Quote from: FiiNALiZE on June 25, 2013, 02:15:56 AM

Quote from: B. Tazed on June 25, 2013, 02:14:50 AM

Ill give you the answer right here...

Because Bitcoins are expensive for most people, lets face it, when someone invests or buys something like this, they do not want to have a balance of 0.250304 etc... they want to have whole numbers... why? its just the way it is, we dont want to have a dollar bill that actually reqads .0354 dollars.. we want whole numbers.. I know it sounds stupid, but studies and common sense say thats what we like to see and hold.

Therefore, Litecoins provide most people who cant afford, lets say 50 or 100 Bitcoins, but they can afford 50 or 100 Litecoins, the silver to Bitcoins gold... People can have a prettier whole number to hold onto with Litecoins.

That was a pretty bad argument.

Bitcoin was hardly worth anything two years ago.

Who knows how high Litecoin can go?

Quote from: Buffer Overflow on June 25, 2013, 02:15:36 AM

Quote from: PeeJWeeJ on June 25, 2013, 02:12:25 AM

Quote from: DeathAndTaxes on June 25, 2013, 02:01:55 AM

Quote from: PeeJWeeJ on June 25, 2013, 01:57:46 AM

Quote from: DeathAndTaxes on June 25, 2013, 01:53:36 AM

Why wait an hour then? You are accepting less security just starting accepting Bitcoin with 2 confirmations. Tada 66% faster.

I've recently (in the past few days) seen BTC often have over 40 minutes between blocks. LTC rarely approaches 10 minutes. If that's not an advantage, I don't know what is.

So using your numbers 2 blocks of Bitcoin = ~80 minutes max (95% of time) and 8 blocks of LTC is ~80 minutes (95% of time). Why are you assumming security in Bitcoin for X blocks = X blocks for Litecoin given the second network is much smaller, and more vulnerable to low cost botnet attack. You should be waiting significantly more blocks and if you aren't you are simply holding them to unequal standards "look I don't know why people buy expensive safes, that expensive safe only has 1 lock but my cardboard box has TWO locks and it is faster to unlock".

There is no free lunch. BTC & LTC blocks are relatively small now however in time they will be much larger and when they are the propogation delay will be larger a higher % of hashpower/security will be lost due to orphans. The orphan rate for LTC will grow significantly higher, significantly faster given the same transaction volume.

What I'm considering is it's usability as a currency. Obviously if you're making a large transaction, you want to wait a significant amount of time/confirmations. However, if, say, you want to go buy coffee with bitcoins and your local coffee shop, if I were the merchant I would need to wait at least till that transaction had been included in a block. Since the amount used will be pretty small, (like 1-5$) numerous confirmations would generally not be necessary. But if the blocks are at times 40+ minutes apart, who's going to wait that long just to get their coffee? Not me!

This argument doesn't hold water. Merchants like this would have to accept unconfirmed transactions.

This just contradicts your argument that longer confirmations = more security.

One confirmation in LTC is better than none for BTC.

Yes, to most it will sound like a bad argument, and some will not understand it. But it is what it is, for example... people want to invest in precious metals, but people who cannot afford Gold, buy Silver..... same here.

BTC was cheap, yes, but now its not.. lol, right now LTC is cheap, I dont see it ever going near BTC value, but I dont want to be hasty because people said BTC was going nowhere, and said LTC was a crapcoin.