Nonsense. LTC is a useless clone of Bitcoin, which only "added value" compared to Bitcoin was a different hashing algorithm (Scrypt) that was supposed to be ASIC resistant (no ASIC = no mining centralization). Nowadays we have Scrypt ASICs, thus Litecoin is completely useless.
There's no reason to hold LTC other than trying to sell at a premium to a "greater fool".
I completely agree. I had a friend ask me about litecoin about a year ago. I told him it was pointless.
It's even more pointless now that Scrypt ASICs exist. It's on par with Dogecoin, except it doesn't have the fun aspect and great marketing. I can't imagine it gains value in any significant way.
To OP, keep holding. The worst is either over, or will be over soon. Don't sell the bottom.
Referring to bolded section, what makes you reach the conclusion that scrypt ASICS make LTC "more pointless?" I see scrypt ASICs as a great thing for the LTC network (e.g. greater network security, greater community investment, etc.). I think that as SHA-256 is monopolized by BTC, every other decent mining algorithm will also become monopolized. LTC has always been a dominant player among scrypt coins, and although it's seen some heavy competition from other coins like DOGE, I don't see scrypt or LTC going away anytime soon. However, I would concede that, in general, the momentum behind LTC has been rather grim if you exclude the rallying we've seen over the past 48 hours.
One thing that I think severely limits LTC, however, is that while its 2.5 minute confirmation times make it more practical for in-person transactions (i.e. because 1 confirmation is infinitely better than 0 confirmations), I think this is still too slow. That's one reason why I remain skeptical about LTC's future growth potential.
