Topic: User Luke-Jr claims Litecoin is a "quick pump and dump scheme" on Wikipedia - page 2. (Read 8267 times)

Hypocritical of Luke-Jr hey Complaining about a clone ...

Though I do wonder about the thread title "quick"
It's been around for quite a while.
But Luke-Jr does have his own definition of words given to him directly by a priest or maybe even the pope ...

Restrictive licensing? That'll improve adoption.

They all hate it because all the man hour is put into bitcoin, other coins just fork, adjust some params, or change a few algorithms, and compete with the original.

Maybe bitcoin needs a new license to prevent the clone from taking benefit from it.

Sir, since I maintain the most used software that mines both, I strongly beg to differ on that point.

https://bitcointalksearch.org/topic/turns-out-that-pump-and-dump-isnt-actually-derived-from-any-human-emotion-192401


that's all i want to say.

this plus 1 so much.

People who are only BTC and hate all other crypto coins are just BTC fan boy. They are only in it for the name brand, not the ideas behind it.

Luke Jr and Theymos will soon be calling for regulations on what crypto coin can be traded? Will they go to the govt and try to stop Mt. Gox from listing LTC as they have publicly said they would do? Wil they ask the govt to use violence to stop the free market and protect BTC's failing market share?

Man these guys are so but hurt it is not even funny.  

Free market for the win! Cryto coins for the win!

Don't be a hater guys, if you truly understand the ideas behind crypto coins you will not try to attack them.



Edit: I hope this never happens but if BTC breaks or has a hard fork and we all are forced to use LTC I will lol so hard at people like theymos. At least Luke-Jr has held LTCs for almost a year.

Couldn't agree more. You said the truth

In the real world, guys who want to get rich fast can make and distribute counterfeit money
In network connected world, guys who want to get rich fast can copy BitCoin without adding any real value to it and start mining

That's why I really respect the guy who creates PPCoin.

Luke-Jr has a right to his opinions. He must genuinely believe what he says, because in fact, if he was just doing it for the profit, he would be encouraging people to move to litecoin - right now around 25-30% of the BTC mining population are GPU people, so the more of those that move to LTC mining, the lower the BTC difficulty gets and the more BTC he mines on his BFL Jalapeno.

I feel somewhat wary when expressing any opinion on the bitcointalk forums because I know it will be ripped to shreds by the voracious masses, nevertheless - my personal opinion is that the improvements in security and speed of confirmation is not enough benefit to outweigh the fact that litecoin's main weakness is that it is a lot easier to mine from a botnet, thus meaning that cryptocurrencies as a whole will get a load of negative press when the anti-malware industry starts blogging about litecoin bots (and there will be a TON of them).  Satoshi always said that he thought the future of bitcoin would be that it would move from most mining nodes being powerful 'farms' (I could probably find


Another overarching issue I have with litecoin (and in fact all alt-coins) is that I can't help but think they are created by people who feel that they 'missed the boat' on bitcoin.  I see the real benefits of bitcoin coming along when all the coins have been mined and it's used as a payment system - mining is such a small part of bitcoin, it happened to be the way that satoshi decided to distribute the coins (c.f. the way opencoin decided to distribute XRP, which is probably less fair, but they had to come up with something since they didn't want to support it through mining) and I think it's a very fair/inventive way of doing it.

On the subject of alt-coins, I think ppcoin/novacoin (depending on your view on the whole botnet issue) has some really interesting ideas with the proof of stake rather than proof of work - I'll put my line in the sand here in this post by saying it probably has the most potential (other than BTC - which will be successful due to adoption and Ripple - which will be successful due to the money/VC behind it) to be successful in the long term.

Anyway, now I'm rambling.  But my point is that you should respect Luke's opinions just as much as everyone else's - how about trying to come up with arguments why you disagree with him rather than ad hominem attacks.

Will (always regrets posting on this forum)

I hear they're prescribing tinfoil for that a lot these days.

I've been looking into gold foil myself...

I hope someone does and soon , it will be a further part of the evolution .

but I think trying to pack DDR5 RAM on an ASIC board will hold people up for a little while $/# wise.

he's really just making a fool of himself -

I read the section where he/she claimed that Scrypt is actually more prone to specific devices such as FPGA or ASIC, then when ask for an explanation/reference he asked for a reference as to why Scrypt was a feature? ?

and offered no further information ?

Although no professional but from what i have learned about the Salsa core function - the speed/cost $/# multiple is maybe 6X (maybe) even with an ASIC -

But then that would rely on getting the Memory on the board - and the latest memory.

The latest GPU cards (HD7970 etc) have DDR5 cutting edge transfer rates - and that is certainly part of the key to Scrypt Slasa function # speed on these GPU's

- so he probably should have tried to break that argument down in some way - but instead he essentially said - " I have no credibility " -

re-posted.

+1

Really? Really?

You dont think Litecoin significantly improves upon Bitcoin, even though its a lot faster, easier to mine, and is orders of magnitude more secure?

OK fine, you can have your opinion, we are all entitled to one. But dont forget, a lot of the most ardent LTC adopters have been BTC supporters for years and are happy to support a new currency while they continue to support Bitcoin.

The worst argument against LTC is that by somehow supporting both currencies, you are somehow detracting from Bitcoin. Thats patently ridiculous. Its like saying, because you like Vanilla, you are Anti-Chocolate. You know what kind of ice cream I like? A Neapolitan - its a blend of vanilla, chocolate, and strawberry. I hold stock from Apple, Microsoft, and Google.

Right now, in my view, there is no real Strawberry in the cryptocurrency world, but its pretty damn clear what Chocolate and Vanilla are. When a lightspeed Taco flavored currency is released onto the market, I will be the first to support it. But Im not interested in pyramid schemes, scams, pump-n-dumps, or flavors of the week - and Im sure many of you know what coins Im referring to.

Litecoin has no chance of going anywhere? O rly? RLY? Then how do you explain how Ive made more mining and investing in LTC than most working stiffs make in a year? Im investing in the infrastructure and starting a business that accepts Litecoins. Im trading them for fiat which Im spending at local businesses while I explain to them the benefits of cryptocurrency and why they should accept BTC and LTC.

Dont be be bitter than you wrote off Litecoin as some second class citizen. Its easily earned its place as the silver to Bitcoins gold. If you cant see that reality yourself, you have your eyes wide shut.

I personally don't care much for Litecoin, and probably won't have much if anything to do with it.  I think it might have a future, but I wouldn't be surprised to see it go belly-up either.  If any of the altcoins has any legitimacy, though, it is Litecoin, maybe Namecoin, maybe one or two others that have some purpose for exhisting.

I am a lot more suspicious of the proliferation of bullshit me-too-coins (BBQcoin I'm looking at you) that basically have no purpose or reason for existence.

That's a lot different than them being a scam.  Luke-Jr has no evidence whatsoever that Litecoin is actually a scam and is basically libeling anyone who participates in it.  Based on nothing.  At least if I say Luke-Jr is a scammer, I have plenty of evidence in the betsofbitco.in thread where he blatantly helped them rig a bet to help them steal money.  So he has no business calling anyone else a scammer.

Luke-jr is one of the people controlling the Press Center and advocating against Matonis for being too "radical".

These people are making Press Relations decisions.

Wake up and smell the takeover. They (luke-jr, gmaxwell and jgarzik) think they are much much more than developers, they lord over bitcoin.org and make PR decisions now.

Clueless and dangerous

Do you know what "resistance" means? Try looking that up before you make yourself look like an idiot--again.

They are simply different versions of the same concept of crypto-currency. Neither coin is "better", they are simply experiment with a different approach. You can't experiment if you're afraid of trying different things. Who knows what the results may be?

Also, some people have a warped sense of "free market" around here. It seems that free market is only good when you use Bitcoin. When (free) people decides to use Litecoin, now the concept of free market is bad and hurting Bitcoin? I think it's time for regulations to protect Bitcoin I suppose...

The only people wasting their time around here are those attacking the work of others.

From reading his ludicrous claims on the Wikipedia talk page, this guy apparently knows as much about how Wikipedia works as he does about Litecoin.  That is, SFA.


What a total douchenozzle.

Agreed. I encourage people to mine LTC if it's profitable for them to do so, but it's sad that some people are actually investing in Litecoin. Litecoin and other near-exact Bitcoin clones have no chance of going anywhere, and it's a tragedy that people are spending time on them rather than Bitcoin or an altcoin that actually improves significantly on Bitcoin. There are so many interesting things that an altcoin could do, but people waste time on these tiny Bitcoin modifications...

an extremely good coder who happen to be a douchenozzle.