Quote from: mj112588 on May 03, 2013, 04:50:56 AM

Quote from: kingofmoon on April 24, 2013, 01:49:28 PM

Quote from: blacksterchrome on April 24, 2013, 01:32:15 PM

Because litecoin mainly adopt the feature of bitcoin, there's nothing too revolutionary or innovative. So, the value of litecoin will not be as high or close to bitcoins. People will still use it though.

You do realize that the matter of how revolutionary a currency is doesn't matter. It is how much it is used and how good it preserves its value that counts.

This is true, and perhaps one of the saddest truths. Diamonds are a great example, in reality what are they used for? How many people truly need them? yet the price for them is astronomically high compared to their weight. It's all percieved value. In the end, that is the only way currency will ever work as well, it has to be percieved as being valuable. Thats where BTC and LTC come in, they are being more and more known as being worth something to more and more people. More places are accepting them as currency, and in the end I only see the prices of BOTH going up longterm.

The thing about diamonds though is the "value" and availbility are tightly controlled and the markup is terrific from the mine to the jewlery store. The minimum markup from "Rap" or wholesale is 300%. Diamonds are controlled by one company and one company only, regardless of where they are mined; a mine in Canada being the exception.

Diamonds have no value as currency because as soon as you buy one it is worth much less than you paid for it except in a private sale. DeBeers, the cartel which controls the diamond market only release a small number of the jewelry grade diamonds mined each year and holds the rest in its valut. Even the Russian mines don't mess with DeBeers because Debeers could flood the market thus causing prices to collapse. The Russian mines would go broke, DeBeers would lose nothing and soon things would be back as they were with DeBeers directly controlling the Russian mines.

$.02.