The number of possible words for each of the 12 words is 2048 so the total number of 12 word combinations is:
204812 = 5.44452 x 1039
That is for the weaker 12 word seeds. I use the Trezor wallet which uses a 24 word seed so for my wallet the number of possible ways to select the 24 words is:
204824 = 2.96428 x 1079
Compare these numbers to the total number of Bitcoin addresses:
2160 = 1.46150 x 1048
and the total number of private/public key pairs:
2256 = 1.15792 x 1077
First, you see that you should really be using a 24 word seed and not a 12 word seed.
Next, I believe the amount of work to go from the seed words to the xPriv then to the xPub then to the generated Bitcoin addresses is more than the amount of work LBC does to calculate the next private key [just a simple increment], the next public key [just add G to the previous public key], then to the Bitcoin address.
So, going through all the possible 12 word seeds is "harder" than going through all the Bitcoin addresses on a Bitcoin addresses / second basis.
Plus, after going through all the possible 12 word seeds you will only hit about 204812 / 2160 = 0.00000037253 % of all Bitcoin addresses.