litecoin dead ?

[DeathAndTaxes]

Litecoin started dying when people switched from mining btc. That created too much supply. This was pretty much foreseeable.

Supply (or more correctly rate of production) is regulated by difficulty.  1 miner or 100,000 miners roughly the same amount of coins get mined.

[1714754727]

1714754727

[1714754727]

1714754727

[Vivisector999]

Lol, Vlad, I can only think of 2 coins that are currently merge mined with BTC.  The main one being NMC.  Scrypt coins can be merge mined as well.  The big problem is no one is bothering.  Just like no one is jumping to merge mine all the SHA-256 coins with BTC.

Mining BTC for profit is no longer an option for 99% of people.  It has gone big business.  You need to pump in tens of thousands of dollars to even have a hope of making a sliver of money before the difficulty sucks that dry as well.  Not long ago (a few months) a 5 GH/s ASIC could net you a $100 a day.  Now it can make you about $0.30.  A 50 GH/s ASIC might bring in $3-4 a day, and those will cost you around $2500.   Before long those $2500 machines will be bringing in $0.30/day.  It's an endless power struggle, with the only ones profiting being the companies making the devices.

ASICs are not going to save LTC, or any of the other scrypt alt-coins.  If anything it's a death sentence for them.  ASIC's also don't make a coin any more secure.  If anything it weakens them, as the majority of hashrate is held by a handful of people.  The actual hashrate means absolutely nothing in terms of security.  It's all in splitting the hashrate to as many people as possible to make it more secure.  If I wanted to attack BTC (IE if I was the US gov't, or some other large entity that wanted to knock it out), All I would do is show up at ASICMINER and a few other large entities with a few military, and tell them their ASIC's are now ours or they would be killed, and you could easily 51% attack it.  Lol, now see what it would take to take down something like LTC.  It would take actual machines, as the hashrate is spread out so much that taking out a few large miners would probably only net you 5% of the network hashrate.  Not to say it can't be done, it's just not quite as easy.

As I said before, LTC's biggest problem right now is over half the hashrate is held by ex-BTC miners, who hold no interest in LTC, other then to sell it for BTC.  When the BTC price rises, they dump every coin they have for BTC.  This crashes the price.  As their mining rigs get older\slower, I doubt they will buy new rigs, as they will probably be using the cash to buy more ASIC's for BTC, so eventually the Scrypt coins will strengthen.  But in the meantime anyone who mines\uses any altcoin is at the mercy of the sellers for the market prices.

[Vlad2Vlad]

Lol, Vlad, I can only think of 2 coins that are currently merge mined with BTC.  The main one being NMC.  Scrypt coins can be merge mined as well.  The big problem is no one is bothering.  Just like no one is jumping to merge mine all the SHA-256 coins with BTC.

Mining BTC for profit is no longer an option for 99% of people.  It has gone big business.  You need to pump in tens of thousands of dollars to even have a hope of making a sliver of money before the difficulty sucks that dry as well.  Not long ago (a few months) a 5 GH/s ASIC could net you a $100 a day.  Now it can make you about $0.30.  A 50 GH/s ASIC might bring in $3-4 a day, and those will cost you around $2500.   Before long those $2500 machines will be bringing in $0.30/day.  It's an endless power struggle, with the only ones profiting being the companies making the devices.

ASICs are not going to save LTC, or any of the other scrypt alt-coins.  If anything it's a death sentence for them.  ASIC's also don't make a coin any more secure.  If anything it weakens them, as the majority of hashrate is held by a handful of people.  The actual hashrate means absolutely nothing in terms of security.  It's all in splitting the hashrate to as many people as possible to make it more secure.  If I wanted to attack BTC (IE if I was the US gov't, or some other large entity that wanted to knock it out), All I would do is show up at ASICMINER and a few other large entities with a few military, and tell them their ASIC's are now ours or they would be killed, and you could easily 51% attack it.  Lol, now see what it would take to take down something like LTC.  It would take actual machines, as the hashrate is spread out so much that taking out a few large miners would probably only net you 5% of the network hashrate.  Not to say it can't be done, it's just not quite as easy.

As I said before, LTC's biggest problem right now is over half the hashrate is held by ex-BTC miners, who hold no interest in LTC, other then to sell it for BTC.  When the BTC price rises, they dump every coin they have for BTC.  This crashes the price.  As their mining rigs get older\slower, I doubt they will buy new rigs, as they will probably be using the cash to buy more ASIC's for BTC, so eventually the Scrypt coins will strengthen.  But in the meantime anyone who mines\uses any altcoin is at the mercy of the sellers for the market prices.

Lol, let me give you some more merge mined coins:  Namecoin, i0Coin, Devcoin, ixCoin and I believe there's 1 more.

Of course, who would want to mine 6 Scrypt coins at once for ZERO extra cost when they can mine a shitty coin like Litecoin all by itself and maybe make enough money to pay electricity.

Miners do this for fun not for profit, right?  Keep lol'ing.

[El Cabron]

Litecoin started dying when people switched from mining btc. That created too much supply. This was pretty much foreseeable.

This is a good point. It seems sensible to think that the entire GPU-mining economy switching from BTC to LTC would skew the market. I mean, who's gonna buy all those coins? You can't do anything with litecoin except speculate -- and with a seemingly never-ending supply of coins from all the GPU miners (and a much higher inflation rate than BTC to begin with), why would you buy in?

The number of coins produced per day has nothing to do with the number of people mining.  Difficulty changes ensure that the coin production rate is constant.

This is pretty basic stuff.

But with people flocking in - difficulty rises, and shares are more and more divided, and then people start to lose perspective and interest in continuing. That's my point.

?    That is not what is going on with BTC. As difficulty goes up price seems to follow. Interest in BTC is growing as well.

[flound1129]

Lol, Vlad, I can only think of 2 coins that are currently merge mined with BTC.  The main one being NMC.  Scrypt coins can be merge mined as well.  The big problem is no one is bothering.  Just like no one is jumping to merge mine all the SHA-256 coins with BTC.

Mining BTC for profit is no longer an option for 99% of people.  It has gone big business.  You need to pump in tens of thousands of dollars to even have a hope of making a sliver of money before the difficulty sucks that dry as well.  Not long ago (a few months) a 5 GH/s ASIC could net you a $100 a day.  Now it can make you about $0.30.  A 50 GH/s ASIC might bring in $3-4 a day, and those will cost you around $2500.   Before long those $2500 machines will be bringing in $0.30/day.  It's an endless power struggle, with the only ones profiting being the companies making the devices.

ASICs are not going to save LTC, or any of the other scrypt alt-coins.  If anything it's a death sentence for them.  ASIC's also don't make a coin any more secure.  If anything it weakens them, as the majority of hashrate is held by a handful of people.  The actual hashrate means absolutely nothing in terms of security.  It's all in splitting the hashrate to as many people as possible to make it more secure.  If I wanted to attack BTC (IE if I was the US gov't, or some other large entity that wanted to knock it out), All I would do is show up at ASICMINER and a few other large entities with a few military, and tell them their ASIC's are now ours or they would be killed, and you could easily 51% attack it.  Lol, now see what it would take to take down something like LTC.  It would take actual machines, as the hashrate is spread out so much that taking out a few large miners would probably only net you 5% of the network hashrate.  Not to say it can't be done, it's just not quite as easy.

As I said before, LTC's biggest problem right now is over half the hashrate is held by ex-BTC miners, who hold no interest in LTC, other then to sell it for BTC.  When the BTC price rises, they dump every coin they have for BTC.  This crashes the price.  As their mining rigs get older\slower, I doubt they will buy new rigs, as they will probably be using the cash to buy more ASIC's for BTC, so eventually the Scrypt coins will strengthen.  But in the meantime anyone who mines\uses any altcoin is at the mercy of the sellers for the market prices.

Lol, let me give you some more merge mined coins:  Namecoin, i0Coin, Devcoin, ixCoin and I believe there's 1 more.

Of course, who would want to mine 6 Scrypt coins at once for ZERO extra cost when they can mine a shitty coin like Litecoin all by itself and maybe make enough money to pay electricity.

Miners do this for fun not for profit, right?  Keep lol'ing.

On GPU, mining the most profitable scrypt coins is about 4-6x more profitable than mining BTC even when you factor in the merge coins.

[erk]

On GPU, mining the most profitable scrypt coins is about 4-6x more profitable than mining BTC even when you factor in the merge coins.

That's not quite right, the profitability calculators used for pool jumping don't factor in power consumption, because they don't know what your hardware is. A GH/s of GPU uses way more power than a GH/s of ASIC, otherwise these million dollar mining farms would be using GPU's to mine scrypt and not ASICs to mine BTC.

[bitcool]

Lol, Vlad, I can only think of 2 coins that are currently merge mined with BTC.  The main one being NMC.  Scrypt coins can be merge mined as well.  The big problem is no one is bothering.  Just like no one is jumping to merge mine all the SHA-256 coins with BTC.

Mining BTC for profit is no longer an option for 99% of people.  It has gone big business.  You need to pump in tens of thousands of dollars to even have a hope of making a sliver of money before the difficulty sucks that dry as well.  Not long ago (a few months) a 5 GH/s ASIC could net you a $100 a day.  Now it can make you about $0.30.  A 50 GH/s ASIC might bring in $3-4 a day, and those will cost you around $2500.   Before long those $2500 machines will be bringing in $0.30/day.  It's an endless power struggle, with the only ones profiting being the companies making the devices.

ASICs are not going to save LTC, or any of the other scrypt alt-coins.  If anything it's a death sentence for them.  ASIC's also don't make a coin any more secure.  If anything it weakens them, as the majority of hashrate is held by a handful of people.  The actual hashrate means absolutely nothing in terms of security.  It's all in splitting the hashrate to as many people as possible to make it more secure.  If I wanted to attack BTC (IE if I was the US gov't, or some other large entity that wanted to knock it out), All I would do is show up at ASICMINER and a few other large entities with a few military, and tell them their ASIC's are now ours or they would be killed, and you could easily 51% attack it.  Lol, now see what it would take to take down something like LTC.  It would take actual machines, as the hashrate is spread out so much that taking out a few large miners would probably only net you 5% of the network hashrate.  Not to say it can't be done, it's just not quite as easy.

As I said before, LTC's biggest problem right now is over half the hashrate is held by ex-BTC miners, who hold no interest in LTC, other then to sell it for BTC.  When the BTC price rises, they dump every coin they have for BTC.  This crashes the price.  As their mining rigs get older\slower, I doubt they will buy new rigs, as they will probably be using the cash to buy more ASIC's for BTC, so eventually the Scrypt coins will strengthen.  But in the meantime anyone who mines\uses any altcoin is at the mercy of the sellers for the market prices.

You made some good points there regarding to mining.

I am not too worried about the LTC price, miners selling LTC, good for them. I'd happy to scoop up a few coins below their production cost.

[MAbtc]

If Litecoin was Dead then why are alt coins being traded against it on www.cryptsy.com .

Because it's worth so much less than bitcoin... so people could trade all the crap coins that are worth less than a satoshi.

[flound1129]

On GPU, mining the most profitable scrypt coins is about 4-6x more profitable than mining BTC even when you factor in the merge coins.

That's not quite right, the profitability calculators used for pool jumping don't factor in power consumption, because they don't know what your hardware is. A GH/s of GPU uses way more power than a GH/s of ASIC, otherwise these million dollar mining farms would be using GPU's to mine scrypt and not ASICs to mine BTC.

I specifically said on GPU

[viboracecata]

The LTC bashers are intimidated by it because LTC can play a role in popping the BTC bubble they are holding on to, most of them are kids with not even a reasonable amount of BTC/wealth. You make a bad name of bitcoiners. The big guys are actually pretty positive about LTC. Grow up tbh

some people seem to think if they attack ltc it will make the alts they hold go up... i seem to think that if ltc goes up, the other alts might have a shot. anyway thats why i hold a small amount of xpm.

why you hold xpm? because there is a banker behind?

[erk]

On GPU, mining the most profitable scrypt coins is about 4-6x more profitable than mining BTC even when you factor in the merge coins.

That's not quite right, the profitability calculators used for pool jumping don't factor in power consumption, because they don't know what your hardware is. A GH/s of GPU uses way more power than a GH/s of ASIC, otherwise these million dollar mining farms would be using GPU's to mine scrypt and not ASICs to mine BTC.

I specifically said on GPU

True, but that's not what's happening, most of the BTC hash rate is not GPU, therefore on your pool site where it says currently that LTC is 4.26 x more profitable than mining BTC that's misleading because it presumes the power consumption for mining both coins is typically the same, and it is not, which has a huge effect on profitability.

[flound1129]

On GPU, mining the most profitable scrypt coins is about 4-6x more profitable than mining BTC even when you factor in the merge coins.

That's not quite right, the profitability calculators used for pool jumping don't factor in power consumption, because they don't know what your hardware is. A GH/s of GPU uses way more power than a GH/s of ASIC, otherwise these million dollar mining farms would be using GPU's to mine scrypt and not ASICs to mine BTC.

I specifically said on GPU

True, but that's not what's happening, most of the BTC hash rate is not GPU, therefore on your pool site where it says currently that LTC is 4.26 x more profitable than mining BTC that's misleading because it presumes the power consumption for mining both coins is typically the same, and it is not, which has a huge effect on profitability.

It doesn't take power costs into account at all, it is a simple profit per hash calculation.  It's only possible to mine scrypt on certain devices, and on those devices, power costs are practically identical and mining scrypt is 4-6x as profitable as mining bitcoin.  Period.  Whether merged mining is done or not.

[dupee419]

how does this forum not have a FUD section for threads like this?


here's my thoughts on the issue... the crypto scene should be handled as though it were a stock market. if you make a poorly timed investment, you're gonna lose money. but seeing as most of us mine our coins, they didn't cost us much in the first place. so why get all uppity.

I will never understand why all the bitcoin nuts insist that every other coin is shit.

[Netnox]

how does this forum not have a FUD section for threads like this?


here's my thoughts on the issue... the crypto scene should be handled as though it were a stock market. if you make a poorly timed investment, you're gonna lose money. but seeing as most of us mine our coins, they didn't cost us much in the first place. so why get all uppity.

I will never understand why all the bitcoin nuts insist that every other coin is shit.

They are intimidated by LTC, imagine this..when LTC gets added to gox/btcchina/bitstamp/coinbase/payment processors coming etc.., many BTC holders would also trade LTC and many merchants would use LTC, this causes the BTC bubble to pop if not delayed and it's a danger for some these fanatic BTC/other alt coin bagholders

[Buffer Overflow]

I will never understand why all the bitcoin nuts insist that every other coin is shit.

I don't think that's true. Problem is there are so many scammy (pre / insta) mined coins floating around, the good coins inevitably get tarred with the same brush.

[AZIZ1977]

I think Litecoin will recover.

[Buffer Overflow]

I think Litecoin will recover.

Allow me to correct that for you. No charge.

I think hope Litecoin will recover.

[Snail2]

I think Litecoin will recover.

You and a lot of posters in this subforum, it seems. But none of them cared to say why.

- there are a big bunch of big(ish) holders in the wild and they want to see some good profit from their holdings .
- there are an even bigger bunch of late comers who want to catch up with BTC and LTC/other alts are many affordable ways to grab some.

[fattypig]

I think Litecoin will recover.

You and a lot of posters in this subforum, it seems. But none of them cared to say why.

I will give you a good reason, because its Litecoin....

[Buffer Overflow]

I will give you a good reason, because its Litecoin....

So that's the conclusion of your technical analysis.

No comment.