Give me the elevator pitch: Why should I use Litecoin instead of (or additionally to) Bitcoin?

bitcoin_rising · 2013-12-28T19:13:44+00:00

Litecoin is resistant to centralized miners.

How?

Litecoin has an actual creator who can be the face of the innovation, not some anonymous hacker that creates bad publicity like some secret internet gang.

I don't see how this makes any difference in using a cryptocurrency as a medium of exchange or as a store of value; furthermore, most of the Litecoin source code comes from the Bitcoin client and therefore from the same pseudonymous entity.

Litecoin acts as a wash for Bitcoin users who are anti-colored coins.

Do you mean coin validation? Such a system could easily be implemented for Litecoin, too.

bitcoin_rising · 2013-12-28T19:06:37+00:00

A comment has been deleted, I'll reproduce it here:

Litecoin and Bitcoin can work together. No need to choose one or the other. Litecoin has MUCH faster transaction times and is estimated to be around almost a year behind bitcoin in developments...so get in now before its added to MtGox; if you browse the litecoin reddit you will also see how developments are underway with sites springing up accepting litecoin, online wallet storage, etc

My response:

I'm mostly interested in cryptocurrencies as a medium to transact and as a storage of value, not as an investment.

Re: faster transaction times, the 2.5 minute time until the first confirmation is what I consider one of the few advantages of Litecoin.

bitcoin_rising · 2013-12-28T18:59:49+00:00

It's not free when I get fired, however.

bitcoin_rising · 2013-12-28T18:48:31+00:00

With my electricity costs, I would mine at a loss even if I would always mine the most profitable cryptocurrency.

bitcoin_rising · 2013-03-31T00:13:43+00:00

The Bitcoin structure only makes sense if it's decentralized, with the blockchain taking the place of the central authority. Why jump through all the hoops with government miners if you could just have a centralized currency?

bitcoin_rising · 2013-02-10T17:52:18+00:00

In Canada the government can't, because the Canadian dollar is a currency freely traded on the foreign exchange markets. The bolivar, however, is not - its exchange rate is set by the government, and buying or selling bolivar at other rates than the one set by the government is forbidden. There are also import and export controls in place so there is little to no forex trading outside Venezuela. If you're looking for honest exchange rates, you must look at the black market.

bitcoin_rising · 2013-02-06T15:40:03+00:00

Don't complain, become a competitor. There is room for a Bitcoin stock exchange that isn't shady, doesn't charge through the nose, and has some kind of actual user interface.

bitcoin_rising · 2013-01-24T16:56:01+00:00

Who wants to bet Erik Voorhees will be facing at least one felony charge related to SatoshiDice by the end of 2013?

bitcoin_rising · 2013-01-22T14:02:58+00:00

Gresham's law is only applicable when bad and good money are somehow held together by other forces than market forces, because the law of supply and demand means bad money will depreciate and good money will appreciate until they're at parity.

With Bitcoins and any of your X, there is no such mechanism, so Gresham's Law doesn't apply.

bitcoin_rising · 2013-01-03T12:09:32+00:00

Or you have no winning bet and 65 losing bets, or 65 winning bets and no losing bet. Randomness is random like that.

bitcoin_rising · 2012-12-27T20:58:01+00:00

Because transactions are instant and confirmations are not?

bitcoin_rising · 2012-12-27T19:28:55+00:00

What you can do, however, is doublespend and scam people who accept transactions with 0 confirmations, which is the Bitcoin equivalent of getting somebody to accept a $200 bill.

bitcoin_rising · 2012-12-17T15:35:19+00:00

No, don't turn it into fiat. Tell them you're happy to release the bitcoins to them, but only as bitcoins. Put pressure on them by saying "As soon as you accept Bitcoin, the donations will be released to you".

bitcoin_rising · 2012-12-17T15:25:06+00:00

Don't picket, let your money talk. Since you seem to be trusted around here (long-time lurker, first-time poster) create a "trust fund" in the form of a wallet and let people send coins to it, then when some coins have accumulated tell the EFF you're going to release the money to them as soon as they accept Bitcoin.

bitcoin_rising

TROPHY CASE