Okay, I looked it up. I was wrong and you were right. Charlie Lee didn't say it. His brother said it. So when you forward my post to Charlie, go ahead and forward this link to him too. It is his brother explaining the fake volumes in China on a youtube video covering Coin Summit. Sooooo, yeah....
https://www.youtube.com/watch?v=2M12zzwNkCo&t=12m35s He explains it in detail.
Otherwise, I commend you for your really long responses.
Again, this video was made before Willy and Markus were known about and how exactly they crashed Gox. Bobbie Lee is clearly explaining the same behavior going on like crazy in China and he also isn't happy about it. Again.... Look at the numbers. While there might be a ton of bag holders in the US holding Litecoin. The volume is coming out of China. I mean the fake volume.
http://www.cryptocoincharts.info/v2/coins/show/ltcI have now posted two links proving my points.
You are great at replying but when/if you respond, please don't respond with "I'm going to tell Bobby you said that!" Wink You are very smart. I am expecting!
Thanks for the compliment on the responses
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Ive seen that vid before I think, hence my last statement about agreeing with you about the fake data. Can't honestly say how much, but I doubt it's that much of a factor. At this point who knows. I do want to point out however the same fake volume was mostly referencing Bitcoin. I don't follow Chinese exchanges (because well, I dont speak Chinese), but dont most of them deal with BTC only?
Sorry about that, I was in a bad mood last night. And the other guys on here with the senseless drivel were becoming to much for me (not everyone here, the OP did produce some hard facts which I always appreciate during discussions). I would have replied sooner but you know, day job and family and all of that
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I agree that so far there is no new good alt coin that has made things any more useable to Joe public. They are mostly just clones plugging "innovation" but don't really do much more than Bitcoin when it comes down to it. I would put Litecoin in that category too. That is why it is not so interesting to me. In fact, I would go as far as to say that Bitcoin is just barely being able to be used by Joe public as it is.
I really hope not! I want to see BTC and Crypto's succeed!
I stopped reading with this blatantly incorrect assessment.
You do realize I'm the author of this article, right?
http://www.devtome.com/doku.php?id=a_massive_investigation_of_instamines_and_fastmines_for_the_top_alt_coinsNXT gets some of the harshest treatment.
I'm willing to call spade a spade. I think NXT had a terribad start. Just straight fugly. But I can't deny that my premise of artifical price rising seems to be inaccurate as NXT is steadily rising. It's not acting like a pump and dump. I still maintain that the process of NXT being instantly valued 50x or more (see article) is shady as hell. But I don't hate on coins to justify my guesses. Despite my complete distaste for how they started, I point out in this later article the likelihood of NXT gaining market share from a Litecoin collapse. A perfectly valid guess and I think pretty honest considering how I dont like NXT.
Not to mention I hate Darkcoin, but I have to be realistic at this point and expect them to gain some IN THE EVENT of a LTC drop.
But thanks for assuming everything I've done is to pump coins.
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I'm starting to come to the conclusion that it doesn't seem to matter too much what kind of start you have as long as you get past your starting point without crumbling. Litecoin's instamine doesn't matter now! Roll Eyes
I know you are the author of the article, and you are right, NXT was pretty harsh. I fully admit that when making my original post I lumped you in with the rest of the NXT folks here, my mistake.
Ok.....ill address your instamine issues. As im sure you know, LTC like BTC is governed by difficulty. And difficulty adjustment is every 2016 blocks. During a release, lets assume that there was a ton of people involved with mining it right off the bat. Naturally it would readjust targets accordingly, but because a coin release is an event like no other there are going to be some wild swings. Looking at the block difficulties, we can see some interesting data (I need to figure out how to look at the diff adjustments of the first days)
Block 10 diff
Block 20160 diff
Block 40320.001 diff
Block 60480.004 diff
Block 80640.016 diff
Block 100800.063 diff
Block 120960.090 diff
Your claim of 440,000 coins at 50 LTC per block would put us in the range of block 8800. There isn't a significant slowing of the LTC network until block 10080, which would really mean 504000 "instamined".
You may call this instamine, but I call it a great and successful launch. A coins launch is as I mentioned an unprecedented event, and I chalk this instamine to the network trying to figure out what to do with such a influx of new members joining it in such a short period of time. The launch as I mentioned in my previous post was extremely fair, more so then almost every other coin. I would kindly ask you to remove LTC from your "questionable alts section". I would hope that you are a reasonable person and can understand my response to your instamine claims.
bump
Yea sorry, that pesky day job gets in the way
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BTW, the most recent reconnection to the btc pattern is not good for ltc. You don't want your coin missing the uplegs and repegging to the downlegs.
I'm really not worried at all
. Plus at the end of the day its really about utilizing coins and not using them as an investment (I know I know, its a double edged sword now). I've explained the pegging up and down already in my previous post. I expect LTC to start rising again in 1-2 months time (which I have mentioned on numerous occasions). I'm a pragmatic person, I didn't think for a second once we got asics or listed on BTCChina we were going "to da moon" as my fellow LTCers thought. Ive written about the many variables involved with a coins price, and how one singular event is doubtful to change prices that significant (especially considering we are coupled to BTC's price).
The riding statement isn't correct either. I see the word ride and it looks like we are taking advantage of BTC with our price. As I mentioned before, its a coupling, which is a blessing and a curse.
Spoken like someone supporting Litecoin for the long haul. So instamine's are bad when other coins have it, but when ltc has it, its just a sign of a good start!
BTW, look up Namecoin, Hobonickels, Terracoin, Franko, Maxcoin, Potcoin, and Myriadcoin's starts. All better than Litecoin's start.
But like I said before...it almost doesn't matter what kind of a start you have these days. Shit, look at Darkcoin. Arguably one of the worst starts in crypto history and they have top 5 cred!
Ive addressed the instamine above. And yes I do support Litecoin in the long haul, I guess you dont know my work with LTC in the community? I figured you would have known that (well by the way you were addressing me).
I wasn't saying fair start = success...I was pointing out that this Litecoin developer is perpetuating a litecoin myth of "the fairest start".
obviously if you read my post i was hinting at the opposite!
I know I said it already but....lol
Yes it was very fair, and the instamine was addressed above.
