Can Litecoin hold the #2 spot? Doubtful..and here are the coins who will benefit

[lynn_402]

Dogecoin would benefit greatly from a Litecoin crash, as the flux of ASIC miners who will be looking for something more profitable to mine will go majoritarely to it thus increasing its security and probably its value.

Original poster asked the wrong question.  The question he should have asked is, with a giant and expensive ASIC network being built for Litecoin, why is the price of LTC so low compared to Bitcoin?  Once LTC and BTC both have similar hardware infrastructure supporting the network, in a logical world, the price of LTC would go up and BTC go down.

"In a logical world"
Also, the huge infrastructure that Litecoin has does not indicate that it will succeed. I'm sure many mine it simply to trade for Bitcoins or other coins, which gives huge sell pressure to it. And since there's no real reason to use Litecoin over other coins, I don't believe that buyers will indefinitely sustain that.

[kelsey]

I see nothing that yet exists that does in any real way have any real world benefit over and above btc/ltc, and I'm in a good stab of the alts. Ltc has survived waves of other alts and stand strongly ontop, and will continue to do so, fact is its more likely to unseat btc then any alts unseat ltc.

[peacefulmind]

maybe because you can buy real things with it?  It is years old, trusted, established and liquid?

Litecoin is the #2 accepted coin by merchants - www.eGifter.com accepts LTC as one example of thousands.

It is the only coin other than Bitcoin to have specialized hardware purpose manufactured to support its own network.

So much money has been invested into the LTC ecosystem now it is not going anywhere.  ASICs are a long run strength, not a weakness.  If you think your old AMD cards determines the future of crypto you are self-deluded kid.  This is a seminal achievement, also because sCrypt ASICs are much more expensive to produce than BTC ones were.

Few other reasons:

Charlie Lee.

Warren Togami.

Coinbase - Charlie is now assistant chief of engineering with seven direct reports to him.  He has stated in IRC he will have Coinbase accepting IRC or he will quit.  He said he did not expect to quit.

The fairest launch of any coin including Bitcoin.

The Litecoin Association just got legal 501c status and will be accepting board members from industry to form a major trade group.

There are so many more I am not going to list them all.

This thread is the wet dream of everyone who owns a shitcoin.  NXT will definitely have its place, but LTC is not going anywhere.  DRK will be made illegal.  DOGE is technically flawed and will be 51% attacked by a huge ASIC farm.

[bluemeanie1]

I think the primary coin that will benefit is BTC.

-bm

[bluemeanie1]

I see nothing that yet exists that does in any real way have any real world benefit over and above btc/ltc, and I'm in a good stab of the alts. Ltc has survived waves of other alts and stand strongly ontop, and will continue to do so, fact is its more likely to unseat btc then any alts unseat ltc.

LTC has effectively nothing going for it at this point.

http://www.cryptocoinsnews.com/news/warning-litecoin-miners-need-leave-coinotron/2014/05/20

-bm

[peacefulmind]

Is Bitcoin getting scared there is another coin that will be equally secure, can perform the same service better, and is immensely less expensive?

I don't think it has hit the BTC people yet what a coup the massive ASIC rollout for LTC really is.

LTC at that point = BTC with a few improvements.

Expect value to adjust accordingly!

[bluemeanie1]

Is Bitcoin getting scared there is another coin that will be equally secure, can perform the same service better, and is immensely less expensive?

I don't think it has hit the BTC people yet what a coup the massive ASIC rollout for LTC really is.

LTC at that point = BTC with a few improvements.

Expect value to adjust accordingly!

LTC at that point = BTC with a new name.

-bm

[bluemeanie1]

BTC is likely to grow.  Lots of scandals and broken ideas amidst the alts and for those people who want their wealth in crypto- the choice is clear.  The FUD is strong lately too which tells me that people are trying to talk BTC down... why?

-bm

[NEM minnow]

Two things will make a coin valuable.  

The first is its network for sure hands down.  Bitcoin has by far the largest network, with the most end points for users and roads to get there.  This is what a currency is about.  It will be a loooooong time before it is challenged.  

To some extent this is true for Litecoin, but not really.  There isn't really any need for Litecoin.  Anything that a person could do with Litecoin as far as currency goes, a person can do with bitcoin.  I won't touch Litecoin.

The second thing that makes a coin valuable is what is its tech.  Even if it doesn't yet have a lot of end points for users or roads to get there, does it do something important.  The original poster mentions Vertcoin, Monero, Darkcoin, Karma, Dogecoin, NXT.  Of these Dark and Monero both offer a function that is neat, that is anonymity.  But it is not full anonymity from the NSA, but just casual anonymity from regular people trying to track you.  Right now Bitcoin is developing these features (zero coin, dark wallet, coin join).  Maybe these will work, maybe not, or maybe new tech will come.  The point is that people are working on anonymity for bitcoin.  It will happen and when it does, bitcoin will have the function of Darkcoin and Monero but all the end points for users and roads to get there.  That will make Darkcoin and Monero just as obsolete as Litecoin.

One coin does stand out.  That is NXT.  It is adding feature after feature and function after function.  I am in wonder to think what it will be doing in a year or two from now.  By that time Bitcoin will still just have evolved a little bit, maybe have finally got multi-sig and anonymity working perfectly smoothly. I think NXT will shoot up.  The guys over there don't want to beat bitcoin, they want to take over the world.  I am also watching for NEM which will be released soon.  They also want it all and have a better back story, but a later start.  

[peacefulmind]

Is Bitcoin getting scared there is another coin that will be equally secure, can perform the same service better, and is immensely less expensive?

I don't think it has hit the BTC people yet what a coup the massive ASIC rollout for LTC really is.

LTC at that point = BTC with a few improvements.

Expect value to adjust accordingly!

LTC at that point = BTC with a new name.

-bm

So you agree they are equal.  Value will adjust.  Functionality is equal.  Security is equal, adoption is following, price will follow.

I sense the nervousness here.

[bluemeanie1]

NEM minnow, there have also been a number of other innovations in BTC that have been cooking for some time, and I assume something is going to emerge soon.  Things look good for BTC for sure.  -bm

[bluemeanie1]

Is Bitcoin getting scared there is another coin that will be equally secure, can perform the same service better, and is immensely less expensive?

I don't think it has hit the BTC people yet what a coup the massive ASIC rollout for LTC really is.

LTC at that point = BTC with a few improvements.

Expect value to adjust accordingly!

LTC at that point = BTC with a new name.

-bm

So you agree they are equal.  Value will adjust.  Functionality is equal.  Security is equal, adoption is following, price will follow.

I sense the nervousness here.

oh ya dude Im shaking in my boots here!

LTC has nothing to offer.  No reason to hold it, nor reason to use it.

-bm

[peacefulmind]

BTC is likely to grow.  Lots of scandals and broken ideas amidst the alts and for those people who want their wealth in crypto- the choice is clear.  The FUD is strong lately too which tells me that people are trying to talk BTC down... why?

-bm

Only scandals are BTC Foundation.

Litecoin is clean, and has the fairest launch in history.

We have two groups who fear LTC - the original "BTC only" adopters, and all the people who came late to the party at the end of 2013 and missed the boat.

Litecoin getting dedicated ASIC security means it can do the same job for consumers as Bitcoin, however it can do that job at an exponentially lower cost.

[bluemeanie1]

LTC pumper detected.  Needs to pump so he can get his kids college fund out. 

-bm

[peacefulmind]

NEM minnow, there have also been a number of other innovations in BTC that have been cooking for some time, and I assume something is going to emerge soon.  Things look good for BTC for sure.  -bm

Any BTC innovation can be an LTC innovation.

[lynn_402]

Is Bitcoin getting scared there is another coin that will be equally secure, can perform the same service better, and is immensely less expensive?

I don't think it has hit the BTC people yet what a coup the massive ASIC rollout for LTC really is.

LTC at that point = BTC with a few improvements.

Expect value to adjust accordingly!

LTC at that point = BTC with a new name.

-bm

So you agree they are equal.  Value will adjust.  Functionality is equal.  Security is equal, adoption is following, price will follow.

I sense the nervousness here.

They are equal, but only in code. There's no sense for the average user to use Litecoin over Bitcoin, or a crypto which has a community whose value fit his, or which has an innovative technology.

Litecoin offers neither a good community, nor an innovative technology, nor the first mover advantage and the economy that has been built around Bitcoin.

I really can't see why it would succeed.

[peacefulmind]

LTC pumper detected.  Needs to pump so he can get his kids college fund out. 

-bm

I mined it when it was pennies, srry bud.  

[bluemeanie1]

NEM minnow, there have also been a number of other innovations in BTC that have been cooking for some time, and I assume something is going to emerge soon.  Things look good for BTC for sure.  -bm

Any BTC innovation can be an LTC innovation.

you cant sell investors on "ME TOO!", especially after your initial value proposition turned up turds.

-bm

[kingscrown]

imo LTC will hold 2nd spot.

[peacefulmind]

Is Bitcoin getting scared there is another coin that will be equally secure, can perform the same service better, and is immensely less expensive?

I don't think it has hit the BTC people yet what a coup the massive ASIC rollout for LTC really is.

LTC at that point = BTC with a few improvements.

Expect value to adjust accordingly!

LTC at that point = BTC with a new name.

-bm

So you agree they are equal.  Value will adjust.  Functionality is equal.  Security is equal, adoption is following, price will follow.

I sense the nervousness here.

They are equal, but only in code. There's no sense for the average user to use Litecoin over Bitcoin, or a crypto which has a community whose value fit his, or which has an innovative technology.

Litecoin offers neither a good community, nor an innovative technology, nor the first mover advantage and the economy that has been built around Bitcoin.

I really can't see why it would succeed.

It has succeeded already.

About 15% of coinmap.org accepts LTC already - how do you think that will change after Coinbase offers it and ASIC miners are securing the network?  Did you read Charlie Lee in WIRED Magazine recently?

Name another coin that has inspired the creation of hundreds of millions of dollars of investment in custom built mining hardware, that is made to support only LTC?

Only BTC.

There won't be another.