Topic: Why Litecoin Is Valuable To Me (Also now... Why Litecoin Is Not Valuable To Me!) (Read 2352 times)

Not sure what you mean by this... If you are insinuating I own Litecoins and am doing this for my own self interests then you would be mistaken. If you are insinuating I own a different coin and want to see Litecoin fail, you would also be mistaken.

I want Litecoin to succeed. I supported it for almost 2 years and even left my mark on it by making physical Litecoins. I don't want my name tied to a cryptocoin that failed and some of my family/friends are still invested. So, I have been doing everything I can think of to make sure that doesn't happen. I am giving them a hard time in hopes they realize they need to adapt to stay #2 in the long run.

A lot of y'all seniors have come out of hiding since the LTC spasm, kek.

Wow, I should finish debating myself ITT.  

I used to be so bullish on Litecoin, but my opinions have changed, the dynamics have changed, and I am much more informed than I was a year and a half ago.

This thread is funny considering my recent posts about Litecoin.

I'm hoping someone else can enjoy the irony with this bump.  

As you can see.. I've always like to debate, it's just now that I have switched sides of the debate. You can call what I've been doing "trolling" if you like, but this is simply something I enjoy doing- debating about crypto currencies. Here is proof that I have always enjoyed doing so... I even went so far as to debate with myself. 

Cliffs: Litecoin is ready for Bitcoins collapse

Okay so why are Mastercard and VISA not one of them just a copycat so we should get rid of one of them and only have one?

-MarkM-

Hi, I'm one of them noobs you mentioned

I started mining litecoins because it was fun and I learnt how litecoins and bitcoins work, and pushed my GPU to the limit, even though its a piece of crap 5770. I'm playing with Bytecoins and Litecoins, Bitcoins don't seem very appealing to me anymore because of the price rocketing up and falling back down.

My 2 cents...

When I first started mining Bitcoins around 2 years back, I did it because it was just "fun" and it was interesting to be part of a project with the potential to grow into something more meaningful. And I believe that the majority of early miners did it for the same reasons.

As with Bitcoins my opinion is that the early adopters were the miners themselves and the miners (and not forgetting the bitcoin developers) were the ones to give bitcoins the push it needed to bring it to where it is today. However, with more and more Asics coming online, these miners who started out with GPUs (like myself) will need somewhere else to go and I see Litecoin as the next place to be. Initially I suspect they would just mine Litecoin because they already have the hardware and everything setup. But as more of these ex-bitcoin miners jump onto the Litecoin bandwagon so does its userbase grow. And we could potentially see some of the these "early adopters" bringing over the same passion and effort they had to Litecoin. At the end of the day the worth of a crypto currency is in its user base, trust and acceptance.

As for me I am just doing it because it is simply put "fun" to see your computer churning away and creating these little bits of data which you can use to either trade or sell

Cheers

^ fixed formatting.. apparently I can't spell quote.

It is an interesting experience trying to argue with yourself.... quite enlightening really. It is good to be able to see both sides of the story.

I'm just trying to incite intelligent debate among forum users for the better of both crypto currencies.

No opinions? I will show for the opposing side and debate myself. I use Bitcoins and Litecoins and find them both equally useful. Some arguments I use in Bitcoin's favor are not necessarily my true opinion, but I am only trying to represent both communities properly. It is a combination of fact, opinions I hold personally, and a summary of opinions that I've read in the past. I'll let you guess which ones those are.

All of the ALT crypto coins dilute the value of Bitcoin by diverting attention and developers away from Bitcoin itself. Thereby weakening the network at the same time, because of miners switching to different coins and not supporting the Bitcoin network. Some or most of all ALT coins are scam coins or pump and dump schemes, you call that smart investing?

The Scrypt Proof Of Work Protocol is less efficient than SHA-256, mining hardware for Litecoin will never hash as fast as it does on SHA-256 when mining on Scrypt. Not only is it less efficient, but Scrypt uses more a lot more resources and works your vRAM and system RAM a lot harder than SHA-256, thus making mining equipment wear out faster, produce more heat, and the cost of electricity higher. Bitcoin does not have to worry much about network fluctuations, because it is so strong and hashing at a fast speed. ASICs will only strengthen this once they are widespread.

Litecoin is just a copy cat of Bitcoin, there are no benefits of having it and it has no real value. Again, Litecoin is only a distraction from Bitcoin and possibly a drawn out long con type of pump and dump scam. Litecoin competing with Bitcoin? Bitcoin is ages ahead in development in all categories... merchants, software, mining hardware, user base, value, et al. It is foolish for you to say Litecoin is "competing" with bitcoin.  

You struck on the main problem with Litecoin's block quickness, it does in theory make it transactions 1/4 as secure than a Bitcoin's transaction. Not only this, but it causes a long and convoluted block chain. There are four times more blocks, four times more orphaned blocks as well, this is very inefficient book keeping. Litecoin's block chain will keep growing 4x faster than the Bitcoin block chain, making it much larger. It may take weeks to download the block chain one day.

Again, the Bitcoin network is much faster and bigger than the Litecoin network, thus making it more stable. Quick difficulty adjustments as you mentioned can be manipulated by people that have really high hashing power, this is not an advantage. Bitcoins difficulty adjustment rate has proven that Bitcoins can be provably scarce in the long run, I don't get why Litecoin had to change that?

There is a lot more to do with your Bitcoins than your Litecoins. To even compare the two would just be laughable. Bitcoin is much more widespread accepted by merchants and services. It also has a higher FIAT market cap dwarfing all ALT currencies combined. You are banking on new merchants and services to continue to be developed into the future to ensure the success of Litecoin. It is all speculation.


That's nice that Litecoin is king of the scam coins, but Bitcoin is the king of all crypto currencies and all other crypto currencies are inferior. When Litecoin had its tremendous ground breaking rise in value in such a short time period by going up to $5, Bitcoin was $255 steps ahead as it peaked at around $260. Investing in Litecoin is like playing pitcher machine baseball professionally.


More to come later, I'll edit this. ... I'm tired of typing.

I had posted this in another thread, but I didn't want this information buried in a random thread (which is locked now). Feel free to ask me questions, point out other benefits of Litecoin, point out weaknesses in Litecoin, speak your mind about why you disagree about something in this post, etc... Please only serious intelligent debate... no name calling and dick measuring... thank you.

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.


I will be adding to this list in the near future.

Cheers,

Ch