Took a diversion. I set up a Litecoin wallet. Even encrypted it. Even made multiple backups. Even did multiple versions of backups. And it takes 12,500 years of brutal attack to guess my password (the coolest part of the project). The rest was kind of frustrating as I tried to move to mine, but researched my laptop isn't cut out for it. But I learned a lot, even was mining, but my output calculated to be 12 cent net loss per day. I won't do business at a loss, that is not good business, not even to speculate that that 12 cents net loss per day would be like a bitcoin boom.
I had a crash course in Linux. I had a crash course in encrypted technology. I had a crash course in security.
I learned of the frustration that comes with an open source; you don't know where to turn for help and you often deal with a bunch of smartasses that laugh at you. But then again, I have had some big help from others, and that was much appreciated. I owe helping the next person because of the true help others showed me.
I'm now trying to find someone to buy LiteCoin from (while everybody is chasing Bitcoin now) and plan on just holding it, see where it goes.
I learned a lot. I plan on writing about this competing currency and some pitfalls, as people are going to get burned, bigtime. To succeed, there needs to be elements of customer service and protocol. I mean it's great that its open source and unregulated and the wild west right now, but mark my words, people are going to get ripped off and will lose there wallets, this needs to be advised long in advance. There also needs to be trusted sources.
Who wants to invest in an overseas exchange only to be ripped off by a teenager? Who wants to invest overseas only to have the federal government not allow people to access their accounts in the states?
I found a local meetup for Bitcoin and signed up asking about LiteCoin. I saw that meetup did big brother and the person who contacted me was also a fellow member of Ron Paul meetup 2012. So I am feeling that element of trust already in this scenario. But there will be others that will sign up arbitrarily on line and people are going to get had.
But it's a competing currency to the deflationary and criminal acts of the Fed. There system lost 95% of it's value since 1913 Federal Reserve Act. Makes LiteCoin seem like a safe bet in comparison.
Time will tell, but soon I'll start tracking this currency.
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