As much as I'd like to see LTC be successful, how will the value hold up if tons of GPU miners start mining it, drive the difficulty up, just to sell it? If it doesn't serve a purpose other than than converting it right away, it will not remain profitable against what it is converted to for long.
The quantity of LTC created is still the same as before. The number of miners doesn't change anything about the supply. And if it's not profitable anymore, the miners with the higher cost will drop, reducing the difficulty and making mining more profitable for those who stay.
I was there when the same scenario happened with Bitcoin last year after the bubble. The same questions arised. What happened is that after the big boom of 30$ where tons of miners came to mine, miners dropped slowly but constantly as the price dropped down to 2$. The only miners still mining on November were people like me who have low electricity cost. We were not making a lot of money, but we were making a ton of Bitcoin that compensated for the lack of value of Bitcoin.
The value is relative and is not that important for the survival of Litecoin. What is important is how many different people move Litecoin. The more there is people, the better it is for the currency. More miners means a better diversification of Litecoin, and that's always a good thing.
