Why I converted all my bitcoins to litecoins

[Rofo]

Part of me wants a 51% attack to happen to BTC. Maybe FUD wins, maybe the price crashes, maybe no-one learns anything. But I don't doubt for a second the developers/evangelists won't be all over it and the core BTC protocol would be stronger afterwards because of it. Because they seem in a reactive rather than proactive state, the sooner it happens, the sooner we stop fearing it and start addressing it. There's nothing stopping LTC from facing the same problem.

I hold both.

[toknormal]

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..

Thats not a pump, thats a dead cat bounce. The last dying breath of a dying coin and it's already run out of steam.

Have a look at Doge's last couple of months - same pattern. Long slow drift down with sporadic bounces along the way as some hopeful speculator thinks they've "caught the bottom" when in fact they're just attaching themselves to a sinking ship.

I wouldn't put my money in LTC for anything right now - it's in terminal decline.

[kaimannoah]

you crazy?? Bitcoin is the king.no other coins can beat it. you should hold it for long time.

or you just  be kidding  you wanna pruchase more bitcoins .no one can be cheated by you guy.

[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.

Innovation

~CfA~

In your own words: "the weight of ur argument blows me away."


Even better:

Litecoin whales have slowly been cashing out of LTC and moving into other coins. It's a dying coin...I'm very dissapointed with the devs of Litecoin, they havent even changed a single thing about it since it was released years ago..

Litecoin has always been known to be a piece of shit even back in the day

nobody takes it serious anyway,   just a few dorks who took profit from its rise thats all

no new news at all

~CfA~

[Sydboy]

you said litecoin is being pumped in OP.  doesn't that mean the price is being pumped up, it is still pretty low compared to a few months ago right ?

[lynn_402]

If you're concerned about the centralisation of mining and risks of 51% attacks, which indeed are reasons to be concerned, wouldn't investing in an alternate PoS coin be a more logical solution?

[mymenace]

so far everything litecoin is doing is according to plan, one of the highest marketcaps of all the coins you cannot simply dismiss it


and as for the price refer to the quote

check it out, the chart for BTC-e.com open the LTC/BTC chart and click on all time when you open the chart

http://www.cryptocoincharts.info/#jump-ltc-btc


look at the last high in april 2013 then november 2013

look at the low before the highs in march/april 2013 and november 2014

if trend continues LTC/BTC should drop to around 0.0135 to 0.0165 ( it has already hit 0.0166 so might rise from here)

as you can see easy to buy low

if trend continues you should see a 3-4 x rise in LTC/BTC

this is how people increase there bitcoin holdings as when you sell back to btc on the ltc high you can buy more btc than you had before


just a speculator speculating, only invest what you are willing to lose

[ThomasCrowne]

Don't think that was very good move at all.  Personally i've got 70/30 going on between btc/ltc.  And strongly considering moving in the opposite direction you did...moving ltc into btc.

[Dacm4n]

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/

If an attack happened I think everyone would dump all coins for fiat or anything similar.

[Kuttingcorners]

i would go with the bittrex flavour of the day which is razor!!

[mymenace]

i would go with the bittrex flavour of the day which is razor!!

with over 45 btc in sells does not look good to buy in just yet, big sell of 7 btc worth just above current price

[eaglgenes101]

One word: Coinotron. Remember when it created a 51% scare in litecoin?

[Este Nuno]

One word: Coinotron. Remember when it created a 51% scare in litecoin?

Wasn't that less than a month ago too?

It just seems absurd to go from bitcoin to a coin that is much less secure. The networks can not be compared.

[bitsmichel]

Not sure if this is a good move. The LTC price had been 40$ earlier this year, but it has been pretty much stuck on 7-10$ for the last few months.

[Hueristic]

Alot of people on this site really need to watch this dudes vids.

https://www.youtube.com/watch?v=bi2thGzzNSs

[picolo]

Don't think that was very good move at all.  Personally i've got 70/30 going on between btc/ltc.  And strongly considering moving in the opposite direction you did...moving ltc into btc.

I don't blame you LTC has been going down and it seems it doesn't pick up

[Bizmark13]

One word: Coinotron. Remember when it created a 51% scare in litecoin?

This. Litecoin is a good coin and a worthy addition to any crypto portfolio but it seems that OP has jumped for the wrong reason.

[bitsmichel]

Don't think that was very good move at all.  Personally i've got 70/30 going on between btc/ltc.  And strongly considering moving in the opposite direction you did...moving ltc into btc.

I don't blame you LTC has been going down and it seems it doesn't pick up

This. Litecoin has not done much of an uptrend since the 40$. (January 2014). 

 

[crunck]

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.

I was about to ask for an easy to understand explanation on this 51% stuff, and here it is

Thanks zachamo !

[zachamo]

No problem, glad someone actually read it...

Also - OP, the video you posted is garbage.. basically totally wrong as pointed out here: https://bitcointalk.org/index.php?topic=559217.msg6100248#msg6100248

This is a much better rundown: http://www.youtube.com/watch?v=tNgjdYkaDvA