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LTC is a ponzy scheme, unlike BTC. https://en.bitcoin.it/wiki/Litecoin#Pump_and_Dump_Scheme https://en.bitcoin.it/wiki/Litecoin#Pump_and_Dump_Scheme

by fenollp 13y ago

genericacct 13y ago
No, they all are, and frankly, I am putting the following line in my hosts file until you all grow up a little and go discuss your toy currencies somewhere else 127.0.0.1 news.ycombinator.com
- chrisvineup 13y ago
  Aww did you sell your bitcoins early :S
- jamesrom 13y ago
  Someone needs to grow up, that's for sure.
- deleted 13y ago
  [deleted]
- Sambdala 13y ago
  "Don't be discouraged if what you produce initially is something other people dismiss as a toy. In fact, that's a good sign. That's probably why everyone else has been overlooking the idea. The first microcomputers were dismissed as toys. And the first planes, and the first cars. At this point, when someone comes to us with something that users like but that we could envision forum trolls dismissing as a toy, it makes us especially likely to invest."
- dingaling 13y ago
  > 127.0.0.1 news.ycombinator.com That's quite inefficient. Your browser ( and any other apps ) will attempt to connect to your legacy IPv4 localhost, time-out and fail, assuming you don't have a web server listening there. Better to black-hole with an unroutable address. Try [::].
  - kybernetyk 13y ago
    Will it really be a timeout? I thought the OS will send back a RST packet on ports it doesn't listen.
- deleted 13y ago
  [deleted]
chrisvineup 13y ago
When MT-Gox accept it this should legitimise it either way...
- nisa 13y ago
  It is on their TODO list but they don't have a date and it's not coming in the near future... so it's not clear if this will happen.
mrspeaker 13y ago
Why "unlike BTC"? (serious question!)
- lingben 13y ago
  not ponzi but 'pump and dump' and that label is apt for bitcoin as well
- javert 13y ago
  A Ponzi scheme is well-defined. Bitcoin is well-defined. The definitions are not the same.
  - teraflop 13y ago
    That doesn't answer the question. LTC is also well-defined (it's almost identical to BTC) so how is it a Ponzi scheme if Bitcoin isn't?
    - javert 13y ago
      If by LTC you mean Litecoin---litecoin is not a Ponzi scheme, either. Like BTC, it does not fit the definition. Even if the creators of BTC or LTC were intentionally setting out to defraud people, it would not be a Ponzi scheme.
JohnTHaller 13y ago
Don't bother with that article on wikipedia. Like so many, it doesn't pass the sniff test and completely fails wikipedia's own guidelines on impartiality. It contains complete weasel wording like "Additionally, people often complain". It reads like it was written by a bitcoin promoter.
- schrodinger 13y ago
  that's not wikipedia.
  - JohnTHaller 13y ago
    Ah, sorry about that. I saw the standard formatting and had just assumed.

LTC is a ponzy scheme, unlike BTC. https://en.bitcoin.it/wiki/Litecoin#Pump_and_Dump_Scheme https://en.bitcoin.it/wiki/Litecoin#Pump_and_Dump_Scheme

by fenollp 13y ago

LTC is a ponzy scheme, unlike BTC. https://en.bitcoin.it/wiki/Litecoin#Pump_and_Dump_Scheme https://en.bitcoin.it/wiki/Litecoin#Pump_and_Dump_Scheme

genericacct 13y ago

No, they all are, and frankly, I am putting the following line in my hosts file until you all grow up a little and go discuss your toy currencies somewhere else 127.0.0.1 news.ycombinator.com

chrisvineup 13y ago
Aww did you sell your bitcoins early :S
jamesrom 13y ago
Someone needs to grow up, that's for sure.
deleted 13y ago
[deleted]
Sambdala 13y ago
"Don't be discouraged if what you produce initially is something other people dismiss as a toy. In fact, that's a good sign. That's probably why everyone else has been overlooking the idea. The first microcomputers were dismissed as toys. And the first planes, and the first cars. At this point, when someone comes to us with something that users like but that we could envision forum trolls dismissing as a toy, it makes us especially likely to invest."
dingaling 13y ago
> 127.0.0.1 news.ycombinator.com That's quite inefficient. Your browser ( and any other apps ) will attempt to connect to your legacy IPv4 localhost, time-out and fail, assuming you don't have a web server listening there. Better to black-hole with an unroutable address. Try [::].
- kybernetyk 13y ago
  Will it really be a timeout? I thought the OS will send back a RST packet on ports it doesn't listen.
deleted 13y ago
[deleted]

chrisvineup 13y ago

When MT-Gox accept it this should legitimise it either way...

nisa 13y ago
It is on their TODO list but they don't have a date and it's not coming in the near future... so it's not clear if this will happen.

mrspeaker 13y ago

Why "unlike BTC"? (serious question!)

lingben 13y ago
not ponzi but 'pump and dump' and that label is apt for bitcoin as well
javert 13y ago
A Ponzi scheme is well-defined. Bitcoin is well-defined. The definitions are not the same.
- teraflop 13y ago
  That doesn't answer the question. LTC is also well-defined (it's almost identical to BTC) so how is it a Ponzi scheme if Bitcoin isn't?
  - javert 13y ago
    If by LTC you mean Litecoin---litecoin is not a Ponzi scheme, either. Like BTC, it does not fit the definition. Even if the creators of BTC or LTC were intentionally setting out to defraud people, it would not be a Ponzi scheme.

JohnTHaller 13y ago

Don't bother with that article on wikipedia. Like so many, it doesn't pass the sniff test and completely fails wikipedia's own guidelines on impartiality. It contains complete weasel wording like "Additionally, people often complain". It reads like it was written by a bitcoin promoter.

schrodinger 13y ago
that's not wikipedia.
- JohnTHaller 13y ago
  Ah, sorry about that. I saw the standard formatting and had just assumed.