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soggy-hamster
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July 03, 2012, 08:01:54 PM
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July 03, 2012, 08:08:31 PM
 #2

litecoin is open source though unlike a lot of other altcoins as I understand it

it's the perfect fork for GPU miners to migrate too when ASICs make GPU mining bitcoins unprofitable
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July 03, 2012, 08:10:38 PM
 #3

As we all know, Litecoin is a well documented scam.


Any evidence of a scam that couldn't also be said for Bitcoin?

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July 03, 2012, 08:15:39 PM
 #4

As we all know, Litecoin is a well documented scam.


Any evidence of a scam that couldn't also be said for Bitcoin?

Yeah, Bitcoin not a fork.

 Huh

I said evidence of a scam, not evidence of similarity.

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July 03, 2012, 08:29:50 PM
 #5

As we all know, Litecoin is a well documented scam.


Any evidence of a scam that couldn't also be said for Bitcoin?

Yeah, Bitcoin not a fork.

So your definition of a "scam" is "a fork of bitcoin"?

Sorry but your argument doesn't convince me.

No one says you have to buy litecoins. Just buy bitcoins.

 Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin Grin

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July 03, 2012, 08:32:02 PM
 #6

Why do I suspect that this OP is a sockie for SC/MC?

 Grin Grin Grin Grin Grin

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July 03, 2012, 08:35:10 PM
 #7

Also it's hard NOT to notice that your account started only on June 11th of this year.

Some of us have been posting pretty regularly for a period of time. Why should we listen to a newcomer who could be another UNNAMED supporter of an UNNAMED alternate "coin"?

Please speak out once you have like 1000 posts and have been contributing to the community for like at least a few months.

Thanks bro! Grin

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July 03, 2012, 08:35:48 PM
 #8

Fair comment.

Here: http://www.youtube.com/watch?v=KCaYBsrz4k4

I'm not posting anymore, you'll have to do the hard work yourself if you want more. (Google). But don't fall into the trap of only looking at the stuff you 'want to see' when doing your research.


Oh please.

Litecoin is not hard to understand if you understand Bitcoin.  I've been around here for more than a year and can promise you I've done far more research (in the hundreds of hours) on these currencies than you have.  Furthermore, Bitcoin is arguably a bigger risk than Litecoin since 1)  you can still CPU mine with Litecoin, and as such you don't need to drop a ton of money on a huge mining rig to stay competitive, and 2)  there's virtually no economy backing Litecoin, and so there's really almost nothing to be lost if it disappears.  This is especially true since the market cap is so small.

I have a CPU, I mine Litecoins with it, I've made money from it.  I hope its creators have made a ton of money from it because they at least allowed me to make some.  All I had to do was download the software.  Wow, some risk.  


If Litecoin crashes completely within the next 5 seconds, I will have understood the risk from the beginning, and I will have lost nothing.  I don't know of a single person that has bought a mining rig specifically for Litecoins.  Furthermore, Litecoin will offer a great opportunity for those GPU miners whose profit margins will tighten when ASICs reach consumers.

All of the early Bitcoin adopters profited handsomely in ponzi-esque fashion during the June 2011 bubble.  I truly have no idea where you're coming from.

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July 03, 2012, 08:42:38 PM
 #9

Why do I suspect that this OP is a sockie for SC/MC?

 Grin Grin Grin Grin Grin

Odd thing to say?

Yeah, I admit ( looking at floor) I did get a bit sucked into the SC hype. Did lose a bit, nothing too bad lucky.

Learnt my lessons, and now trained to spot them.

Litecoin raised my red flag. Just helping you guys out.

I'm sorry but no one was asking for your help. Perhaps you want us to want your help is why you are posting things as such? Grin

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July 03, 2012, 08:54:10 PM
 #10

Oh dear, oh dear. There's some angry people on here.

Still the plea has gone out now, so we might as well all sit tight and wait and see what happens. Maybe someones plugging in their GPU farm right now. Doubt it, but you never know.

Angry? lol hardly?

Keep wishing man. I just think it is entertaining to see trolls like you come here and claim things that they can't backup with any hard facts and evidence.

 Grin Grin Grin Grin Grin <==== look at me im so Angry! lol

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July 03, 2012, 09:03:06 PM
 #11

Hey, I never wrote the bitcoin wiki post on Litecoin.

Don't blame the messenger.


So first I was angry and now I'm blaming you?

LOL bro you got some voices in your head? Grin Grin Grin

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July 03, 2012, 09:05:46 PM
 #12

Hey, I never wrote the bitcoin wiki post on Litecoin.

Don't blame the messenger.


Don't believe everything you read. Litecoin is not a scam. It may not succeed, but that doesn't make it a scam. So it's not cool that you are asking people to attack and destroy something that a bunch of us are working hard to create and support. If you don't think Litecoin is going anywhere, then don't mine, buy, or use it. I hope you will take back your first post.

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July 03, 2012, 09:32:33 PM
 #13

Hey, I never wrote the bitcoin wiki post on Litecoin.

Don't blame the messenger.


Don't believe everything you read. Litecoin is not a scam. It may not succeed, but that doesn't make it a scam. So it's not cool that you are asking people to attack and destroy something that a bunch of us are working hard to create and support. If you don't think Litecoin is going anywhere, then don't mine, buy, or use it. I hope you will take back your first post.

Interesting. So your basically says the official wiki is total rubbish and should be ignored.

Let's turn the tables round a bit. Got any evidence the wiki is false? (Everyone seems to crave evidence so much on here.)

And please don't try to back-peddle your way out of the hole you just dug. What folly.




That's funny that you want us to prove something false that you posted up as truth with no real evidence except a wiki link.

Dude i'm not going to work to prove anything given I didnt start the thread. If anything you should be using your precious time to prove us all wrong since you are "trying" to help us out right?

 Grin Grin Grin Grin

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July 03, 2012, 09:42:46 PM
 #14

Hey, I never wrote the bitcoin wiki post on Litecoin.

Don't blame the messenger.


Don't believe everything you read. Litecoin is not a scam. It may not succeed, but that doesn't make it a scam. So it's not cool that you are asking people to attack and destroy something that a bunch of us are working hard to create and support. If you don't think Litecoin is going anywhere, then don't mine, buy, or use it. I hope you will take back your first post.

Interesting. So your basically says the official wiki is total rubbish and should be ignored.

Let's turn the tables round a bit. Got any evidence the wiki is false? (Everyone seems to crave evidence so much on here.)

And please don't try to back-peddle your way out of the hole you just dug. What folly.

It's funny that you consider that the official wiki. The wiki can be edited by anyone. LukeJr, a well know alt coin hater, wrote most of that. There was a huge edit battle where Litecoin supporters and LukeJr would keep rewriting that page.

If your only proof is because that wiki page says so, thats sad. I can also easily create a page on the Litcoin wiki that claims Bitcoin is a scam. Anyways if you really want me to refute the wiki, I can. But it will have to be after I get home from work.

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July 03, 2012, 09:55:31 PM
 #15

I'm not posting anymore, you'll have to do the hard work yourself if you want more. (Google).

You failed to live up to your promise.
Now where have we seen that before?

Bitcoin is backed by the full faith and credit of YouTube comments.
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July 03, 2012, 09:59:21 PM
 #16

I'm not posting anymore, you'll have to do the hard work yourself if you want more. (Google).

You failed to live up to your promise.
Now where have we seen that before?

LOL omg you are so right man.

I've seen several UNNAMED posters on this forum do that and then disappear from the forum forever lol Grin Grin Grin

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                   ²²²                 
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July 03, 2012, 10:07:08 PM
 #17

I just bought some more  litecoin to annoy the OP.

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July 03, 2012, 10:09:05 PM
 #18

I just bought some more  litecoin to annoy the OP.

+1 Grin

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                   ²²²                 
███████████████████████████████████████

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July 03, 2012, 11:37:54 PM
 #19

Ok, I just read the wiki page again, no where does it claim Litecoin is a scam. It just has some criticisms. So this statement of yours is just wrong:

As we all know, Litecoin is a well documented scam.
https://en.bitcoin.it/wiki/Litecoin

Here are the 4 criticisms and I will try to address them here:

Quote
Redundancy
Litecoin does not provide anything significant that Bitcoin does not already provide. Because of this, and Bitcoins much greater size, it is unlikely to gain any significant momentum.

There are a few key differences with Litecoin. Whether or not they are significant is very subjective. And since Litecoin is not trying to compete with Bitcoin, the fact that Bitcoin is greater in size does not mean Litecoin will necessarily fail. It's true that Litecoin is has not gained any significant momentum, but that's true for Bitcoin in it's first year.

Quote
Not Silver to Gold
Litecoin cannot be "silver to bitcoin's gold", because Bitcoin itself is both gold and silver: While in the long-run, the BTC unit may be too valuable for everyday trade ("gold"), there are other, much smaller units that can just as well serve the purpose of "silver" while being naturally/automatically "converted" to/from BTC.

The silver to gold comparison is also applied to how fast confirmations are with Litecoin. It takes a lot less time to send LTC than it does to send BTC. In that sense, it feels more like a currency you will use everyday.

Quote
Vulnerability to mining monopoly
Similarly to Bitcoin, Litecoin can be attacked by a rich entity (on the scale of big corporations and governments). Also similarly to Bitcoin, this attack becomes more difficult to orchestrate the higher the hash rate of the network. However, because Litecoin is designed to be inefficient on all common computer components (both CPUs and GPUs), a malicious entity needs only produce a single piece of specialized/custom hardware to overtake all the commodity mining systems combined.

Look at what the threat of ASICs is doing to Bitcoin. Supposedly this October, BFL will release an ASIC minirig that can do 1thash/s. 13 of them can 51% today's network. So Bitcoin is just as vulnerable to a single piece of specialized hardware overtaking the network.

Quote
Pyramid scheme
Since the aforementioned reasons mean Litecoin has no future potential, it effectively functions as a pyramid scheme, rewarding those who get in sooner at the expense of those who adopt it just before it finally fails (and are left with nothing). This is not the case for Bitcoin, since it has significant potential to become a long-term currency and continually be beneficial to adopters no matter when they begin using it.

This is just a stupid argument. Because Litecoin has no future, it's a pyramid scheme. Because Bitcoin has significant potential, it's not a pyramid scheme. How can I argue against this when you are going to start by assuming Litecoin has no future.

If anything, Bitcoin is more of a pyramid than Litecoin. Very few people (Satoshi and friends) were able to mine a ton of the early easy coins and probably have cashed out a lot of their coins. So if Bitcoin fails, the current owners are left holding the bag. On the other hand, Litecoin has the most fair start compared to any other alt coin. You should read up on that. Everyone started mining it at the same time. I (and many others) have also constantly mined and bought coins on the exchange. I can't say this for anyone else, but I have not cashed out and sold my coins on the exchange. I have more LTC today than I've ever had. I do believe in the future of the coin.




So now the ball is in your court. Prove to me that Litecoin is a scam. But first make sure you read up on the definition of a scam. Supporting a project that I believe in, but that which eventually fails, does not make it a scam. A scam means that I am knowingly deceiving people by asking people to put money and effort into a project that I know will fail, AND that I am making a financial gain from them.

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July 04, 2012, 12:06:47 AM
 #20

Any of the coins could easily have begun as a scam, and we maybe cannot even tell whether or not they did, but those that are still struggling along? I think most of those are not scams at all, they could maybe be the victims of a scam struggling along despite the initial scam to build something real and useful out of what someone once upon a time began as a scam.

Maybe we all did get scammed by the very first few adopters of each coin type. So what? We now have many types, most of which can all be mined at once using merged mining. That gives us options, it gives us flexibility, it gives us some nice cheap off the mainstream alternatives we can quietly chug along with until the big boys and girls finally get their acts together and realise there isn't really much reason *not* to snap up most of the remaining coins of each type just because they can do it so easily and at so little cost.

We actually have so many blockchains running now that if there really is some important innovation to be tried we maybe should be considering retrofitting it onto one of the existign chains that seems to have almost, or completely, run out of partisans. A few chains are down to so few nodes that you are lucky if you can find even one or two connections with them. It would be great to revive one of those with whatever the next big innovation is proposed to be, like maybe demurrage or whatever. A good chunk of the "how to go about distributing the coins initially" is already done with such chains, plenty of people out there wishing there were some use for the things...

-MarkM-

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