The Bitcoin Ship Has Sailed - Let's Talk Litecoins

i have no idea how litecoins makes any sense in the long term. forked code with 1 dev, no infrastructure, no footprint, no merchants, no early mover advantage, not really diversified, coins produced at a faster rate, more coins total, no online wallet, blah blah blah

in the short term, its way more profitable to mine (and trade for btc, instead of mining btc), and if you like volatility its even less stable than btc.
 


charlesmartel said:
Physical gold and silver. I try to buy some each month. My time horizon is 5 to 10 years out. I'm in the Marc Faber camp.

I have some stock in my Health Savings Account because I can't hold physical gold and silver there. However, it's in the Sprott Physical Gold and Silver Trusts.
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The unfortunate thing about silver/gold is in the very long term (15+ years) asteroid mining will diminish the value unless demand goes up in new industries that have more applications for the metals.
 
oh and as for how to get ltc, the easiest thing to do is to buy btc for cash (from dwolla to gox, coinbase, wherever), move it to btc-e or vircurex, and sell btc for ltc. You can also do this to get cash into btc-e Then you can arbitrage the shit out of mtgox / btc-e differences, having cash and coins in each. The other funding options suck for US people. OKPay has huge fees, the mt gox vouchers are gone, and i believe liqpay doesn't work for deposits anymore.

At the same time, then you have your money in btc-e and there is always the risk that it gets hacked.
 
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schockergd said:
Mining profitability is in the gutter right now for litecoin....6% over bitcoin.
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protip: one thing i've noticed is that most mining calculators say things like

"scrypt hashing speed is estimated to be 1000 times slower than SHA-256 speeds" (see Cryptocoin Mining Information)

in reality, my experience is that i get at least 10-15% improvement in scrypt speed over sha-256 speed than that estimate suggests. So if a btc miner is doing 600 MH/S, in my experience it will do 700 KH/S for scrypt. This makes litecoin mining even more profitable than the calculators suggest. Scrypt does use a little more power though.
 
secretagentdad said:
Why the heck would a currency scheme based on taking perfectly useful processing power and squandering it be a good way to create the foundation for a currency.

Come on people, use your thinking caps.
Value in a macro economic sense is created by increasing the quantity of resources and the efficiency of there use.
This wasting perfectly good computing power on crypto puzzles is ridiculous.

All these "currencies" are just a bunch of herd mentality based ponzi schemes designed to entrap geeky yet stupid people.

Amazingly there appear to be so damn many of them that its working.
That still doesnt mean its a good use of your time or money spending even 1 second thinking about it.
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1) The processing power isn't squandered, it is used to protect the network while providing for proof of work

2) Calling it a ponzi scheme indicates that you don't actually know what a ponzi scheme is. There is no promised return on investment (to anyone), nor a continual requirement of new users for the system to function.

So, two things that you got completely wrong off the bat in your short paragraph.
 
charlesmartel said:
I DO take physical possession. That's why I said physical gold and silver. I have paper gold and silver in my HSA because I can't take possession in that account. It's not legal. However, the gold and silver is stored in Canada.
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Good to hear bud. I was just trying to confirm what you meant. I whole heartedly agree that physical possession is the only real way for investing in metals.
 
VinBed said:
The unfortunate thing about silver/gold is in the very long term (15+ years) asteroid mining will diminish the value unless demand goes up in new industries that have more applications for the metals.
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Do you have any idea of what the capital costs of asteroid mining are going to be?

It's not cost effective to mine on earth in many places, asteroids are going to be CRAZY expensive to mine for quite some time.
 
VinBed said:
The unfortunate thing about silver/gold is in the very long term (15+ years) asteroid mining will diminish the value unless demand goes up in new industries that have more applications for the metals.
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Worldwide gold mining costs are around $1100 an ounce right now. I can't imagine how much it will cost to mine on Uranus.:stonedsmilie:
 
Screw BTC. Invest in galactic companies. Everyone will need them to leave earth, but they will fail measurably. This is where you will cash in.
 
seohug said:
Screw BTC. Invest in galactic companies. Everyone will need them to leave earth, but they will fail measurably. This is where you will cash in.
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ha maybe go to mars then? BTC will level out but right now they are still new and there is more risk involved but where there is more risk there is obviously potential for more reward.
 
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