Topic: Why Litecoin? - page 2. (Read 8770 times)

your argument is not valid as well,  people bought Drugs weapons watched porn and all this shit existed even before BTC was introduced so OK go ahead and cancel USD and Euro and.... because this is what they used to use so it is evil, and tell your company that you wont accept FIAT as a payment because you can buy all evil listed things above with it.

-and when you say that LTC didn't introduce any improvement over BTC than you are just being ignorant or you do not understand what encryption and Block generation means .

-When  Avalon deliver all the remaining units, BTC mining will be exclusive to a few people on the network which will hold allot of coins , this will kill the spirit of BTC that was intended the very first day, remember that even now it is not cheap for the working class people and medium  class to buy some BTCs if buying 5 BTC  will be taking the half of your pay check in rich countries not to mention the poor ones.

-LTC give the chance to any one who own a GPU,CPU in other word a PC to get some, if not you can just buy it, even if it hits 100$ it will be always cheap comparing to BTC that will be more than 1000 $ .

-even if they make a prototype like ASIC for LTC it wont improve the hash rate but maybe the power consumption , this is what a proof of of work we are talking about .


-but again if we wont talk about the technical deferences between BTC and LTC because as miners and developers we know what are they , but in the future not everyone will ask about these things because people will use it as an investment or paying system as it was intended to be. so from the economic side it is like if you are asking why we have allot of different banks and paying systems if we can stick to just one ?

- LTC is already mainstream you should worry about other ALTS rather than worrying about BTC and LTC, because it is here to stay this is my point of view

They are not really valid arguments just some emotional assertions.
And exactly that is what became litecoin.
I also had a good amount of litecoin and promoted it among friends at the beginning but I sold them all as they became overvalued.
Litecoin is not a currency of technical innovation but a mass currency especially as bitcoin became more asic mined and the miners went to litecoin.
Now they are a lot of aggressive spammers among them and they think they can promote it posting litecoin everywhere and I've  got a more negative impression.
Beside of this they openly promote porno sites, drug markets so if this continues it will become the most evil currency.
At the moment litecoin is trying to become successful by sucking blood from bitcoin and making everywhere false assertions that litecoin would be superior to bitcoin.
But masses are not predictable and other new currencies appear.
How many miners will go to feathercoin and to mincoin ?
One day when this currencies will enter trading all users which want to remain legitimate will go away from litecoin and only drug dealers and porno providers will remain.
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However I must say as positive that at least litecoin is open source, decentral and has a clear structure what cannot be said on ripple, novacoin and ppcoin.
Novacoin is open source but still has a lot of obscure practices. Nobody knows exactly how it works and how many coins will be.
Ripple is obscure, closed source, centralized and inflationary.
PPcoin is open source but still centralized with checkpoints and they try to obscure how many ppcoins will be. They have a limit of 2 billions ppcoins which they say will not necessary be achieved but they have a very obscure formula which calculates the block reward which is 450ppcoins/block at the moment.

+1

I own both of Bitcoin and Litecoin, I will explain why people are afraid of litecoin , just because they do not own any or/and they are afraid to try to buy some because they think it will fail in one point . just to explain something at this moment LTC network is at 14,000,000 Kh/s and it is rising everyday . so just to tell people if you do not believe in something just keep away of it, if it is hard for you to understand the technical part than it is the same like a Christian asking why Islam or a Muslim asking why Judaism, they worship the same god but that's how things works.

 

Litecoin to me is useful and valuable to me in a lot of ways.

1. Diversification of one's cryptocoin portfolio. Someone such as myself that really likes Bitcoin can use other crypto currencies to diversify their crypto portfolio (this valuable trait is not specific to Litecoin.) Age old investing ideology comes into play here and this is just smart investing. Only investing in Bitcoin is like going all in on Google stock.

2. Litecoin being built upon Scrypt makes it stronger than most other ALT currencies, especially the ones that are SHA-256 based. If you look into the problems TRC is facing, you will see that ASICs are hoping on their chain and sending difficulty into the stratosphere. They then go to hash something else, leaving the TRC block chain moving at a snail's pace and transactions taking hours to days to confirm. All SHA-256 based ALT coins (that do not have Scrypt) will suffer from this problem until they are fixed.

3. Litecoin is useful to the crypto currency ecosystem in the way that it's useful to have Visa, MasterCard, and Discover Card... or Wells Fargo, Bank Of America, and Chase. Sure, they all do the same thing, but they all do the same thing a little bit differently. Also, if one were to fail, there are others in existance so all commerce would not screech to a halt across the nation. It is good for Bitcoin to have a competing entity that is similar but not the exact same to itself. For the benefit of free market competition, each currency will always be striving to stay ahead or to catch up to one another, at the end of the day mutually improving both currencies by default.

4. Litecoin confirms in 1/4 the time that Bitcoin does. This one is brought up the most often for obvious reasons. I am sometimes impatient and do not want to wait 10 minutes to a hour+ for one or ten confirmations on the Bitcoin block chain. Although in theory this makes Litecoin 1/4 as secure as Bitcoin, I personally have never suffered any problems using Litecoin. Also, Bitcoiners refute this point by stating Bitcoin will soon be faster as soon as the devs increase the block size (I think this is the method they are trying to use), but it is a lot easier said than done. If it was an easy thing to do, then it would have been done long ago. Litecoin is faster right at this moment, which is valuable to me.

5. Because blocks are found 4x faster, difficulty adjusts more quickly.. about every 3.5 days. This is useful because it controls the rate of the minting of Litecoins, and makes sure that they stay provably scarce for some time to come. Again, this is valuable because it stabilizes the network and deters high powered hashers from shooting difficulty into the sky and then leaving the network at a crawling pace for a longer period of time (than if blocks were solved at the same pace as Bitcoin.) This feature is not all butterflies and fairy tales, it also provides the opportunity to manipulate network speed, but as the network grows this will become less and less of a problem.

6. Then there is the "there's nothing to do with your Litecoins" fallacy. These people just don't do their research, there are plenty of things you can do and buy with Litecoin as of this instant. New merchants and services are popping up everyday, and I think this will continue to happen well into the future.

7. The Litecoin community is growing at an exponential rate. Similar to the growth of Bitcoin, as the community grows then so will Litecoin. Litecoin is already far too big and the people that believe in it are too invested in Litecoin for it to fail at this point. Litecoin can at this point proudly say that they are king of the ALT coins. It can no longer be brushed aside as a scam/pump and dump/whatever, it has real value and people are starting to see that.

8. Like Bitcoin, there was no Litecoin pre mine. There was the genesis block, and 2 blocks to confirm the genesis. This is valuable for obvious reasons... no one wants to support scammers, and for a crypto currency to become highly adopted this is a necessary feature.

9. Not everyone was so lucky to be around when Bitcoin was first started and able to buy them for pennies. The possibility of becoming an "early adopter" is very appealing to new crypto currency users. A ton of "noobs" have recently appeared in the last wave of Bitcoin mania and I've noticed that a lot of them overwhelmingly support and/or already use Litecoins.

10. As Bitcoins become more valuable over time, this will further push the poor and "working class" away from it. Some can no longer afford to buy one Bitcoin even at today's prices. People like to get more for their money, and when buying at today's exchange rate people can get more Litecoins than Bitcoins. If the same services and merchants start accepting Litecoins, then what is the purpose of paying $100+, $200+, or $300+ per bitcoin?

11. Litecoin has the advantage of doing everything after Bitcoin. By sitting and waiting in the shadows for people to bring to light exploits and bugs on Bitcoin, these problems can be fixed before there is much of a problem or before someone exploits it. Bitcoin would obviously be exploited first if there was something to exploit, because of the bigger market cap and it is more valuable for someone to exploit Bitcoin first rather than Litecoin.

12. Litecoin derives its value in the same way that Bitcoin does. It is provably scarce and its value is held up by supply and demand. Bitcoin had proven that this in itself can hold up an economy and even make it thrive. As long as there are new services and merchants accepting Litecoin (as there are), then demand should not go away. And... we all know by now that supply stays constant, thus giving Litecoin value.

13. It's anonymous.

During the last weeks I've read dozens of forum posts from people suggesting to use Litecoins instead of Bitcoins. Several of them also here on bitcointalk, but none of them provides technical evidence of why Litecoin should be better (or even comparable) to Bitcoins. My personal opinion is that Litecoin is inferior from a protocol and implementation point of view and that other alt-currencies (such as PPCoin) would be a much better alternative than Litecoin. I've listed my reasons for this assumptions below. I'd be interested in counter-arguments to my points and in a discussion about the benefits of Litecoins.

In my opinion those are the main disadvantages of Litecoin:

• Litecoin doesn't provide significant technological advantages in comparison to Bitcoin. My first question when seeing an alt-currency is "Why should I use this?". Some alt-currencies have good answers to this question. For example, PPCoin's proof-of-stake mining looks extremely innovative making PPCoin a possible candidate for a Bitcoin 2.0 network. Litecoin, in comparison, is just a relatively straightforward copy of the Bitcoin code. (I know about Scrypt and the shorter confirmation times. However, those are just minor changes and neither of them provides any major advantages.)
• The client code is essentially unmaintained and based on an outdated Bitcoin version. In one of the most recent Litecoin commits the authors even had to remove a warning from the source code, preventing the client from reporting that it is obsolete. None of the newer security and performance improvements of the Bitcoin code made it into Litecoin.
• The price is purely driven by speculation. There are currently next to zero applications for Litecoins. The only thing one can do with them is buying them on an exchange and hoping that they can be sold for more money at some later point. If I'd felt like gambling I'd rather use Satoshi Dice with Bitcoins instead.
• The fact that Mtgox announced it will support Litecoins sounds like a red herring. If they support one alt-currency they are likely to also support some other alt-currencies. So why invest in overpriced Litecoins, when there are other alt-currencies that are cheaper and provide real technological advantages?

So for the Litecoin supporters: Which advantages does Litecoin have? And is there any client software that's actually maintained?