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Author Topic: Litecoin demonstrates how ridiculous Bitcoin is  (Read 4616 times)
El Cabron
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October 28, 2013, 06:37:46 PM
 #41

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. 



Silver was used by the Romans and people before them. Who is to say we did not use gold because silver was too heavy/bulky? Hard to say what was first but it does not really matter.


Anyway one day, if BTC really takes off, and there are really high fees for sending small amounts of BTC in transactions you might find LTC the "liter" and faster option.

Are we there yet? Nope. Will we one day, I sure hope so, both for BTC and LTC.

Sorry El Cabron, you are banned from posting or sending personal messages on this forum.
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October 28, 2013, 06:50:54 PM
 #42

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. 

It might become a pretty ideal option when bitcoin network fees become high, as eventually the miners control network fees and there are a limited number of transactions that can go through the network each day.  If the number of network transactions increases exponentially, eventually fees will be exorbinant.  Everyone knows that bitcoin can not support even a fraction of the transactions that visa processes per day.

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October 28, 2013, 06:59:25 PM
 #43

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. 
This this and this. Some people have sunk too much wealth into LTC to clearly see the truth.

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October 28, 2013, 09:03:04 PM
 #44

LTC is SCAM cause someone lied to you that you can mine that crap only with your CPU...

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October 29, 2013, 06:04:14 AM
 #45

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. 



You assume that people think instead of following yesterdays hype. The days of LTC have only just begun. Think of 1999 for stocks. Cryptos will have that moment too before reality sinks in.

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El Cabron
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October 29, 2013, 06:10:01 AM
 #46

Litecoin demonstrates how people are invested in an useless crypto.  Cheesy

yes crypto is useless   Roll Eyes

Sorry El Cabron, you are banned from posting or sending personal messages on this forum.
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October 29, 2013, 06:34:00 AM
 #47

yes crypto is useless   Roll Eyes


I dunno, Crypto been very very good to me!


~BCX~
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October 29, 2013, 06:37:51 AM
 #48

LTC price is still low enough so that room for increasing its value is huge. On the other hand, BTC is now on top of the world, but the chance of a hard landing is high too.

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October 29, 2013, 06:53:01 AM
 #49

LTC price is still low enough so that room for increasing its value is huge.

On the other hand there is plenty of room to drop more.

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October 29, 2013, 06:59:43 AM
 #50

LTC price is still low enough so that room for increasing its value is huge.

On the other hand there is plenty of room to drop more.

Smiley Who cares when LTC price drops down to 1 USD/LTC from its current price of 2 USD/LTC (that represents 50% of loss)? Now what happens if BTC price loses about 10% of its value? Do you see the maths here?

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October 29, 2013, 07:40:27 AM
 #51

LTC price is still low enough so that room for increasing its value is huge.

On the other hand there is plenty of room to drop more.

Smiley Who cares when LTC price drops down to 1 USD/LTC from its current price of 2 USD/LTC (that represents 50% of loss)? Now what happens if BTC price loses about 10% of its value? Do you see the maths here?

Who cares? Well the Litecoin holders will care for starters.

So your saying it's better to take a 50% loss rather than a 10% one?  Shocked

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October 29, 2013, 07:47:27 AM
 #52

Switch your time reference to 2018 and suddenly the price swings do not mean anything.

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October 29, 2013, 08:00:21 AM
 #53

LTC price is still low enough so that room for increasing its value is huge.

On the other hand there is plenty of room to drop more.

Smiley Who cares when LTC price drops down to 1 USD/LTC from its current price of 2 USD/LTC (that represents 50% of loss)? Now what happens if BTC price loses about 10% of its value? Do you see the maths here?

Who cares? Well the Litecoin holders will care for starters.

So your saying it's better to take a 50% loss rather than a 10% one?  Shocked

Definitely no. Its all about how you want to handle risks. If you are risk averse, then LTC can be a good thing to invest in. If you are willing to take risk, then go with BTC. Higher risks are associated with higher margins of profits/losses and vise versa.  Easy to understand, right?  Wink

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October 29, 2013, 08:02:41 AM
 #54

LTC price is still low enough so that room for increasing its value is huge.

On the other hand there is plenty of room to drop more.

Smiley Who cares when LTC price drops down to 1 USD/LTC from its current price of 2 USD/LTC (that represents 50% of loss)? Now what happens if BTC price loses about 10% of its value? Do you see the maths here?

Who cares? Well the Litecoin holders will care for starters.

So your saying it's better to take a 50% loss rather than a 10% one?  Shocked

Definitely no. Its all about how you want to handle risks. If you are risk averse, then LTC can be a good thing to invest. If you are willing to take risk, then go with BTC. Higher risks are associated with higher margins of profits/losses and vise versa.  Easy to understand, right?  Wink

Its the opposite. BTC is lower risk. LTC is higher risk with a chance of a higher reward.

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October 29, 2013, 12:49:56 PM
 #55

Litecoin shouldn't be looked at as silver while Bitcoin is gold. Others have brought up how easily divisible Bitcoin is compared to gold. I own a 1/10 oz gold piece that's about the size of a penny. It's worth about $130. Since it's already the size of a penny, it's impractical to divide any smaller...that's where silver (or copper) come in.

Instead, Litecoin and Bitcoin should be looked at as MasterCard vs. Visa. Most merchants accept both (except for my local DMV which only accepts MasterCard...go figure) and they both serve the same purpose.
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October 29, 2013, 01:03:05 PM
 #56

Instead, Litecoin and Bitcoin should be looked at as MasterCard vs. Visa. Most merchants accept both (except for my local DMV which only accepts MasterCard...go figure) and they both serve the same purpose.

Good point. This Bitcoin gold, Litecoin silver is just a clever marketing ploy.

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October 29, 2013, 01:15:02 PM
 #57

For me LTC is a small brother of BTC, and they are bound together. But btc can survive without LTC and LTC cant

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October 29, 2013, 02:19:24 PM
 #58

For me LTC is a small brother of BTC, and they are bound together. But btc can survive without LTC and LTC cant

At present LTC is just pump and dump. Play it well and you end up with more BTCs.

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October 29, 2013, 06:18:59 PM
 #59

Litecoin shouldn't be looked at as silver while Bitcoin is gold. Others have brought up how easily divisible Bitcoin is compared to gold. I own a 1/10 oz gold piece that's about the size of a penny. It's worth about $130. Since it's already the size of a penny, it's impractical to divide any smaller...that's where silver (or copper) come in.

Instead, Litecoin and Bitcoin should be looked at as MasterCard vs. Visa. Most merchants accept both (except for my local DMV which only accepts MasterCard...go figure) and they both serve the same purpose.

That is a possible scenario for LTC however I would say the proof is in the pudding.  Where is the LTC equivalent of coinbase, bitpay (and competitors), BitInstant, etc.   People genuinely believed in Bitcoin far beyond what they could pump and dump to invest equity both the $$$ kind and the sweat kind to bring services to Bitcoin.    It is those infrastructure services which will lay the foundation for broad merchant adoption.

The "LTC gameplan" on the other hand is: 1) buy some LTC, 2) claim it is silver to BTC gold 3) Huh 4) profit.  If the LTC "boosters" really believed what they were saying they would be taking out loans, quiting their day jobs and starting the next big thing for LTC.  Except they don't. Imagine if Mastercard hadn't done any work to build a network, recruit merchants, compete with VISA for mindshare, etc.  It was just a brand nobody accepted and they went around claiming "Mastercard silver to VISAs gold".  Smiley  It's stock chart would look very similar to LTC exchange rate chart.
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October 29, 2013, 11:05:50 PM
 #60

Litecoin shouldn't be looked at as silver while Bitcoin is gold. Others have brought up how easily divisible Bitcoin is compared to gold. I own a 1/10 oz gold piece that's about the size of a penny. It's worth about $130. Since it's already the size of a penny, it's impractical to divide any smaller...that's where silver (or copper) come in.

Instead, Litecoin and Bitcoin should be looked at as MasterCard vs. Visa. Most merchants accept both (except for my local DMV which only accepts MasterCard...go figure) and they both serve the same purpose.

That is a possible scenario for LTC however I would say the proof is in the pudding.  Where is the LTC equivalent of coinbase, bitpay (and competitors), BitInstant, etc.   People genuinely believed in Bitcoin far beyond what they could pump and dump to invest equity both the $$$ kind and the sweat kind to bring services to Bitcoin.    It is those infrastructure services which will lay the foundation for broad merchant adoption.

LTC on the other hand is buy some LTC, claim it is silver to BTC gold and wait for a double to sell.  Imagine if Mastercard hadn't done any work to build a network, recruit merchants, compete with VISA for mindshare, etc.  It was just a brand nobody accepted and they went around claiming "Mastercard silver to VISAs gold".  Smiley

BTC has had a bit of a head start on LTC. Who is to say these things are not in the works? Gox will sell LTC. Coinbase is thinking about adding LTC support. Other stuff is going on. Come back in a year and things might be very different. If not, then you might be right.

Like it or not there are people with a lot of money building stuff up for LTC.

Still, I never expect LTC to even come close to replacing or equaling BTC. LTC might one day be used more for micro transaction cuz faster/cheaper but BTC will be the gold standard, assuming it does not fork it self up.

Sorry El Cabron, you are banned from posting or sending personal messages on this forum.
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