Quote from: superresistant on October 30, 2014, 10:02:01 AM

Quote from: Fierce on October 29, 2014, 03:06:30 PM

How would you suggest litecoin is fake? The transactions are posted in a public ledger... LTC Gear pays out each week. The address I receive my payments from holds over 14 Million LTC. I would suggest doing the proper research before you throw out ridiculous accusations.

I suggest volume is UTRA FUCKING fake. Yes.
364000 LTC per 24h on one exchange ? 12000000 per months ? come on...

Quote from: glendall on October 30, 2014, 03:12:36 AM

Quote from: superresistant on October 29, 2014, 10:38:36 AM

Moreover, 99.9% of the mining of LTC is made my few giant ASIC farm owned by Litecoin devs, that's the reason they refused to change the algorithm.

That's pretty interesting, would like to know more about that, do have a spare link lying around?

There was a huge debate about changing Litecoin algorithm.
Satoshi wanted Bitcoin to be mined by normal people on normal computers around the world and certainly not by giant ASIC mining company.
The reason Litecoin has been created was to be the cryptocurrency that Bitcoin was not any more : a crypto that you mine on your computer, a very decentralized network.
A group of people claimed that there were about to fork Litecoin to a new ASIC resistant algo.
The Litecoin devs themselves got crazy mad despite the fact that Litecoin is not owned by them and they had no right to stop them.
The forking Litecoin group got very active for a time and suddenly disappeared for no reason, leaving no official explanation.
We have proof (from users hashrate reported on some Litecoin pool) that some people were mining Litecoin with ASIC before the official release on the market.
The fact that Litecoin devs where so violently against protecting from ASIC industry show that they were probably big investors of ASIC hardware.
The forking group suggested that if the Litecoin network would be owned by ASIC industry, the original investors would be ruined and this is exactly what happened.

This is a good thing. It shows that gaming the system doesn't always work because there are always bigger fish than you. That's why Proof of Work doesn't need to be decentralized, it just needs to be competitive and vulnerable to outside incursions.