Topic: litecoin after bitcoin asics (Read 6530 times)

not only old-school mail that smoothie pointed out which works just fine, but there are sites like https://localbitcoins.com/  that I actually use way more than the exchange sites to sell my BTC. Once you meet someone for the first time and transactions go smoothly, its easy to build a working business relationship where the face to face transaction doesn't even have to take place anymore.

Ever heard of old-school mail? That's how OTC currently works between people who are not near each other.

Once again an exchange is NOT necessary for a cryptocurrency to function properly. Bitcoin did just fine in 2009 and 2010 and 2011 and even 2012 whether or not mtgox was created or any other exchange was created.

 

I disagree.  I mean, it'll still run, and a few will still use it, but I don't believe any p2p currency is ready to stand on it's own.  Most miners & users aren't going to bother without an exchange to get some sort of return.  In a perfect world we'd use JUST bitcoins and the like for currency across the world, but that is a far way off if ever.  Not too many people are going to deal with having to meet up to support a coin either.

Bitcoin can operate without exchanges. OTC is all you need.

if there is a demand for a product, SOME company will come in to fill it. If btc-e shut down, maybe mtgox would fill in the void, or maybe vircurex.. or some other new exchange eager to take some percentage of every transaction.

Can't shut down OTC...so not sure what your point is. Bitcoin wasn't designed to have an exchange. It was to take the power away from the banks in the controlling of issuance of new currency.

I meant the health and abundance of exchanges overall really.  If the average person can't trust an exchange to trade in their p2p currencies for their own country's currency, then most won't bother.  If btc-e and mtgox close down tonight, I'd have an immediate dismal outlook on the coins, and it would require a lot of work on the part of a 3rd company to pull in the trust and support needed to keep the idea running.  I don't even know of another exchange except vircurex, which seems shitty in comparison (although somehow it shows up first in google for me). 

I guess as transactions pick up, and exchanges start making actual money, we'll begin to see a lot more.  I'm betting exchanges will quickly turn into online banks with credit cards real soon.  Too bad they'll be screwing us on charges and fees just like the dog shit services that we have now already do.

+1 to all but the bolded.

Someone could just open up another exchange and everyone would move their coins that weren't on the exchange that got taken down to the new one.

Solidcoin did that multiple times. The reason they failed wasn't the closure of exchanges. It was the horrible PR RealScam kept doing.

I hear comparisons and speculations all over the place, but I think it will just boil down to trust and exchanges. 

The gold and silver market is highly profitable and people are investing in it all the time, yet, there are no stores (that I know of) here in the U.S. that excepts silver or gold.  I can't pay rent, buy a cheesburger, or get a coffee with my silver any more then I could with my bitcoins or litecoins.  People just trust these metals as a valued wealth.  Why wouldn't they?  There are hoards of people ready to buy these metals, tons of exchanges, and a cash-for-gold on every city block.

If enough people trust BTC and LTC their prices will rise and stable to accomodate mining costs and demand from investors.  As far as a usable currency , shops could help a lot, but really it is all about exchanges willing to trade for your country's currency.  If exchanges are willing to accomodate LTC, and people are willing to buy them, I could see Bitcoin ASICS making Litecoin value take off.  Currently, I feel that if BTC-E closed down, Litecoin wouldn't last 2 months, just as if mtgox went down I couldn't see BTC having a value of more then a dollar or two.  People would have a disconnection with the perceived value of the currency, and it's trust would suffer.

Thanks and lol

muuuuhahahhaha...funniest run of comments all day    but bet this produces a response of  amongst some punters

FTFYA 

Wow, nice comparison   Love it ! 

I've done some thinking on this lately.. and essentially i can see one of three things happening:

1. A large % of miners just quit, sell their gear and move on (unlikely IMO)
2. A large % of miners move to LTC, shooting up its difficulty to the point that it is equally profitable as BTC AFTER the halving/asics, after this initial jump a lot of people would back away, as if it wasn't profitable to mine BTC, why mine LTC?
3. A large % of miners move to LTC, shooting up difficulty AND shooting up USD and BTC price, this would help to solidify LTC as a viable alternative/'silver' and give GPU miners a home post ASICs.

Now as one that has some LTC in the wallet.. I hope #3 comes to pass (and because it would nice to keep profitably mining for awhile).

LTC also has the advantage of faster confirmations.  This makes it more desirable for its intended use as a currency than BTC IMO.

Yeah...check out the mining speculation subforum, I hear it's awesome.

BTW, I agree too...

ASICs won't be only bad to Bitcoin, but also for other cryptocurrencies as well.
In fact, it can be even worse for currencies like LTC and PPC, as they are weaker than BTC.

But are those ASICs' price for real?
I mean, shouldn't it be higher? For example, Butterflylabs 1500 GH ASIC costs $30k. But we are still talking about 1.5 TH, which it's just crazy.

btc-e is the place I use for Litecoin

Sorry I couldn't help my self. FTFY