Litecoin demonstrates how ridiculous Bitcoin is

[revans]

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]

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

[DeathAndTaxes]

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.

[El Cabron]

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.

[Malawi]

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.

[DeathAndTaxes]

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.

[oakpacific]

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.

[El Cabron]

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.

[DeathAndTaxes]

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.

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?  

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.

[Anon136]

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.

[Anon136]

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.

[DeathAndTaxes]

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.

[El Cabron]

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.

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?  

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.

[El Cabron]

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.

[OgNasty]

What merchant did you spend those LTC at?  

 

[DeathAndTaxes]

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.

[El Cabron]

What merchant did you spend those LTC at?  

 

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...

[El Cabron]

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.

[N12]

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.

[El Cabron]

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.

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.