Topic: Why I converted all my bitcoins to litecoins - page 3. (Read 3418 times)

No question that Litecoin has a solid market cap but selling bitcoin out of fear of 51% and then buying Litecoin is like jumping from the pan into the fire. Litecoin can be attacked far more easily than Bitcoin. There was a pool with 51% on Litecoin just a couple of weeks ago!

Add the fact that there are tons of promising new innovative technologies coming out in the altcoin world and I can't possibly see how Litecoin can look like a good investment. That is unless the Litecoin dev team is in the process of upgrading the protocol to get it up to 2014 standards. In which case I'm all for Litecoin and I'd be all over it.

Is Litecoin being upgraded?

how to throw money out of the window

by BitCoinDream

Bitcoin until the bitter end

~CfA~

If you're a fan of PoW and can't stand PoS coins, your best bet against 51% attacks is Myriadcoin.
If you're ok with PoS coins, nothing better than NXT.

I agree with holding gold, not so much stocks, at least not now. As I posted above diversification is generally a good idea.


There isn't anything which is perfectly safe IMO. However gold may be the best, in terms of predictable, pick of an imperfect lot. Bitcoin core developers will admit Bitcoin is experimental, I believe. Gavin recently reiterated such:

https://bitcoinfoundation.org/2014/06/13/centralized-mining/


You are one person. Almost 300 million dollars disagrees:

http://coinmarketcap.com/

I'd have called it a smart move if u converted it to Gold ETF

By the way, is it your last attempt to push Litecoin prices up so that u can sell them at lower loss and move to BTC ? 

Always go against the heard of sheep , you did good buying Litecoin .

Just HODL

Yet another newbie creating more FUD. You'd have to be a TOTAL fool to do something like this.

Honestly at this point if you're seriously concerned about the security of cryptocoin networks I would recommend buying some gold or maybe some promising stocks or something. Wait it out a bit to see how the developers approach the problem and see what solutions come up and are hopefully implemented.

The one thing that myself and everyone else can see is that buying Litecoin is probably the worst possible thing you could have done.

Litecoin is too closely correlated with. Btc for this hedge to work, I would have thought

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.




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.

Quite a retarded step really. Most of the sites which had accepted Litecoins as a payment earlier have closed down. Examples are Atlantis and Litecoinglobal. Now Litecoin is just another worthless altcoin.

You are gonna lose money on this trade
Litecoin is light years behind btc in adoption terms
The ghash will be sorted out by he community

Like others have said, I don't know if this is a good idea because all of these other currencies are so heavily tied to BTC. If BTC falls then the rest will be right with it. However there could be a bright side by converting your BTC to a smaller currency because you could gain a higher number of less valuable coins. So if the price goes up of that coin, then you could make more money when going back to BTC.

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.

Litecoin is a dead end. Bitcoin is going mainstream, LTC will be left behind to wither and die like flowers in the fall.

A 51% attack on litecoin would be much easier. I hope this works out for you.  

Right... If it is on the internet is must be true huh.... lol...

Is this a joke? Google coinotron.

I think it is less appropriate choice, my friend.
You should be able to read the situation and watching the price of both. if you do so without consideration then maybe you will incur a loss and regret is useless is not it??
or if you still want to do it then do it gradually