Litecoin is used exactly for 1 thing, mining new litecoins to either sell them for bitcoins or dollars, or to hoard them (which is is highly questionable since it's a Tulip bubble).
... The whole LTC economy is based on people mining new LTC's, it's a dead end loop.
... The whole LTC economy is based on people mining new LTC's, it's a dead end loop.
Yes. I came to the same conclusion too.
The first-mover advantage in crypto-currency is absolutely critical. I just can't see mainstream sites offering >1 choices of crypto. The public would see it as a Sony/Betamax or Blu-Ray/HDDVD drama all over again and be annoyed about it.
you guys forget, that by buying ltc with btc
and buying btc back with ltc you wash btc.
LTC is also much faster. We have seen where BTC can take 1 to 2 hours to have just one confirm. Operations that need speed all the time will use LTC.
Why not just a faster BTC like TRC? Something that can already be mined with ASICS and thus secured rather quickly. Bitcoin was relatively safe from attack in the past 4 years of it's growth because no one took it seriously. Now that people realize it's the future, the computational power required to upset it has become exponentially large. Not so with litecoin. It will take a while before someone builds an asic type device for Litecoin, yet Litecoin will not be spared any attention. It's ASIC unfriendly algo means it remains vulnerable longer, in a time when people are already aware of it's potential value. It doesn't have the protection of being dismissed as a silly idea, and the luxury to grow quietly in strength.
