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

[smoothie]

Once again we are talking about your opinion.

The market's opinion overall matters more. Just look at the track record of LTC thus far over almost 3 years.

Features come with cost as well as testing. Testing takes time and patience. It isn't where you stick it in the microwave and voila it is done.

You come as a smart one and must understand that in technology you can't rely on the past success, you have to work hard all the time. Above I made one suggestion which doesn't require much testing, as Counterparty did a lion's share of the work already, but would add to utility of Litecoin a lot. Although I think at this point it wouldn't gain a lot of market share, but it'd add a new feature and wouldn't require a hard fork, and help Litecoin survive longer. Just sitting and waiting won't move it anywhere, but downwards.

Where did you post this on litecointalk.org?

You are on the forum to get suggestions for LTC changes to be taken seriously if that is the case.

Past success isn't the only thing that i'm looking at. But track record gives an indication of possible future outcomes.

Just like when an employer looks at a candidate-employee's resume at an interview. It is his past and then upon more digging the can find that person's track record. So yes track record (aka the past) can tell you much about the future.

Also the present is another indication. Right now LTC seems to have very strong support if you care to look at the official forum litecointalk.org to get a gist.

[smoothie]

U seem to have significant Holdings in the sunken microwave Litecoin.

My friend please watch out before u fall hard

Oh please don't make me laugh.....

www.lealana.com

enough said.

Also search on this forum "smoothie LTC pizza" or "smoothie LTC 6990" for any indication of how "successful" I have been.

Nice try buddy.  

Oh and BTW, welcome to the forum newbie. 

[From Above]

U seem to have significant Holdings in the sunken microwave Litecoin.

My friend please watch out before u fall hard

Oh please don't make me laugh.....

www.lealana.com

enough said.

Also search on this forum "smoothie LTC pizza" or "smoothie LTC 6990" for any indication of how "successful" I have been.

Nice try buddy.  

LOL u are more Boring than litecoin

Not impressing me the slightest bit :/

[smoothie]

U seem to have significant Holdings in the sunken microwave Litecoin.

My friend please watch out before u fall hard

Oh please don't make me laugh.....

www.lealana.com

enough said.

Also search on this forum "smoothie LTC pizza" or "smoothie LTC 6990" for any indication of how "successful" I have been.

Nice try buddy.  

LOL

  Is all you have to say.

Got it. 

[devphp]

Where did you post this on litecointalk.org?

I haven't, as I don't own any Litecoins now and don't care if it survives or not. If you care about it, feel free to copy my suggestion to their forum.

[From Above]

Is all you have to say.

Got it. 

Re-read my post proud guy. So boring:(

[smoothie]

Where did you post this on litecointalk.org?

I haven't, as I don't own any Litecoins now and don't care if it survives or not. If you care about it, feel free to copy my suggestion to their forum.

Sorry but if you had the time to make the suggestion it says you care in the slightest way. I'm not going to hold your hand to get your suggestion anywhere.

If you want it implemented then that is where you should start.

[smoothie]

Is all you have to say.

Got it. 

Re-read my post proud guy. So boring:(

No. 

[From Above]

Where did you post this on litecointalk.org?

I haven't, as I don't own any Litecoins now and don't care if it survives or not. If you care about it, feel free to copy my suggestion to their forum.

Sorry but if you had the time to make the suggestion it says you care in the slightest way. I'm not going to hold your hand to get your suggestion anywhere.

If you want it implemented then that is where you should start.

dude we dont really give a shit about ur sunken coin, dont get it? Lol

[smoothie]

Where did you post this on litecointalk.org?

I haven't, as I don't own any Litecoins now and don't care if it survives or not. If you care about it, feel free to copy my suggestion to their forum.

Sorry but if you had the time to make the suggestion it says you care in the slightest way. I'm not going to hold your hand to get your suggestion anywhere.

If you want it implemented then that is where you should start.

dude we dont really give a shit about ur sunken coin, dont get it? Lol

lol obviously you do given you are posting in this thread. Oh wait...you invested in NEM lol.

Welcome to the forums newbie.

We?
schizophrenia? lol

[devphp]

Sorry but if you had the time to make the suggestion it says you care in the slightest way. I'm not going to hold your hand to get your suggestion anywhere.

If you want it implemented then that is where you should start.

No, I don't. Please don't try to find that in me
In fact, Litecoin is now a competitor to what I invest in, and it's in my interest that litecoin fails and gives its market share to something else.
But because I really liked Litecoin in the past, I feel like I should suggest something good on its possible development, but it will probably fall on deaf ears anyway. Oh well, that's a natural course of events.

[NEM minnow]

TheMage pointed me to this thread. I figure I should correct some facts.

Yes, it was my brother, Bobby, who claimed the most of the Chinese exchanges are faking their volume. Given the depth of the order books, it's very likely that this is the case. But this affects both Bitcoin and Litecoin. It may be true that it affects Litecoin more than Bitcoin as OKCoin's LTC volume is ridiculously high. And it looks like coinmarketcap.com's volume does not include OKCoin: http://coinmarketcap.com/volume.html#ltc

The reason why Litecoin's launch is fair is because it was publicly announced AND binary/source publicly distributed days before the launch. At launch time, almost everyone that cared about alt currency at that time was ready to mine litecoins the second I released the config params for the genesis block. So maybe Litecoin has a small instamine, but those instamined coins were distributed as fairly as possible at the time. Sadly, NONE of the copycat altcoins that came after Litecoin copied this critical feature of Litecoin. Most of these newer coins were launched to a small community or just the devs and were instamined by that small group. Others we premined.

And people like to spread FUD about the fact that someone was GPU mining litecoins at the start. A while ago, I did a difficulty analysis of the Litecoin start and showed that it was extremely unlikely that someone was GPU mining. The hashrate and subsequent increase matches the thousands of CPUs that were mining Litecoin at that time. If someone can find that thread, please post it here. I've said this many times, and I will state it again. I did not GPU mine Litecoin at the start and for that matter, I have NEVER GPU mined Litecoin at all. I did have 8 GPUs back then and was mining Bitcoin with it until I retired them early last year. Actually, if you want proof, you can ask Roger Ver. He was hosting my GPUs at his memorydealers warehouse. And I had them set up to mine bitcoins and left them there mining bitcoins and never touched them until 2013. And I don't have any vested interest in ASIC hardware. The reason for not switching PoW algorithm is because the risk of hard fork.

The reason why I chose Scrypt for Litecoin is more so because Litecoin needed to be mined by a different class of hardware than Bitcoin than it is because it was ASIC-resistant. I never believed Scrypt was ASIC-proof. The ASIC-resistancy was important though and it helped delay ASICs for as long as possible. The reason why that was important was because you need the coin's early miners to be as decentralized as possible. Why? Because in the beginning, the miners are the users. These will be the people that support the coin and help spread it. If the coin started with only 100 people able to mine it, then it won't go anywhere. As the coin matures (like Bitcoin and now Litecoin), the user base is no longer the same as the miner base. And having a more centralized miner base is not a big problem. Security of the coin is determined by how much money is spent protecting it. And ASICs helps with security because it makes it easy for people to pour a lot of money into mining hardware. But remember, centralization of miners does not mean the coin is centralized. The user base of the coin is still decentralized. If the miners decide to make a change in the software that people don't like, the majority of the user can choose to not accept the new version. Sure, with 51%, a miner can double spend his own transactions, reject other blocks, or do transaction withholding attacks, but it would be financial suicide to do that. So this is why I welcome Scrypt ASICs. I think the value of the security it brings outweighs the mining centralization that comes with ASICs.

So why is Litecoin valuable today? Here's what I think justifies Litecoin's maketcap and why it will stay #2 behind Bitcoin for the foreseeable future:

• Litecoin's trade volume dwarfs most other coins.
• Litecoin is supported by a huge number of exchanges. No other altcoin comes close.
• Like the comparison or not, Litecoin is silver to Bitcoin's gold. Having a cryptocurrency trading pair is important for arbitrage reasons. Litecoin is playing that role today. It's hard for another coin to take over that role.
• Litecoin is supported by payment processors like GoCoin and, if I can help it, Coinbase. Payment processors are critical in the path towards mass adoption.
• Litecoin is accepted by a huge amount of merchants. Look at http://coinmap.org/
• Litecoin has ATM support.
• Litecoin is protected by its own network of hardware dedicated to Scrypt mine. And Litecoin's hashrate dwarfs that of other Scrypt coins. The amount of money spent protecting Litecoin will increase substantially with Scrypt ASICs.
• Litecoin runs on well tested codebase. Because it is basically Bitcoin with a few changes.
• We have a great dev team and an awesome Litecoin association.

Some of the altcoins come close with respect to some of these points: nxt (devs, hardware), dark (trade volume), doge (merchant processor, atm, devs)
But no other coin really comes close to having all of these features.

And of course, Bitcoin is by far ahead of Litecoin. I never expected Litecoin to overtake Bitcoin. I always envisioned it as be used side by side with Bitcoin just like silver and gold. As we are already seeing, Bitcoin will not be able to handle all the transactions required for a global payment system. This is where I see alt currencies can help. You need other cryptocurrencies protected by different hardware networks to help with the transaction load. Naturally (because of the price of Bitcoin), the more expensive transactions will be on the Bitcoin network. It's more secure but it also has a higher fee. This will push cheaper transactions to other networks. I think there will be 3 currencies that will be used for 3 types of transactions: buying expensive things like houses/cars, buying gifts/meals/drinks, and microtransactions/tipping. And today, these 3 currencies will be Bitcoin, Litecoin, and Dogecoin.

My impression of LTC just went up a level because you stopped by to clearly explain your position.  You made some very good points for people to consider.  If you can get Coinbase to accept Litecoin, I will reverse my decision and buy some.  Until then I will take a wait and see approach. 

[Arbitrageur]

thanks to coblee for his post, very much appreciated.
as for the darkcoin fans, the volume is a total fake, has been in the pump and it is still now fake. who buys here is just feeding the sharks that artificially pumped it.

[Whoisthelorax]

TheMage pointed me to this thread. I figure I should correct some facts.

Yes, it was my brother, Bobby, who claimed the most of the Chinese exchanges are faking their volume. Given the depth of the order books, it's very likely that this is the case. But this affects both Bitcoin and Litecoin. It may be true that it affects Litecoin more than Bitcoin as OKCoin's LTC volume is ridiculously high. And it looks like coinmarketcap.com's volume does not include OKCoin: http://coinmarketcap.com/volume.html#ltc

The reason why Litecoin's launch is fair is because it was publicly announced AND binary/source publicly distributed days before the launch. At launch time, almost everyone that cared about alt currency at that time was ready to mine litecoins the second I released the config params for the genesis block. So maybe Litecoin has a small instamine, but those instamined coins were distributed as fairly as possible at the time. Sadly, NONE of the copycat altcoins that came after Litecoin copied this critical feature of Litecoin. Most of these newer coins were launched to a small community or just the devs and were instamined by that small group. Others we premined.

And people like to spread FUD about the fact that someone was GPU mining litecoins at the start. A while ago, I did a difficulty analysis of the Litecoin start and showed that it was extremely unlikely that someone was GPU mining. The hashrate and subsequent increase matches the thousands of CPUs that were mining Litecoin at that time. If someone can find that thread, please post it here. I've said this many times, and I will state it again. I did not GPU mine Litecoin at the start and for that matter, I have NEVER GPU mined Litecoin at all. I did have 8 GPUs back then and was mining Bitcoin with it until I retired them early last year. Actually, if you want proof, you can ask Roger Ver. He was hosting my GPUs at his memorydealers warehouse. And I had them set up to mine bitcoins and left them there mining bitcoins and never touched them until 2013. And I don't have any vested interest in ASIC hardware. The reason for not switching PoW algorithm is because the risk of hard fork.

The reason why I chose Scrypt for Litecoin is more so because Litecoin needed to be mined by a different class of hardware than Bitcoin than it is because it was ASIC-resistant. I never believed Scrypt was ASIC-proof. The ASIC-resistancy was important though and it helped delay ASICs for as long as possible. The reason why that was important was because you need the coin's early miners to be as decentralized as possible. Why? Because in the beginning, the miners are the users. These will be the people that support the coin and help spread it. If the coin started with only 100 people able to mine it, then it won't go anywhere. As the coin matures (like Bitcoin and now Litecoin), the user base is no longer the same as the miner base. And having a more centralized miner base is not a big problem. Security of the coin is determined by how much money is spent protecting it. And ASICs helps with security because it makes it easy for people to pour a lot of money into mining hardware. But remember, centralization of miners does not mean the coin is centralized. The user base of the coin is still decentralized. If the miners decide to make a change in the software that people don't like, the majority of the user can choose to not accept the new version. Sure, with 51%, a miner can double spend his own transactions, reject other blocks, or do transaction withholding attacks, but it would be financial suicide to do that. So this is why I welcome Scrypt ASICs. I think the value of the security it brings outweighs the mining centralization that comes with ASICs.

So why is Litecoin valuable today? Here's what I think justifies Litecoin's maketcap and why it will stay #2 behind Bitcoin for the foreseeable future:

• Litecoin's trade volume dwarfs most other coins.
• Litecoin is supported by a huge number of exchanges. No other altcoin comes close.
• Like the comparison or not, Litecoin is silver to Bitcoin's gold. Having a cryptocurrency trading pair is important for arbitrage reasons. Litecoin is playing that role today. It's hard for another coin to take over that role.
• Litecoin is supported by payment processors like GoCoin and, if I can help it, Coinbase. Payment processors are critical in the path towards mass adoption.
• Litecoin is accepted by a huge amount of merchants. Look at http://coinmap.org/
• Litecoin has ATM support.
• Litecoin is protected by its own network of hardware dedicated to Scrypt mine. And Litecoin's hashrate dwarfs that of other Scrypt coins. The amount of money spent protecting Litecoin will increase substantially with Scrypt ASICs.
• Litecoin runs on well tested codebase. Because it is basically Bitcoin with a few changes.
• We have a great dev team and an awesome Litecoin association.

Some of the altcoins come close with respect to some of these points: nxt (devs, hardware), dark (trade volume), doge (merchant processor, atm, devs)
But no other coin really comes close to having all of these features.

And of course, Bitcoin is by far ahead of Litecoin. I never expected Litecoin to overtake Bitcoin. I always envisioned it as be used side by side with Bitcoin just like silver and gold. As we are already seeing, Bitcoin will not be able to handle all the transactions required for a global payment system. This is where I see alt currencies can help. You need other cryptocurrencies protected by different hardware networks to help with the transaction load. Naturally (because of the price of Bitcoin), the more expensive transactions will be on the Bitcoin network. It's more secure but it also has a higher fee. This will push cheaper transactions to other networks. I think there will be 3 currencies that will be used for 3 types of transactions: buying expensive things like houses/cars, buying gifts/meals/drinks, and microtransactions/tipping. And today, these 3 currencies will be Bitcoin, Litecoin, and Dogecoin.

My impression of LTC just went up a level because you stopped by to clearly explain your position.  You made some very good points for people to consider.  If you can get Coinbase to accept Litecoin, I will reverse my decision and buy some.  Until then I will take a wait and see approach.  

I also appreciate him dropping by. I didn't even care much about the LTC instamine, but someone here was waving about their "fairest launch" in the history of cryptos flag, and I had to point out the reality, even if it was purely accidental.

I disagree that there will be widespread adoption of tipping currencies. That seems much more like an idea that people thought of as they were sitting there with their crypto and wondering how it could be useful. Merchants will accept bitcoin because it benefits them. Perhaps people will accept litecoin if btc transaction fees get too high (something i doubt?). But why would someone be bothered to get a wallet and a tip bot when someone wants to tip that 4 cents of a currency they haven't heard of?

[lynn_402]

I disagree that there will be widespread adoption of tipping currencies. That seems much more like an idea that people thought of as they were sitting there with their crypto and wondering how it could be useful. Merchants will accept bitcoin because it benefits them. Perhaps people will accept litecoin if btc transaction fees get too high (something i doubt?). But why would someone be bothered to get a wallet and a tip bot when someone wants to tip that 4 cents of a currency they haven't heard of?

Tipping and micropayments could be an important thing in the digital economy. Imagine if you were an indie game developper, would you prefer to try and sell your game for 10$ and see most people download it through a torrent, or to get tens of thousands of 10¢ tips (which are impossible with current payment processors due to high fees)?

Also, tipbot wallets are quite easy to set-up, you just accept the tip and it makes one for you that's linked to your account. It feels great to be able to empower in an humble way those who make insightful comments on social network, and be rewarded when you do the same. If a large number of users liked the comment this could be quite profitable (ie. receiving 100 10¢ tips for posting a cool meme on reddit). Imho, this will be the new "like".

[Whoisthelorax]

I disagree that there will be widespread adoption of tipping currencies. That seems much more like an idea that people thought of as they were sitting there with their crypto and wondering how it could be useful. Merchants will accept bitcoin because it benefits them. Perhaps people will accept litecoin if btc transaction fees get too high (something i doubt?). But why would someone be bothered to get a wallet and a tip bot when someone wants to tip that 4 cents of a currency they haven't heard of?

Tipping and micropayments could be an important thing in the digital economy. Imagine if you were an indie game developper, would you prefer to try and sell your game for 10$ and see most people download it through a torrent, or to get tens of thousands of 10¢ tips (which are impossible with current payment processors due to high fees)?

Also, tipbot wallets are quite easy to set-up, you just accept the tip and it makes one for you that's linked to your account. It feels great to be able to empower in an humble way those who make insightful comments on social network, and be rewarded when you do the same. If a large number of users liked the comment this could be quite profitable (ie. receiving 100 10¢ tips for posting a cool meme on reddit). Imho, this will be the new "like".

The gaming example is a good one. game developers and musicians and artists...yes now i can see that.

I find the act of tipping on social media quite pedantic. I, for one, am not going to keep 10 dollars in tip money to send .10 to someone who posts a good meme. Monetizing everything isn't a good idea, imo.

[Hueristic]

TheMage pointed me to this thread. I figure I should correct some facts.

Yes, it was my brother, Bobby, who claimed the most of the Chinese exchanges are faking their volume. Given the depth of the order books, it's very likely that this is the case. But this affects both Bitcoin and Litecoin. It may be true that it affects Litecoin more than Bitcoin as OKCoin's LTC volume is ridiculously high. And it looks like coinmarketcap.com's volume does not include OKCoin: http://coinmarketcap.com/volume.html#ltc

The reason why Litecoin's launch is fair is because it was publicly announced AND binary/source publicly distributed days before the launch. At launch time, almost everyone that cared about alt currency at that time was ready to mine litecoins the second I released the config params for the genesis block. So maybe Litecoin has a small instamine, but those instamined coins were distributed as fairly as possible at the time. Sadly, NONE of the copycat altcoins that came after Litecoin copied this critical feature of Litecoin. Most of these newer coins were launched to a small community or just the devs and were instamined by that small group. Others we premined.

And people like to spread FUD about the fact that someone was GPU mining litecoins at the start. A while ago, I did a difficulty analysis of the Litecoin start and showed that it was extremely unlikely that someone was GPU mining. The hashrate and subsequent increase matches the thousands of CPUs that were mining Litecoin at that time. If someone can find that thread, please post it here. I've said this many times, and I will state it again. I did not GPU mine Litecoin at the start and for that matter, I have NEVER GPU mined Litecoin at all. I did have 8 GPUs back then and was mining Bitcoin with it until I retired them early last year. Actually, if you want proof, you can ask Roger Ver. He was hosting my GPUs at his memorydealers warehouse. And I had them set up to mine bitcoins and left them there mining bitcoins and never touched them until 2013. And I don't have any vested interest in ASIC hardware. The reason for not switching PoW algorithm is because the risk of hard fork.

The reason why I chose Scrypt for Litecoin is more so because Litecoin needed to be mined by a different class of hardware than Bitcoin than it is because it was ASIC-resistant. I never believed Scrypt was ASIC-proof. The ASIC-resistancy was important though and it helped delay ASICs for as long as possible. The reason why that was important was because you need the coin's early miners to be as decentralized as possible. Why? Because in the beginning, the miners are the users. These will be the people that support the coin and help spread it. If the coin started with only 100 people able to mine it, then it won't go anywhere. As the coin matures (like Bitcoin and now Litecoin), the user base is no longer the same as the miner base. And having a more centralized miner base is not a big problem. Security of the coin is determined by how much money is spent protecting it. And ASICs helps with security because it makes it easy for people to pour a lot of money into mining hardware. But remember, centralization of miners does not mean the coin is centralized. The user base of the coin is still decentralized. If the miners decide to make a change in the software that people don't like, the majority of the user can choose to not accept the new version. Sure, with 51%, a miner can double spend his own transactions, reject other blocks, or do transaction withholding attacks, but it would be financial suicide to do that. So this is why I welcome Scrypt ASICs. I think the value of the security it brings outweighs the mining centralization that comes with ASICs.

So why is Litecoin valuable today? Here's what I think justifies Litecoin's maketcap and why it will stay #2 behind Bitcoin for the foreseeable future:

• Litecoin's trade volume dwarfs most other coins.
• Litecoin is supported by a huge number of exchanges. No other altcoin comes close.
• Like the comparison or not, Litecoin is silver to Bitcoin's gold. Having a cryptocurrency trading pair is important for arbitrage reasons. Litecoin is playing that role today. It's hard for another coin to take over that role.
• Litecoin is supported by payment processors like GoCoin and, if I can help it, Coinbase. Payment processors are critical in the path towards mass adoption.
• Litecoin is accepted by a huge amount of merchants. Look at http://coinmap.org/
• Litecoin has ATM support.
• Litecoin is protected by its own network of hardware dedicated to Scrypt mine. And Litecoin's hashrate dwarfs that of other Scrypt coins. The amount of money spent protecting Litecoin will increase substantially with Scrypt ASICs.
• Litecoin runs on well tested codebase. Because it is basically Bitcoin with a few changes.
• We have a great dev team and an awesome Litecoin association.

Some of the altcoins come close with respect to some of these points: nxt (devs, hardware), dark (trade volume), doge (merchant processor, atm, devs)
But no other coin really comes close to having all of these features.

And of course, Bitcoin is by far ahead of Litecoin. I never expected Litecoin to overtake Bitcoin. I always envisioned it as be used side by side with Bitcoin just like silver and gold. As we are already seeing, Bitcoin will not be able to handle all the transactions required for a global payment system. This is where I see alt currencies can help. You need other cryptocurrencies protected by different hardware networks to help with the transaction load. Naturally (because of the price of Bitcoin), the more expensive transactions will be on the Bitcoin network. It's more secure but it also has a higher fee. This will push cheaper transactions to other networks. I think there will be 3 currencies that will be used for 3 types of transactions: buying expensive things like houses/cars, buying gifts/meals/drinks, and microtransactions/tipping. And today, these 3 currencies will be Bitcoin, Litecoin, and Dogecoin.

My impression of LTC just went up a level because you stopped by to clearly explain your position.  You made some very good points for people to consider.  If you can get Coinbase to accept Litecoin, I will reverse my decision and buy some.  Until then I will take a wait and see approach.  

I also appreciate him dropping by. I didn't even care much about the LTC instamine, but someone here was waving about their "fairest launch" in the history of cryptos flag, and I had to point out the reality, even if it was purely accidental.

I disagree that there will be widespread adoption of tipping currencies. That seems much more like an idea that people thought of as they were sitting there with their crypto and wondering how it could be useful. Merchants will accept bitcoin because it benefits them. Perhaps people will accept litecoin if btc transaction fees get too high (something i doubt?). But why would someone be bothered to get a wallet and a tip bot when someone wants to tip that 4 cents of a currency they haven't heard of?

Tipping can be a massive economy, I spent years giving free advice to retards and have stopped because "Never argue with a fool as they will bring you down to their level and beat you with experience". But If tipping was integrated in tech sites as opposed to the worthless rep then I would try and help the faceless again even if I only cleared a few bucks for my efforts.

[From Above]

Why waste ur time with a sunken microwave like Litecoin if u can invest in pure cocaine like NEM?

[Spoetnik]

please put your names on this topic so we can all laugh at you in a year

we have all heard the sky is falling on LTC before.. it's as old as "it's going on Gox soon" lol

i need to compile an I told you so list i think.

in a year people will be like Dark what ? NXt what ? Nem what ? What are those scam coins ? lol
and they will be trading up a frenzy with Jackpot coin

[Saigonsmokes]

If litecoin is dead why is it mentioned on the front page at www.bitcoin.com