Topic: Why I converted all my bitcoins to litecoins (Read 3418 times)
to have some bitcoins and litecoins is always a clever choice (gold/silver) but all in one basket seems risky.
switching to ltc is a bad idea.
you would be better of going for doggie.
ltc had hope that mtgox will support it, now there is no mtgox, so no hope for ltc
you would be better of going for doggie.
ltc had hope that mtgox will support it, now there is no mtgox, so no hope for ltc
I agree that the 51% is a huge issue. Shame on Ghash!
Still.... If I cash out bitcoins, what should I buy.
NXT is going down and finding its new price after a big run.
Still.... If I cash out bitcoins, what should I buy.
NXT is going down and finding its new price after a big run.
You buy when it's going down if fundamentals haven't changed for the worse. Have they? No. The only barrier is your emotions, nothing else.
I agree that the 51% is a huge issue. Shame on Ghash!
Still.... If I cash out bitcoins, what should I buy.
Litecoin is going down day by day, even month by month.
NXT is going down and finding its new price after a big run.
Peercoin has consistently gone down for quite some time.
Darkcoin had a huge run and is going down and down.
Ripple hasn't gone up since I am not sure when.
And poor Doge hasn't done anything but go down and because of mining will just continue.
When a real alternative comes along, I will go into it big. Right now most of my non-bitcoin money is in NXT because I see them coming out with lots of new features of the months and coming year. But Peercoin, Darkcoin, Ripple, Litecoin, and Doge won't ever add a single other feature and so their prices will go down.
Well.... Litecoin is getting Asics, and while that doesn't give the coin itself a feature, it does change the network. I have heard arguments on both sides why this is good and/or bad though. If anything, it will make the price go cheaper as Asics will be sweeping up most of the coins on the easy so they can afford to sell on the cheap.
Still.... If I cash out bitcoins, what should I buy.
Litecoin is going down day by day, even month by month.
NXT is going down and finding its new price after a big run.
Peercoin has consistently gone down for quite some time.
Darkcoin had a huge run and is going down and down.
Ripple hasn't gone up since I am not sure when.
And poor Doge hasn't done anything but go down and because of mining will just continue.
When a real alternative comes along, I will go into it big. Right now most of my non-bitcoin money is in NXT because I see them coming out with lots of new features of the months and coming year. But Peercoin, Darkcoin, Ripple, Litecoin, and Doge won't ever add a single other feature and so their prices will go down.
Well.... Litecoin is getting Asics, and while that doesn't give the coin itself a feature, it does change the network. I have heard arguments on both sides why this is good and/or bad though. If anything, it will make the price go cheaper as Asics will be sweeping up most of the coins on the easy so they can afford to sell on the cheap.
If you are considering a safe haven, NXT requires a 91% attack. It is proof of stake though. Very interesting concept. In other words, someone would have to own 91% of all NXT coins in order to pull off an attack. It has risen from a market cap of 21 BTC to over 100,000 BTC since November 2013.
Yeah, in general NXT seems pretty good and very much under appreciated by the community at large. I don't own any but the only real criticism I see from people is them being angry that they didn't buy any at the IPO and calling it unfair because they didn't risk any of their own money on a new technology. Which of course is not a valid criticism.
If you are considering a safe haven, NXT requires a 91% attack. It is proof of stake though. Very interesting concept. In other words, someone would have to own 91% of all NXT coins in order to pull off an attack. It has risen from a market cap of 21 BTC to over 100,000 BTC since November 2013.
No problem, glad someone actually read it...
Also - OP, the video you posted is garbage.. basically totally wrong as pointed out here: https://bitcointalksearch.org/topic/m.6100248
This is a much better rundown: http://www.youtube.com/watch?v=tNgjdYkaDvA
Also - OP, the video you posted is garbage.. basically totally wrong as pointed out here: https://bitcointalksearch.org/topic/m.6100248
This is a much better rundown: http://www.youtube.com/watch?v=tNgjdYkaDvA
LOL!
Converting to a SCRYPT coin because you're concerned about 51% attacks? Too much roaving hash on scrypt multipools etc for those to be any more secure than BTC, and as mentioned, an attack on BTC will impact all crypto.
People seem highly confused about what a 51% attack involved:
1. Intent
2. Concerted effort to falsify transactions which will later be nullified
3. >50% of the overall hash rate.. Not just 51% of the current network hash rate, but >100% of it.. You need to run an ALTERNATIVE blockchain that's solving things faster than the real block chain, meaning you need more power than the entire existing network.. Hypothetically you don't need all this hash rate yourself, you just need to be able to split the network and have access to both concurrent networks.. Of course this poses massive logistical challenges.. Also - if Ghash.io were to perform a 51% attack, they would effectivley have to disappear from the network to start their own fork of the blockchain, which would be pretty obvious. People would know it was coming.
4. A crapload of investment in mining equipment (millions of dollars worth), which will severely depreciate if you succeed.
5. Risk: People would be VERY unhappy.
Q: Who stands to profit from this?
A: Only someone enormously wealthy who stands to benefit from the destruction of Bitcoin in a degree that exceeds the cost of duplicating the entire network's hash rate. Not worth it for anyone else.
Just a couple pennies that I'm giving out.
Converting to a SCRYPT coin because you're concerned about 51% attacks? Too much roaving hash on scrypt multipools etc for those to be any more secure than BTC, and as mentioned, an attack on BTC will impact all crypto.
People seem highly confused about what a 51% attack involved:
1. Intent
2. Concerted effort to falsify transactions which will later be nullified
3. >50% of the overall hash rate.. Not just 51% of the current network hash rate, but >100% of it.. You need to run an ALTERNATIVE blockchain that's solving things faster than the real block chain, meaning you need more power than the entire existing network.. Hypothetically you don't need all this hash rate yourself, you just need to be able to split the network and have access to both concurrent networks.. Of course this poses massive logistical challenges.. Also - if Ghash.io were to perform a 51% attack, they would effectivley have to disappear from the network to start their own fork of the blockchain, which would be pretty obvious. People would know it was coming.
4. A crapload of investment in mining equipment (millions of dollars worth), which will severely depreciate if you succeed.
5. Risk: People would be VERY unhappy.
Q: Who stands to profit from this?
A: Only someone enormously wealthy who stands to benefit from the destruction of Bitcoin in a degree that exceeds the cost of duplicating the entire network's hash rate. Not worth it for anyone else.
Just a couple pennies that I'm giving out.
I was about to ask for an easy to understand explanation on this 51% stuff, and here it is
Thanks zachamo !
Don't think that was very good move at all. Personally i've got 70/30 going on between btc/ltc. And strongly considering moving in the opposite direction you did...moving ltc into btc.
I don't blame you LTC has been going down and it seems it doesn't pick up
This. Litecoin has not done much of an uptrend since the 40$. (January 2014).
One word: Coinotron. Remember when it created a 51% scare in litecoin?
This. Litecoin is a good coin and a worthy addition to any crypto portfolio but it seems that OP has jumped for the wrong reason.
Don't think that was very good move at all. Personally i've got 70/30 going on between btc/ltc. And strongly considering moving in the opposite direction you did...moving ltc into btc.
I don't blame you LTC has been going down and it seems it doesn't pick up
Alot of people on this site really need to watch this dudes vids.
https://www.youtube.com/watch?v=bi2thGzzNSs
https://www.youtube.com/watch?v=bi2thGzzNSs
Not sure if this is a good move. The LTC price had been 40$ earlier this year, but it has been pretty much stuck on 7-10$ for the last few months.
One word: Coinotron. Remember when it created a 51% scare in litecoin?
Wasn't that less than a month ago too?
It just seems absurd to go from bitcoin to a coin that is much less secure. The networks can not be compared.
One word: Coinotron. Remember when it created a 51% scare in litecoin?
i would go with the bittrex flavour of the day which is razor!!
with over 45 btc in sells does not look good to buy in just yet, big sell of 7 btc worth just above current price
i would go with the bittrex flavour of the day which is razor!!
Bitcoin is so vulnerable to a 51% attack. Ghash supposedly has 45% of hashing power, but what about the Unknown category? I am not willing to risk all my bitcoins because of a 51% attack.. I am converting to litecoin, which is being pumped now btw..
This article below explains what a 51% attack is and how you can prevent it.
http://www.btcfeed.net/news/51-attack-explained/
This article below explains what a 51% attack is and how you can prevent it.
http://www.btcfeed.net/news/51-attack-explained/
If an attack happened I think everyone would dump all coins for fiat or anything similar.
Don't think that was very good move at all. Personally i've got 70/30 going on between btc/ltc. And strongly considering moving in the opposite direction you did...moving ltc into btc.
so far everything litecoin is doing is according to plan, one of the highest marketcaps of all the coins you cannot simply dismiss it
and as for the price refer to the quote
check it out, the chart for BTC-e.com open the LTC/BTC chart and click on all time when you open the chart
http://www.cryptocoincharts.info/#jump-ltc-btc
look at the last high in april 2013 then november 2013
look at the low before the highs in march/april 2013 and november 2014
if trend continues LTC/BTC should drop to around 0.0135 to 0.0165 ( it has already hit 0.0166 so might rise from here)
as you can see easy to buy low
if trend continues you should see a 3-4 x rise in LTC/BTC
this is how people increase there bitcoin holdings as when you sell back to btc on the ltc high you can buy more btc than you had before
just a speculator speculating, only invest what you are willing to lose
and as for the price refer to the quote
check it out, the chart for BTC-e.com open the LTC/BTC chart and click on all time when you open the chart
http://www.cryptocoincharts.info/#jump-ltc-btc
look at the last high in april 2013 then november 2013
look at the low before the highs in march/april 2013 and november 2014
if trend continues LTC/BTC should drop to around 0.0135 to 0.0165 ( it has already hit 0.0166 so might rise from here)
as you can see easy to buy low
if trend continues you should see a 3-4 x rise in LTC/BTC
this is how people increase there bitcoin holdings as when you sell back to btc on the ltc high you can buy more btc than you had before
just a speculator speculating, only invest what you are willing to lose
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