Silk Road forums
Discussion => Silk Road discussion => Topic started by: Dread Pirate Roberts on July 01, 2013, 12:09 am
-
I don't often express my opinion here on the forums, but I've had enough time to stew on this one and no one else seems to be saying it, so here goes:
If you take someone's invention, tweak one little thing, and then go around telling everyone that you are "better", you get zero respect from me.
Litecoin is not innovative, it is not interesting, and in its current form it has no place on Silk Road. Unless I'm missing something, it is exactly like Bitcoin in every way except that it's mining algo favors different hardware and blocks are created more quickly. So what? For our purposes it offers no advantage over Bitcoin and has the disadvantage that it is harder to acquire. It also presents yet another attack surface that has to be maintained and monitored.
If I'm missing something here, please enlighten me.
-
Just another ways for people to make money mining.
Who ever disagrees with DPR is going on the plank....
-
It uses scrypt algo so was orignally designed to prevent ASICS from mining and to confirm faster than bitcoin for easy small xfers.
It's not harder to get actually, at least not for me on #bitcoin-otc or BTC-E or vircurex
Talk to tacotime on bitcointalk.org he's the one who came up with litecoin fork
-
It was made by people who were jealous that they missed the bitcoin gold rush.
Zerocoin is real innovation.
-
It was made by people who were jealous that they missed the bitcoin gold rush.
Zerocoin is real innovation.
^ agreed.
-
It uses scrypt algo so was orignally designed to prevent ASICS from mining and to confirm faster than bitcoin for easy small xfers.
It's not harder to get actually, at least not for me on #bitcoin-otc or BTC-E or vircurex
Talk to tacotime on bitcointalk.org he's the one who came up with litecoin fork.
There is the danger of too much centralization over time with the bitcoin miners if the bar for mining gets too steep. Ideally every bitcoin client should double up as a lightweight miner or something. Realistically today if you are doing bitcoin mining and you don't have ASIC or better mining equipment then you're not in the game. One problem is that there is only three or four ASIC producers, which makes a bottleneck the government could control in theory. Having one dominant mining pool probably would be a bad idea as well, although I'm less clear on what effects that would practically have so long as they were profit oriented, higher transaction fees? In any case any centralization leads to the chances of a malicious actor like the FBI taking over becoming higher, that much is certain.
More generally scrypt and bcrypt are for cryptographic hashes, they can be used to make generating a hash very expensive which in turn makes brute force attacks on cryptosystems more expensive. Such things are of pivotal importance in deterring nation state adversaries such as the NSA from cracking codes. They have large amounts of resources, but not infinite ones.
I know it seems like a minor tweak to the bitcoin concept, but nearly all technical innovations are evolutionary in this way, or to put it another way, everybody is a copycat if you look closely enough. Bitcoin itself is merely the composite of several different ideas thrown together. What is unique about its creation, is that SN saw the possibility of integrating them, not the ideas themselves, which are quite old. Bitcoin is a collage, not a creation.
I am not endorsing Litecoin, because I have not examined it in any serious detail, but I believe the health of the cryptocurrency ecosystem is improved with each new addition of a cryptocurrency. This is partly because of diversity in of itself leads to evolutionary processes, but also that the side effect of diversity is robustness, a malicious actor cannot simply "buy" or "steal & lose" all the bitcoin, because then it'll be in a glorious arms race of speculation forever, cryptocurrencies with new block chains would spontaneously appearing everywhere.
Having said that, I think Ripple is most likely a straight forward scam. It's proposition looks dubious, I like the idea in the abstract but it's been ruined by Chaumian founders obtaining vast amounts of ripples from the get go and is centralized. Decentralization and pseduoanonymity are the selling points of BTC, so I don't know what they're doing, I think it may have been around before bitcoin faced the byzantine generals problem and addressed it with its decentralized ledger we now call the block chain.
tldr; some of the cryptocurrencies are almost certainly scams, but having many contenders for the cryptoanarchic crown is great.
-
PINE! I haven't seen you around in ages! :D
-
Well said Pine, ripple was long ago exposed as a scam.
And currently it is theorized that ASIC companies are dumping sums of bitcoin, depressing the value of bitcoin. Of course, Bitcoin suffers boom and bust cycles facilitated by those more monied than the average silk roader already, but do we need to be held at the mercy of our own corporations?
Litecoin, although silly in nature, will not be subject to local, litecoin based, litecoin producing companies (outside of pools, which I wouldn't actually call companies) will never hold significant sway over the litecoin economy. No sir! Some multi millionaire's son that wants to daytrade in the kiddie pool will be the ruler of the Litecoin roost. Never an ASIC company.
-
Shit just got real. Real interesting.mmm
-
Having said that, I think Ripple is most likely a straight forward scam. It's proposition looks dubious, I like the idea in the abstract but it's been ruined by Chaumian founders obtaining vast amounts of ripples from the get go and is centralized. Decentralization and pseduoanonymity are the selling points of BTC, so I don't know what they're doing, I think it may have been around before bitcoin faced the byzantine generals problem and addressed it with its decentralized ledger we now call the block chain.
Ripple will also never be open source, they seem like they are holding out for some corporation to buy the project.
Open Transactions can essentially do the same thing, except it's actual open. Gateway would be much easier to hide as well, so you can release your own basket currency like USDcoin to enable p2p trading.
-
For transactions on SR BTC is good and no need for more options, ltc, etc. Keeps to single currency and smaller attack surface as DPR say etc.
Merits posted above are all fair correct and Ripple is scam. BTC has problems, but to checkout on a e-com site only 1 currency needed, if you want to use other just convert before deposit.
-
I just feel like we're going to need a backup currency soon. The US government has its eye on Bitcoin, and if they want it gone, it's gonna happen sooner than later. Maybe just in the US, but that is probably the overwhelming majority of SR's clients I'd assume. If they can't find a way to regulate it under their means, say byebye.
-
I just feel like we're going to need a backup currency soon. The US government has its eye on Bitcoin, and if they want it gone, it's gonna happen sooner than later. Maybe just in the US, but that is probably the overwhelming majority of SR's clients I'd assume.
Impossible. Decentralization.
-
I thought DPR was trolling Atlantis for a second. But if you look at it from that perspective, the rant could apply to both litecoin and Atlantis, especially considering Atlantis uses litecoins.
Summation:
Boo litecoins and Atlantis.
:P
-
I agree, Bruce.
-
There is the danger of too much centralization over time with the bitcoin miners if the bar for mining gets too steep. Ideally every bitcoin client should double up as a lightweight miner or something. Realistically today if you are doing bitcoin mining and you don't have ASIC or better mining equipment then you're not in the game. One problem is that there is only three or four ASIC producers, which makes a bottleneck the government could control in theory. Having one dominant mining pool probably would be a bad idea as well, although I'm less clear on what effects that would practically have so long as they were profit oriented, higher transaction fees? In any case any centralization leads to the chances of a malicious actor like the FBI taking over becoming higher, that much is certain.
Ironically, Litecoin would be much easier to control since it takes less hashing power overall. The government can run 10,000 regular CPUs, if they can run a bunch of ASICs.
One guy 51 percent-ed Feathercoin and stole 40K FTC. These smaller currencies are much more vulnerable to attack than Bitcoin.
The other issue is, if you make a million alternate cryptocurrencies, you dilute the value of all of them. These coins are only valuable if they are limited.
I know it seems like a minor tweak to the bitcoin concept, but nearly all technical innovations are evolutionary in this way, or to put it another way, everybody is a copycat if you look closely enough. Bitcoin itself is merely the composite of several different ideas thrown together. What is unique about its creation, is that SN saw the possibility of integrating them, not the ideas themselves, which are quite old. Bitcoin is a collage, not a creation.
Bitcoin slapped together existing ideas, like public key crypto for addressing and hashing for proof of work, but it did so in a way that nobody had done before. Litecoin is just a tweak in comparison. Zerocoin is a truly innovative idea that adds zero knowledge proof-based anonymity to Bitcoin.
-
Shouldn't DPR be running his own giant litecoin mining rig until he has thousands of coins, then start accepting them here? Price shoots through the roof, he cashes out, buys his own privjet to Russia to do shots with Edward Snowden at a Moscow club full of slutty dyevs
-
I think that guy actually might be Kenny Powers.
-
Pirates are salty due to sea water. :P
-
Just another ways for people to make money mining.
Who ever disagrees with DPR is going on the plank....
^^
-
^^^
Assuming you're directing that at me. Look, I mean no disrespect, but I'm lending a voice to the voiceless here. I'm here to say what nobody else will. In an arena that is supposed to tolerate 'freedom,' hopefully this appreciated, despite all the negative karma :)
In all seriousness and only 27% trollness,
At this point, DPR and the SR legacy are firmly sealed in the vaults of time (I mean this in a totally positive way) - it's just interesting to watch a contemporary fearless leader start to show signs of fear. It's very humanizing.
No disrespect was meant.
Only crass counterpointing.
I'm off to shabooms now.
Peace & drugs,
Kenny 'The Diplomat' Powders
Like you say, no disrespect, but how is DPR showing fear?
-
"what's the deal with copycats?"
= fear.
If you need an explanation beyond that, I can recommend some literature. Feel free to message me.
wasn't DPR referring to Litecoin being a copycat of Bitcoin?
-
"what's the deal with copycats?"
= fear.
If you need an explanation beyond that, I can recommend some literature. Feel free to message me.
wasn't DPR referring to Litecoin being a copycat of Bitcoin?
^^ That's what I thought. I didn't see any fear in OP. * shrug *
-
I think that guy actually might be Kenny Powers.
LOL! I know, right?!
-
Lol @ litecoin debates due to misconceptions.
-
Lol @ litecoin debates due to misconceptions.
no shit
last time I checked, DPR was making tons b4 the btc was even at a few bucks, then his fortune compounded many times over. Fear of what? I'm sure he welcomes competition. And re read his post. It wasn't a rash emotional outburst...i don't think it was at least.
no shit again!
-
If it wasn't a rash emotional outburst, what was the point?
That's like someone posting 'WHATS THE DEAL WITH COPYCATS'
Have you heard about Pepsi?!?!?!?! LIKE WTF?!?!?! THEY TOTALLY JACKED COKES IDEA?!?!?! WHAT GIVES?!?! CAN ANYONE TELL ME IF IM MISLED HERE?!?!?!
good point, but nonetheless, I do believe you misunderstood this for fear, as he was talking about there is no sense in using litecoin.
again I say, where is the fear there bro?
-
You all seem to forget these motherfuckers are human.
Wouldn't surprise me one goddamned bit if some of you were members of the SS in a past life.
Neg karma that you fuckin' idolatrous nazi fucks.
0_o wtf?
People do show fear, JUST NOT IN THIS CASE.
You should crawl back up on the rocker and try to avoid falling off it again!
wtf
-
kenny "made me piss my pants today" powders.
-
* shakes head *
No wonder you have made so many friends on SRF.
-
Just maybe DPR is trying to see what the consensus view from the SR community is regarding Litecoin I don't know he may be contemplating adding that as an option.
It seems that anytime there is a thread made by dpr it sparks the community opinion of that subject. I suspect this thread will blow up with in the next couple of hours as people from across the pond wake up and get on here.
I don't have an opinion about Lite coin it seems to be un necessary and why are the Winklevoss's investing 150 million dollars into bit instant?
-
I just feel like we're going to need a backup currency soon. The US government has its eye on Bitcoin, and if they want it gone, it's gonna happen sooner than later. Maybe just in the US, but that is probably the overwhelming majority of SR's clients I'd assume. If they can't find a way to regulate it under their means, say byebye.
already happening and having a big effect on the less tech savvy and just making it more difficult. I would ditch btc in a second for a similar "product" that is not in the crosshairs of the US Gov't. Its getting worse every day.
-
JUST READ THE POST AND LOOKED UP "BITCOIN MINING" AND READ ABOUT THAT SHIT!
I DIDN'T UNDERSTAND A WORD OF IT, BITCOIN MINING SEEMS FUCKING HARD AND CONFUSING TO DO, BUT THEN AGAIN, IM NO COMPUTER NERD AND KNOW SHIT ABOUT COMPUTERS AND EVERYTHING ELSE THAT COMES WITH IT.
-
haha its good to see you posting again dpr i have agree litecoin has no place on silkroad we have a perfectly good currency that works why bring more confusion to the buying progress people i speak to on a day to day basis are confused by the concept of bitcoin let alone adding more to the mix. even gox changed there minds about it, personally i cant see it lasting and wouldn't advice anyone put anymore than you can afford to loose in to them the same could be said for bitcoin but if i had to choose i know witch id go with.
-
An article from Forbes:
Many users of the crypto-currency Bitcoin see it as the first fully anonymous and untraceable currency. It’s not. But with the addition of a clever piece of code called Zerocoin, it could still fulfill that dream of truly private payments.
Zerocoin, the work of a group of cryptographers at John Hopkins University who plan to present their system at next month’s IEEE Security and Privacy conference in San Francisco, offers an extension to Bitcoin that would make the task of identifying Bitcoin users or tracing their transactions nearly impossible. If adopted by enough of the Bitcoin network, Zerocoin’s inventors believe it could become a fundamental upgrade to Bitcoin’s code, integrating itself into the currency and solving what many see as serious privacy flaws in Bitcoin’s current implementation.
“A lot of people have tried to make systems of anonymous digital cash over the years, and they’ve failed. Bitcoin has almost made it, but it’s come just a little short,” says Matthew Green, the computer science professor who designed Zerocoin along with graduate students Ian Miers and Christina Garman. “How do we get it that last ten percent of the way? It’s taken us nearly two years to come up with the answer, and this is what we’ve got.”
To understand Zerocoin’s significance, consider Bitcoin’s strange properties as both one of the most private and most public payment systems ever invented; Bitcoin is private because it doesn’t need to be issued or stored by banks, and can be spent on the Internet with cash-like advantages, such as never requiring the user to reveal his or her name or register an account. But Bitcoin is also public, in that every transaction is documented by everyone who uses Bitcoin and can be traced to the user’s digital address, part of the function of the currency that prevents fraudulent transactions.
“You can feel like you’re private using Bitcoin, but there are going to be companies like Google and Facebook and [Google-owned ad firm] DoubleClick looking at the data and pulling personal information out of it. There may be already,” says Green. “It’s not wrong to be paranoid about privacy when it comes to Bitcoin.”
Plenty of Bitcoin users seem to believe that the currency offers enough privacy even for illegal activities. It’s accepted by drug sites like Silk Road, as well as criminal hackers and even some who claim to offer Bitcoin-based contract killings. But for a Bitcoin user to prevent transactions from being tied to his or her identity–particularly at the dicey moment when he or she turns Bitcoins back into dollars, yen or euros–requires extra steps such as sending Bitcoins through a “laundry” service that mixes their “dirty” Bitcoins with lots of other users’ coins and issues them random, “clean” ones. Using those laundry services, such as Bitlaundry, Bitmix or Bitcoinlaundry, means trusting the service to sufficiently randomize the coins they’re giving out, and not to track the coins or steal them.
Zerocoin is designed to offer the same privacy and untraceability properties as one of those laundry services, but without the need to trust any potentially shady entity; As with Bitcoin, the user would only have to trust the currency system itself.
The Johns Hopkins’ team’s system would work by allowing any Bitcoin user to convert a Bitcoin into an anonymous token–a Zerocoin. Zerocoins would theoretically mesh seamlessly with the Bitcoin network, could be traded and spent in the same way as Bitcoins, and could be redeemed for a Bitcoin at any time. But thanks to some mathematical tricks, a Zerocoin would be both unique–it couldn’t be forged or duplicated–and yet also be impossible for an observer to identify as the same Zerocoin between the moment it substituted for a Bitcoin and the moment it was traded back for one. (For the technical details of how that’s possible, see the Johns Hopkins team’s full paper here or embedded below.)
The result would be that Bitcoin would essentially have its own, built-in laundry system. “In fact, you can think of Zerocoin like the world’s biggest laundry — one that can handle millions of users, has no trusted party, and can’t be compromised,” Green writes in a blog post explaining Zerocoin posted Thursday. “Once a user converts her bitcoins into zerocoins, it’s very hard to determine where she took them back out. Their funds are mixed up with all of the other users who also created zerocoins. And that’s a pretty powerful guarantee.”
Getting Bitcoin users to adopt Zerocoin may not be easy. To have its intended effects, nearly all Bitcoin users would have to add the Zerocoin code, which the Johns Hopkins researchers are releasing next month, to their Bitcoin client software. In the mean time, the system could be adopted incrementally, Green says. But until it’s integrated into the Bitcoin protocol, Zerocoin would require third-party services to act as issuers of its anonymizing tokens, introducing some of the same trust problems that currently exist with laundry services.
Zerocoin also takes about 50 times more computational power than Bitcoin, which could cause delays and glitches in the system. But on that front, Green argues that the code only needs to be honed by the Bitcoin community to increase its efficiency.
Green is realistic about the difficulty of getting users to trust a new, complex cryptographic system, but believes that adoption of Zerocoin is possible. “It will take time to convince people that these new techniques are safe,” he writes in his blog post. “We hope to be there when it happens.”
If Zerocoin is implemented, it could lead to questions about the ethical and societal implications of truly untraceable digital payments. Anarchists and libertarians have long dreamed of perfect payment privacy as a means to avoid taxes, thwart laws and even destroy the government. As I wrote in my book on the cypherpunks and WikiLeaks, This Machine Kills Secrets, the anonymous payment concepts created decades ago by inventor David Chaum led to proposals by “crypto-anarchists” such as Tim May and Jim Bell for systems that would untraceably buy and sell national security secrets or fund political assassinations.
Green says that creating the tools for crypto-anarchy isn’t his intention. He tells me that one of his graduate students, Ian Miers, even hesitated for a time to work on the Zerocoin research for fear of its political implications.
But ultimately, the current version of Bitcoin has significant privacy problems that Green and his fellow researchers believe need fixing. Without the use of Zerocoin or less trustworthy laundry services, all payments made with Bitcoin are in some sense entirely exposed. “This isn’t about hiding transactions from governments,” says Green. “It’s about the idea that if I buy something at the drug store, that used to be between me and possibly my credit card company. With Bitcoin it’s between me and the whole world.”
“Everyone’s going to look at this as trying to facilitate the trade of weapons or drugs,” he adds. “But privacy is important. And people have a right to it.”
Read the full Johns Hopkins paper below.
-
Lol @ litecoin debates due to misconceptions.
Hmmp! I'm taking my tinfoil hat elsewhere.
-
I don't often express my opinion here on the forums, but I've had enough time to stew on this one and no one else seems to be saying it, so here goes:
If you take someone's invention, tweak one little thing, and then go around telling everyone that you are "better", you get zero respect from me.
Litecoin is not innovative, it is not interesting, and in its current form it has no place on Silk Road. Unless I'm missing something, it is exactly like Bitcoin in every way except that it's mining algo favors different hardware and blocks are created more quickly. So what? For our purposes it offers no advantage over Bitcoin and has the disadvantage that it is harder to acquire. It also presents yet another attack surface that has to be maintained and monitored.
If I'm missing something here, please enlighten me.
I can see no advantage to Litecoin. It offers nothing of significance that Bitcoins lack, and is inherently less secure. Consider all the attacks from hackers and governments that Bitcoins have endured recently. We have all been part of a "Penetration test" of Bitcoin and SR, and they both just keeps on going. I trust my freedom to Bitcoins, not the eCoin of the day. If we seek a better Bitcoin, lets push something like ZeroCoin to improve anonymity.
I also feel the same way about SR, as opposed to its imitators. You have created a true innovation that proves that drug sell are not inherently violent, and has it proven secure for the past two years.
Thank You for all the hard work
-
The only good thing about it is a regular person can still mine it without expensive ASIC miners since you mine on your GPU's. There is also 4x as much LTC as BTC to be mined. The difficulty has increased from when I started mining to where I am only getting half as much coin as I was before and the value per coin has dropped by about half. It was over 4 bucks a coin for a while. So I kinda dropped it. I doubt it's that profitable for me anymore because of electricity costs versus getting half the coin at less than 3 bucks a coin. I always sold it and bought BTC with it myself. I don't see any legitimate use for all these alternate coins, and there are a bunch.
If you have a bunch of the right video cards you can mine it like crazy, trade it for BTC, and buy drugs here with it. That's the only advantage I see lol, and it's not that bad of one at that.
-
Online drug markets complete with board escrow have been around since the 1990s. My older sister used to buy acid off Lord Digital High Fixer in 1993 on MindVox and mail cash to escrow so it wouldn't be traced back to him, and for insurance. Russians have also run escrow blackmarket crime superstores since ~2001. Nothing here is new, cops couldn't seize the servers in Russia and Ukraine back then either and these sites operated wide open. The only difference is this site is far less corrupt than anything before it, as normally you would need to be highly vouched and inside crew members always got preferential escrow rates + advertising and just threw you the scraps.
Atlantis is using litecoin because that's the bootstrap for their site. It's popular, has a lot of miners and easy places to buy/sell so why not open that market. In return, they are helping litecoin since now there will be a lot of trade using it since you can buy drugs directly with LTC. Everybody knows SR held up bitcoin from 2011-2012 during the numerous Goxxed shitstorms that happened, like when Bitcoin price tumbled to be barely worth anything.
I remember endless convos on bitcoin-otc how if it wasn't for SR bitcoin would still be underground and not nearly as widely used. Almost all the early trade during 2011-2012 was 90% SR and the rest pizzas and speculation.
-
I don't often express my opinion here on the forums, but I've had enough time to stew on this one and no one else seems to be saying it, so here goes:
If you take someone's invention, tweak one little thing, and then go around telling everyone that you are "better", you get zero respect from me.
Litecoin is not innovative, it is not interesting, and in its current form it has no place on Silk Road. Unless I'm missing something, it is exactly like Bitcoin in every way except that it's mining algo favors different hardware and blocks are created more quickly. So what? For our purposes it offers no advantage over Bitcoin and has the disadvantage that it is harder to acquire. It also presents yet another attack surface that has to be maintained and monitored.
If I'm missing something here, please enlighten me.
I can see no advantage to Litecoin. It offers nothing of significance that Bitcoins lack, and is inherently less secure. Consider all the attacks from hackers and governments that Bitcoins have endured recently. We have all been part of a "Penetration test" of Bitcoin and SR, and they both just keeps on going. I trust my freedom to Bitcoins, not the eCoin of the day. If we seek a better Bitcoin, lets push something like ZeroCoin to improve anonymity.
I also feel the same way about SR, as opposed to its imitators. You have created a true innovation that proves that drug sell are not inherently violent, and has it proven secure for the past two years.
Thank You for all the hard work
Oh I firmly believe that huge Bitcoin spike a few months back where it went over 200 was an attempt by some large central bank or government to see if they could completely crash bitcoin. People need to stick to one coin and back it through these ups and downs. Making 8 other coins or however are being traded now just destabilizes things further. Reminds me of the fact each state used to have their own currency way back when.
-
I so badly wanted to quote the last 4 or 5 of the past posts, All amazing opinions. I'm in a zone tonight. To read, listen to turntablism and not type much.
I enjoyed the read for the past 20 minutes though. ;)
-
Let me see... a litecoin transaction completes in about 2 minutes flat while a bitcoin transaction usually takes more than a hour.
Why on earth would anyone want to use litecoin?
-
Let me see... a litecoin transaction completes in about 2 minutes flat while a bitcoin transaction usually takes more than a hour.
Why on earth would anyone want to use litecoin?
Don't be a cheap ass and pay your 0.0005 TX fee and your bitcoin transaction completes within 10 minutes.
-
Let me see... a litecoin transaction completes in about 2 minutes flat while a bitcoin transaction usually takes more than a hour.
Why on earth would anyone want to use litecoin?
Don't be a cheap ass and pay your 0.0005 TX fee and your bitcoin transaction completes within 10 minutes.
Even if you pay that fee the transaction can take up to 1h
-
The only good thing about it is a regular person can still mine it without expensive ASIC miners since you mine on your GPU's. There is also 4x as much LTC as BTC to be mined. The difficulty has increased from when I started mining to where I am only getting half as much coin as I was before and the value per coin has dropped by about half. It was over 4 bucks a coin for a while. So I kinda dropped it. I doubt it's that profitable for me anymore because of electricity costs versus getting half the coin at less than 3 bucks a coin. I always sold it and bought BTC with it myself. I don't see any legitimate use for all these alternate coins, and there are a bunch.
If you have a bunch of the right video cards you can mine it like crazy, trade it for BTC, and buy drugs here with it. That's the only advantage I see lol, and it's not that bad of one at that.
+1 I agree and if there are really only 21 million bit coin to ever be mined then there might be some fear as to when it is all mined up what will be the outcome? Will it's value inflate? Maybe for a small time period until people get the currency switched over or until they figure out how to incorporate more btc or break it down even further
-
There is reason for litecoin if it exists. There isn't if it doesn't.
Since LTC currently has value, there are obviously those who believe it's small innovations from BTC are enough to ensure it has a future in the crypto-currency world.
In the realm of the free market DPR, your argument appears moot.
-
This thread makes no sense after just reading the 'New Currencies" thread.
Always room for another crypto currency.
-
Some good points made here. Thanks everyone for your input.
-
+1 I agree and if there are really only 21 million bit coin to ever be mined then there might be some fear as to when it is all mined up what will be the outcome? Will it's value inflate? Maybe for a small time period until people get the currency switched over or until they figure out how to incorporate more btc or break it down even further
Well that logically makes me think the value will increase, in turn makes a bitcoin go alot further
-
Your welcome DPR, but i see LiteCoin having a big future. :)
-
When I started reading this, I thought it was gonna be about Atlantis lol.
-
Let me see... a litecoin transaction completes in about 2 minutes flat while a bitcoin transaction usually takes more than a hour.
Why on earth would anyone want to use litecoin?
Don't be a cheap ass and pay your 0.0005 TX fee and your bitcoin transaction completes within 10 minutes.
A BTC transaction hasn't completed in 10 minutes for me in around 6 months. I usually pay the equivalent of $1 USD in transaction fees to ensure that the transaction goes through within 45 minutes. Otherwise it takes more than an hour.