Why I converted all my bitcoins to litecoins

[BitCoinDream]

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'd have called it a smart move if u converted it to Gold ETF

By the way, is it your last attempt to push Litecoin prices up so that u can sell them at lower loss and move to BTC ? 

[acoindr]

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.

I agree with holding gold, not so much stocks, at least not now. As I posted above diversification is generally a good idea.

Wait it out a bit to see how the developers approach the problem and see what solutions come up and are hopefully implemented.

There isn't anything which is perfectly safe IMO. However gold may be the best, in terms of predictable, pick of an imperfect lot. Bitcoin core developers will admit Bitcoin is experimental, I believe. Gavin recently reiterated such:

https://bitcoinfoundation.org/2014/06/13/centralized-mining/

However, this is a good time to re-iterate my standard disclaimers: Bitcoin is still a work in progress, and you should only risk time or money on it that you can afford to lose.

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

You are one person. Almost 300 million dollars disagrees:

http://coinmarketcap.com/

[devphp]

If you're a fan of PoW and can't stand PoS coins, your best bet against 51% attacks is Myriadcoin.
If you're ok with PoS coins, nothing better than NXT.

[From Above]

Bitcoin until the bitter end

~CfA~

[Amph]

how to throw money out of the window

by BitCoinDream

[Este Nuno]

You are one person. Almost 300 million dollars disagrees:

http://coinmarketcap.com/

No question that Litecoin has a solid market cap but selling bitcoin out of fear of 51% and then buying Litecoin is like jumping from the pan into the fire. Litecoin can be attacked far more easily than Bitcoin. There was a pool with 51% on Litecoin just a couple of weeks ago!

Add the fact that there are tons of promising new innovative technologies coming out in the altcoin world and I can't possibly see how Litecoin can look like a good investment. That is unless the Litecoin dev team is in the process of upgrading the protocol to get it up to 2014 standards. In which case I'm all for Litecoin and I'd be all over it.

Is Litecoin being upgraded?

[zachamo]

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.

Roaving Hash refers to the multipools that switch from coin to coin, and the general massive amount of scrypt hashing power that's out there and not focused on LTC.. BTC has the majority by far of all SHA256 hashing going on in Crypto, whereas Litecoin can only account for a fraction of the overall hashing going on in the SCRYPT realm.. Scrypt it a very different landscape.

Regarding the BTC fork -- wasn't that after BTC had exploded but before LTC was really noticed? The price of LTC lagged for quite some time after BTC, but eventually had it's own boom when it went up to $30+ USD.. True that LTC isn't directly tied to BTC prices, but generally when the BTC price crashes, alts don't fare well -- I suspect this would especially true for alts that face the exact same vulnerabilities that would be exploited in this case.. It would be easier to attack LTC than BTC, so an attack on BTC would not fare well on LTC...

Can't confirm these numbers, but per http://liteshack.com/which tracks 100+ scrypt coins:

Code:

ltc hashrate is 468,663 MH/s of 1,589,920 total MH/s (29.477%)

- That's a MAJOR liability in my mind.. Bigger than a participatory (i.e. non bad-actor) 51% of the BTC network belonging to one pool.

[PL_CoinTrader]

wise move!
...
not! 

[From Above]

wise move!
...
not! 

As long as the money stays in the BTC and the LTC all is Good.  must not have a worry.

~CfA~

[dadingsda]

Litecoin    Good luck. But if more people think like you.... Don´t forget to sell than  

[From Above]

Litecoin    Good luck. But if more people think like you.... Don´t forget to sell than  

Litecoin is far better than 99.9% of the shitcoins presented here in that forum

~CfA~

[zachamo]

Excerpts from the origional Bitcoin Whitepaper (Satoshi Nakamoto):

"To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes

[...]

If a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins. He ought to find it more profitable to play by the rules, such rules that favour him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth.

[...]

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."

Also - check out: https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_power

[PolarPoint]

I don't hold any litecoins, but I am tempted to buy some because the price has fallen quite a bit the last few months. If it bounces back to the long term average level, you are looking at nearly 50% gain. Not a bad trade at all. OP just did it for the wrong reasons.

[zachamo]

Litecoin    Good luck. But if more people think like you.... Don´t forget to sell than  

Litecoin is far better than 99.9% of the shitcoins presented here in that forum

~CfA~

What does likecoin have?

1. ASIC resistant (not any more)
2. 2.5 min block (faster confirmations = greater risk in 51% scenario)

Otherwise LTC is basically a copy/paste of BTC.. What's so good about that? The only good thing about LTC in my mind is basically the fact that it was second-to-market and has a substantial lingering community.

[Este Nuno]

Litecoin    Good luck. But if more people think like you.... Don´t forget to sell than 

Litecoin is far better than 99.9% of the shitcoins presented here in that forum

~CfA~

What does likecoin have?

1. ASIC resistant (not any more)
2. 2.5 min block (faster confirmations = greater risk in 51% scenario)

Otherwise LTC is basically a copy/paste of BTC.. What's so good about that? The only good thing about LTC in my mind is basically the fact that it was second-to-market and has a substantial lingering community.

Litecoin wasn't quite second to market if I remember correctly. But it was one of the first non scam coins.

Solidcoin and other RealSolid coins were pretty bad.

[From Above]

Litecoin    Good luck. But if more people think like you.... Don´t forget to sell than  

Litecoin is far better than 99.9% of the shitcoins presented here in that forum

~CfA~

What does likecoin have?

1. ASIC resistant (not any more)
2. 2.5 min block (faster confirmations = greater risk in 51% scenario)

Otherwise LTC is basically a copy/paste of BTC.. What's so good about that? The only good thing about LTC in my mind is basically the fact that it was second-to-market and has a substantial lingering community.

Innovation

~CfA~

[darkota]

OP is a dumb imbecile. I loled while reading his post.

Litecoin may have very well been the worst alt coin you could of converted your BTC to. Did you not see that it fell over 80% from its ATH? Do you not see that it can be 51% attacked and it'll be MUCH MUCH cheaper to do so than BTC? Did you not see that litecoin is just a bitcoin clone and offers nothing?

But of course, you're going to "HODL" Litecoin, even when it reaches $1 you'll still be "HODLING" and hoping for a huge price rise. Even when it drops like a stone to 10 cents, you'll still be "HODLING". Ever heard of Auroracoin? Yea Litecoin is the long term version of that. Hit it's high and guess where Aurora is trading at now, 30 cents.

[Crypto_123]

In this thread https://bitcointalk.org/index.php?topic=658541.0 "darkota" has just "officially" declared Litecoin as dead.

[TreasureSeeker]

In this thread https://bitcointalk.org/index.php?topic=658541.0 "darkota" has just "officially" declared Litecoin as dead.

So dakota has the "official" word on Litecoin in his own self-moderated thread.  Errr...riiight.

[TheCloser]

All these litecoin threads are getting so annoying. Lets talk about something else....like noblecoin