Topic: Litecoin is a ponzi, a pyramid and a pump and dump scheme and crap, too (Read 7808 times)

Hey, this guy's prediction about Litecoin was almost as bad as Darkota's, but not quite.

I thought that too, but I saw a post by Coblee in February saying Greedi is still a lead dev and had been doing a good job running their forums. I haven't heard of him being kicked out since then, only about Greedi being booted before February. I suppose that's a bit of the uncertainty concerning the dev team that I am experiencing.

I will say, Coblee seems like a much more stable guy out of the two

I don't see how Scrypt is going to keep Litecoin safe from the move towards ASIC's if it ever gains serious attention (although i can see no reason why that would happen).
Scrypt requires lots of memory! That's the argument for Scrypt.
If you're somewhat aware about hardware you should know that memory is extremely cheap nowadays compared to raw processing units.

Litecoin will make the same move CPU->GPU->FPGA/ASIC
It's just lagging behind because it started later and doesn't bring anything new to the table.

I'm all for competing (virtual) currencies, and i'm sure the market will sort it all out over time. But all these people trying to hype it and come up with bogus arguments seems really like p&d.
Also i'm a little worried about not seeing any commits in a while, some serious issues in bitcoin have been addressed in the mean time, were they all fixed in litecoin already?

I thought Greedi was kicked from the dev team ages back

Not "hating on litecoin", just stating my doubts and trying to have a CONVERSATION about it. Stop attempting to marginalize what I'm saying as troll comments, thanks

Let's see. I'll give you some real examples of what I am talking about:

Greedi (lead dev of LTC) regularly insults people and acts like a child, so I'm not sure if I would want a guy like that being a main dev on a currency I am working on.  The last commit was 17 days ago, but if you go look at it, it's a very minor fix and nothing major has been touched in a long, long time. That's not inherently a bad thing, but no major development in months is very worrisome; we don't even have a development roadmap! Additionally, both devs disappear on and off and barely read their own forums (as evidenced by people on their forums talking about how the developer are mostly silent).  

No matter, your time and money. I'll be investing in another alt coin as BTC is too saturated right now, and I just have 0 faith in LTC's long-term chances. I've looked into it extensively, even mined some, but ultimately felt too uncomfortable to continue investing in it. At the end though, this is all a speculator's market anyway

Often times, I evaluate real world companies by the quality of their management team. That's how I judge how well a company can do if a crisis hits. If something bad happens to Litecoin, I don't trust the LTC devs will react quickly enough (or perhaps even intelligently enough) to save the value of their currency. That's really what it comes down to for me. If you look at some devs of other alt currencies, like Sunny King and his PPCoin, you will see a really intelligent guy who has been contributed a lot of new concepts and quality code to the community. If you look at Coblee and Greedi, you observe a quite different experience. Just sayin'

+1

I love all these Litecoin haters coming out of the woods in masses as they see Litecoin continuing to rocket in value. When you debate enough with these people it usually comes down to them being worried that Litecoins will eat into the market share of Bitcoins. Litecoins are still underpriced and will continue appreciating in value, I urge anti-litecoiners to consider diversifying their cryptocurrency portfolio whilst they can still afford to do so cheaply.

My vision is a future filled with cryptocurrencies. Bitcoins, Litecoins, PPCoins, maybe some other new coins that haven't even been invented yet. Only the coins that gain traction will succeed and Litecoin is snowballing.

This is getting pathetic.

The last commit was 17 days ago https://github.com/litecoin-project/litecoin/commit/7fd4c83da7d5315720ff9e481f319ccfddc5f958

"I also have massive questions (i.e. doubt) about the LTC development team given their attitude"

What are you talking about? The developer posted just yesterday about how they are planning the next merge right now. "attitude"?? When I compare what I have seen on this very forum, there are bitcoin devs flaming litecoin constantly and claiming they are a scam in the wiki. The litecoin developers public persona appears the opposite to me - professional i.e. not entering into petty mud slinging.

I have to say I love what bitcoin is about, but you can see it has its failings, and those failings are its people.

Even botnets make the network stronger.

And if you are afraid of a 51 attack... You need 6200 HD5870's to accomplish that... It could be done... But most botnets are "CPU miners" (low hashrate) or badly optimized "GPU miners"...

Why Litecoin when it can be so easily influenced by botnets? ASIC miners will eventually hit economies of scale and everyone can own one. It's short-run scarcity that has everyone moving to scrypt, but how Litecoin is setup causes it to be less of a stabilize cryptocurrency imo. I also have massive questions (i.e. doubt) about the LTC development team given their attitude and how long the last commit on github was (8 months at the time of this post)

Well that only factors in existing miners. We have a lot of new miners coming on board now who would have taken an interest from the recent media attention.

I am one of them. I started to look at mining BTC with my single ATI card and soon realised I was pissing in the wind and it was not going to get any easier. So then I looked at the possibility of getting an ASIC and here I hit a wall too; to buy an avalon you need a lot of BTC, so with not being able to mine it, I would have to exchange (a lot!) of fiat to BTC and be paying thousands of dollars while others who got in earlier would be paying a fraction of that cost.

So the options were:

Mine at 300mhz and not even cover the electic costs

Spend approx 75BTC / $6500 on an avalon

Buy in at $90 a coin.

Mine LTC which currently yields results (I get a few coins a day and I can afford to buy a few too)

So I choose Litecoin. With LTC there is a level playing field. I don't have any advantage over early adopters, and they don't have any over me. The community even though smaller, is friendly helpful. I feel confident about LTC's future and so now I back it.

Ah, Streat Fighter money 

Please explain what a bison dollar is.
LTC is more risky because its broader adoption is still questionable. But when using it, I always love the speed of payment confirmations.

I understand your point and have thought about the very same thing myself, but at the end I concluded that miners would obviously see selling their hardware at used price (and just the hassle of selling) a waste when it could still be used for the very same thing it was bought for (mine, print money). Basically (numbers arbitrary), a 5mhs rig was bought to mine 50$ worth a day and could be recycled to still do it. Why sell it if it can still do it? (Broad estimation incoming) It would certainly be weird to sell a rig for 2500$ that could mine its resale value in 100 days when it was bought to do exactly that, and the miner was actually enthusiast to get that ROI when bought.

Must also keep in mine that a lot of people do it as a (profitable) hobby. ASIC can be somewhat boring for a hobbyist so keeping your rigs on the sideline to stay active in crypto might be a benefit for some (I would say the majority), but obviously some people are probably happy to plug and forget.

And you could think "need capital quick to buy ASIC''. Well... Right now its already more profitable to switch to Ltc with current difficulty (and exchange rate), so by the time you can actually buy an ASIC and get it delivered, you would at very least be close to break even and then keep enjoying the gravy zone beyond that (the point after you break even and every thing after that is profit)

Bingo. +1

I have to admit that I have always had the feeling that at one point or another eco-freaks are gonna attack crypto because of the honestly somewhat wasteful and competing nature of crypto to waste more energy. But truth be told, what is really worse, wasting electricity (that is now almost up to 80% carbon-less) or let the greed of bank manage our lives? And asic vs GPU is most likely irrelevant because the argument will always be "wasted energy for banking" and not how much energy is wasted.

ASICS will hit economies of scale eventually and then everyone can have a dedicated mining machine or two. Long-term, they will make mining much more energy efficient and feasible for most people imo. I really think that the GPU-only limitation of Litecoin is a huge problem, especially as an energy crisis is always looming; it's wasteful and marginalizes people into buying a bunch of ATI cards that suck up power and produce a lot of heat. IMO ASICs will be more feasible for most in the long-run, people are letting short-term scarcity have too much of a significant impact on long-term strategy

'
There is a window where that security risk is greater than others; once ASIC tech proliferates hashing power will be more evenly distributed than it is now. As it stands you have ASICMINER collective, the 900 Avalons and [I think] some other isolated occurrences.

Either BFL will ship or someone will come out with working product at a reasonable price and people will pounce on it. Problem will solve itself if I had to make an educated guess.

I recently got into LTC after being in BTC for 2 years now.

LTC has 2 major differences from BTC: 1) using scrypt instead of SHA256 and 2) 4x the block generation.

LTC is similar enough to BTC to make it trivial for merchants to support both, and different enough in the sense that it is memory intensive and thus favoring GPU mining.

The difference between cryptos a big one because the coming of ASICs in BTC will likely push out GPU mining resulting in more centralized mining operations (and thus the BTC payment network). This in turn can lead to higher fees and security vulnerabilities. (e.g. you just have to raid the ASICMINER datacenter to take control of 20% of the hashing power). LTC will remain more decentralized because of the GPU friendly aspects. This is a good thing. Also if BTC transfer fees are higher than LTC, more people will prefer to use the latter (and vice-versa)

Also I think there is space for multiple crypto currencies, especially after FinCEN. I prefer not to touch fiat in my trades since it makes my tax situation more complicated. Trading between BTC and LTC avoids these issues.

When it comes to price. I do think there is a strong interconnect between difficulty and price. If it becomes too difficult for me to mine I tend to just purchase the coins. For now, I'm mining LTC and am pretty happy about it. I do worry about the lack of developer support though. (the last commit was Dec 2012..)

I'm optimistic about Litecoin. Just as multiple payment processing networks (e.g. Mastercard and Visa) can co-exist. And multiple fiat currencies (EUR, USD, etc.) can co-exist. So can multiple crypto currencies exist, and in fact augment each other.

you are so ignorant, man it hurts...

i read your past posts about litecoins.
your only arguments are litecoin is a copy, litecoins is for trolls.
Your foredoomed disparaging attitude toward litecoin supporters, or "fanboys" as you call them,
makes you and your weak argumentation not necessarily serious.

Sorry, but it seems you are the troll and you don't know it, yet.

Wish I had my time back after reading this thread....

Hm...