Litecoin Is NOT Dead (It Is Just Dying A Slow Death)

[El Dude]

Litecoin 24 hour volume $ 1,306,188   
NXT  24 hour volume $ 60,987


which one looks like the shit coin ?

[Saigonsmokes]

Interesting read. Litecoin is actually the coin I first read about that got me interested in cryptos back in Jan (read some article somewhere on it). Before then, I had no idea that alt coins even existed and a very rudimentary knowledge of bitcoin. I thought I'd play around with this crypto stuff and maybe I could get a free litecoin out of it, just for fun.

I never bothered really going past that 1 ltc (and have since sold it) and now have a small chunk of btc instead. The problem I saw, and still see, is a lack of innovation and the fact that there really is no reason for the value of ltc to rise a whole lot anymore.

I think the OP touched on one really important fact, multi coin processors for purchases. They already exist, and I think they will become the standard if cryptos make any headway into being used as a currency by the general public at all. And that means there will be no difference between ltc, doge, nxt, or whatevercoin, when ConsumerX decides to use crypto to buy something.

The only coins then that could stand out a bit are those that have unique features (nxt flavors, ethereum, maidsafe, anon coins, etc). And I'm not saying any of them will even take the #2 spot, but that #2-#6 spot may end up being somewhat bunched up close to one another.

I agree, Litecoin has a severe lack of innovation and that will be it's undoing. It's not really accepted at much stores and it doesnt have widespread adoptance. Only a matter of time when Litecoin gets taken over.

Your opinion is worth nothing at all. You were the guy with the self-moderated thread in which you deleted every post that supported litecoin. It made you look very foolish.

And anyway, BTC is not widely adopted, so you have scored yet another own goal.

BTC is accpeted at over 50,000 stores as well as MAJOR brands like Expedia, Overstock, Tigerdirect, etc etc.

Litecoin is accepted as none of those stores....and is just another shit alt coin.

Was Bitcoin accepted at these stores 8 months ago Mr Troll? Could you spend them on Expedia, Overstock, Tigerdirect last Xmas - no you could not.

Shame for you, you cant delete posts like you did on your self moderated thread. All your posts you make here were answered on your post below, but you deleted them. Troll with an agenda - everyone should ignore your posts.

You told everyone you just deleted 2 posts on the thread - i count over 20 posts deleted by you. What a joke you are and so stupid you thought you could lie and get away with it.

https://bitcointa.lk/threads/litecoin-is-officially-dead.331214/page-5

Your NXT and DRK will not overtake LTC - No matter what FUD you spread.

[mymenace]

Litecoin 24 hour volume $ 1,306,188   
NXT  24 hour volume $ 60,987


which one looks like the shit coin ?

+1

best not to refer to NXT as shit, strong team, community and developers (as the market cap proves) everyone deserves a chance

[CoinHoarder]

Are you not aware that a large amount of the improvements to Bitcoin actually COME FROM Litecoin's developers? Warren and Charles have been contributing to Bitcoin development for years. To say that Litecoin merely copies Bitcoin features is erroneous.

To say a large amount of the improvements made to Bitcoin over the years have come largely from Litecoin developers is a rediuclous statement. I'm well aware they have made a couple security and efficiency improvements, however those improvements are dwarfed when you look at all the improvements that have been made on Bitcoin since Litecoin's inception.

It isn't about difficulty. It's about investment. The smart money always follows the money...and the amount of money being poured into dedicated hardware for Litecoin infrastructure right now is very significant. There are a lot of reasons for it, from miners hoarding until it's profitable to increased media exposure attracted to growth, venture capital investments, etc...

As for your comment about Bitcoin's network effect...it is Litecoin's network effect that has kept it in the #2 spot for so long and nobody is even close to dethroning it. So you can't have your cake and eat it, too - Bitcoin has a network effect, true...but so does Litecoin.

Smart money blindly follows people like sheep just because others have done the same before them? That doesn't sound like smart money to me. Some of the more innovative coins lately have been purely PoS with no mining involved. To say that Litecoin will remain #2 because of all the money pouring in for mining hardware is again a fallacy. There are other crypto currency networks that are more secure than Litecoin due to using different methods of PoS and PoW, sometimes combining the two to exemplify the matter. Furthermore, the mining hardware being made for Litecoin is Scrypt mining hardware, not Litecoin mining hardware. Most people only care about profit and throw them on a multi pool of some sort as it makes them more money. If there weren't a million other Scrypt coins that people could also mine with Scrypt ASICs, then it might not of made sense to make one just yet.

I agree Litecoin has it's own network effect, however it is not nearly as strong as Bitcoin's network effect. Search Bitcoin in Google news and tell me how many articles pop up, then search for Litecoin. You don't even need to tell me the answer, because I already know that there will be much less articles about Litecoin. As I believe I said in the OP, it is Bitcoin that is in the news all day everyday, not Litecoin. Litecoin has a small network effect that is somewhat limited within people engaged in the crypto currency community, however Bitcoin's network effect stretches much wider than that. Since Litecoin's network effect is limited somewhat to people engaged in the community, they are more likely to look at Litecoin for what it is.. Bitcoin with a few changed parameters.

The reason for the sharp decline in Litecoin's price relative to Bitcoin can be marked with a giant flashing neon arrow at the first couple weeks of May, when the Innosilicon A2 Terminator 80Mh/s systems started shipping. This gave a small group of miners an outsized share of the block rewards, due to the huge proportion of hashing power they added to the network. They proceeded to dump their coin (presumably in a mad dash toward ROI before competitors came on the scene) and miners, not always being the most educated on the dynamics of markets, were content to just keep dumping into weakness. This was combined with a strong rally in Bitcoin, which traditionally sees investment capital leave Litecoin into Bitcoin, to take advantage of the move up. Recently the ratio took a jump in Litecoin's favor when the rally petered out.

Once ASIC hardware takes over the network and it reaches a relative equilibrium of hashrate ownership close to what it had when it was GPU-driven, the dumping mentality should not be as pronounced. You are just failing to observe the reasons for the drop and you aren't seeing that the money that's being poured into Litecoin infrastructure (regardless of how much fiat capital is in it) is actually a giant vote of confidence, and people should be following that money.

I wouldn't be so sure that Innosilicon was the only reason for the decline in price, in fact I am sure that is not the only reason. The fact of the matter is that we can only speculate to the reason, however I feel that the market sentiment has changed over the past 6 months. Six months ago if you asked me if Litecoin would be the #2 currency in two years, I would have told you yes. Now, six months later, that decision is not so easy anymore and the market is reflecting that.

Again... the money flowing into ASIC hardware argument is flawed because some of the most innovative coins coming out don't even need mining hardware to secure their block chains. It was estimated in December that the Bitcoin network uses $15 million dollars in electricity everyday. If you can't see the value in PoW alternatives, then you must hate planet earth. The money being poured into ASICs are just smart people (ASIC manufacturers) trying to make a buck off of less smart people (ASIC buyers.) Nothing more, nothing less. If these magic money machines actually made any money at all, why wouldn't they just keep them? I realize from experience it is tough to scale a mining operation, however most of these ASIC manufacturers just want FIAT/BTC. They are not making Scrypt ASICs to support Litecoin, they are doing it to make money.

I'm not convinced of that. Satoshi cut all ties and disappeared the instant that Gavin Andresen said he was meeting with the CIA about Bitcoin. He hasn't had a thing to do with it since, hasn't been an advocate of it, has not come out of hiding except to say that he is NOT Dorian Nakamoto. A guy like that, who takes such pains to ensure his privacy and who has divested himself of all relationships related to Bitcoin, doesn't strike me as particularly trustworthy. I'm not going to put my faith in the assurances of some random person who cannot possibly know Satoshi's mind or intentions.

I wouldn't suggest you take my word for that either. I propose you go and read through Satoshi's posts on these forums and come to that conclusion yourself. Furthermore, if he hasn't touched the coins yet.. which were worth about 1,000,000,000 dollars at Bitcoin's peak in December, then I doubt he will ever touch them. If he was going to dump, then 1 billion dollars would be quite tempting. Satoshi must have balls of steel if he is planning on dumping and hasn't yet. One more thing.. if Satoshi dumps then it will likely get out who he is, and as you can tell he doesn't want that to happen.

[FreeJack2k2]

BTC is accpeted at over 50,000 stores as well as MAJOR brands like Expedia, Overstock, Tigerdirect, etc etc.

Litecoin is accepted as none of those stores....and is just another shit alt coin.

Yeah, and you know where Bitcoin was accepted at the start of 2013? The Silk Road...aaaand, that's about it.

[FreeJack2k2]

Snip.

So, remove the Litecoin logo from your avatar and call it quits, man...because it sounds to me like you're now just trying to convince yourself that Litecoin is destined to fail and are coming up with baseless arguments to support that hypothesis. Unfortunately, the conditions that exist right now, with money flowing into Litecoin infrastructure in the multi-millions (and soon hundreds of millions), are likely to lead to a lot of growth next year. I can assure you that Litecoin will not be slowed by your decision to bail out on it.

You are basically saying that what's good for the goose is NOT good for the gander and what has happened in Bitcoin, with smart investment money following infrastructure money, is not going to happen in Litecoin...for reasons you can't really articulate. But the fact remains that when significant money is put into Litecoin's backbone and the network is perceived as very secure, that is going to attract a lot of attention from many corners.

Litecoin has a far, far greater chance of success than any other digital currency in existence that isn't called Bitcoin, right now. As for saying that somehow the price relative to Bitcoin is an indicator of market enthusiasm for Litecoin...take another gander at Coinmarketcap and get back to me.

[CoinHoarder]

Snip.

So, remove the Litecoin logo from your avatar and call it quits, man...because it sounds to me like you're now just trying to convince yourself that Litecoin is destined to fail and are coming up with baseless arguments to support that hypothesis. Unfortunately, the conditions that exist right now, with money flowing into Litecoin infrastructure in the millions (and soon hundreds of millions), are likely to lead to a lot of growth next year. I can assure you that Litecoin will not be slowed by your decision to bail out on it.

You are basically saying that what's good for the goose is NOT good for the gander and what has happened in Bitcoin, with smart investment money following infrastructure money, is not going to happen in Litecoin...for reasons you can't really articulate. But the fact remains that when significant money is put into Litecoin's backbone and the network is perceived as very secure, that is going to attract a lot of attention from many corners.

Litecoin has a far, far greater chance of success than any other digital currency in existence that isn't called Bitcoin, right now. As for saying that somehow the price relative to Bitcoin is an indicator of market enthusiasm for Litecoin...take another gander at Coinmarketcap and get back to me.

You can't change Avatars at the moment, otherwise I would have already. Go check in the meta forums. I am not trying to convince myself that Litecoin is destined to fail, I have already convinced myself that Litecoin will fail if it continues down the same path. I feel like my arguments are very well thought through and articulately conveyed. If you feel like they are baseless, well then I guess that is your opinion.

Opinions are like belly buttons, everyone has one. For example, "But the fact remains that when significant money is put into Litecoin's backbone and the network is perceived as very secure, that is going to attract a lot of attention from many corners." Is just an opinion, it doesn't change that fact when you start the sentence with "the fact of the matter remains."

Bitcoin and Litecoin are different crypto currencies with different dynamics. Just because something happened one way with Bitcoin doesn't mean that it will happen that way with Litecoin. Furthermore, the money that was flowing into Bitcoin was going to numerous fronts.. payments processing, exchanges, ATMs, mining hardware, etcetera. Whereas the money flowing into Litecoin is mostly sheep following the pack, ASIC manufacturers trying to make money off of ASIC buyers, and ASIC buyers mistakenly trying to make money off of buying unprofitable mining hardware.

"Litecoin has a far, far greater chance of success than any other digital currency in existence that isn't called Bitcoin, right now. As for saying that somehow the price relative to Bitcoin is an indicator of market enthusiasm for Litecoin...take another gander at Coinmarketcap and get back to me."

I see value in some other alternative coins, and I even think some of them have a large chance to overtake Litecoin as people slowly realize that Litecoin is just one big marketing campaign. If your investment strategy is to look at coinmarketcap and choose the coins with the biggest market cap, then I don't feel like that is a smart investment. According to you, this is how "smart money" operates. However, I think the "even smarter money" does extensive research on all coins that are available and the ones in development, and then comes to a proper decision as to what they will put their money in. After doing this myself I have come to the conclusion that "smart money" isn't actually so smart afterall.

[philipma1957]

Snip.

So, remove the Litecoin logo from your avatar and call it quits, man...because it sounds to me like you're now just trying to convince yourself that Litecoin is destined to fail and are coming up with baseless arguments to support that hypothesis. Unfortunately, the conditions that exist right now, with money flowing into Litecoin infrastructure in the multi-millions (and soon hundreds of millions), are likely to lead to a lot of growth next year. I can assure you that Litecoin will not be slowed by your decision to bail out on it.

You are basically saying that what's good for the goose is NOT good for the gander and what has happened in Bitcoin, with smart investment money following infrastructure money, is not going to happen in Litecoin...for reasons you can't really articulate. But the fact remains that when significant money is put into Litecoin's backbone and the network is perceived as very secure, that is going to attract a lot of attention from many corners.

Litecoin has a far, far greater chance of success than any other digital currency in existence that isn't called Bitcoin, right now. As for saying that somehow the price relative to Bitcoin is an indicator of market enthusiasm for Litecoin...take another gander at Coinmarketcap and get back to me.

I vote with you.  LTC can be mined in house by a guy like me I can get a king A2 and mine or I can get a lot of knights Gridseed blade and mine. 

I can buy 16 gridseed blades with a cc for under 500 each or 83mh for under 8k uses  about   1350 watts  if you hook them to a plat. psu.
    pay it with paypal get 45 day warranty  and get fiat back fast  to pay off the blades

[Bobsurplus]

LMAO, I'll be laughing at you all when Litecoins are worth $1000 each!

[kelsey]

So why is it the few nxt fanbois constantly trolling the forum are the ones so concerned about litecoin's future  

[CoinHoarder]

So why is it the few nxt fanbois constantly trolling the forum are the ones so concerned about litecoin's future  

First of all, I am not a Nxt fan boi. I haven't decided which crypto will be the next one I support apart from Bitcoin, but I am leaning towards Counterparty, Mastercoin, Bitshares AGS, Swarm, Ethereum, or Maidsafe. Possibly Nxt too, although they have some trolls (which coin doesn't), they are doing some interesting and innovative things... the initial distribution is kind of a put off to me though. However, to be fair to them... everyone had a chance to invest and didn't.. that is not their fault.

Secondly, I think the Litecoiners are getting scared. They are getting more organized and are doing more projects recently than ever before. I think most of them can see the writing on the wall and are trying to "right the ship" so to speak. Not only have the Litecoin "haters" been more vocal as of late (which is totally understandable due to the points I've outlined ITT), but the Litecoin supporters are also being more vocal because their throne is being challenged. They are even sending people over here from their forums to try and prove me wrong: https://litecointalk.org/index.php?topic=20631.0

[Saigonsmokes]

So why is it the few nxt fanbois constantly trolling the forum are the ones so concerned about litecoin's future  

First of all, I am not a Nxt fan boi. I haven't decided which crypto will be the next one I support apart from Bitcoin, but I am leaning towards Counterparty, Mastercoin, Bitshares AGS, Swarm, Ethereum, or Maidsafe. Possibly Nxt too, although they have some trolls (which coin doesn't), they are doing some interesting and innovative things... the initial distribution is kind of a put off to me though. However, to be fair to them... everyone had a chance to invest and didn't.. that is not their fault.

Secondly, I think the Litecoiners are getting scared. They are getting more organized and are doing more projects recently than ever before. I think most of them can see the writing on the wall and are trying to "right the ship" so to speak. Not only have the Litecoin "haters" been more vocal as of late (which is totally understandable due to the points I've outlined ITT), but the Litecoin supporters are also being more vocal because their throne is being challenged. They are even sending people over here from their forums to try and prove me wrong: https://litecointalk.org/index.php?topic=20631.0

Thats not true, this is not a troll thread (your OP), its well thought out actually and worthy of discussion. The Trolls that TheMage refers to are people like Darkota who setup self moderated threads and delete all positive comments about Litecoin.

This was posted in that thread about your post:


Offline Wilhelm
Jr. Member
**
Posts: 193
View Profile Personal Message (Offline)

Re: Fighting the trolls
« Reply #26 on: June 23, 2014, 07:18:57 PM »
Quote
https://bitcointalk.org/index.php?topic=662058.msg7463029#msg7463029

This is a good critical posting, IMHO. I and several others share his thoughts.


See here, Darkota has deleted most of these threads from Bitcoin Talk - little did the troll know that they were kept online elsewhere:

https://bitcointa.lk/threads/litecoin-is-officially-dead.331214/page-5

[kelsey]

So why is it the few nxt fanbois constantly trolling the forum are the ones so concerned about litecoin's future  

First of all, I am not a Nxt fan boi. I haven't decided which crypto will be the next one I support apart from Bitcoin, but I am leaning towards Counterparty, Mastercoin, Bitshares AGS, Swarm, Ethereum, or Maidsafe. Possibly Nxt too, although they have some trolls (which coin doesn't), they are doing some interesting and innovative things... the initial distribution is kind of a put off to me though. However, to be fair to them... everyone had a chance to invest and didn't.. that is not their fault.

Secondly, I think the Litecoiners are getting scared. They are getting more organized and are doing more projects recently than ever before. I think most of them can see the writing on the wall and are trying to "right the ship" so to speak. Not only have the Litecoin "haters" been more vocal as of late (which is totally understandable due to the points I've outlined ITT), but the Litecoin supporters are also being more vocal because their throne is being challenged. They are even sending people over here from their forums to try and prove me wrong: https://litecointalk.org/index.php?topic=20631.0

I wasn't refering to you, even you have to admit, whether you agree with certain points they are making or not, there is a few diehard nxt supporters pumping out thread after thread if ltc is dead type posts, simply to push nxt.

I believe, even though I disagree with much of it, your opinion is your honest opinion.

[CoinHoarder]

So why is it the few nxt fanbois constantly trolling the forum are the ones so concerned about litecoin's future  

First of all, I am not a Nxt fan boi. I haven't decided which crypto will be the next one I support apart from Bitcoin, but I am leaning towards Counterparty, Mastercoin, Bitshares AGS, Swarm, Ethereum, or Maidsafe. Possibly Nxt too, although they have some trolls (which coin doesn't), they are doing some interesting and innovative things... the initial distribution is kind of a put off to me though. However, to be fair to them... everyone had a chance to invest and didn't.. that is not their fault.

Secondly, I think the Litecoiners are getting scared. They are getting more organized and are doing more projects recently than ever before. I think most of them can see the writing on the wall and are trying to "right the ship" so to speak. Not only have the Litecoin "haters" been more vocal as of late (which is totally understandable due to the points I've outlined ITT), but the Litecoin supporters are also being more vocal because their throne is being challenged. They are even sending people over here from their forums to try and prove me wrong: https://litecointalk.org/index.php?topic=20631.0

I wasn't refering to you, even you have to admit, whether you agree with certain points they are making or not, there is a few diehard nxt supporters pumping out thread after thread if ltc is dead type posts, simply to push nxt.

I believe, even though I disagree with much of it, your opinion is your honest opinion.

Fair enough, it is certainly my honest opinion. I think I am done here unless someone brings up something else to talk about, as I feel like we are beating a dead horse. Perhaps I was already beating a dead horse when I made this thread, but I received some flak for leaving the Litecoin community and I wanted to explain myself thoroughly.

[smoothie]

Giant wall of text.

What would be the defining point of Litecoin being dead?

You can't slowly die yet never die.

[smoothie]

thanks for this well reasoned post.  

do you feel the added security of the litecoin blockchain with new asics on the way will prolong the life of litecoin, or accelerate its demise?

It's hard to say. I feel like in the long run it will be a bad thing, but the effects of the centralization of Bitcoin/Litecoin mining won't be felt for some time. As corporations, old money, and old money FIAT take over mining, the affects will start to show. At that point they are no longer decentralized currencies, it is moving that way already.

I think Litecoin will remain number 2 through at least the end of the year and possibly next year too. However, things are moving so quickly that it is completely possible that its demise could happen sooner rather than later. I think Bitcoin will be much harder to topple than Litecoin.

what I find odd is you already publicly declared you no longer support litecoin yet you still want to talk about it as if it matters.

 

[smoothie]

Bitcoin is nowhere mass adoption by the general public, litecoin is positioned well should that happen.

why do litecoin supporters claim this?  I think more people know what dogecoin is than litecoin. 

People also know that dogecoin was created as a joke. Who is supposed to take it seriously after that being a fact? lol

[smoothie]

It's a good read. I agree, Litecoin is dying a slow death. It has very little going for it compared to the more modern innovative coins like BlackCoin and VeriCoin.

Very true, I made a thread detailing why Litecoin is already dead, it only has 20 btc worth of volume on Mintpal..

And a daily 1000BTC average per day volume on BTC-e. My estimated average there is likely lower than the actual average over the past year.

[smoothie]

Dakota and Devphp are obvious paid NXT sockpupet who think shitty ipo nxt will overtake nxt won't happen no matter how hard they try.

NXT is the future of crypto. 1000000x better than Litecoin could ever dream of being.

Comparing NXT to Litecoin is like comparing Superman to a squirrel.

The free market seems to think differently currently based on traded volume and price and overall community support.

[kalus]

Bitcoin is nowhere mass adoption by the general public, litecoin is positioned well should that happen.

why do litecoin supporters claim this?  I think more people know what dogecoin is than litecoin. 

People also know that dogecoin was created as a joke. Who is supposed to take it seriously after that being a fact? lol

nice, but that doesn't answer the question.

litecoin is positioned poorly outside of the incestuous cryptocurrency community.  the number one use of litecoin is to proxy mine bitcoin by trading rapidly-depreciating ltc for btc with scrypt asics, and past this narrow function, i don't see litecoin being used anywhere else.  litecoin is not positioned well at all in terms of general adoption by the unwashed masses.  

I think this lack of public awareness is part of the reason for the current state of litecoin.  I still own litecoin, but i'm starting to understand more reasons not to own litecoin.