Why I converted all my bitcoins to litecoins

[m3]

Bitcoin is so vulnerable to a 51% attack. Ghash supposedly has 45% of hashing power, but what about the Unknown category? I am not willing to risk all my bitcoins because of a 51% attack.. I am converting to litecoin, which is being pumped now btw..

This article below explains what a 51% attack is and how you can prevent it.

http://www.btcfeed.net/news/51-attack-explained/

[thecoindoctor]

Bitcoin is so vulnerable to a 51% attack. Ghash supposedly has 45% of hashing power, but what about the Unknown category? I am not willing to risk all my bitcoins because of a 51% attack.. I am converting to litecoin, which is being pumped now btw..

This article below explains what a 51% attack is and how you can prevent it.

http://www.btcfeed.net/news/51-attack-explained/

Everything is vulnerable. However I have not tried out litecoin

[adamselene]

You realize that anything that happens to Bitcoin is going to affect every other cryptocurrency. By converting to LTC, you're not insulating yourself against a 51% attack.

[ChekaZ]

Bitcoin is so vulnerable to a 51% attack. Ghash supposedly has 45% of hashing power, but what about the Unknown category? I am not willing to risk all my bitcoins because of a 51% attack.. I am converting to litecoin, which is being pumped now btw..

This article below explains what a 51% attack is and how you can prevent it.

http://www.btcfeed.net/news/51-attack-explained/

I dont think that this is a smart move bro :b

[juju]

Bitcoin is so vulnerable to a 51% attack. Ghash supposedly has 45% of hashing power, but what about the Unknown category? I am not willing to risk all my bitcoins because of a 51% attack.. I am converting to litecoin, which is being pumped now btw..

This article below explains what a 51% attack is and how you can prevent it.

http://www.btcfeed.net/news/51-attack-explained/

Section 11, Paragraph 1 - https://bitcoin.org/bitcoin.pdf

We consider the scenario of an attacker trying to generate an alternate chain faster than the honest
chain. Even if this is accomplished, it does not throw the system open to arbitrary changes, such
as creating value out of thin air or taking money that never belonged to the attacker. Nodes are
not going to accept an invalid transaction as payment, and honest nodes will never accept a block
containing them. An attacker can only try to change one of his own transactions to take back
money he recently spent.

http://www.coindesk.com/ghash-io-never-launch-51-attack/

We Will Never Launch a 51% Attack Against Bitcoin

[Este Nuno]

Bitcoin is so vulnerable to a 51% attack. Ghash supposedly has 45% of hashing power, but what about the Unknown category? I am not willing to risk all my bitcoins because of a 51% attack.. I am converting to litecoin, which is being pumped now btw..

This article below explains what a 51% attack is and how you can prevent it.

http://www.btcfeed.net/news/51-attack-explained/

Sorry to break it to you but Litecoin recently had a pool with 51% as well.

The only thing you gain here is switching to a coin that is up against myriad new(not forks of bitcoin) cryptocurrency technologies (NXT/NEM, CryptoNote coins, Qora, CryptCoin ect). And it looks like Litecoin development has no response to the flood of competition.

I don't hold any altcoins right now, but one thing I do know is that there doesn't seem to be much reason to be buying Litecoin right now. It's a coin from 2011.

[Nerazzura]

I think it is less appropriate choice, my friend.
You should be able to read the situation and watching the price of both. if you do so without consideration then maybe you will incur a loss and regret is useless is not it??
or if you still want to do it then do it gradually

Bitcoin is so vulnerable to a 51% attack. Ghash supposedly has 45% of hashing power, but what about the Unknown category? I am not willing to risk all my bitcoins because of a 51% attack.. I am converting to litecoin, which is being pumped now btw..

This article below explains what a 51% attack is and how you can prevent it.

http://www.btcfeed.net/news/51-attack-explained/

[gentlemand]

Bitcoin is so vulnerable to a 51% attack. Ghash supposedly has 45% of hashing power, but what about the Unknown category? I am not willing to risk all my bitcoins because of a 51% attack.. I am converting to litecoin, which is being pumped now btw..

This article below explains what a 51% attack is and how you can prevent it.

http://www.btcfeed.net/news/51-attack-explained/

Is this a joke? Google coinotron.

[iluvpie60]

http://www.coindesk.com/ghash-io-never-launch-51-attack/

We Will Never Launch a 51% Attack Against Bitcoin

Right... If it is on the internet is must be true huh.... lol...

[RodeoX]

A 51% attack on litecoin would be much easier. I hope this works out for you.  

[bitcoin_bagholder]

Litecoin is a dead end. Bitcoin is going mainstream, LTC will be left behind to wither and die like flowers in the fall.

[zachamo]

LOL!

Converting to a SCRYPT coin because you're concerned about 51% attacks? Too much roaving hash on scrypt multipools etc for those to be any more secure than BTC, and as mentioned, an attack on BTC will impact all crypto.

People seem highly confused about what a 51% attack involved:
1. Intent
2. Concerted effort to falsify transactions which will later be nullified
3. >50% of the overall hash rate.. Not just 51% of the current network hash rate, but >100% of it.. You need to run an ALTERNATIVE blockchain that's solving things faster than the real block chain, meaning you need more power than the entire existing network.. Hypothetically you don't need all this hash rate yourself, you just need to be able to split the network and have access to both concurrent networks.. Of course this poses massive logistical challenges.. Also - if Ghash.io were to perform a 51% attack, they would effectivley have to disappear from the network to start their own fork of the blockchain, which would be pretty obvious. People would know it was coming.
4. A crapload of investment in mining equipment (millions of dollars worth), which will severely depreciate if you succeed.
5. Risk: People would be VERY unhappy.

Q: Who stands to profit from this?
A: Only someone enormously wealthy who stands to benefit from the destruction of Bitcoin in a degree that exceeds the cost of duplicating the entire network's hash rate. Not worth it for anyone else.

Just a couple pennies that I'm giving out.

[texaschainsaw54]

Like others have said, I don't know if this is a good idea because all of these other currencies are so heavily tied to BTC. If BTC falls then the rest will be right with it. However there could be a bright side by converting your BTC to a smaller currency because you could gain a higher number of less valuable coins. So if the price goes up of that coin, then you could make more money when going back to BTC.

[maurya78]

You are gonna lose money on this trade
Litecoin is light years behind btc in adoption terms
The ghash will be sorted out by he community

[bryant.coleman]

Quite a retarded step really. Most of the sites which had accepted Litecoins as a payment earlier have closed down. Examples are Atlantis and Litecoinglobal. Now Litecoin is just another worthless altcoin.

[acoindr]

You realize that anything that happens to Bitcoin is going to affect every other cryptocurrency. ...

Historically that isn't true. When Bitcoin experienced the accidental hard fork the entire network was affected, both technically and economically as transactions were in stasis and BTC pricing plunged. None of that happened to Litecoin.

LOL!

Converting to a SCRYPT coin because you're concerned about 51% attacks? Too much roaving hash on scrypt multipools etc for those to be any more secure than BTC...

What is "roaving hash"?

OP, I wouldn't convert all my BTC to LTC. I would however hold some percentage of both. Ask any wealthy person if diversification of assets is favorable or not, and I believe they'll tell you it's generally favorable.

[TrailingComet]

Litecoin is too closely correlated with. Btc for this hedge to work, I would have thought

[Este Nuno]

Honestly at this point if you're seriously concerned about the security of cryptocoin networks I would recommend buying some gold or maybe some promising stocks or something. Wait it out a bit to see how the developers approach the problem and see what solutions come up and are hopefully implemented.

The one thing that myself and everyone else can see is that buying Litecoin is probably the worst possible thing you could have done.

[SpontaneousDream]

Bitcoin is so vulnerable to a 51% attack. Ghash supposedly has 45% of hashing power, but what about the Unknown category? I am not willing to risk all my bitcoins because of a 51% attack.. I am converting to litecoin, which is being pumped now btw..

This article below explains what a 51% attack is and how you can prevent it.

http://www.btcfeed.net/news/51-attack-explained/

Yet another newbie creating more FUD. You'd have to be a TOTAL fool to do something like this.

[El Dude]

Always go against the heard of sheep , you did good buying Litecoin .

Just HODL