing other types of crypto-currency again?  Smiley

Lets play nice.  We are all friends here.

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kokjo
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October 20, 2013, 06:40:15 PM
 #102

Bitcoin is moving beyond a hobby, litecoiners (bagholders) think 7950's in milk crates is ideal infrastructure for the economy. Dump this rubbish for bitcoins while you still have the option.

Aren't those the same guys that backed bitcoin from the beginning till very recently...
no, we did not think 7950's was ideal. else we would not have made acis miners...

Is there anyone that you can point to that claims milk crates with graphics cards are the "ideal infrastructure", or is this just a generalized snipe at all Litecoin miners?  (full disclosure, my 13yr old kid mines a little litecoin on his game computer when not playing games)
Do you imagine that FPGA and ASIC will never be made for Litecoin, or any Alt, or do you really believe that the Litecoin supporters don't want them and prefer milk crates?
Who is it that is bad-mouthing other types of crypto-currency again?  Smiley

Lets play nice.  We are all friends here.
FPGAs and ASICs can be made to mine litecoin, but they would only do a few percent better then GPU's. The reason for this is that the algorithm used in litecoin is mainly memory-intensive, wheres Bitcoin's algorithm is computation-intensive.

Ergo, Litecoin miners think that milk crates with GPUs are the best infrastructure for a cryptocurrency. The reason that they think this is because they are narrow minded losers that lost money buying GPUs, when there where FPGAs on the way.

"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 20, 2013, 06:46:36 PM
 #103

When I was saying "microtransactions" I was meaning it in the real world sense of 25c to $5 ish.. not the bitdust, and 0.001c a click sense. I was also under the impression that the high LTC tx fee was supposedly temporary... but could be like all those quick hacked up bits of "glue" in COBOL the banks are still running 30 years later Cheesy

The price of a Big Mac in South Africa for example is just $1.82 and in India it's $1.50 - and mere cheeseburgers are cheaper still. In that context the Litecoin fee of $0.1 is too expensive. A 5-6.5% charge just for the pleasure of paying with a crypto is too much - hence the reason no-one will bother to use it.

People need to understand that Cryptocurrencies are not just about the USA. Satoshi was not American and the majority of people who currently hold of cryptocurrencies are not American. It's quite conceivable that they will be outlawed in the USA but continue and thrive everywhere else. So it's a bit short-sighted to pretend that transaction fees do not matter.

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October 20, 2013, 06:50:49 PM
 #104

so what's the consensus here? is litecoin dead or not?  Cheesy

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October 20, 2013, 06:52:45 PM
 #105

so what's the consensus here? is litecoin dead or not?  Cheesy

It's (Un)dead.

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October 20, 2013, 07:29:18 PM
 #106

i don't know what i want really. part of me thinks that i want it to drop to .80$ so i can buy it up, but then, it might really be dying then.
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October 20, 2013, 07:31:54 PM
 #107

When I was saying "microtransactions" I was meaning it in the real world sense of 25c to $5 ish.. not the bitdust, and 0.001c a click sense. I was also under the impression that the high LTC tx fee was supposedly temporary... but could be like all those quick hacked up bits of "glue" in COBOL the banks are still running 30 years later Cheesy

The price of a Big Mac in South Africa for example is just $1.82 and in India it's $1.50 - and mere cheeseburgers are cheaper still. In that context the Litecoin fee of $0.1 is too expensive. A 5-6.5% charge just for the pleasure of paying with a crypto is too much - hence the reason no-one will bother to use it.

People need to understand that Cryptocurrencies are not just about the USA. Satoshi was not American and the majority of people who currently hold of cryptocurrencies are not American. It's quite conceivable that they will be outlawed in the USA but continue and thrive everywhere else. So it's a bit short-sighted to pretend that transaction fees do not matter.

This post +1. It gets annoying that USD almost the standard to which other fiat currencies must look up to. I really hope bitcoin changes this somehow














 

 

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MAbtc
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October 20, 2013, 07:52:54 PM
 #108

I almost bought some litecoins at .014. And then .013. And then I re-assessed this whole "investing in litecoin" thing, at least until BTC stabilizes. Then we'll see. But the very longterm downtrend it's in, which just won't bottom out, and the increased irrelevance of Gox.... I'm not confident.
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October 20, 2013, 09:12:15 PM
 #109

is litecoin dead or not?  Cheesy

As long as the Litecoin is traded, it is not dead. You can still mine it with GPU and exchange for BTC, so definitively useable coin for me.
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October 20, 2013, 09:17:12 PM
 #110

When BTC goes down you all will get another window to get off the LTC train.

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October 21, 2013, 01:02:16 AM
 #111

When I was saying "microtransactions" I was meaning it in the real world sense of 25c to $5 ish.. not the bitdust, and 0.001c a click sense. I was also under the impression that the high LTC tx fee was supposedly temporary... but could be like all those quick hacked up bits of "glue" in COBOL the banks are still running 30 years later Cheesy

The price of a Big Mac in South Africa for example is just $1.82 and in India it's $1.50 - and mere cheeseburgers are cheaper still. In that context the Litecoin fee of $0.1 is too expensive. A 5-6.5% charge just for the pleasure of paying with a crypto is too much - hence the reason no-one will bother to use it.

People need to understand that Cryptocurrencies are not just about the USA. Satoshi was not American and the majority of people who currently hold of cryptocurrencies are not American. It's quite conceivable that they will be outlawed in the USA but continue and thrive everywhere else. So it's a bit short-sighted to pretend that transaction fees do not matter.

This post +1. It gets annoying that USD almost the standard to which other fiat currencies must look up to. I really hope bitcoin changes this somehow

Although we will take many payment types and currencies for the Silver Bitcoin Specie, they are denominated/priced in Bitcoin and based on the price/value of silver in bitcoin.  If bought locally, all the listed local fiat currency can buy them, and we are adding more as a way to bring people everywhere to better understand how Bitcoin is money.

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October 21, 2013, 11:22:07 PM
 #112

Litecoin kicks puppies and steals candy from little kids. I heard it once pushed down an old man for no reason. It was just in a bad mood or something.

On the other hand, Bitcoin works hard, gets good grades, and always eats its vegetables.

lol  Cheesy
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October 21, 2013, 11:37:40 PM
 #113

Litecoin kicks puppies and steals candy from little kids. I heard it once pushed down an old man for no reason. It was just in a bad mood or something.

On the other hand, Bitcoin works hard, gets good grades, and always eats its vegetables.

this has always been my position and i don't understand how some of you can go around supporting such a troublemaker!  Angry

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October 31, 2013, 10:54:48 PM
 #114

Everyone is waiting for LTC to become the next BTC. But the question in hand is, do we need more of the same? Neither is practical for instant paying like lets say VISA, its not like LTC is instant, it is only faster than BTC

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October 31, 2013, 11:34:33 PM
 #115

Everyone is waiting for LTC to become the next BTC. But the question in hand is, do we need more of the same? Neither is practical for instant paying like lets say VISA, its not like LTC is instant, it is only faster than BTC

Its not the same, BTC has asic sha256 network!
LTC has GPU scrypt (multi algos!) network!

also scrypt is advenced protection and more secure then just sha256!, more volume also faster block!

so if one coin has a problem (network overload) the other will help@!

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November 01, 2013, 01:33:17 AM
 #116

http://majesti.co/cryptonerd/what-is-wrong-with-litecoin/
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November 01, 2013, 06:59:19 AM
 #117

also scrypt is advenced protection and more secure then just sha256!, more volume also faster block!
you have no idea about what you are talking about.

"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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November 01, 2013, 09:11:58 AM
 #118

Everyone is waiting for LTC to become the next BTC. But the question in hand is, do we need more of the same? Neither is practical for instant paying like lets say VISA, its not like LTC is instant, it is only faster than BTC

Well, for website payments LTC sure is quicker. For example, a user can sit and wait while the popup window displays this "please wait while we're processing your transaction" and not get bored while an LTC payment is being processed, but get much more bored while a BTC payment is being processed. So there is clearly more demand in the future for LTC in web services. Like all these social networks that has 'credits' that can be purchased with LTC.

I don't know if you can understand without a programming background, but I would compare BTC to LTC as Perl to PHP. Remember 10-15 years ago, most sites were running cgi applications written in PERL, but these days PHP is very likely more popular, because PHP was created to be a websites coding language, while perl is more universal. PHP is becoming more universal too as it evolves, but it has won its niche from perl in web applications. I think LTC in the future can be as PHP is for web services, and will win its niche for online transactions that need to be relatvely speedy.
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November 01, 2013, 09:51:30 AM
 #119

Everyone is waiting for LTC to become the next BTC. But the question in hand is, do we need more of the same? Neither is practical for instant paying like lets say VISA, its not like LTC is instant, it is only faster than BTC

Well, for website payments LTC sure is quicker. For example, a user can sit and wait while the popup window displays this "please wait while we're processing your transaction" and not get bored while an LTC payment is being processed, but get much more bored while a BTC payment is being processed. So there is clearly more demand in the future for LTC in web services. Like all these social networks that has 'credits' that can be purchased with LTC.

I don't know if you can understand without a programming background, but I would compare BTC to LTC as Perl to PHP. Remember 10-15 years ago, most sites were running cgi applications written in PERL, but these days PHP is very likely more popular, because PHP was created to be a websites coding language, while perl is more universal. PHP is becoming more universal too as it evolves, but it has won its niche from perl in web applications. I think LTC in the future can be as PHP is for web services, and will win its niche for online transactions that need to be relatvely speedy.

 Don't know about you, but my incoming transactions for both BTC and LTC arrive in seconds.

God I dislike PHP.  Angry

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November 01, 2013, 09:55:27 AM
 #120

Don't know about you, but my incoming transactions for both BTC and LTC arrive in seconds.

God I dislike PHP.  Angry


Ok, what I meant is a certain number of confirmations time.

You hate PHP, must be a perl hardcore type ) But most forums these days run on PHP, like this one, same is true for many other web apps. It's just your personal grudge, which has nothing to do with the objective reality Smiley
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