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 Posted: Thu, 5th Dec 2013 17:54 Post subject: |
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but litecoin has somewhat failed as well from its original purpose. It was supposed to give power to the "little guys", ability to mine more effectively with CPU rather than GPU, but this is not the case.
This in turn means that those who built custom pcs for bitcoin can use them easily for litecoin as well therefor giving the edge for those who have been in the mining business longer.
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| Posted: Thu, 5th Dec 2013 22:11 Post subject: |
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Well by building especially for bitcoin you mean expensive triple gpu setups, then yeah, but it's not like you can use hundreds of that small sha 256 asics that are available for almost next to nothing.
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| Posted: Wed, 11th Dec 2013 09:54 Post subject: |
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| MAD_MAX333 wrote: | Lol spankie u have posted the same basic post bunch of times now. We get that you think we are dumb, and we don't really care. I
As per bit coin, federal Reserve minister bernaky or whatever his name is said bit coin holds promise for future, same with Germany's finance guy. I agree the speculators have taken over now. But the currency is growing. People in canada are now selling their houses for bit coin. Lol
Personally I like the lite coin process better, with these mega asic systems you're putting control in hands of the few, which was never the intention of bit coin, and that is where litecoin holds promise. |
And that`s the problem I see with Bitcoin, too. Control in the hands of few - you can imagine who those "few" will be.
The possibility is the big flaw in the bitcoin concept. It makes the the system vulnerable. Imagine you have some billions at hand and want to shut down the whole bitcoin network. Possible - most likely. You don`t even have to buy asics, you develop them.
And the same will happen with every other upcoming coin if it gets large enough (litecoin asics will come: https://alpha-t.net/). That`s why eCoins won`t ever succeed. This and the fact, that every transaction ever is monitored...
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spankie
VIP Member
Posts: 2958
Location: Belgium
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| Posted: Wed, 11th Dec 2013 21:23 Post subject: |
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A currency that can be created out of thin air, by means of a computer is not a currency. Either you create a currency with a fixed the number of coins at start, or you keep the 'inflation' rate constant or you dont do it. The mining stuff is a scam. You throw money against it and you control the money flow. EVen worse than regular money. And the 'inventor' always has a big portion of the money.
And Bernanke is a retard when there is a crisis but a genius when he says something about bitcoins. Central bankers, you hate them. But when they have an opinion about a digital currency, you like him.
The bitcoin adds nothing, it's just like paypal, but with huge transaction costs (mining costs) and manipulatable.
Let's make a bet. BTC at 500 by the end of this week.
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| Posted: Thu, 12th Dec 2013 19:43 Post subject: |
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Ah well... Why shouldnt it be a currency?!
What you describe here spankie is really not the problem bitcoin has. IF security can be hardened enough, emoney absolutely has the potential to become big. Really big.
The problem is, I doubt it will ever happen - there are several mighty organizations who would try everything possible to foreclose it.
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Sin317
Banned
Posts: 24321
Location: Geneva
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| Posted: Thu, 12th Dec 2013 20:31 Post subject: |
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| spankie wrote: | A currency that can be created out of thin air, by means of a computer is not a currency. Either you create a currency with a fixed the number of coins at start, or you keep the 'inflation' rate constant or you dont do it. The mining stuff is a scam. You throw money against it and you control the money flow. EVen worse than regular money. And the 'inventor' always has a big portion of the money.
And Bernanke is a retard when there is a crisis but a genius when he says something about bitcoins. Central bankers, you hate them. But when they have an opinion about a digital currency, you like him.
The bitcoin adds nothing, it's just like paypal, but with huge transaction costs (mining costs) and manipulatable.
Let's make a bet. BTC at 500 by the end of this week. |
Yeah, unlike FIAT money, which is created .. oh snap .. out of thin air ...
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| Posted: Thu, 12th Dec 2013 23:46 Post subject: |
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sin - i am sure spankie is fully aware. stop trolling please.
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| Posted: Sun, 15th Dec 2013 01:21 Post subject: |
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Hmm... I was just thinking about this today.. putting up 2k$ for a 4-way cf rig. For LTC ofc. It's said to make you 1.5-2 LTC a day, that means you can reach ROI in about ~ 2 months. Not too bad... a friend of mine started when 1 LTC was worth 3$.. made quite a lot of money after his ROI. Thinking of how BTC will never be alone in this crypto currencies market, LTC is the only current strong competitor.. in other words, I think it's definitely worth a try..
You can do a lot of money with this crypto hype that's going on...even if it's a "bubble", while the bubble lasts, it's possible, and even from the lousiest of alt coins. I currently have 1M IFC coins, cost me like 90$ lol ... now it's like twice or triple the cost. I've seen someone trading 5M IFC or 2000$.
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