Topic: What Litecoin means for Bitcoin (and crypto in general) once it's on Mt.Gox - page 5. (Read 8576 times)

What I'ld like to know is who suffers if Mt. Gox offers Litecoin trading and there is a 51% attack against Litecoin in which those funds were then double spent against Mt Gox.

Mt. Gox was asked this question, but they declined to provide an answer:
 - http://pastebin.com/RVe7LbH9

As a result, it must be presumed that funds are not safe when left with an exchange that trades alt coins and doesn't have a policy or other protections regarding a 51% attack:

Your Bitcoins Are Not Safe At Alt-coin Exchanges
 - http://www.bitcoinmoney.com/post/53207712103

I think LTC is gonna compete with BTC. Any thing is possible. At the start BTC was also the same price almost.

Anyone who's worried about altcoins messing things up for Bitcoin, read this:

http://www.reddit.com/r/Bitcoin/comments/1bxrrw/playing_devils_advocate_why_bitcoin_will_crash_to/c9bhvme

Actually if anything, I think getting LTC recognized more could only help crypto-currency to becoming more well used.  And I honestly believe neither Bitcoins/Litecoins or any of the other current alts are going to be able to take over as a mainstream currency.  There are far to many flaws with each one.  But by bringing the 2 coins closer together will help.  Bitcoins are good for slow moving big transactions.  Litecoins are better for faster smaller transactions.  Neither yet are great if you were to have them go mainstream and have the 50 people standing in a Starbucks line waiting for all the Bitcoin transactions to process and confirm before they could leave with their lattes.

Also the conversation that 2 crypto-currencies can not exist side by side in a global marketplace is plain silly.  Fiat has been doing so easily.  Or does it really mess up the value of the US dollar if some people are using Mexican Pesos?  No one ever said Litecoin would automatically be trading at the value of a Bitcoin.  They will remain at totally different values for all times.  Lastly, having more then 1 crypto-currency means more people in the crypto using pool.  Many miners have already begun to move away from Bitcoins, and the crazy difficulty rates, and the prices of ASIC miners will ensure not everyone will jump into the coin.  But giving the people leaving, and a lot of latecomers a way into the game only adds to the total market.

Actually, there are an estimated 10 billion ounces of gold which would be around 100 times more than BTC/LTC combined.

Let's say 1 ounce of gold is now $1,000. That means BTC/LTC valued on par with gold would be around $100,000 per unit. Of course, some people believe gold could/should actually be worth $10,000 or more considering its scarcity as compared to fiat currency like dollars.

being a silver hoarder i was naturally attracted to litecoin from the beginning.  The fact is that crypto currency is such a good idea that there is room for more than 1 blockchain in the world.  If the fear is that it will somehow dilute bitcoin i believe thats unfounded. Seeing as how you could combine the sum total of both currencies and not even get 100 million they are both rare enough to be valuable. There is easily more than 100 million ounces of gold in the world and yet its still considered extremely rare.   Sure there are a gazillion alt coins now basically ripping off litecoin but thats the cool thing about the free market, it decides what has merit and what doesn't.  Thats why bitcoin will be king, ltc will be the queen and i believe theres room for a prince or two thats yet undecided.  The coins that spring up just because someone with a little coding knowledge wants to get rich off bein an early miner *cough* sc io ix *cough* will never gain any traction.    

Im kind of surprised namecoin hasn't really gained ground. I guess its because there is no gui wallet for it and pretty much no community/dev support.  I could see them being incredibly valuable in the next five years just because they allow ppl to circumvent costly domain registration services.  kind of how palladium wasn't worth a whole lot until  it was found to be  an inexpensive way to dilute platinum in catalytic converters etc...

i had a big debate about this over a campfire the other weekend with a friend who is a bitcoin snob.  So its still in my mind.  I think its just human nature that there will always be people that want 50 of something versus 1 of something even if the values are similar.

A never ending stream of alt-coins has already happened. The majority of them are either dead or have value measured so low as not to be taken seriously.

Really, Bitcoin spinoffs were seen far ahead of time. I was never bothered by their possibility, even before I supported Litecoin (even before it existed), because I knew there were some things spinoffs couldn't easily duplicate. That's why they are permissible without undermining the entire concept.

Adding LTC to MtGox means:

1. More transactions routed via MtGox = bigger income for MtGox

2. More opportunities for traders = traders are happy

I see no negatives.

https://bitcointalksearch.org/topic/as-the-litecoin-symbol-79849

If it threatens their business why are they doing it? There business is based on a comission for exchanges and LTC will raise their volume a shitload. LTC does have a place, to try to say you can predict everything about BTC is ridiculous and we need a back up. also i think LTC further decentrilization is great. I profited enough on my LTC, and i dont need to pump , yet i dont have so much that i cant dump( I could sell at profit and not kill the market), yet i keep them cause I think they are going to 30 before BTC goes to 1000. And I think BTC has a lot o attention LTC needs some more. Having LTC, r another readily available substitute, will keep the BTC rulers in check, miners and Devs wont be able to do wtvr they want

What it means is a never ending stream of BUY THIS NEW ONE perpetual annoyance that really devalues the whole idea of digital currency to me

In case you don't know Bitcoin's code is open source. It's not proprietary. It's designed so that anyone can view, use, copy or alter it for free. The same goes for Litecoin, and in fact something similar happened to Litecoin called FeatherCoin. The fact that the code can be largely used as is speaks to how good the original design is.


"Swapping" something out, like the hashing algorithm, isn't like flipping some switch. Any protocol change in Bitcoin is inherently hard, and gets harder the larger the group is which uses Bitcoin because there are more opinions about what change should be made, if any at all, and how and when to go about it. Indeed I don't see much chance for any successful protocol change once Bitcoin reaches a near global user base. Protocol changes wouldn't be impossible, but I'd say extremely difficult.



No we don't need to preserve and protect the value of bitcoins. That's not how a free market works. The free market will assign the value where it should be.



No you don't get it. A dollar is equal to 100 pennies. That doesn't make the dollars in your pocket worth less. Only more whole dollars in the money supply does that.


No it doesn't mean that. You can't inflate Bitcoin's money supply, nor Litecoin's, and the two are not the same money supply. Now what you can do is increase the total cryptocurrency money supply. However, that has already happened. There are a lot more cryptocurrencies than Bitcoin and Litecoin. And that creation hasn't ended, I assure you.


No I don't think that. Like I said above there will be other new coins regardless to what you or I say. However, those new coins while being able to duplicate the code of Bitcoin or Litecoin can't as easily duplicate their user base. That's the key.


I understand your fear, but I believe it's unwarranted. As I describe above the inflation of cryptocurrency is inevitable as the code is open source. However, that doesn't mean every unit of cryptocurrency created has value.


That's true, but I don't believe there will be much more than Bitcoin and Litecoin accepted at a global scale; that means a total money supply measured in millions, not trillions like what the world is used to now.


Like I said above, Bitcoin is open source, not proprietary. And the name "Bitcoin" is arbitrary. You could call Litecoin Bitcoin an call the blockchain trading now on MtGox SatoshiCoin.