Topic: The LTC effect on BTC (Read 3452 times)

It will be easier for Proof-of-Stake vanity coins to become culturally popular. They will be intrinsically worthless, but any celebrity could issue them and probably get them to be traded.

i hope to see thousands of cryptocurrencys, ranging from city brand, to football teams or red cross etc etc 

Oh right. Just like every other product/invention ever made.

Oh noez too many auto companies, software companies, food product companies...they are all going to crash because there is too many of them.

Bitcoin is still a pea in an ocean. There is tons of capital all around the world that can still come into the crypto currency arena and you are already claiming that cryptocurrencies will die because there are too many of them?

The idea of a cryptocurrency is out of the bag. The genie has been let out. Just because Bitcoin is the first does not mean:

1. That it is the only viable option.

2. That no other alternative could come out and be successful

3. That if others like it are created that it would kill cryptocurrencies altogther.

This is laughable. The logic fail is epic.  

Edit: Even precious metals that were used as money had 2. Gold and silver. And that was decided by the free market.

If people accept something as payment, it doesn't matter what you think or call it, that is the free market working.

And bitcoin is not speculative? lol i love the double standards around here. 

Coblee isn't exactly anonymous. 

Met the guy in person. Nice guy. 

The alt-coins are necessary to defend against a 1% attack. What stops millionaires and billionaires from starting VCs and buying all the critical Bitcoin companies so that we have to make them even richer while giving them indirect control over the infrastructure?

Having multiple crypto-currencies is another form of decentralization only in this case it's decentralization of the infrastructure so that if Bitcoin does go down or does get corrupted then there are other coins.

Its another fontas coin, what the heck do you expect.

Is this thread part of the LTC "IPO" or, in other words, massive litecoin pump and dump scheme?

Stay clear of litecoin unless you want to get seriously burnt. There is some big market manipulation going on there.

Sorry but I think your point of view is pure bullshit, could you tell us why you can't respond to any of the undisputable 100% economically sound logic I posted in my last post and instead decided to go around calling me 'biased'? Oh maybe because my logic was undisputable and 100% economically sound.

Are you honestly legitimately saying right now that LTC doesn't clearly for 100% obvious reasons damage BTC?

And they'd be 100% absolutely right. Of COURSE BTC hurts fiat (or at least, would if it were successful), and if I'm not mistaken, isn't that sort of the entire point?

Clearly not. Once again, just because the software is open enough to allow you to act stupid with it, doesn't mean you have to.

So you are now trying to be the ultimate hipster and try to overthrow a currency that isn't even established and replace it with another currency that is even less established and undermine the entire concept of crypto in the process? Good job.

While btc dropped 20% in a week, LTC stayed the same (with a peak of about 15% above current price). Therefor I don't understand the validity of your argument.


As if it didn't already happen (in much much worse) in the past with BTC... Stop spreading FUD with outright blatant bullshit.

Also, congrats. You shall be the first on my ignore list And it takes a lot to get on my nerves. But you sir managed to do it.

LTC is only climbing because it is currency paired with multiple fiat currencies on BTC-E along with BTC. The price of LTC is directly linked to BTC because it is used for arbitrage with the fiat currencies. LTC rises and falls in terms of fiat directly proportional to its trading value with BTC. In other words, it is a purely speculative device that has no intrinsic value over BTC.

And why only these two? Why not 3 succeed? Or 4? Or 5? Or 6? Or 7? Or 8? Or...
But wait...not enough fiat for all these. Funny how a double edge sword cuts - the same argument used in favor of LTC, OMG is the doom of LTC!!!!

I think that the CC's have thrown up the first true free market as their is no way to cheat in it due to maths, further the evolution by competition is very good as it ensures maximum diversity and best features.However there is a way to get an advantage, be an earlier adopter. What does this do, make more people start coins, to be their own early adopter, this drives innovations.

What a lot of people have not Groked is that 'BTC' forces other coins/alts to exist

Sorry but I think your point of view is extremely biased, could you tell us why? Just to understand.

You, like many others, try to push BTC in every way you can (as you said), now even saying that LTC is going to damage BTC. To be honest that's pathetic and only people like you will believe it. I guess that's what FIAT people say about BTC...

I will tell you what, LTC finally demonstrates that BTC is opensource and can be forked by anybody. Are you also against opensource?

BTC is not here to stay forever, I am sorry for you but this is inevitable. It was the first but somebody will come up with a different better solution maybe taking bit and pieces from BTC or maybe a BTC fork from the official bitcoin-qt dev team.

The funniest thing is that you talk about ideals and financial revolution and you are attacking another crypto

well I get your worries there, But if Bitcoin dies it wont die because of LTC, the fact that you maybe do not know is that Bitcoin is having some major issues now (block size, minimum transaction...) and Developers are struggling to fix it with the least damage, in this case we need an alt to be there when bitcoin get more widely used to get off some of the load from the block chain, or just standing by in any case of what ever.


I just do not see how when bitcoin in the near future hits 1000 or 10,000$ will be a good payment method for small amounts of money, as baying  coffee or a meal or paying for a train ticket... if all existing users and new users decides to start using it for such transactions 0.001BTC or 0.0001BTC we will be spamming the block chain, I would like to save my Bitcoins for something bigger or for a sort of savings. and use LTC for this kind of transactions, even if LTC hits 50$ it will be still useful for this.


there is plenty of points you are missing here, a fact that LTC is so big now that you can't ignore it anymore, the network hash rate is @28,-- GH/s the equivalent of what bitcoin network were 6-8 months ago, it's daily trading of around $1 million, with amazing developers and most importantly is gaining attention all around, services are adopting it and users as me are supporting it. this doesn't change a bit of what I think of my Bitcoins or the way I use them.

I'm not claiming that investors are 'stupid', I am claiming that the free market doesn't mandate that people act stupid simply because they are free to do so.

What? Where the hell did I say that? The investors in LTC are damaging BTC, that is just a fact. Whether they are damaging themselves financially is yet to be seen. I'm not trying to 'save' anyone, I'm trying to do everything I can to help BTC in any way I can, and if pointing out the obvious without beating around the bush is what I think is the best way of doing my small part to eliminate the #1 threat to cryptocurrencies, then damn right I am going to say it no matter how many people get pissed off because I'm not saying it in a polite enough manner for them.

Nobody can provide proof of the future, that is crazy. However there is a nice thing called 'logic.' And that is, that the 2 main reasons cryptocurrencies aren't used more is (1) a lack of businesses accepting cryptocurrencies and (2) a lack of a stable exchange rate. The introduction of alt-coins provides no real advantage other than some obscure advantage that doesn't serve to fix either of these humongous problems, and furthermore it forces cryptocurrencies to spread themselves thinner among more currencies or pick-and-choose among currencies, thus reducing the acceptance of any given currency, while also creating pseudo-inflation further destabilizing the exchange rate.

The lack of a standard cryptocurrency is thus the #1 most likely reason why cryptocurrencies as a whole would fail, period. Every single new currency introduced and supported just makes it that much more likely that cryptocurrencies will die. That much should be damn obvious. And yes, Bitcoin is the first one and thus Bitcoin is the closest thing there is a standard. Thats a fact.

Listen I honestly don't care if some idiots get scammed into buying some useless and pointless coin. Hell, I'm the one that played HYIPs for over a year. But I do get mad when people undermine what is potentially the largest financial revolution I am likely to witness in my lifetime, even if those people do manage to make a couple of bucks by flipping their whatever-coin.

Well I agree with you to a certain point, but when you claim that investors are "stupid" and you are somehow saving them with your statements or what so ever, is just wrong! at least you could provide a solid prove of why you think that, and I do not expect the famous answer of " because we have Bitcoins" or " Bitcoin was here first", well Mercedes was there first but I love BMW cars, they do the same thing in different ways and they both have strong fans and large market, and we have million examples, linux, windows, mac... pepsi, coca cola... DELL, HP....USD,EURO..... 

- I also agree that there are so much scam-coins, bad copys of BTC and LTC that doesn't bring anything except having a big fat wallet and taking advantage of the people who thinks that they will get rich over night, but hey I am not angry at the creators, I just feel sorry for these people mining and buying these coins, but at the end of the day my logic tells me that they deserve it.



no real investor would just threw his money before knowing the thing that he is getting involved with, I gues you didn't just hear of bitcoin and the next minute you decided that you will be investing without knowing exactly what it is, at least I know that I was researching for about 2 weeks before investing a single dollar.

You can't have a creation like BTC within a free market without expecting some guys creating similar alternatives to it. Right now it's hard to say how even bitcoin will establish. I think it's great to have something like litecoin. Alternatives are always a good thing. Of course they depend at some point of bitcoins success. LTC has a few advantages over BTC even if it's still very similar. We will see how these advantages will work out in the future. Of course people can make/loose huge short-term profit with it and so a lot of speculators will sooner or later jump on it too. Bitcoin is still in it's early days and litecoin even more. The fluctuation isn't a bad thing at all and may stabilize over time with market growth. Therefore is also a long-term success chance for litecoin. For me there is no reason why LTC shouldn't exist besides BTC. Does it take any potential value from BTC? According to the value in USD, yes. But that doesn't mean these two can't coexist without hurting each other. You don't blame silver that it makes your gold less valuable than it could be without. If people see reasons to convert some/all of their BTC into LTC then it shall be that way.

I'm looking forward to this and think both of em will have their usage(s).

Looks like LTC is dropping hard. I guess people are finding out about the over $10 million worth of Litecoin being stolen from individual's wallets. I really don't blame anyone for getting rid of LTC at this point. Too many scams.

I own 32 bitcoins if you must know. I fail to see how this is at all relevant.

I don't have anything against a free market, I'm all for a free market, yet in a free market I am allowed to tell the truth, nor does a free market mandate being stupid. Moreover, at the present the market isn't free, and the way people are using alt coins, it won't ever be free, because of all the alt coins undermining the standard that is Bitcoin.

There is a difference between supporting a large company or brand over competition vs. supporting the established open-source protocol vs. other similar protocols. An open-source protocol doesn't go around abusing a monopoly.

All these 'innovations' in the alt coins are just an alternate way of fixing the same problem, which would be fine and dandy, if those alternate coins were the standard. But they aren't. So by using them you undermine the standard and force a system where there isn't a standard at all and Cryptos die to the pseudo-inflation ridiculous amounts of coin types.

But yes, this is a free market. You're perfect free to support alt coins. Last time I checked a free market doesn't mandate acting stupid simply because you have the freedom to do so.