Topic: What Litecoin means for Bitcoin (and crypto in general) once it's on Mt.Gox (Read 8600 times)
July 21, 2013, 01:31:39 PM
July 02, 2013, 10:00:24 PM
Really this arguing is giving me a headache.
NONE OF YOU CAN PREDICT THE FUCKING FUTURE
People have been saying LTC will be worthless in 2011; it's now almost $3 each.
People are still saying that.
It might be true, it might not be.
If you knew, you won't be here right now; you'll be either hoarding it or dumping it, and you certainly won't be fucking tell anyone else.
Stop trying to impose your "knowledge" on other people, because truth is, your guess is just as good as the shit that comes out of my ass.
+1 NONE OF YOU CAN PREDICT THE FUCKING FUTURE
People have been saying LTC will be worthless in 2011; it's now almost $3 each.
People are still saying that.
It might be true, it might not be.
If you knew, you won't be here right now; you'll be either hoarding it or dumping it, and you certainly won't be fucking tell anyone else.
Stop trying to impose your "knowledge" on other people, because truth is, your guess is just as good as the shit that comes out of my ass.
July 02, 2013, 09:55:04 PM
Really this arguing is giving me a headache.
NONE OF YOU CAN PREDICT THE FUCKING FUTURE
People have been saying LTC will be worthless in 2011; it's now almost $3 each.
People are still saying that.
It might be true, it might not be.
If you knew, you won't be here right now; you'll be either hoarding it or dumping it, and you certainly won't be fucking tell anyone else.
Stop trying to impose your "knowledge" on other people, because truth is, your guess is just as good as the shit that comes out of my ass.
NONE OF YOU CAN PREDICT THE FUCKING FUTURE
People have been saying LTC will be worthless in 2011; it's now almost $3 each.
People are still saying that.
It might be true, it might not be.
If you knew, you won't be here right now; you'll be either hoarding it or dumping it, and you certainly won't be fucking tell anyone else.
Stop trying to impose your "knowledge" on other people, because truth is, your guess is just as good as the shit that comes out of my ass.
July 02, 2013, 09:46:08 PM
June 25, 2013, 03:33:22 PM
Don't need much more proof than this that Alt-currencies will needed in the future. Especially if Bitcoin ever takes off.
https://bitcointalksearch.org/topic/warning-bitcoin-will-soon-block-small-transaction-outputs-196138
Also, another added benefit of alt-coins are the fact that they aren't Bitcoins. With the US gov't having Bitcoin as their latest target, every transaction is going to be scrutinized and there will be more and more sites being shutdown for using/accepting Bitcoins. Who knows, if they become desperate enough, they may just 51% it to take it out right away.
https://bitcointalksearch.org/topic/warning-bitcoin-will-soon-block-small-transaction-outputs-196138
Also, another added benefit of alt-coins are the fact that they aren't Bitcoins. With the US gov't having Bitcoin as their latest target, every transaction is going to be scrutinized and there will be more and more sites being shutdown for using/accepting Bitcoins. Who knows, if they become desperate enough, they may just 51% it to take it out right away.
Everything that applies to Bitcoin applies to Litecoin. FinCEN doesn't even name Bitcoin by name. The guidance refers to "decentralized virtual currencies".
June 25, 2013, 03:30:42 PM
Lol this Seth guy is clueless.
Just because Litecoin can't (yet) be used for million dollar arbitrage possibilities does not make Litecoin useless as an arbitrage tool. It will be used successfully for small arbitrage that the order books allow.
You're also basing things on the current market cap of 2.7% which Litecoin enjoys. That could easily go up a lot when it starts being traded on mtgox, more bitcoin accepting merchants start accepting it, people use it for arbitrage, publicity sky rockets as the press report on it more etc etc.
Just because Litecoin can't (yet) be used for million dollar arbitrage possibilities does not make Litecoin useless as an arbitrage tool. It will be used successfully for small arbitrage that the order books allow.
You're also basing things on the current market cap of 2.7% which Litecoin enjoys. That could easily go up a lot when it starts being traded on mtgox, more bitcoin accepting merchants start accepting it, people use it for arbitrage, publicity sky rockets as the press report on it more etc etc.
So litecoin can't be used for significant arbitrage now, but it will when it starts to overtake bitcoin. Litecoin has been around for almost 2 years and isn't even close to 100 merchants, but ANY DAY NOW IT'S ABOUT TO EXPLODE. JUST WAIT AND SEE.
lol. Litecoiners are so delusional.
EDIT: oh good, the thread got moved to the right forum. What took so long?
June 25, 2013, 02:22:47 PM
Don't need much more proof than this that Alt-currencies will needed in the future. Especially if Bitcoin ever takes off.
https://bitcointalksearch.org/topic/warning-bitcoin-will-soon-block-small-transaction-outputs-196138
Also, another added benefit of alt-coins are the fact that they aren't Bitcoins. With the US gov't having Bitcoin as their latest target, every transaction is going to be scrutinized and there will be more and more sites being shutdown for using/accepting Bitcoins. Who knows, if they become desperate enough, they may just 51% it to take it out right away.
https://bitcointalksearch.org/topic/warning-bitcoin-will-soon-block-small-transaction-outputs-196138
Also, another added benefit of alt-coins are the fact that they aren't Bitcoins. With the US gov't having Bitcoin as their latest target, every transaction is going to be scrutinized and there will be more and more sites being shutdown for using/accepting Bitcoins. Who knows, if they become desperate enough, they may just 51% it to take it out right away.
June 25, 2013, 02:15:49 PM
Man, the bitcoin'er are geting desperate. See that free money slipping away. 
June 25, 2013, 01:26:50 PM
Lol this Seth guy is clueless.
Just because Litecoin can't (yet) be used for million dollar arbitrage possibilities does not make Litecoin useless as an arbitrage tool. It will be used successfully for small arbitrage that the order books allow.
You're also basing things on the current market cap of 2.7% which Litecoin enjoys. That could easily go up a lot when it starts being traded on mtgox, more bitcoin accepting merchants start accepting it, people use it for arbitrage, publicity sky rockets as the press report on it more etc etc.
Just because Litecoin can't (yet) be used for million dollar arbitrage possibilities does not make Litecoin useless as an arbitrage tool. It will be used successfully for small arbitrage that the order books allow.
You're also basing things on the current market cap of 2.7% which Litecoin enjoys. That could easily go up a lot when it starts being traded on mtgox, more bitcoin accepting merchants start accepting it, people use it for arbitrage, publicity sky rockets as the press report on it more etc etc.
June 25, 2013, 01:10:46 PM
Lets go back to what everyone really cares about. where do you think LTC will peak? My bet is 18 USD by end of the year
June 25, 2013, 12:26:23 PM
Do you retarded litecoin supporters think adding feathercoin to mtgox would help eliminate arb opportunities too? How about ixcoin? Adding litecoin would only help arbitrage if the litecoin market cap was LARGER THAN BITCOIN. Adding a tiny market to an exchange does nothing to smooth rates out because so little money can be funneled through the link before it creates another differential and arbitrage opportunity there. Adding USD as an option, however, MASSIVELY helps smooth out arbitrage opportunites because USD market cap is way bigger than bitcoin so nothing happens to the USD market when you send 100k USD from japan to bitstamp for an arb. The arb opportunities only exist because of the fees and wait time associated with sending USD wires.
This is an interesting point, but it's only valid if the volume on Mt. Gox is larger than LTC's market cap, which it is not (it's < 20%). Since most people involved in LTC right now are presumably speculators, it stands to reason that LTC has enough room to absorb the arbitrage, which will be significantly less than even Mt. Gox' daily volume.
Comparing TRADING VOLUME to MARKET CAP is irrelevant. We are talking about arbs. Comparing MARKET DEPTH between mtgox and litecoin would be relevant. The arbs currently exist between BTC/USD on mtgox and BTC/USD on bitstamp. Adding tiny markets for LTC/USD or LTC/BTC will not help, and neither would it help to add IXC/BTC. The second anyone moves a decent amount of money through the alt-pairs to take advantage of the arb, a LARGER arb will be created in the alt-pair than exists for BTC/USD. This is because the alt-pairs have no market depth. If several exchanges added GBP/USD, that could help with arbs since GBP is a huge market and UK bank transfers take <2hr. I can't believe this thread hasn't gotten moved. How is a thread where people argue "Adding (currency with tiny market cap) means more efficient arbs" allowed to pollute the main bitcointalk forum?
June 25, 2013, 10:48:27 AM
Can you explain to me how you can use litecoins to speed up the arbitrage trade I discussed bearing in mind that all the historical evidence suggests LTC/BTC rates will be almost the same across all exchanges.
My thought is that having LTC listed on Mt. Gox will drive down the gap in USD prices, since historically the gap in prices between exchanges where both BTC and an alt are listed has been smaller than the gap between Mt. Gox and said exchanges. (This could be because of volume, or any one of another ten million reasons, though; obviously it's just a guess.)
Do you retarded litecoin supporters think adding feathercoin to mtgox would help eliminate arb opportunities too? How about ixcoin? Adding litecoin would only help arbitrage if the litecoin market cap was LARGER THAN BITCOIN. Adding a tiny market to an exchange does nothing to smooth rates out because so little money can be funneled through the link before it creates another differential and arbitrage opportunity there. Adding USD as an option, however, MASSIVELY helps smooth out arbitrage opportunites because USD market cap is way bigger than bitcoin so nothing happens to the USD market when you send 100k USD from japan to bitstamp for an arb. The arb opportunities only exist because of the fees and wait time associated with sending USD wires.
This is an interesting point, but it's only valid if the volume on Mt. Gox is larger than LTC's market cap, which it is not (it's < 20%). Since most people involved in LTC right now are presumably speculators, it stands to reason that LTC has enough room to absorb the arbitrage, which will be significantly less than even Mt. Gox' daily volume.
June 25, 2013, 03:44:53 AM
Do you retarded litecoin supporters think adding feathercoin to mtgox would help eliminate arb opportunities too? How about ixcoin? Adding litecoin would only help arbitrage if the litecoin market cap was LARGER THAN BITCOIN. Adding a tiny market to an exchange does nothing to smooth rates out because so little money can be funneled through the link before it creates another differential and arbitrage opportunity there. Adding USD as an option, however, MASSIVELY helps smooth out arbitrage opportunites because USD market cap is way bigger than bitcoin so nothing happens to the USD market when you send 100k USD from japan to bitstamp for an arb. The arb opportunities only exist because of the fees and wait time associated with sending USD wires.
June 24, 2013, 07:35:19 PM
Bitcoin has already won, you idiot.
Bitcoin is still in it's infancy. If bitcoin wins you'll notice it by price going to hundreds of thousands of dollars a coin. Bitcoin still can be killed.
To be true, I think Bitcoin and all current cryptocoins will stay what they are. An experiment. There is no way top 1% will accept some computer
geeks, especialy liberitarians and anarchysts, becoming new wealthy class. Those at top right now will do everything in their power to stay there.
Bitcoin and all current cryptocoins will not be killed or overtaken but made obsolete by global currencies mandatory on every step, controlled and
tracked by elite.
Thank you though for doing a business accepting bitcoin. I also accept bitcoins for coding services I provide, and I'm not going to ever accept Litecoin.
Bitcoin Megastore does not accept bitcoins since it is part of the CafePress which does not accept bitcoins. It helps promoting Bitcoin though.
Wow finally something we can both agree on. And I have said it many times already. There is no way that Bitcoin will become the all out defacto World currency, even though that is what a lot of people on this site seem to believe.
June 24, 2013, 06:57:35 PM
Bitcoin has already won, you idiot.
Bitcoin is still in it's infancy. If bitcoin wins you'll notice it by price going to hundreds of thousands of dollars a coin. Bitcoin still can be killed.
Thank you though for doing a business accepting bitcoin. I also accept bitcoins for coding services I provide, and I'm not going to ever accept Litecoin.
June 24, 2013, 05:09:11 PM
The answer is simple:
1) As I said many times before MtGox will never actually implement Litecoin trading! You heard it here first!
2) Litecoin and all other alt coins are going to die. They offer no advantages over bitcoin right now and are purely speculatory. As GPU miners switch to Litecoin mining watch the price plummet as many new people are selling and no one is buying. (Yes, I know the number of LTC created a day is constant, but i believe more people will try to sell the Litecoin they mine, instead of holding).
1) As I said many times before MtGox will never actually implement Litecoin trading! You heard it here first!
2) Litecoin and all other alt coins are going to die. They offer no advantages over bitcoin right now and are purely speculatory. As GPU miners switch to Litecoin mining watch the price plummet as many new people are selling and no one is buying. (Yes, I know the number of LTC created a day is constant, but i believe more people will try to sell the Litecoin they mine, instead of holding).
June 24, 2013, 05:00:53 PM
One can notice, that litecoin supporters usually support bitcoin as well. Most likely they feel, even if they don't realise that: if bitcoin fails, it means that litecoin fails too. But if litecoin fails, that's good for bitcoin. May be this fact alone is enough for bitcoin to eventually win.
June 24, 2013, 04:53:33 PM
I can send you some LTC if you want post up your address
Yes please x4lqb9gED2AVqJfescaf
That is not a valid address
June 24, 2013, 04:32:32 PM
^ He never argued that arbitrage is unhealthy. I think you misunderstood his post. He's saying that having multiple BTC-based blockchains doesn't better enable one to take advantage of fiat-BTC arbitrage opportunities.
Ah, his use of the word "combated" leads me to believe otherwise. Seems you're right about the fiat-BTC arbitrage, though. In any case, the BTC/USD rates of e.g. btc-e and vicurex are typically a lot closer than btc-e and mt. gox, presumably because there is alt-chain enabled arbitrage, so hopefully it's a non issue.
Using the word combat was sloppy. My opinion on arbitrage is that when it occurs you should try to profit from it until the imbalances which caused it no longer exist. Hence my use of the word combat.
....... Arbitrage is not a bad thing and is not something that should be combated; arbitrage is healthy in a functioning economy. LTC on Mt. Gox enables easier arbitrage because extracting LTC from Mt. Gox will be considerably faster than extracting USD, and subject to much smaller fees. There are lots of explanations about how arbitrage works. You should find such an explanation and read it. Once you really understand it, it will be obvious why LTC on Mt. Gox will make arbitrage easier (assuming it is quicker and cheaper to move LTC around than USD, which is a fairly safe assumption), and thus the cryptocurrency economy healthier.
As for whether or not LTC or some other alt fills this role, I have no opinion (well, I have one, but it's not really important to the idea of arbitrage).
As for whether or not LTC or some other alt fills this role, I have no opinion (well, I have one, but it's not really important to the idea of arbitrage).
Can you explain to me how you can use litecoins to speed up the arbitrage trade I discussed bearing in mind that all the historical evidence suggests LTC/BTC rates will be almost the same across all exchanges.
June 24, 2013, 04:27:17 PM
^ He never argued that arbitrage is unhealthy. I think you misunderstood his post. He's saying that having multiple BTC-based blockchains doesn't better enable one to take advantage of fiat-BTC arbitrage opportunities.
Ah, his use of the word "combated" leads me to believe otherwise. Seems you're right about the fiat-BTC arbitrage, though. In any case, the BTC/USD rates of e.g. btc-e and vicurex are typically a lot closer than btc-e and mt. gox, presumably because there is alt-chain enabled arbitrage, so hopefully it's a non issue.
The rates are closer presumably because the friction of getting fiat into and out of btc-e is closer to what can be found in vicurex than MtGox. I don't see any reason why BTC-altchains would enable BTC/USD arbitrage, for the reasons meanig provided.
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