Topic: Why the loss of confidence in litecoin? - page 7. (Read 13827 times)

It's not that bad.

I have fond memories of buying litecoin at BTC0,0022.

If there were a 'loss of confidence' in litecoin I would expect difficulty to be dropping. If anything the current state of events would indicate stronger than ever confidence in Litecoin. Consider this: Many people for a long while have only mined litecoin to convert to btc. With the exchange rates sinking there is still no shortage of hash power for litecoin.

Bitcoin is doing well now and that is great for not just bitcoin but all cryptocurrency.
Last i checked the prices of Litecoin vs. US Dollar have changed around 2-3%.
That is fairly small or close to even and correlates with the difficulty holding up.

Most large gpu mining is done for profit and sale of the coins for btc.  If those who operated the farms wanted to just "baghold" litecoin or other alts for a long term investment it would be far cheaper and easier to just buy the Litecoin or other coin and sit on it.

When you see the difficulty of Litecoin drop lower and stay there I think you can say people have lost confidence. Not now.

Exactly. All these GPU rigs and nothing to do with them but mine the altcoin with the most market depth. This, and the fact that there is absolutely nothing to do with your litecoins (except sell them for bitcoins as you watch their value slowly but surely continue to tumble downwards).

I can't be bothered to waste my time beating this dead horse for the 100th time to fools who can't even be bothered to do their own research and have been wrong for coming on 2 years straight so i'll just repost something I said a while back:

Maybe this is overly simplistic and the point has already been made, but it seems to me the key thing for any alt coin is its ecosystem, and how much has been set up for people to DO with it once they have it.  This is consistent with the Mt. Gox idea, LTC was going up because its ecosystem was about to get a lot better with (at the time at least) the addition of the leading exchange. 

Bitcoin is obviously king here, but given LTCs relatively early start I'm surprised it is not doing better.  There don't seem to be any LTC faucets on par with dailybitcoins nor any marketplaces or pay per click sites (abitback offers a LTC option but you need a huge amount of points, and it's a less good deal than BTC or USD).  I thought LTC would get a boost as ASICs forced people out of BTC mining, and maybe that has also hurt it, those miners dump the LTC (since there isn't as much to do with it) for BTC rather than helped it.

I think sites such as dicenow that feature both LTC and BTC may help some, but it seems development of sites that use litecoin haven't really surpassed the other alt coins despite its broader acceptance and lead time.

Sure, I guess I wasn't making an argument suggesting Litecoin as the only hedge or the white knight of alts, just that it is still a hedge, and IMO this hasn't changed yet despite the price plummeting.

I would recommend anyone to always hold a bag of coins as opposed to a single one.

Problem is that so far I've never seen any single argument in favous specifically of litecoin.
(as opposite as "in favour of any random alternative")

Sorry if I'm being harsh, and I appreciate you're not being hostile, thanks : )

Litecoin is NOT for microtransactions. If you want microtransactions you either want an offchain tx processor or another alt coin. For example, Bitcoin is a good choice for microtransactions, which is one of the reasons for blockchain bloat. Some developers believe Bitcoin would be better off with fee rules that discourages wasteful bloat, which would thereby allow delaying an increase in maximum block size for several years. Keep Bitcoin Free expresses similar ideas, although we Litecoin do not agree with their proposed solution where people are told to use offchain processors. Litecoin's solution can be improved further where it can be adapted into a market driven floating-fee mechanism that penalizes inefficient uses of the blockchain in a similar manner to today's anti-spam rule.

You seem to be very hostile to Litecoin for some reason.

Most of my experiences with investing not just in cryptos but also in the "real" world has taught me that you should never assume to have so much understanding of something that you place 100% faith in your own convictions, as being pompous nearly always costs you money. This is why I used the word unforseen. It appears you can't grasp the concept.

It's more of an ideology I notice some people have, and others don't... I'm sure you are right about everything though. Carry on.

I agree.  And all Litecoin folks should hear what you just wrote.
Truly this is probably true of all of the coins, including Bitcoin.  
What people have, they tend to have some pride in, it helps to justify the choice to one's self.

However...

There is certainly some socialisation needed among our community.  We are a tiny tiny community compared to where we want to be, and yet we compete with each other.  This is really pretty silly behavior and entirely unnecessary.  It just makes us look bad.

I mint silver and gold.  I celebrate when another minter or coin designer or anything similar comes along.  It is excellent, I hope for folks I can learn from and share stories with that can understand what it is all about.  Sometimes I think what they are doing is not great, but I am still happy they are doing it and I try to help.  If there is something I need to correct that could be embarrassing for them and it can possibly be done privately, then it should be done in private.  Since I am human I sometimes fail at this effort and I regret that and learn from it.  

We tend to be judgmental, but we ought to be helping each other, the opposition is large and organized and far more powerful than we even with all our hubris and perfect codebases.  When we see something wrong, we need to pitch in and help.  Problem identification is more common than problem fixing and though necessary, it is far less useful.

I'm not a big Litecoin guy, but I also don't want to see it torn down.  There are many alternatives, LTC is just one of them and certainly we can all learn to work together better over time.  Say nice things about each other more often, it is good for you, and good for them.

PPC

It doesn't need to end, I just don't like how it's currently treated compared to some other coins out there. It's really more of a community issue. I see so many people parading around with LTC like it's so special when there's other coins doing it or easily more; and yet they are so vile about it when you mention them. Makes you gain a vendetta about the coin.

OK, so some benefit may be there.
What is the cost of Litecoin's existence that folks would see it ended?

Sure. The idea that something, perhaps many things co-existing with Bitcoin is one I share. But for it to be LTC, no thanks.

I am happy to believe that Bitcoin will be forever perfect and that the smartest people in the world will always and forever write the code and that all the updates will also be perfect, and that the testing considers every future possibility that may break something.

But I also like a backstop.


On the contrary.  If there is some ill effect, I would prefer it happen with Litecoin.  


In our perfect world, nothing bad will ever happen, and if it does it won't matter, and if it matters, it will get fixed fast enough, and if it doesn't get fixed fast enough, a miracle will save us.
I hope the currency lives long enough to survive our optimism.  Hope for the best and prepare for the worst.
My great grandkids deserve good things too.

I am sure your experience with globe spanning 5 sigma implementations is at least equal to mine, and that you also have more than 20 years in watching what was once thought of as perfect crumble, and have the confidence that the smartest people are all on our side and that nothing can stop us.  

This is so very new.  Just a bit over 10 years in the making, and less than 5 in the running.  It is too soon to strangle the siblings in their cribs.

AMD brings to the table a chip which is compatible with Intel's, so you can buy either, pick your choice.

Litecoin brings an incompatible network, so you have no reason to use it when you can use the main network instead.

I.e. in what exact situation it would be more convenient to me to buy litecoins instead of bitcoins? (other than being a speculator)

I am free to buy an AMD chip because this will not prevent me from doing stuff I would do with an Intel chip, since they are compatible. They are compatible alternatives. If I need an Intel chip, I can buy an AMD chip instea and be fine.
If I need bitcoins, I buy bitcoins. If I need bitcoins, buying litecoins won't help me, since they are incompatible with bitcoins.
Get it now?

the Bitcoin/Litecoin is not the same as AMD/Intel or Coke/Pepsi. There is a difference between AMD and Intel, and that difference is significant enough to actually make them competitors. Bitcoin and Litecoin is also different, but they are not so different that it matters. Therefor because bitcoin is biggest, Litecoin will die out.

If a altcoin be able to coexist with Bitcoin, it most be different enough

Completely wrong.

If you buy an AMD chip you can still use the same programs as people who use an Intel chip.

If you buy litecoins you have a different currency, incompatible with bitcoin.

there is bug in the satoshi client, only a fool would say otherwise. On the other hand the bitcoin protocol is open, and anyone is free to implement it, i for one have made my own toy client in python. the problem with litecoin is there is only one client, and that is heavily based upon the satoshi bitcoin client. and i don't think there exists a alternative client for Litecoin(no, i have not researched it).

A bug in the satoshi client, would also like be a bug in the Litecoin client. but a bug in the satoshi client would not do as much damage, as there exist alternative clients.