Topic: Litecoin v. Bitcoin - page 25. (Read 43665 times)

in the past it all used to be about the miners, what the miners supported would win, but thats all changing its getting more and more about the market, even a non mineable coin can survive.

truth be told the future will be even further from the miner, even the core dev will tell you themselves that POW was only ever designed to be a short term solution.

Litecoin, just as Tenebrix before it, marketed its scrypt hashing as being GPU resistant.  It was more than half a year before GPU mining arrived for these altcoins.  While it is true that, in late 2011, some GPU miners were worried about the future potential of Bitcoin ASICs, they were certainly not looking to Litecoin for a solution.

Whats going on in this thread


PS I should have posted this last night but looks like charlie beat me to it.

You've described my experience. My first contact with Bitcoin while seeking to obtain some was CaVirtex. Litecoin was the other coin on the exchange. I did some reading on Litecoin and thought yeah, there's room for another crypto, one to handle small purchases. Then I found this forum, inquisitively made my way to the altcoin section and saw what was happening in the alt scene. I'm cynical by nature, so it didn't take much to turn me off of it.

Disclaimer: I'm not anti-Bitcoin, despite my chosen username. Just a bit of self-deprecation.

This is prime time to get into Bitcoin, it's cheap to buy and mining difficulty is fairly stable if not decreasing.

It's pretty simple, as the gap between mining coins with CPU power (couple KH/s), mining them with the GPU (10s-100s MH/s), FPGAs, and even ASICs began to widen, people realized that it might make sense to create another PoW algorithm that was ASIC resistant at that time and tweak the block times and reward schedule. Also, it allowed them to take part in the early mining days of that new coin.

Anyone here choosing LTC over BTC are mentally retarded. BTC is king while LTC is just a joker.

Litecoin became the #2 coin because of how it was developed and the niche that is served in the early days. It was created by the already established Bitcoin community with the idea that eventually Bitcoin would hit huge $ values, and people would be hesitant to send someone 0.00050102 for a cup of coffee, so why not create a tandem currency designed to be lower valued for smaller transactions? Not to mention, BFL's Jalapenos were set to release shortly after Litecoin came onto the scene, so all of the Bitcoin miners that were panicking about their expensive GPU farms becoming obsolete had financial reason to support Litecoin. (Due to BFL being BFL it was another 8 months before anything came out)

There was a point when a very large portion of the Bitcoin forums/Bitcoin users in general supported Litecoin, because of what I stated before. They weren't in competition so no ill will was held. After the Alt Coin shitstorm where every coin in existance jumped in price following the Bitcoin take off, people realized it was profitable to pump, dump, and scam with coins meant to manipulate people and then fall into obscurity after their Bitcoins were parted from them. This yielded more Bitcoin purists and the community we see today.

There was a time when creating a crypto currency was a feat. Now there are generators that produce them for you, the thrill and support for alt coins is now mostly held by the dumpers.

Considering that Bitcoin is currently well below the pre-November 2013 bubble starting price, which is when a lot of people became aware of it (and crypto), I'm not sure the "missed the boat" argument holds any weight anymore. People buying Litecoin at $1.35 technically "missed the boat" by not being around to buy it for pennies. The insinuation, of course, is that there couldn't be any GOOD reason to choose Litecoin over Bitcoin...when in fact, there are several. Satoshi's stash not remotely being the least of them.

Appropriate for this thread:



Who "settles" for 2nd place anyways?  If you can get gold, you go for gold.  If my wife at the time got a silver engagement ring, I'd probably still be single.

No reason to settle, just get the goods.

So what?  You can buy a 64 gb USB 3.0 flash drive for $25

http://www.amazon.com/PNY-Turbo-64GB-Flash-Drive/dp/B00FDUHDAC/ref=sr_1_2?s=pc&ie=UTF8&qid=1430315138&sr=1-2&keywords=64gb+usb+drives

Back in 2003, I bought a 128 mb flash drive for $180.

And litecoin is easily the 2nd most known to the public unless you are counting that ripple crap but even then litecoin probably wins.  Obviously doesnt beat the network effect of bitcoin.

That is actually one of the most important things. It doesn't come down to the fine differences between BTC or LTC, it's the mere fact that BTC is far well known and has a larger base of people actually using it in some way. It simply has the first-mover advantage, which is the biggest advantage you can have in this game.

of course you must to choose Bitcoin. Bitcoin is a coin that is very sturdy and well bitcoin has more community and also much known to the public.

When litecoin becomes popular, its block chain will also bloat.

Both of them

That's not 100% correct. More blocks does add extra security. Satoshi's original Bitcoin paper talks about this gambler's ruin. Here's a bit more on it: http://www.reddit.com/r/litecoin/comments/1cssqr/the_math_why_litecoin_is_more_secure_than_bitcoin/

Of course, money spent on hashpower affects this also. Waiting for 10 minutes being protected by $1M worth of mining hardware is much less secure compared to if it was protected by $1B worth of mining hardware. So it's really hard to compare security between Bitcoin and Litecoin. Practically, Litecoin is protected by less money than Bitcoin, so it's good enough to secure smaller transactions.

That's what many people don't seem to 'get': If an altcoin has shorter confirmation-/block times, the actual safety a block adds to a transaction is smaller. Shorter block times mean that mining a block is inherently easier than it would be at the same difficulty on the Bitcoin network. Also, the smaller total blockchain would certainly bigger if Litecoin overtook Bitcoin as the primary cryptocurrency.

That does me no good if I can't spend it. Litecoin is accepted by more merchants than all other alts, but thats not saying much. Until litecoin is accepted by more merchants, it will remain useless except as a speculative investment.

"f%&k hornets"; gets bug spray- Coblee