z | Bitcointalksearch.org

jubalix

legendary

Activity: 2632

Merit: 1023

Quote from: bitcool on March 11, 2013, 09:20:24 AM

The prospects of large ASIC miners coming to town drove many to the LTC's side of fence.

It proves a truly distributed money creation (mining) is important to a cryptocurrency.

Interesting point

perhaps the more distributed the mining can be, then that currency will be more successful as it draws in l larger base

if so LTC may overtake BitCoin

markm

legendary

Activity: 2940

Merit: 1090

We need scrypt merged-mining then to make it an efficient profession!

-MarkM-

cbeast

donator

Activity: 1736

Merit: 1014

Let's talk governance, lipstick, and pigs.

Quote from: bitcool on March 11, 2013, 09:20:24 AM

The prospects of large ASIC miners coming to town drove many to the LTC's side of fence.

It proves a truly distributed money creation (mining) is important to a cryptocurrency.

It is possible that mining Bitcoin will become an elite privilege while mining scrypt type alternate coins will become a commoners profession. Something to think about.

bitcool

legendary

Activity: 1441

Merit: 1000

Live and enjoy experiments

The prospects of large ASIC miners coming to town drove many to the LTC's side of fence.

It proves a truly distributed money creation (mining) is important to a cryptocurrency.

Come-from-Beyond

legendary

Activity: 2142

Merit: 1010

Newbie

Quote from: znort987 on March 10, 2013, 05:32:29 PM

It's tripled in the last two weeks ... anyone knows why ?

Bitcoin has some problems related to "blockchain bloated by SD" and "Luke-JR enemy #1" dramas. I won't be surprised if ppl realize that Litecoin == Bitcoin + some nice features like faster confirmations and 1 LTC becomes > 1 BTC.

Liquid

hero member

Activity: 826

Merit: 500

Crypto Somnium

Quote from: nobbynobbynoob on March 10, 2013, 06:35:43 PM

I have more Ł than BTC and will certainly not be in any way unhappy at the explosive success of either currency.

+1

ehoffman

sr. member

Activity: 378

Merit: 250

Indeed, but with LTC, you also know that you're clear of FPGA/ASIC. Although it would probably feasible with an advanced ASIC and lot of memory, the lack of in-between FPGA make it so that LTC will probably remain GPU-only.

I do have an FPGA setup (custom hardware, custom miner, re-using off-the-shelf telecom cards we build at our work, using Stratix-II EP2S90, running at a total of 2.2GHash/s). It's much more cost effective than GPU, both hardware-wise (the FPGA cards themselves cost me nothing) and energy-wise (I use about 450W). I can do BTC, TRC, etc... but LTC is a no-no for my FPGA setup! That's the advantage of LTC. So GPU miners will switch to LTC.

What will happen to the prices? It's a good question. I would expect that LTC will follow BTC prices, hash per hash, but in fact, you won't be able to compare. BTC will be ASIC only, and LTC will be GPU only. So I guess people will trade LTC to BTC and make more than if trying to mine BTC with GPU.

samson

legendary

Activity: 2097

Merit: 1070

Quote from: ehoffman on March 10, 2013, 08:04:03 PM

It's a bubble. Although I would expect GPU miners to switch to LTC when a lot of ASIC make it impossible to GPU-mine Bitcoins.

This will happen in the next month or two. Then I suspect there will be a crazy rush to switch over to LTC.

As an ASICMINER shareholder I've been following progress there and things are really beginning to ramp up. This will be followed by the Avalons and (eventually so I'm told) BFL.

For those who don't want to mine either currency and just want to buy in LTC is very cheap when compared to BTC even at todays rate so it has some promise of a good return for a comparatively low investment.

You can be an early adopter with LTC, to start trading BTC right now and expect to make any real return in the short term you need to spend tens of thousands of dollars.

I suspect a lot of new users will jump onto BTC, then see LTC and buy some anyway.

ehoffman

sr. member

Activity: 378

Merit: 250

So far, it's just a speculation bubble. In reality, LTC reward should be the same as BTC reward with the same hardware. So, someone with GPU 'X' should be able to make the same amount (in Fiat value) if mining BTC than LTC. However, it's now around 1.85 time more profitable to mine LTC than BTC, although that exact number is hard to find exactly as the algorithm is different (SHA-256 vs scrypt) so the relative difficulty vary greatly depending on which hardware is used.

It's a bubble. Although I would expect GPU miners to switch to LTC when a lot of ASIC make it impossible to GPU-mine Bitcoins.

cbeast

donator

Activity: 1736

Merit: 1014

Let's talk governance, lipstick, and pigs.

I'm looking at the price of LTC and see it as a way to repurpose my old GPU rig. If nothing else, I can trade LTC for BTC. There are probably enough "get rich quick" speculators to drive the price of LTC a little.

markm

legendary

Activity: 2940

Merit: 1090

For some time litecoin was useful as a way to avoid having to part with your bitcoins, as you could use bitcoins as collateral to borrow litecoins to spend.

Now that litecoins too are going up in price it is time for litecoins to join bitcoins as something to hold onto while it appreciates, thus now some other coin will have to be used as the one to borrow to spend.

Unfortunately devcoin is so insanely low price lately on vircurex that borrowing devoins to sell there to spend isnt a good idea either since it obviously has to go back up a whole lot if people ever start actually using devcoins to pay back all the huge loans that are denominated in devcoins.

Hmmm, looking for next coin to use for pocket-money coin...

-MarkM-

nobbynobbynoob

hero member

Activity: 784

Merit: 1000

Annuit cœptis humanae libertas

I have more Ł than BTC and will certainly not be in any way unhappy at the explosive success of either currency.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

Quote from: BrightAnarchist on March 10, 2013, 06:17:14 PM

I think it's more about speculation than anything else. I don't see the point of LTC really... I mean, what does it have that BTC doesn't?

1. It is an ALTERNATIVE to BTC.

2. Faster Confirms.

3. Different Hashing Algorithm -> ASIC miners of Bitcoin are locked into mining bitcoin....no switching back and forth unless you have GPUs.

mr_random

legendary

Activity: 1344

Merit: 1001

Quote from: BrightAnarchist on March 10, 2013, 06:17:14 PM

I think it's more about speculation than anything else. I don't see the point of LTC really... I mean, what does it have that BTC doesn't?

Why have silver when we have gold?

BrightAnarchist

donator

Activity: 853

Merit: 1000

I think it's more about speculation than anything else. I don't see the point of LTC really... I mean, what does it have that BTC doesn't?

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

From the looks of it Litecoin is following a similar path to Bitcoin, without the drama.

I'm not a hater of bitcoin (full disclosure).

There are developments behind the scene coming online soon for LTC.

Also Fed printing record amounts of fiat BS paper.

znort987

vip

Activity: 72

Merit: 12

z

Topic: z (Read 1296 times)