basically bitcoin litecoin is only valued by all those who think they missed the fiat currency btc train.
so yeah they must keep pumping it along.
so yeah they must keep pumping it along.
+1
Topic: Why is litecoin hyped so much when it doesn't add any value over bitcoin? - page 5. (Read 4539 times)
June 25, 2013, 07:35:35 AM
+1
June 25, 2013, 07:28:34 AM
basically bitcoin litecoin is only valued by all those who think they missed the fiat currency btc train.
so yeah they must keep pumping it along.
so yeah they must keep pumping it along.
FIFY
June 25, 2013, 07:22:12 AM
basically litecoin is only valued by all those who think they missed the btc train.
so yeah they must keep pumping it along.
so yeah they must keep pumping it along.
June 25, 2013, 06:43:56 AM
Let's turn this question upside down, what value does Bitcoin add over Litecoin or PPCoin?
When you think about it, the answer is not much. What gives Bitcoin much more 'value' is that it's more widely known, more widely used and merchants accept it much more. It's not the technical specifications, it's the community support it has built up with people campaigning for merchants to accept it and seeking to drive publicity upwards. That's why it's $100 and not litecoin. And that is why Litecoin is $2.7 and not Feathercoin. And so on.
In the coming months you are going to see Litecoin go through the same baby steps Bitcoin took and slowly start gaining more publicity outside of this niche subforum. Litecoin going on mtgox will enable a litecoin payment processor to work efficiently and will in turn lead to a surge of businesses that accept bitcoin also accept litecoin.
When you think about it, the answer is not much. What gives Bitcoin much more 'value' is that it's more widely known, more widely used and merchants accept it much more. It's not the technical specifications, it's the community support it has built up with people campaigning for merchants to accept it and seeking to drive publicity upwards. That's why it's $100 and not litecoin. And that is why Litecoin is $2.7 and not Feathercoin. And so on.
In the coming months you are going to see Litecoin go through the same baby steps Bitcoin took and slowly start gaining more publicity outside of this niche subforum. Litecoin going on mtgox will enable a litecoin payment processor to work efficiently and will in turn lead to a surge of businesses that accept bitcoin also accept litecoin.
June 25, 2013, 06:01:36 AM
do i have to say this in every fucking thread? without litecoin and other altcoins, bitcoin mining would cease to be profitable. alt coins are necessary evils because they spread the hashing power out accross multiple networks, allowing everyone to profit in some way shape or form. without litecoin and altcoins. you could multiply the difficlut by 5 and decrease your profit by 50 percent. those are just guestimates of course.
If you think Bitcoin is just about mining and profit, then afraid you've completely missed the point. 
June 25, 2013, 04:55:46 AM
You are right 
. LTC and most of current altcoins (except PPCoin) have no value or technical advantages over BTC but they help keep people less focus on BTC mining. Therefore BTC diff rate does not grow as fast as it can.
. LTC and most of current altcoins (except PPCoin) have no value or technical advantages over BTC but they help keep people less focus on BTC mining. Therefore BTC diff rate does not grow as fast as it can. 
June 25, 2013, 04:31:11 AM
do i have to say this in every fucking thread? without litecoin and other altcoins, bitcoin mining would cease to be profitable. alt coins are necessary evils because they spread the hashing power out accross multiple networks, allowing everyone to profit in some way shape or form. without litecoin and altcoins. you could multiply the difficlut by 5 and decrease your profit by 50 percent. those are just guestimates of course.
June 25, 2013, 04:29:15 AM
LTC is simply the first crapcoin, following by FeatherCoin, CHNCoin, WorldCoin, GLDCoin ...
Could be, but I bought my very first Bitcoin with Litecoin. So, mission accomplished !
June 25, 2013, 04:27:08 AM
Litecoin is different from bitcoin in following ways, however none of them is particularly useful and on the contrary are only less worthy.
84 million vs 21 millions: since bitcoin is divisible upto atleast 9 decimals and also micro BTC can be used for dealing with low amounts
faster blocks 2.5 minutes vs 10 minutes average: 6 confirmations of bitcoin are not equivalent of 6 confirmations of litecoin, so litecoin payments are usually confirmed after many more confirmations. It also wastes mining power because in litecoin, most of the time miners may start work with non-best blocks.
scrypt vs sha-256: since scrypt can be relatively efficiently run on CPU/GPU which means botnets can easily control a lot of hashing power. Also, scrypt is relatively less analyzed and used than sha-256, so it may not be more secure tha sha-256.
Technically, bitcoin does what litecoin in an equal or better way. Also, bitcoin testnet can be used to experiment with new features.
Why do we need litecoin that actually has monetary value?(around 2.7USD per LTC now) Is it just promoted by a group of people who missed the bitcoin get-rich boat?
Bitcoin is novel concept and early adopters rightly earn their rewards for the risk they have taken.
84 million vs 21 millions: since bitcoin is divisible upto atleast 9 decimals and also micro BTC can be used for dealing with low amounts
faster blocks 2.5 minutes vs 10 minutes average: 6 confirmations of bitcoin are not equivalent of 6 confirmations of litecoin, so litecoin payments are usually confirmed after many more confirmations. It also wastes mining power because in litecoin, most of the time miners may start work with non-best blocks.
scrypt vs sha-256: since scrypt can be relatively efficiently run on CPU/GPU which means botnets can easily control a lot of hashing power. Also, scrypt is relatively less analyzed and used than sha-256, so it may not be more secure tha sha-256.
Technically, bitcoin does what litecoin in an equal or better way. Also, bitcoin testnet can be used to experiment with new features.
Why do we need litecoin that actually has monetary value?(around 2.7USD per LTC now) Is it just promoted by a group of people who missed the bitcoin get-rich boat?
Bitcoin is novel concept and early adopters rightly earn their rewards for the risk they have taken.
Keep talking you will change nothing
The biggest downside of BTC that I see is ASICs.
This is why I believe LTC will be successful in the short term (a couple years).
ASICs and their distribution on the bitcoin network can't be guaranteed to not be centralized at some point.
This is uncharted waters in bitcoin so no one can say for sure that bitcoin will not get attacked via a large asic manufacturer.
Time will tell.
+1
June 25, 2013, 04:16:46 AM
LTC is simply the first crapcoin, following by FeatherCoin, CHNCoin, WorldCoin, GLDCoin ...
June 25, 2013, 03:57:22 AM
As BTC diff keeps going up some of the time between blocks is getting ridiculous. I've seen over three hours between blocks. It's ridiculous. I like transacting in litecoin. Confirmations happen quickly, and I've yet to have that stressful moment where you send someone money and 6 hours later there's still no confirmation.
Also, I'm able to mine scrypt coins much more profitably on my measly 4.5mh scrypt GPU farm.
Also, I'm able to mine scrypt coins much more profitably on my measly 4.5mh scrypt GPU farm.
Learn how difficulty works and why what you wrote was just silly.
June 25, 2013, 01:43:07 AM
As BTC diff keeps going up some of the time between blocks is getting ridiculous. I've seen over three hours between blocks. It's ridiculous. I like transacting in litecoin. Confirmations happen quickly, and I've yet to have that stressful moment where you send someone money and 6 hours later there's still no confirmation.
Also, I'm able to mine scrypt coins much more profitably on my measly 4.5mh scrypt GPU farm.
Also, I'm able to mine scrypt coins much more profitably on my measly 4.5mh scrypt GPU farm.
June 25, 2013, 01:36:24 AM
Litecoin could be a safe harbour for (Bit)coiners one fine day.
June 25, 2013, 01:18:10 AM
The biggest downside of BTC that I see is ASICs.
This is why I believe LTC will be successful in the short term (a couple years).
ASICs and their distribution on the bitcoin network can't be guaranteed to not be centralized at some point.
This is uncharted waters in bitcoin so no one can say for sure that bitcoin will not get attacked via a large asic manufacturer.
Time will tell.
June 25, 2013, 12:55:23 AM
Litecoin is not superior than Bitcoin and Bitcoin is not superior than Litecoin. They are both very similar crypt-coins.
The differences are that Bitcoin came first, has huge media coverage and high public acceptance. But all these can be true for litecoin also in next few years.
So why not invest in litecoin instead where reward/risk ratio is higher than bitcoin.
The differences are that Bitcoin came first, has huge media coverage and high public acceptance. But all these can be true for litecoin also in next few years.
So why not invest in litecoin instead where reward/risk ratio is higher than bitcoin.
June 24, 2013, 09:34:24 PM
What I'm considering is it's usability as a currency. Obviously if you're making a large transaction, you want to wait a significant amount of time/confirmations. However, if, say, you want to go buy coffee with bitcoins and your local coffee shop, if I were the merchant I would need to wait at least till that transaction had been included in a block. Since the amount used will be pretty small, (like 1-5$) numerous confirmations would generally not be necessary. But if the blocks are at times 40+ minutes apart, who's going to wait that long just to get their coffee? Not me!
The same merchants isn't going to wait up to 10 minutes (and 5% chance of longer) either would they? They would either accept 0-confirm or use off blockchain transactions.
June 24, 2013, 09:25:35 PM
Ill give you the answer right here...
Because Bitcoins are expensive for most people, lets face it, when someone invests or buys something like this, they do not want to have a balance of 0.250304 etc... they want to have whole numbers... why? its just the way it is, we dont want to have a dollar bill that actually reqads .0354 dollars.. we want whole numbers.. I know it sounds stupid, but studies and common sense say thats what we like to see and hold.
Therefore, Litecoins provide most people who cant afford, lets say 50 or 100 Bitcoins, but they can afford 50 or 100 Litecoins, the silver to Bitcoins gold... People can have a prettier whole number to hold onto with Litecoins.
Because Bitcoins are expensive for most people, lets face it, when someone invests or buys something like this, they do not want to have a balance of 0.250304 etc... they want to have whole numbers... why? its just the way it is, we dont want to have a dollar bill that actually reqads .0354 dollars.. we want whole numbers.. I know it sounds stupid, but studies and common sense say thats what we like to see and hold.
Therefore, Litecoins provide most people who cant afford, lets say 50 or 100 Bitcoins, but they can afford 50 or 100 Litecoins, the silver to Bitcoins gold... People can have a prettier whole number to hold onto with Litecoins.
That was a pretty bad argument.
Bitcoin was hardly worth anything two years ago.
Who knows how high Litecoin can go?
Hmm, I think that was exactly my point, why I started at Litecoins after a wrong attempt at Bitcoins. I directed my GPU's at bitminter with the easy-to-go Java client an earned something around 0.0001284 BTC. Believe me, that made me not very happy.....the amount is still parked at bitminter, as its not worth to use the payout.
So I changed to LiteCoins and earned a few coins within a few days....TaTa !!!!!
Beware, I'm a late starter in this and may not be aware what was 2 years ago. I just care what is NOW.
Ok, after 3 or 4 Months I'm back at BitCoins, but with much different hardware. And let a few leftover GPU still mine LTC.
June 24, 2013, 09:19:30 PM
Ill give you the answer right here...
Because Bitcoins are expensive for most people, lets face it, when someone invests or buys something like this, they do not want to have a balance of 0.250304 etc... they want to have whole numbers... why? its just the way it is, we dont want to have a dollar bill that actually reqads .0354 dollars.. we want whole numbers.. I know it sounds stupid, but studies and common sense say thats what we like to see and hold.
Therefore, Litecoins provide most people who cant afford, lets say 50 or 100 Bitcoins, but they can afford 50 or 100 Litecoins, the silver to Bitcoins gold... People can have a prettier whole number to hold onto with Litecoins.
Because Bitcoins are expensive for most people, lets face it, when someone invests or buys something like this, they do not want to have a balance of 0.250304 etc... they want to have whole numbers... why? its just the way it is, we dont want to have a dollar bill that actually reqads .0354 dollars.. we want whole numbers.. I know it sounds stupid, but studies and common sense say thats what we like to see and hold.
Therefore, Litecoins provide most people who cant afford, lets say 50 or 100 Bitcoins, but they can afford 50 or 100 Litecoins, the silver to Bitcoins gold... People can have a prettier whole number to hold onto with Litecoins.
That was a pretty bad argument.
Bitcoin was hardly worth anything two years ago.
Who knows how high Litecoin can go?
Why wait an hour then? You are accepting less security just starting accepting Bitcoin with 2 confirmations. Tada 66% faster.
I've recently (in the past few days) seen BTC often have over 40 minutes between blocks. LTC rarely approaches 10 minutes. If that's not an advantage, I don't know what is.
So using your numbers 2 blocks of Bitcoin = ~80 minutes max (95% of time) and 8 blocks of LTC is ~80 minutes (95% of time). Why are you assumming security in Bitcoin for X blocks = X blocks for Litecoin given the second network is much smaller, and more vulnerable to low cost botnet attack. You should be waiting significantly more blocks and if you aren't you are simply holding them to unequal standards "look I don't know why people buy expensive safes, that expensive safe only has 1 lock but my cardboard box has TWO locks and it is faster to unlock".
There is no free lunch. BTC & LTC blocks are relatively small now however in time they will be much larger and when they are the propogation delay will be larger a higher % of hashpower/security will be lost due to orphans. The orphan rate for LTC will grow significantly higher, significantly faster given the same transaction volume.
What I'm considering is it's usability as a currency. Obviously if you're making a large transaction, you want to wait a significant amount of time/confirmations. However, if, say, you want to go buy coffee with bitcoins and your local coffee shop, if I were the merchant I would need to wait at least till that transaction had been included in a block. Since the amount used will be pretty small, (like 1-5$) numerous confirmations would generally not be necessary. But if the blocks are at times 40+ minutes apart, who's going to wait that long just to get their coffee? Not me!
This just contradicts your argument that longer confirmations = more security.
One confirmation in LTC is better than none for BTC.
BTC was cheap, yes, but now its not.. lol, right now LTC is cheap, I dont see it ever going near BTC value, but I dont want to be hasty because people said BTC was going nowhere, and said LTC was a crapcoin.
June 24, 2013, 09:15:56 PM
Ill give you the answer right here...
Because Bitcoins are expensive for most people, lets face it, when someone invests or buys something like this, they do not want to have a balance of 0.250304 etc... they want to have whole numbers... why? its just the way it is, we dont want to have a dollar bill that actually reqads .0354 dollars.. we want whole numbers.. I know it sounds stupid, but studies and common sense say thats what we like to see and hold.
Therefore, Litecoins provide most people who cant afford, lets say 50 or 100 Bitcoins, but they can afford 50 or 100 Litecoins, the silver to Bitcoins gold... People can have a prettier whole number to hold onto with Litecoins.
Because Bitcoins are expensive for most people, lets face it, when someone invests or buys something like this, they do not want to have a balance of 0.250304 etc... they want to have whole numbers... why? its just the way it is, we dont want to have a dollar bill that actually reqads .0354 dollars.. we want whole numbers.. I know it sounds stupid, but studies and common sense say thats what we like to see and hold.
Therefore, Litecoins provide most people who cant afford, lets say 50 or 100 Bitcoins, but they can afford 50 or 100 Litecoins, the silver to Bitcoins gold... People can have a prettier whole number to hold onto with Litecoins.
That was a pretty bad argument.
Bitcoin was hardly worth anything two years ago.
Who knows how high Litecoin can go?
Why wait an hour then? You are accepting less security just starting accepting Bitcoin with 2 confirmations. Tada 66% faster.
I've recently (in the past few days) seen BTC often have over 40 minutes between blocks. LTC rarely approaches 10 minutes. If that's not an advantage, I don't know what is.
So using your numbers 2 blocks of Bitcoin = ~80 minutes max (95% of time) and 8 blocks of LTC is ~80 minutes (95% of time). Why are you assumming security in Bitcoin for X blocks = X blocks for Litecoin given the second network is much smaller, and more vulnerable to low cost botnet attack. You should be waiting significantly more blocks and if you aren't you are simply holding them to unequal standards "look I don't know why people buy expensive safes, that expensive safe only has 1 lock but my cardboard box has TWO locks and it is faster to unlock".
There is no free lunch. BTC & LTC blocks are relatively small now however in time they will be much larger and when they are the propogation delay will be larger a higher % of hashpower/security will be lost due to orphans. The orphan rate for LTC will grow significantly higher, significantly faster given the same transaction volume.
What I'm considering is it's usability as a currency. Obviously if you're making a large transaction, you want to wait a significant amount of time/confirmations. However, if, say, you want to go buy coffee with bitcoins and your local coffee shop, if I were the merchant I would need to wait at least till that transaction had been included in a block. Since the amount used will be pretty small, (like 1-5$) numerous confirmations would generally not be necessary. But if the blocks are at times 40+ minutes apart, who's going to wait that long just to get their coffee? Not me!
This just contradicts your argument that longer confirmations = more security.
One confirmation in LTC is better than none for BTC.
June 24, 2013, 09:15:36 PM
Why wait an hour then? You are accepting less security just starting accepting Bitcoin with 2 confirmations. Tada 66% faster.
I've recently (in the past few days) seen BTC often have over 40 minutes between blocks. LTC rarely approaches 10 minutes. If that's not an advantage, I don't know what is.
So using your numbers 2 blocks of Bitcoin = ~80 minutes max (95% of time) and 8 blocks of LTC is ~80 minutes (95% of time). Why are you assumming security in Bitcoin for X blocks = X blocks for Litecoin given the second network is much smaller, and more vulnerable to low cost botnet attack. You should be waiting significantly more blocks and if you aren't you are simply holding them to unequal standards "look I don't know why people buy expensive safes, that expensive safe only has 1 lock but my cardboard box has TWO locks and it is faster to unlock".
There is no free lunch. BTC & LTC blocks are relatively small now however in time they will be much larger and when they are the propogation delay will be larger a higher % of hashpower/security will be lost due to orphans. The orphan rate for LTC will grow significantly higher, significantly faster given the same transaction volume.
What I'm considering is it's usability as a currency. Obviously if you're making a large transaction, you want to wait a significant amount of time/confirmations. However, if, say, you want to go buy coffee with bitcoins and your local coffee shop, if I were the merchant I would need to wait at least till that transaction had been included in a block. Since the amount used will be pretty small, (like 1-5$) numerous confirmations would generally not be necessary. But if the blocks are at times 40+ minutes apart, who's going to wait that long just to get their coffee? Not me!
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