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Author Topic: Litecoin demonstrates how ridiculous Bitcoin is  (Read 4616 times)
revans
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October 28, 2013, 01:33:16 AM
 #1

In 2 years Litecoin has gone from zero to over 2 USD a coin, with a total market cap pushing 50 million USD. Bitcoin cultists frequently describe Litecoin as a scam, despite the fact that it is basically a modest reengineering of the existing Bitcoin protocol.

Litecoin is most certainly a scam, but it is cut from the same cloth as a far bigger scam.
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El Cabron
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October 28, 2013, 01:34:45 AM
 #2

In 2 years Litecoin has gone from zero to over 2 USD a coin, with a total market cap pushing 50 million USD. Bitcoin cultists frequently describe Litecoin as a scam, despite the fact that it is basically a modest reengineering of the existing Bitcoin protocol.

Litecoin is most certainly a scam, but it is cut from the same cloth as a far bigger scam.

lol, thanks for that

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October 28, 2013, 01:35:19 AM
 #3

Litecoin isn't a "scam" and the fact that (an unknown) someone claims it so doesn't have any relevance on Bitcoin.

Litecoin simply lacks innovation and has no purpose.  It is too much a copy of Bitcoin to every grow to anything rivaling its big brother.
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October 28, 2013, 01:38:23 AM
 #4

Litecoin isn't a "scam" and the fact that someone claims it so doesn't have any relevance on Bitcoin.

Litecoin simply lacks innovation and has no purpose.  It is too much a copy of Bitcoin to every grow to anything rivaling its big brother.

I'm not sure it is trying to "rival" BTC. It is just trying to be better and safer. LTC never forked itself like BTC did. If one day they mess up again and we can't fix it, LTC is all we have.

I just love crypto and want to have/use it no matter what so I hold both.

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Malawi
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October 28, 2013, 01:39:24 AM
 #5

Litecoin isn't a "scam" and the fact that someone claims it so doesn't have any relevance on Bitcoin.

Litecoin simply lacks innovation and has no purpose.  It is too much a copy of Bitcoin to every grow to anything rivaling its big brother.

To be fair, all modern currencies are copies of the Chinese* one

*Or wherever they made the first modern kind of currency.

BitCoin is NOT a pyramid - it's a pagoda.
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October 28, 2013, 01:40:28 AM
 #6

There is no "mess up" that can't be fixed baring a break in RIPEMD-160, SHA-256 and/or ECDSA.  If that happens LiteCoin provides no protection because it uses the exact same primitives.  The fact that it uses a different algorithm in mining will provide no protection from a cryptographic break.

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October 28, 2013, 01:43:30 AM
 #7

Let me summarize the OP:

1.What some "Bitcoin cultists" believe must have something to do with what Bitcoin really is.

2.Two thing sharing the characteristics of having a large "market cap" and quick price rise must be similar in some other ways.

Nuff' said.

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
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October 28, 2013, 03:00:07 AM
 #8

There is no "mess up" that can't be fixed baring a break in RIPEMD-160, SHA-256 and/or ECDSA.  If that happens LiteCoin provides no protection because it uses the exact same primitives.  The fact that it uses a different algorithm in mining will provide no protection from a cryptographic break.



That last mess up that fork had nothing to do with encryption. Ltc did not have that code and could not break in that way.

For 24 hours you could not use btc but i was able to use crypto coins with ltc.


Having a backup is just smart.

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https://bitcointalk.org/index.php?topic=622250.msg7030081#msg7030081
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October 28, 2013, 03:03:14 AM
 #9

There is no "mess up" that can't be fixed baring a break in RIPEMD-160, SHA-256 and/or ECDSA.  If that happens LiteCoin provides no protection because it uses the exact same primitives.  The fact that it uses a different algorithm in mining will provide no protection from a cryptographic break.

That last mess up that fork had nothing to do with encryption. Ltc did not have that code and could not break in that way.

I never said it did but like "last time" any issue can be fixed baring a catastrophic break and if that happens since Litecoin is merely a shallow copy it will be equally destroyed.  Of course pointing out that Litecoin is so under developed that it was using an antiquated db system as an advantage is somewhat hilarious.

Quote
For 24 hours you could not use btc but i was able to use crypto coins with ltc.
Which amounted to absolutely nothing.  What merchant did you spend those LTC at?  

Quote
Having a backup is just smart.

Agreed but Litecoin isn't that backup.  It is too similar, it provides no novel solutions to Bitcoin issues or weaknesses.  If Bitcoin dies Litecoin is probably already circling the drain.
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October 28, 2013, 03:03:59 AM
 #10

Litecoin isn't a "scam" and the fact that someone claims it so doesn't have any relevance on Bitcoin.

Litecoin simply lacks innovation and has no purpose.  It is too much a copy of Bitcoin to every grow to anything rivaling its big brother.
If one day they mess up again and we can't fix it, LTC is all we have.

that is a really good point. if i had thought of that myself maybe i would have bought some on this recent crash/dip/thing.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
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October 28, 2013, 03:06:43 AM
 #11

There is no "mess up" that can't be fixed baring a break in RIPEMD-160, SHA-256 and/or ECDSA.  If that happens LiteCoin provides no protection because it uses the exact same primitives.  The fact that it uses a different algorithm in mining will provide no protection from a cryptographic break.



I think what this analysis fails to recognize is that could mess up in a way that was not fundamentally destructive to bitcoin but the markets could incorrectly PERCEIVE that it was and lead to a massive crash.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
DeathAndTaxes
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October 28, 2013, 03:08:12 AM
 #12

There is no "mess up" that can't be fixed baring a break in RIPEMD-160, SHA-256 and/or ECDSA.  If that happens LiteCoin provides no protection because it uses the exact same primitives.  The fact that it uses a different algorithm in mining will provide no protection from a cryptographic break.



I think what this analysis fails to recognize is that could mess up in a way that was not fundamentally destructive to bitcoin but the markets could incorrectly PERCEIVE that it was and lead to a massive crash.

Yeah that has only happened two dozen or so times.  Markets crashing is simply wealth changing hands.  You either buy, hold, or sell.  For every loser there is a winner.
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October 28, 2013, 03:09:43 AM
 #13

There is no "mess up" that can't be fixed baring a break in RIPEMD-160, SHA-256 and/or ECDSA.  If that happens LiteCoin provides no protection because it uses the exact same primitives.  The fact that it uses a different algorithm in mining will provide no protection from a cryptographic break.

That last mess up that fork had nothing to do with encryption. Ltc did not have that code and could not break in that way.

I never said it did but like "last time" any issue can be fixed baring a catastrophic break and if that happens since Litecoin is merely a shallow copy it will be equally destroyed.  Of course pointing out that Litecoin is so under developed that it was using an antiquated db system as an advantage is somewhat hilarious.

Quote
For 24 hours you could not use btc but i was able to use crypto coins with ltc.
Which amounted to absolutely nothing.  What merchant did you spend those LTC at?  

Quote
Having a backup is just smart.

Agreed but Litecoin isn't that backup.  It is too similar, it provides no novel solutions to Bitcoin issues or weaknesses.  If Bitcoin dies Litecoin is probably already circling the drain.

Ltc is not just a copy. Ltc has its own dev team and is going in a different direction.

I used ltc when btc was down but not to a merchant.

Ltc is the best backup we have. If you find a better one ill sell some ltc and get that.

I just love freemarket crypto not a ltc fanboy.



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https://bitcointalk.org/index.php?topic=622250.msg7030081#msg7030081
El Cabron
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October 28, 2013, 03:12:36 AM
 #14

There is no "mess up" that can't be fixed baring a break in RIPEMD-160, SHA-256 and/or ECDSA.  If that happens LiteCoin provides no protection because it uses the exact same primitives.  The fact that it uses a different algorithm in mining will provide no protection from a cryptographic break.



I think what this analysis fails to recognize is that could mess up in a way that was not fundamentally destructive to bitcoin but the markets could incorrectly PERCEIVE that it was and lead to a massive crash.

Yeah that has only happened two dozen or so times.  Markets crashing is simply wealth changing hands.  You either buy, hold, or sell.  For every loser there is a winner.

Btc has not broken for more than a day. If that last fork took weeks to fix people would have had to move to ltc or go back to paypal.

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October 28, 2013, 03:14:21 AM
 #15

What merchant did you spend those LTC at?  

 Cheesy

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October 28, 2013, 03:16:51 AM
 #16

There is no "mess up" that can't be fixed baring a break in RIPEMD-160, SHA-256 and/or ECDSA.  If that happens LiteCoin provides no protection because it uses the exact same primitives.  The fact that it uses a different algorithm in mining will provide no protection from a cryptographic break.



I think what this analysis fails to recognize is that could mess up in a way that was not fundamentally destructive to bitcoin but the markets could incorrectly PERCEIVE that it was and lead to a massive crash.

Yeah that has only happened two dozen or so times.  Markets crashing is simply wealth changing hands.  You either buy, hold, or sell.  For every loser there is a winner.

Btc has not broken for more than a day. If that last fork took weeks to fix people would have had to move to ltc or go back to paypal.

Can you at least read before responding?  The quoted portion above is the post being responded to.  See my response was directed at the post I quoted.    I bolded the correlation if it helps.
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October 28, 2013, 03:17:59 AM
 #17

What merchant did you spend those LTC at?  

 Cheesy

Ltc and btc can be used for more than just trade for goods...

The ltc was used as a down payment for a service from someone i was working with on a project.  We would have done it in btc but btc was forked up...


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https://bitcointalk.org/index.php?topic=622250.msg7030081#msg7030081
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October 28, 2013, 03:20:23 AM
 #18

There is no "mess up" that can't be fixed baring a break in RIPEMD-160, SHA-256 and/or ECDSA.  If that happens LiteCoin provides no protection because it uses the exact same primitives.  The fact that it uses a different algorithm in mining will provide no protection from a cryptographic break.



I think what this analysis fails to recognize is that could mess up in a way that was not fundamentally destructive to bitcoin but the markets could incorrectly PERCEIVE that it was and lead to a massive crash.

Yeah that has only happened two dozen or so times.  Markets crashing is simply wealth changing hands.  You either buy, hold, or sell.  For every loser there is a winner.

Btc has not broken for more than a day. If that last fork took weeks to fix people would have had to move to ltc or go back to paypal.

Can you at least read before responding?  The quoted portion above is the post being responded to.  See my response was directed at the post I quoted.    I bolded the correlation if it helps.

I did read it and your bolding that text does not make what i said wrong.

Im on a phone and its a hit hard to deal with this formating. I quoted the wrong quote.

Edit just assume i quoted the right part of your post and i can try to edit it later.

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October 28, 2013, 03:21:23 AM
 #19

Ah yes, that "currency" that is in a month long downtrend because it's coming down from being pumped since MtGox still hasn't implemented it. Truly not a scamcoin. Cheesy
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October 28, 2013, 03:24:31 AM
 #20

Ah yes, that "currency" that is in a month long downtrend because it's coming down from being pumped since MtGox still hasn't implemented it. Truly not a scamcoin. Cheesy

Im not going to say what its value should be. Only its the best back up we have that i know of. If you know a better one please let me know.  Btw paypal and ripple are not correct answers.

Also you make it sound like you dont think btc is a currency or that it is very different from btc.

Odd.

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