Why is Litecoin so cheap?

[Amph]

Ok everybody calm down , El dude is here to put the trolls in their place.

because asic are dumping like crazy

yes , because bitcoin asics "dumped like crazy" and the bitcoin price went down when asics came out , you fool. The opposite happened bitcoin went to $1200 when asics came out.

ehm no btc went to 1200 because of china, not because of asic, when KNC miner are dumpic 1k btc a day

tell me why people should buy litecoin, when there are 300mh/s coming that will rape it so hard(the first one will rape it for sure)

not to mention that now litecoin is even more useless because there is no more difference between scrypt and sha256, both are centralized shit

so your telling me ASICs making BTC harder to get had nothing to do with the rise to $1200 ? lol

Litecoin was never designed to be asics proof and no coin really is , unless you have a low marketcap and no one cares enough to develop a asics for it. You think gpu weren't centralized ?  like the two 7950s you had in your basement made a difference to the 10 000 gpu farms out there.

demand is not necessarily correlated to the hashpower, also bitcoin is the first, the increase of his price will be a natural consequence of this

gpu isn't as a centralized as asic, you can't for example, build a farm like KNC farm with just gpu, i challenge anyone to do a thing like that lol

a guy with just 100-200 gpu is still a tiny drop comapred to the total hash(made of only gpu)of a strong scrypt coin

[Dabs]

Litecoin isn't even a direct fork of Bitcoin. But their devs and marketing and foundation have done a good job making them either number 2, or look like they are number 2.

[El Dude]

Litecoin isn't even a direct fork of Bitcoin. But their devs and marketing and foundation have done a good job making them either number 2, or look like they are number 2.

  it's based on bitcoin . The price , marketcap and daily volume in the million is why it's number 2 not because of some entity , I think your confusing it with dogecoin.

[Amph]

for example when doge reached 4-5 GH network, back in december-january, when there were only gpu mining it, even a single dude with 200gpu, can reach only 200Mh/s, and that's is just 1/40 of the total hash

this is just an example why gpu lead to decentralization, asic instead....

[El Dude]

for example when doge reached 4-5 GH network, back in december-january, when there were only gpu mining it, even a single dude with 200gpu, can reach only 200Mh/s, and that's is just 1/40 of the total hash

this is just an example why gpu lead to decentralization, asic instead....

that's horrible a government or other entity could easily 51% that , a high hashrate is a great thing .

[Amph]

for example when doge reached 4-5 GH network, back in december-january, when there were only gpu mining it, even a single dude with 200gpu, can reach only 200Mh/s, and that's is just 1/40 of the total hash

this is just an example why gpu lead to decentralization, asic instead....

that's horrible a government or other entity could easily 51% that , a high hashrate is a great thing .

they could but with ASIC, not with gpu, that's the point

now imagines a coin that is as a popular as Bitcoin, but can be mined only with gpu, in a scenario like this is very unlikely that you will find a company that owns 30% of the hash like KNC are doing now with BTC

[TheCloser]

Ok everybody calm down , El dude is here to put the trolls in their place.

because asic are dumping like crazy

yes , because bitcoin asics "dumped like crazy" and the bitcoin price went down when asics came out , you fool. The opposite happened bitcoin went to $1200 when asics came out.

ehm no btc went to 1200 because of china, not because of asic, when KNC miner are dumpic 1k btc a day

tell me why people should buy litecoin, when there are 300mh/s coming that will rape it so hard(the first one will rape it for sure)

not to mention that now litecoin is even more useless because there is no more difference between scrypt and sha256, both are centralized shit

so your telling me ASICs making BTC harder to get had nothing to do with the rise to $1200 ? lol

Litecoin was never designed to be asics proof and no coin really is , unless you have a low marketcap and no one cares enough to develop a asics for it. You think gpu weren't centralized ?  like the two 7950s you had in your basement made a difference to the 10 000 gpu farms out there.

Let me set you both straight so there is no confusion here.

1) bitcoin exploded in price because the Chinese realized they could move their assets out of the country without their own government knowing hence the reason property all across America has been getting scooped up by the Chinese for the last year. Greater preservation of wealth exists in America (that's not saying much btw). It's just happens to be luck that ASICs came out in this same window but ultimately the same amount of coins are generated everyday regardless of how quickly difficulty rises. Therefore, price increase was not due to ASICs.

2) if your expecting litecoin prices to spike immediately as ASICs enter the mining pools you are drinking some kind of funky coolaid. ASICs for sha-256 exploded and the difficulty chart looks logarithmic where as the technology for scrypt ASICs will grow linearly and the overall hash rate will be a much slower growth as technology continues to develop.

Personally, I like litecoin as an investment for the long term but realistically it's going to be a couple more years before prices start moving anywhere. Buckle in boys cause its gonna be a slow ride........"to da moon"......that phrase makes people sound like idiots.

CT$

[Dabs]

Litecoin isn't even a direct fork of Bitcoin. But their devs and marketing and foundation have done a good job making them either number 2, or look like they are number 2.

  it's based on bitcoin . The price , marketcap and daily volume in the million is why it's number 2 not because of some entity , I think your confusing it with dogecoin.

No, I'm not confusing it with dogecoin. I read it somewhere, I can't find it anymore, but apparently litecoin as it is, was forked of some other coin back then. Then Charles Lee and the other devs decided to unify and consolidate what they had into one coin and litecoin was born. Or something like that.

The official story is that litecoin was forked from bitcoin.

I'm not going to dig any further now, if I was mistaken then I indeed confused its history with something else.

[r0ach]

for example when doge reached 4-5 GH network, back in december-january, when there were only gpu mining it, even a single dude with 200gpu, can reach only 200Mh/s, and that's is just 1/40 of the total hash

this is just an example why gpu lead to decentralization, asic instead....

Shibecoin hit 120ghash this week

[mkc]

It is so easy to make a coin now a days. Lite coin - this coin that coin, I will stick to the first one and the best one. I guess many people think  the same.

[devphp]

There are supposed to be four times more litecoins (84 million) than bitcoins (21 million) so with everything else being equal, Litecoin should cost 1/4 that of Bitcoin. But Litecoin is currently trading at about 10 dollars each while Bitcoin is trading at around 400-500 dollars each which makes it undervalued by a factor of 10.

Has it got something to do with the distribution curve (ie. more litecoins are produced in the first few years compared to Bitcoin)?

This thread was more valid 6 months ago. It's pointless now, because a) Litecoin brings nothing new compared to Bitcoin; b) some other alts have sprung into being over the past 6 months, that do bring something new to the table compared to Bitcoin.

Meaning, capital will continue to pour more into alts with more perspective and less into Litecoin, which will go as low as 0.01 BTC by the end of 2014. It can stay the same dollar wise though, around $10.

[El Dude]

There are supposed to be four times more litecoins (84 million) than bitcoins (21 million) so with everything else being equal, Litecoin should cost 1/4 that of Bitcoin. But Litecoin is currently trading at about 10 dollars each while Bitcoin is trading at around 400-500 dollars each which makes it undervalued by a factor of 10.

Has it got something to do with the distribution curve (ie. more litecoins are produced in the first few years compared to Bitcoin)?

This thread was more valid 6 months ago. It's pointless now, because a) Litecoin brings nothing new compared to Bitcoin; b) some other alts have sprung into being over the past 6 months, that do bring something new to the table compared to Bitcoin.

Meaning, capital will continue to pour more into alts with more perspective and less into Litecoin, which will go as low as 0.01 BTC by the end of 2014. It can stay the same dollar wise though, around $10.

The market has decided , Litecoin is number 2 and once litecoin goes on Coinbase even more money will pour into it and less into other crap coins.

[snarlpill]

I would love to buy some Litecoins to just hold, as a savings fund. I've had a few but had to sell them in short positions. I've heard LTC compared to as silver to BTC's gold, and I like that idea.

But as for people waiting for it to shoot up in price, I actually kind of like Litecoin at a $10-15 dollar value. Litecoin is established and legitimate in this fly-by-night world of cryptocurrencies, and it has more potential as an everyday spending coin in my opinion. A faster network than Bitcoin, and a $10-25 dollar LTC value would work well in the world's economy.

[snarlpill]

The market has decided , Litecoin is number 2 and once litecoin goes on Coinbase even more money will pour into it and less into other crap coins.

I would love to be able to buy and sell LTC on Coinbase. Is this a reality and if so, when?

[Amph]

for example when doge reached 4-5 GH network, back in december-january, when there were only gpu mining it, even a single dude with 200gpu, can reach only 200Mh/s, and that's is just 1/40 of the total hash

this is just an example why gpu lead to decentralization, asic instead....

Shibecoin hit 120ghash this week

there are asic now

[El Dude]

The market has decided , Litecoin is number 2 and once litecoin goes on Coinbase even more money will pour into it and less into other crap coins.

I would love to be able to buy and sell LTC on Coinbase. Is this a reality and if so, when?

The creator of Litecoin Coblee works for Coinbase and he has hinted that when the time is right Coinbase will support Litecoin. My guess is sometime in 2014.

[mazuma]

all i got from this thread was el dude is a fucking idiot . now carry on please

Correlation does not imply causation

[DemetriusAstroBlack]

IMO it has everything to do with having to go to BTC before going to USD or goods.  If cryptsy ever really adds USD markets I think there will be much market change.

[snarlpill]

The creator of Litecoin Coblee works for Coinbase and he has hinted that when the time is right Coinbase will support Litecoin. My guess is sometime in 2014.

I think that if and when that happens- websites, vendors, and physical stores will start accepting Litecoin as payment at a much higher rate. Better buy now maybe huh? 

[devphp]

El Dude has been singing this 'Charlie works for Coinbase' song for quite a while now. The thing is, this doesn't change anything. There are a lot of other places people can turn their fiat into cryptos, many more such places than a few months ago. That is exactly why I said that this thread is 6 months too late. Market is deciding right now, it has not decided anything yet. It is exactly these periods of seeming stagnation in price that are decisive, because big investors get into the market at these periods when the price is low and they decide what will be #2, and I don't see Litecoin staying at #2, as it brings nothing new that Bitcoin doesn't have.

Both Bitcoin and Litecoin are not designed to be every day internet currency, and being just the store of value - this is what Bitcoin does great, it doesn't need help from Litecoin for that.