Topic: Satoshi Nakamoto should have created Litecoin with the Bitcoin name (Read 210 times)
August 10, 2021, 08:42:49 PM
I don't think the number 21 million was randomly chosen by Satoshi, this number symbolizes something specific in Satoshi's mind, I don't know what it is but I'm sure it was intentional and not random, Bitcoin and Litecoin can be compared to gold and silver Gold can never beat silver on Launch also Litecoin can not beat Bitcoin one day, Litecoin appeared shortly after Bitcoin, but it could not one day compete with Bitcoin. Not only that, it could not compete with other coins like Ethereum. Look at its rank in the market over 10 years and you will see that.
August 10, 2021, 08:39:46 PM
Bitcoin and Litecoin are essentially virtual digital currencies, but the creation of Litecoin is an improvement on Bitcoin. It is significantly different from Bitcoin. The Litecoin network produces blocks faster than Bitcoin and can provide faster Transaction speed. The amount of currency issued by Litecoin is more than four times that of Bitcoin.
However, the price and transaction volume of Bitcoin is much greater than that of Litecoin. Litecoin is just a copy of Bitcoin. Bitcoin has a greater market value, a longer history, and a stronger consensus. No one would choose to abandon Bitcoin and choose Litecoin.
However, the price and transaction volume of Bitcoin is much greater than that of Litecoin. Litecoin is just a copy of Bitcoin. Bitcoin has a greater market value, a longer history, and a stronger consensus. No one would choose to abandon Bitcoin and choose Litecoin.
August 10, 2021, 08:00:58 PM
What OP has mentioned is true. In terms of transaction speed and low transaction fee with Litecoin. By the time we need to understand what is the reason for Litecoin to reach such a level. It is all because of bitcoin, if it had copied some other shitcoins now this could've never been known to the outer world. Particularly litecoin gained investment just because it is developed over the platform on which bitcoin is developed. So, it isn't fair to make Bitcoin inferior against Litecoin.
August 10, 2021, 07:39:37 PM
Litecoin's 84 million coins with 2.5 minute block time vs Bitcoin's 21 million coins with 10 minute block time.
Bitcoin is an asset but struggles as a currency while Litecoin is an asset and a better currency because of Litecoin's faster transaction time with lower transaction fees.
Bitcoin is an asset but struggles as a currency while Litecoin is an asset and a better currency because of Litecoin's faster transaction time with lower transaction fees.
As you can see, Litecoin is just another copycat of Bitcoin and no matter how good it is, it won't affect the bitcoin market, and same to the other altcoins that have lots of improvements from those two. Popularity is the main key of Bitcoin where people put their trust in it because it's decentralized and no one can control your assets. As for the others, they remained Centralized even though they have good and convenient services that's why they also remained unpopular to the investors.
August 10, 2021, 07:21:28 PM
84 million coins or 21 million doesn't really matter. Bitcoin would be 4 times cheaper and people would have 4 times more Bitcoin. Zero net changes.
4 times faster blocks means 4 times more blockchain bloat which means faster centralization of the network. And these 2.5 minute blocks would require less PoW so they would be less secure, so you would need more of them before you can trust a transaction, so the waiting time would be almost the same on practice.
Bitcoin can't be a world's currency neither at 7-11 transactions per second or at 28-44 transactions per second, it needs thousands of transactions per second to do it, like Visa does, and Lightning Network is the only way to achieve this.
4 times faster blocks means 4 times more blockchain bloat which means faster centralization of the network. And these 2.5 minute blocks would require less PoW so they would be less secure, so you would need more of them before you can trust a transaction, so the waiting time would be almost the same on practice.
Bitcoin can't be a world's currency neither at 7-11 transactions per second or at 28-44 transactions per second, it needs thousands of transactions per second to do it, like Visa does, and Lightning Network is the only way to achieve this.
Keep in mind that even multiplying the coin supply and reducing the average block time by a factor of "X" will still overload the network if a surge of users were to make transactions at once, which fiat payment processors can handle because they do not have such linear parameters, they can adjust these at runtime at will.
August 10, 2021, 06:59:12 PM
Litecoin's 84 million coins with 2.5 minute block time vs Bitcoin's 21 million coins with 10 minute block time.
Bitcoin is an asset but struggles as a currency while Litecoin is an asset and a better currency because of Litecoin's faster transaction time with lower transaction fees.
No one will oppose into those facts that you had mentioned about technicalities but do you really believe that Satoshi itself wasnt aware? but talking about its been the first crypto then the next one would be created by other creators will surely be aiming on being more that better on the current one and this doesnt only talks about Litecoin but also in other top altcoins as well. No doubt that they are better than Bitcoin but the community is whom to decide which one would be mainly supported which is bitcoin and its way too obvious on why they do really chose up which it is understandable that no one could beat up the origin. Bitcoin is an asset but struggles as a currency while Litecoin is an asset and a better currency because of Litecoin's faster transaction time with lower transaction fees.
August 10, 2021, 06:36:57 PM
Litecoin's 84 million coins with 2.5 minute block time vs Bitcoin's 21 million coins with 10 minute block time.
Bitcoin is an asset but struggles as a currency while Litecoin is an asset and a better currency because of Litecoin's faster transaction time with lower transaction fees.
Bitcoin is an asset but struggles as a currency while Litecoin is an asset and a better currency because of Litecoin's faster transaction time with lower transaction fees.
Are we still having this blockspace debate in 2021? Fine then.
84 million coins or 21 million doesn't really matter. Bitcoin would be 4 times cheaper and people would have 4 times more Bitcoin. Zero net changes.
4 times faster blocks means 4 times more blockchain bloat which means faster centralization of the network. And these 2.5 minute blocks would require less PoW so they would be less secure, so you would need more of them before you can trust a transaction, so the waiting time would be almost the same on practice.
Bitcoin can't be a world's currency neither at 7-11 transactions per second or at 28-44 transactions per second, it needs thousands of transactions per second to do it, like Visa does, and Lightning Network is the only way to achieve this.
August 10, 2021, 11:11:13 AM
So basically, the point is that you believe Satoshi should've decreased the block time while increasing the maximum supply.
Going by the economics of a currency, there is no problem with the supply because it is divisible, and thus we wouldn't run into an extreme shortage of the currency and making it excessively scarce and unsuitable for normal payments. As with the block intervals, it was done with a compromise, to try to keep orphan rates low while being sufficiently fast. At that time, it would've been a fairly reasonable assumption to make.
Going by the economics of a currency, there is no problem with the supply because it is divisible, and thus we wouldn't run into an extreme shortage of the currency and making it excessively scarce and unsuitable for normal payments. As with the block intervals, it was done with a compromise, to try to keep orphan rates low while being sufficiently fast. At that time, it would've been a fairly reasonable assumption to make.
August 10, 2021, 11:02:32 AM
Is it only because of this comparison that you have come to a conclusion? I don't think it's enough to just compare one or two points. Because all are built from different histories and you should know that. Matching it with Litecoin won't make everyone think in your line.
August 10, 2021, 10:08:11 AM
You're only focus about scalability issue on Bitcoin, not about the real life usage, security, development, and community. Lightning network already start to solve the fees of Bitcoin transaction, then there's no reason again to replace Bitcoin with other altcoin so called cheap fees.
If Litecoin has same marketcap as Bitcoin, I believe the fees is similar with Bitcoin.
If Litecoin has same marketcap as Bitcoin, I believe the fees is similar with Bitcoin.
August 10, 2021, 09:54:54 AM
Litecoin isn’t a global acceptable cryptocurrency then bitcoin yet, bitcoin is a most acceptable and usable cryptocurrency then all others.
August 10, 2021, 09:43:44 AM
I really like LTC for it's low fees and fast transactions but there are reasons why it's not so popular and expensive. If it would be so great it would be at least in top 5 crypto list.
August 10, 2021, 08:43:42 AM
Litecoin's 84 million coins with 2.5 minute block time vs Bitcoin's 21 million coins with 10 minute block time.
Bitcoin is an asset but struggles as a currency while Litecoin is an asset and a better currency because of Litecoin's faster transaction time with lower transaction fees.
So, what does Bitcoin have to do with Litecoin's, of course, the transaction/miner block issue, has nothing to do with Satoshi.Bitcoin is an asset but struggles as a currency while Litecoin is an asset and a better currency because of Litecoin's faster transaction time with lower transaction fees.
Who created Bitcoin and who created Litecoin's, of course these two questions are far from your idea, if you know the quote below, maybe you are embarrassed to say that.
Quote
The cryptocurrency was created based on the Bitcoin (BTC) protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.
What you need to know is: Charlie Lee and Satoshi are different people, if there is no Bitcoin, make sure there is no Litecoin either.
August 10, 2021, 06:58:21 AM
The issue with this is that the community decides what they want to support and they mainly have users who want the most secure chain or the most innovative (and most of the major alt coins are neither of those). Bitcoin's security is much better than almost every other cryptocurrency because of the level of exposure it gets as well as the hashrate (quite a bit of bitcoin news makes its way into mainstream news - or has done in the past wgne significant events occurred).
It is at least accepted in a lot of places bitcoin is when buying things (as well as other coins like bcash, monero and ethereum).
It is essentially the same thing though too... Litecoin seems to not have much work being done on it though with it being left idle for over a year on github.
You selecting one out of hundreds makes no sense. Besides if LTC were any better than bitcoin then it would have been actually used as a currency while it isn't.
It is at least accepted in a lot of places bitcoin is when buying things (as well as other coins like bcash, monero and ethereum).
Litecoin is nearly identical to Bitcoin"
It is essentially the same thing though too... Litecoin seems to not have much work being done on it though with it being left idle for over a year on github.
August 10, 2021, 06:56:56 AM
Litecoin's 84 million coins with 2.5 minute block time vs Bitcoin's 21 million coins with 10 minute block time.
Bitcoin is an asset but struggles as a currency while Litecoin is an asset and a better currency because of Litecoin's faster transaction time with lower transaction fees.
Bitcoin is an asset but struggles as a currency while Litecoin is an asset and a better currency because of Litecoin's faster transaction time with lower transaction fees.
There were a lot of Bitcoin clone coins made, and probably more other will come. The only lucky part for Litecoin is that it was the first (99%) clone. The first ones still survive. If Litecoin would have been created this year, it probably would be dead already.
So Satoshi should have not done anything different. On the other hand, you should not preach about altcoins, since whatever you say, they are not Bitcoin. Not at all.
August 10, 2021, 06:46:23 AM
Litecoin's 84 million coins with 2.5 minute block time vs Bitcoin's 21 million coins with 10 minute block time.
Bitcoin is an asset but struggles as a currency while Litecoin is an asset and a better currency because of Litecoin's faster transaction time with lower transaction fees.
Bitcoin is an asset but struggles as a currency while Litecoin is an asset and a better currency because of Litecoin's faster transaction time with lower transaction fees.
Let's not hope for something that didn't happen and now don't have a chance to happen. Litecoin was literally created by copying the concept of bitcoin. It was one of the oldest currencies after bitcoin and that's why it's still being traded in the market. It doesn't have any unique capabilities like ETH. Ithereise litecoin would have increased like bitcoin or ETH did.
I do agree with the issues you have mentioned. It indeed has a higher transaction fees and slower confirmation time and hence it is mostly used as an investment rather than a currency. But there's nothing people can do now.
August 10, 2021, 06:07:52 AM
There's no point in comparing unused potential. LTC might be technically capable of providing 4x the number of transactions BTC does. But in practice, it handles roughly half the number of transactions BTC does. Until a network is running at capacity for a prolonged period of time, you can't accurately compare how well it competes with Bitcoin.
I could create a coin that can theoretically handle 20x, or even 50x, the number of transactions that Bitcoin does. But if it only has a small handful of independent nodes and hardly anyone mining it, it's not going to be a secure network. And if this new coin was running at capacity, the total size of the blockchain would be growing really quickly, which is not a good incentive for people to run nodes. It would be centralised and would require trust when you use it. That defeats the whole point of what satoshi set out to achieve.
And as for total capitalisation, that will impact the value of the coin. This was something satoshi understood and was a factor in how many coins they settled upon. Until you understand these factors, there's little point in discussing what satoshi "should" or "shouldn't" have done.
I could create a coin that can theoretically handle 20x, or even 50x, the number of transactions that Bitcoin does. But if it only has a small handful of independent nodes and hardly anyone mining it, it's not going to be a secure network. And if this new coin was running at capacity, the total size of the blockchain would be growing really quickly, which is not a good incentive for people to run nodes. It would be centralised and would require trust when you use it. That defeats the whole point of what satoshi set out to achieve.
And as for total capitalisation, that will impact the value of the coin. This was something satoshi understood and was a factor in how many coins they settled upon. Until you understand these factors, there's little point in discussing what satoshi "should" or "shouldn't" have done.
August 10, 2021, 12:30:53 AM
So the current bitcoin price is not $46k anymore, just $162. How about saying: "there should be no altcoins after bitcoin".
If you read wikipedia, it has already been mentioned that " In technical details, Litecoin is nearly identical to Bitcoin". In conclusion, there's basically no point in creating something new that has the same use case as the existing one and no significant feature difference. By looking at the price comparison of the two, you will know which one really meets the expectations of many people.
If you read wikipedia, it has already been mentioned that " In technical details, Litecoin is nearly identical to Bitcoin". In conclusion, there's basically no point in creating something new that has the same use case as the existing one and no significant feature difference. By looking at the price comparison of the two, you will know which one really meets the expectations of many people.
August 10, 2021, 12:02:42 AM
There are a lot of shitcoins that copied bitcoin and changed a lot of different variables including total supply and time between blocks. You selecting one out of hundreds makes no sense. Besides if LTC were any better than bitcoin then it would have been actually used as a currency while it isn't.
August 09, 2021, 11:26:17 PM
Litecoin's 84 million coins with 2.5 minute block time vs Bitcoin's 21 million coins with 10 minute block time.
Bitcoin is an asset but struggles as a currency while Litecoin is an asset and a better currency because of Litecoin's faster transaction time with lower transaction fees.
Bitcoin is an asset but struggles as a currency while Litecoin is an asset and a better currency because of Litecoin's faster transaction time with lower transaction fees.
Jump to: