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Author Topic: 1 litecoin is now trading at $146, the psychological effect of mBTC  (Read 2724 times)
TheKoziTwo
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November 28, 2013, 12:05:37 AM
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So right now 1 litecoin is trading at $36.5. There will be 4 times as many litecoins as bitcoins, so that would equal the time when bitcoin was worth $146.

I have been here since jan 2011 and at that time I was able to follow pretty much all developments in the bitcoin world. Every new interview, news article, project. As years gone by, at the time bitcoin was valued at $146 I had long lost all track of all that was happening in the bitcoin space. Too much going on and too few hours in the day. News articles and new merchants everywhere, exciting projects I never even heard of.

Now how often do we see a litecoin article in the media? How often do we hear about new merchants accepting it? Not very often! I'd argue that it's way back in the early 2011 level. But the price is where bitcoin was at $146

When I'm telling people about bitcoin these days, they tell me that 1 bitcoin is "too expensive". People look around and they see litecoin. "$36.5, not to bad" they're thinking while comparing it to bitcoin. And they end up buying alternative currencies instead, not realizing that they are being tricked by their own mind.

Anyone remember ripple XRP? Those used to have a larger market cap than bitcoin itself, right out of the box! Just because there are so many of them.

I'm thinking, that by introducing mBTC, people will compare bitcoin to litecoin again and think that litecoin is WAY overpriced at $36.5 when (m)bitcoin is trading at only $1

I'm simply baffled by how much these psychological factors matter, litecoin is a living proof of the silly human brain. Now we just need to take advantage of this situation and do the switch.

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Siegfried
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November 28, 2013, 12:49:06 AM
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There is definitely a psychological factor but litecoin can also serve as a hedge against a major bitcoin failure.
TheKoziTwo
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November 28, 2013, 12:54:20 AM
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There is definitely a psychological factor but litecoin can also serve as a hedge against a major bitcoin failure.
With a market cap of 12 billion i'm pretty confident any "major bitcoin failure" can be overcome. However this isn't a topic about whether litecoin serves a purpose, just that money is leaking out from the btc economy due to irrationality.

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November 28, 2013, 01:57:42 AM
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I feel like this doesn't address that there is in fact already the infrastructure in place to move litecoin into 'acceptability' much more quickly then 2011 bitcoin.

We already have services like coinbase, bitpay, mtgox, etc. that make it fairly straight-forward for merchants to accept bitcoin. That was the hard part. I don't see a reason that any of these services in the future couldn't roll out litecoin support, and instantly put it's acceptability right up there with bitcoin.

I'm not saying it's there yet, but I don't think comparing it to a 2011 bitcoin is a very fair comparison when in fact lots of pieces are in place to make litecoin (or any other coin, for that matter) acceptance a much more simple proposition.
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November 28, 2013, 02:34:23 AM
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There is definitely a psychological factor but litecoin can also serve as a hedge against a major bitcoin failure.
With a market cap of 12 billion i'm pretty confident any "major bitcoin failure" can be overcome. However this isn't a topic about whether litecoin serves a purpose, just that money is leaking out from the btc economy due to irrationality.

good point there is a lot of money now including cashed out into FIAT, that would rush into fix any problem, to secure holdings in BTC, further the fork earlier this year just resulted in a good buying opportunity

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TheKoziTwo
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November 28, 2013, 02:44:48 AM
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I feel like this doesn't address that there is in fact already the infrastructure in place to move litecoin into 'acceptability' much more quickly then 2011 bitcoin.

We already have services like coinbase, bitpay, mtgox, etc. that make it fairly straight-forward for merchants to accept bitcoin. That was the hard part. I don't see a reason that any of these services in the future couldn't roll out litecoin support, and instantly put it's acceptability right up there with bitcoin.

I'm not saying it's there yet, but I don't think comparing it to a 2011 bitcoin is a very fair comparison when in fact lots of pieces are in place to make litecoin (or any other coin, for that matter) acceptance a much more simple proposition.

If bitcoin can be inflated by adding litecoin, it can be inflated by adding more currencies, thus the limited supply of bitcoin and all other currencies are destroyed. The result of this would be catastrophic since unlimited supply means value will go to $0. There is no reason to pay for something with unlimited supply. The fact that price is going up indicates that people have confidence that this won't happen and I believe the reason so few have chosen to support litecoin through merchant integration is because it's not in their own interest to do so. I think the only reason litecoiners want to see it integrated anywhere is for a quick buck.

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November 28, 2013, 03:16:25 AM
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nothing will stop litecoin , next stop $200

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November 28, 2013, 03:21:28 AM
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There indeed seems to be an effect.

In fact, there are a few alt-coins that play this effect to the hilt.

Best example is of course infinitecoin and devcoin.

Quarkcoin and Tickets are two other coins with just massive printing.

They do certainly have unusually high market caps, but these are actually deceptive and usually sink in the long term due to selling pressure. 

But certainly a very good way too perform a pump and dump.
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November 28, 2013, 03:23:20 AM
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There indeed seems to be an effect.

In fact, there are a few alt-coins that play this effect to the hilt.

Best example is of course infinitecoin and devcoin.

Quarkcoin and Tickets are two other coins with just massive printing.

They do certainly have unusually high market caps, but these are actually deceptive and usually sink in the long term due to selling pressure. 

But certainly a very good way too perform a pump and dump.

all those coins are going nowhere, Litecoin is gaining market and merchant  acceptance

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November 28, 2013, 03:30:27 AM
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I feel like this doesn't address that there is in fact already the infrastructure in place to move litecoin into 'acceptability' much more quickly then 2011 bitcoin.

We already have services like coinbase, bitpay, mtgox, etc. that make it fairly straight-forward for merchants to accept bitcoin. That was the hard part. I don't see a reason that any of these services in the future couldn't roll out litecoin support, and instantly put it's acceptability right up there with bitcoin.

I'm not saying it's there yet, but I don't think comparing it to a 2011 bitcoin is a very fair comparison when in fact lots of pieces are in place to make litecoin (or any other coin, for that matter) acceptance a much more simple proposition.

If bitcoin can be inflated by adding litecoin, it can be inflated by adding more currencies, thus the limited supply of bitcoin and all other currencies are destroyed. The result of this would be catastrophic since unlimited supply means value will go to $0. There is no reason to pay for something with unlimited supply. The fact that price is going up indicates that people have confidence that this won't happen and I believe the reason so few have chosen to support litecoin through merchant integration is because it's not in their own interest to do so. I think the only reason litecoiners want to see it integrated anywhere is for a quick buck.
The bitcoin/crypto experiment is still young.  Right now is a phase of people jumping into it so everything gets pushed up.  But it's fairly well known that a possible downside to the bitcoin experiment is that it is easily copied.
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November 28, 2013, 03:36:20 AM
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I feel like this doesn't address that there is in fact already the infrastructure in place to move litecoin into 'acceptability' much more quickly then 2011 bitcoin.

We already have services like coinbase, bitpay, mtgox, etc. that make it fairly straight-forward for merchants to accept bitcoin. That was the hard part. I don't see a reason that any of these services in the future couldn't roll out litecoin support, and instantly put it's acceptability right up there with bitcoin.

I'm not saying it's there yet, but I don't think comparing it to a 2011 bitcoin is a very fair comparison when in fact lots of pieces are in place to make litecoin (or any other coin, for that matter) acceptance a much more simple proposition.

If bitcoin can be inflated by adding litecoin, it can be inflated by adding more currencies, thus the limited supply of bitcoin and all other currencies are destroyed. The result of this would be catastrophic since unlimited supply means value will go to $0. There is no reason to pay for something with unlimited supply. The fact that price is going up indicates that people have confidence that this won't happen and I believe the reason so few have chosen to support litecoin through merchant integration is because it's not in their own interest to do so. I think the only reason litecoiners want to see it integrated anywhere is for a quick buck.

its rare to find a market where on product or service dominates to the exclusion of others

the only one I can think or are dentists, Dr's and Lawyers who have state sanctioned registration monopolies, and perhaps banks as well, until now

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November 28, 2013, 03:47:20 AM
 #12

Simple explanation is when btc was 146 it was way way way way way undervalue. Now more ppl have woke up and realize crypto currency is cool and pour money in across all coins.

Litecoin may be some tepid generic cola where bitcoin is classic coke, but years and years later Pepsi become the front runner
TheKoziTwo
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November 28, 2013, 03:57:39 AM
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The intention of this topic was to discuss the importance of mBTC by using alternative currencies as example of how the human brain is easily fooled. Apparently this was not understood by moderator and topic has been moved into the alternative cryptocurrencies forum. It loses its purpose so I'll lock it.

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