This is why Litecoin (LTC) has no future

litecoin
charlielee

#1


via captain

And the reason is simple: Litecoin does nothing to contribute any value to the cryptocurrency world. This is directly from the mouth of litecoin holders and insiders:

Here is the link to the full explanation.

When you read this, the first thought that comes to mind is do we really need a $1.8 billion testbed for bitcoin? Where is the value that litecoin brings to the table. It is ok to take parts of other people’s code when it is open source, it is a common practice among developers. But to simply sit and wait for other people to do the work and just port it onto LTC is paragon of parasitism.

Here is another very detailed essay on Litecoin by Multicoin Capital, they too see no real purpose for LTC’s existence.

To reiterate what I already wrote earlier, since nothing has changed around Litecoin:

Litecoin [LTC] is one of the coins that suffered biggest hit by the bear market. The overall market cap has dropped below $2 billion and seems the shedding is not over yet.

It is a well known fact that Charlie Lee sold at the peak of LTC price and tweeted a very good advice to the rest of the holders: On December 12th, 2017, Charlie Lee sent out a tweet telling people not to get too excited with the unsustainable bull run. Charlie warned about the pending multi-year bear market and that anyone who could not handle Litecoin (LTC) dropping to $20 should not buy it. While many attacked him as a FUD instigator, his reasons for making these assertions were rock solid and since LTC is now hovering just aboe $30. Charlie explained that every time the crypto market rises up too fast, it overshoots its real value, which leads to a huge correction, and a price consolidation. Charlie’s predictions have come true.

Charlie is not active in LTC for quite some time – it has been years since he contributed to the development of the once second largest cryptocurrency, that is now ranked at number 7 on CMC rankings.

Being dubbed the silver to Bitcoin’s gold, Litecoin was introduced in 2011 as a quick fix that was supposed to solve some problems typical of Bitcoin. With new projects flooding the market in the recent years, Litecoin’s role seems to be thing of a past – LTC is the odd man out and nobody can bring about a solid argumentation for Litecoin’s purpose in the future. And the reason I think Litecoin is dead is not because of its price – it dropped together with the whole market and not by its own fault. The reason is lack of unique value proposition – it is just blunt copy of bitcoin with couple of parameters changed.

It was that back in 2011 and it is that still in 2018. This lack of vision and will for separation from bitcoin and creation of your own niche will cost Litecoin its existence.

Litecoin can do everything Bitcoin can and it is often called a testnet for bitcoin. But who needs a multi-billion testnet – who needs two identical projects as one is enough and this is a winner takes all battle.

Litecoin depends on Bitcoin. This is not just a hypothesis, this was Charlie’s vision from the project’s inception.

LTC enjoyed the treatment as a bitcoin’s little brother – technology was similar so exchanges and wallets could easily integrate it where ever they integrated bitcoin. This gave it exposure and liquidity which drove its price up especially as many would use it for faster transactions between exchanges or wallets as it had faster transaction time than bitcoin. In the meantime, there are many other coins that can be used for this purpose that are even faster and cheaper, almost free (Nano for example).

With Coinbase and other exchanges adding new projects, the top 10 market caps being dominated by some very diverse and colorful coins and a general lack of media attention and focus on Litecoin unless it makes some significant price movement, I’m not sure what would motivate new comers do the research necessary to learn about Litecoin’s potential.

So if Litecoin’s utility as a micro-payment solution is now in question, where does it stand? I suppose it could be the “silver” to Bitcoin’s “gold”, but if Bitcoins are (basically) infinitely divisible and act as a good store of value, then what does Litecoin do?

As Bitcoin network keeps being optimized and upgraded with new innovations like Lightning Network, use cases of Litecoin will disappear and so will its reason to exist.

Litecoin doesn’t have the name recognition that Bitcoin has. It does have a fantastic advantage to make improvements to itself much faster than Bitcoin does, but with the rise of so many other projects that have base codes that are already more fit for micro-transactions and scaling, has Litecoin missed the train? I would say yes.

LTC will continue to drop as investors move towards projects that are more realistic in their goals. If anyone replaces fiat, it is going to be bitcoin and not litecoin. Litecoin’s boon and curse has been its mirroring of bitcoin – they enjoyed the ride in the past but with every market contraction, we will lose projects that have no reason to exist, like Litecoin.


#2

savage, but, true. if your entire product roadmap and up-cycle is based on waiting for another library to update their core… that’s not really doing much. everyone knew this was happening… glad someone just calls it out.


#3

Maybe I was right in liquidating my LTC… only a month to go on DCA anyway… DCA… wait for profit and exit?


#4

So the way LTC works is to wait for BTC code and then port it to LTC.

I could say the same about Amazon Linux.

Amazon Linux waits for Redhat (Fedora) to write the code, then they port to to Amazon Linux.

So why does everyone use Amazon Linux in AWS?

Just because something works in a certain way, isn’t reason to write it off.

Stay Fishy


#5

LTC has no purpose.

Bitcoin never needed a “silver”.

LTC and BTC are more than just software, they are currencies. There is no reason for LTC to continue to exist…at least not a degree that it will continue to stay relevant on a long term basis.


#6

This is not necessarily true.

Think of it like this? When video games are ported over to other video game consoles or system are they useless? No, because there is a use case. Those users of that “platform” can play the games.

I’m by no means an expert of the BTC/LTC networks, but could there be some pros/cons differences between the two currencies?

What if BTC sky rockets and the price is too high for purchasing, won’t people want a cheaper crypto?

Trying to think outside the box here…


#7

:ltc:I think it will surprise you and in a year you will look back at this moment and see use cases you could not have seen coming… Time will tell;-) :litecoin:


#8

I agree, so we should be looking to make are own projects💪🏽


#9

Litecoins best use case was when the bitcoin network was congested in December 2017 and people needed to get their funds on to exchanges to buy more shitcoins.


#10

100% accurate mate. I used to use it to transfer to binance because like you say, costs were low and it was quicker than bitcoin. Now bitcoin is cheap and quick. What’s the point of litecoin :thinking:


#11

I got into LTC, when I 1st started buying BTC. I was too new, and didn’t have a critical mindset.
I am not mad. I know LTC is relatively useless, unless they find some new use case.
I will hold wait for the next Bull Run and sell off my LTC and ETH. I will probably use the fiat to make my family’s lives easier, more comfortable, and safer.


#12

The silver to bitcoins gold? Whatever that means. I’ve got nothing against LTC. It’s fast, cheap and secure. I’m sure it’s network will continue to grow. I have only used litecoin to make payments and transfer funds to exchanges, beyond that I have not been interested in LTC as an investment.


#13

I highly disagree due to the fact you cant put a value on a testnet. It isnt up to us to say if Litecoin should or shouldnt exist. Its up to the market. Plus, Litecoin has much more transperancy and use case than 90% of the shitcoins and ICO scams flooding the market. So to say Litecoin has no future is way too bold to say at least at the moment.


#14

Bold statement but not enough reason to say it has no purpose. Unless you’re a bitcoin maximalist.


#15

This article has interesting point regarding litecoin:

Here is the part talking about Litecoin and Silver
Litecoin promoters (and other altcoiners) tried for a long time to market their coin as digital silver, intended to be used for smaller transactions like silver in the old days. While the comparison may be appealing and definitely is a good marketing strategy, one should first ask himself whether there is any need for a digital silver.

Silver gained success due to its ability to overcome what is simultaneously a flaw and a feature of gold: having an excessive value to mass ratio. The ability to hold a lot of wealth in small quantities is great for high value transactions and store of value, but makes it impractical for more common smaller transactions, as measuring fractions of a gram of gold is very hard, bringing the validation costs often over the transaction value. Silver happened to be perfect for daily usage, still scarce enough to be a reliable store of value but abundant enough to be easy for humans to use it also in small transactions.

Is there a need for an equivalent of silver in the digital world? For sure handling satoshis is not any more difficult than handling bitcoins, but the high price that the Bitcoin network is paying for the security of the transaction validation may be considered excessive for use cases where small amounts are transacted. A second network with different security-performances trade-off seems a reasonable solution, for thousands of years we used different medium of exchange for different transaction types, so it may make sense to do it again.

Differently from gold, Bitcoin happens to be programmable money , so it is possible to solve some of its limitation with a different approach. Thanks to its smart contract capabilities it is indeed possible to build new layers on top of Bitcoin with a different security-performances trade-off to accommodate different use cases and transaction types. This is why it is more likely to have something like the Lightning Network to become the digital silver rather than a new altcoin with a different unit and another transaction history to audit.


#16

Interesting analogy but it misses two very important points.

  1. Video games are not open source they’re intellectual property. Bitcoin is open source and thus iterative.

  2. Bitcoin and litecoin are intended to function as currencies and are wholly inefficient at trying to do much of anything else.


#17

dont forget that Bitcoin is involved with the indefinite hashwar.Craig, Roger and Jian could screw you over any time by drawing all the hash power they have from BTC for their hashwar.Litecoin is the best candidate to replace BTC since they are fundamentally the same.I see this hashwar as beneficial for LTC.i would suggest people to switch from BTC to LTC now before its too late.


#18

:joy::beetconnect::man_facepalming:t2: such wow on first post here on the forum.


#19

So you dont see this hashwar as a threat to BTC owners and could screw you over with? I can see it coming soon. and I see LTC as the best alternative to BTC. please note that Craig is a lunatic who has access to 1 million of BTC.he has one after another time threatened to crush BTC to zero value. I think people should start building on LTC and make it the new king


#20

1.) Not completely true! There are open source games…

2.) Perhaps someone needs to finally develop a decent app! lol