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Do you think 1.00 LTC will worth more than $100.00 USD at any time in 2014?

Plus Plus Tutoring Now Accepts Payments and Pays In Bitcoin and Litecoin

Plus Plus Tutoring Now Accepts Payments and Pays In Bitcoin and Litecoin

Plus Plus Tutoring now accepts Bitcoin and Litecoin transactions. If you haven't heard about Bitcoin and Litecoin yet, they are decentralized e-currencies. With Bitcoin, there is no need for minting or printing currency, no need for banks and payment processors, and no need for paper currency of financial instruments.
One may send Bitcoins or Litecoins simply by sending coins to a given address. You may buy bitcoins on an exchange such as MtGox or BTC-E. You may also acquire coins from persons locally. Be careful not to purchase Bitcoin or Litecoin with a credit card, debit card, or Paypal because the transactions are not reversible. Please hold your Bitcoins and Litecoins in a secure e-wallet.
At Plus Plus Tutoring, we now accept Bitcoin and Litecoin as payment. However, we do not yet have an automated system. You would need to contact us to pay with Bitcoin or Litecoin and we will provide you with an address.
If you are a tutor, contractor, or employee of Plus Plus Tutoring, we can also pay you with Bitcoin or Litecoin. Please contact us.
Due to AML restrictions, we will need you to send a high definition copy of your driver's license or another form of legal identification along with your date of birth.
For security purposes, we may delay Bitcoin or Litecoin transactions for a reasonable time.

Introductions / Re: Hey Everyone
« on: May 18, 2013, 03:49:33 PM »
Hi LiteSaber welcome onboard.

Introductions / Re: New to The Board
« on: May 13, 2013, 10:02:42 PM »
Welcome on board!

Mt. Gox delays plan to support virtual currency litecoin

Bitcoin exchange Mt. Gox has temporarily shelved plans to support a competing currency, litecoin, the company said Thursday.

Mt. Gox, which is the largest bitcoin exchange, has been battling ongoing distributed denial-of-service (DDoS) attacks that caused it to delay launching an exchange for litecoin, a lesser known virtual currency designed to improve on some of bitcoin’s weaknesses.

The Tokyo-based exchange said in a news release it was planning to support litecoin two weeks ago “but events derailed that plan. Right now we are focused on overall stability of the exchange and will launch LTC [litecoin] when we are ready. Otherwise we could be further complicating things.”

Bitcoin’s price has seen dramatic swings since January, in part due to continued attacks that Mt. Gox believes are intended to manipulate its price. Attackers have conducted DDoS strikes on Layer 7, which is the application protocol layer including protocols such as HTTP, FTP and SMTP.

The attacks are hard to detect and “make it difficult to distinguish malicious traffic from normal traffic,” Mt. Gox said.

Mt. Gox employes the services of Prolexic, a company based in Florida that runs a network of data centers designed to filter malicious traffic. Mitigating a DDoS attack takes some time, however, and Mt. Gox has experienced outages during attacks.

Mt. Gox’s decision to support litecoin marks increasing interest in virtual currencies. Similar to bitcoin, litecoin uses a peer-to-peer network that harnesses the computing power of the network to generate new coins, known as “mining,” and to confirm that transactions are legitimate.

One of bitcoin’s weaknesses is that it can take upwards of three hours to confirm a transaction, although most are verified by the network within an hour. Litecoin’s network provides verification of transactions in less than three minutes, according to the project’s website. Litecoin mining can also be done on consumer-grade hardware, whereas bitcoin mining now requires advanced, specialized hardware to be efficient.[/url]

Newbies / Re: Best client for MAC?
« on: April 10, 2013, 03:05:02 PM »
I had the same problem as well. Instead, I downloaded Litecoin v0.6.3c for Mac OS X and it seems to be a lot better. It is currently syncing all transactions on my computer.

That's so good to see you are sharing your experience with Mac as it is a little hard to find information like this.

Litecoin discussion / Re: Looking to buy litecoin with BTC
« on: April 05, 2013, 02:27:37 PM »
I can help you out.

Litecoin discussion / Re: what are some litecoin exchanges?
« on: April 05, 2013, 03:29:57 AM »
Today is the better.

Mtgox confirmed Litecoin to be added to the orderbook.

Quote ‏@MtGox    @NerdSkillsNet Hello, One would be LTC, but we have no estimate date for this yet.

Top 5 Things You Should Know About Litecoin

People around the world are learning about Bitcoin. As I write this, the current price of one bitcoin is $95. Not many investment opportunities have gone up 700% in less than a year. Some of the early adopters of Bitcoin are cashing out and there are already Bitcoin millionaires. There are also sad stories from people who had 400 bitcoins on their harddrive and formatted it because they figured they’d  be worthless. (Today it’s worth $37,450!) Other people have dug up old backups and found they can buy a new car with their bitcoins. People in forums and chat rooms have said: “I heard about Bitcoin in 2011 but, didn’t buy any.” These people (myself included) are kicking themselves and paying high prices to get bitcoin now.

Bitcoin Price since October 2012

Some people predict that Bitcoin will keep going up. Eventually, the average person might buy  fractional bitcoins like we do with gold. But, not many people know that Bitcoin has a lesser-known cousin called Litecoin (abbreviated LTC).  Litecoin is sometimes described as: “the silver to Bitcoin’s gold”. Like Bitcoin, Litecoin is decentralized (meaning that it isn’t reliant on a central entity like the Federal Reserve) and there is a finite supply of coins that are being released over time through a process called “mining”.

There are actually quite a few crypto currencies besides Bitcoin. Litecoin is currently the most popular of the “alt coins”  in terms of adoption and market share. There is some hatred towards Litecoin from certain members of the Bitcoin community. But, the future of crypto currency will be large and varied. There will be room for many different systems. Think about cars: the market is huge and there are many players. The market decides which manufacturers rise to the top. But, even today, it doesn’t stop the Ford guy from hating on Chevy (and vice versa). The smart investors are looking at a variety of different crypto currencies besides Bitcoin.

Top 5 Things You Should Know About Litecoin:
1.) Litecoin in the early stages If  you got in on the ground floor of Bitcoin you could have tens (or hundreds) of thousands of bitcoins. All the early adopters have done very well. The next wave of adopters will pay a bit more for bitcoins but will still get a relatively good price. Once the mainstream market notices bitcoin it will be too late for the little guy to get involved at an affordable level. Corporations will use their vast resources to corner the market and control the system, forever shutting out the “little guy”. By some estimations, Litecoin is currently where Bitcoin was 2 years ago (in terms of development). There isn’t much out there yet that you can buy with Litecoin. But, the same was true for Bitcoin in 2011. Litecoins are currently trading on the exchange for .71 cents. There are also many people who are “mining” Litecoins with high-end graphics cards using special graphical processors, or GPU’s. You can get started over at:

2.) Litecoin uses a different type of encryption Both Bitcoin and Litecoin use encryption to process transactions. Bitcoin uses the SHA-256 algorithm whereas Litecoin uses an algorithm that is based on scrypt. The scrypt algorithm was selected because it makes it very costly to perform large scale custom hardware attacks due to the amounts of memory required. The scrypt algorithm that Litecoin uses won’t work with the specialized hardware being developed for Bitcoin mining. One of the aims of Litecoin was to provide a mining algorithm that could run at the same time, on the same hardware used to mine bitcoins. With the rise of specialized ASICs for Bitcoin, Litecoin continues to satisify these goals. It is unlikely for FPGA or ASIC mining to take over Litecoin until the currency is widely used.

3.) Litecoin transactions are faster The Litecoin blockchain differs from its Bitcoin counterpart in that it has more frequent blocks which at the beginning will have less transactions per block but will later support more transactions on the network without further modification. This means  faster confirmation times for merchants. There are some cases where Bitcoin transactions can take over an hour. Litecoin transactions are instantly seen by your wallet and full confirmation of transactions typically occur within 15 minutes or less.

4.) There are more Litecoins available Litecoins as a currency unit are created over time at a diminishing rate, and there will never be more than 82 million of them in existence (though they are highly divisible). Miners will generate 50 coins per block and the average Litecoin block takes 2.5 minutes – which is about one quarter of Bitcoin’s 10 minutes-per-block.

5.) Bitcoin miners are switching to Litecoin One of the aims of Litecoin was to provide a mining algorithm that could run at the same time, on the same hardware used to mine bitcoins. With the rise of specialized ASICs for Bitcoin, Litecoin continues to satisify these goals. It is unlikely for FPGA or ASIC mining to take over Litecoin until the currency is widely used. Using Litecoin results in distributing mining power to more players in the game thus fostering a stronger currency base

Litecoin has seen a big surge in growth lately. This is mainly because the difficulty of solving Bitcoin problems increased dramatically a few weeks ago.  This means that all the people who were using video card (GPU) based hardware have pretty much been made irrelevant.  Mining Bitcoin is starting to become more and more a professional operation where people are using massively expensive hardware. Many of the miners are switching to Litecoin because it’s easier to mine and there is more of it. Just yesterday, Litecoin broke the $1 USD threshold. So, if you have a mining rig that can mine 10 Litecoins per day, you can acquire 70 a week! As the price of Litecoin continues to rise this will only make mining more lucrative.

Litecoin Value in USD The easiest way to get started with Litecoin is to buy some Bitcoin via a reputable source like Bitstamp or Bitfloor (or even locally!). Then, send your bitcoin to the BTC-e exchange. Once there you can click the “LTC/BTC” button and purchase Litecoin using bitcoin.  The initial cost is pretty low and you have the potential to make quite a bit as Litecoin continues to grow. There are even (unsubstantiated) rumors that Mt. Gox is considering adding a Litecoin index. The future for Litecoin is looking bright and the Google trends report shows that interest in Litecoin is growing quickly.

UPDATE: Since I published this, Litecoin has gone up to $2.19 USD. Another thing I should clarify is that there will be almost 4 times as many Litecoins as Bitcoins. There will be 21 million Bitcoins total and 82 million Litecoins.

Litecoin Passes $5 Million USD in 24hr Trading

In breaking news, Litecoin has just passed $5 Million USD value trading volume in 24hr trading on the BTC-e Bitcoin and Litecoin Exchange.

This news comes less than 48 hours after Litecoin passed $1 Million USD value trading volume a first in the virtual currencies history.

Mt.Gox the worlds largest Bitcoin Exchange has changed its IRC topic to “LTC support coming this month”!

A Litecoin is currently worth $1.88 on the BTC-e exchange at the time of writing this article.

All time high on litecoin...


Welcome To The Coinrush – The Digital Gold Rush Has Begun

For the past several months Bitcoin has been making headlines as it’s massive growth has outpaced any and all traditional investments. However, the big winner this week in the fledgling crypto currency market was not Bitcoin but the myriad of young crypto currencies that now appear poised for growth.

This surge in value has sent huge groups of miners flocking towards these crypto currencies. A new group of miners is emerging armed with custom built computers and looking to invest in the next progression of mining hardware. With potentially huge profits these modern day miners may have struck gold in crypto currencies and the news is spreading fast.

Fanning The Flame

Over the last 10 months or so Bitcoin miners have been anxiously awaiting the arrival of ASIC mining hardware. Finally, in late January and early February ASICs started coming online resulting in record hash rates for the Bitcoin network. What’s more is that the value per Bitcoin has somewhat paralleled this increased hash rate leaving it now at around $47 per coin. Due to the rise in value many GPU miners have stayed on with Bitcoin as it still proved valuable in terms of gains in US dollars or Fiat currency. However, over the last two weeks much has changed.

It started late last week as the price of Litecoin began to rise on the crypto currency exchange Btc-e. Then on Monday the unexpected occurred as Bitcoin experienced what appeared to be it’s most harrowing moment to date. A software bug caused a divergence in the blockchain, Bitcoin’s record keeping mechanism and virtual heartbeat. The Bitcoin developers showed remarkable ability by reacting quickly to the problem. The event actually boosted the confidence of many Bitcoin enthusiasts as they saw the ability of the community to adjust as a positive.

However, the recent rise in the value of other crypto currencies is likely due in part to Bitcoin’s recent technical problem. Maybe a few lost faith in Bitcoin or perhaps some miners simply decided it was time to switch to another coin with the emergence of ASICs. I’d like to think that the mining community simply decided that having alternate currencies would make the crypto currency market as a whole, and thus Bitcoin, stronger. The robustness of multiple coins means that problems in one coin would not mean the end to what is fast becoming a truly remarkable financial and technological revolution.

Mining Is Profitable

If you had been mining Terracoin two weeks ago with a Radeon 7970 you would have been bringing in between 400 and 500 Terracoins per day which were then valued at around $0.005. That’s right, they were individually worth around half a cent. Today that same Radeon 7970 would yield about 25 coins a day but they’re valued at $0.24. What that means is that the coins mined in one day two weeks ago are worth about $120 where as the coins mined today would net you around $6.

In many ways this is reminiscent of Bitcoin’s early beginnings such as the now legendary pizza transaction in which two pizzas were purchased for 10,000 Bitcoins (~$470,000 today, something like $100 then). The value of a single coin from a crypto currency can increase wildly from one week to the next.

However, none of us are able to accurately predict the future value of these coins at any given point. One of my favorite practices, and one that has paid off somewhat recently, is to mine coins that I see to have the greatest upside potential. For instance, at this point you could mine Bitcoin and expect to earn a steady ~$4 a day (assuming a Radeon 7970 at ~700 MH/s). You could also mine another coin like Litecoin or Terracoin and make a similar amount in Fiat currency. However, these other coins have a larger potential upside due to their currently low value.

To illustrate the point, does it seem more likely that Litecoin will go from $0.65 to $1.30 by the end of the month or that Bitcoin will go from $47 to $96? (Possibly more importantly we can pretty well predict that no Fiat currency will be worth twice it’s current value by the end of the month). Another point is that you’re earning a larger share of that particular currency. For instance the 25 Terracoins you mine today would mean you essentially own 25 out of 42 million possible coins. This is a much larger portion of the total currency than mining 0.0726 Bitcoin of the total 21 million.

On Actual Value

However high the potential upside of these coins may be they still pale in comparison to Bitcoin in terms of actual usage. Currently Bitcoin is unrivaled in the crypto currency market when it comes to usability. Litecoin is starting to make gains as more merchants accept it, not to mention the recent emergence of Atlantis. Terracoin on the other hand has only been around since late October 2012 and has just a handful of merchants that officially accept it. On this end Bitcoin is the clear frontrunner and is likely to be for some time. For the rest of the crypto currencies to survive in the long term they will need to gain actual usability and acceptance by more merchants.

Another big factor in the progression of these crypto currencies lies with the developers involved. In a way this builds on itself as more people mining the coin leads to more people interested in its success which ultimately leads to further development. We’ll see if this proves true now that Litecoin, Terracoin and others are gaining such attention. And there are a few others including PPCoin, Devcoin, Novacoin, Ixcoin and Frecoin. All these coins have different designs and different attributes giving the market as a whole a lot of potential.

The Future Of Mining

Back to some of my earlier statements, the future of mining is bright. With ASICs strengthening Bitcoin and possibly other SHA-256 coins, and with the potential for Scrypt FPGAs for Litecoin, mining is at a crucial point. GPU miners still have a place and may continue to for some time but what is certain is that the security for these coins is quickly increasing. What’s more is that the window for opportunity for large amounts of coins may quickly close as more and more miners come into the Crypto Currency mining space and bring with them paper money they hope to turn into digital gold.

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