# Lifestyles & Discussion > Bitcoin / Cryptocurrencies >  Litecoins

## Jordan

Anyone got an opinion on litecoins?

Apparently it is faster when it comes to confirming transactions and easy to mine (because of design), therefore making it better than bitcoin. Plus, they're <$1 each and there will be many more LiteCoins than Bitcoins.

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## Petar

Sounds less scarce and therefore less valuable than bitcoin. Also sounds redundant and therefore unnecessary.

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## Petar

But then maybe that confuses you since I guess that you are some sort of fan of QE?

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## muh_roads

Litecoins produce much faster yes.

I can wait 10 minutes for the very large transactions to be confirmed.   I'd rather have blocks solved at a slower rate.  High supply is bad.

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## cubical

> Sounds less scarce and therefore less valuable than bitcoin. Also sounds redundant and therefore unnecessary.


I can draw a one and only design on a piece of paper. Only one of it's kind in the world. Would that by itself make it valuable?

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## schiffheadbaby

I think bitcoins is only think I agree with Jordan on.  Bitcoins provide no dividend, why would you park it there?

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## jmdrake

> I can draw a one and only design on a piece of paper. Only one of it's kind in the world. Would that by itself make it valuable?


If people were willing to trade you for that piece of paper then yes, it's valuable.  Then it is "art".

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## muh_roads

> I can draw a one and only design on a piece of paper. Only one of it's kind in the world. Would that by itself make it valuable?


Stop being silly.

Anybody around the world can see funds sent to them instantly.  Bank wire transfers can't compete.

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## muh_roads

> I think bitcoins is only think I agree with Jordan on.  Bitcoins provide no dividend, why would you park it there?


Many could invest a lot into Schiff right now. If they kept listening to the naysayers and sold early, they wouldn't have the funds to do so.

Nobody is saying to stay in BTC forever.  I got in @ $6.  My plan is to buy a lot of 1/10th oz gold coins thru Tor some day.  It is the best way to cash out IMO.  I don't think BTC has reached its max potential yet.  Only 100K of people involved have put the price near $100.  Still a lot more have yet to discover.  High demand, lower supply, higher price.

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## NoOneButPaul

As I predicted earlier this week... 

Competition will arise against bitcoin and the price will start to crash against the other digital currencies.  One of it's sole benefits right now is it's the ONLY digital currency. 

Inevitably the FED will come in and destroy all of these. 

Turn your bitcoins into gold and silver while you still can...

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## cubical

> Stop being silly.
> 
> Anybody around the world can see funds sent to them instantly.  Bank wire transfers can't compete.


This has nothing to do with what I said.

But people can't do this with litecoin?

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## DGambler

> As I predicted earlier this week... 
> 
> Competition will arise against bitcoin and the price will start to crash against the other digital currencies.  One of it's sole benefits right now is it's the ONLY digital currency. 
> 
> Inevitably the FED will come in and destroy all of these. 
> 
> Turn your bitcoins into gold and silver while you still can...



The same way they've been able to destroy torrents? it's a p2p currency with no central authority, exactly what would they destroy? 


the cat is out of the bag... bitcoins and 3d printing are going to change the world.

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## Jordan

> Sounds less scarce and therefore less valuable than bitcoin. Also sounds redundant and therefore unnecessary.


Scarcity is relative. If you know there will be more Litecoins, but still a finite amount, then the integrity of the system still holds. It's not redundant; it's a different currency with faster payment confirmation, therefore making it fundamentally better than bitcoin, no?




> Litecoins produce much faster yes.
> 
> I can wait 10 minutes for the very large transactions to be confirmed.   I'd rather have blocks solved at a slower rate.  High supply is bad.


You can. But convenience purchases - what makes Visa, Mastercard, American Express, and Discover so valuable - won't be possible with slow processing times.

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## Jordan

> the cat is out of the bag... bitcoins and 3d printing are going to change the world.


Totally off topic, but 3D printing...really? Manufacturing relies on scale. 3D printing is basically the anti-scale.

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## Petar

> I can draw a one and only design on a piece of paper. Only one of it's kind in the world. Would that by itself make it valuable?


Probably not. But then again, your single design probably doesn't create a peer to peer crypto-currency that has the potential to supplant BANKING.





> Scarcity is relative. If you know there will be more Litecoins, but still a finite amount, then the integrity of the system still holds. It's not redundant; it's a different currency with faster payment confirmation, therefore making it fundamentally better than bitcoin, no?
> 
> You can. But convenience purchases - what makes Visa, Mastercard, American Express, and Discover so valuable - won't be possible with slow processing times.


Again, past a certain threshold, less scarcity = less value. Put aside your irrational love for QE for a moment and try to appreciate reality. 

You do however make a good point about processing times. If Bitcoin is going to compete with credit cards, then its going to need to be similarly fast. 

I am going to look more into how BTC and litecoin compare in this regard.

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## DGambler

> Totally off topic, but 3D printing...really? Manufacturing relies on scale. 3D printing is basically the anti-scale.


http://www.techcentral.co.za/how-3d-...e-world/33393/

http://www.forbes.com/sites/gcaptain...nge-the-world/

Why do you need scale when you can download and print what you need at home.  For more complicated items, printing shops could be setup in local communities.  The long supply chains needed now will go out the window.

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## Tod

One thing with Bitcoins is that I don't see anywhere where I would use them.  I've searched sites for lists of companies who accept them and there don't seem to be very many at all, and none are business that I would have any reason to do business with.

If someone started a competitor to Bitcoin and were able to market it and get businesses to buy into the idea to the point that there were many more opportunities to use the currency on a practical level, I am convinced that Bitcoin would shrivel and die.

Who would provide the backing for such a competitor?  Just imagine if Walmart suddenly started accepting the competing coin.  Bitcoin would fail to grow as people look at the choice and choose the other, and then as Bitcoin popularity waned, Walmart could withdraw support for the competitor if they wanted, and the competitor would die too.

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## Jordan

> http://www.techcentral.co.za/how-3d-...e-world/33393/
> 
> http://www.forbes.com/sites/gcaptain...nge-the-world/
> 
> Why do you need scale when you can download and print what you need at home.  For more complicated items, printing shops could be setup in local communities.  The long supply chains needed now will go out the window.


Automation will change everything, I have no doubt about that.

What I do doubt, is that automation will play into an individual's or even a community's life. The economics of small scale manufacturing and assembly just won't make economic sense. There's little reason to have 1000 small-scale factories with no benefits of scale when you can have 4 geographically distributed factories employing scale to create more efficiency. Kind of like how there's no reason to have stores for every consumer category when you can just have a Walmart.

I look at 3D printers like I look at Keurig coffee makers. Keurigs make one cup of coffee really well and conveniently, but expensively. Luckily, coffee is a tiny portion of an average American's spending, so the added cost has no measurable effect. If more things in my day to day life employed similar inefficient economics - like what people see with the future for 3D printing - I'd go broke, fast.

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## Jordan

> Again, past a certain threshold, less scarcity = less value. Put aside your irrational love for QE for a moment and try to appreciate reality.


You really aren't getting the point. Bitcoin has supposed value because there's a limit to it. There is also a limit to Litecoin. Whether or not that limit is 10 coins that can be divided down to a trillionth of a coin or a limit of 10 trillion coins makes no difference, except for usability and consumer preference for currencies that don't require scientific notation.

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## cubical

> Sounds less scarce and therefore less valuable than bitcoin. *Also sounds redundant and therefore unnecessary.*


As is everything that is not gold.

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## Neil Desmond

> Automation will change everything, I have no doubt about that.
> 
> What I do doubt, is that automation will play into an individual's or even a community's life. The economics of small scale manufacturing and assembly just won't make economic sense.


You're correct; it doesn't make economics sense.  That's because the purpose of economics is to deal with scarcity.  With things like 3D printers and programmable matter we will very likely have the capability to reduce or maybe even eliminate scarcity (directly and indirectly), thus rendering economics obsolete.  If it's obsolete, it doesn't matter anymore that economics doesn't make sense.




> There's little reason to have 1000 small-scale factories with no benefits of scale when you can have 4 geographically distributed factories employing scale to create more efficiency.


Factories are beneficial for stamping out uniform or "one size fits all" products, and that can be extremely efficient and even feasible (for example, the manufacture of semiconductor components in volume as opposed to having the equipment, devices, space, and training for people to make those at home).  The reality is that people aren't "one size fits all" entities, meaning each individual is probably going to want something slightly different from what they put on the store shelves.  By having the availability and the benefit of the best of both worlds, we can still stamp out the uniform parts and be efficient, and at the same time with a 3D printer you can custom make what the market doesn't offer but you as an individual have as a demand.  

Modularize what is more efficient to produce in large volumes in a factory, augment those products with what you 3D print, and both the manufacturers and customers can mutually benefit from this arrangement.




> Kind of like how there's no reason to have stores for every consumer category when you can just have a Walmart.
> 
> I look at 3D printers like I look at Keurig coffee makers. Keurigs make one cup of coffee really well and conveniently, but expensively. Luckily, coffee is a tiny portion of an average American's spending, so the added cost has no measurable effect. If more things in my day to day life employed similar inefficient economics - like what people see with the future for 3D printing - I'd go broke, fast.


If scarcity tapers off, you will become less dependent on money and (I imagine) it won't matter to you that you went broke anymore.

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## IDefendThePlatform

> One thing with Bitcoins is that I don't see anywhere where I would use them.  I've searched sites for lists of companies who accept them and there don't seem to be very many at all, and none are business that I would have any reason to do business with.


Heres a site that supposedly allows you to buy basically anything online with bitcoins:
https://bitspend.net/

I'm optimistic it'll allow me to keep a little less money in my checking account and a little more in bitcoin on a regular basis.

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## mad cow

If I was younger,I would get into the occupation of 3D printer repairman,that's where the_ real_ money will be.
I would only accept gold,silver or ammo in payment.

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## Petar

> You really aren't getting the point. Bitcoin has supposed value because there's a limit to it. There is also a limit to Litecoin. Whether or not that limit is 10 coins that can be divided down to a trillionth of a coin or a limit of 10 trillion coins makes no difference, except for usability and consumer preference for currencies that don't require scientific notation.


Only a QE-infinity apologist could possibly be so obtuse. 




> As is everything that is not gold.


Yes, it's really cool how people can just wire each other gold into anonymously retrievable accounts.

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## kpitcher

I don't see any advantage to litecoin. So it uses a different crypt, it has more coins, but tries to be bitcoin with a lesser following and far less acceptance.

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## jmdrake

> Automation will change everything, I have no doubt about that.
> 
> What I do doubt, is that automation will play into an individual's or even a community's life. The economics of small scale manufacturing and assembly just won't make economic sense. There's little reason to have 1000 small-scale factories with no benefits of scale when you can have 4 geographically distributed factories employing scale to create more efficiency. Kind of like how there's no reason to have stores for every consumer category when you can just have a Walmart.
> 
> I look at 3D printers like I look at Keurig coffee makers. Keurigs make one cup of coffee really well and conveniently, but expensively. Luckily, coffee is a tiny portion of an average American's spending, so the added cost has no measurable effect. If more things in my day to day life employed similar inefficient economics - like what people see with the future for 3D printing - I'd go broke, fast.


Let's see.  Yesterday I had to run to the hardware store just to buy a larger drill bit to fix my son's bed.  Considering the gas and time I put into that, that was *not* efficient no matter how efficient the initial creation was.  Now sure, 3D printers can't print metal today.  And yeah, I bought some other stuff I needed so it was an okay trip.  But that said, being able to buy and store cheap raw materials and print what you need when you need it is (or can be) efficient.  Now if I needed 1,000 of the same widget, I might be better of buying from someone that just made that widget.  Now that digital printers and copiers are relatively affordable, many more people do printing in house that they used to take to a printer.  But there are still times when it makes sense to use a printer.  The same will happen with 3D printers.

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## brooks009

> 3D printers can't print metal today


Yes, they can print metal. But the machines are expensive.

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## PaulConventionWV

I think 3D printers are still a good way off from being practical.  That's just my uneducated opinion.  It seems like the products made with a 3D printer would be of lesser quality.

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## brandon

I don't think the digital currency market is big enough to support any bitcoin competitors, but it sounds like it might not be a bad idea to mine some of this and reap the early adopter benefits should it ever take off.

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## brandon

Looks like litecoin is already trading 50% up today

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## ronpaulfollower999

I had 200 LTC, but sold about 80% during the first runup to $0.60 in early March. Really regret that now....lol.

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## Petar

I think I might get some cheep litecoins just in case.

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## ronpaulfollower999

Assuming the rumor is true, this probably explains the recent LTC price increase: https://bitcointalk.org/index.php?topic=163788.0

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## dannno

I exchanged in a small fraction of my bitcoin for litecoin at BTC-E.com earlier, but only about 10%, probably a good idea to have a little of both.

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## Jordan

This competing currency thing sure is great. No volatility. No rumors. No worries about losing money. This is awesome.

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## DGambler

Where can one purchase litecoins with usd fiat?

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## evilfunnystuff

> I don't see any advantage to litecoin. So it uses a different crypt, it has more coins, but tries to be bitcoin with a lesser following and far less acceptance.


Thats my thoughts as well.

Perhaps one day LC will be to BTC what silver is to gold, but it just feels unnecessary at this point.

I don't see any advantages, maybe LC will stick around, but I kinda doubt it.

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## jclay2

litecoins....bitcoins....$#@!coins.

Lol. forget which forum member came up with that reference.

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## Crystallas

LiteCoin user structure is nearly identical in structure to bitcoins, but the block structure is different, therefore the mining is easier, but the supply is higher. 

Some say it's the silver to bitcoin. IDK, but it's the current thing. I don't think it will last like bitcoin. But I have been glad to see competing currencies. MtGox speculation is a big factor in why it's increasing in value right now. So if you want to make a quick buck, then this wouldn't be a bad deal. Although I think once the dust settles on a MtGox transition, the LTC holders will just buy BTC, kind of like what they do with NameCoins.

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## Mordan

XXXcoins dilute the value of Bitcoins.

I trust Satoshi Nakamoto's design more than Litecoins. It seems a 2 minutes confirmation windows brings trouble down the road when the network goes much bigger. There was a reason why it is 10 minutes for Bitcoins. The reason is increased security against 51% attacks.

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## ronpaulfollower999

I'm not a real big believe in Litecoins...who knows, it could have it's place someday...but you can make a killing doing some trading between Bitcoin and Litecoin (which is mainly why I picked them up to begin with). At the moment, I basically have 30 LTC that I bought using 0.05 BTC. I could sell those 30 LTC for about 0.85 BTC! I don't plan on selling, because if the MtGox/Litecoin rumor is true, I think price of Litecoin will probably continue to increase. Maybe a bubble similar to Bitcoin back in 2011? 

Of course, *always do your own due diligence*.

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## presence

> *Charts are a technical traders best friend. This true for Bitcoin, Litecoin or as a matter of fact Forex traders as well.
>         Sadly at the moment there are not too many Litecoin charts available and what is available seems basic at best.
> 
>         We plan to change all that and offer fully customizable  real-time Litecoin Charts. This will enable any serious traders to  finally move into the Litecoin trading market.*


http://www.litecointrader.com/


Founder of mtgox 4/6/13 via twitter



> did we ever mentionned anything about support being limited to litecoin?


https://twitter.com/MagicalTux/statu...57153226211328



litecoin exchange:
https://btc-e.com/

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## Seraphim

More Litecoins means it will be harder to hold it's value like Bitcoin. Bitcoin is capped at 21M Bitcoin for the specific reason of substancial scarcity.




> Anyone got an opinion on litecoins?
> 
> Apparently it is faster when it comes to confirming transactions and easy to mine (because of design), therefore making it better than bitcoin. Plus, they're <$1 each and there will be many more LiteCoins than Bitcoins.

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## Tod

> Litecoins produce much faster yes.
> 
> I can wait 10 minutes for the very large transactions to be confirmed.   I'd rather have blocks solved at a slower rate.  High supply is bad.


What does high supply really matter so long as it isn't increasing (faster than wealth is created, at least)?  Doesn't that mean that the unit value is less?  What does that matter if you pay  x amount of bitcoin for a loaf of bread vs 4x amount of litecoin for a loaf of bread so long as the price is stable?

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## axiomata

> Thats my thoughts as well.
> 
> Perhaps one day LC will be to BTC what silver is to gold, but it just feels unnecessary at this point.
> 
> I don't see any advantages, maybe LC will stick around, but I kinda doubt it.


So long as no one tries to treat them as a bimetallic standard with a set 21:84 ratio I'm open to having them competing.

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## brandon

> More Litecoins means it will be harder to hold it's value like Bitcoin. Bitcoin is capped at 21M Bitcoin for the specific reason of substancial scarcity.


So the ideal currency would be one with only 1 unit? The total supply is nearly meaningless as long as it is easily divisible. I think a much larger supply would be better because no one wants to use scientific notation to price a gallon of milk.

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## axiomata

> So the ideal currency would be one with only 1 unit? The total supply is nearly meaningless as long as it is easily divisible. I think a much larger supply would be better because no one wants to use scientific notation to price a gallon of milk.


But think of how many dupes you could get with:

Regular $9.99EE-05
SALE! $4.99EE-04

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## RickyJ

> Sounds less scarce and therefore less valuable than bitcoin. Also sounds redundant and therefore unnecessary.


There are different currencies in every country on this earth, except the euro nations now, and they are not redundant! There is definitely room for many more currencies besides bitcoin, and there will be many more. Personally I favor silver and gold as a currency, and I think most people do as well.

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## presence

FYI...
*
Litecoin is 6X since April 1. * 

Was a $0.82 a coin 4/1/13   now on 4/10/13, its pushing five ($4.95) this evening.

http://www.cryptocoincharts.info/per...d&market=btc-e

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## PaulConventionWV

> I can draw a one and only design on a piece of paper. Only one of it's kind in the world. Would that by itself make it valuable?


I bet your drawing would never be valued at $235 per.

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## presence

> I bet your drawing would never be valued at $235 per.

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## PaulConventionWV

> There are different currencies in every country on this earth, except the euro nations now, and they are not redundant! There is definitely room for many more currencies besides bitcoin, and there will be many more. Personally I favor silver and gold as a currency, and I think most people do as well.


You're missing the point.  Bitcoin is a global currency.  That's not the same thing as two different currencies in two different countries.  Two digitical currencies would be like two currencies in the same country.  What's more, all the currencies you speak of are paper currrencies.  They are all the same, and yet they still exist together.  Bitcoin is a completely new concept which provides unique benefits which no other coin would be able to provide without looking like a copycat.  The reason all of those other currencies can coexist is because they each have a different central authority.  Bitcoin has no central authority, so there won't be any other currencies to challenge it.  There are only so many ways you can make a completely digital currency.

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## PaulConventionWV

> 


The point just went way over your head, apparently.  Guy says, 




> I can draw a one and only design on a piece of paper. Only one of it's kind in the world. Would that by itself make it valuable?


So he's saying uniqueness and scarcity does not equate to value.  My counter point was that the Bitcoin has ALREADY been given value by virtue of the fact that it's being traded at over $230 per bitcoin right now, so that means people value it regardless of why.  It was also my way of saying he's probably no van Gogh.

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## presence

> The point just went way over your head, apparently.  Guy says, 
> 
> 
> 
> So he's saying uniqueness and scarcity does not equate to value.  My counter point was that the Bitcoin has ALREADY been given value by virtue of the fact that it's being traded at over $230 per bitcoin right now, so that means people value it regardless of why.  It was also my way of saying he's probably no van Gogh.


dali


all in the eye of the beholder is where I was with that

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## presence

btc 264.99 mtgox
btc 257.99 btc-e

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## Sentinelrv

Guys, I've decided to buy a bunch of Litecoins just in case it takes off like Bitcoin did, but I have a couple questions. I'd greatly appreciate a quick response before the price gets any higher. I did a search and this seems to be the main Litecoin exchange for now...

https://btc-e.com/

I wanted to know if this is a reputable and safe website to deal with. Also, once I sign up with them and buy my Litecoins, can I remove them from the website to keep them safe? I've heard about these online wallets and I've also heard about websites being hacked and Bitcoins being stolen from customer accounts, so I'd rather keep my coins stored off the Internet and off of my computer to protect them from hackers and viruses, maybe on an external hard drive. I just plan on holding them long term and not trading them back and forth. Is it possible to remove them from the website and store them where I want to? Thanks for any help!

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## schiffheadbaby

Bitcoin at 80?  Am I reading this right?  Every site I go to has different prices.

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## ronpaulfollower999

BTC-e is safe, but it's almost impossible to get USD in there. I've always done USD to Bitcoins, than transferred my Bitcoins to BTC-E to buy Litecoins. The Litecoin website (with wallet) is here. 

I would NOT leave my coins on an online wallet. BTC-E goes down quite a bit, and you won't have access to your coins. Store them on your computer.

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## dannno

> Guys, I've decided to buy a bunch of Litecoins just in case it takes off like Bitcoin did, but I have a couple questions. I'd greatly appreciate a quick response before the price gets any higher. I did a search and this seems to be the main Litecoin exchange for now...
> 
> https://btc-e.com/
> 
> I wanted to know if this is a reputable and safe website to deal with. Also, once I sign up with them and buy my Litecoins, can I remove them from the website to keep them safe? I've heard about these online wallets and I've also heard about websites being hacked and Bitcoins being stolen from customer accounts, so I'd rather keep my coins stored off the Internet and off of my computer to protect them from hackers and viruses, maybe on an external hard drive. I just plan on holding them long term and not trading them back and forth. Is it possible to remove them from the website and store them where I want to? Thanks for any help!


Ok, first, I think the reason why btc-e.com has cheaper bitcoins than mtgox.com is because they are smaller and have higher fees to get USD into and out of their accounts. 

So what i did, is I bought a bunch of bitcoin and then made an account on btc-e.com and then transffered my bitcoin for free to my btc-e wallet. Then I traded some bitcoin for litecoin. 

If you want to keep some litecoin offline I think you can do the same and make a wallet on a device, but if your device fails then you can potentially lose the litecoins I think.

I also looked for some other litecoin wallets online to distribute myself but there doesn't seem to be as many options so I am just keeping my litecoin in my btc-e account.

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## Sentinelrv

Ok, so somebody just said this on that website...

"LTC is going on MtGox tonight at 12 a.m. central time"

So would it be a good idea to just wait until tonight and use MtGox instead to do this? Are they more friendly when it comes to taking USD, or should I convert my money to bitcoins first and then then buy Litecoins? I don't know that much about MtGox.

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## muh_roads

> Ok, so somebody just said this on that website...
> 
> "LTC is going on MtGox tonight at 12 a.m. central time"
> 
> So would it be a good idea to just wait until tonight and use MtGox instead to do this? Are they more friendly when it comes to taking USD, or should I convert my money to bitcoins first and then then buy Litecoins? I don't know that much about MtGox.


If you have BTC now, you can quickly buy LTC @ vircurex or btc-e if you wish.  My rationale is that it should be done before gox goes live with them if you must try it out.

LTC will be a lot more speculative.  There aren't nearly as many services using them.  There are a few sites on Tor that do.

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## helmuth_hubener

> Yes, it's really cool how people can just wire each other gold into anonymously retrievable accounts.


 That's true; they can!  Thank you for reminding people of that.

http://pecunix.com
http://www.goldmoney.com
https://c-gold.com
http://voucher-safe.org/tiki-index.php
https://loom.cc/help

http://en.wikipedia.org/wiki/Digital_gold_currency
http://indomitus.net/2004status.html

*Hurray for anonymous gold wiring!*

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## presence

> Ok, so somebody just said this on that website...
> 
> "LTC is going on MtGox tonight at 12 a.m. central time"
> 
> So would it be a good idea to just wait until tonight and use MtGox instead to do this? Are they more friendly when it comes to taking USD, or should I convert my money to bitcoins first and then then buy Litecoins? I don't know that much about MtGox.



Who said?  BTC-E ppl can be very trollish.  Their chat is bad publicity for their own cause imho.


see my post #42

My understanding is that Litecoin support is coming in a matter of weeks or months not this evening.

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## Sentinelrv

I'm going insane here just trying to figure out how to transfer funds from my bank account to my BTC-E account. Most of the options are in Russian. I went on BitInstant but I can't find an option that says Online Banking under the "Pay From" field. I'm waiting for OkPay to verify my account, but I'm not sure if they will since I didn't have a color scanner to use for my documents. This is a pain in the ass. Any tips on simplifying it?

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## muh_roads

> I'm going insane here just trying to figure out how to transfer funds from my bank account to my BTC-E account. Most of the options are in Russian. I went on BitInstant but I can't find an option that says Online Banking under the "Pay From" field. I'm waiting for OkPay to verify my account, but I'm not sure if they will since I didn't have a color scanner to use for my documents. This is a pain in the ass. Any tips on simplifying it?


Maybe a kind soul here would sell you some BTC to give you funds to buy faster.

P.S. I'm not a kind soul.

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## dannno

> I'm going insane here just trying to figure out how to transfer funds from my bank account to my BTC-E account. Most of the options are in Russian. I went on BitInstant but I can't find an option that says Online Banking under the "Pay From" field. I'm waiting for OkPay to verify my account, but I'm not sure if they will since I didn't have a color scanner to use for my documents. This is a pain in the ass. Any tips on simplifying it?


Get bitcoin with bitinstant, transfer the bitcoin to your btc-e wallet, then buy litecoin.

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## dannno

> Ok, so somebody just said this on that website...
> 
> "LTC is going on MtGox tonight at 12 a.m. central time"



I wouldn't listen to all of the rumors being spread at btc-e chat, I have no idea whether it is true or not, but I'm still holding my litecoin.

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## muh_roads

> Get bitcoin with bitinstant, transfer the bitcoin to your btc-e wallet, then buy litecoin.


Yup basically.  Buying into alt-chains is easiest with btc.

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## ronpaulfollower999

> Ok, so somebody just said this on that website...
> 
> "LTC is going on MtGox tonight at 12 a.m. central time"
> 
> So would it be a good idea to just wait until tonight and use MtGox instead to do this? Are they more friendly when it comes to taking USD, or should I convert my money to bitcoins first and then then buy Litecoins? I don't know that much about MtGox.


Don't listen to anything that is said on the BTC-e troll box. I'd still get the Litecoins from BTC-e, because the price would likely go parabolic for the first few minutes (maybe hour) that it trades on MtGox, before dropping to its normal price.

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## Sentinelrv

> Get bitcoin with bitinstant, transfer the bitcoin to your btc-e wallet, then buy litecoin.


So let me make sure I understand what I'm doing here first. I have a CVS down the street from me, so I guess I can do a cash deposit. I would have to use a debit card since my bank is far away from me right now. Not sure if they'll take card for this or if they'll need actual cash.

So anyway, I'm supposed to select Pay To Bitcoin Address, fill out the information and then go down to the CVS and pay and that's it? The bitcoins will be in my BTC-E account and ready to go? If that's right, I have one other question. What is the Bitcoin Address it's asking for? I assume that must be my BTC-E account address or something so they know where to send the money? Where do I find this address so I can enter it in? Do I have everything right here? Sorry if I'm trying anyone's patience. It's just pretty confusing when you're not used to it.

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## dannno

> So let me make sure I understand what I'm doing here first. I have a CVS down the street from me, so I guess I can do a cash deposit. I would have to use a debit card since my bank is far away from me right now. Not sure if they'll take card for this or if they'll need actual cash.
> 
> So anyway, I'm supposed to select Pay To Bitcoin Address, fill out the information and then go down to the CVS and pay and that's it? The bitcoins will be in my BTC-E account and ready to go? If that's right, I have one other question. What is the Bitcoin Address it's asking for? I assume that must be my BTC-E account address or something so they know where to send the money? Where do I find this address so I can enter it in? Do I have everything right here? Sorry if I'm trying anyone's patience. It's just pretty confusing when you're not used to it.




No, after the CVS debacle you'll get your bitcoin deposited in your bitinstant wallet, then you need to send your bitcoins to your btc-e wallet. They will both have different addresses.

So all you have to do is make sure you're signed up at btc-e and go to your Finances -> Funds -> BTC -> Make a Deposit

Then you will see "Your address for deposit BTC:" at the bottom of the page. 

At bitinstant, once your coins are available, you'll want to send bitcoin to that address. 

Then at btc-e once your coins are available you go to the Trade tab and buy some litecoin using bitcoins.

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## ronpaulfollower999

> So let me make sure I understand what I'm doing here first. I have a CVS down the street from me, so I guess I can do a cash deposit. I would have to use a debit card since my bank is far away from me right now. Not sure if they'll take card for this or if they'll need actual cash.
> 
> So anyway, I'm supposed to select Pay To Bitcoin Address, fill out the information and then go down to the CVS and pay and that's it? The bitcoins will be in my BTC-E account and ready to go? If that's right, I have one other question. What is the Bitcoin Address it's asking for? I assume that must be my BTC-E account address or something so they know where to send the money? Where do I find this address so I can enter it in? Do I have everything right here? Sorry if I'm trying anyone's patience. It's just pretty confusing when you're not used to it.



You do need cash. My CVS has an ATM inside the store, but obviously if it's not your bank you might get charged a fee. You go down to CVS, look for the red Money Gram phone. Pick up the phone and it will ask you some questions. Off the top of my head, I think you have to punch in whether you're receiving money or depositing money (obviously depositing), then it''ll ask if it's for a person or business....business...then it has you punch in a number that's on the paper you printed from Bitinstant. You'll then be connected to a real person who will ask for your name and address and another number that's on the paper you printed. He'll then ask you how much it is that you're sending, it's the big number on the printed paper. You'll then go over to the cashier at CVS and tell him/her that you're depositing a money gram. They'll ask you how much it is (the same number you gave the Money Gram person) and they'll ask you to confirm the name and amount. Give the cashier the cash, and by the time you get home (we'll...at least this is what happened to me) you'll have your Bitcoins. 

Sorry if some of the points are a little vague, but it's mostly off the top of my head when I did it last month.

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## Sentinelrv

On the website it says this about limits...

"limits 500 for all transfers, 1000 for cash bank deposits, 2000 per per day, minimal order 20"

So does this mean I can only send $500 at a time using this method? And let's say I wanted to actually send $2,000. Would I just have to go through this whole process four times? For example, I'd have four papers to take down to CVS to use with the moneygram machine worth $500 each?

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## presence

> On the website it says this about limits...
> 
> "limits 500 for all transfers, 1000 for cash bank deposits, 2000 per per day, minimal order 20"
> 
> So does this mean I can only send $500 at a time using this method? And let's say I wanted to actually send $2,000. Would I just have to go through this whole process four times? For example, I'd have four papers to take down to CVS to use with the moneygram machine worth $500 each?


You might want to look into emoneytransfer:
http://www.moneygram.com/MGICorp/eMo...ICORP_C_EMT_S2

At the moment yes.

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## dannno

//

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## PaulConventionWV

I don't know if Litecoin is going to go the way of Bitcoin, but I'm pretty sure it will never be as accepted, so I'm hesitant about buying in.  At the same time, I was slightly impressed with that 6x increase, although it may have been speculative because of Mt. Gox adding support for Litecoin.

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## muh_roads

> I don't know if Litecoin is going to go the way of Bitcoin, but I'm pretty sure it will never be as accepted, so I'm hesitant about buying in.  At the same time, I was slightly impressed with that 6x increase, although it may have been speculative because of Mt. Gox adding support for Litecoin.


I sort of feel the same way.  It's awesome if you got in for pennies.  But at these current prices...I dunno.

We'll find out soon...gox goes live at midnight?  what time zone?

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## Sentinelrv

Well, I got my bitcoins finally, but on my way home from CVS I guess it must have taken a dive, so I'll have to wait until I get my litecoins. Thanks for helping guys. Now I'm just going to have to get used to reading the value of money in something other than my familiar dollars.

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## Sentinelrv

Hey, these Litecoins are $1.50 right now, so I wanted to add some more funds to my account like I did yesterday, but when I went on BitInstant I now only see an option for MtGox. The Bit Address option is gone, so I can't fund my account. What happened? Is this only temporary?

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## kpitcher

I thought the venture capital backed bitcoin exchange taking US customers from MtGox was a questionable thing. Now I can't wait for them to open.

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## Sentinelrv

S is there anybody else that does the same thing that I can use instead?

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