Topic: Why would anyone use BTC to buy LTC? (Read 1631 times)

Quote from: reb0rn21 on June 28, 2013, 07:49:31 AM

So a lot of GPU miners these days are saying it's time to jump ship to LTC. They say the pasture is greener over there in LTC land and you can get more profit by exchanging LTC for BTC, than just by mining BTC. Sounds like a plan, but can anyone explain why anyone in their right mind would use their BTC to buy the ~~mined~~ LTC? I mean why would anyone even need to buy LTC, in the first place? Are people really doing this or is it just some legend?

Honest question. Thanks!

Your question is (purposely) wrong, you should take away "mined" as every coin is mined and you can buy LTC with $ on BTC-e.
Some traders follow the trend

Also:

4. Biggest BTC exchange MtGox is going to adopt LTC

and some traders follow the trend. If you hold LTC and believe gox will be a fiasco, it's the best time to convert LTC for BTC, just saying..

glon

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Quote from: reb0rn21 on June 28, 2013, 07:49:31 AM

You need why, here few:

1. LTC is CHEAP!
2. There is lot going on about LTC atm being updated and developed, 10 000 LTC faunds donated for that cause
3. LTCPP paying processor should open any time now
4. Biggest BTC exchange MtGox is going to adopt LTC
5. Merchants starting to accept LTC

You need more or you just try to troll here?

Also mine own opinion ~10 million BTC is not enough for all world treading, also high price, transfer time and fee for BTC is not good for small transactions

Thanks. Not trolling - I just genuinely don't understand why people use BTC to buy LTC, instead of exchanging for fiat.

reb0rn21

legendary

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You need why, here few:

1. LTC is CHEAP!
2. There is lot going on about LTC atm being updated and developed, 10 000 LTC faunds donated for that cause
3. LTCPP paying processor should open any time now
4. Biggest BTC exchange MtGox is going to adopt LTC
5. Merchants starting to accept LTC

You need more or you just try to troll here?

Also mine own opinion ~10 million BTC is not enough for all world treading, also high price, transfer time and fee for BTC is not good for small transactions

glon

full member

Activity: 181

Merit: 100

Quote from: Mahn on June 28, 2013, 07:36:28 AM

Quote from: glon on June 28, 2013, 06:41:36 AM

Quote from: FiiNALiZE on June 28, 2013, 12:43:05 AM

Quote from: glon on June 28, 2013, 06:41:36 AM

So a lot of GPU miners these days are saying it's time to jump ship to LTC. They say the pasture is greener over there in LTC land and you can get more profit by exchanging LTC for BTC, than just by mining BTC. Sounds like a plan, but can anyone explain why anyone in their right mind would use their BTC to buy the mined LTC? I mean why would anyone even need to buy LTC, in the first place? Are people really doing this or is it just some legend?

Honest question. Thanks!

because a lot of BTC mining is from people with ASICS, they buy LTC to hedge their capital. Because they are so efficient at mining BTC, they can pick up more LTC then GPU miners through the exchange.

this gives them a significant advantage if LTC were ever to rise in value.

Are you saying the only use of LTC is its possible future value, and these people are buying it in droves just because they are banking on it? Instead of outright liquidating their BTC?

Yes

OK let me ask another way. By mining LTC (and hoping to sell it for BTC), I am pretty much relying on people to behave irrationally?

Just because you don't believe LTC has any other inherent value other than to exchange it for BTC, it doesn't mean the rest of the world is acting irrationally by selling BTC for LTC. That's just how you perceive it, not how everyone sees it.

But the thing is there is currently no inherent value in LTC and people are just hoping it may get some value some day, instead of outright exchanging their BTC for fiat? Sorry but that's irrational in my book...

I will gladly mine LTC and exchge it for BTC... but I guess I need to understand why would anyone want to acquire my LTC in the first place...

Mahn

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Quote from: FiiNALiZE on June 28, 2013, 12:43:05 AM

Quote from: FiiNALiZE on June 28, 2013, 12:43:05 AM

So a lot of GPU miners these days are saying it's time to jump ship to LTC. They say the pasture is greener over there in LTC land and you can get more profit by exchanging LTC for BTC, than just by mining BTC. Sounds like a plan, but can anyone explain why anyone in their right mind would use their BTC to buy the mined LTC? I mean why would anyone even need to buy LTC, in the first place? Are people really doing this or is it just some legend?

Honest question. Thanks!

because a lot of BTC mining is from people with ASICS, they buy LTC to hedge their capital. Because they are so efficient at mining BTC, they can pick up more LTC then GPU miners through the exchange.

this gives them a significant advantage if LTC were ever to rise in value.

Are you saying the only use of LTC is its possible future value, and these people are buying it in droves just because they are banking on it? Instead of outright liquidating their BTC?

Yes

OK let me ask another way. By mining LTC (and hoping to sell it for BTC), I am pretty much relying on people to behave irrationally?

Just because you don't believe LTC has any other inherent value other than to exchange it for BTC, it doesn't mean the rest of the world is acting irrationally by selling BTC for LTC. That's just how you perceive it, not how everyone sees it.

glon

full member

Activity: 181

Merit: 100

So a lot of GPU miners these days are saying it's time to jump ship to LTC. They say the pasture is greener over there in LTC land and you can get more profit by exchanging LTC for BTC, than just by mining BTC. Sounds like a plan, but can anyone explain why anyone in their right mind would use their BTC to buy the mined LTC? I mean why would anyone even need to buy LTC, in the first place? Are people really doing this or is it just some legend?

Honest question. Thanks!

because a lot of BTC mining is from people with ASICS, they buy LTC to hedge their capital. Because they are so efficient at mining BTC, they can pick up more LTC then GPU miners through the exchange.

this gives them a significant advantage if LTC were ever to rise in value.

Are you saying the only use of LTC is its possible future value, and these people are buying it in droves just because they are banking on it? Instead of outright liquidating their BTC?

Yes

OK let me ask another way. By mining LTC (and hoping to sell it for BTC), I am pretty much relying on people to behave irrationally?

FiiNALiZE

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Activity: 868

Merit: 500

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So a lot of GPU miners these days are saying it's time to jump ship to LTC. They say the pasture is greener over there in LTC land and you can get more profit by exchanging LTC for BTC, than just by mining BTC. Sounds like a plan, but can anyone explain why anyone in their right mind would use their BTC to buy the mined LTC? I mean why would anyone even need to buy LTC, in the first place? Are people really doing this or is it just some legend?

Honest question. Thanks!

because a lot of BTC mining is from people with ASICS, they buy LTC to hedge their capital. Because they are so efficient at mining BTC, they can pick up more LTC then GPU miners through the exchange.

this gives them a significant advantage if LTC were ever to rise in value.

Are you saying the only use of LTC is its possible future value, and these people are buying it in droves just because they are banking on it? Instead of outright liquidating their BTC?

Yes

glon

full member

Activity: 181

Merit: 100

Quote from: spider4 on June 27, 2013, 05:52:22 PM

So a lot of GPU miners these days are saying it's time to jump ship to LTC. They say the pasture is greener over there in LTC land and you can get more profit by exchanging LTC for BTC, than just by mining BTC. Sounds like a plan, but can anyone explain why anyone in their right mind would use their BTC to buy the mined LTC? I mean why would anyone even need to buy LTC, in the first place? Are people really doing this or is it just some legend?

Honest question. Thanks!

because a lot of BTC mining is from people with ASICS, they buy LTC to hedge their capital. Because they are so efficient at mining BTC, they can pick up more LTC then GPU miners through the exchange.

this gives them a significant advantage if LTC were ever to rise in value.

Are you saying the only use of LTC is its possible future value, and these people are buying it in droves just because they are banking on it? Instead of outright liquidating their BTC?

B. Tazed

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Quote from: B. Tazed on June 27, 2013, 05:43:31 PM

Quote from: spider4 on June 27, 2013, 05:42:24 PM

Why people buy yuan, euro, ruble... when they can use dolar Wink

How did this get here 3 posts Huh

I don't see where is the problem your opinion is better becayse you have more posts, really?

I didn't say that...
But at least users can understand me because I know how to spell.

lazydna

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