[2014-01-05] Litecoin 2014: Will Litecoin Overtake Bitcoin In The New Year?

pungopete468

hero member

Activity: 1470

Merit: 504

Quote from: notme on January 05, 2014, 08:51:50 PM

Quote from: laris2 on January 05, 2014, 06:53:57 PM

Definately not overtake, but I suppose that this year the ratio BTC/LTC should double from 0,03 to 0,06 or so this year.

Do you really think that litecoin infrastructure and merchant growth can outpace bitcoin infrastructure and merchant growth? Which LTC companies are getting VC funding again? And which merchants are announcing adoption?

My CPU mined LTC and I would love to see your prediction come true, but I have a hard time seeing the path that will get us there.

Absolutely...

All it would take is for Coinbase to offer a direct LTC/USD exchange. You would then see every business who accepts Bitcoin accepting Litecoin...

Think about it; If you operated a business who insta-sells all crypto for USD then as far as you're concerned Litecoin is no different from Bitcoin. Why would they choose not to accept it when the bottom line is still USD?

Litecoin has one major advantage that Bitcoin never had... It can use Bitcoin as a springboard for mainstream attention and achieve broad acceptance in an instant.

Everybody who reads this do yourself a huge favor and invest 50/50 between LTC and BTC. It's only a matter of time before Litecoin vaults up to pace itself against Bitcoin.

Even if the price per coin doesn't reach that of Bitcoin (at the same moment) it will always hold more trade volume by design.

Buffer Overflow

legendary

Activity: 1652

Merit: 1016

Quote from: bryant.coleman on January 08, 2014, 06:46:52 AM

Quote from: Buffer Overflow on January 08, 2014, 04:21:05 AM

No.

Tenebrix --> Fairbrix --> Litecoin

Tenebrix Genesis: Thursday, September 8th 2011, 08:16:17 (GMT)
Fairbrix Genesis: Sunday, October 2nd 2011, 04:31:18 (GMT)
Litecoin Genesis: Friday, October 7th 2011, 07:31:05 (GMT)

There seems to be this idea around in the altcoin community that Litecoin was the first scrypt coin. It wasn't.

Thanks for posting this. I am happy that I had sold off 95% of my LTC holdings earlier. Grin

It doesn't matter of course. I'm just debunking this Litecoin was first scrypt coin myth that's all.

bryant.coleman

legendary

Activity: 3808

Merit: 1219

Quote from: Buffer Overflow on January 08, 2014, 04:21:05 AM

No.

Tenebrix --> Fairbrix --> Litecoin

Tenebrix Genesis: Thursday, September 8th 2011, 08:16:17 (GMT)
Fairbrix Genesis: Sunday, October 2nd 2011, 04:31:18 (GMT)
Litecoin Genesis: Friday, October 7th 2011, 07:31:05 (GMT)

There seems to be this idea around in the altcoin community that Litecoin was the first scrypt coin. It wasn't.

Thanks for posting this. I am happy that I had sold off 95% of my LTC holdings earlier. Grin

Buffer Overflow

legendary

Activity: 1652

Merit: 1016

Quote from: kjlimo on January 07, 2014, 08:28:53 PM

Quote from: Buffer Overflow on January 07, 2014, 06:17:01 PM

Quote from: El Dude on January 07, 2014, 11:47:08 AM

bitcoin and litecoin are they only two coins which will go mainstream , all the other crapcoins are scams.

Really? But if Litecoin was originally cloned from Fairbrix. How can Fairbrix be a scam and Litecoin not?

I think you got your order of operations mixed up there.

No.

Tenebrix --> Fairbrix --> Litecoin

Tenebrix Genesis: Thursday, September 8th 2011, 08:16:17 (GMT)
Fairbrix Genesis: Sunday, October 2nd 2011, 04:31:18 (GMT)
Litecoin Genesis: Friday, October 7th 2011, 07:31:05 (GMT)

There seems to be this idea around in the altcoin community that Litecoin was the first scrypt coin. It wasn't.

Herp

sr. member

Activity: 294

Merit: 250

Quote from: El Dude on January 07, 2014, 11:47:08 AM

bitcoin and litecoin are they only two coins which will go mainstream , all the other crapcoins are scams.

No, they're not.

Proof of stake, for example, is very interesting concept. More eco mining is also very interesting. Coins that also profit science or have built-in anonymity are also interesting. Coins like Mastercoin that build on top of Bitcoin are even more interesting as they open to door to hundreds of possibilities.

Interized

sr. member

Activity: 280

Merit: 250

Coolness: ∞

Why is this even remotely considered news?

Oh yeah, OP.

kjlimo

legendary

Activity: 2128

Merit: 1031

Quote from: Buffer Overflow on January 07, 2014, 06:17:01 PM

Quote from: El Dude on January 07, 2014, 11:47:08 AM

bitcoin and litecoin are they only two coins which will go mainstream , all the other crapcoins are scams.

Really? But if Litecoin was originally cloned from Fairbrix. How can Fairbrix be a scam and Litecoin not?

I think you got your order of operations mixed up there.

Buffer Overflow

legendary

Activity: 1652

Merit: 1016

Quote from: El Dude on January 07, 2014, 11:47:08 AM

bitcoin and litecoin are they only two coins which will go mainstream , all the other crapcoins are scams.

Really? But if Litecoin was originally cloned from Fairbrix. How can Fairbrix be a scam and Litecoin not?

LiteCoinGuy

legendary

Activity: 1148

Merit: 1014

In Satoshi I Trust

Quote from: El Dude on January 07, 2014, 11:47:08 AM

bitcoin and litecoin are they only two coins which will go mainstream , all the other crapcoins are scams.

exactly

!

El Dude

hero member

Activity: 770

Merit: 500

bitcoin and litecoin are they only two coins which will go mainstream , all the other crapcoins are scams.

bryant.coleman

legendary

Activity: 3808

Merit: 1219

Quote from: black_swan on January 06, 2014, 06:24:11 PM

I'd like to see LTC closer to LTC/BTC 0.1 by the end of the year and more services and shops

There were a few online shops (such as Atlantis) and services (LTC-Global) which accepted LTC. But all of them has closed down.

black_swan

newbie

Activity: 42

Merit: 0

No it won't but with additional large exchanges adopting can certainly be useful to transfer BTC around and to edge of course.
I'd like to see LTC closer to LTC/BTC 0.1 by the end of the year and more services and shops

Qoheleth

legendary

Activity: 960

Merit: 1028

Spurn wild goose chases. Seek that which endures.

I find it highly unlikely that - in the next year - litecoin acceptance will surpass that of bitcoin. That, combined with the increased supply, makes me pretty certain that an upset like that in the thread subject is not going to happen.

Quote from: TraderTimm on January 05, 2014, 03:03:13 PM

Also, that laggard hasn't proven it can scale worth a damn, thanks to its neurotic sped-up confirmation times. Orphaned blocks, re-orgs and other nastiness await...

From a technical perspective, there's already a good theoretical solution to this issue: switching to heaviest sub-tree instead of longest chain. Of course, it still needs to be implemented and deployed... we'll see if that actually happens.

Carlton Banks

legendary

Activity: 3430

Merit: 3083

Quote from: Buffer Overflow on January 06, 2014, 01:14:08 PM

Quote from: Carlton Banks on January 06, 2014, 12:54:17 PM

It's kind of funny, I looked at the Litecoin.org site the other day, and it listed the advantages against bitcoin.

- faster confirmations
- mining algorithm cannot be used by ASICs
- 4 times the coins in the monetary base

And, none of these things are actually advantageous and/or true. I wonder whether the Litecoin ASICs might eventually begin the demise of Litecoin, as reality starts to sink in that the claimed advantages aren't what they're billed as.

I'm not against competitors to bitcoin, but there's got to be a feature that bitcoin doesn't do better, or there's no real point. Every new coin so far has pretty much reflected the understanding deficit of most people who are attracted to the cryptocurrency concept. I'm happy to admit to having thought that Namecoin and Litecoin were a good idea at one point, but I've changed my mind. They're trying to solve a problem worth solving, but fail to do so convincingly. (bitcoin + distributed data storage is better than Namecoin, and Litecoin just flat out fails to do what it claims)

Don't forget the original advantage of being GPU resistant, which got swept under the carpet.

Lol, wasn't aware of that.

The ASIC design is pretty hilarious: you need a certain amount of RAM, and a certain amount of general purpose CPU per ASIC chip. This pushes up the cost of the whole device, and increases the amount of energy required for a given amount of work. And all to mine blocks that are less certainly confirmed than a bitcoin block?

There may well be a "silver" cryptocurrency, and there may be a new "gold", but I think Litecoin is neither.

Buffer Overflow

legendary

Activity: 1652

Merit: 1016

Quote from: Carlton Banks on January 06, 2014, 12:54:17 PM

It's kind of funny, I looked at the Litecoin.org site the other day, and it listed the advantages against bitcoin.

- faster confirmations
- mining algorithm cannot be used by ASICs
- 4 times the coins in the monetary base

And, none of these things are actually advantageous and/or true. I wonder whether the Litecoin ASICs might eventually begin the demise of Litecoin, as reality starts to sink in that the claimed advantages aren't what they're billed as.

I'm not against competitors to bitcoin, but there's got to be a feature that bitcoin doesn't do better, or there's no real point. Every new coin so far has pretty much reflected the understanding deficit of most people who are attracted to the cryptocurrency concept. I'm happy to admit to having thought that Namecoin and Litecoin were a good idea at one point, but I've changed my mind. They're trying to solve a problem worth solving, but fail to do so convincingly. (bitcoin + distributed data storage is better than Namecoin, and Litecoin just flat out fails to do what it claims)

Don't forget the original advantage of being GPU resistant, which got swept under the carpet.

Carlton Banks

legendary

Activity: 3430

Merit: 3083

It's kind of funny, I looked at the Litecoin.org site the other day, and it listed the advantages against bitcoin.

- faster confirmations
- mining algorithm cannot be used by ASICs
- 4 times the coins in the monetary base

And, none of these things are actually advantageous and/or true. I wonder whether the Litecoin ASICs might eventually begin the demise of Litecoin, as reality starts to sink in that the claimed advantages aren't what they're billed as.

I'm not against competitors to bitcoin, but there's got to be a feature that bitcoin doesn't do better, or there's no real point. Every new coin so far has pretty much reflected the understanding deficit of most people who are attracted to the cryptocurrency concept. I'm happy to admit to having thought that Namecoin and Litecoin were a good idea at one point, but I've changed my mind. They're trying to solve a problem worth solving, but fail to do so convincingly. (bitcoin + distributed data storage is better than Namecoin, and Litecoin just flat out fails to do what it claims)

TraderTimm

legendary

Activity: 2408

Merit: 1121

Quote from: teukon on January 05, 2014, 03:51:35 PM

Quote from: TraderTimm on January 05, 2014, 03:03:13 PM

Invoking the rule of questions-in-an-article-title... No.

Betteridge's Law

Quote from: TraderTimm on January 05, 2014, 03:03:13 PM

Also, that laggard hasn't proven it can scale worth a damn, thanks to its neurotic sped-up confirmation times. Orphaned blocks, re-orgs and other nastiness await...

The same can be said about Bitcoin.

Thanks for the pedantic correction on the first bit, and the other second nearly-as-pedantic answer for scalability. You honestly think the scale problem is the SAME in a blockchain where confirmation times have been drastically increased? So much for logic.

bryant.coleman

legendary

Activity: 3808

Merit: 1219

Definitely not going to happen. Litecoin is a copycat of BTC. And it has no merits over BTC as well.

notme

legendary

Activity: 1904

Merit: 1002

Quote from: laris2 on January 05, 2014, 06:53:57 PM

Definately not overtake, but I suppose that this year the ratio BTC/LTC should double from 0,03 to 0,06 or so this year.

Do you really think that litecoin infrastructure and merchant growth can outpace bitcoin infrastructure and merchant growth? Which LTC companies are getting VC funding again? And which merchants are announcing adoption?

My CPU mined LTC and I would love to see your prediction come true, but I have a hard time seeing the path that will get us there.

laris2

hero member

Activity: 688

Merit: 506

CryptoCurrency Evangelist

Definately not overtake, but I suppose that this year the ratio BTC/LTC should double from 0,03 to 0,06 or so this year.

Topic: [2014-01-05] Litecoin 2014: Will Litecoin Overtake Bitcoin In The New Year? (Read 4901 times)