Litecoin demonstrates how ridiculous Bitcoin is - page 2.

BitcoinWalker

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$Gangnam works hard, so you don't have to.

Quote from: Buffer Overflow on October 29, 2013, 01:53:01 AM

Quote from: BitcoinWalker on October 29, 2013, 01:37:51 AM

LTC price is still low enough so that room for increasing its value is huge.

On the other hand there is plenty of room to drop more.

Who cares when LTC price drops down to 1 USD/LTC from its current price of 2 USD/LTC (that represents 50% of loss)? Now what happens if BTC price loses about 10% of its value? Do you see the maths here?

Buffer Overflow

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Quote from: BitcoinWalker on October 29, 2013, 01:37:51 AM

LTC price is still low enough so that room for increasing its value is huge.

On the other hand there is plenty of room to drop more.

BitcoinWalker

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$Gangnam works hard, so you don't have to.

LTC price is still low enough so that room for increasing its value is huge. On the other hand, BTC is now on top of the world, but the chance of a hard landing is high too.

El Cabron

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Quote from: ?? on ??

Litecoin demonstrates how people are invested in an useless crypto. Cheesy

yes crypto is useless Roll Eyes

Wekkel

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yes

Quote from: DeathAndTaxes on October 28, 2013, 01:24:27 PM

Silver as a commodity currency came about because it is impractical to make (with 1800s era technology) small gold coins. 1 gram of gold was roughly a day's wage in 1840. Imagine there was no silver or copper based currency. So you work a day and your employer gives you a gram coin. Now what. Your hungry and want a meal it will cost 1/20th of a gram of gold. Does anyone make 1/20th of gram gold coins? Are you going to break out your magnifying glass and knife to cut your 1 gram coin into 20 pieces.

Bitcoin isn't gold, Bitcoin doesn't suffer from the limitation of physical size. It is just as easy to spend 1/20th of a BTC as it is 1 BTC unlike spending 1 gram of gold or 1/20th a gram of gold.

You assume that people think instead of following yesterdays hype. The days of LTC have only just begun. Think of 1999 for stocks. Cryptos will have that moment too before reality sinks in.

jkminkov

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LTC is SCAM cause someone lied to you that you can mine that crap only with your CPU...

Pumpkin

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Quote from: DeathAndTaxes on October 28, 2013, 01:24:27 PM

Silver as a commodity currency came about because it is impractical to make (with 1800s era technology) small gold coins. 1 gram of gold was roughly a day's wage in 1840. Imagine there was no silver or copper based currency. So you work a day and your employer gives you a gram coin. Now what. Your hungry and want a meal it will cost 1/20th of a gram of gold. Does anyone make 1/20th of gram gold coins? Are you going to break out your magnifying glass and knife to cut your 1 gram coin into 20 pieces.

Bitcoin isn't gold, Bitcoin doesn't suffer from the limitation of physical size. It is just as easy to spend 1/20th of a BTC as it is 1 BTC unlike spending 1 gram of gold or 1/20th a gram of gold.

This this and this. Some people have sunk too much wealth into LTC to clearly see the truth.

tacotime

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Quote from: DeathAndTaxes on October 28, 2013, 01:24:27 PM

Silver as a commodity currency came about because it is impractical to make (with 1800s era technology) small gold coins. 1 gram of gold was roughly a day's wage in 1840. Imagine there was no silver or copper based currency. So you work a day and your employer gives you a gram coin. Now what. Your hungry and want a meal it will cost 1/20th of a gram of gold. Does anyone make 1/20th of gram gold coins? Are you going to break out your magnifying glass and knife to cut your 1 gram coin into 20 pieces.

Bitcoin isn't gold, Bitcoin doesn't suffer from the limitation of physical size. It is just as easy to spend 1/20th of a BTC as it is 1 BTC unlike spending 1 gram of gold or 1/20th a gram of gold.

It might become a pretty ideal option when bitcoin network fees become high, as eventually the miners control network fees and there are a limited number of transactions that can go through the network each day. If the number of network transactions increases exponentially, eventually fees will be exorbinant. Everyone knows that bitcoin can not support even a fraction of the transactions that visa processes per day.

El Cabron

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Quote from: DeathAndTaxes on October 28, 2013, 01:24:27 PM

Silver as a commodity currency came about because it is impractical to make (with 1800s era technology) small gold coins. 1 gram of gold was roughly a day's wage in 1840. Imagine there was no silver or copper based currency. So you work a day and your employer gives you a gram coin. Now what. Your hungry and want a meal it will cost 1/20th of a gram of gold. Does anyone make 1/20th of gram gold coins? Are you going to break out your magnifying glass and knife to cut your 1 gram coin into 20 pieces.

Bitcoin isn't gold, Bitcoin doesn't suffer from the limitation of physical size. It is just as easy to spend 1/20th of a BTC as it is 1 BTC unlike spending 1 gram of gold or 1/20th a gram of gold.

Silver was used by the Romans and people before them. Who is to say we did not use gold because silver was too heavy/bulky? Hard to say what was first but it does not really matter.

Anyway one day, if BTC really takes off, and there are really high fees for sending small amounts of BTC in transactions you might find LTC the "liter" and faster option.

Are we there yet? Nope. Will we one day, I sure hope so, both for BTC and LTC.

DeathAndTaxes

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Gerald Davis

Silver as a commodity currency came about because it is impractical to make (with 1800s era technology) small gold coins. 1 gram of gold was roughly a day's wage in 1840. Imagine there was no silver or copper based currency. So you work a day and your employer gives you a gram coin. Now what. Your hungry and want a meal it will cost 1/20th of a gram of gold. Does anyone make 1/20th of gram gold coins? Are you going to break out your magnifying glass and knife to cut your 1 gram coin into 20 pieces.

Bitcoin isn't gold, Bitcoin doesn't suffer from the limitation of physical size. It is just as easy to spend 1/20th of a BTC as it is 1 BTC unlike spending 1 gram of gold or 1/20th a gram of gold.

El Cabron

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Quote from: MAbtc on October 28, 2013, 01:15:09 PM

Quote from: DeathAndTaxes on October 27, 2013, 08:35:19 PM

Litecoin isn't a "scam" and the fact that (an unknown) someone claims it so doesn't have any relevance on Bitcoin.

Litecoin simply lacks innovation and has no purpose. It is too much a copy of Bitcoin to every grow to anything rivaling its big brother.

Exactly. It offers nothing new and changes the game in no way. Nor will it, ever.

For me the goal of LTC was not to rival BTC but to be its silver, or if god forbid, take over for a dead/broken BTC.

LTC clearly has a purpose and yes it does offer somethings that are new. Is it very different from BTC? Not massively, but is silver massively different from gold? Sure silver will not be worth as much as gold, (unless gold breaks somehow) but there is a place for both.

MAbtc

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Quote from: DeathAndTaxes on October 27, 2013, 08:35:19 PM

Litecoin isn't a "scam" and the fact that (an unknown) someone claims it so doesn't have any relevance on Bitcoin.

Litecoin simply lacks innovation and has no purpose. It is too much a copy of Bitcoin to every grow to anything rivaling its big brother.

Exactly. It offers nothing new and changes the game in no way. Nor will it, ever.

Buffer Overflow

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Quote from: QuantPlus on October 28, 2013, 11:16:40 AM

But a major Govt actions on BTC are in the pipeline.

Bitcoin and all altcoins will be regulated under the same cryptocurrency umbrella. Alts will provide you with no protection.

tacotime

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Quote from: waltermot321 on October 28, 2013, 10:22:09 AM

Quote from: tacotime on October 28, 2013, 08:59:45 AM

Quote from: DeathAndTaxes on October 27, 2013, 08:35:19 PM

Litecoin isn't a "scam" and the fact that (an unknown) someone claims it so doesn't have any relevance on Bitcoin.

Litecoin simply lacks innovation and has no purpose. It is too much a copy of Bitcoin to every grow to anything rivaling its big brother.

It has no purpose aside from being internet money, which is exactly the same purpose as bitcoin has.

Litecoin has value because me and a lot of other people have them and are not spending them, and they are difficult to generate.

I also trusted litecoin and have been keeping since many months ago. But the price keep dropping make me feel really bad...

It will likely be the same as for people who bought Bitcoin at $20 each in 2011. Ignore the market and hold, as the market is based on speculation while the contraction of LTC supply is based on mathematics.

cryptoanarchist

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Quote from: QuantPlus on October 28, 2013, 11:16:40 AM

We are going to need 100s of diverse, global, EXCHANGABLE Alts to survive the onslaught...
With 2nd Generation design and protocols...
That don't create centralized monopolies...
And that don't require burning 500 lbs of coal/BTC.

I agree up to the last point - the less energy used to create the currency the less valuable it will be.

"burning coal" is a function of energy creation, not cryptocurrency. I can see how it will become more cost effective to use solar and wind energy to mine cryptocoins.

QuantPlus

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Quote from: Anon136 on October 27, 2013, 10:06:43 PM

Quote from: DeathAndTaxes on October 27, 2013, 08:40:28 PM

There is no "mess up" that can't be fixed baring a break in RIPEMD-160, SHA-256 and/or ECDSA. If that happens LiteCoin provides no protection because it uses the exact same primitives. The fact that it uses a different algorithm in mining will provide no protection from a cryptographic break.

I think what this analysis fails to recognize is that could mess up in a way that was not fundamentally destructive to bitcoin but the markets could incorrectly PERCEIVE that it was and lead to a massive crash.

The whole Bitcoin Ecosystem has led a charmed life...
To the point where it's highly centralized in California and Chinese foundries...
And smug Bitcoin Monopolists feel completely immune from any external threat...
All this for an entity with ONE (1) paid Dev.

LOL...
The US Government places a low priority on primitive, low velocity "toy commodities"...
And it takes DOJ several years to gear up on a target...
But a major Govt actions on BTC are in the pipeline...
It's inconceivable that Govts will allow a serious threat to Fiat.

We are going to need 100s of diverse, global, EXCHANGABLE Alts to survive the onslaught...
With 2nd Generation design and protocols...
That don't create centralized monopolies...
And that don't require burning 500 lbs of coal/BTC.

cryptoanarchist

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Quote from: waltermot321 on October 28, 2013, 10:22:09 AM

Quote from: tacotime on October 28, 2013, 08:59:45 AM

Quote from: DeathAndTaxes on October 27, 2013, 08:35:19 PM

Litecoin isn't a "scam" and the fact that (an unknown) someone claims it so doesn't have any relevance on Bitcoin.

Litecoin simply lacks innovation and has no purpose. It is too much a copy of Bitcoin to every grow to anything rivaling its big brother.

It has no purpose aside from being internet money, which is exactly the same purpose as bitcoin has.

Litecoin has value because me and a lot of other people have them and are not spending them, and they are difficult to generate.

I also trusted litecoin and have been keeping since many months ago. But the price keep dropping make me feel really bad...

I felt the same way about bitcoin in the fall of 2011. I cashed out hundreds of bitcoins - now THAT is sad.

cryptoanarchist

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Quote from: DeathAndTaxes on October 27, 2013, 08:35:19 PM

Litecoin isn't a "scam" and the fact that (an unknown) someone claims it so doesn't have any relevance on Bitcoin.

Litecoin simply lacks innovation and has no purpose. It is too much a copy of Bitcoin to every grow to anything rivaling its big brother.

I think its important to have a variety of hashing algorithms just like there are a variety of precious metals. Especially when you consider that SHA-256 was developed by NIST - a known bullshit organization.

There are going to be a lot of people that prefer Scrypt coins because they are still mined on GPUs, and the idea of needing specialized hardware to mine bitcoin is going to be a turnoff for p2p enthusiasts.

waltermot321

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Quote from: Pokerfan on October 28, 2013, 10:41:11 AM

http://www.cryptocoincharts.info/period-charts.php?period=6-months&resolution=day&pair=ltc-btc&market=btc-e

Expect all your litecoin wealth to be destroyed, because this trend will continue down to 0.

Very good arguments here:
http://www.youtube.com/watch?v=1Z93QGE4aFA

Bitcoin would have the same trend as Litecoin

Joe_Bauers

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GCVMMWH

Quote from: revans on October 27, 2013, 08:33:16 PM

In 2 years Litecoin has gone from zero to over 2 USD a coin, with a total market cap pushing 50 million USD. Bitcoin cultists frequently describe Litecoin as a scam, despite the fact that it is basically a modest reengineering of the existing Bitcoin protocol.

Litecoin is most certainly a scam, but it is cut from the same cloth as a far bigger scam.

Life is a scam... deal with it?

Topic: Litecoin demonstrates how ridiculous Bitcoin is - page 2. (Read 4805 times)