Topic: Gold collapsing. Bitcoin UP. - page 1290. (Read 2032274 times)

Quote from: Melbustus on June 26, 2013, 12:16:29 PM

tl;dr - it's not a scam, but it's also not innovative and doesn't offer anything that bitcoin doesn't.

this: I have yet to see compelling reasoning contrary to this point

that's the typical crypto get rich quick opportunistic view

I don't see how. When I first ran into Bitcoin, I didn't see it as an investment but rather as a pretty useful tool. It was only months later when I took the opportunity to buy in when I did. Litecoin does the same thing as Bitcoin, yeah, but to me this is like starting a second fork simply for the sake of. Personally, I will choose to stick to the older, longer fork because to me, it's more valid. Until LTC does something Bitcoin can't, I will stay on the majority fork.

I by principle support and like all form of crypto-currency, also I like any form and shape of gold/silver coins.If I invest on buffalo gold coins my bias is towards that coins and i can make a dozen of excuses (marketing and promotion) why the buffalo gold coins are better that any other gold coins and any other form of gold, why ? simple i like to drive up the demand for buffalo coins so i can buy more land/food/service/products with them, same goes for LTC and BTC, LTC can perform the same functions like BTC. Does the Australian gold coins need to be better that the buffalo gold coins ? nope, if are 99% pure gold is the same thing and can perform the same function.
The only scenario where one can like bitcoin and dislike litecoins/any_alt_coins is when they thread the crypto currency like a get rich quick scheme so having a competing scheme can leech suckers/idiots/pig/late adopters/you_name_it from the favourite sheme and that will ruin the plans of getting rich on the fastest way possible

Maybe everyone can start mining his own coins ... Tomorrow I can sell you odalvcoin (same as bitcoin -> same utility, only will not start with genesis block) and next week odalvsilvercoin (same as LTC only 4x more coins)

notme

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Activity: 1904

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Quote from: myself on June 26, 2013, 02:37:35 PM

Quote from: vokain on June 26, 2013, 02:26:14 PM

Quote from: Melbustus on June 26, 2013, 12:16:29 PM

tl;dr - it's not a scam, but it's also not innovative and doesn't offer anything that bitcoin doesn't.

this: I have yet to see compelling reasoning contrary to this point

that's the typical crypto get rich quick opportunistic view

I don't see how. When I first ran into Bitcoin, I didn't see it as an investment but rather as a pretty useful tool. It was only months later when I took the opportunity to buy in when I did. Litecoin does the same thing as Bitcoin, yeah, but to me this is like starting a second fork simply for the sake of. Personally, I will choose to stick to the older, longer fork because to me, it's more valid. Until LTC does something Bitcoin can't, I will stay on the majority fork.

I by principle support and like all form of crypto-currency, also I like any form and shape of gold/silver coins.If I invest on buffalo gold coins my bias is towards that coins and i can make a dozen of excuses (marketing and promotion) why the buffalo gold coins are better that any other gold coins and any other form of gold, why ? simple i like to drive up the demand for buffalo coins so i can buy more land/food/service/products with them, same goes for LTC and BTC, LTC can perform the same functions like BTC. Does the Australian gold coins need to be better that the buffalo gold coins ? nope, if are 99% pure gold is the same thing and can perform the same function.
The only scenario where one can like bitcoin and dislike litecoins/any_alt_coins is when they thread the crypto currency like a get rich quick scheme so having a competing scheme can leech suckers/idiots/pig/late adopters/you_name_it from the favourite sheme and that will ruin the plans of getting rich on the fastest way possible

You can melt down all (legitimate) gold coins and put them in whatever form you want. You can not transform one cryptocurrency to another without finding a trading partner and agreeing on a conversion rate.

myself

legendary

Activity: 938

Merit: 1000

chaos is fun...…damental :)

Quote from: vokain on June 26, 2013, 02:26:14 PM

Quote from: Melbustus on June 26, 2013, 12:16:29 PM

tl;dr - it's not a scam, but it's also not innovative and doesn't offer anything that bitcoin doesn't.

this: I have yet to see compelling reasoning contrary to this point

that's the typical crypto get rich quick opportunistic view

I don't see how. When I first ran into Bitcoin, I didn't see it as an investment but rather as a pretty useful tool. It was only months later when I took the opportunity to buy in when I did. Litecoin does the same thing as Bitcoin, yeah, but to me this is like starting a second fork simply for the sake of. Personally, I will choose to stick to the older, longer fork because to me, it's more valid. Until LTC does something Bitcoin can't, I will stay on the majority fork.

I by principle support and like all form of crypto-currency, also I like any form and shape of gold/silver coins.If I invest on buffalo gold coins my bias is towards that coins and i can make a dozen of excuses (marketing and promotion) why the buffalo gold coins are better that any other gold coins and any other form of gold, why ? simple i like to drive up the demand for buffalo coins so i can buy more land/food/service/products with them, same goes for LTC and BTC, LTC can perform the same functions like BTC. Does the Australian gold coins need to be better that the buffalo gold coins ? nope, if are 99% pure gold is the same thing and can perform the same function.
The only scenario where one can like bitcoin and dislike litecoins/any_alt_coins is when they thread the crypto currency like a get rich quick scheme so having a competing scheme can leech suckers/idiots/pig/late adopters/you_name_it from the favourite sheme and that will ruin the plans of getting rich on the fastest way possible

myself

legendary

Activity: 938

Merit: 1000

chaos is fun...…damental :)

Quote from: tvbcof on June 26, 2013, 12:33:29 PM

I'm partial to Krugerrands because they are not struck with a face value. Other than that, I'm almost exclusively interested in mole weight for any precious metal vs. any specific form factor.

i am on the same side the only way to look at gold/silver coins is weight, using names or "stamps" that replace weight (oz or grams) leave the door open for debasement
when one demand on 1oz of silver wants and expects 1 oz of silver no matter the shape/form but when one demand 1 silver dollar get 1 silver dollar no 1 oz of silver

vokain

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Quote from: Melbustus on June 26, 2013, 12:16:29 PM

tl;dr - it's not a scam, but it's also not innovative and doesn't offer anything that bitcoin doesn't.

this: I have yet to see compelling reasoning contrary to this point

that's the typical crypto get rich quick opportunistic view

I don't see how. When I first ran into Bitcoin, I didn't see it as an investment but rather as a pretty useful tool. It was only months later when I took the opportunity to buy in when I did. A few months later, I run into Litecoin, around the same time it was first released and gaining traction. It wasn't even worth a penny yet, per LTC. Yes, Litecoin has definitely appreciated, and that has been duly noted, and it was too bad I didn't choose to get on, but at the same time, the ratio of speculation to development is a lot lower than that of Bitcoin. It does the same thing as Bitcoin, yeah, but to me this is like starting a second fork simply for the sake of. Sure people will join on to this fork, but personally, I will choose to stick to the older, longer fork because to me, it's more valid. Until LTC does something Bitcoin can't, I will stay on the majority fork.

I will acknowledge that anything developed for Bitcoin can very easily be fitted for Litecoin.

vokain

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Quote from: smoothie on June 26, 2013, 01:17:07 PM

I learned something new today about Krugs not having face value.

reminds me of the silver hundred dollar "bills" I just saw in a national geographic ad for $100, for $95 if you buy multiple, before shipping and handling. They're 31.1gs or 480 grains

what a great deal

smoothie

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LEALANA Bitcoin Grim Reaper

I learned something new today about Krugs not having face value.

tvbcof

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Quote from: myself on June 26, 2013, 12:22:16 PM

...
so you like 1oz round gold coins but you dont like 1/2oz square gold coins

I'm partial to Krugerrands because they are not struck with a face value. Other than that, I'm almost exclusively interested in mole weight for any precious metal vs. any specific form factor.

Almost everything I find to be a weakness in Bitcoin is at least as represented in Litecoin so it has never been compelling enough to me to play around with. I have, however, encouraged and facilitated others in doing so since Bitcoin's scaling deficiencies are becoming a significant turn-off. Of course Litecoin would have an identical problem if it were more popular, so it is ultimately a dead-end in my opinion. That's not to say it could not be milked in the intrim however...

I do appreciate the baby steps Litecoin has taken with respect to proof of work. I theorize that as crypto currency state-of-the-art evolves this will be a major source of differentiation and importance.

myself

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chaos is fun...…damental :)

Quote from: Melbustus on June 26, 2013, 12:16:29 PM

tl;dr - it's not a scam, but it's also not innovative and doesn't offer anything that bitcoin doesn't.

this: I have yet to see compelling reasoning contrary to this point

that's the typical crypto get rich quick opportunistic view

vokain

legendary

Activity: 1834

Merit: 1019

Quote from: myself on June 26, 2013, 12:22:16 PM

so you like 1oz round gold coins but you dont like 1/2oz square gold coins

I don't like either as of right now. But I see your reasoning, however, I don't think it transitively applies. Gold=Gold but BTC=/=LTC

myself

legendary

Activity: 938

Merit: 1000

chaos is fun...…damental :)

Quote from: Melbustus on June 26, 2013, 12:16:29 PM

Quote from: Melbustus on June 26, 2013, 12:16:29 PM

I still find it funny that people call LTC a scamcoin. What exactly is the "scam"?
...

Of course it's not a "scam", but its benefits are often overstated. I'm all for alt-coin experimentation; just wish there were actually more real experimentation (NMC and maybe PPC are the only ones with real differences). Litecoin's quicker confirms are a moot point, for one thing...there are almost zero applications where an avg confirm of 2.5mins is acceptable where 10mins is not. I still can't buy a cup a coffee. And it doesn't matter that scrypt is asic-resistant. That's not synonymous with "asic-proof"; if ltc ever got valuable enough, asics for it would arise. It's not going to achieve better decentralization because of scrypt.

To me, litecoin is not innovative, and I therefore find it annoying that it's achieved the success it has. I do see some value in that it's a "backup" network to an extent (but, if bitcoin were successfully attacked, most likely the same attackers could hit litecoin too), and there's value in being able to move coins in and out of both chains with some liquidity. But those are 2nd order concerns. Again, I'd like to see more real alt experimentation.

tl;dr - it's not a scam, but it's also not innovative and doesn't offer anything that bitcoin doesn't.

so you like 1oz round gold coins but you dont like 1/2oz square gold coins

vokain

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Activity: 1834

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tl;dr - it's not a scam, but it's also not innovative and doesn't offer anything that bitcoin doesn't.

this: I have yet to see compelling reasoning contrary to this point

Melbustus

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I still find it funny that people call LTC a scamcoin. What exactly is the "scam"?
...

Of course it's not a "scam", but its benefits are often overstated. I'm all for alt-coin experimentation; just wish there were actually more real experimentation (NMC and maybe PPC are the only ones with real differences). Litecoin's quicker confirms are a moot point, for one thing...there are almost zero applications where an avg confirm of 2.5mins is acceptable where 10mins is not. I still can't buy a cup a coffee. And it doesn't matter that scrypt is asic-resistant. That's not synonymous with "asic-proof"; if ltc ever got valuable enough, asics for it would arise. It's not going to achieve better decentralization because of scrypt.

To me, litecoin is not innovative, and I therefore find it annoying that it's achieved the success it has. I do see some value in that it's a "backup" network to an extent (but, if bitcoin were successfully attacked, most likely the same attackers could hit litecoin too), and there's value in being able to move coins in and out of both chains with some liquidity. But those are 2nd order concerns. Again, I'd like to see more real alt experimentation.

tl;dr - it's not a scam, but it's also not innovative and doesn't offer anything that bitcoin doesn't.

BitcoinAshley

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Silver $18 and change, gold $1233.

Bitcoin $104.

Central banks (incl Russia and Turkey) still buying massive amounts of physical gold.

LOL.

tvbcof

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I still find it funny that people call LTC a scamcoin. What exactly is the "scam"?

Since litecoin is so similar to Bitcoin, by that logic then Bitcoin is a bigger scam right?

It remains a fairly strong hypothesis in my mind that Satoshi (singular or plural) had personal enrichment as a primary goal in developing the solution. This could explain some of the very misleading 'marketing' that characterizes Bitcoin's early existence vis-a-vis 'scaling', 'peer2peer', 'transaction costs', 'anonymity', etc. And we are still in the early days.

Whether the truth of the hypothesis would, in and of itself, make Bitcoin a 'scam' is open to debate, but it does seems very likely that Bitcoin achieved such a result.