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Author Topic: New to alts- thoughts on Litecoin?  (Read 909 times)
SpontaneousDream
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June 27, 2014, 01:17:44 AM
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I'd like to invest a small amount into a good alt coin, but it's just so damn hard to pick something that I can relatively trust/rely on.

Can anyone fill me in on Litecoin? I'm particularly interested in this coin because it's so far ahead of all the other alts. What are the pros and cons? Current risks/issues?

I'm just not seeing any radically innovative and different coins out there, so Litecoin is kind of the default. Sure, every coin does something "different", but nothing has come out yet that has really been like "WOW, that is VERY different"  Grin

Thanks!
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Ed4252
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June 27, 2014, 01:22:09 AM
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Some stores aren't accepting litecoin..whereas research Vericoin.

That coin is just fueling preparing for liftoff- know what I'm saying?
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June 27, 2014, 01:29:06 AM
 #3

I'd like to invest a small amount into a good alt coin, but it's just so damn hard to pick something that I can relatively trust/rely on.

Can anyone fill me in on Litecoin? I'm particularly interested in this coin because it's so far ahead of all the other alts. What are the pros and cons? Current risks/issues?

I'm just not seeing any radically innovative and different coins out there, so Litecoin is kind of the default. Sure, every coin does something "different", but nothing has come out yet that has really been like "WOW, that is VERY different"  Grin

Thanks!


Wrote up my thoughts on this in another thread the other day. Here it is, FWIW: https://bitcointalk.org/index.php?topic=624223.msg7519476#msg7519476

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June 27, 2014, 01:44:04 AM
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I'd like to invest a small amount into a good alt coin, but it's just so damn hard to pick something that I can relatively trust/rely on.

Can anyone fill me in on Litecoin? I'm particularly interested in this coin because it's so far ahead of all the other alts. What are the pros and cons? Current risks/issues?

I'm just not seeing any radically innovative and different coins out there, so Litecoin is kind of the default. Sure, every coin does something "different", but nothing has come out yet that has really been like "WOW, that is VERY different"  Grin

Thanks!
just remember pro's and con's will be long for every single coin

you need to pull up the coins history, look at graphs, and research why and what it is about.

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June 27, 2014, 01:47:26 AM
 #5

I'd like to invest a small amount into a good alt coin, but it's just so damn hard to pick something that I can relatively trust/rely on.

Can anyone fill me in on Litecoin? I'm particularly interested in this coin because it's so far ahead of all the other alts. What are the pros and cons? Current risks/issues?

I'm just not seeing any radically innovative and different coins out there, so Litecoin is kind of the default. Sure, every coin does something "different", but nothing has come out yet that has really been like "WOW, that is VERY different"  Grin

Thanks!

as you will see. people will try to sell you their coins. like me. go for Karma coin!!!

Litecoin has a huge member support. Unfortunately, because of its high market volume it is tied to a lot of trading-bot that tie it up with bitcoin closely. Like sticky rice. Those bots do not let it move freely. at the same time do not let it sink to deep either. When bitcoin dips so does litecoin. and vice versa. watch Smiley

What matter the most... is that you should do as much reading about the alt coins as you can. read from what is most successful at this time to which on is is not. you gotta put in the hrs.

everyone here has their personal agenda and their opinion will most likely be bias!

My personal advice that it was given to me before " invest on the coin that have a strong team and have future plans"   it didn't make sense before but it does to me now. Eventually all the coin no mater how high they get they will start dipping down. reason being cryptoworld its too small and not enough buyers to constantly buy. the coins buyers are the supporters and the one in it for a cheap win. the ones for the cheap win are like a swarm. Mostly bigger group and they go from one coin to an other to outbid each other to gain some bitcoins. Sometimes it feels like its the same Bitcoin traveling their hands back and fourth. Who will stay with you coin are the loyal. they are fewer.  So eventually all they will buy what they want and cant afford to buy more. . this stalls and after a while the coins starts dipping. This is where a good dev team kick in. They will be always busy doing things and every time the do something they will create a news hype which will create small hype pumps which will give the coin a new buy volume and so on. So a good coin will dip and rise. its inevitable.

its a race until one of the coins (most certainly bitcoin) will break the boundaries and blow up mainstream. they just have to survive until the more people start coming in. When bitcoin blew up to $1200 cryptoworld got a huge influx of new comers and new money. Over 300 coins were created just because of this. Look at the coinmarket cap. SO much $$ between all the coins.  Imagine when bitcoin goes actual mainstream

Good luck. Hope you have a good experience in this field. You sure as hell taking part of something historic here!
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June 27, 2014, 01:48:40 AM
 #6

Get some Cloak - huge potential

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SpontaneousDream
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June 27, 2014, 03:20:05 AM
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Thanks for the advice.

Vericoin and Bytecoin were both on my radar already. Reddcoin has been on my radar as well. Cloak looks good at first glance.

I do agree that a fully anonymous coin would be valuable, but I've yet to see a coin come out as the clear winner for this. Everything is so damn speculative at this point.
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June 27, 2014, 05:13:45 AM
 #8

You may have noticed some of the many threads hammering Litecoin pretty hard in the title recently. Some of these are rather vigorously moderated in order to make it appear that "Litecoin is really dead," for example.

Since its not so easy to short-sell cryptocurrencies (other than BTC) at this point, my guess is that this type of coordinated behavior is an attempt to drive the price down for ulterior motivations.

Another likely factor contributing to Litecoin's recent downtrend is the fact that there are just too many new, shiny coins making too much noise to be ignored. Some people will occasionally cash out LTC for whatever is currently being pumped at Bittrex at the moment.

But as one of the dudes above me said, keep an eye out for coins with genuine leadership and support. Having a wide-reaching userbase with ideas for how to implement their coin into real-world transactions doesn't hurt either.

And I prefer public devs with public records myself. Charlie Lee, founder of Litecoin is a good example of this.

juicyjuice87
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June 27, 2014, 06:18:18 AM
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I wouldn't be seen dead with that crap
FreeJack2k2
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June 27, 2014, 05:45:33 PM
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It depends highly on your risk tolerance and how speculative you want to be...but what you should be aware of is that the vast majority of alt-coins currently in circulation are being treated as pump & dump schemes. The communities are complicit in it (of course) because they are still locked into the late 2013 "get rich quick" mentality. Unfortunately, people at large are wising up and that gravy train has about run its course.

Yet there Litecoin still is. Still the #2 coin, after all this time. Drawing ALL of the new Scrypt ASIC hardware to itself (none of it's going to other Scrypt alts). Growing in security and reliability. Litecoin is in NO danger of losing its #2 slot - in fact, it's exactly where Bitcoin was at the start of 2013, when its infrastructure started transitioning to ASICs. The difference? It doesn't have the ties to the TOR underground markets, it doesn't have the regulatory hurdles and bad press to face, it doesn't have a mysterious recluse as a creator, sitting on a million early mined coins...

Right now, Litecoin IS facing downward price pressure, thanks to a small handful (5-6) of very large solo miners (see the hashrate distribution chart) who have a much larger than usual capacity to influence price negatively, due to dumping. Throughout the summer and fall, even more manufacturers will be shipping more powerful hardware, and the entire network will transition to ASIC by the end of the year. The distribution of hashrate should balance back out to something approximating normal and at that point, there won't be the undue negative impact of a small handful of miners on price.

This transition has a ton of potentially very positive impacts. First, it tells the world that Litecoin is ready for prime time, with a very robust and secure network of dedicated hardware and hundreds of millions in infrastructure investment, with more coming all the time. Secondly, there's going to be nowhere for that hashrate to go. It HAS to stay in Litecoin. Sure, maybe a few "home gamers" will be in coin switching pools but the hardware will be so powerful that a solo miner could 51% almost all of the Scrypt coins, by themselves. No large-scale miner can switch to another Scrypt coin because they'd either 51% them, or the gravity well / Digishield would push the difficulty into the stratosphere, making them instantly unprofitable (and drive all the hashrate out). These ASICs will kill coin switching.

So the last man standing will be Litecoin (in terms of Scrypt coins)...or whatever decides to merged mine with it.

Basically, invest in Litecoin if you want to be in one that actually stands a very good chance of achieving widespread adoption. It has always been mentioned in the same breath as Bitcoin more than any other coin and that relationship is only going to get stronger in the coming year. There are a lot of other coins out there vying for GPU miners and trying new things, but look at coinmarketcap...they aren't even in the same neighborhood as Litecoin. Do you want gimmicks, or do you want a secure network you can trust with your money?

Watch the Litecoin market over the next couple of months and find a good low spot to buy into. Then just sit on it for 3-5 years and see what happens.
El Dude
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June 27, 2014, 05:47:28 PM
 #11

Some stores aren't accepting litecoin..whereas research Vericoin.

That coin is just fueling preparing for liftoff- know what I'm saying?

ya sure LOL

Bitcoin and Litecoin hodler
DubFX
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June 27, 2014, 05:49:39 PM
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From what i've heard litecoin misses a dev team, or better said they don't do any updates/new content.
El Dude
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June 27, 2014, 05:50:29 PM
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From what i've heard litecoin misses a dev team, or better said they don't do any updates/new content.

wtf are you reading ? what trolls post here ?

litecoin has a great dev team

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DubFX
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June 27, 2014, 05:52:53 PM
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From what i've heard litecoin misses a dev team, or better said they don't do any updates/new content.

wtf are you reading ? what trolls post here ?

litecoin has a great dev team
Well maybe i should look into litecoin forums i've seen it alot of times mentioned on these forums, maybe these are trolls if so then sorry i'll try to research it.
FreeJack2k2
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June 27, 2014, 06:02:26 PM
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From what i've heard litecoin misses a dev team, or better said they don't do any updates/new content.

It's a protocol, not a video game...this isn't World of Warcraft where they need to add "new content" to keep people interested.

As for not having a dev team...the lead developer is Warren Togami, has been for a long time and he still works with Charles Lee on it. Otherwise, it's open source and they've had 150 different people contribute pull requests over the years. They have a very clear vision of what they intend Litecoin to be about and they are guided by that. You won't be seeing bells and whistles added just for show.
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