Topic: Why Litecoin? - page 3. (Read 6323 times)

Faster confirmation times means better real world application IMO... people should wait 6 confirmations for BTC... how long does that take?? who actually does this?? older people who have been scammed more in the past maybe, but Noobs who see the coins after 0 confirms may take this as read and sent, I go back to the buying a cup of coffee in a coffee shop the transaction needs to have cleared and been confirmed in the time it takes to make the coffee... or the seller will be waiting for the confirms before handing over the coffee...

But anyway my coins in my sig...

BTC well y not ?
LTC hedge ur bets, different algorithm, good community backing
PPC excellent Developer (sunnyKing) and offers Proof of Stake
NMC - actually offers something different again, .bit domain names
DEV - Ethical currency, supports open source development and as a developer i'm all for that
TRC - My own speculation here having had many chats with Crazy rabbit,  and opportunity to try making my own apps without feeling people have to risk their precious BTC if all goes wrong in my apps
FRC - Again added something different - demurrging so interested to see if that develops
BBQ - This was my plug a little while ago as a great coin to test solo mining on to see how to set up solo mining as was an unheard of coin by many and abandoned as was 51% attacked.

As a developer I am keen to support those coins that allow me to show support for other developers work and thought

Enough though... altcoin forum was a pleasent place to be not to long ago... the shear number of posts a day, and repeated posts means that people are not reading everything new, let alone reading the past conversations that have happened, I'm gonna leave u all to speculate as u see fit and do what u want.  All my thoughts are here in this forum on most coins, and I have better things to do than justify myself when only trying to help bring some insight into the madness that is unfolding.

I wonder if the aim of some is to spread FUD at such a time simply to keep the new joiners to the cryptoworld in the dark and missinformed. But we all entitled to our own opinions i suppose.

It actually is. Designed for miners, by miners
However if someone wants to mine them and someone else is willing to buy them... I'm okay with that.

Faster confirmation time = less security, higher risk of forks.  It's "best" attribute it actually terrible.  Plus, jebus man, how many scam coins are you promoting?! You're the problem we're talking about here.

says the person joined on February 01, 2013, 05:17:36 AM

different algorithm? faster confirmation times?

Show me solid proof of ur statements and I will listen... till then... educate yourself

Well I'm annoyed, I guess, because at a time where we should be pulling together, some asshat in a forum will pull out "litecoin" and then people get more confused.  I guess I'm looking for some information so that I can respond and retort in threads when that happens.

Because it's not just another "me-too" bitcoin clone started by people who missed out on mining when it started

The only logic you will find from litecoin users is that since there are 4 times as many litecoins they should be worth 1/4 a bitcoin.  Nothing beyond that.  It's really dumb.

http://www.reddit.com/r/Bitcoin/comments/1bcr1s/why_is_difficulty_set_to_10_minutes_per_block_why/

This is why we have 10  minute confirmation times.

It's clear that bitcoin derives value from utility.  None of the coins provide clear advantages in terms of utility accept maybe the proof-of-stake coins.... and even that is untested in scale.  This conversation belongs in alt coins.

yeah I wondered if it was one of those folks who missed out on the early days of CPU mining... like me.    But rather than worrying about a competing coin, I pulled myself up by the bootstraps and embraced that we were (are?) still in the early adoption phase.
 
So are the people still into litecoin trading hoping that it'll take off?  Can it be mined in conjunction with (beside/on top) of my bitcoin mining w/out harming my bitcoin hash rate?   If so I might mine it to trade for bitcoin, but that'd be the only reason.

This is exactly right. 

Litecoin is not silver to bitcoin gold.  Silver is silver because it has other properties of gold.  There are no advantageous characteristics of litecoin to bitcoin.  Litecoin was created when some individuals felt that they missed out on the early mining opportunity of bitcoin and its still hanging around. 

Litecoin is silver to bitcoin's gold. It can be mined without fear of ASICs.

I still think the current price is a bubble, though, and I was lucky enough to have bought in below BTC0,005 and turn a fair profit in the recent two rallies (could've made even more in the latest rally had I been greedier, however!).

Litecoin is also a good hedge against bitcoin without having to buy fiat. For me, that's been its killer app, though you can actually buy stuff with Ł too.

So I realize there are some other forks of bitcoin, but I occasionally see people trying to throw litecoin into a bitcoin conversation with the public, and that only further confuses folks away from getting into bitcoin.   I think if we want any of these to "win" (as in go mainstream), I think we should just focus on the one (bitcoin).
 
Also, some of my own minor ignorance, but why litecoin?  What purpose does it serve, right now, other than seemingly a competing coin?