Ok so lets start...
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Litecoiners, what is the reason why Litecoin should hold the #2 spot? I honestly don't know. It doesn't seem any more special than many of the coins that trend between 500K-10 million in market cap.
Well, if they can't hold the #2 spot and 325,000,000 in market cap, what will happen to that Litecoin money? It will flood the alt coin market.
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In lieu of Litecoiners not being able to produce a strong answer to this question, we put out the guesses as to who benefits from the slow (or not so slow) dieoff of Litecoin.
The winners I predict are...
Bitcoin-because its bitcoin
Vertcoin- scrypt N and a commitment to defeat ASICs will attract disenchanted LTCers once ASICs take over
Monero-(this is our wild card) Widely different CryptoNote currency technology. Of the handful that have come out with this tech, Monero is at least 10x more volume and market cap. LTCers might jump on this rising train.
Darkcoin-I hate darkcoin, but it has a ton of volume, including LTC/DRK. Unless they have other fuck ups like their recent emergency hardfork, LTCers could go to this coin as well
Karma-Lots of LTC volume for such a small currency and its on the rise. Also a wild card pick.
Dogecoin-Tons of LTC volume. Trusted name recognition, which is apparently important to LTCers.
NXT-NXT has been rising steadily for a couple months now. LTCers who have lost some money may try to hop on the NXT train in hopes that it keeps marching forward.
See more here
http://www.devtome.com/doku.php?id=the_death_of_litecoin_will_rejuvenate_other_altsI stopped reading after this in your link
"The ASIC takeover may be the straw that breaks the camel's back for Litecoin, and it would only make sense that investors bruised by the experience would rush to something like Vertcoin. "
because you lack simple understanding that a stronger network and a historically strong coin are the two most important thing to investors. Much more fiat is being dumped into LTC in terms of asics, and this to me shows that there is much confidence with all types of "investors". This post along with the majority of this thread is a thinly disguised NXT pump up, nothing more.
Please put a solid date on that and lets make a wager for it if you are that confidant. A few months, will August be ok? I'll put 50 LTC on the table that LTC will still be number 2 in August. (hold in trusted escrow of course). Put your money where your mouth is if you are that confidant
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The next 'bubble' will be do-or-die for Litecoin.
Network effect/name recognition may help it keep its number two spot, but it's far from certain.
What is interesting is that LTC/BTC hit a huge low right before it spiked massively to 0.05199. This could suggest the current downtrend may not be something to be overly worried about.
As for which coin could take the number two spot... a privacy oriented coin seems most likely to me, with DRK currently being the favourite.
I dont think so, while privacy may be something many folks want, I find it will be difficult getting mass adoption (and really thats the end game here).
Volume is still up there as #2, so price is not the best indicator. All these talks of it dying for the last 2 months sure seem to have fueled the speculative fire of an impending demise. My problem with Litecoin is the self-serving subservience. When needed they just use Bitcoin in the same sentence to justify a position which has no literal connection or sense.
For the moment, it is the popularity, age and community keeping it #2. If some major players start giving up, then the doubts would accelerate the fall for sure. I first got on the Litecoin bandwagon when I first heard of cryptos, since it was within my financial boundaries and I kept hearing "Silver, Silver". Seemed like a rational choice compared to ASIC infested Bitcoin. Once Charlie announced his affinity for ASIC to "help secure the network", I suddenly realized what cryptos are about. I still haven't gotten out of it completely as I think we might see an LTC pump independent of BTC mainly led by Scrypt ASIC manufactures, but that hasn't happened yet and it makes me somewhat nervous.
I agree about privacy centric coins (DRK/MRO) or NXT benefiting from a gradual exodus either way. I have mined MRO from the beginning and trying to better my DRK position on the dips.
Edit: Also starting to consider getting in on NXT very seriously now.
The talks in the last few months are from trolls of other coins, and it hasnt been 2 months, its been 6 months+. Anyone remember when Dogecoin was going to take it over? Or Auoracoin? Whitecoin, Chinacoin, i can go on. Even the NXT fans came over to the forums months ago (litecointalk) and pumped their chest up so on and so forth. Yet here we are, LTC is still number 2 with an ever evolving infrastructure, merchant acceptance, stronger network by the day, and longevity.
As for Charlie's statement please dont twist his words. He along with the other devs discussed asics long before they started being developed. And it was determined that with our age, infrastructure, and trust doing anything substantial to circumvent asics would be a bad idea and destroy the trust in LTC (of course there are a bunch of people here that would love to see that happen, so im sure thats the real reason they are claiming "herpaderp hard fork plz").
You can read more from the man himself
https://litecointalk.org/index.php?topic=18166.0Original 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.
I have 2 answers for this.
Litecoin is "pegged" to bitcoin because of the large amounts of bots utilizing it as an arbitrage tool between coins and exchanges. This is why these two coins more than anything else nearly overlap in price variations (here is something I posted a month ago showing this
http://postimg.org/image/n3d6t1i6h/ from this thread
http://www.reddit.com/r/litecoin/comments/2315qe/litecoin_named_most_popular_altcoin_among/). You can see this at almost any point in time on BTC-E on the BTC/USD chart and LTC/USD chart. The only variation you will see is obviously going to change from the BTC/LTC ratio. As a side note, its both a boon to us as well as a curse. The curse being we can't really break free from BTC's price volatility, the boon because we are the most trusted currency out there to be able to do this with little risk.
So why has the ratio gone down recently? Well if you noticed the LTC/USD price has still been pegged too the BTC price. When the price goes up, the LTC price will go up as well, accounting for ratio variations. So why again is the ratio down? This most likely because of asics being deployed recently, and also most likely asic miners are dumping LTC on the market in order to regain ROI as early as possible (naturally assuming people have bills to pay). This same phenomenon happened with Bitcoin when asics were shipped out (or should I say, after people received them from waiting for so long heh).
Yeah, but ltc/btc keeps going down steadily and surely, which means all those daily 28 800 mined litecoins are being dumped on suckers, who keep buying in hopes it will resurrect. But it's not 2013 now, a lot more interesting coins are here and capital has been flowing into those. Old hopes are hard to throw away, but at some point people would have to cut their losses and move on.
See above, plus please point me to the capital flowing into other coins? I would even wager right now that the amount of capital being poured into LTC right now is more than all other alts combined.
The next bubble will definitely decide the future of ltc.
its up or down from there.
I do agree with this statement, but im more optimistic than half the people here for obvious reasons.
Other coins may have much better features than Litecoin, but in regards to acceptance at exchanges and merchants Litecoin is still way ahead of all other altcoins.
This is pretty much the nail in the coffin as to why we are still number 2 and will continue to be. Also as mentioned before our infrastructure is growing in order for merchants to accept LTC along with our community.
Litecoin is currently riding on bitcoin's value . No new innovation by the Litecoin devs and they are just waiting LTC value to rise with launch of scrypt ASICS as it happened with bitcoin. With so many interesting coins , lets see for how much time LTC holds its 2nd place.
Litecoin is not "riding" on Bitcoins position, as mentioned above its all about the bots and arbitrage. Heck even check out coinmarketcap right now and look, BTC and LTC look identical in terms of graphs (and always are).
Litecoin will eventually be taken over by Cinnicoin. Don't believe me? Wait until tomorrow.
I'm just going to lol at this.
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.
I'm one of the largest Litecoin advocates, but I find it highly unlikely that LTC will take the number 1 spot lol.
GHHash.io anyone? I'm glad you can dig up something that has happened to BTC several times and has no relevance to your statement.
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
Scandals? Care to back up with some proof? Lets see, silk road, charlie Shreem, Brook pierce, BF labs, empty gox.......I could keep on going on......
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.
Wrong on the second point. If you were correct in stating that tech is most important next to a network than you should also be stating that BTC will be taken over by NXT soon as well, since it doesnt need a network in the sense BTC and LTC do and its tech is "so awesome super cool". Clearly you wont admit that because you know it wont happen, but because Litecoin isnt Bitcoin you feel comfortable writing such a baseless, unsubstantiated, and uneducated post.
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
You know, im a BTC fan as well but I have yet to see any of these innovations happen at all. What happened to sidechains? I know the answer, im curious to know if you do.
LTC pumper detected. Needs to pump so he can get his kids college fund out. Smiley
-bm
Really dude, personal insults now? Your avatar is a selfie......
Any BTC innovation can be an LTC innovation.
This is true considering the BTC and LTC devs work closely together to help each other out. There is a synergistic nature between the two dev groups.
This is fascinating to me in that about half the people here think LTC is going to skyrocket and the other half are expecting a slow death.
I'm glad you enjoy spreading hate, please enjoy the popcorn. And just to point it out, no one but you thinks its going to have a slow death. It's half stating it will stay number 2 and succeed, and the other half stating it will die hard within a few months.
This hardware was made only because there's no way the ASIC companies could lose money, because all of the equipment they make is sold before they are even ready to ship it. It was not made because they believed in the long-term success of LTC.
By the way, last time I checked, there were dozens of scrypt coins apart from LTC, and Dogecoin still has almost about 55 gh/s pointed to it.
This is such a wrong statement......Do asic companies give a shit? Of course not. But the market dictates what is valuable to create asics for, and apparently it was of a great incentive to make them for LTC. Once there is an incentive to mine x11 or whatever new fangled POW people claim are asic proof, asics will be made.....Ohh thast right, FPGA's have already been programmed for them
https://bitcointalk.org/index.php?topic=586407.0you seem to be unaware that LTC was built on the premise that it is impossible to commodify(ie. make ASICs for) LTC.
-bm
You seem unaware that the statement you just made is completely inaccurate and false (or you did know and enjoy spreading lies). On Litecoin.org it was specifically stated that it would be a while for asics to be developed until there was an economic incentive to do so. I think that statement was pretty accurate if you ask me. On top of that, it is still resistant to asics. The amount of $ per hash is substantially lower (by factor of 10? I'm not sure exactly but its by a few factors) then BTC asics.
as luck would have it, your opinion pretty much doesn't matter, the miners, the traders/investors, and the retail adopters will decide ltc position and too this point compared to other alts it seems pretty consistently strong.
This is really the most correct statement in this thread. It's not about X tech, or asics, or anything. Its really merchants, retail adopters, and the rest that makes a coin succeed.
I'd like to point out that peacefulmind is flatout lying about Litecoin being "the fairest launch in history". Not close.
http://www.devtome.com/doku.php?id=a_massive_investigation_of_instamines_and_fastmines_for_the_top_alt_coins#litecoinLitecoin created ~440,000 coins in about 8 hours from the moment coins were being created, clearly an instamine.
however, this was 3 years ago and we are at 29,200,000 LTCs in existence. The effective instamine was 450,000/29,200,000 = 1.5% more or less.
Even though this didn't necessarily go to developers, it was a rather "meh" start to pump out that many coins in 1/3 of a day.
In May of 2013, there were 17.49 million LTC in existence. This makes the effective instamine of 2.5 %
The further back, the worse the instamine.
Litecoin is lucky that it has enough space between it's launch and today to be able to sweep that start under the rug by saying it doesn't matter now . Calling it the fairest launch in history is a bunch of bullshit.
Litecoin is one of if not the most fair launch in crypto history. Charlie provided the wallets a week (or more?) ahead of time of launch, and only mined 2 blocks before that, the genesis block and a test block. Once the week was up and people had time to prepare for the launch, he released something to be added to a config file to enable mining. Any instamine effects were a result of a successful launch. Interesting that you didnt even state premine, which almost every other coin has had.
Exactly, the other reason is integrity.
It had the fairest launch I have ever seen and the devs are on the record as incorruptible.
When Feathercoin founder tried to bribe Warren - he said no.
Sunny King was happy to take the bribe. Wink
Litecoin = fairness, integrity, no-premine, no mysterious invisible creator hiding in the shadows... the mining countdown went on for weeks.
Integrity still does mean something.
I guess I stand corrected, it was a few weeks not one week.
personally, I think people are really tiring of these gimmicks and theyre simply not going to be as receptive to 'anon's awesome alt-coin'.
there's been so many scandals and so much dodgy crap in the alts it's just too much nonsense for the average investor/user to handle.
-bm
I really love how you pointed this out, because this is exactly why LTC is number two and becoming adopted by the masses
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Yeah, it took about a week to go thru the 100k LTC buy wall, 2k LTC will take a few hours. It's all a slow free fall from here to 0.01, there it can stay for while. LTC had its glory days, but not these days for sure.
It took 3 days for someone to chew through 55,000 coins before the person putting up the buy wall in order to manipulate price realized they were losing a lot of money and took the wall down at 45k.
Litecoin is one of the longest running scams in the cryptocurrency world. Very much look forward to keeping an eye on it's gradual & inevitable demise
Care to explain why that I havent already addressed?
If Coinbase starts processing Litecoin, that would be a huge bump for Litecoin and in the short term Coinbase would make more money. But in the long term they would be supporting a fractured economy. I am pretty sure Coinbase wouldn't add Litecoin. It goes against their goal of building a solid, unified, and fundamentally strong bitcoin ecosystem. The last thing Coinbase wants to see is Bitcoin compromised.
My guess is that they will add it when and only when it is a forgone conclusion that Litecoin is here to stay. That simply isn't the case. The price dropping and this thread is great proof of that.
Under the hood Litecoin has some tech that is better than Bitcoin, buuuuuut it simply just doesn't have the wide spread adoption. It is adoption and community that makes bitcoin valuable, not its hash or 10 minute block times verses 2.5 minutes.
Also, the it is well known that all the Litecoin numbers out of China are totally faked. They are straight up lying. Charlie Lee has even openly admitted this. So when you look at the charts and see great Litecoin volume and believe it and think that is an indicator of Litecoin's great success, you are sadly being scammed. On top of that I am guessing the Litecoin bots in China make Willy and Marcus look like a joke. Again, Charlie Lee has openly admitted it is a huge and openly known problem that China is scamming.
I'm pretty sure at some point in time they will add LTC, but not as soon as some of my fellow Litecoin community members may think. It's called Coinbase, not BTCbase. But ill leave it at that since you have your heart set on bashing LTC for fun and there is nothing I can say otherwise.
However it's pretty pathetic you quote Charlie as stating that he openingly admited to all LTC numbers out of China are faked, considering I talk to him semi regularly and I never known him to state this. As a matter of fact im going to link your post to him for you tonight since you love to quote him. Might as well hear it from the horses mouth right?
But, to a certain degree you are correct. There are some exchanges that are faking BTC data and LTC data. So if you are going to make somewhat of a statement, make sure you elaborate correctly.
Coinbase is more likely to add NXT next Smiley why would they want to add a loser whose market cap is falling. Coinbase has a money transmitter license in US, they understand they need to gain a large market share of NXT before someone else does.
lol......no they are not. This did make me laugh a bit
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Ok im tired, and yes I know I didnt address everyones post. But honestly there is so much I can do to sway personal opinion posts so I didnt even bother.
