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Author Topic: Litecoin demonstrates how ridiculous Bitcoin is  (Read 4615 times)
solex
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October 28, 2013, 03:26:21 AM
 #21

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.

You are referring to the the db lock limit problem of mid-March which created a fork in Bitcoin that lasted only a few hours, not 24. At the time I was worried, like a lot of people were. Now, with hindsight, I think the fork was a major boost for Bitcoin.

a) It proved to a lot of non-IT skeptics that Bitcoin is absolutely a legitimate, complex, technical enterprise. It is software reliably working for years at a time. This is the opposite of an empty ponzi or pyramid scheme. How many companies and governments have technical issues with software? All of them at one time or another.

b) It proved that the major people involved in Bitcoin could work fast to restore normality. It means that any future problem could also be addressed, which actually happens for minor issues occasionally anyway.

The price was at $47 when the fork happened, but within days shot up and we have not seen that level again.

Litecoin is riding BTC's coat-tails, and I agree it is here for the long-run, might get some general acceptance, but also consider that it offers nothing much different.

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October 28, 2013, 08:52:48 AM
 #22

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.

Check my sig, you'll find one right there.  Wink




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wunkbone
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October 28, 2013, 10:03:42 AM
 #23

All the crypto currency are the same to me, just that Bitcoin is first just like Window...

The Transit Coin is on the way. help us to decide the path we have to follow:

https://bitcointalk.org/index.php?topic=1066969

http://tnttalk.org

TNT COIN SHOPPING MALL COMING SOON
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October 28, 2013, 11:40:22 AM
 #24

If backup is the main argument, then that does not make LTC much better either. We can easily use XPM, FTC, PPC, WDC, NVC etc etc

El Cabron
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October 28, 2013, 11:47:07 AM
 #25

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.

Check my sig, you'll find one right there.  Wink

Hey you are not in jail! Hows it going?

Sorry El Cabron, you are banned from posting or sending personal messages on this forum.
Trolling
https://bitcointalk.org/index.php?topic=622250.msg7030081#msg7030081
El Cabron
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October 28, 2013, 11:50:29 AM
 #26

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.

You are referring to the the db lock limit problem of mid-March which created a fork in Bitcoin that lasted only a few hours, not 24. At the time I was worried, like a lot of people were. Now, with hindsight, I think the fork was a major boost for Bitcoin.

a) It proved to a lot of non-IT skeptics that Bitcoin is absolutely a legitimate, complex, technical enterprise. It is software reliably working for years at a time. This is the opposite of an empty ponzi or pyramid scheme. How many companies and governments have technical issues with software? All of them at one time or another.

b) It proved that the major people involved in Bitcoin could work fast to restore normality. It means that any future problem could also be addressed, which actually happens for minor issues occasionally anyway.

The price was at $47 when the fork happened, but within days shot up and we have not seen that level again.

Litecoin is riding BTC's coat-tails, and I agree it is here for the long-run, might get some general acceptance, but also consider that it offers nothing much different.


Yeah. I pretty much agree. But that does noy mean btc cant break for good and ltc is what some will use.

I hold some ltc cuz i thought btc might break.


Ltc was 5 cents then and over 2 dollars now.   I must not be the only one.


Sorry El Cabron, you are banned from posting or sending personal messages on this forum.
Trolling
https://bitcointalk.org/index.php?topic=622250.msg7030081#msg7030081
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October 28, 2013, 01:59:45 PM
 #27

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.

It has no purpose aside from being internet money, which is exactly the same purpose as bitcoin has.

Litecoin has value because me and a lot of other people have them and are not spending them, and they are difficult to generate.

Code:
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waltermot321
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October 28, 2013, 03:22:09 PM
 #28

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.

It has no purpose aside from being internet money, which is exactly the same purpose as bitcoin has.

Litecoin has value because me and a lot of other people have them and are not spending them, and they are difficult to generate.

I also trusted litecoin and have been keeping since many months ago. But the price keep dropping make me feel really bad...

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October 28, 2013, 03:41:11 PM
 #29

http://www.cryptocoincharts.info/period-charts.php?period=6-months&resolution=day&pair=ltc-btc&market=btc-e

Expect all your litecoin wealth to be destroyed, because this trend will continue down to 0.

Very good arguments here:
http://www.youtube.com/watch?v=1Z93QGE4aFA
Joe_Bauers
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October 28, 2013, 03:44:14 PM
 #30

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.

Life is a scam... deal with it?
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October 28, 2013, 03:47:14 PM
 #31

http://www.cryptocoincharts.info/period-charts.php?period=6-months&resolution=day&pair=ltc-btc&market=btc-e

Expect all your litecoin wealth to be destroyed, because this trend will continue down to 0.

Very good arguments here:
http://www.youtube.com/watch?v=1Z93QGE4aFA


Bitcoin would have the same trend as Litecoin Smiley

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October 28, 2013, 03:53:32 PM
 #32

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.

I think its important to have a variety of hashing algorithms just like there are a variety of precious metals. Especially when you consider that SHA-256 was developed by NIST - a known bullshit organization.

There are going to be a lot of people that prefer Scrypt coins because they are still mined on GPUs, and the idea of needing specialized hardware to mine bitcoin is going to be a turnoff for p2p enthusiasts.
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October 28, 2013, 03:55:19 PM
 #33

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.

It has no purpose aside from being internet money, which is exactly the same purpose as bitcoin has.

Litecoin has value because me and a lot of other people have them and are not spending them, and they are difficult to generate.

I also trusted litecoin and have been keeping since many months ago. But the price keep dropping make me feel really bad...

I felt the same way about bitcoin in the fall of 2011. I cashed out hundreds of bitcoins -  now THAT is sad.
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October 28, 2013, 04:16:40 PM
 #34

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.

The whole Bitcoin Ecosystem has led a charmed life...
To the point where it's highly centralized in California and Chinese foundries...
And smug Bitcoin Monopolists feel completely immune from any external threat...
All this for an entity with ONE (1) paid Dev.

LOL...
The US Government places a low priority on primitive, low velocity "toy commodities"...
And it takes DOJ several years to gear up on a target...
But a major Govt actions on BTC are in the pipeline...
It's inconceivable that Govts will allow a serious threat to Fiat. 

We are going to need 100s of diverse, global, EXCHANGABLE Alts to survive the onslaught...
With 2nd Generation design and protocols...
That don't create centralized monopolies...
And that don't require burning 500 lbs of coal/BTC.
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October 28, 2013, 04:30:50 PM
 #35



We are going to need 100s of diverse, global, EXCHANGABLE Alts to survive the onslaught...
With 2nd Generation design and protocols...
That don't create centralized monopolies...
And that don't require burning 500 lbs of coal/BTC.


I agree up to the last point - the less energy used to create the currency the less valuable it will be.

"burning coal" is a function of energy creation, not cryptocurrency. I can see how it will become more cost effective to use solar and wind energy to mine cryptocoins.
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October 28, 2013, 04:35:29 PM
 #36

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.

It has no purpose aside from being internet money, which is exactly the same purpose as bitcoin has.

Litecoin has value because me and a lot of other people have them and are not spending them, and they are difficult to generate.

I also trusted litecoin and have been keeping since many months ago. But the price keep dropping make me feel really bad...

It will likely be the same as for people who bought Bitcoin at $20 each in 2011.  Ignore the market and hold, as the market is based on speculation while the contraction of LTC supply is based on mathematics.

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October 28, 2013, 05:54:50 PM
 #37

But a major Govt actions on BTC are in the pipeline.

Bitcoin and all altcoins will be regulated under the same cryptocurrency umbrella. Alts will provide you with no protection.

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October 28, 2013, 06:15:09 PM
 #38

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.

Exactly. It offers nothing new and changes the game in no way. Nor will it, ever.
El Cabron
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October 28, 2013, 06:20:34 PM
 #39

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.

Exactly. It offers nothing new and changes the game in no way. Nor will it, ever.

For me the goal of LTC was not to rival BTC but to be its silver, or if god forbid, take over for a dead/broken BTC.

LTC clearly has a purpose and yes it does offer somethings that are new. Is it very different from BTC? Not massively, but is silver massively different from gold? Sure silver will not be worth as much as gold, (unless gold breaks somehow) but there is a place for both.


Sorry El Cabron, you are banned from posting or sending personal messages on this forum.
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https://bitcointalk.org/index.php?topic=622250.msg7030081#msg7030081
DeathAndTaxes
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October 28, 2013, 06:24:27 PM
 #40

Silver as a commodity currency came about because it is impractical to make (with 1800s era technology) small gold coins.   1 gram of gold was roughly a day's wage in 1840.  Imagine there was no silver or copper based currency.  So you work a day and your employer gives you a gram coin.   Now what.  Your hungry and want a meal it will cost 1/20th of a gram of gold.   Does anyone make 1/20th of gram gold coins?  Are you going to break out your magnifying glass and knife to cut your 1 gram coin into 20 pieces.

Bitcoin isn't gold, Bitcoin doesn't suffer from the limitation of physical size.   It is just as easy to spend 1/20th of a BTC as it is 1 BTC unlike spending 1 gram of gold or 1/20th a gram of gold. 

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