Topic: Litecoin is a ponzi, a pyramid and a pump and dump scheme and crap, too - page 4. (Read 7885 times)

Interesting. Amazon could do this tomorrow and accept their new currency as payment for all their goods and services. If they let others use it freely it could eclipse BitCoin rather quickly. It could eclipse the GDP of some small nations rather quickly.

Amazon have the computing power, the on-line retail presence, and an aptitude for creative tax solutions. Somehow I doubt they want to be the world central bank.

I think we can debate this until the cows come home, ultimately the market will decide for itself.

Who knows, while we all stand around comparing crypto dick sizes, a corp could release their own version (with a 'trusted brand name' already in place on the back of a multi million dollar marketing campaign) and a use case that does not leave the average joe confused as hell looking at a long line of random characters not knowing a private key from a wallet.

Scrypt vs SHA256 is a tiny change? 

Personally I don't see how LiteCoins solve any problem that hasn't already been solved by BitCoins.

I find the ill thought out arguments in support of LiteCoins uncompelling. The often repeated 'all the miners will move to litecoins' argument is the emptiest of all as none of the value of BitCoins or LiteCoins exists because of miners, value exists because of buyers and the network generates coins at the same rate regardless. Second is the 'hour for a cup of coffee' argument used by people that have no understanding at all of how BitCoin transactions work. Third has to be the 'free market, multiple currencies are good' argument that doesn't hold water at all unless you claim that LiteCoin is somehow different to BitCoin in what it does, yet functionally it's identical and actually it's the same code with only very tiny changes.

The vocal supporters of LiteCoin are its biggest downside as well as its biggest asset. They don't always speak honestly and they love to trash talk the project that they essentially copied.


On the plus side at least LiteCoins don't have SolidCoin style central control or a pre-mine.

I don't mind the price of Litecoins is very low at the moment, I hoard and wait...

Why I think price of LTC goes up?

When people quit mining Bitcoins with GPU's, they have to move to another coin that can't be mined by the current ASIC's or just quit mining with them.

Litecoins also can't be "merge mined", like Namecoins (that destroyed the value but saved the network).

What will happen to Litecoin? Difficulty shoots up, 20 times at the very least... They won't be sold cheap because it wouldn't make sense to mine them at a loss...
Will Litecoins be dumped? Hard to say but when it's so hard to mine, why would you dump them?

So I predict price goes up in 2/3 months from now...

Buy now, while they are cheap.
Just 100 of them could make you a little fortune.

When Bitcoin is gold, LTC is silver.
And I like gold and silver...

Selling and/or dumping them now? You'll regret it...

From what I can tell, most bitcoiners are actually pretty supportive of litecoin, or at least neutral towards it. Just look at the recent failed attempt to 51% attack litecoin through a bounty. Only 3 people responded, raising a pathetic $1500. Anyone who mines, trades, or sends transactions can see the benefits a second viable cryptocurrency provides.

+1 shinkicker

I think you summarized it pretty well.

On BTC-e the price of LTC is already independent of BTC/LTC and primary LTC/USD leads the way.

I am still new, but this is my speculative view...

When ASIC'S are more commonly deployed for mining BTC, the difficulty will go through the roof and make it a pointless endeavor for GPU miners.

This will then mean a large migration of miners will go to the next cyptocoin, and here Litecoin appears to be the best option; Largely due the main mining clients are already ported to use Scrypt and there are a few solid established LTC pools to choose from.

With a larger amount of miners pointing at LTC (and new people joining who will enter with an interest in bitcoin, but then learn that mining BTC on a common PC is useless), there will be a lot more people holding LTC who will want to use if for buying goods and services, so then we could see merchants being the 'supply' for a new 'demand'. What will also likely happen then, is that LTC will no longer be a sole component to convert to BTC, but a means of tender used in its own right. We may also then see LTC/USD used as a comparision, rather then LTC/BTC. If we also see an exchange pick up LTC then it will expand even more.

Last of all, you always have to look at motives behind actions. The fact that there has been what appears to be a concerted effort to damage LTC with the posts on here offering $1500 for a 51% and DDoS attacks against all the main LTC pools, gives an interesting insight. People out there (or in here rahter) are fearful about LTC doing well. This in turn lends even more credibility to LTC. Why would you bother wasting effort on a currency which is destined to fail?

To me, it looks like LTC is here to stay.

Even the notion that someone would call themselves a Litecoin hater is ridiculous. I would like to know what financial advice people are giving friends and family if there interested in buying Bitcoin at nearly $100, buy big mom $10,000 will buy you 100 btc.......no I don't think so. Equally ooh don't go breaking the bank on $50 worth of Litecoin there virtually identical to Bitcoin but there a pyramid scheme.

I think most Litecoin haters aren't afraid of LTC hurting BTC, as they see little to no value in LTC.  Instead, they are genuinely trying to prevent people from investing something that they consider a scam.  This is similar to how pirate haters went out of their way to discourage the community from investing in BS&T.  These "haters" were not running competing investment offerings.

Recently, many community members have loudly warned against ordering from BFL.  Most of these people are not doing this because they want the difficulty to be lower, or because they have a stake in an ASIC company, but because they want to limit the success of something they see as a scam.

Personally, I don't think Litecoin is scam, but I question LTC's current value and the reasoning employed by its supporters.

Litecoin is a ponzi, a pyramid and a pump and dump scheme and crap, too


no, i dont think so...

My interest is why litecoin hater like luke-jr (this is going to be ridiculous) so heavy argue against litecoin.
Is it fear litecoin could reduce the valve of bitcoin ? Than they are afraid their own profit is going less and they
dont understand the great idea behind crypto currencies.
Or would you protect the poor unaware people for the bad litecoin? I dont know it. no worries bitcoin  will continue to be the major
crypto coin  although it also litecoin gaining ground. so, what is the problem?

ltc works fine and it seems more and more folks accepet it as another currency beside bitcoin. that is THE argument.

i think discussion about it is a good thing but i cannot people be taken seriously, who argue litecoin is crap or a pyramid scheme.
they are definitive room in the world for more as one crypto coin. keep in mind who bitcoin was semilar in time to litecoin.
it needs time to grow...

sorry for the grammar, i do my best.

a crypto currency fan