Topic: Litecoiners: Idea to make Litecoin importance skyrocket in Bitcoin ecosystem (Read 13404 times)

Any serious discussion of the topic ought to go into a new thread.  My OP has been heard loud and clear by those to whom it would matter.  If the opinion of most Litecoiners (I doubt this) is that the idea really makes a "bitch" out of LTC, then the idea is DOA I suppose.  I don't mean to come to Litecoiners and dump on Litecoins (freedom means freedom to create and promote your own alt coins after all, my rightful prerogative is limited to not owning any) so... unless someone brings up the topic, I'm outta here.  In view of the most recent posts, I'm locking the thread, and I think you can appreciate why.

And to ignore you go...  Wow, child.  Mom never washed your mouth out?

Cheers!

Lol, damn, wish I wouldn't have missed this one.

Litecoin isn't asking anything.  Litecoin just is and is holding value well, on it's own, at least compared to btc and actually gaining ltc/btc wise.

ITT, I see a well known bitcoiner demanding something before he does anything for ltc (which is nothing new).  Too bad for him.  LTC is going to the upper leagues without his demands being met.  It's btc that needs ltc.  Never forget that.

We don't need or want him here.  His proposal benefits BTC only making LTC immediately less than BTC.  Period.

ad hominem attacks?really?sigh.Whatever, dude, be the thickest dumbfuck ever.Be fucking blinded by your own ignorance. Be fucking stupid. keep it up. Continue to ignore the obvious benefits to everyone here. Continue with this "us vs them" retarded fourth grade mentality. Keep it up.

go right on ahead being a dumbfuck.

There's nothing suspicious about a chain 7 blocks long suddenly appearing on the network after an hour, with nobody else reporting it until then?  And in the meantime blocks are being relayed every ten minutes by other miners?  Really?

Sure, but this time for a better coin, not that scam shit.

Simran = the new CoinHunter

Well said with all the childish language. lol. Not.

Op's proposal benefits bitcoin only.  It automatically makes LTC the "lesser" coin.  Unless Gavin himself says that they will introduce LTC support along with LTC's commitment to support BTC.  I see ZERO reason to even entertain op's proposal.

Sorry but in this world it's kill or be killed.  BTC needs LTC support much more than LTC needs Bitcoin.  That is what we in the real world call leverage.  It's not some stupid silver LTC coin that anyone can make.  Sorry OP but you are about to go the way of the dinosaur.

no one NEEDS anything but why the fuck not act like fucking grown ups for once and stop fighting over whose's fucking dick is bigger and collaborate towards something beneficial for everyone ?

The result wanted for Litecoin can be achieved organically. This modification isn't needed for the result wanted.

I agree

My take.  Bitcoiners have dismissed LTC since it's inception.  What they need is a swift kick in the ass to help them out.  I'm not dismissing them.  Only I have given up on their blinders, (I.E. there is only one gold.. there is only one currency, et cetera, et cetera)  Until we see serious investment from the general public and we will once ltc hits gox, we wont see them on board.  After that.... sure.

But this will all happen organically.  Not forced... Just wait and watch.

Well... IMO, Bitcoiners are inherently more likely to use Litecoins because they are already well versed in the way that crypto currencies work, making them a prime target market for the expansion of the Litecoin community. The know how to make a paper wallet, they know how to mine, they know how to exchange, etc. They would be able to fit right in immediately.

And of course I'd like to see many new Litecoiners from the general public as well, but to just brush off the largest user base of crypto currencies (Bitcoiners) is a bit absurd.

I couldn't care less about other bitcoiners. What matters is the general public.  I guess we'll find out when it hits gox in less then two weeks.  No need to panic now.

Keep calm everyone.

Sorry Simran, but I disagree with this. This would make Litecoin more widely adopted among Bitcoiners, and thus increasing its value exponentially. I think increasing the value of Litecoin would be beneficial to Litecoiners, no?

I think the problem is that this would be very complicated to implement, not only on a technical level, but also because some of the old school bitcoiners/devs might not be agreeable to turning their competitor into their business partner.

This is a terrible idea in my opinion. You're basically using Litecoin to protect Bitcoin(Maybe your business?) from what? ASICs? Double spends? 51% attack? Not only does this make Litecoin a slave to Bitcoin, there's no benefit for Litecoin with this idea.


Yeah, to protect your coin? What protection does Litecoin get? Nothing! If Bitcoin is so great, it can survive on it's own.


Oh! So now you want Bitcoin to be like Litecoin because you know it's faster! Yeah... no...


That's probably only you and a few others if you haven't seen the increase in the Litecoin network. It's no Bitcoin knockoff, sorry.


Are you scared of ASICs?


Protecting Bitcoin? Yeah, and it's slave. There's plenty of services already accepting LTC. This "benefit" in non-beneficial.


We're not your slaves either or people that take bribes for "Physical" coins.

I don't understand why others are getting very technical about this idea, when you need to realize that this idea is simple to make Litecoin make Bitcoin even bigger. Cascius, are you afraid that Bitcoins are going to shit and you have a whole inventory you're hoping to get rich off of? If I were you, I'd sell them those coins immediately. This is like making Litecoin a shitty XRP for Bitcoin once again. These are 2 independent chains, so let's leave it at that.

Litecoin, a Bitcoin slave, begins by demanding justice and ends by wanting to wear a crown.

Litecoin to me is useful and valuable to me in a lot of ways.

1. Diversification of one's crypto coin portfolio. You already mentioned this, so I won't elaborate too much, but someone such as myself that really likes Bitcoin can use other crypto currencies to diversify their crypto portfolio (this valuable trait is not specific to Litecoin.) Age old investing ideology comes into play here and this is just smart investing. Only investing in Bitcoin is like going all in on Google stock.

2. Litecoin being built upon Scrypt makes it stronger than most other ALT currencies, especially the ones that are SHA-256 based. If you look into the problems TRC is facing, you will see that ASICs are hoping on their chain and sending difficulty into the stratosphere. They then go to hash something else, leaving the TRC block chain moving at a snail's pace and transactions taking hours to days to confirm. All SHA-256 based ALT coins (that do not have Scrypt) will suffer from this problem until they are fixed.

3. Litecoin is useful to the crypto currency ecosystem in the way that it's useful to have Visa, MasterCard, and Discover Card... or Wells Fargo, Bank Of America, and Chase. Sure, they all do the same thing, but they all do the same thing a little bit differently. Also, if one were to fail, there are others in existance so all commerce would not screech to a halt across the nation. It is good for Bitcoin to have a competing entity that is similar but not the exact same to itself. For the benefit of free market competition, each currency will always be striving to stay ahead or to catch up to one another, at the end of the day mutually improving both currencies by default.

4. Litecoin confirms in 1/4 the time that Bitcoin does. This one is brought up the most often for obvious reasons. I am sometimes impatient and do not want to wait 10 minutes to a hour+ for one or ten confirmations on the Bitcoin block chain. Although in theory this makes Litecoin 1/4 as secure as Bitcoin, I personally have never suffered any problems using Litecoin. Also, Bitcoiners refute this point by stating Bitcoin will soon be faster as soon as the devs increase the block size (I think this is the method they are trying to use), but it is a lot easier said than done. If it was an easy thing to do, then it would have been done long ago. Litecoin is faster right at this moment, which is valuable to me.

5. Because blocks are found 4x faster, difficulty adjusts more quickly.. about every 3.5 days. This is useful because it controls the rate of the minting of Litecoins, and makes sure that they stay provably scarce for some time to come. Again, this is valuable because it stabilizes the network and deters high powered hashers from shooting difficulty into the sky and then leaving the network at a crawling pace for a longer period of time (than if blocks were solved at the same pace as Bitcoin.) This feature is not all butterflies and fairy tales, it also provides the opportunity to manipulate network speed, but as the network grows this will become less and less of a problem.

6. Then there is the "there's nothing to do with your Litecoins" fallacy. These people just don't do their research, there are plenty of things you can do and buy with Litecoin as of this instant. New merchants and services are popping up everyday, and I think this will continue to happen well into the future.

7. The Litecoin community is growing at an exponential rate. Similar to the growth of Bitcoin, as the community grows then so will Litecoin. Litecoin is already far too big and the people that believe in it are too invested in Litecoin for it to fail at this point. Litecoin can at this point proudly say that they are king of the ALT coins. It can no longer be brushed aside as a scam/pump and dump/whatever, it has real value and people are starting to see that.

8. Like Bitcoin, there was no Litecoin pre mine. There was the genesis block, and 2 blocks to confirm the genesis. This is valuable for obvious reasons... no one wants to support scammers, and for a crypto currency to become highly adopted this is a necessary feature.

9. Not everyone was so lucky to be around when Bitcoin was first started and able to buy them for pennies. The possibility of becoming an "early adopter" is very appealing to new crypto currency users. A ton of "noobs" have recently appeared in the last wave of Bitcoin mania and I've noticed that a lot of them overwhelmingly support and/or already use Litecoins.

10. As Bitcoins become more valuable over time, this will further push the poor and "working class" away from it. Some can no longer afford to buy one Bitcoin even at today's prices. People like to get more for their money, and when buying at today's exchange rate people can get more Litecoins than Bitcoins. If the same services and merchants start accepting Litecoins, then what is the purpose of paying $100+, $200+, or $300+ per bitcoin?

11. Litecoin has the advantage of doing everything after Bitcoin. By sitting and waiting in the shadows for people to bring to light exploits and bugs on Bitcoin, these problems can be fixed before there is much of a problem or before someone exploits it. Bitcoin would obviously be exploited first if there was something to exploit, because of the bigger market cap and it is more valuable for someone to exploit Bitcoin first rather than Litecoin.

12. Litecoin derives its value in the same way that Bitcoin does. It is provably scarce and its value is held up by supply and demand. Bitcoin had proven that this in itself can hold up an economy and even make it thrive. As long as there are new services and merchants accepting Litecoin (as there are), then demand should not go away. And... we all know by now that supply stays constant, thus giving Litecoin value.

13. It's anonymous.  

It will be valued when it goes to Gox. This has already been confirmed...  Op's head stays in sand again.

CoinHoarder is right,  This doesn't help Litecoin as much as OP is implying.  He's trying to reverse the argument when it's BTC that needs LTC help more than LTC needs BTC help.

OP needs to admit that or move on.

So how does keeping Litecoin one release behind Bitcoin make Bitcoin need Litecoin more then Litecoin need Bitcoin?