more crapcoins equals more money for LITECOIN miners!!

thekidcoin

sr. member

Activity: 308

Merit: 250

FlutterCoin Developer

Quote from: nzdude on June 20, 2013, 11:35:20 PM

Haters, did you know crapcoins, could actually be helping you mine more litecoins?

Let me know if my theory is correct Grin

heres how: Because there is a restriction on the amount of coins produced, you need as few people as possible to mine the same coin as you. if half the people are mining these "crapcoins" and the other half are mining LITECOINS it means its easier for you to make money mining litecoins. if these half wernt mining the "crapcoins" then they will be mining litecoins and your earnings are halved, as the difficulty will be twice what it is now.

Think of these new coins, that many times have a higher profitability than LTC, as a tool to get more LTC than you would have mining LTC.

nearmiss

sr. member

Activity: 448

Merit: 250

why are litecoins better again? Or to be more accurate, when litecoins were a week or two old (like most of these 'scam coins' are), why would anyone have said they were any better? Pretty sure everyone said the exact same thing about ltc in its infancy.

hate_the_face

member

Activity: 84

Merit: 10

Quote from: temor on June 21, 2013, 05:22:48 AM

I would rather see everyone mining Litecoins than anyone mining these scamcoins. They are the cancer that is killing cryptocurrencies. Let's all just stick to those that work and stop being blinded by the "quick buck" potential of the shitcoins.

lol, so let's only make a quick buck if it's gonna be MY quick buck

not a fan of fringe coins, but everything starts somewhere

its more about the services you can use with them, which is why I view Litecoin as the clear number 2 right now

FuzzyBear

legendary

Activity: 1420

Merit: 1010

don't forget it also means more money for the SHA-256 coins.. BTC, PPC, TRC, and all the MM coins chugging along nicely and happy to see people not pushing me out of the BTC mining game just yet

temor

full member

Activity: 168

Merit: 100

I would rather see everyone mining Litecoins than anyone mining these scamcoins. They are the cancer that is killing cryptocurrencies. Let's all just stick to those that work and stop being blinded by the "quick buck" potential of the shitcoins.

shaunb

newbie

Activity: 42

Merit: 0

This is only true if Litecoin sustains it's value. A large part of the value of a coin however is security. If the LTC network hash rate drops, so does the security of the coin which could drive investors away from it.

usahero

sr. member

Activity: 434

Merit: 250

Quote from: nzdude on June 20, 2013, 11:35:20 PM

Haters, did you know crapcoins, could actually be helping you mine more litecoins?

Let me know if my theory is correct Grin

heres how: Because there is a restriction on the amount of coins produced, you need as few people as possible to mine the same coin as you. if half the people are mining these "crapcoins" and the other half are mining LITECOINS it means its easier for you to make money mining litecoins. if these half wernt mining the "crapcoins" then they will be mining litecoins and your earnings are halved, as the difficulty will be twice what it is now.

Yes, you are right.

More ppl on crapcoins = less ppl on LTC => LTC difficulty is lower => LTC more profitable to mine for LTC miners

anderl

hero member

Activity: 714

Merit: 500

Quote from: krasnyoktyabr on June 20, 2013, 11:37:34 PM

Quote from: nzdude on June 20, 2013, 11:35:20 PM

Haters, did you know crapcoins, could actually be helping you mine more litecoins?

Let me know if my theory is correct Grin

heres how: Because there is a restriction on the amount of coins produced, you need as few people as possible to mine the same coin as you. if half the people are mining these "crapcoins" and the other half are mining LITECOINS it means its easier for you to make money mining litecoins. if these half wernt mining the "crapcoins" then they will be mining litecoins and your earnings are halved, as the difficulty will be twice what it is now.

The other side of the argument is that bitcoins are wasted speculating on crapcoins and not driving up the price of LTC.

Also, I think all altcoins are pushing around 3-4 GHs, which would be a relatively small increase in litecoin difficulty.

Its between 6-7 GHs

muddafudda

legendary

Activity: 1008

Merit: 1022

Quote from: nzdude on June 20, 2013, 11:46:30 PM

Quote from: craslovell on June 20, 2013, 11:44:55 PM

diff is rising regardless of any other alt release

http://www.allchains.info

yes but it will be rising alot faster if everyone was mining these 2 coins only

So your saying to stop mining where your making more money than me to come mine LTC to make ME more money. You sir are an idiot.

nzdude

member

Activity: 86

Merit: 10

STARCOIN the BEST

Quote from: craslovell on June 20, 2013, 11:44:55 PM

diff is rising regardless of any other alt release

http://www.allchains.info

yes but it will be rising alot faster if everyone was mining these 2 coins only

craslovell

legendary

Activity: 1470

Merit: 1021

diff is rising regardless of any other alt release

http://www.allchains.info

worldinacoin

hero member

Activity: 756

Merit: 500

I think it is the other way round, they are taking away the hashing power of Litecoin to mine the alt coins. A waste of time and efforts. Might as well concentrate on just Bitcoin and Litecoin

krasnyoktyabr

full member

Activity: 140

Merit: 100

Quote from: nzdude on June 20, 2013, 11:35:20 PM

Haters, did you know crapcoins, could actually be helping you mine more litecoins?

Let me know if my theory is correct Grin

heres how: Because there is a restriction on the amount of coins produced, you need as few people as possible to mine the same coin as you. if half the people are mining these "crapcoins" and the other half are mining LITECOINS it means its easier for you to make money mining litecoins. if these half wernt mining the "crapcoins" then they will be mining litecoins and your earnings are halved, as the difficulty will be twice what it is now.

The other side of the argument is that bitcoins are wasted speculating on crapcoins and not driving up the price of LTC.

Also, I think all altcoins are pushing around 3-4 GHs, which would be a relatively small increase in litecoin difficulty.

nzdude

member

Activity: 86

Merit: 10

STARCOIN the BEST

Haters, did you know crapcoins, could actually be helping you mine more litecoins?

Let me know if my theory is correct Grin

heres how: Because there is a restriction on the amount of coins produced, you need as few people as possible to mine the same coin as you. if half the people are mining these "crapcoins" and the other half are mining LITECOINS it means its easier for you to make money mining litecoins. if these half wernt mining the "crapcoins" then they will be mining litecoins and your earnings are halved, as the difficulty will be twice what it is now.

Topic: more crapcoins equals more money for LITECOIN miners!! (Read 1112 times)