Author Topic: Litecoin's silver analogy  (Read 5862 times)

Offline coblee

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Litecoin's silver analogy
« on: July 15, 2014, 06:30:29 AM »
Recently, as you may have seen, there has been a lot of heated discussion on whether or not Litecoin should keep the current silver logo or go with the newer blue logo. People on the side of the blue logo want to change Litecoin's branding and move away from our association with silver. But after spending a lot of time talking to a ton of people on this topic, I realized that the people that wanted change did not really understand the various different reasons why the silver analogy works for Litecoin. I've never really put all my thoughts down in words until now.

Here's some background information. I am an experienced commodities (gold/silver) trader and I know a lot about gold and silver before I ran across Bitcoin. Bitcoin immediately resonated with me. I understood how gold is better store of value but not necessarily a better currency when compared to the USD. And I saw a lot of correlation between Bitcoin and gold. Bitcoin is much a better version of gold on almost all levels. When I set out to create a new altcoin, I actually set out to create silver to Bitcoin's gold. The silver analogy was not an afterthought. It was the reason for Litecoin's existence. Silver is as much part of Litecoin as the name Litecoin. The silver analogy was actually decided before I came up with the Litecoin name.

Silver works psychologically on multiple levels. Here are the 5 different levels that I've thought of:
  • #2- This is the silver medal analogy. Gold is first, silver 2nd, and bronze 3rd. Nothing else matters. By associating with silver, we are saying that Litecoin is 2nd behind Bitcoin. There may be a room for a third (Dogecoin?), but nothing else matters at all. You are either on the podium, or you are not.
  • currency - Gold and silver has been used throughout history as coins. These two metals/commodities dominated currency usage. When people talk about crypto-currency, Bitcoin/Litecoin IS the gold/silver of crypto-currency. Just like people used to use gold and silver coins, people will use Bitcoin and Litecoin as everyday currency. It also answers people's first question "if there is Bitcoin, why do we need Litecoin?" If there are gold coins, why do people still use silver coins? Silver was used more in every day purchases and gold more as a store of value. This implies that Litecoin is even better than Bitcoin in daily transactions. And our quicker transactions and lower fees reinforces these ideas.
  • valuable - Like gold, silver is a valuable and rare commodity. It's not like copper or aluminum. Litecoin is associated with something that has value, so Litecoin is valuable.
  • cheaper - Just like how silver is considered a poor man's gold, Litecoin is a poor man's Bitcoin. Silver is cheaper to own and cost less to acquire than gold. Even though you can acquire a fraction of a Bitcoin, people's minds don't work this way. People think that Bitcoin is too expensive, and they would rather purchase Litecoins. There are more Litecoins to go around so everyone can have some, unlike Bitcoin. It's silly, but it works on a psychological level.
  • together with gold - People always talk about gold and silver in the same sentence. The silver analogy is what enforces the idea that people should talk about both Bitcoin and Litecoin in the same sentence. They just go together. Exchanges should support both Bitcoin and Litecoin. Wallets should support both. Merchant processors should support both. Merchants should support both. Customers demand that companies support both Bitcoin and Litecoin because they go together.

Some of these levels can arguable be holding Litecoin back (#2 and cheaper), but I don't believe so. I want people to use Litecoin alongside Bitcoin. I never expect Litecoin to every overtake Bitcoin in price or marketcap. With traditional companies, every dollar you make is a dollar your competitors are not making. This is not true with crypto-currencies. Bitcoin and Litecoin are both growing the crypto-currency market to fight against fiat currencies. I will not want to brand us as the #2 currency to the USD, but being #2 to Bitcoin is a perfectly fine branding.

As a whole, the silver analogy is really powerful and works subconsciously without you even realizing it. Some of you may be reading this and realize now that you've been hooked into Litecoin due to the silver analogy and did not even realize it. I believe the silver analogy is one of the main reasons why Litecoin is in the position it is in today.

This is why I think moving away from the silver analogy is the wrong branding decision for Litecoin. Silver is as integral a part of Litecoin as the name and the economics. These are the 3 things (name, economics, and silver) that I will never change with Litecoin. And that's why I will fight tooth and nail to keep the silver (or at least a hint of it) in the Litecoin logo.
« Last Edit: July 15, 2014, 06:59:10 AM by coblee »

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Offline RTB2011

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Re: Litecoin's silver analogy
« Reply #1 on: July 15, 2014, 06:33:24 AM »
I always thought getting rid of the silver analogy was a terrible idea, to be honest.  Litecoin is inherently not as rare as bitcoin, I don't see it ever trumping it in value and that's fine.  It can still go quite high, and honestly, I think the analogy works well.  Silver after all, is often seen as more useful than gold in an industrial sense.  Why can't litecoin be less valuable but still more USABLE than bitcoin (gold?)

No offense, but I propose everyone expecting litecoin to overtake bitcoin in per coin value to strongly reconsider their stance.  Not happening, IMO.  The math just doesn't make sense.  There are 4 times as many litecoins!
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Offline Bossman

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Re: Litecoin's silver analogy
« Reply #2 on: July 15, 2014, 06:42:15 AM »
Stickied so everyone has a chance to see this.
« Last Edit: July 15, 2014, 06:45:20 AM by Bossman »

Offline wallywaus

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Re: Litecoin's silver analogy
« Reply #3 on: July 15, 2014, 07:27:05 AM »
I'm so so happy that you made this statement. The blue logo, dropping the silver analogy.... all those things didn't make any sense to me.

Litecoin is not a product it's a currency. There's no need for rebranding Litecoin like it's a can of coke in a new commercial.

I agree with you that the silver analogy is the reason why Litecoin is still and will be the most successful coin in the future.

In my opinion we should focus on companies and tell the the advantages of Litecoin and provide them with software that's easy implement in their systems and websites.

Thanks again for your statement. You and your team are the best!

Offline cryptog1

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Re: Litecoin's silver analogy
« Reply #4 on: July 15, 2014, 08:17:30 AM »
well that s a nice plead for the Litecoin's silver analogy.
if i were to determine the crypto that is the closest to silver or that simulates silver the best, i would certainly choose Litecoin after reading your plead.
but i certainly do not think that all marketing of Litecoin should be based on this analogy because i think that people that want to buy litecoins are not looking necessarily for a digital silver...
this analogy serves us as a psychological trigger though, in people's subconscious.

my point is that the word "silver" should not be mentioned once in the official marketing message of litecoin, only subliminally via the logo for example.
the main reasons are:
- the silver analogy is a subliminal analogy.
- litecoin forms a pair with bitcoin (in terms of development), therefore litecoin should copy bitcoin in its official marketing strategy as well.
go to https://bitcoin.org/-, and you will see that they never mention once the word "gold". mentioning "silver" would be an infringement of the close relationship with bitcoin.

I believe the success of litecoin (as long as coblee/togami are the main developers or litecoin is not forked to something else better) lies in keeping the pairing with bitcoin intact.
Therefore litecoin.org (the official landing page) should never mention  the word "silver".

Please note that I used the word "official".
There are plenty of other aspects of Litecoin besides its silver analogy and there are already some fervent litecoiners (freejack, cryptocoiner, themage to name a few) that are creating their own marketing of litecoin and nothing would prevent such initiatives from thriving.
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Offline dlresponse

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Re: Litecoin's silver analogy
« Reply #5 on: July 15, 2014, 08:30:36 AM »
So when is this new logo being presented?  There has been so much talking that people aren't asking why the new dev logo hasn't been presented yet.

Offline warren

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Re: Litecoin's silver analogy
« Reply #6 on: July 15, 2014, 08:36:16 AM »
http://blog.litecoin.org/2014/07/litecoin-logo-version-3.html
The logo itself is finished but we aren't happy with the font used for the title and merchant buttons.  This submission thread is for suggestions of alternate typography for the title and merchant button graphics.
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Offline cryptog1

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Re: Litecoin's silver analogy
« Reply #7 on: July 15, 2014, 08:58:25 AM »
http://blog.litecoin.org/2014/07/litecoin-logo-version-3.html
The logo itself is finished but we aren't happy with the font used for the title and merchant buttons.  This submission thread is for suggestions of alternate typography for the title and merchant button graphics.

that s scary. there is absolutely no improvement compared to the original logo.
worse. the parallel with bitcoin is non existent.
why the strips?
but as i suspect that a lot of folks will "fork" the logo, that s ok.
the community will "decide", as always.
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Offline FreeFlow

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Re: Litecoin's silver analogy
« Reply #8 on: July 15, 2014, 09:33:54 AM »
well that s a nice plead for the Litecoin's silver analogy.
if i were to determine the crypto that is the closest to silver or that simulates silver the best, i would certainly choose Litecoin after reading your plead.
but i certainly do not think that all marketing of Litecoin should be based on this analogy because i think that people that want to buy litecoins are not looking necessarily for a digital silver...
this analogy serves us as a psychological trigger though, in people's subconscious.

my point is that the word "silver" should not be mentioned once in the official marketing message of litecoin, only subliminally via the logo for example.
the main reasons are:
- the silver analogy is a subliminal analogy.
- litecoin forms a pair with bitcoin (in terms of development), therefore litecoin should copy bitcoin in its official marketing strategy as well.
go to https://bitcoin.org/-, and you will see that they never mention once the word "gold". mentioning "silver" would be an infringement of the close relationship with bitcoin.

I believe the success of litecoin (as long as coblee/togami are the main developers or litecoin is not forked to something else better) lies in keeping the pairing with bitcoin intact.
Therefore litecoin.org (the official landing page) should never mention  the word "silver".

Please note that I used the word "official".
There are plenty of other aspects of Litecoin besides its silver analogy and there are already some fervent litecoiners (freejack, cryptocoiner, themage to name a few) that are creating their own marketing of litecoin and nothing would prevent such initiatives from thriving.

I dont see any argument you gave about why litecoin should not mention silver. "Silver to bitcoins gold" is what convinced me to get into litecoin and accept it as the strong Nr.2 currency. It should be the first thing you hear about litecoin because it sticks with you and makes you more interested about hearing any other benefit about it.

If you want to copy everything Bitcoin does then you are trying to stand side by side and compete with bitcoin.

Offline cryptog1

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Re: Litecoin's silver analogy
« Reply #9 on: July 15, 2014, 09:37:14 AM »
well that s a nice plead for the Litecoin's silver analogy.
if i were to determine the crypto that is the closest to silver or that simulates silver the best, i would certainly choose Litecoin after reading your plead.
but i certainly do not think that all marketing of Litecoin should be based on this analogy because i think that people that want to buy litecoins are not looking necessarily for a digital silver...
this analogy serves us as a psychological trigger though, in people's subconscious.

my point is that the word "silver" should not be mentioned once in the official marketing message of litecoin, only subliminally via the logo for example.
the main reasons are:
- the silver analogy is a subliminal analogy.
- litecoin forms a pair with bitcoin (in terms of development), therefore litecoin should copy bitcoin in its official marketing strategy as well.
go to https://bitcoin.org/-, and you will see that they never mention once the word "gold". mentioning "silver" would be an infringement of the close relationship with bitcoin.

I believe the success of litecoin (as long as coblee/togami are the main developers or litecoin is not forked to something else better) lies in keeping the pairing with bitcoin intact.
Therefore litecoin.org (the official landing page) should never mention  the word "silver".

Please note that I used the word "official".
There are plenty of other aspects of Litecoin besides its silver analogy and there are already some fervent litecoiners (freejack, cryptocoiner, themage to name a few) that are creating their own marketing of litecoin and nothing would prevent such initiatives from thriving.

I dont see any argument you gave about why litecoin should not mention silver. "Silver to bitcoins gold" is what convinced me to get into litecoin and accept it as the strong Nr.2 currency.

If you want to copy everything Bitcoin does then you are trying to stand side by side and compete with bitcoin.

I proposed not to mention it in the official marketing message, that does not mean people won t use mention it somewhere else.
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Offline Liquid

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Re: Litecoin's silver analogy
« Reply #10 on: July 15, 2014, 09:37:41 AM »
New Litecoin Logo Proposal




Australian Litecoin Awareness Task Force litecoin.com.au

Offline coblee

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Re: Litecoin's silver analogy
« Reply #11 on: July 15, 2014, 09:39:59 AM »
I proposed not to mention it in the official marketing message, that does not mean people won t use mention it somewhere else.

If you check, you will see that we are already doing what you are suggesting. We don't mention silver in any of the official websites. I agree that the silver analogy works best as a subliminal analogy. We don't need to hit people over the head with it. People will mention it when they tell others about Litecoin, and the silver color in the logo is a subtle reminder of it. This is deliberate and not by accident.

Offline FreeFlow

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Re: Litecoin's silver analogy
« Reply #12 on: July 15, 2014, 10:04:26 AM »
New Litecoin Logo Proposal






Make the grey a bit darker and I like it

Offline Endgame

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Re: Litecoin's silver analogy
« Reply #13 on: July 15, 2014, 10:28:29 AM »
I agree that litecoin should hold onto its silver analogy. I'd also like to point out that litecoin can be different things to different people. Some will agree with the silver analogy, others will prefer some other analogy, which is totally fine. Just as bitcoin is more than gold, litecoin is more than silver.

In regards to the logo, I respectfully suggest letting the community decide by vote which logo it prefers. A new poll is needed which compares the final candidates of the dev designed logo, the blue logo, and others, and if there is a clear consensus just go with what the community decides.

Offline CryptoDude

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Re: Litecoin's silver analogy
« Reply #14 on: July 15, 2014, 11:10:24 AM »
Amen to the OP.

People who are in cryptocurrency should also be in precious metals.
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