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This is the second Litecoin article I have seen today. Is there enough space for two cypto currencies? What problems does Litecoin solve apart from giving a sec

by zizee 14y ago

This is the second Litecoin article I have seen today. Is there enough space for two cypto currencies? What problems does Litecoin solve apart from giving a second chance to those that missed out on the easy early mining of bitcoins?

GigabyteCoin 14y ago
>Is there enough space for two cypto currencies? Check out btc-e.com and vircurex.com There are about 8 alternative currencies that I track daily at the moment.
- Tmmrn 14y ago
  https://github.com/ppcoin/ppcoin/wiki/History-of-cryptocurrency https://github.com/ppcoin/ppcoin/wiki/History-of-cryptocurre...
abrkn 14y ago
"Litecoin provides faster transaction confirmations (2.5 minutes on average) and uses memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have." http://litecoin.org http://litecoin.org I remember that the original goal was to encourage CPU mining and Litecoin failed at this.
- nwh 14y ago
  Not to mention, with faster (easier) confirmations you need more of them to form the same cumulative proof of work. If anything, Litecoin is magnitudes weaker due to the slower hashrate compared with Bitcoin.
  - lucb1e 14y ago
    > If anything, Litecoin is magnitudes weaker due to the slower hashrate compared with Bitcoin But that doesn't say anything about Litecoin, it only says something about Litecoin's current state of being. Bitcoin could similarly be said to have a hashrate surmountable by a few wealthy companies working together. Things will improve over time, and certainly if Litecoin proves to be the better, it will have a bigger hash rate than Bitcoin. It's like saying "Windows is better because more people use Windows". Yeah of course there is more support for the most used platform, but that doesn't say anything about the quality of a newly released OS X. It may well be better, and in ten years it might be biggest. Not saying it will be, but it might. Same goes for Bitcoin vs Litecoin hashrate.
vader1 14y ago
In the long run there is probably room for even more than two crypto-currencies, as long as each of them is unique enough to have its own set of advantages and disadvantages. Litecoin however is merely a fork of Bitcoin with changes to a few trivial properties, I can't imagine it ever gaining as much traction as Bitcoin itself.

by zizee 14y ago

GigabyteCoin 14y ago

>Is there enough space for two cypto currencies? Check out btc-e.com and vircurex.com There are about 8 alternative currencies that I track daily at the moment.

Tmmrn 14y ago
https://github.com/ppcoin/ppcoin/wiki/History-of-cryptocurrency https://github.com/ppcoin/ppcoin/wiki/History-of-cryptocurre...

abrkn 14y ago

"Litecoin provides faster transaction confirmations (2.5 minutes on average) and uses memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have." http://litecoin.org http://litecoin.org I remember that the original goal was to encourage CPU mining and Litecoin failed at this.

nwh 14y ago
Not to mention, with faster (easier) confirmations you need more of them to form the same cumulative proof of work. If anything, Litecoin is magnitudes weaker due to the slower hashrate compared with Bitcoin.
- lucb1e 14y ago
  > If anything, Litecoin is magnitudes weaker due to the slower hashrate compared with Bitcoin But that doesn't say anything about Litecoin, it only says something about Litecoin's current state of being. Bitcoin could similarly be said to have a hashrate surmountable by a few wealthy companies working together. Things will improve over time, and certainly if Litecoin proves to be the better, it will have a bigger hash rate than Bitcoin. It's like saying "Windows is better because more people use Windows". Yeah of course there is more support for the most used platform, but that doesn't say anything about the quality of a newly released OS X. It may well be better, and in ten years it might be biggest. Not saying it will be, but it might. Same goes for Bitcoin vs Litecoin hashrate.

vader1 14y ago

In the long run there is probably room for even more than two crypto-currencies, as long as each of them is unique enough to have its own set of advantages and disadvantages. Litecoin however is merely a fork of Bitcoin with changes to a few trivial properties, I can't imagine it ever gaining as much traction as Bitcoin itself.