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Author Topic: Wall Observer - MtGoxUSD wall movement tracker  (Read 1651315 times)
samson
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March 11, 2013, 11:34:35 AM
 #13141

LTC is also much faster. We have seen where BTC can take 1 to 2 hours to have just one confirm. Operations that need speed all the time will use LTC.

LTC is inherently a threat to the future of BTC, the existence of both is unstable. Either one will win, or neither will.

Just like the Pound, the Euro and the US Dollar, none of them work alongside each other in perfect harmony yet the world manages to survive with all three.

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rpietila
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March 11, 2013, 11:36:43 AM
 #13142


LTC is inherently a threat to the future of BTC, the existence of both is unstable. Either one will win, or neither will.

Silver is not a threat to gold, on the contrary, the silver:gold ratio has gone from ancient Egyptians' 3:1 to the present 55:1. So gold is a threat to silver, and likewise LTC will stay around but gradually lose its value (denominated in BTC).

Very few perceive silver as a long term value play, similarly few store their wealth in LTC. But it has its uses and speculative value.

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March 11, 2013, 11:46:09 AM
 #13143

LTC is also much faster. We have seen where BTC can take 1 to 2 hours to have just one confirm. Operations that need speed all the time will use LTC.

LTC is inherently a threat to the future of BTC, the existence of both is unstable. Either one will win, or neither will.

Wow, there goes my daily does of wtf.

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crazy_rabbit
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March 11, 2013, 11:49:03 AM
 #13144

Litecoin is used exactly for 1 thing, mining new litecoins to either sell them for bitcoins or dollars, or to hoard them (which is is highly questionable since it's a Tulip bubble).
... The whole LTC economy is based on people mining new LTC's, it's a dead end loop.

Yes. I came to the same conclusion too.

The first-mover advantage in crypto-currency is absolutely critical. I just can't see mainstream sites offering >1 choices of crypto. The public would see it as a Sony/Betamax or Blu-Ray/HDDVD drama all over again and be annoyed about it.

you guys forget, that by buying ltc with btc
and buying btc back with ltc you wash btc.

LTC is also much faster. We have seen where BTC can take 1 to 2 hours to have just one confirm. Operations that need speed all the time will use LTC.

Why not just a faster BTC like TRC? Something that can already be mined with ASICS and thus secured rather quickly. Bitcoin was relatively safe from attack in the past 4 years of it's growth because no one took it seriously. Now that people realize it's the future, the computational power required to upset it has become exponentially large. Not so with litecoin. It will take a while before someone builds an asic type device for Litecoin, yet Litecoin will not be spared any attention. It's ASIC unfriendly algo means it remains vulnerable longer, in a time when people are already aware of it's potential value. It doesn't have the protection of being dismissed as a silly idea, and the luxury to grow quietly in strength.

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Piper67
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March 11, 2013, 11:53:20 AM
 #13145

If LTC rises faster than BTC at this time, it's a Tulip bubble. Trust me on this. People aren't really thinking it through, the rise is not based on anything else than technicals. I looked at LTC recently to see if I should diversify my Bitcoin holdings, but I came to the conclusion that there is absolutely nothing to see there. Litecoin is used exactly for 1 thing, mining new litecoins to either sell them for bitcoins or dollars, or to hoard them (which is is highly questionable since it's a Tulip bubble).

Nothing else whatsoever is going on in the Litecoin economy. The technology itself does not have any significant advantages to Bitcoin, making it near impossible for Litecoin to even slightly challenge the network effect of Bitcoin. So, again, you might see LTC price rise temporarily at a higher rate than BTC, but there is nothing real going on. The whole LTC economy is based on people mining new LTC's, it's a dead end loop.

My equation with LTC goes more or less like this: LTC is trailing two or three years behind BTC. If BTC becomes hugely successful, I don't need LTC. If BTC fails, LTC will fail as well. Either way, what's the point?
mccorvic
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March 11, 2013, 12:04:10 PM
 #13146

LTC is to BTC as Silver is to Gold.

Repeating this doesn't make it any more true. 

Watch.

McDonald's is good for your heart!  Burger King is the preferred meal for athletes!  Dairy Queen Blizzards is a low-calorie alternative to a banana.

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thezerg
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March 11, 2013, 12:07:06 PM
 #13147

If BTC has scaling issues -- that is, if it starts needing a "large" (whatever that means) transaction fee and therefore has a minimum economically reasonable transfer size -- then these insignificantly different forks will get some market.

But a rewrite "fork" that includes multi-currency support (ppl can create "backed" coins on the same blockchain -- colored coins inherent in the protocol), sub-chains with shorter/longer confirm times that are periodically merged back into the main chain and deleted (massively reducing blockchain bloat), double spend detection, and some kind of txout bit-dust solution will get a lot of support as a natural successor to bitcoin.
Le Happy Merchant
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March 11, 2013, 12:21:32 PM
 #13148

Just like the Pound, the Euro and the US Dollar, none of them work alongside each other in perfect harmony yet the world manages to survive with all three.

Those currencies arose in their own economies, while both BTC and LTC are designed for the global economy. This reasoning is therefore flawed. We don't need two currencies working in the same economy.

Silver is not a threat to gold, on the contrary, the silver:gold ratio has gone from ancient Egyptians' 3:1 to the present 55:1. So gold is a threat to silver, and likewise LTC will stay around but gradually lose its value (denominated in BTC).

Very few perceive silver as a long term value play, similarly few store their wealth in LTC. But it has its uses and speculative value.

LTC isn't silver, BTC isn't gold. If LTC had come first it would beat BTC just because of its transaction speeds, but it wasn't. So now we have to deal with the fact that both exist, but we only need one.

Gold and silver on the other hand existed way before humans, and will outlast us. They have different reasons for their value than LTC and BTC do. I refuse to accept this analogy.

Edit: Not to mention the fact that LTC only has value to speculators because of how BTC turned out.

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mccorvic
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March 11, 2013, 12:32:35 PM
 #13149

LTC isn't silver, BTC isn't gold. If LTC had come first it would beat BTC just because of its transaction speeds, but it wasn't. So now we have to deal with the fact that both exist, but we only need one.

Gold and silver on the other hand existed way before humans, and will outlast us. They have different reasons for their value than LTC and BTC do. I refuse to accept this analogy.

Edit: Not to mention the fact that LTC only has value to speculators because of how BTC turned out.

Quoting for emphasis.  I have no doubt that LTC supporters won't actually, you know, refute your points.  They'll either just wait a bit then repeat "Oh, so BMW comes out with a new car it devalues all other cars?! Derp" or "BTC GOLD! LTC SILVER" forever and ever.

They will also refuse to answer why we should bother with LTC when we know that they'll eventually move onto some other coin and spam us up in here about THAT one.

I wish they'd just all go to ltcderptalk.org and leave us alone. Heh.

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Kupsi
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March 11, 2013, 12:39:00 PM
 #13150

Back to bitcoin...

About 4.000 is waiting for verification at Gox  Grin

http://www.reddit.com/r/Bitcoin/comments/1a2dzz/just_submitted_mtgox_verification_position_3840/
mccorvic
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March 11, 2013, 12:46:26 PM
 #13151

Back to bitcoin...

About 4.000 is waiting for verification at Gox  Grin

http://www.reddit.com/r/Bitcoin/comments/1a2dzz/just_submitted_mtgox_verification_position_3840/

I wonder if/how much the process will change with the coinlab move.

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oakpacific
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March 11, 2013, 12:58:44 PM
 #13152

I would not say LTC is not good, but to diverge people from the established, just being "good" is not enough, you have to have something groundbreaking on the table, especially when it's about money.

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
crazy_rabbit
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March 11, 2013, 01:21:54 PM
 #13153

Back to bitcoin...

About 4.000 is waiting for verification at Gox  Grin

http://www.reddit.com/r/Bitcoin/comments/1a2dzz/just_submitted_mtgox_verification_position_3840/

Yes please! This thread is for MtGox. If it's not traded at MtGox, this isn't the place to talk about it.

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rpietila
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March 11, 2013, 01:39:39 PM
 #13154

Back to bitcoin...

About 4.000 is waiting for verification at Gox  Grin

http://www.reddit.com/r/Bitcoin/comments/1a2dzz/just_submitted_mtgox_verification_position_3840/

Oh wow!   Average deposit is $500?   4000 x 500 = 2 million.   That takes us to $52.



More like $25000. They don't need verification for $500...

Dude, that is $100 million coming into the market Wink



oakpacific
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March 11, 2013, 01:44:30 PM
 #13155

When is Gox gonna publish their financial report? And finally run out of excuses to not overhaul their infrastructure?

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
DougTanner
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March 11, 2013, 02:03:41 PM
 #13156

Goin' up, everyone keep their arms and legs safely inside the carriage, this ride could get fast.


Help pay for my BTCCharts.com subscription: 1DTannerQHQD7qjSmA3abLQaDkVFLnBGma
Bitcoinpro
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March 11, 2013, 02:17:38 PM
 #13157

Litecoin is used exactly for 1 thing, mining new litecoins to either sell them for bitcoins or dollars, or to hoard them (which is is highly questionable since it's a Tulip bubble).
... The whole LTC economy is based on people mining new LTC's, it's a dead end loop.

Yes. I came to the same conclusion too.

The first-mover advantage in crypto-currency is absolutely critical. I just can't see mainstream sites offering >1 choices of crypto. The public would see it as a Sony/Betamax or Blu-Ray/HDDVD drama all over again and be annoyed about it.

you guys forget, that by buying ltc with btc
and buying btc back with ltc you wash btc.

LTC is also much faster. We have seen where BTC can take 1 to 2 hours to have just one confirm. Operations that need speed all the time will use LTC.

join a faster mining pool

www.cryptocurrencycentralbank.com 

LTC: LP7bcFENVL9vdmUVea1M6FMyjSmUfsMVYf
El Cabron
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March 11, 2013, 02:56:43 PM
 #13158

Litecoin is used exactly for 1 thing, mining new litecoins to either sell them for bitcoins or dollars, or to hoard them (which is is highly questionable since it's a Tulip bubble).
... The whole LTC economy is based on people mining new LTC's, it's a dead end loop.

Yes. I came to the same conclusion too.

The first-mover advantage in crypto-currency is absolutely critical. I just can't see mainstream sites offering >1 choices of crypto. The public would see it as a Sony/Betamax or Blu-Ray/HDDVD drama all over again and be annoyed about it.

you guys forget, that by buying ltc with btc
and buying btc back with ltc you wash btc.

LTC is also much faster. We have seen where BTC can take 1 to 2 hours to have just one confirm. Operations that need speed all the time will use LTC.

join a faster mining pool

Lurk more, try again. Thank you.

Sorry El Cabron, you are banned from posting or sending personal messages on this forum.
Trolling
https://bitcointalk.org/index.php?topic=622250.msg7030081#msg7030081
mccorvic
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March 11, 2013, 04:01:13 PM
 #13159

Someones wire transfer must of gone through.  Some big buys happening.

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Hexadecibel
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March 11, 2013, 05:36:18 PM
 #13160

Litecoin is used exactly for 1 thing, mining new litecoins to either sell them for bitcoins or dollars, or to hoard them (which is is highly questionable since it's a Tulip bubble).
... The whole LTC economy is based on people mining new LTC's, it's a dead end loop.

Yes. I came to the same conclusion too.

The first-mover advantage in crypto-currency is absolutely critical. I just can't see mainstream sites offering >1 choices of crypto. The public would see it as a Sony/Betamax or Blu-Ray/HDDVD drama all over again and be annoyed about it.

you guys forget, that by buying ltc with btc
and buying btc back with ltc you wash btc.

LTC is also much faster. We have seen where BTC can take 1 to 2 hours to have just one confirm. Operations that need speed all the time will use LTC.

join a faster mining pool

Lurk more, try again. Thank you.

Ha ha pirate pass through operator defending LTC. There's a red flag for you.



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