Topic: Why the loss of confidence in litecoin? - page 6. (Read 13847 times)

Although we will take many payment types and currencies for the Silver Bitcoin Specie, they are denominated/priced in Bitcoin and based on the price/value of silver in bitcoin.  If bought locally, all the listed local fiat currency can buy them, and we are adding more as a way to bring people everywhere to better understand how Bitcoin is money.

When BTC goes down you all will get another window to get off the LTC train.

As long as the Litecoin is traded, it is not dead. You can still mine it with GPU and exchange for BTC, so definitively useable coin for me.

I almost bought some litecoins at .014. And then .013. And then I re-assessed this whole "investing in litecoin" thing, at least until BTC stabilizes. Then we'll see. But the very longterm downtrend it's in, which just won't bottom out, and the increased irrelevance of Gox.... I'm not confident.

This post +1. It gets annoying that USD almost the standard to which other fiat currencies must look up to. I really hope bitcoin changes this somehow

i don't know what i want really. part of me thinks that i want it to drop to .80$ so i can buy it up, but then, it might really be dying then.

It's (Un)dead.

so what's the consensus here? is litecoin dead or not? 

The price of a Big Mac in South Africa for example is just $1.82 and in India it's $1.50 - and mere cheeseburgers are cheaper still. In that context the Litecoin fee of $0.1 is too expensive. A 5-6.5% charge just for the pleasure of paying with a crypto is too much - hence the reason no-one will bother to use it.

People need to understand that Cryptocurrencies are not just about the USA. Satoshi was not American and the majority of people who currently hold of cryptocurrencies are not American. It's quite conceivable that they will be outlawed in the USA but continue and thrive everywhere else. So it's a bit short-sighted to pretend that transaction fees do not matter.

FPGAs and ASICs can be made to mine litecoin, but they would only do a few percent better then GPU's. The reason for this is that the algorithm used in litecoin is mainly memory-intensive, wheres Bitcoin's algorithm is computation-intensive.

Ergo, Litecoin miners think that milk crates with GPUs are the best infrastructure for a cryptocurrency. The reason that they think this is because they are narrow minded losers that lost money buying GPUs, when there where FPGAs on the way.

Is there anyone that you can point to that claims milk crates with graphics cards are the "ideal infrastructure", or is this just a generalized snipe at all Litecoin miners?  (full disclosure, my 13yr old kid mines a little litecoin on his game computer when not playing games)
Do you imagine that FPGA and ASIC will never be made for Litecoin, or any Alt, or do you really believe that the Litecoin supporters don't want them and prefer milk crates?
Who is it that is bad-mouthing other types of crypto-currency again? 

Lets play nice.  We are all friends here.

GPUs were used during the early bootstrapping stage, because that was the best available. They are no longer needed.

no, we did not think 7950's was ideal. else we would not have made acis miners...

When I was saying "microtransactions" I was meaning it in the real world sense of 25c to $5 ish.. not the bitdust, and 0.001c a click sense. I was also under the impression that the high LTC tx fee was supposedly temporary... but could be like all those quick hacked up bits of "glue" in COBOL the banks are still running 30 years later

It doesn't drop much because there is not much option to support large GPU mining operations. They can't mine BTC, they have to mine LTC as long as they can just recover the electricity cost.

Aren't those the same guys that backed bitcoin from the beginning till very recently...

Agree - and that other altcoin is Devcoin, which is perfect for microtransactions. Devcoin was deliberately developed with the decimal place moved (so 50000 coins generated each time instead of 50), and the transaction fee set to just 1 DVC. That makes the transaction fee $0.0000561, which is practically nothing, whereas Litecoin's transaction fee is a comparatively hefty $0.10.

It's interesting to compare the two coins - Devcoin was launched in August 2011 and Litecoin was launched in October 2011 - so they are near siblings, but they've taken completely different approaches.

The Devcoin community has focused on trying to reward doers (developers, writers and so on). Devcoin now owns an asset (Devtome) which is monetised with bitcoin advertising and Amazon affiliate promotions, which means hopefully a steady stream of dollars earned which then get converted into bitcoins and then devcoins. On the spending side, you can buy amazon vouchers for devcoin. The Devcoin community has mostly ignored the speculative element, apart from moaning about it from time to time.

The Litecoin community seems to have spent an inordinate amount of energy on MtGox acceptance - maybe because they see speculation against the dollar as a way to acceptance.

The speculative element can be destructive - IMO, having lots of alt-coins traded solely against Litecoin on Cryptsy is one the main reasons for the price dropping. Think - all those alt-coin miners really want to cash out into BTC. But Cryptsy forces them to buy Litecoins, which they then immediately sell for bitcoins. Cryptsy takes two sets of transaction fees, but Litecoin suffers a persistent selling pressure that wouldn't exist of the altcoin miners could trade directly into Bitcoin. Back in June there were maybe 4 altcoins being traded for litecoin, and now it's about 20 - and you can see the effect.

If the Litecoin community can step away from all the speculative element, and find a true raison d'etre (and it's not microtransactions, nor is it about ways of fixing parts of the crypto-economy that bitcoin neglects, such as ways to earn coins apart from mining - Devcoin has bagged both those elements). It has to be something else, something unique that no-one is offering.

(Disclosure: I hold some litecoins, just wanted some, "just in case")

Looks like the size of the list of places that accepted bitcoin 2 years ago.  Litecoin right now reminds me of when I first got into bitcoin.   It's only 1/2 way to the first block reward halving and the first generation of dedicated scrypt mining hardware is just around the corner.  I believe there is value in having a "digital silver" to trade, and I think litecoin is the best secondary chain BECAUSE it isn't that different from bitcoin.  The mining algorithm separates the mining economy from bitcoin (and the current ASIC market) and I consider that to be positive as well.  Long live the queen! 

lol, that's a really impressive list. 

There's a number of places to spend LTC.  Do you even Google, bro?