Topic: LTC price justification - page 2. (Read 3706 times)

no... Namecoin was the first alternacoin and is still up

+1 to BlackBison

The other thing why diversity is important which isn't always brought up in discussions is that altchains help alleviate initial distribution problem - more different coins getting in the hands of more different people is a very good thing for overall cryptocurrency ecosystem.

PS: on the side note - Litecoins rock!
Just compare ASIC mining community and GPU mining community in size and make your mind

Ive said it about 100x but I will say it again: if the concept of cryptocurrencies is truly revolutionary and here to stay, there almost certainly must be competing currencies in the space. If only for safety if nothing else. I do like the idea of PPC but I think it is too flawed to really succeed in its current state. But I welcome all the new ideas it is bringing forward that the oligarchal bitcoin core will not discuss properly as their system is just the best. 

In particular, bitcoin cannot be relied upon as the sole representative of crypto alone due to one potentially catastrophic design fault: satoshi chose the wrong hashing algorithm- SHA, when with hindsight it should have been something like scrypt right from the beginning.

This opens it up to a serious attack vector due to future technological advances. For example, if BFL or one of the other guys does indeed make a working ASIC then this opens up the 51% attack. Now I don't care about your usual poor 'it wouldn't be in their interests to 51% btc blah blah blah'. The weakness exists. Period.

What if someone were to break into their factory and steal all the chips then 51% the network? Sounds tinfoil now for sure as bitcoin is so insignificant. But what about in 5 or 10 years time if its a real threat to governments and banks etc? Due to the 'weak' algo at its heart we could have yet another exponential generation of ASIC-2 possible in 10 years time and the whole project could be killed in one move. Having several competing currencies ensures overall resiliency of the idea. Even if an asic could be built in the future to attack LTC it is unlikely that a malicious agent could build/aquire the means to attack all of LTC, BTC and PPC etc all at once.

In addition, we have the powerful argument that a set of competing cryptos would be better for the overall future of all involved, included btc. Competition between dev teams to further the technology or embrace new ideas will be very beneficial as compared to a slow and ponderous, unmotivated bitcoin only team due to no competition.

This is a refutation of the point of view that 'bitcoin is all that is needed, everything else is superflous'. If it had used a harder algo from the start then perhaps that would be almost true...

I like ltc, its quicker for gambling with but I cant see the current price holding either, its been on a decline since peaking at 10c.

ppcoin is interesting, but it needs a GUI client that shows off these new features it has.

? bitcoin is just a tweak of hashcash, e-gold, etc.
facebook is just a tweak of myspace which is just a tweak of ...

Tweaks often make the difference between dramatic success and total failure.

i didn't argue about it. my point is, if you're going to attempt to mine, don't be fucking lazy.

some people want it spoon-fed to them. better ask yo mommas.

Totally besides the point since there IS a compiled version.

A.K.A. LAZY AS FUCK.

How many average computer users mine bitcoin? How many "noobs" mine bitcoin? How many noob bitcoiners know what sourceforge is?

 

straight lazy.

first of all, it's not my application.

second of all, 

with that attitude, you're going to get left in the dust. and rightly so.. since to me, you're just a lazy ass. it's as simple as that.

There is: https://github.com/ppcoin/ppcoin/downloads

and even if there wasn't, is compiling such a difficult task? compared to setting up a room full of loud ass computers and gpus and fans, generating the heat comparable to the fiery pits of hell, configuring mining software, and maintaining?  

variety is the spice of life.  

Has been answered above. For litecoin it's the different algorithm, the possibility to hedge bitcoin selloffs (look at the exchange rate during the last ones.. etc)
Whenever that turns out to be true in the future... lets find out shall we?

I get there is no reason why they can't have a future - the question is why should they?

Exactly.

The only difference between bitcoin and altcoins is: it was here first. That's it.
Forget about block reward, forget about confirmations and proof of stake, those are just tweaks. Its nearly the same code.

There is no reason some altcoins can't have a future, unless bitcoin doesn't have one.

Concur the analogy is crap, mostly because the premise of relating bitcoin to gold to begin with is crap and shows lack of understanding of basic economics and knowledge of ***physics/metallurgy.... however, alternates are a good thing and one thing that litecoin does do for the time being is to expand the amount of hardware that can be added to the general cryptocurrency ecosystem, litecoin will be a valuable device for GPU miners particularly as they are pushed out of bitcoin at least until the price of litecoin is lucrative enough to warrant hardware manufacturers to start producing FPGAs and ASICs for this chain... that in and of itself makes litecoin a very valuable alternative at least for the short/mid term, and this is something no other current viable alt can claim.

***Gold has a literal finite number of atoms in existance and you cant get any smaller than a single atom of gold since partial atoms of gold is an impossibility as a "partial atom" would no longer be the original substance (think fission, where the newly split atoms are an entirely new substance different from the original and having entirely different properties from the original), whereas when bitcoiners are approached about the problem of when there are not enough coins to run a global economy the often regurgitated responses are that is far into the future or the decimal places can be shifted with client updates or some such.... the latter "solution" nullifies the argument that bitcoins have finite properties like gold.

The best part about this is: All you litecoin haters have none that you can sell off to drive the price down.  The only thing you can do is literally buy high and sell low which gonna cost you

ppcoin

None. It will crash. The only worthwhile alternate coin is PPCoin. The rest are complete garbage.

yes

I don't care if the price crashes, it's crashed before, it will crash again... overall hoarding it is just making me lots of cash though because it tends to go up.