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- Jul 27, 2007
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Since bitcoin is just getting out of hand. I'm thinking to start litecoin mining. Bitcoin started at a very low price and look at it now. So why wouldn't litecoin do that as well? Any thoughts on this?
Litecoin is the equivalent of shady guys at the flea market selling "Niike" sneakers.
Litecoin is 90% comprised of the Bitcoin source code with some of the static values altered. From what I remember Litecoin changes the hashing algorithm (Scrypt instead of SHA256), the total number of coins to be generated (approx 4x bitcoin total coins), and the target block time (slightly faster)
Litecoin proponents argue that more than one cryptocurrency should exist and Litecoin would be better suited for smaller transactions. I agree alternatives should exist but take a look at Curecoin as an example trying to use BOINC research computing work units as proof of work instead of arbitrary nonce hashing. Litecoin offers no real changes over bitcoin and any problems that plague bitcoin also affect litecoin. (block chain size, transaction rate limits, etc)
Not to say that you can't make money mining litecoin as it does seem to hold varying concepts of value; problem is that all the disgruntled bitcoin miners that got pushed out by the proliferation of ASICs have piled onto litecoin. Profitability is hard to achieve since there is now such fierce competition amongst GPU miners. (ASICs don't work on litecoin since the hashing algorithm was changed)
I think that covers most of it?