Topic: Will LTC make it or BTC be the lone king? - page 2. (Read 2506 times)

Quote from: smoothie on May 29, 2013, 06:06:27 PM

I do feel its got an advantage over BTC on a technical level

What advantage would that be?

Litecoins are good for buying bitcoins. And it is only thing it is better at than Bitcoin as buying bitcoins for bitcoins makes no sense.

i bought bitcoins with bitcoins. twice. made perfect sense to me. for those bitcoins i acquired were from the 10.000 btc pizza transaction and everybody with blockchain has the proof. but those are special trades.

Well if you buy Casascius bitcoins with bitcoins...aren't we doing that too? Buying bitcoins with bitcoins? Tongue

Those are not really Bitcoins. That is a currency built on top of Bitcoin backed by full faith in Casascious, the issuer. Bitcoin has somewhat different properties.

Okay let's meet in the middle and say we are both half right.

If it is backed by bitcoins then essentially you are buying bitcoins despite what form they were packed or came in.

True bitcoins do have different properties but to say you can't buy bitcoins with bitcoins is not 100% true once you bring up Casascius. Just my opinion though. Tongue

Qoheleth

legendary

Activity: 960

Merit: 1028

Spurn wild goose chases. Seek that which endures.

Quote from: ?? on ??

Say user A and user B want to exchange bitcoins for litecoins off exchange.

How do you prove that the coins sent from bitcoin wallet A to bitcoin wallet B are in fact related to the Litecoins from LTC wallet A and LTC wallet B?

This is the example I think I meant to use.

As far as I can tell you can't do this with Bitcoin alone. You can track every transaction on the block chain. But if you ahve two chains and you exchange off of a central site (literally off) then you cant prove certain bitcoins were related to certain litecoins in a P2P transaction or sorts.

If two people, offline, agree to trade Bitcoin wallets, it does the same thing.

Heck, you can do the same thing by trading national currency for BTC on localbitcoins.

Don't get me wrong, I think altcoins are super-important for a few different reasons. But I don't think Litecoin, specifically, is really that useful when its feature set is basically identical to that of Bitcoin.

Vladimir

hero member

Activity: 812

Merit: 1001

-

Quote from: Binford 6100 on May 29, 2013, 06:04:26 PM

Quote from: Binford 6100 on May 29, 2013, 06:04:26 PM

I do feel its got an advantage over BTC on a technical level

What advantage would that be?

Litecoins are good for buying bitcoins. And it is only thing it is better at than Bitcoin as buying bitcoins for bitcoins makes no sense.

i bought bitcoins with bitcoins. twice. made perfect sense to me. for those bitcoins i acquired were from the 10.000 btc pizza transaction and everybody with blockchain has the proof. but those are special trades.

Well if you buy Casascius bitcoins with bitcoins...aren't we doing that too? Buying bitcoins with bitcoins? Tongue

Those are not really Bitcoins. That is a currency built on top of Bitcoin backed by full faith in Casascious, the issuer. Bitcoin has somewhat different properties.

aceking

full member

Activity: 229

Merit: 100

Ltc is overpriced , most people hope that will make fast profit if mtgox adopts it , but i dont see the demand for it.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

I do feel its got an advantage over BTC on a technical level

What advantage would that be?

Litecoins are good for buying bitcoins. And it is only thing it is better at than Bitcoin as buying bitcoins for bitcoins makes no sense.

i bought bitcoins with bitcoins. twice. made perfect sense to me. for those bitcoins i acquired were from the 10.000 btc pizza transaction and everybody with blockchain has the proof. but those are special trades.

Well if you buy Casascius bitcoins with bitcoins...aren't we doing that too? Buying bitcoins with bitcoins? Tongue

Binford 6100

hero member

Activity: 504

Merit: 500

PGP OTC WOT: EB7FCE3D

Quote from: RandyFolds on May 29, 2013, 05:51:23 PM

I do feel its got an advantage over BTC on a technical level

What advantage would that be?

Litecoins are good for buying bitcoins. And it is only thing it is better at than Bitcoin as buying bitcoins for bitcoins makes no sense.

i bought bitcoins with bitcoins. twice. made perfect sense to me. for those bitcoins i acquired were from the 10.000 btc pizza transaction and everybody with blockchain has the proof. but those are special trades.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

Quote from: adpinbr on May 29, 2013, 04:05:42 PM

Im not the first to say it (crazy rabbit) but all those scam coins killed alts. alts are now dead....the issue is this, will it be profitable enough for new crypto business to accept LTC, both for more fees and to attract members of the alt community?
Or will we see a move by the BTC holders attempting to form a monopoly and kill LTC while they still have a chance

Alts are dead? Funny, I recall raging against alt-coins and trolling the shit out of smoothie and all those alt-coin tards incessantly a couple years ago. I turn back up and the problem has exacerbated a hundredfold. People are still mining fucking ixcoin and i0coin and those fucking abominations.

Trust me, greed hasn't gone anywhere.

+1

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

Quote from: Vladimir on May 29, 2013, 05:51:01 PM

Smoothie, isn't what you just described above is effectively using litecoins to buy bitcoins? Just like I said.

Yes.

Qoheleth

legendary

Activity: 960

Merit: 1028

Spurn wild goose chases. Seek that which endures.

Quote from: smoothie on May 29, 2013, 05:43:40 PM

If I own Bitcoin address A and B and Litecoin address C and D and I am an exchange.

User E sends Litecoins to address D but I credit his account in my accounting system with address C litecoins (meaning if he withdrew them it would come from that address).

But say user E sells LTC for BTC. So now his balance shows up as bitcoins in the accounting from account A but when he withdraws simple send him bitcoins from account B.

So is that not enough obscurity to say that bitcoin can't do this on its own?

Or did I miss something? (sorry a bit tired, may have overlooked something)..

To trace the transaction you would need the exchange accounting information as well as bitcoin and litecoin block chains. Quite a bit of information when tracking I think.

I deposit some BTC at Mt. Gox, do some trading, withdraw some BTC from Mt. Gox. To trace whose coins those are, you need Mt. Gox's records, plus the Bitcoin blockchain (trivial to obtain).

All that you add by involving Litecoin is the requirement of a second blockchain (equally trivial to obtain).

RandyFolds

sr. member

Activity: 448

Merit: 250

Quote from: adpinbr on May 29, 2013, 04:05:42 PM

Im not the first to say it (crazy rabbit) but all those scam coins killed alts. alts are now dead....the issue is this, will it be profitable enough for new crypto business to accept LTC, both for more fees and to attract members of the alt community?
Or will we see a move by the BTC holders attempting to form a monopoly and kill LTC while they still have a chance

Alts are dead? Funny, I recall raging against alt-coins and trolling the shit out of smoothie and all those alt-coin tards incessantly a couple years ago. I turn back up and the problem has exacerbated a hundredfold. People are still mining fucking ixcoin and i0coin and those fucking abominations.

Trust me, greed hasn't gone anywhere.

Vladimir

hero member

Activity: 812

Merit: 1001

-

Smoothie, isn't what you just described above is effectively using litecoins to buy bitcoins? Just like I said.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

Quote from: Qoheleth on May 29, 2013, 05:37:52 PM

Quote from: smoothie on May 29, 2013, 05:20:15 PM

Note: Litecoins allow you to obscure the bitcoin network in terms of tracing where a transaction came from and went to. Bitcoin by itself can't do this. This is something Trace Mayer mentioned and agree with.

The Litecoin blockchain is just as public as the Bitcoin blockchain.

If you mean that I can exchange my BTC for LTC, and then my LTC for BTC, well... that's no different than manually mixing with someone else's BTC.

If I own Bitcoin address A and B and Litecoin address C and D and I am an exchange.

User E sends Litecoins to address D but I credit his account in my accounting system with address C litecoins (meaning if he withdrew them it would come from that address).

But say user E sells LTC for BTC. So now his balance shows up as bitcoins in the accounting from account A but when he withdraws simple send him bitcoins from account B.

So is that not enough obscurity to say that bitcoin can't do this on its own?

Or did I miss something? (sorry a bit tired, may have overlooked something)..

To trace the transaction you would need the exchange accounting information as well as bitcoin and litecoin block chains. Quite a bit of information when tracking I think.

adpinbr

sr. member

Activity: 787

Merit: 250

Quote from: smoothie on May 29, 2013, 05:20:15 PM

Quote from: smoothie on May 29, 2013, 05:20:15 PM

I do feel its got an advantage over BTC on a technical level

What advantage would that be?

Litecoins are good for buying bitcoins. And it is only thing it is better at than Bitcoin as buying bitcoins for bitcoins makes no sense.

lol haha....

Well let's give it a few more years to catch up to where bitcoin is.

Most naysayers claimed LTC would die long ago at 1/2 a penny and 6 cents....now they are all but silent.

Utility is important I agree...litecoin has some catching up to do.

Note: Litecoins allow you to obscure the bitcoin network in terms of tracing where a transaction came from and went to. Bitcoin by itself can't do this. This is something Trace Mayer mentioned and agree with.

Smoothe so are you more of a bitcoin or litecoin Bull? what % of your portfolio is LTC?

Qoheleth

legendary

Activity: 960

Merit: 1028

Spurn wild goose chases. Seek that which endures.

Note: Litecoins allow you to obscure the bitcoin network in terms of tracing where a transaction came from and went to. Bitcoin by itself can't do this. This is something Trace Mayer mentioned and agree with.

The Litecoin blockchain is just as public as the Bitcoin blockchain.

If you mean that I can exchange my BTC for LTC, and then my LTC for BTC, well... that's no different than manually mixing with someone else's BTC.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper