Topic: Why I converted all my bitcoins to litecoins - page 2. (Read 3418 times)
If you're concerned about the centralisation of mining and risks of 51% attacks, which indeed are reasons to be concerned, wouldn't investing in an alternate PoS coin be a more logical solution?
you said litecoin is being pumped in OP. doesn't that mean the price is being pumped up, it is still pretty low compared to a few months ago right ?
Litecoin 
Good luck. But if more people think like you.... Don´t forget to sell than 
Good luck. But if more people think like you.... Don´t forget to sell than Litecoin is far better than 99.9% of the shitcoins presented here in that forum
~CfA~
What does likecoin have?
1. ASIC resistant (not any more)
2. 2.5 min block (faster confirmations = greater risk in 51% scenario)
Otherwise LTC is basically a copy/paste of BTC.. What's so good about that? The only good thing about LTC in my mind is basically the fact that it was second-to-market and has a substantial lingering community.
Innovation
~CfA~
In your own words: "the weight of ur argument blows me away."
Even better:
Litecoin whales have slowly been cashing out of LTC and moving into other coins. It's a dying coin...I'm very dissapointed with the devs of Litecoin, they havent even changed a single thing about it since it was released years ago..
Litecoin has always been known to be a piece of shit even back in the day
nobody takes it serious anyway, just a few dorks who took profit from its rise thats all
no new news at all
~CfA~
you crazy?? Bitcoin is the king.no other coins can beat it. you should hold it for long time.
or you just be kidding you wanna pruchase more bitcoins .no one can be cheated by you guy.
or you just be kidding you wanna pruchase more bitcoins .no one can be cheated by you guy.
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..
Thats not a pump, thats a dead cat bounce. The last dying breath of a dying coin and it's already run out of steam.
Have a look at Doge's last couple of months - same pattern. Long slow drift down with sporadic bounces along the way as some hopeful speculator thinks they've "caught the bottom" when in fact they're just attaching themselves to a sinking ship.
I wouldn't put my money in LTC for anything right now - it's in terminal decline.
Part of me wants a 51% attack to happen to BTC. Maybe FUD wins, maybe the price crashes, maybe no-one learns anything. But I don't doubt for a second the developers/evangelists won't be all over it and the core BTC protocol would be stronger afterwards because of it. Because they seem in a reactive rather than proactive state, the sooner it happens, the sooner we stop fearing it and start addressing it. There's nothing stopping LTC from facing the same problem.
I hold both.
I hold both.
All these litecoin threads are getting so annoying. Lets talk about something else....like noblecoin
In this thread https://bitcointalksearch.org/topic/litecoin-is-officially-dead-658541 "darkota" has just "officially" declared Litecoin as dead. 
So dakota has the "official" word on Litecoin in his own self-moderated thread. Errr...riiight. 
In this thread https://bitcointalksearch.org/topic/litecoin-is-officially-dead-658541 "darkota" has just "officially" declared Litecoin as dead.
OP is a dumb imbecile. I loled while reading his post.
Litecoin may have very well been the worst alt coin you could of converted your BTC to. Did you not see that it fell over 80% from its ATH? Do you not see that it can be 51% attacked and it'll be MUCH MUCH cheaper to do so than BTC? Did you not see that litecoin is just a bitcoin clone and offers nothing?
But of course, you're going to "HODL" Litecoin, even when it reaches $1 you'll still be "HODLING" and hoping for a huge price rise. Even when it drops like a stone to 10 cents, you'll still be "HODLING". Ever heard of Auroracoin? Yea Litecoin is the long term version of that. Hit it's high and guess where Aurora is trading at now, 30 cents.
Litecoin may have very well been the worst alt coin you could of converted your BTC to. Did you not see that it fell over 80% from its ATH? Do you not see that it can be 51% attacked and it'll be MUCH MUCH cheaper to do so than BTC? Did you not see that litecoin is just a bitcoin clone and offers nothing?
But of course, you're going to "HODL" Litecoin, even when it reaches $1 you'll still be "HODLING" and hoping for a huge price rise. Even when it drops like a stone to 10 cents, you'll still be "HODLING". Ever heard of Auroracoin? Yea Litecoin is the long term version of that. Hit it's high and guess where Aurora is trading at now, 30 cents.
Litecoin Good luck. But if more people think like you.... Don´t forget to sell than
Good luck. But if more people think like you.... Don´t forget to sell than Litecoin is far better than 99.9% of the shitcoins presented here in that forum
~CfA~
What does likecoin have?
1. ASIC resistant (not any more)
2. 2.5 min block (faster confirmations = greater risk in 51% scenario)
Otherwise LTC is basically a copy/paste of BTC.. What's so good about that? The only good thing about LTC in my mind is basically the fact that it was second-to-market and has a substantial lingering community.
Innovation
~CfA~
Litecoin Good luck. But if more people think like you.... Don´t forget to sell than
Good luck. But if more people think like you.... Don´t forget to sell than Litecoin is far better than 99.9% of the shitcoins presented here in that forum
~CfA~
What does likecoin have?
1. ASIC resistant (not any more)
2. 2.5 min block (faster confirmations = greater risk in 51% scenario)
Otherwise LTC is basically a copy/paste of BTC.. What's so good about that? The only good thing about LTC in my mind is basically the fact that it was second-to-market and has a substantial lingering community.
Litecoin wasn't quite second to market if I remember correctly. But it was one of the first non scam coins.
Solidcoin and other RealSolid coins were pretty bad.
Litecoin Good luck. But if more people think like you.... Don´t forget to sell than
Good luck. But if more people think like you.... Don´t forget to sell than Litecoin is far better than 99.9% of the shitcoins presented here in that forum
~CfA~
What does likecoin have?
1. ASIC resistant (not any more)
2. 2.5 min block (faster confirmations = greater risk in 51% scenario)
Otherwise LTC is basically a copy/paste of BTC.. What's so good about that? The only good thing about LTC in my mind is basically the fact that it was second-to-market and has a substantial lingering community.
I don't hold any litecoins, but I am tempted to buy some because the price has fallen quite a bit the last few months. If it bounces back to the long term average level, you are looking at nearly 50% gain. Not a bad trade at all. OP just did it for the wrong reasons.
Excerpts from the origional Bitcoin Whitepaper (Satoshi Nakamoto):
Quote
"To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes
[...]
If a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins. He ought to find it more profitable to play by the rules, such rules that favour him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth.
[...]
We consider the scenario of an attacker trying to generate an alternate chain faster than the honest chain. Even if this is accomplished, it does not throw the system open to arbitrary changes, such as creating value out of thin air or taking money that never belonged to the attacker. Nodes are not going to accept an invalid transaction as payment, and honest nodes will never accept a block containing them. An attacker can only try to change one of his own transactions to take back
money he recently spent."
Also - check out: https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_computing_power [...]
If a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins. He ought to find it more profitable to play by the rules, such rules that favour him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth.
[...]
We consider the scenario of an attacker trying to generate an alternate chain faster than the honest chain. Even if this is accomplished, it does not throw the system open to arbitrary changes, such as creating value out of thin air or taking money that never belonged to the attacker. Nodes are not going to accept an invalid transaction as payment, and honest nodes will never accept a block containing them. An attacker can only try to change one of his own transactions to take back
money he recently spent."
Litecoin Good luck. But if more people think like you.... Don´t forget to sell than
Good luck. But if more people think like you.... Don´t forget to sell than Litecoin is far better than 99.9% of the shitcoins presented here in that forum
~CfA~
Litecoin Good luck. But if more people think like you.... Don´t forget to sell than
Good luck. But if more people think like you.... Don´t forget to sell than wise move!
...
not!
...
not!
As long as the money stays in the BTC and the LTC all is Good. must not have a worry.
~CfA~
wise move!
...
not!
...
not!
You realize that anything that happens to Bitcoin is going to affect every other cryptocurrency. ...
Historically that isn't true. When Bitcoin experienced the accidental hard fork the entire network was affected, both technically and economically as transactions were in stasis and BTC pricing plunged. None of that happened to Litecoin.
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...
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...
What is "roaving hash"?
OP, I wouldn't convert all my BTC to LTC. I would however hold some percentage of both. Ask any wealthy person if diversification of assets is favorable or not, and I believe they'll tell you it's generally favorable.
Roaving Hash refers to the multipools that switch from coin to coin, and the general massive amount of scrypt hashing power that's out there and not focused on LTC.. BTC has the majority by far of all SHA256 hashing going on in Crypto, whereas Litecoin can only account for a fraction of the overall hashing going on in the SCRYPT realm.. Scrypt it a very different landscape.
Regarding the BTC fork -- wasn't that after BTC had exploded but before LTC was really noticed? The price of LTC lagged for quite some time after BTC, but eventually had it's own boom when it went up to $30+ USD.. True that LTC isn't directly tied to BTC prices, but generally when the BTC price crashes, alts don't fare well -- I suspect this would especially true for alts that face the exact same vulnerabilities that would be exploited in this case.. It would be easier to attack LTC than BTC, so an attack on BTC would not fare well on LTC...
Can't confirm these numbers, but per http://liteshack.com/which tracks 100+ scrypt coins:
Code:
ltc hashrate is 468,663 MH/s of 1,589,920 total MH/s (29.477%)
- That's a MAJOR liability in my mind.. Bigger than a participatory (i.e. non bad-actor) 51% of the BTC network belonging to one pool. Jump to: