Topic: In some ways isn't Litecoin a "scam coin" too? (Read 1710 times)
if you read the OP of litecoin coblee states the reasons for making litecoin. these include a proper cap on coins unlike fairbrix which didnt have one and just to be a clean fork of the bitcoin code rather than fork of fork of fork (look at starcoin and derivatives which are are a forking mess due to bugs from forking other clients)
Fairbrix was flawed from the start , I doubt people invested serious money into it.
Flawed in what way?
Other than the fact it was initially prototyped using multicoin, since the point of multicoin was simply to be able to use the same executable to run any blockchain) In other words, what was wrong with the specifications of its blockchain, that made it too flawed to use the same specifications in the bitcoin based executable that runs just the one blackchain and a testnet for it instead of using a config file to set which blockchain it is to use at runtime?
(Which language or binary one uses to run a blockchain doesn't change whether the blockchain is flawed or not, it is merely an implementation detail).
-MarkM-
I didn't miss the boat. How he scammed people is by basically a variety of pump and dump. He built a coin, got people bought into it, (kind of similar idea to "pump") then screwed them over by abandoning it and creating a whole new blockchain, kind of like dumping one and pumping the next one.
He didn't merely port over the scrypt stuff, he orphaned the blockchain he had sold people on and started another instead.
Kind of a bait and switch even maybe. People bought in to his supposedly improved coin, improved compared to tenebrix; then once he had sold them on that he came out with yet another one without carrying over people's investment like for example Protoshares has done with Bitshares.
He screwed his investors.
-MarkM-
He didn't merely port over the scrypt stuff, he orphaned the blockchain he had sold people on and started another instead.
Kind of a bait and switch even maybe. People bought in to his supposedly improved coin, improved compared to tenebrix; then once he had sold them on that he came out with yet another one without carrying over people's investment like for example Protoshares has done with Bitshares.
He screwed his investors.
-MarkM-
Fairbrix was flawed from the start , I doubt people invested serious money into it.
I didn't miss the boat. How he scammed people is by basically a variety of pump and dump. He built a coin, got people bought into it, (kind of similar idea to "pump") then screwed them over by abandoning it and creating a whole new blockchain, kind of like dumping one and pumping the next one.
He didn't merely port over the scrypt stuff, he orphaned the blockchain he had sold people on and started another instead.
Kind of a bait and switch even maybe. People bought in to his supposedly improved coin, improved compared to tenebrix; then once he had sold them on that he came out with yet another one without carrying over people's investment like for example Protoshares has done with Bitshares.
He screwed his investors.
-MarkM-
He didn't merely port over the scrypt stuff, he orphaned the blockchain he had sold people on and started another instead.
Kind of a bait and switch even maybe. People bought in to his supposedly improved coin, improved compared to tenebrix; then once he had sold them on that he came out with yet another one without carrying over people's investment like for example Protoshares has done with Bitshares.
He screwed his investors.
-MarkM-
so sad. the litecoin dev's never did create the scrypt algo. anyone with 1/2 a brain would have known that after checking on litecoin's history. a dev called lolcust who created giestgeld, and tenebrix created the scrypt algo (for tenebrix) coblee forked it and created fairbrix (Tenebrix without the premine) then went on to start fresh and created litecoin. so no it isnt a scam
yes but fairbrix is based on multicoin and litecoin is based on bitcoin , very important to know .
They ported fairbrix from multicoin codebase to bitcoin codebase but the scam part entered when they then hacked the name and maybe a few stats instead of simply releasing it as a bitcoin code based version of fairbrix, a simple upgrade of fairbrix to the bitcoin codebase.
Basically instead of upgrading the existign coin they chose to try to start a new scamcoin of their own using the fact it was based on newer code as a selling point. kind of unfair competition even since of course the fairbrix users/holders were screwed over by their own developer, who ran off to screw them over with a competing coin instead of upgrading the coin he had already created and caused people to buy into.
So it was a double-scam: dump fairbrix and pump a new scam instead...
The gentlepersonly thing to do would have been to first release the upgraded fairbrix - fairbrix ported to the bitcoin codebase, before going on to churn out yet another scam.
Instead it was like thanks for all the wealth you poured into my fairbrix blockchain but ha ha I an now leaving you in the lurch as bag-holders and starting a whole new blockchain ha ha ha you suckers never learn do you I bet you are gonna throw money at this one too hahahaha.
-MarkM-
So starting from fresh code based on Bitcoin makes it a scam ?
why do I feel like the only reason you call litecoin (the only coin with a real dev team that actually improves the bitcoin protocol) a "scam" is because you missed the boat at 5 cents ?
read the 1st page https://bitcointalksearch.org/topic/ann-litecoin-a-lite-version-of-bitcoin-launched-47417 , Coblee says why they made a new coin.
so sad. the litecoin dev's never did create the scrypt algo. anyone with 1/2 a brain would have known that after checking on litecoin's history. a dev called lolcust who created giestgeld, and tenebrix created the scrypt algo (for tenebrix) coblee forked it and created fairbrix (Tenebrix without the premine) then went on to start fresh and created litecoin. so no it isnt a scam
yes but fairbrix is based on multicoin and litecoin is based on bitcoin , very important to know .
They ported fairbrix from multicoin codebase to bitcoin codebase but the scam part entered when they then hacked the name and maybe a few stats instead of simply releasing it as a bitcoin code based version of fairbrix, a simple upgrade of fairbrix to the bitcoin codebase.
Basically instead of upgrading the existign coin they chose to try to start a new scamcoin of their own using the fact it was based on newer code as a selling point. kind of unfair competition even since of course the fairbrix users/holders were screwed over by their own developer, who ran off to screw them over with a competing coin instead of upgrading the coin he had already created and caused people to buy into.
So it was a double-scam: dump fairbrix and pump a new scam instead...
The gentlepersonly thing to do would have been to first release the upgraded fairbrix - fairbrix ported to the bitcoin codebase, before going on to churn out yet another scam.
Instead it was like thanks for all the wealth you poured into my fairbrix blockchain but ha ha I an now leaving you in the lurch as bag-holders and starting a whole new blockchain ha ha ha you suckers never learn do you I bet you are gonna throw money at this one too hahahaha.
Since he was demostrating that leaving the investors in the lurch was his modus operandi it maybe was kind of pathetically stupid for anyone to buy into litecoin at all, how long was it before he abandoned that one too?
-MarkM-
so sad. the litecoin dev's never did create the scrypt algo. anyone with 1/2 a brain would have known that after checking on litecoin's history. a dev called lolcust who created giestgeld, and tenebrix created the scrypt algo (for tenebrix) coblee forked it and created fairbrix (Tenebrix without the premine) then went on to start fresh and created litecoin. so no it isnt a scam
yes but fairbrix is based on multicoin and litecoin is based on bitcoin , very important to know .
so sad. the litecoin dev's never did create the scrypt algo. anyone with 1/2 a brain would have known that after checking on litecoin's history. a dev called lolcust who created giestgeld, and tenebrix created the scrypt algo (for tenebrix) coblee forked it and created fairbrix (Tenebrix without the premine) then went on to start fresh and created litecoin. so no it isnt a scam
I get tired of the scam accusations against numerous coins so i'll throw one out there. Isn't it a conflict of interest that Charlie Lee's brother owns the world's biggest Bitcoin exchange? What better way to enrich themselves than to create a coin, market it as the "silver" to Bitcoin's gold, hype it up for a year to get people wondering when it will hit BTC China, then finally unleashing it and making huge profit off the sale of it?
See how this game is played?
See how this game is played?
btcchina is not even close to beeing the worlds largest bitcoin exchange anymore. its market share is ~4 %
http://bitcoinity.org/markets/list
http://www.cryptocoincharts.info/v2/markets/info
huobi has been known to fake volume and btw they announced they will be launching Litecoin very soon.
Litecoin is a straight up copy of Tenebrix and Fairbrix. Didn't even come up with scrypt as a PoW. Of course it's a scamcoin.
flase , tenebrix and fairbrix are based on multicoin-qt where litecoin is based on bitcoin .
It is a scamcoin for sure.
ya and let me guess the crapcoin in your signature is not ?
LiteCoin developers are BitCoin developers.
/thread
/thread
this. Litecoin devs work closely with the bitcoin devs to improve the bitcoin protocol , all the other coins just copy Litecoin.
of course everyone is going to say that Litecoin is a scam or not good because they want you to buy they pump and dump coin they hold the most of .
many people will be left holding a bag of crap coins once Litecoin hits $300 and bitcoin hits $2000.
it comes much ealier than other alt-coins
I get tired of the scam accusations against numerous coins so i'll throw one out there. Isn't it a conflict of interest that Charlie Lee's brother owns the world's biggest Bitcoin exchange? What better way to enrich themselves than to create a coin, market it as the "silver" to Bitcoin's gold, hype it up for a year to get people wondering when it will hit BTC China, then finally unleashing it and making huge profit off the sale of it?
See how this game is played?
See how this game is played?
btcchina is not even close to beeing the worlds largest bitcoin exchange anymore. its market share is ~4 %
http://bitcoinity.org/markets/list
http://www.cryptocoincharts.info/v2/markets/info
In long therm LTC is bad why ?
Low speed Quark,Doge,BC and other wins
Blockchain imo this is something that in long run take to much disk space.
it will take few days to download full blockcain in few years now we don't see that problem but it will be serious.
Whole idea LTC being ASIC proof now collapse...just google "Greedseed".
LTC get popularity as ASIC prof but it failed now...
I don't call LTC scam but this coin comparing to BTC is not better...
Low speed Quark,Doge,BC and other wins
Blockchain imo this is something that in long run take to much disk space.
it will take few days to download full blockcain in few years now we don't see that problem but it will be serious.
Whole idea LTC being ASIC proof now collapse...just google "Greedseed".
LTC get popularity as ASIC prof but it failed now...
I don't call LTC scam but this coin comparing to BTC is not better...
+1 Litecoin did bring something new to the public, but the fast speed of Quark/Doge take the lead imo
it will take few days to download full blockcain in few years now we don't see that problem but it will be serious.
I respectfully disagree with this statement. Improvements in technology happen on a daily basis. By the time blockchain downloads become a major issue we'll all have 50TB hard drives and be playing hd mmo's on tablets.
If not RAID
In long therm LTC is bad why ?
Low speed Quark,Doge,BC and other wins
Blockchain imo this is something that in long run take to much disk space.
it will take few days to download full blockcain in few years now we don't see that problem but it will be serious.
Whole idea LTC being ASIC proof now collapse...just google "Greedseed".
LTC get popularity as ASIC prof but it failed now...
I don't call LTC scam but this coin comparing to BTC is not better...
Low speed Quark,Doge,BC and other wins
Blockchain imo this is something that in long run take to much disk space.
it will take few days to download full blockcain in few years now we don't see that problem but it will be serious.
Whole idea LTC being ASIC proof now collapse...just google "Greedseed".
LTC get popularity as ASIC prof but it failed now...
I don't call LTC scam but this coin comparing to BTC is not better...
LiteCoin developers are BitCoin developers.
/thread
/thread
It is a scamcoin for sure.
However the creator of Litecoin never premined nor has ever been a big holder. It became successful because the creator didn't create it out of greed.
2011 was such an innocent time. 
I get tired of the scam accusations against numerous coins so i'll throw one out there. Isn't it a conflict of interest that Charlie Lee's brother owns the world's biggest Bitcoin exchange? What better way to enrich themselves than to create a coin, market it as the "silver" to Bitcoin's gold, hype it up for a year to get people wondering when it will hit BTC China, then finally unleashing it and making huge profit off the sale of it?
See how this game is played?
See how this game is played?
However the creator of Litecoin never premined nor has ever been a big holder. It became successful because the creator didn't create it out of greed.
Maybe nothing in this game is perfect but it was the fairest of the time when acceptable standards for a new crypto were considerably higher then now.
+1
I get tired of the scam accusations against numerous coins so i'll throw one out there. Isn't it a conflict of interest that Charlie Lee's brother owns the world's biggest Bitcoin exchange? What better way to enrich themselves than to create a coin, market it as the "silver" to Bitcoin's gold, hype it up for a year to get people wondering when it will hit BTC China, then finally unleashing it and making huge profit off the sale of it?
See how this game is played?
See how this game is played?
However the creator of Litecoin never premined nor has ever been a big holder. It became successful because the creator didn't create it out of greed.
Maybe nothing in this game is perfect but it was the fairest of the time when acceptable standards for a new crypto were considerably higher then now.
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