Topic: [FACTS] Litecoin is the only legit Altcoin ! - page 3. (Read 4229 times)

Agreed its bullshit that they can't come to a agreement on this it's like they are waiting for BTC to crash and burn I don't get everyone knows the blocks are full instead of the Chinese miners and the core devs bickering back and forth put it up for everyone to vote on they aren't the only ppl who care and use BTC.

Well, there are altcoins with hard limits, like bitcoin ; there are altcoins with extensible blocks too, without hard limits.  The first ones will face exactly the problem bitcoin is facing, but only when they "get filled up".  The second ones will be able to accommodate until they hit smoother, and more practical, technology-related issues.  Some alt coins have centralized decision infrastructures that can modify things in a centralized way, deciding one way or another. 

But the biggest difference between bitcoin on one side, and altcoins, on another side, is that there's (for the moment) only one bitcoin block chain, and there are MANY alt coins.  While the number of bitcoin chains is limited (to 1), the number of altcoin block chains is essentially unlimited.

So when bitcoin is "filled up" and reaches its limit of transactions (that's about right now), an altcoin can still "fill up".  When that altcoin is "full", yet another altcoin can start filling in.  And so on.

Bitcoin's legendary immutability will make it what it is today.  Exactly the same forceful immutability and consensus mechanism will make it impossible for bitcoin to do anything else but remain bitcoin.  I seriously doubt that the block size will change, that Segwit will get accepted, or that any other important change will ever happen to bitcoin, because of, exactly, bitcoin's legendary immutability.

Bitcoin has a huge first mover advantage, and a huge "moral high ground", which is why, 8 years later, bitcoin is still number 1.  But it is hitting its technical limits, as they were laid down long ago.   Alt coins have been living in bitcoin's shadow for most of this time, even though many of them are now technically superior, because they could implement solutions to bitcoin's shortcomings that bitcoin cannot implement (because of its immutability).  Bitcoin being "full", this will start eroding bitcoin's leadership ; alt coins will be able to fill in the room that bitcoin cannot take.

I'm not saying that a *single* altcoin will overtake bitcoin.  I'm saying that once bitcoin's unique position as first mover is being eroded sufficiently by practical problems (full blocks, high fees, long delays, no privacy, Chinese centralization...), *several* altcoins will fill in the gap, and bitcoin will be a crypto like any other alt coin in the long run, after its first mover edge has been eroded away.

Even though every single block chain will run into capacity problems, *a lot of independent block chains* are able to scale: just add more chains.

Not at all.  Hard fork means that the chain is now two independent chains.  On each of these two independent chains, there is consensus.  There's no interaction any more between the two chains, they are now two different crypto currencies.  The market cap of the original chain will now be split over both prongs.  Of course, users and miners might all flock to one of the chains, and abandon the other one.  Or not.  In the end, the users will decide upon the market cap split, and the miners will follow.


That is exactly democracy: the majority imposes its will on the minority.  What you call "democracy" is what is called "consensus".
As long as the soft fork doesn't have a majority OF MINERS behind it, it doesn't impose its will on the others.  Once it does, there's NO FURTHER OPTION. 

What is important to realize, with a soft fork, that is are not the *users* but the *miners* who impose their majority on everyone.  With a hard fork, even if only 10% of the miners continues on the old chain, maybe 90% of the users prefer the old chain, and the old chain coin will get 90% of the market cap.  This is extremely lucrative for the 10% of miners, and the miners that chose the new pron (90% of them initially) will revert to the old chain because it is more lucrative.  In the end, the mining distribution will follow the market cap, determined by the users (they determine, on exchanges, how they value the new coin versus the old coin, of which they hold, initially, equal amounts after the hard fork).

This is not the case of a soft fork.  When a majority (51%) of miners, and miners only, whatever users think, applies the soft fork, it is imposed on everyone: the minority of miners have to follow, there is only one chain, and the users have only one token and cannot "vote with their money" as there is no other token to buy.

That has nothing to do with it.  Segwit is a SOFT fork.  So this doesn't apply.  We're talking about a hard fork (BU).  A hard fork can be pulled off from the moment you have 5-10% or more miner support, and will give rise to two coins if you have less than 90%-95% of miner support.  If you are lower than 5-10%, your chain will not live ; if you are higher than 90-95% your new altcoin will replace the previous coin.

With a soft fork, there are no two coins.  So the ETC/ETH situation doesn't apply to the Segwit situation.  We are only talking about the BU situation.

The reason is that you mentioned that BU is waiting to have "51% of miner support".  But for a hard fork, "51% of miner support" has no meaning.  It is "more than 10% of miner support" and "more than 90% of miner support" that are the meaningful numbers for a hard fork.  51% has no specific meaning.  Less than 10%, you can't pull it off.  More than 90%, you will keep one coin (the altcoin).  In between, you will create 2 coins, the old one, and the new altcoin, and both will live.  During their life, market forces will determine the respective market caps, and HENCE the miner ratio.  Like ETC/ETH.   


Again, BU will NOT HAPPEN, simply because if it were, it would have happened already.  With 25% of miner support, the hard fork is viable. 

And segwit will not happen either.

Nothing will happen.  Bitcoin will remain stuck where it is. 

Well, this period seems to come to a close for bitcoin.  Bitcoin is not really useable any more as a currency, with the full blocks, the long delays, the high fees and the uncertainty of getting your transaction in a block. 

All i can think is.. Currency.

LTC is the only legit alternative currency.
All the others are bullshit like clones or anon coins or not a currency at all.

Prime Coin, Grid Coin get a worthy mention though.

Now you know

Maybe you can rephrase your conclusion that litecoin is the only legit altcoin. Actually there are many altcoins that is worth to invest eg. eth, etc, xmr etc. As we can observe in the market there are other coins that is legit and quite moving from dump and pump scheme but thats nice to invest also. Though litecoin is one of the legit altcoin..

In what basis you are saying only lithcoin is the legit alternative currency. In my opinion all altcoins are developed based on bitcoin. But there are some altcoins which have potential to become hugh like ether. Ether is not exactly a clone . Both bitcoin and ether are totally different like water and oil.

LTC is the only legit alternative currency.
All the others are bullshit like clones or anon coins or not a currency at all.

Prime Coin, Grid Coin get a worthy mention though.

Now you know

LTC is the only legit alternative currency.
All the others are bullshit like clones or anon coins or not a currency at all.

Prime Coin, Grid Coin get a worthy mention though.

Now you know

I don't agree on the fact that litecoin is only a legit coin as there are many other coins like xmr, etc, eth and zcash that are surviving from a long time and that makes them legit as if you invest in those coins there is least chance of loosing your money but the same feeling doesn't goes for litecoin as it may disappear in coming time period.