Should there be a Litecoin exchange?

[coblee]

If I can convince an exchange to open or not open, which do you prefer?

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[worldinacoin]

Prefer, it helps keep the interest of those mining for profits.  The more miners, the more awareness for the coin, the more awareness, the more usage and so on.

[grod]

Not going to matter, btce has already announced they're going to have litecoin trading by this weekend.  One competitive advantage vs pumpy dumpy scamcoins chains down, but plenty more still remain.

[worldinacoin]

One worry is, when an exchange is open, early miners with hoards of the coins will rush to cash in and depreciate the price of the coins.   When prospective miners look at the low value, they may well be deterred from mining it.  I think it will be beneficial to organize a small fund to buy in such selling so as to keep the price of the coins stable and not discourage future miners.

[ripper234]

One worry is, when an exchange is open, early miners with hoards of the coins will rush to cash in and depreciate the price of the coins.   When prospective miners look at the low value, they may well be deterred from mining it.  I think it will be beneficial to organize a small fund to buy in such selling so as to keep the price of the coins stable and not discourage future miners.

Let Market Speak.

[Lolcust]

Actually, thanks to a little help from a benefactor who would rather remain anonymous, BTC-E will open both a Fairbrix/BTC and an LTC/BTC exchange

Sadly, they have so far declined to consider direct speculation between LTC, FBX, and TBX LTC/TBX and LTC/FBX would have been some serious fun

[BitcoinPorn]

btce has already announced they're going to have litecoin trading by this weekend.

Is this accurate?  Close thread?  Somebody voted with their wallet lol

[johnj]

I actually long for an alt-coin which doesn't have an exchange open in the first week.

If a *coin has enough merits to stand w/o an exchange, that's the one I'll keep my eye on.

[johnj]

One worry is, when an exchange is open, early miners with hoards of the coins will rush to cash in and depreciate the price of the coins.   When prospective miners look at the low value, they may well be deterred from mining it.  I think it will be beneficial to organize a small fund to buy in such selling so as to keep the price of the coins stable and not discourage future miners.

Problem herein lies that without some form of exchange there is no value really.  So you kinda have to have one somewhere so that value can be established.

I would think the value doesn't come solely from the exchange, but rather from the value of the protocol.

I mean, just because I open DogShitExchange.com doesn't mean DogShit now has value.

Any *coin created should be done so as a genuine attempt at a p2p currency for the transaction of goods and services. If people want LTC this early, forum exchanges should do adequately as there are currently no goods/services to exchange them for.

Exchanges have an interest in opening as soon as possible, because they get a commission - they do not necessarily have any genuine interest in seeing the coin succeed.

[worldinacoin]

I think looking at the lively trading and good interest in Litecoin in the forum even before a first exchange is started, my worries are unfounded

[johnj]

Disagree:
Until an economy can be built around cryptocurrency in general (even Bitcoin's is far sub-par where it needs to be but growing) the only measure you can get is the value on an exchange.  So if you open DogShitExchange.com and DogShit is trading for 1 shitecoin per 1 BTC then it's value on the market is 1 BTC conversely if no one trades for it then it has 0 value.

I would imagine that any value that comes from pure speculation isn't value at all.  I think value is inherent and not bestowed by speculative individuals. Price is bestowed by individuals.

Like the Question Mark (?).  It doesn't have a price, it isn't traded, yet it has value because it's used to communicate. (Yes, I know it's an abstract example, but I believe it fits)

[freequant]

Actually, thanks to a little help from a benefactor who would rather remain anonymous, BTC-E will open both a Fairbrix/BTC and an LTC/BTC exchange
Sadly, they have so far declined to consider direct speculation between LTC, FBX, and TBX LTC/TBX and LTC/FBX would have been some serious fun

Why would they?
Forcing you to go accross several currency pairs yields higher commissions.
It also avoid wasting their bandwidth to eager arbitrageurs refreshing the quotation page whatmany times per second.

[freequant]

Actually, thanks to a little help from a benefactor who would rather remain anonymous, BTC-E will open both a Fairbrix/BTC and an LTC/BTC exchange

Thanks BitcoinExpress

[terrytibbs]

I'm not able to vote, seemingly because I'm a scammer. But put me on the second option if you're counting the votes up.

[freequant]

Like the Question Mark (?).  It doesn't have a price, it isn't traded, yet it has value because it's used to communicate. (Yes, I know it's an abstract example, but I believe it fits)

I offer you 1LTC for your question mark.
But I want you to edit your post to remove it after you sold it to me.

[freequant]

If I can convince an exchange to open or not open, which do you prefer?

I prefer non-intervention.
Please let the market decide.

[coblee]

I'm not able to vote, seemingly because I'm a scammer. But put me on the second option if you're counting the votes up.

It looks like the voting is all tied-up. I won't intervene then. If BTC-E is going to come out with an exchange this weekend, then so be it. I will look forward to buying some LTC at a low price.

[michaelmclees]

I'm not able to vote, seemingly because I'm a scammer. But put me on the second option if you're counting the votes up.

It looks like the voting is all tied-up. I won't intervene then. If BTC-E is going to come out with an exchange this weekend, then so be it. I will look forward to buying some LTC at a low price.

What could you do to intervene if you wanted to?

[johnj]

I'm throwing my 1.x Ghash/sec at Litecoin, why not do something different from the mainstream. And I am ramping up my exchange to handle Litecoins too (http://www.vircurex.com) once I have some Litecoins to do all the testing needed.

Looks like another exchange

[coblee]

I'm not able to vote, seemingly because I'm a scammer. But put me on the second option if you're counting the votes up.

It looks like the voting is all tied-up. I won't intervene then. If BTC-E is going to come out with an exchange this weekend, then so be it. I will look forward to buying some LTC at a low price.

What could you do to intervene if you wanted to?

I could ask them if they would wait on the exchange until the coin is more stable. I mean they will bound to be a target of a 51% attack, so it might be a good idea for them to wait also.