Topic: Why Litecoin? (Read 6323 times)

so I chose Litecoin Because this coin had decreased mala than that I chose to invest in Litecoin because this coin will be good again when everyone is back stable then I am sure Litecoin will be good and can be profitable and many people who invest in this Coin and wait back to stable

Actually the company of litecoin is great company because even though they are not like bitcoins and etehreum in this industry through its performance, they can manage to give a great service as well.

Lightcoin was always the younger brother of bitcoin and a lot of people have invested in lightcoin, when he was still worth a penny. We can say that a lot of whales hold their money in Lightcoin and I think they are interested in the price increase of this coin.

with Litecoin continuing to improve will be very profitable and make good profits and increase. and with the advantage and level of development of Litecoin, able to make its own advantages to make it a superior coin and become its own pride in the future.

At the current state, the Litecoin is oversold. The price of Litecoin has dropped sharply and there is a lot of market overreaction and panic selling. Almost every investor holding LTC coins is considering going short. Actually, the oversold condition only lusts for a very short while before the market breaks and the bearish forces are overcome by bullish forces. This is the best time for traders to buy the LTC at the current low prices. If one buys Litecoins at the current price, a rise in the prices would result to profits.

Lite coin is a backup solution when bitcoin failed, if that ever happens. And for all those miners with GPU mining rigs to have some fun

Legit question: How is this different from Bitcoin in its youth?

I'm going to do a little calculation for my own sake... and probably to my own LTC-holding peril!

The current network hashrate is 5.6 GH/s. Litecoin Scrypt is said to be (and anecdotally has been found to be) 1000 times more difficult to hash than SHA256 (serialization, memory hardness). So to compare to Bitcoin, that is the equivalent processing power/equipment to 5.6 TH.

50% would be 2.8 GH/TH worth of equipment, all done without ASICs. The most reasonable way to accrue this kind of power is through renting a botnet. Let's assume the average person's computer (as part of a botnet) could do 100 kH/s (most would be CPU, some would be gaming rigs). To get 2.8 GH/s, that is a 28,000 slave botnet. From various articles online I have seen that such a botnet might cost $200 x 28(thousand) = $5600/hr (for a "world mix").

That is not an unreasonable amount to a nefarious character who has a high profile target in mind. But botnets are fickle things. A world mix would see lots of downtime at the bot-per-bot level, such that you may get 80% efficiency. Also, I may have been overly generous with the 100kH/s average estimate.

95% of this thread is people talking about confirmation times. It is my view that the security issues are founded but may be somewhat overblown, but I don't know much about the mechanism and logistics on carrying out timing attacks on the network.


Disclaimer: my crypto holdings are about 30% LTC, 70% BTC.

A bank vault's door needs to be just as thick to protect $10M worth of currency inside as it does to protect $1.5 Billion.

Litecoin is extremely vulnerable to a 51% attack due to the vulnerability of its pools to being DDoS'd, and due to there being significantly less mining capacity needed to reach 51%.

A lot of people know why and it seems quite a lot know why it wasn't a good idea too.

Oh look, another one of these threads. We have not seen to many of these before.

At the rate computing power is improving across the board along with overall improvements in broadband connectivity, I can imagine an alt-coin with 5 or 10 second transaction and confirmation times being used in place of Visa and Mastercards for small face-to-face EFTPOS transactions, as a sort of bronze or copper to Litecoin's silver and Bitcoin's gold. Could end up using Bitcoin's for large transactions like buying a house or a car and Litecoin's for things like TVs and fridges. At least, that's how I would see things settling at some point down the track.

ITT, a whole lot of people who don't understand why the Scrypt algorithm was chosen. Vorksholk was approaching the reason in his last post.

Here's a little insight, try to extrapolate some reasoning yourselves:

http://roycebits.blogspot.com/2009/05/colin-percivals-scrypt-new-chapter-in.html

Litecoin is inevitable.

It means that the technology behind Bitcoin is so strong and massively hard to break, that sub-mining gear is more than enough to secure a second crypto-currency.

And in the future, a third, a fourth, etc.

So.... Why not bitcoins to relieve these advantages?

Point being you've got bitcoins, and you've got litecoins, and you've got litecoin.... but faster. I'm not sold on litecoin hitting anything special with the 2.5 minute mark. If shorter confirmation times were really important there would be a coin making it even shorter. If it's not, litecoin will not take over bitcoin. Hence.... I think bitcoin will be the long run winner.

Litecoins bring a few interesting points to the table, namely:
-Scrypt algorithm: If SHA256 is at some point cracked or a reduction function is created for it, scrypt should still be fairly safe (although I understand scrypt has some ties into SHA family algorithms)
-Transaction time: Blocks are mined faster, confirms happen faster. Some will argue that 10min is perfect, some love 2 minutes.
-Hedging against Bitcoin without Fiat: Awesome


Just like people don't have an issue with Euros and USD coexisting, there is no reason that we can't have more than one crypto currency. However, many people are against the idea of multiple currencies for a few reasons:
-Random spam (BBQ coins?)
-Diverges people from a main coin
-Many Bitcoiners feel that it threatens their coin
-Multiple currencies make the learning curve harder for entry into cryptocurrencies

Due to the nature of the Scrypt algorithm, Litecoins are resistant (not immune) to ASIC and FPGA design, and bridge the gap a bit between CPU mining and GPU mining.

Not at all trying to be cheeky, but time to plug qqqed's site!

www.whylitecoins.com hehe

Not necessarily, the faster the confirmation time the more orphans you get and the more power inefficient your chain becomes.  You also double the amount of bandwidth in the network.

If the logic is litecoin is superior due to the 2.5 minute conformation times, would not a new coin with 1.25 minute confirmation times be even better than litecoin?

At op, your mom that's why.  She's trading flesh for my ltc.

I'm not here to talk you into ltc.  I don't care if you invest or not.  GFY.

How's that?

My logic:

Assuming LTC is superior to BTC, then if LTC succeeds, then after some time there will be yet another cryptocoin superior to LTC. And we'll be switching between those, maybe even  using some common API and reusing most of the software. This would however mean that you cannot use cryptocoins for value storage, and you still have to hide your silver if you don't want gov to steal money from your bank account.

Bitcoin can be used as a value storage and it can have tons of abstractions above, enabling it to have instant transactions. There is no way I'm waiting 5 seconds for any confirmations when buying something in the future. Decentralization is expensive, and even for light it takes more than 100ms to go around the earth (global currency). So my bet is whatever the winning cryptocoin would be, there will still be many centralized payment processors on top. And since we would have them, confirmation time would not be that crucial.